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WHAT WE’RE TRACKING TODAY

THIS MORNING: Expo Riyadh 2030 leans on local suppliers amid war

Good morning, ladies and gentlemen. The first week of September is coming to a close with something of a banking theme taking shape.

The most interesting stories this morning are coming out of the Kingdom’s banking sector. Someone was willing to pay double book for a Saudi card business — and someone was willing to sell it. SAIB decided that half of the Kingdom’s premium cards business is worth more sold than held — at double carrying value, with a gain big enough to matter for a full year of earnings. Meanwhile, the central bank’s July bulletin tells you where the rest of the sector has already landed on the same question: lending to public-sector enterprises is compounding at nearly 20% while the overall book manages under 7%.

AND- The fall conference window is off to an eventful start. Leap and Big 5 Construct have between them produced nearly a week of MoUs, regional hub designations, and HQ announcements. Big 5 wrapped yesterday, while Leap is on its final day today. We have the highlights from Leap in this morning’s news well below.

Expo Riyadh 2030 leans on local suppliers amid war

Expo Riyadh 2030 is going local as the US-Iran war puts Saudi supply chains through their latest stress test. Bechtel, which is overseeing delivery of the project, has shifted more procurement toward Saudi-made pipes, cabling, and concrete, while ordering materials earlier to hedge against potential disruption around the Strait of Hormuz, Bechtel Delivery Director Kevin Beaver told AGBI. Bechtel was appointed project manager in July 2025 to oversee Expo 2030’s infrastructure, including roads, utilities, and public spaces, with the longer-term mandate of helping turn the site into a sustainable urban district after the event.

Why it matters: Contractors across the Kingdom are dealing with higher logistics costs, longer lead times, and the risk of material shortages as the conflict disrupts regional shipping. For Expo 2030, the response is to bring more of the supply chain closer to the site — reducing exposure to international freight while keeping more project spending inside the Kingdom.

The near-term supply picture is manageable: The project is still in its infrastructure phase, with Beaver expecting no major supply issues over the next six to eight months. Specialist components sourced from Asia remain the main vulnerability, making advance orders and domestic sourcing more important as construction accelerates.

What’s next: Infrastructure awards are already moving ahead. Expo 2030 Riyadh Company (ERC) awarded two contracts worth a combined SAR 1.5 bn in April, including the third lot of the site’s infrastructure package covering utilities, roads, and EV charging infrastructure.

Whodunnit?

Saudi Arabia points the finger at Iran for supertanker attack: The Saudi foreign minister has accused Iran of orchestrating an attack on a Bahri oil supertanker earlier this week, along with other regional strikes targeting Jordan, Bahrain, and Kuwait. The accusation came after Bahri announced yesterday that its oil supertanker Sidr was involved in a “security incident” while transiting through Hormuz, which resulted in the deaths of two Filipino seafarers.

It’s not the first hit for Bahri: Another company vessel was previously involved in an incident in the Red Sea last month. Bahri said that all crew members aboard the Amzan were unharmed, with claims from Yemen’s Houthis that they targeted a vessel off Yanbu’s coast.

Regional tensions are unlikely to ease anytime soon: The US and Iran have yet to reach a permanent ceasefire agreement, with Washington showing little intention of returning to negotiations and Tehran insisting that the US honor its commitments under the interim MoU agreed in June. Meanwhile, the Houthis remain hostile to Saudi-bound shipments, disrupting the Kingdom’s oil and non-oil exports.

Trading suspensions

Four Nomu-listed companies are getting a rap on the knuckles from the Saudi Exchange, which suspended their shares for a single trading day yesterday after they missed the deadline to file their financials for the period ending 30 June, according to a Tadawul statement. Rawasi Albina Investment, Ghida Alsultan for Fast Food, Alhasoob, and Amwaj International now have until 1 October to report, with trading resuming for 20 sessions in the interim. Miss that second deadline, and the shares will be suspended again from 4 October until the numbers are in.

Opec+ to keep things status quo

Opec+ is expected to maintain its current oil production levels for October following Sunday’s meeting, Reuters reports, citing three sources it says are in the know. The bloc is finishing its phase-out of initial output cuts this month and shifting its attention to setting 2027 quotas.

ICYMI: The oil group has been upping its monthly quotas for most of the year, approving its sixth consecutive monthly increase for September, consisting of a hike of 188k bbl / d. The decision continues identical quota hikes for August, July, and June.

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The big story abroad

As the White House pushes more international players to invest in Venezuela, oil giant Chevron announced a USD 7 bn plan to double its production in the South American nation over the next five years. The Washington-led drive for crude oil investment also saw commitments from Eni and General Electric.

Chip appetite set to rise? Semiconductor manufacturer Broadcom foresees a surge in AI chip sales over the next two years, doubling to USD 115 bn next year and USD 230 bn the year after, according to its CEO Hock Tan. The boom is fueled by demand from Google, OpenAI, and Meta, which are looking to supplement their supply from Nvidia, whose dominance in the field Broadcom hopes to challenge.

Antitrust bid to break up Google ad arm fails (again): Google will not have to divest crucial parts of its digital advertising unit, after a federal judge rejected a bid by the US Department of Justice to dismantle the search giant’s alleged monopoly. The decision — the second in as many years — ruled that, while Google operated an illegal monopoly, it did not have to sell its Chrome browser and Android operating system.

SAIB sells Amex Saudi stake at 2x book value

SAIB is taking the money and leaving the cards business: The Saudi Investment Bank (SAIB) is selling its 50% stake in American Express Saudi Arabia to its JV partner, Amex Middle East, for SAR 1.43 bn (USD 381.4 mn) upfront, plus deferred consideration, and is exiting the venture entirely, according to a Tadawul disclosure.

The price is more than double the stake’s SAR 637.7 mn book value as of November 2025, and SAIB expects to book a gain of roughly SAR 792.4 mn. Completion is subject to regulatory approval.

SAIB is cashing out of a steady earner at a premium. American Express Saudi Arabia, a Sama-licensed issuer of credit and charge cards and corporate payment products, posted revenue of SAR 644.3 mn and net income of SAR 152 mn in 2025, with net income climbing steadily from SAR 150.5 mn in 2024 and SAR 88.2 mn in 2023. Under the shareholders' agreement, SAIB will also collect a deferred payment reflecting its share of distributable net income through completion.

SAIB is exiting card issuance as the economics tighten. Sama’s 2025 reforms capped credit-card fees — international transaction charges at 2% and withdrawals at 3% — are putting pressure on issuer margins just as Saudi Arabia’s cashless shift accelerates. Electronic payments accounted for 85% of retail transactions at the end of 2025, while POS terminals topped 2 mn in 2024 (pdf). It’s a growing but increasingly competitive and regulated market. Making a 2x-book-value exit allows SAIB to capture the upside now rather than defend a minority position in a crowded field.

What SAIB does next is the question. The bank said the proceeds will strengthen its financial position in line with its strategic direction, without providing details. A gain this size on a mid-sized lender's balance sheet gives it real room to redeploy into core banking or return capital.

Public-sector borrowing outpaces private credit at Saudi banks

Saudi banks’ fastest-growing customer is the public sector. Bank credit to public-sector enterprises reached SAR 273.7 bn in July, up 19.6% y-o-y. That’s nearly three times the 6.8% pace of the loan book overall, according to the Saudi central bank’s monthly bulletin (pdf).

State-linked borrowers — who account for 8% of total credit — delivered around a fifth of the c. SAR 218 bn the system added over the past 12 months. Add the SAR 671 bn of government and quasi-government bonds sitting on bank balance sheets and direct exposure to the state complex runs to c. SAR 945 bn — roughly 18% of the sector’s SAR 5.19 tn in assets.

The private side of the ledger is moving the other way. New letters of credit — our look-ahead for imports — fell 18.4% m-o-m to SAR 12.7 bn. Settled LCs financing private-sector imports were down 5.7% y-o-y at SAR 14.9 bn, with every major category falling m-o-m except food. Building materials, still the largest settled category at SAR 3 bn, drew only SAR 2 bn in new LCs. That signals the pipeline is thinner than the flow it’s replacing.

Mortgages also ticked up: Bank-financed residential mortgages rose 3% m-o-m to SAR 5.9 bn in July, on an increase in new contracts to 9.6k from 8.8k the previous month.

Broad money supply (M3) dropped marginally to SAR 3.36 tn in July, compared to SAR 3.38 tn in June. Demand deposits made up 42.8% of the total, followed by time and savings deposits (41.6%) and other quasi-money deposits (8.2%). Total liabilities in the survey reached SAR 5.75 tn, up 6.7% y-o-y.

SOUND SMART- M3 is the broadest measure of money supply in an economy. It includes banknotes, current accounts, and other money that can be quickly mobilized (what econ nerds call M2), as well as large time deposits, institutional money market funds, short-term repurchase agreements, and larger liquid funds.

Net foreign assets in the banking sector edged up to SAR 1.54 tn in July from SAR 1.53 tn in June. The marginal rise came from commercial banks, whose net foreign asset deficit narrowed to SAR 210.8 bn from SAR 233.7 bn, offsetting a dip in Sama’s own net foreign assets to SAR 1.75 tn from SAR 1.77 tn.

Government and quasi-government bonds amounted to SAR 671 bn, a 6.2% increase compared to June 2025.

Silicon Valley tech firm doubles Saudi team on AI demand

US data infrastructure firm NetApp has doubled its frontline sales and engineering teams in Saudi Arabia. The company is wagering on the Kingdom’s shift from digital transformation to AI, positioning Riyadh as a regional hub for its Middle East and Africa operations. The expansion builds on NetApp’s decision to establish its Middle East and Africa headquarters in Riyadh in 2024, after operating in Saudi Arabia since 2007. The company has also expanded its local professional services and customer success teams.

How much are we talking? NetApp has doubled its Saudi sales team to six people from three, while its solutions engineering team has grown to four from two, Senior Solutions Engineering Manager for Middle East and Africa Walid Issa told EnterpriseAM on the sidelines of Leap.

AI is driving the push: Saudi Arabia’s rapid buildout of AI infrastructure is creating demand for the less glamorous layer beneath it, the systems that store, manage, protect, and prepare the enormous volumes of data AI models need to operate. NetApp is targeting government entities and companies building AI and sovereign cloud capabilities as part of that spending cycle.

“Saudi has been moving rapidly from digital transformation to AI transformation,” Issa tells us. “Success depends on having a trusted data foundation.”

And NetApp wants to follow the cloud money. The company says its technology is integrated with the major global cloud providers expanding in the Kingdom, allowing customers to manage data across their own data centers and public cloud infrastructure, including Google Cloud’s Dammam presence.

“We are the native intelligent data infrastructure in the three major hyperscalers. When they open in any country, we open with them,” Saudi Arabia Country Director Saeed Alzahrani tells EnterpriseAM.

NetApp is particularly targeting data-heavy industries, including oil and gas, banking, defense, and security, where keeping sensitive information secure while making it usable for AI has become an increasingly important part of technology spending. NetApp’s Saudi business has been expanding rapidly, although the company did not provide revenue or bookings figures that would allow the growth to be independently quantified.

“We have been growing by 2x so far, and we are continuing to grow even more,” Alzahrani says. The company isn’t putting a firm number on where that growth goes next. Issa floated growth of around 30% y-o-y when asked about the outlook, but stressed that the figure was an off-the-cuff estimate rather than official guidance.

Startup funding + venture investments at Leap top USD 293 mn

Leap’s third day kept the capital flowing with startups stealing the spotlight, as funding rounds and venture investments announced at the show topped USD 293 mn. The announcements also show the market broadening beyond capital, with local firms scaling and global technology players putting down roots through AI, software, and local manufacturing.

Agentic AI platform Cofe Tech closed a pre-IPO funding round valuing the firm at USD 178 mn, aiming to list on Tadawul by 2029, according to a press release. The round was co-led by Waed Ventures, Aditum Investment Management, Masarrah Investment, and Alyasra Foods.

Travel technology platform FlyAkeed secured SAR 94.3 mn in growth funding. The funding includes an equity round led by Sanabil Investments, Artal Capital, stc’s corporate VC fund, and Aljazira Capital, as well as a separate Murabaha sukuk financing led by Artal Capital. The fresh capital will be mainly used to support FlyAkeed’s new deferred-payment offering, develop its AI and analytics capabilities, and expand across Saudi Arabia and the GCC.

Global tech players double down

Dutch tech firm JetBrains and eSense joined forces to modernize software development in Saudi Arabia. They will help government entities and organizations upgrade engineering practices and adopt AI across the software lifecycle, with eSense providing local support on tool selection, licensing, and implementation. The companies will also work with customers to improve workflows, code quality, DevOps, and continuous delivery.

Globant plans to expand across Saudi Arabia’s tourism and entertainment sectors, following the establishment of its regional headquarters in Riyadh, Middle East and North Africa CEO Federico Pienovi told Asharq Business (watch, runtime 4:56). The company poured USD 200 mn into the Kingdom, so far spread across an AI and digital-services innovation center and the theme parks Six Flags and Aquarabia at Qiddiya.

AI capabilities remain a main pillar in this event

Luma AI will roll out a fully Arabic-language interface for its Luma Agents AI platform later this year, covering navigation, menus, and workflow tools, according to a press release. The platform already supports Arabic-language prompts and generates Arabic-language creative outputs. The upgrade follows its strategic partnership with Humain to develop AI in the Kingdom.

Elon Musk’s xAI announced its plans to build its first data center outside the US in Saudi Arabia, initially targeting 50 MW of capacity before scaling up to 500 MW.

Industrial applications and infrastructure are also in the playbook

Stc inked an agreement with Ericsson to expand its 5G network across Saudi Arabia. The partnership involves the world’s first commercial deployment of Ericsson’s Radio 4496, a 400-watt quad-band radio that combines four low-frequency bands into a single unit. The deployment will broaden 5G coverage, improve connectivity, and reduce power consumption, supporting sectors such as logistics, energy, mining, tourism, and public services.

Alfanar will invest USD 150 mn to localize data center component manufacturing, aiming to strengthen digital capabilities and infrastructure within the Kingdom.

PIF deputy governor steps in as Savvy Games’ interim CEO

Turqi Alnowaiser (LinkedIn), PIF’s deputy governor and head of its international investments division, is stepping in as interim acting CEO of Savvy Games Group after founding chief Brian Ward (LinkedIn) announced his departure, Bloomberg reports, citing a staff message it saw. Ward cast the timing as a natural handover point as the company moves into what he called its next phase of growth. Alnowaiser is a familiar name in gaming — he fronted PIF's USD 55 bn takeover of Electronic Arts, which was completed last month.

Ward had run the Kingdom's USD 38 bn gaming strategy since 2021, and the scorecard is uneven. The bright spot was Scopely: the USD 4.9 bn acquisition handed Savvy the studio behind Monopoly Go, which raced to USD 6 bn in revenue. The esports side went the other way, ending in layoffs and with expansion shelved.

REMEMBER- Ward’s exit slots into a wider pattern of PIF pulling back from its more speculative wagers, leaning harder on portfolio-company oversight, and cycling out executives. Alat’s Amit Midha left earlier this year, Neo Space Group’s Martijn Blanken was replaced, and LIV Golf may be headed for bankruptcy protection after the fund throttled its funding.

Gulf General Ins. lines up capital restructuring

Gulf General Ins. lines up SAR 176 mn capital reset

Gulf General Cooperative Ins.’ (GGI) board has recommended a capital restructuring that hands BlueFive a 42% stake in the insurer, according to a Tadawul filing. The plan first cuts capital to SAR 124 mn from SAR 300 mn, by canceling shares to partially offset accumulated losses, then restores it to SAR 300 mn through an equal increase. That increase comprises a SAR 126 mn new-share subscription from BlueFive Ins. Arabia and a SAR 50 mn debt conversion for two substantial shareholders, leaving each with roughly 10.8% of GGI.

The move is a lifeline for GGI and a regional consolidation play for BlueFive. GGI’s net losses widened to SAR 120.5 mn in 2025, and accumulated losses reached SAR 272.8 mn by 1Q 2026, or 91% of share capital, alongside a low solvency ratio that raised doubts about its going-concern position. For BlueFive, GGI is a platform for its GCC ins. buy-and-build strategy, following the November launch of BlueFive Ins.

Stacking up in Dammam

Refad is expanding at King Abdulaziz Port. The Saudi real estate developer is building a Grade A dry warehouse on an 18.5k sqm plot, with more than 12k sqm of warehouse space, and is targeting completion in 2027, Sabq reports. The facility will hit 18.8 meters at its peak, with seven loading and unloading gates, dock levelers, industrial flooring, and circular truck routes — built for higher-throughput operations.

Refad is doubling down at the port: Refad previously partnered with Maersk on a refrigerated storage facility at King Abdulaziz Port — spanning 13.3k sqm and designed to handle 168k pallet positions a year, according to a press release.

Private capital in the Middle East falls to its lowest half-year total on record in 1H 2026

Private capital investment in the Middle East fell sharply in 1H 2026, down 73% y-o-y to just USD 1.7 bn, the steepest drop and the smallest half-year total of any market the Global Private Capital Association (GPCA) tracks, according to the organization’s mid-year industry data (pdf). It’s a sharp reversal for a region that held up reasonably well through the last few years: Middle East private investment value peaked at USD 24.1 bn in 2022 and hit USD 21.6 bn in 2025.

This was expected: A month into the war, Jeff Schlapinski, managing director of research at GPCA, previously told us that the regional conflict had brought “a pause or a slower pace in new investments” — even as some investors were still honoring their capital calls. The VC-specific picture — though covering a broader MENA footprint than GPCA’s Middle East figures — tells a related but distinct story. Startups across the region raised USD 1.35 bn across 214 transactions in 1H 2026, according to Magnitt — down 22% y-o-y, with dealcount off 41% to its lowest half-year total since at least 2022 as foreign investors pulled back sharply.

Fintech still dominated what investments did close, capturing 47% of the region’s VC capital and 42% of VC-backed transactions in 1H, but overall momentum slowed as the conflict weighed on sentiment, per GPCA.

The good news: Since the 30 June cutoff, sovereign-scale capital has shown up in a hurry. In July alone, Blackstone, Brookfield, and KKR agreed to a USD 16 bn lease-and-leaseback transaction for Kuwait Petroleum Corporation’s pipeline network, and Brookfield announced a USD 2 bn first close for its PIF-backed regional fund. Neither transaction counts toward the 1H numbers — but together they signal that large, government-anchored capital hasn’t lost its appetite for the region.

Beyond the Middle East, the picture looked very different. Private capital across Asia-Pacific, Latin America, Africa, and Central and Eastern Europe rose 23% y-o-y to USD 94.7 bn in 1H, defying the same geopolitical and energy-supply disruptions that hit the Gulf.

China stole the show: Mega rounds for AI and robotics startups pushed 1H investment above the full-year totals for 2023, 2024, and 2025. Pure-play AI funding clustered overwhelmingly in China and, to a lesser extent, India, with DeepSeek, Moonshot AI, and Neysa helping push AI investment across GPCA markets to a record.

The picks-and-shovels trade followed close behind: Digital infrastructure investment jumped alongside AI, led by a USD 4.5 bn investment in Singapore’s Day One data-center platform. In Africa, Liquid Intelligent Technologies raised USD 660 mn in debt financing, including a USD 150 mn loan anchored by Ninety One-managed private credit funds.

Climate capital is also back on the menu: Fundraising for climate-focused strategies in 1H already topped the total raised in all of 2025 as energy disruptions revived interest in fast-to-deploy renewables. Actis held a USD 2.5 bn first close for its sixth renewable-energy fund, while BTG Pactual’s reforestation and timberland vehicles raised USD 1.6 bn combined.

Elsewhere, CEE investment value nearly tripled y-o-y, and Latin America almost doubled, with infrastructure accounting for 39% of capital deployed there. Pan-Asia funds raised USD 15.9 bn in 1H, including EQT’s record USD 15.6 bn Asia fund close.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with South Korea’s Kospi trading at a 1.2% gain, while Japan’s Nikkei was flat. Meanwhile, Wall Street equities were either flat or notching minor gains — US futures were flat across the board.

TASI	11,012	-0.8% (YTD: +5.0%)
MSCI Tadawul 30	1,479	-1.0% (YTD: +6.6%)
NomuC	21,698	-0.7% (YTD: -6.9%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	55,680	+0.5% (YTD: +33.1%)
ADX	9,906	-0.7% (YTD: -0.9%)
DFM	5,815	-0.3% (YTD: -3.8%)
S&P 500	7,667	+0.5% (YTD: +12.0%)
FTSE 100	10,756	-0.3% (YTD: +8.3%)
Euro Stoxx 50	6,362	-0.1% (YTD: +9.8%)
Brent crude	USD 95.63	+1.0%
Natural gas (Nymex)	USD 3.00	+1.6%
Gold	USD 4,434.20	+0.4%
BTC	USD 77,349	+0.2% (YTD: -11.8%)
Sukuk/bond market index	903.56	-0.1% (YTD: -1.7%)
S&P MENA Bond & Sukuk	150.82	-0.1% (YTD: -0.7%)
VIX (Volatility Index)	15.20	-7.0% (YTD: +1.7%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.8% yesterday on turnover of SAR 4.2 bn. The index is up 5.0% YTD.

In the green: Arabian Pipes (+5.1%), East Pipes Integrated Company for Industry (+4.8%), and Taiba Investments (+3.9%).

In the red: Ladun Investment (-5.5%), Dar Alarkan Real Estate Development (-5.1%), and Saudi Azm for Communication and Information Technology (-4.2%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.7% yesterday on turnover of SAR 17.1 mn. The index is down 6.9% YTD.

In the green: Dar Almarkabah for Renting Cars (+7.1%), Altharwah Albashariyyah (+6.3%), and Alfakhera for Mens Tailoring (+5.2%).

In the red: Future Vision for Health Training (-14.4%), Lana Medical (-13.8%), and Rimath Hospitality (-12.7%).

CORPORATE ACTIONS-

Cenomi Centers will put a capital increase to shareholders at a 27 September meeting, raising its share capital by 8.98% to SAR 5.18 bn from SAR 4.75 bn by capitalizing SAR 426.6 mn of retained earnings, the company said in a Tadawul disclosure. The increase breaks into 39.58 mn bonus shares for shareholders — one for every 12 held, an 8.33% bump — and 3.08 mn shares (0.65%) earmarked for a proposed Employee Share Program.

My Morning Routine: Fadi Al Awami, founder of The Consultation Center

After eight years in banking, Fadi Al Awami left to build businesses of his own — then turned that experience into a consulting practice. Today, he runs The Consultation Center, advising startup founders and fintech ventures, and has consulted for the World Bank on SME projects in cooperation with Monsha'at.

In our My Morning Routine interview this week, we sat down with Fadi Al Awami (LinkedIn), founder of The Consultation Center, to discuss his move from banking to advisory, what sets the Saudi fintech market apart, and why he starts every day slowly. Edited excerpts from our conversation:

Enterprise: How did your journey begin, and what drew you to entrepreneurship?

Fadi Al Awami (FA): My journey began after eight years of experience in the banking sector. During my final years there, I was responsible for SME financing accounts, which gave me the chance to work closely with business owners. I became interested in experiencing entrepreneurship firsthand, so I established several family businesses that helped me gain a deeper understanding of the challenges and opportunities involved in running a business from multiple perspectives, not just financing.

At the time, the concept of entrepreneurship was not yet widely recognized. As government entities began showing greater interest in supporting entrepreneurship and innovation, and as more young people turned to launching ventures, I became interested in leveraging my experience to provide consulting and advisory services. I worked directly with startup founders and collaborated with organizations active in the sector, including the World Bank, as well as projects in AlUla aimed at supporting the entrepreneurship ecosystem.

E: How did The Consultation Center come about?

FA: After leaving banking, I began receiving calls requesting financing-related advice, which had been at the core of my work in my final years there. That encouraged me to establish The Consultation Center and formally provide consulting services. As I gained more experience building and managing startups, I expanded into other areas, including advisory work in the fintech sector.

The biggest transition was undoubtedly the shift from being an employee to entering the world of private businesses and, later, consulting. The journey may appear smooth, but it was filled with challenges that gave me a very different set of experiences from those I gained as an employee.

E: What sets the Saudi market apart when it comes to fintech?

FA: The most distinctive feature is the regulatory framework and the strong interest shown by government entities, both legislative and regulatory. There has been a concerted effort to remove obstacles while protecting the financial sector and diversifying the services fintech can offer. The other factor is the size of the market and the high share of citizens and residents using electronic banking services.

E: What’s the biggest gap SMEs still face in accessing financing?

FA: In my personal view, there is no financing gap, largely because of government support through entities such as the SME Bank and the Kafalah program, both of which aim to remove financing obstacles. What remains challenging is the requirements imposed by financing institutions. These are often extremely demanding, or they don't align with the actual needs of SMEs, particularly during the growth stage.

E: To what extent has fintech changed the SME financing equation in Saudi Arabia?

FA: Fintech companies have given SMEs relatively fast and accessible financing alternatives. But it is still too early to say they’ve become genuine competitors to banks. It would be more accurate to describe them as complementary to banks in serving the SME segment. Saudi Arabia has seen rapid growth in the number of fintech companies, and the market is large enough to absorb more — provided they genuinely offer new solutions or complement the banking sector. We’ve also seen some business models exit, but that shouldn’t necessarily be read as a negative. That’s simply how markets work: There are winners and losers.

E: Which fintech business model is most sustainable in Saudi today?

FA: Based on my view of the market, lending and financial infrastructure ventures have greater prospects for success, given the market’s needs and the fact that these areas are not yet saturated. Although there are many lending companies, there are still opportunities for growth and for new players to enter the market. As for investment services, their success ultimately depends on the success of the investment opportunities offered by these companies.

E: Where do you see the biggest prospects still ahead for the Saudi financial sector?

FA: The sector as a whole has undergone significant technological and digital development, but some activities still offer more room than others. Trade finance, for example, hasn’t yet seen many innovative solutions, and ins. is another area within the broader financial sector that could offer further opportunities for digital transformation. Looking further out, the move toward regulating digital currencies and digital assets could be the major transformation the sector is awaiting.

E: Walk us through a typical day for you.

FA: I always make sure my day begins calmly without work-related pressure — it helps me stay focused throughout the day. I also make a point of starting early to boost productivity. Personal life is a major priority, especially family, so I try to keep my schedule as flexible as possible and avoid unnecessary meetings. I also leave room for the unexpected, whether that's a new opportunity or a problem that needs dedicated time and effort.

Al Awami's recommendations

What he follows: I don’t follow any particular podcast — for me, the content and subject matter are what matter most. I’m particularly drawn to broader topics around skills, work ethics, and how to leave a positive impact, whether in the workplace or in society.

A piece of advice that stuck: A saying attributed to Ali ibn Abi Talib: “Do not feel alienated from the path of truth because few people walk it.” In the business world, many improper practices have become normalized and accepted by many people. Influenced by this saying, I’ve made a conscious effort to stay away from them — and thankfully, that has had a real positive impact on my career.

CALENDAR

AUGUST

31 August-3 September (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

SEPTEMBER

8-10 September (Tuesday-Thursday): The WTM Spotlight Riyadh, Riyadh Front Exhibition & Conference Center (RFECC), Riyadh.

9 September (Wednesday): CyberHero x Riyadh, Riyadh.

14-17 September (Monday-Thursday) The fourth Unesco Global Forum on the Ethics of AI (GFEAI), The Ritz-Carlton, Riyadh.

15-17 September (Tuesday-Thursday) The Global AI Summit, King Abdulaziz International Convention Center, Riyadh.

23 September (Wednesday): Saudi National Day.

28 September-1 October (Monday-Thursday): The International Conference on Theory and Practice of Electronic Governance (ICEGOV), Prince Sultan University, Riyadh.

OCTOBER

25-26 October (Sunday-Monday): The Global Proptech Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

26-28 October (Monday-Wednesday): ACHEMA Middle East, Riyadh International Convention & Exhibition Center.

26-29 October (Monday-Thursday): The Future Investment Initiative, King Abdulaziz International Conference Center, Riyadh.

28-29 October (Wednesday-Thursday): Procurement and Supply Chain Futures Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

28-29 October (Wednesday-Thursday): Real Estate Supply Chain Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

30 October-1 November (Friday-Sunday): The New Global Sport Conference, Sofitel Hotel & Convention Centre, Riyadh.

NOVEMBER

11-12 November (Wednesday-Thursday): Aluminum Arabia, The Arena, Riyadh.

16-19 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre (Malham), Riyadh.

29 November-1 December (Sunday-Tuesday): The UN Trade and Development Global Supply Chain Forum, Riyadh.

29 November-1 December (Sunday-Tuesday): The Global Logistics Forum, King Abdulaziz International Convention Centre, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;

2027

FEBRUARY

1-3 February (Monday-Wednesday): Energy Regulators Regional Association annual conference, Riyadh.

MARCH

21-25 March (Sunday-Thursday):The World Water Forum, Riyadh.

22–24 March (Monday-Wednesday): Capital Markets Forum, Four Seasons Hotel, Riyadh

APRIL

26-29 April (Monday-Thursday): World Energy Congress, Riyadh.

JUNE

1-3 June (Tuesday-Thursday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

Signposted to happen sometime in 2027:

The Ocean Race finishes in Amaala on the Red Sea;
Riyadh-Kudmi transmission line to be completed;
Aero Middle East and Sand & Fun takes place in Thumamah Airport, Riyadh.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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