Steady before the storm?

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Gov’t hits Houthis with more retaliatory airstrikes + Mohammed bin Salman wraps Cairo visit

Good morning, wonderful people. The update in the ongoing escalation with the Houthis today is that Riyadh is now setting the tempo, with north of 50 strikes against Houthi targets across five governorates in Yemen. The strikes, an answer to Monday’s airbase attack, make it three rounds in a week with no sign either side is looking for an off-ramp.

The risk is being priced on the map rather than in the data. Every story in today’s issue where someone commits money is in the Eastern Province or Riyadh, with nothing of note in the southwest.

The inflation print is the least useful number in the issue. Four months at 1.8% reads as a steady hand, but August closed before the escalation began, so the reading carries nothing about the past two weeks. The line to watch is restaurants and accommodations, down 0.4% on the month — the first place southern travel would register, if it registers anywhere.

And it is, improbably, a startup kind of morning. Barq is crossing into unicorn territory, BRKZ closed a USD 31 mn Series B for materials procurement, and a UAE fleet-tech firm is prioritizing its expansion in the Kingdom. Founders are raising against a 2030 story while the wires run alerts for four cities.

The EnterpriseAM Egypt Forum is less than a month away — and here's some of what’s shaping up on the agenda:

Where AI fits on the list of topics keeping CEOs awake at night
What AI means for your company, your team, your job, and your family
What's the AI opportunity for Egypt
Building the AI infrastructure

And more panels to come.

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Warming up again?

Crown Prince Mohammed bin Salman left Cairo yesterday after a working visit, where he sat down with President Abdel Fattah Al Sisi for a closed one-on-one, then expanded talks with both delegations. The talks covered Red Sea and Bab El Mandeb navigation security, the Yemen crisis, bumping up trade and investment, and coordination on Palestine and Sudan.

The Sumed lifeline

Saudi crude stored in Egypt can buy Riyadh another week of loadings before Red Sea exports have to fall sharply, The Wall Street Journal reports, citing people it says are familiar with the matter. The Kingdom temporarily shut the East-West oil pipeline after it was targeted by several drones launched from Iraq on 10 September. Riyadh is trying for a partial restart within days, but full repairs could take six to eight weeks, the sources said.

Why it matters: Within its own borders, the Kingdom could run out of oil stocks for export within days if its East-West pipeline is not restarted, potentially removing up to 4% of global supply from the market. Yanbu’s stocks have fallen by more than 7 mn barrels over the past two months to around 9 mn barrels as of Monday, per Kpler data cited by the Journal, giving the Kingdom only a few days of export cover. Its other routes remain severed: tanker traffic through the Strait of Hormuz is still badly disrupted, and the Red Sea route out of Yanbu is exposed to Houthi advances around Bab Al Mandab.

This is where Egypt comes in: Saudi barrels cross Sumed, the 2.5 mn bbl / d pipeline moving Red Sea crude between Egypt’s Ain Sokhna and Sidi Kerir, steering clear of choked maritime routes. Ain Sokhna can hold around 18.4 mn barrels and Sidi Kerir around 20 mn barrels, though how much of that is Saudi crude isn’t disclosed. August saw crude exports from Sidi Kerir more than double to around 2.3 mn bbl / d from some 1 mn bbl / d in July, with Saudi barrels accounting for most of the increase.

MARKET REAX- Brent traded above USD 108 per barrel, up more than 4%.

War watch

The government responded to the Houthis’ last round of strikes on Monday by intensifying its airstrikes on Yemen. The Houthis claim Saudi Arabia launched 54 airstrikes targeting Yemen’s Taiz, Lahj, Al Jawf, Marib, and Hodeidah governorates, the group’s military spokesperson Yahya Saree said. These strikes follow the group’s attack on King Khalid Airbase in Khamis Mushait.

Makkah was also targeted: Saudi air defences intercepted a Houthi drone south of Makkah, destroying it before it could enter the holy city’s airspace, SPA reports, citing spokesperson for the Saudi-led military coalition Turki Al Maliki.

The ground picture: The Houthis have taken the Khabub mountain range in southern Taiz and other high ground, including parts of Maqbanah, after capturing the Greater and Lesser Hanish islands. Khabub matters more than Perim because its elevation gives the group a defensive line overlooking Bab Al Mandab, and from there it could close the strait — which narrows to 25-28 km near the African coast — using fast boats, anti-ship missiles, drones, and rockets, Yemeni military analyst Khaled Al-Nasi said. Hundreds or possibly thousands of Iranian Revolutionary Guard and Hezbollah personnel have reportedly moved to Yemen to support the Houthis.

Keep it in the Kingdom

The Capital Market Authority (CMA) has tightened the rules on public money market funds, capping their foreign investments at 5% of the net value of their assets, according to a circular seen by Asharq Business. Funds exceeding 20% in foreign assets have six months to drop below that mark and up to two years to hit the final 5% cap, while all overseas investments must hold an investment-grade rating, with non-compliant holdings given up to two years to comply.

Trending up: Saudi’s money market fund scene is on the upswing, with 51 funds seeing a 57% y-o-y increase in asset values, amounting to SAR 76.6 bn, according to the CMA’s 2025 annual report (pdf).

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The big story abroad

Global markets are bracing for an imminent Federal Reserve rate hike, as most economists surveyed by Reuters project a rate increase today, followed by at least one additional hike before April 2027. This will mark a sharp reversal from the earlier expectation of a rate pause, which crumbled once Friday's official figures revealed persistent inflation. We’ll be watching the impact of today's decision closely, given that policymakers in Egypt and the Gulf rely significantly on Federal Reserve action to guide their own monetary policy.

Prelude to a blockbuster IPO? OpenAI is courting top investors for a major capital raise that would boost the startup to a USD 1.2 tn valuation before its public debut, seeking to leverage the success of its newest AI model. These investor talks are preliminary, and the target valuation may evolve as negotiations progress over the coming months. CEO Sam Altman said last week that a listing is unlikely before next year.

On the regional war front, the US has run up a USD 38 bn bill in its six-month conflict with Iran, which is expected to balloon by USD 3 bn every month, according to data from the Congressional Budget Office. Rapidly depleted munitions drive most costs, with the budget office projecting five years to replenish stockpiles.

Saudi inflation stayed at 1.8% in August in the last pre-escalation reading

Inflation held steady in the last reading before this month’s escalation, holding at 1.8% for the fourth straight month, according to Gastat (pdf). August’s reading — which matches July, June, and May rates — remains comfortably below 2%, driven again primarily by housing.

On a monthly basis, prices rose just 0.1% from July, with housing up 0.2% on rents, transport up 0.6%, and personal care up 0.8%. That was all partly offset by a 0.4% drop in restaurants and accommodation and a 0.1% dip in food.

Housing is still the main culprit, adding 0.8 percentage points to the headline figure, with the housing, water, electricity, gas, and other fuels division rising 3.9% y-o-y, led by a 3.9% increase in actual rents.

Food and beverages and transport were next, each adding 0.3 points, on y-o-y rises of 1.4% for food and beverages and 2.0% for transport. Personal care and miscellaneous goods contributed 0.2 points, though it posted one of the sharpest price jumps of any division at 3.5%, driven by a 14.4% rise in jewelry and watch prices. The remaining divisions added 0.2 points combined, among them entertainment, sports, and culture, up 2.8% on a 4.7% rise in holiday-package prices, and ins. and financial services, up 1.7%.

Two segments bucked the trend: Furnishings and household equipment fell 0.6% y-o-y, while clothing and footwear declined 0.5%.

Our take: The fourth straight month at 1.8% follows the same framework MT Trading’s Ahmed Chreim set out on July’s figures: Stable inflation shows Saudi macro management is, so far, absorbing the geopolitical shock. Inflation is driven by rents and construction, not energy; oil has kept moving via the Red Sea rather than a throttled Hormuz; and reserves and price-monitoring have cushioned the pass-through. The IMF made the same case in July, projecting inflation near 2% and averaging 2.3% for 2026. Four flat readings suggest those buffers have held.

But the buffers have limits. Both assessments rested on the disruption staying contained and oil flowing around the chokepoints, conditions that have been blown apart. This past week has brought drone strikes on Saudi soil, extensive damage to the East-West pipeline, and a Houthi advance toward Bab Al Mandab. The IMF’s benign outlook came with a condition — “unless the conflict broadens and causes more significant disruptions to supply chains and import costs.” August’s data predates all of it, as does any pass-through from the shipping and ins. costs that have since spiked.

More from the macro tables

Wholesale prices edged down: The wholesale price index (pdf) increased 4.6% y-o-y in August, down from 5.0% in July. The figure was mainly driven by an 8.2% rise in other transportable goods — including a 51.4% jump in basic chemicals and a 4.0% increase in refined petroleum products. Prices of metal products, machinery, and equipment also rose by 2.2%, while agriculture and fishery product prices increased by 4.8%.

Manufacturing costs cooled too: The producer price index (pdf) rose 5.3% y-o-y in July, down from 8.5% in June. Driving the index for the month was a 5.5% rise in manufacturing prices, a 2.3% increase in electricity, gas, steam, and air-conditioning supply, and a 6.8% increase in water supply, sewerage, and waste management activities.

King Fahd International Airport lines up an airport expansion + new budget carrier

Saudi Arabia is giving Dammam both a new airline and a bigger airport plan. The General Authority of Civil Aviation (GACA) awarded an air operator certificate to an Air Arabia-led consortium — including Nesma Group and KUN Holding — to launch a new national low-cost carrier based at Dammam’s King Fahd International Airport (DMM), according to a press release. Dammam Airports also signed a design contract with WSP to develop King Fahd International Airport under its approved master plan, SPA reports.

REMEMBER- We flagged this back in July 2025 when Saudi Arabia first approved plans for an Air Arabia-led consortium to launch a new low-cost carrier out of Dammam. The airline was announced alongside a broader SAR 1.6 bn Dammam Airports strategy, which includes 77 infrastructure projects and targets more than 19.3 mn annual passengers and 600k tons of air cargo capacity at King Fahd by 2030.

Why it matters: The airport is being built to match. King Fahd International Airport’s cargo capacity is set to rise to more than 600k tons a year, alongside an increase in passenger capacity from 13.7 mn in 2025 to more than 19.3 mn by 2030. Later phases could take passenger capacity to 32 mn, while hourly aircraft movements rise to 77. The expansion includes new terminals, an extended runway, and general aviation infrastructure, along with upgraded baggage systems and digital services.

The new carrier could help put that extra capacity to work: Developing the airline alongside the airport allows Dammam to shape gates, ground handling, and passenger processes around a fast-growing low-cost operation from the outset, rather than retrofit them later, Wouter Dewulf, professor of air transport management and economics at the University of Antwerp, tells EnterpriseAM. But the bigger question is whether the airline can create enough new traffic to fill that capacity: Dewulf says the carrier’s target of 10 mn passengers annually by 2030 is “a very substantial number relative to Dammam’s current market.”

The cargo case is less clear-cut: Dewulf is cautious about the new carrier building a meaningful freight operation. Its narrowbody fleet can carry belly cargo, but passenger baggage will take priority, leaving freight as more of an incremental revenue stream than a strategic business. Dammam is also “not really a major regional cargo hub,” he says, while the Eastern Province is already reasonably well connected for its local cargo needs.

The Air Arabia connection matters: Rather than building a low-cost operation from scratch, the joint venture can draw on Air Arabia’s experience in fleet management, procurement, maintenance, training, revenue management, and distribution, Dewulf says. Share purchasing and aircraft sourcing could also help lower unit costs. That should reduce some of the execution risk — but not the commercial risk. The model will still need to be adapted to Saudi Arabia, particularly around workforce, network, and airport economics, he adds.

Barq hits unicorn status with USD 329.5 mn Series A

Fintech company Barq raised USD 329.5 mn in a Series A round, valuing the company at USD 1.85 bn. The valuation makes Barq one of Saudi Arabia’s unicorns about two years after launch, according to an announcement. The round was backed by Noon Investments, Sohar International Bank, and M20 Fund, according to a press release.

The funding will support Barq’s expansion in the Middle East and beyond, including the planned launch of Barq Pakistan, Chief Marketing and Customer Experience Officer Abdulrahman Al Aqeel tells Al Arabiya (watch, runtime: 3:59).

About Barq: Founded by Ahmed Alenazi (LinkedIn) in 2023, the company offers digital payments and other financial services, and it recently expanded into corporate services to target the business segment, particularly SMEs. It surpassed 15 mn customers in Saudi Arabia and processed more than SAR 440 bn since launch, while capitalizing on international partnerships with Thunes and Western Union to expand its services.

BRKZ raises USD 31 mn Series B as revenue set to triple

BRKZ gets more to build with

Construction-materials platform BRKZ has raised USD 31 mn in a Series B round, the platform’s founder and CEO Ibrahim Manna said on LinkedIn. The round comprised USD 13 mn in equity co-led by Aramco’s Wa’ed Ventures and 500 Global, with Beco Capital and ANB, plus USD 18 mn in growth debt from Stride Ventures. The raise comes after what Manna called BRKZ’s hardest operating year and its best, with revenue on track to triple in 2026 after growing 2.5x in 2025.

Use of proceeds: The USD 18 mn in debt from Stride Ventures will fund BRKZ’s lending activity, Forbes reports. The USD 13 mn equity will fund technology and expansion, including deeper AI capabilities, more automation across the procurement journey from quotation to fulfillment, and direct-sourcing corridors with China and India.

What it does: BRKZ runs a marketplace where contractors post the materials they need and suppliers bid to fulfill them, handling sourcing, pricing, logistics, and flexible payment terms through a single platform. The platform now connects more than 1.5k contractors and 150 factories with around 2.1k suppliers.

REMEMBER- The raise takes BRKZ’s total funding to more than USD 70 mn, following a USD 17 mn Series A in February 2025 and USD 30 mn in growth debt in October 2025.

Trucks on the road

UAE fleet-tech firm FMSi is planning to expand to Saudi Arabia and other Gulf markets, after Shorooq and Emirates Growth Fund (EGF) invested an undisclosed amount in the company, according to a statement (pdf). Shorooq led and arranged the transaction through its private equity strategy alongside a group of co-investors, marking its first investment alongside EGF.

FMSi is not entering the Kingdom cold: More than 25 Saudi partners already use its technology to provide fleet-management services to their customers. The next step is building a stronger presence through organic expansion and selective consolidation, FMSi CEO Wissam Mourad tells EnterpriseAM. The company also operates across the UAE, Oman, and Iraq.

Another KEC land partnership

Knowledge Economic City (KEC) has run its land-into-fund playbook a fourth time, signing an MoU with Dar Al Majed (Al Majdiah) and Capital Hill for a SAR 2.8 bn mixed-use project in Knowledge Economic City, Madinah, according to a Tadawul disclosure.

The structure is familiar by now: KEC contributes the 97k sqm plot as an in-kind stake, Al Majdiah puts in money and runs development, and a closed-ended real estate fund, managed by Capital Hill, owns the whole thing. The project is planned for roughly 2.7k apartments for sale, 8k sqm of leasable commercial space, and more than 3.5k parking spots.

The split: KEC takes about 80% of the fund’s units for its land, and Al Majdiah takes 20% for a total contribution of SAR 200.7 mn — SAR 89 mn to acquire its share of the land and SAR 111.7 mn in cash into the fund. Al Majdiah also collects development, sales, marketing, and property management fees plus a performance share. There’s a 90-day exclusivity window to reach definitive agreements.

REMEMBER- KEC keeps recycling its Madinah land bank through this exact structure — land in at a marked-up valuation, a partner carries the capital and construction, and KEC keeps majority control and a share of the upside. It ran the same play with Alrashid on Multaqa Residences, Fourmen on Knowledge Gardens, and Kaden on Multaqa Al Madinah 2. Each converts an underused plot into a revenue-generating vehicle funded largely by someone else. Al Majdiah, for its part, frames the tie-up as part of a Makkah-Madinah expansion and a way to tap demand from the new foreign-ownership rules.

Bahri secures refinancing debt

Bahri has completed a USD 263 mn refinancing transaction with BNP Paribas and National Bank of Greece, marking its first unsecured international bank financing and reducing its reliance on asset-backed debt, Al Arabiya reports, citing a company announcement. The transaction will help Bahri diversify funding sources and support future growth.

Building Porta Jeddah

Saudi Real Estate (Al Akaria) signed a SAR 463.1 mn contract with Mounes Mohamed Alshayeb for Civil Construction to execute the first package of its Porta Jeddah mixed-use project, according to a Tadawul disclosure. The 48k sqm development in Jeddah’s Al Nahdah District will include a hotel, offices, retail, restaurants, cafes, and leisure facilities, with construction expected to take a little over two years.

BACKGROUND- The company awarded the execution package to Mounes in May 2026. The scope includes structural works across all components (including the hotel), external facades, electromechanical works (excluding the hotel), and public and landscaped areas. It also has a heavy pipeline ahead, including early works for the Expo 2030 Riyadh site, the Fai Sedra complex, and Al Narjis Business Park.

Yet another sukuk issuance

The Finance Ministry has completed a SAR 1.6 bn sukuk issuance, the National Debt Management Center (NDMC) said in a statement. The issuance consisted of six tranches ranging from four to 15 years. The ministry and the NDMC did not identify the managers for the issuance.

ICYMI- The ministry wrapped up its previous sukuk issuance last month, which totaled SAR 9.5 bn.

Gulf banks that built out IPO teams for the boom are now chasing fees in Egypt, Turkey, and India as listings at home dry up

Gulf-based banks that built out capital markets teams for the region’s IPO boom are putting them to work elsewhere this year. Gulf IPO volumes have slid to under USD 1.1 bn so far this year — falling below sub-Saharan Africa’s USD 1.37 bn for the first time and set to drop further once Dangote Petroleum Refinery prices its USD 1.6 bn Lagos listing, the continent’s largest-ever IPO, Bloomberg reports. The reversal is sending Gulf-based banks hunting for fees elsewhere — from Cairo to Istanbul to Mumbai.

Where they’re redeploying: HSBC — usually near the top of Gulf ECM league tables — has instead led Turkish secondary offerings this year, raising USD 552 mn across seven transactions, nearly double 2025’s volume. It still has more than 50 active mandates across the Middle East, North Africa, and Turkey but hasn’t closed a single Gulf IPO in 2026, according to regional capital markets co-head Mohammed Fannouch. EFG Hermes is leaning into Egypt instead — working with Citigroup on a Cairo listing for MNT-Halan’s local business, plus IPOs for Banque du Caire and Misr Life Ins. Emirates NBD has gone further afield still, taking a majority stake in India’s RBL Bank as it plans to expand its investment banking operations in the country and co-arranging Airtel Money’s London listing alongside First Abu Dhabi Bank.

Some state-backed lenders are taking a different route: leaning into government-to-government ties. Abu Dhabi Commercial Bank recently ran the books for the London-Tashkent dual listing of Uzbekistan’s National Investment Fund — work that traces back to a string of Abu Dhabi-Tashkent investment partnerships over the past year.

REMEMBER- We reported in early September that the UAE’s IPO pipeline has screeched to a halt so far this year, with Dubai Holding, Emirates Global Aluminium, and Binghatti all pausing or shelving listings. Meanwhile, in Saudi Arabia, owners aren’t willing to list at what the market will now pay, and after a year in which most new listings lost money, investors aren’t willing to pay more.

A recovery is expected later this year and in 2027, though in the UAE, any reopening will likely be led by follow-ons, not fresh IPOs, analysts have told us. Over in Saudi Arabia, EFG Hermes’ Christopher Laing says he’s inking “lots of new business” in the Kingdom but expects much of it to launch in 2027. In the pipeline: Humain is eyeing an IPO — though no timeline has been disclosed — while Tabreed and Richard Attias & Associates also planned 2026 listings earlier in the year.

MARKETS THIS MORNING-

Asian markets are mixed in early trading, with South Korea’s Kospi up around 0.5% and Japan’s Nikkei flat. Meanwhile, Wall Street extended Monday’s losses, as broad risk-off sentiment weighed on almost all sectors.

TASI	10,783	-0.9% (YTD: +2.8%)
MSCI Tadawul 30	1,450	-0.7% (YTD: +4.5%)
NomuC	21,379	-0.6% (YTD: -8.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	54,909	+0.2%(YTD: +31.3%)
ADX	10,136	+0.2% (YTD: +1.4%)
DFM	5,927	-0.8% (YTD: -2.0%)
S&P 500	7,586	-0.5% (YTD: +10.8%)
FTSE 100	10,658	-0.4% (YTD: +7.3%)
Euro Stoxx 50	6,237	-0.4% (YTD: +7.6%)
Brent crude	USD 108.75	+2.9%
Natural gas (Nymex)	USD 2.94	+0.9%
Gold	USD 4,327	-0.1%
BTC	USD 75,921	-2.9% (YTD: -13.4%)
Sukuk/bond market index	905.99	+0.2% (YTD: -1.4%)
S&P MENA Bond & Sukuk	148.67	-0.4% (YTD: -2.1%)
VIX (Fear gauge)	17.20	+0.6% (YTD:+15.1%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.9% yesterday on turnover of SAR 2.8 bn. The index is up 2.8% YTD.

In the green: Saudi Aramco Base Oil (Luberef) (+3.9%), Armah Sports (+3.3%), and Americana Restaurants International (+1.7%).

In the red: LIVA Ins. (-6.3%), Amana Cooperative Ins. (-4.9%), and Bawan (-4.8%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.6% yesterday on turnover of SAR 11.0 mn. The index is down 8.2% YTD.

In the green: Albattal Factory for Chemical Industries (+20.9%), Naf Company for Feed for Industry (+9.3%), and Horizon Educational (+8.9%).

In the red: Foods Gate Trading (-9.9%), Alfakhera for Mens Tailoring (-9.8%), and Alqemam for Computer Systems (-9.5%).

CALENDAR

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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