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WHAT WE’RE TRACKING TODAY

THIS MORNING: Yemen forces retake key strait coast, push toward Sanaa

Good morning, wonderful people. Every company in today’s issue has orders on the books and a cost problem filling them.

PIF-owned Folk Maritime has flattened its expansion, with Poul Hestbaek telling us disruption has pushed operating costs up by as much as 40% and made capacity hard to find at a price that works. Between shipping, vessels, leasing, fuel, and ins., costs are running high for the business.

But it’s not all stalled growth for business: September’s PMI hit the highest reading since February as new orders ran well ahead of what firms actually produced, which means a queue is building.

Others are expanding through agreements. Dubai-based merchant acquirer Neopay is buying its way into the Kingdom, agreeing to take a 65% controlling stake in Noon Payments, e-commerce platform Noon’s online gateway. The pitch to Saudi merchants is one provider for online and in-store payments, instead of a different acquirer and gateway in every market.

Meanwhile, Saudi banks are paying more for the deposits they already have. The 10 largest listed lenders took in more than they lent last quarter and did it through time deposits, which Alvarez & Marsal reads as pressure on funding costs and margins going forward. Provisions rose too. The price of money here is being set by competition for deposits more than by the rate cycle.

We’re honored to welcome Dr. Ahmed Heikal as a guest speaker at the 2026 EnterpriseAM Egypt Forum.

Dr. Heikal founded Qalaa Holdings in 2004, building it into Africa’s largest private equity firm with investments spanning 15 countries and 15 industries, before leading its transformation into a holding company spanning energy, cement, transportation & logistics, agrifoods, and mining. Along the way, he built more than 80 businesses across Egypt and Africa, including the Egyptian Refining Company, Egypt's largest private-sector-led infrastructure project, and has since exited more than 20 of them. He also founded the Qalaa Holdings Scholarship Foundation in 2007, which has supported more than 70k beneficiaries.

Earlier in his career, Heikal joined EFG Hermes in 1992 and played a key role in transforming the small financial consultancy into the leading investment bank in the Arab world and emerging markets, holding senior roles across asset management, investment banking, brokerage, and private equity before becoming an executive board member and Managing Director.

Registration is now closed. Thank you to everyone who registered. We look forward to welcoming you today.

War watch

Yemen’s government has retaken the coast along the Bab Al Mandab Strait and Dhubab Airport in southwest Yemen, and has launched a “strategic attack” on the capital. Saudi-backed government forces took control of Dhubab district in Taiz, which overlooks the strait, cutting off the road between it and Al Makha. They also captured Al Makha, as well as the towns of Bab and Hadeid. The campaign, which was announced over the weekend, aims to restore state institutions and retake Sanaa and other territories from Houthi control.

The heaviest fighting is in the southwest, where the Houthis advanced into parts of the mountain road to Taiz on Sunday, surrounding government forces. They also reportedly pushed into the town of Al Turbah, which sits atop a high promontory on the road, although a government source denied this. A Houthi-run agency claimed its fighters drove government forces from Al Mawasit district as well.

REMEMBER- Riyadh is making a new budget support disbursement of more than SAR 224 mn to the Yemeni government, according to a statement by the Saudi Development and Reconstruction Program for Yemen. The statement did not make an explicit connection between the financial support and Yemen’s military campaign against the Houthis.

Makkah pact coming into effect: Saudi Arabia, Turkey, and Pakistan, members of the Strategic Political and Defence Committee established under the Makkah Agreement for Joint Defence, will supply forces and capabilities for rapid deployment in the Kingdom, SPA reports. The committee has also appointed retired Pakistani lieutenant general Nauman Mahmood as the first secretary-general of the alliance for a three-year term. The member states strongly condemned the “attempted targeting of Makkah and Madinah” and the attacks on civilian and economic sites in Saudi Arabia.

PSA

The Interior Ministry has launched a campaign to get people and businesses to report security concerns. Called Balagh, it directs reporting to the Unified Security Operations Centers (911) and the Kollona Amn app, and includes a 60-day open call for the public and for public- and private-sector entities to produce awareness content — videos, infographics, and media pieces. It runs in partnership with Arabian Contracting Services, SPA reports.

Jeddah Tower delayed

The finish line for the world’s would-be tallest building has been pushed back. Jeddah Tower and the first phase of the city around it should be completed in “late 2028,” a few months behind last year’s August 2028 target, AGBI quotes Jeddah Economic Company CEO Fabien Toscano as saying at the Saudi Mega Projects summit in Riyadh. The tower reached 116 floors and about 466 meters high last month, with 41 of 157 still to be built.

The commercial timeline has slipped with it. Apartment sales are now set for 2027, and JEC is opening phase-one land talks at Cityscape in Riyadh in November.

The war has not been kind to construction and the squeeze reaches well beyond the tower. Mace — delivery partner on Qiddiya and program manager for the Kingdom’s stadium build — told us the war was a genuine supply-chain shock, rerouting cargo that once moved through Dammam the long way via the Red Sea and Jeddah; contractors have since ordered critical materials earlier and sourced more inside the Kingdom. Electrical cable is the stubborn holdout, in “big scarcity” and up as much as 26% y-o-y in July on Saudi Contractors Authority data. Middle East and Africa CEO Christopher Seymour puts the cost hit north of 10% on some projects and about 5% on others, and says the pressure is “being moderated,” though it has “not gone away.”

Running short

The world’s oil stockpiles have become “scarily thin,” and markets remain exposed until Hormuz fully reopens, Bloomberg quotes Saudi Aramco’s CEO Amin Nasser as saying at the Energy Intelligence Forum. His warning comes days after the G7 agreed to release up to 100 mn barrels of diesel and crude over four months to ease fuel prices.

Fewer than 6 bn barrels of commercial inventories remain, from almost 10 bn when the war began, Nasser said. Less than 10% of the world’s inventories are practically available because of technical restrictions, he added, which leaves a far smaller cushion than the headline figure suggests.

Emergency releases will not close the gap between supply and demand, Nasser warned. Rebuilding stocks would add at least 2 mn bbl / d of demand and could take up to two years, with more needed if governments hold larger reserves.

More crude is moving, but prices are not coming down. Seven major Gulf producers were set to ship 12.8 mn bbl / d in September, still some 6 mn bbl / d below February levels. Brent has traded around USD 100 per barrel over the past month, Nasser said, with Iranian attacks on ships in the strait and proxy attacks on Aramco infrastructure keeping supply risks in focus. Refined fuel prices have risen even more sharply than crude, he said.

Running as usual

The East-West oil pipeline is working normally, Bloomberg reports, citing people familiar with the matter, who denied reports that the flows had stopped again following a fresh attack on one of its pumping stations. Oil prices jumped as much as 1.2% after the disruption rumors, before easing again. Aramco had ramped up supplies through the 7 mn bbl / d pipeline to more than 80% of capacity by late last week, restoring much of the link after it was attacked by drones launched from Iraq in September.

REMEMBER- Since the US-Iran war disrupted flows through the Strait of Hormuz, the Kingdom had been routing around 4 mn bbl / d, or roughly 4% of global supply, through the East-West pipeline to Yanbu. Some of that crude was then shipped north through the Red Sea to Ain Sokhna in Egypt, transported via the Sumed pipeline and loaded at Sidi Kerir on the Mediterranean. Saudi crude flows through Sidi Kerir more than doubled to around 2.3 mn bbl / d in August. The East-West pipeline outage brought the entire route to a halt.

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The big story abroad

Anthropic’s lease of Google microchips has secured backing from major Wall Street banks. Bank of America, Citigroup, and Morgan Stanley have begun syndicating part of a USD 60 bn debt package — partially guaranteed by semiconductor maker Broadcom — in what stands as the largest chip-financing agreement to date. The move tests AI debt appetite as investors demand higher returns amid long-term profitability fears.

Singapore-based data center operator DayOne filed for a US IPO, marking the latest in a wave of public listing plans across the sector amid robust demand for AI infrastructure. The firm has secured more than 1.5 GW of bookings for capacity across Asia-Pacific and Europe since 2022, and closed a USD 4.5 bn Series C funding round in June.

McDonald’s is facing a proposed nationwide class-action lawsuit alleging that the company coordinates menu pricing between corporate locations and independent franchises using an AI system trained on nonpublic data.

The Gulf’s sovereign funds and largest companies are committing billions to AI infrastructure at home and to AI companies in the US and beyond. EnterpriseAM AI + Innovation reports on where that capital goes, who controls it and what it is actually buying.

Every Tuesday and Thursday, we also cover the startups and established firms across MENA putting AI to work, and how it is changing jobs, education and the way business runs.

It’s sharp, analytical and skeptical journalism that ignores hype and is laser-focused on informing our readers, not pleasing our sources.

The newsletter launches Monday, 5 October, at the EnterpriseAM Egypt Forum’s AI edition.

Sign up here to be among the first to get it straight to your inbox.

PIF-owned Folk Maritime pauses growth as shipping costs jump

Folk Maritime has temporarily paused its expansion as geopolitical disruption raises operating costs by as much as 40% and makes it harder to secure additional shipping capacity, CEO Poul Hestbaek tells EnterpriseAM. The Public Investment Fund-owned shipping company had been expanding across the Middle East, Indian subcontinent, Southeast Asia and East Africa, but Hestbaek says it has “flattened out” that growth until market conditions normalize.

The problem is less about demand and more about finding capacity at a price that makes sense. “Everything is high. Shipment cost, cost of vessels, the cost of leasing vessels, the cost of fuel, everything is high. The cost of ins., everything is high,” he tells us.

The playbook: Folk isn’t looking to capitalize on the disruption through aggressive expansion. Hestbaek says its priority as a Saudi PIF-owned company is covering its additional costs while maintaining supply security into the Kingdom.

The backdrop: The disruption comes as the Middle East war squeezes two of the region’s most important shipping arteries. The US-Israel conflict with Iran, which began in February, has severely disrupted traffic through the Strait of Hormuz, while Iran-aligned Houthi forces in Yemen have expanded their reach around the Bab Al Mandab Strait, the southern gateway to the Red Sea. The Houthis seized the strategic port of Al Makha and reached Perim Island in September, escalating risks for vessels using a route that connects the Red Sea with the Indian Ocean.

The result has been longer voyages, tighter vessel availability, and higher fuel, ins., and chartering costs for shipping companies, precisely the pressures Folk says are now forcing it to slow its expansion.

How much higher are we talking? Folk’s overall costs have risen around 30-40%, while some individual expenses have more than doubled, according to Hestbaek. The company has been able to pass much of the increase on to customers, limiting the financial hit, but rapidly changing conditions are making planning increasingly difficult.

And it’s slowing volumes: Folk had targeted around 250k containers in 2026, equivalent to roughly 5k a week. It is currently moving closer to 4k a week and expects to finish the year below target as congestion and delays stretch journey times. A round trip between India and the Red Sea that would normally take around 20 days can now take 30, Hestbaek said.

The bottleneck isn’t cargo: Folk currently operates six vessels, five of which it owns, alongside leased ships and capacity bought from partners. Its vessels are full, Hestbaek says, meaning the constraint is how quickly ships can move through increasingly congested ports.

Vessels aren’t cheap, either: Folk is holding back from adding ships as available vessels become both scarce and expensive. Hestbaek said vessel prices have roughly doubled compared with historical pre-Covid averages, while the limited ships coming to market are often lower quality.

The Red Sea pivot: The disruption has also reshaped where Folk deploys its fleet. Around 75% of its capacity is now in the Red Sea, compared with roughly half before the conflict. Hestbaek said the company remains busy there as larger shipping lines gradually return vessels to the Suez route, creating demand for feeder services moving cargo around the region.

Folk is testing crossings through the Strait of Hormuz rather than operating a consistent service. Its most recent crossing was in September and went through normally, but decisions are being made week by week using intelligence providers to assess security conditions.

Bab Al Mandab is proving more difficult. Folk has not crossed the strait “for a while,” Hestbaek said, citing uncertainty over potential Houthi targets. “We want predictability, and for the time being, we don’t have that.”

What’s next: The growth pause doesn’t change Folk’s longer-term plan. The company is sticking to an organic growth strategy through the end of the decade, with acquisitions or consolidation potentially entering the picture only after it reaches its targeted scale. It also plans to expand partnerships with Saudi logistics providers during 2027 rather than building out warehousing and other land-based services itself.

Saudi banks’ deposits outpace lending in 2Q

Saudi banks are paying more to hold their deposits. Deposits at the 10 largest listed Saudi banks grew faster than lending in 2Q 2026, but the growth came from costlier time deposits, a shift that Alvarez & Marsal (A&M) says could pressure funding costs and margins, according to its 2Q KSA Banking Pulse (pdf). Earnings still rose, but higher provisions and uneven margins held back growth.

Banks took in more than they lent. Deposits grew 2.7% q-o-q against 1.8% growth for net loans, easing the loan-to-deposit ratio to 103.1% from 104.1% in 1Q. Underneath, the two moved in opposite directions: deposit growth slowed from 3.9% the quarter before, while lending accelerated from 1.6%, led by a 2.3% rise in corporate and wholesale financing.

The catch is in the mix: Time deposits jumped 9.1% while cheaper CASA deposits fell 2.2%. That lifted time deposits to 45% of the total from 42.4% and nudged the sector’s cost of funds to 3.2% from 3.17%. SNB led the move, its time deposits up 20.3% q-o-q, with Al Rajhi’s up 12.8%.

SOUND SMART- CASA is the cash sitting in current and savings accounts, which pays customers little or no interest. The more of a bank's funding that comes from CASA, the cheaper its money; as customers move into time deposits, the bank pays more to fund the same lending.

Earnings grew, but margins held flat. Aggregate net income rose 3.8% to SAR 24.9 bn, and operating income increased 5.1% to SAR 42.5 bn, lifted by a 38.5% jump in other operating income. Net interest and fee income each rose 2.1%, to SAR 32.6 bn and SAR 5.2 bn. The net interest margin — the gap between what banks earn on loans and pay for funding — held broadly flat at 2.85%, even though six of the ten banks saw it narrow. Cost efficiency improved, with the cost-to-income ratio falling to 28.6% from 30.1%, and SNB recording the largest improvement.

Credit costs are the pressure point. Aggregate cost of risk more than doubled to 0.32% from 0.15% in 1Q, and net loan provisions rose 111.7% to SAR 2.6 bn. Part of the jump is a base effect at SNB, which booked large non-recurring net recoveries in 1Q. Excluding SNB, cost of risk rose to 0.37% from 0.29%.

Asset quality held up, though. Non-performing loans stayed at 0.9% of the total, provisions now cover 162.7% of them, and more than 94% of loans remained in Stage 1 — the healthy, performing bucket. A&M says much of the higher provisioning reflected write-offs of previously fully provisioned loans, suggesting portfolio clean-up rather than a broad new deterioration in credit quality.

Looking ahead

A&M Managing Director Sam Gidoomal flags three things to watch in 3Q. whether banks can protect margins as benchmark rates decline and funding costs reprice; whether corporate, SME, and Vision 2030-linked loan demand holds up; and how much precautionary provisioning they will need amid geopolitical uncertainty.

The rate call is also still far from settled. A&M expects a stable-to-lower path, but the banks are split: BSF expects no change this year, while SNB says a hike before year-end is possible.

Demand lifts Saudi’s non-oil private sector growth to a seven-month high

With oil under pressure from the war, Saudi Arabia is leaning harder on its non-oil economy, and in September, that economy delivered. The Riyad Bank PMI (pdf) rose to 55.3 from 53.8 in August, a sixth straight month of growth and its strongest reading since February. The lift came largely from demand, with new orders far outpacing what firms actually produced. The index remains just below the survey’s long-run average of 56.8.

The strength surprised economists. “It’s a surprisingly strong figure, matching the UAE,” Khalij Economics Director Justin Alexander tells us. “It indicates that despite the disruptions, domestic demand remains strong.”

He sees some war-delayed spending feeding the rebound. “Potentially some investments and purchases that were delayed during the first six months of the war, waiting for it to be over, have moved ahead anyway, boosting activity.”

The demand side is firing across the board. New orders rose at their fastest since February, back close to their historical norm, which Riyad Bank puts down to demand recovering from the mid-year dip, though the gains came entirely from domestic customers. Firms hired more — specifically in sales and technical staff for new investments — stepped up input buying to a seven-month high, and took orders faster than they could clear them, lifting backlogs for the first time since May. Riyad Bank Chief Economist Naif Al Ghaith’s read is that firms are adding capacity because they expect the demand to hold, and he calls the jump in orders a positive signal for activity in the months ahead.

The strain sits on the supply and external side. Output still grew, but at its weakest pace in five months, with firms pointing to the same geopolitical uncertainty that has clouded the outlook. Export orders shrank for a seventh month. Firms also grew more downbeat about the year ahead, blaming regional tensions and the shipping delays that left supplier lead times barely moving.

Prices are the other warning light. Material and transport bills rose again, though overall cost pressure eased slightly. Even so, firms raised their own selling prices at the second-fastest pace in more than six years.

Neopay buys into Noon Payments to fuel regional expansion

Neopay is buying its way into Saudi Arabia and Egypt. The Dubai-based merchant acquirer has agreed to buy a 65% controlling stake in Noon Payments, the online payment gateway of e-commerce platform Noon, according to a press release. The acquisition pairs Neopay's in-store card terminals with Noon Payments' online checkout. Neither side disclosed the price, and the deal still needs regulatory and antitrust approval

The pitch to merchants is one provider for online and in-store payments across Saudi, the UAE, and Egypt. Today, a retailer selling in several GCC markets often deals with a different acquirer and gateway in each country. The combined company says it will offer both online and in-store payment acceptance, cross-border settlement, and faster onboarding for new merchants.

This is the latest agreement in a fast-consolidating payments market. Mashreq sold a 65% stake in Neopay to a consortium of Arcapita and Turkish fintech Dgpays for USD 385 mn in January 2025, we reported at the time. The new owners said then that they planned to scale and enter new markets, and this acquisition is the first big step on that plan. Nine months later, Network International and Magnati completed their merger under a Brookfield-led consortium. The combined company now operates as Network International and describes itself as the largest payments platform in the Middle East and Africa.

Why it matters: The UAE’s merchant-payments market is turning into a contest between a handful of large, well-funded platforms. Network International already has the scale. With Noon Payments, Neopay is buying an online business and two new markets so it can compete with Network on breadth.

MIS receives second Humain work order

Al Moammar Information Systems’ (MIS) Humain contract keeps converting, with the firm booking its second work order under its SAR 8.8 bn agreement to build 250 MW of AI data centers for PIF’s Humain, it said in a Tadawul filing. The order is worth more than 1.35 times MIS’s 2025 revenue and runs 16 months, with the financial impact starting in 4Q 2026. With the first order landing days earlier, MIS has now turned more than 280% of last year's revenue into firm orders — roughly two-fifths of the framework — inside two weeks.

Ladun locks in a Riyadh development project

Ladun Investment will develop a SAR 339 mn mixed-use project in Riyadh's Al Munsiyah district. The listed contractor has signed a binding agreement with the Asbar Al Munsiyah Fund, firming up an April MoU, according to a Tadawul filing. The scheme spans 16.8k sqm across four plots on Prince Mohammed bin Salman Road and takes in a hotel, luxury homes, retail, and offices.

The details: Ladun will earn a 10% development fee on total project costs, excluding land value. It could also collect a performance incentive equal to 10% of returns above an 18% target IRR, with the incentive split 60% to Ladun and 40% to Asbar Financial.

Diriyah hands out more hotel work

Diriyah Company has awarded two construction contracts worth a combined SAR 2.7 bn to build luxury hotels and branded residences in its Diriyah Square district, 413 hotel rooms and 34 residential units in all, it said in a press release.

Who’s getting what: A MAN-MAG joint venture — Man Enterprise Saudi and Al Majal Al Arabi Group — takes SAR 1.3 bn for three hotels and two residential projects, while Urbacon Saudi gets SAR 1.4 bn for three hotels and one residential project. Both contracts cover building facades, blockwork, fit-out, mechanical, electrical and plumbing (MEP), and external works.

Both have built for Diriyah before. Urbacon Saudi is part of an SAR 8 bn project covering four hospitality assets and the equestrian and polo club in Wadi Safar, and the Man-MAG JV won the SAR 917 mn contract to build the Diriyah Grand Mosque’s second phase.

Still swinging

BC Partners Credit has made an initial committed investment in LIV Golf, part of a targeted USD 300 mn in financing to help the league emerge from Chapter 11 bankruptcy ahead of next year’s season, Reuters reports, citing a company statement. The funding — which still requires court approval — will support LIV’s next phase, during which players would become equity owners of both the league and its teams, the company said.

ICYMI- LIV Golf filed for Chapter 11 bankruptcy protection last month, with mns of USD in unpaid debts to top players. This came months after the Public Investment Fund pulled the plug on the project, saying it would stop funding after the 2026 season concludes.

Why European central banks are relocating gold reserves out of North America

European central banks are rethinking where they store their gold. The Dutch central bank (DNB) moved 86 tonnes from North America to London, lifting London’s share of its reserves to 32.1% from 18.1% and putting it ahead of the 30.8% held domestically. The relocation leaves DNB “better prepared for severe crises,” with the gold “readily available for use in a crisis situation,” the bank said.

Wars and trade tensions are only part of it. Conflict does not “top the list” of motivations, World Gold Council Senior Market Strategist Joseph Cavatoni tells the BBC, with inflation, interest rates, and the ability to trade gold quickly also shaping reserve decisions. “I don’t get a sense that there’s an impending doom,” he said. Central banks are instead “being better educated around how to manage their reserve assets.”

The Netherlands isn’t alone. Banque de France sold 129 tonnes of gold held in New York and bought replacement gold that meets London Bullion Market Association standards in Europe, which it described as upgrading the quality of its reserves rather than changing their size.

Why London: The market offers deep liquidity and large quantities of bars meeting the London Good Delivery standard, according to the World Gold Council. The Bank of England’s vaults hold around 400k gold bars worth more than GBP 200 bn and give central banks access to that liquidity.

Looks a lot like home: Around 59 tonnes of the Dutch holdings in New York were sold and replaced with equivalent stocks in London, meaning the gold didn’t have to cross the Atlantic. About 27 tonnes were physically shipped from North America to the Netherlands, with a similar amount later moved from there to London. “With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness,” said DNB Governor Olaf Sleijpen.

The volume is the pressure: Central banks bought an average of around 1k tonnes a year over the past four years, roughly twice the 500-tonne annual average of the preceding decade, according to the World Gold Council. Keeping it at home is expensive. “Domestic storage requires investment in physical security, audit infrastructure, and ins.; costs that can be disproportionate for smaller central banks,” Goldman Sachs research analysts tell the BBC.

REMEMBER- Gold passed USD 5k an ounce in January, setting a run of records before pulling back, and remains historically elevated. Goldman Sachs expects USD 4.9k per troy ounce by the end of this year.

Precedent, in the other direction: Germany moved 300 tonnes from New York to Frankfurt between 2013 and 2016, as part of a plan to hold half of its gold reserves domestically. Austria repatriated 90 tonnes in 2018 and now holds roughly half of its 280-tonne reserves domestically, with the rest distributed across the UK, France, and Switzerland to reduce concentration risk and maintain access to major gold markets.

MARKETS THIS MORNING-

Asian markets were mixed in early trading. Japan’s Nikkei was up around 0.2% and South Korea’s Kospi was down 0.2%. Meanwhile, US equities were broadly in the green, with the S&P 500 taking the lead.

TASI	10,479	-0.2% (YTD: -0.1%)
MSCI Tadawul 30	1,409	-0.5% (YTD: +1.6%)
NomuC	21,404	+0.7% (YTD: -8.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	53,553	-0.7% (YTD: +28.0%)
ADX	10,010	+0.4% (YTD: +0.2%)
DFM	5,908	+0.1% (YTD: -2.3%)
S&P 500	7,774	+0.7% (YTD: +13.6%)
FTSE 100	10,498	+0.3% (YTD: +5.7%)
Euro Stoxx 50	6,242	+0.1% (YTD: +7.7%)
Brent crude	USD 100.32	-1.9%
Natural gas (Nymex)	USD 3.08	+0.3%
Gold	USD 4,170	+0.3%
BTC	USD 85,971	-0.5% (YTD: -1.9%)
Sukuk/bond market index	892.85	+0.4% (YTD: -2.9%)
S&P MENA bond & sukuk	146.49	-2.9% (YTD: -3.6%)
VIX (Fear gauge)	15.52	+1.4% (YTD: +3.8%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% yesterday on turnover of SAR 3.6 bn. The index is down 0.1% YTD.

In the green: Saudi Fisheries (+10%), East Pipes Integrated Company for Industry (+7.7%), and Ladun Investment (+6.7%).

In the red: Raydan Food (-4.4%), The Saudi National Bank (-2.8%), and Banque Saudi Fransi (-2.8%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.7% yesterday on turnover of SAR 14.3 mn. The index is down 8.1% YTD.

In the green: MSGA Investment (+21%), Wajd Life Trading (+10%), and Anmat Technology for Trading (+8.8%).

In the red: Naf Company for Feed for Industry (-14.7%), Alhasoob (-9.4%), and Clean Life (-9.3%).

CORPORATE ACTIONS-

Mouwasat Medical Services’ board approved SAR 200 mn in dividends for 1H 2026, at SAR 1 apiece, according to a Tadawul filing. The dividend will be paid on 29 October.

MEANWHILE- Alandalus Property’s board decided not to distribute dividends for 1H, saying it needs to “strengthen the company’s financial position” and support new projects, according to another Tadawul filing.

CALENDAR

11-15 October (Sunday-Thursday): WPC Energy Congress, Riyadh Front Exhibition & Conference Center, Riyadh.

11-15 October (Sunday-Thursday): Riyadh Energy Week, Riyadh Front Exhibition & Conference Center, Riyadh.

14-17 October 2027 (Thursday-Sunday): Red Sea Yacht Show, Jeddah Yacht Club, Jeddah.

21 October - 30 December (Wednesday-Wednesday): Riyadh Season, Riyadh.

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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THIS MORNING: Yemen forces retake key strait coast, push toward Sanaa

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PIF-owned Folk Maritime pauses growth as shipping costs jump

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Saudi banks’ deposits outpace lending in 2Q

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Demand lifts Saudi’s non-oil private sector growth to a seven-month high

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Neopay buys into Noon Payments to fuel regional expansion

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MIS receives second Humain work order

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Why European central banks are relocating gold reserves out of North America

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THIS MORNING: Yemen forces retake key strait coast, push toward Sanaa

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