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WHAT WE’RE TRACKING TODAY

THIS MORNING: Leavin’ on a (very expensive) jet plane

Good morning, friends. It’s a rather busy Wednesday as we race towards the weekend, with a spate of energy news punctuating an otherwise war and defense-focused news cycle.

The events calendar may be thinning out as cancellations keep coming through, but the investment posture in Riyadh is waiting, not withdrawing. Investment committees want a clearer read on the security file before they put their names to anything, so diaries are being moved rather than cleared — Oxford Economics’ Akanksha Samdani makes that case in the issue below, and FII’s slide into next year is the most visible example of it.

The domestic market, for its part, is behaving as though none of this were happening. Riyadh homes keep getting more expensive a year into a policy package designed to slow them down, which says something useful about which pressures in this economy answer to the news cycle and which answer to supply.

The support arriving from allies has that same holding quality. The British fighters heading for Saudi skies are there to intercept, with the regional pact that would go further still waiting on a vote in Ankara.

A costly way out

It’s gotten a whole lot more expensive to hop on a private jet out of Saudi. A Riyadh-Geneva private jet charter that went for about EUR 60k before King Khalid International was shut on 10 October is now fetching EUR 94k, with charter prices out of the Kingdom up more than 50% and war-risk premiums stacked on top, operators and brokers tell the Financial Times. Charters to Europe are going for as much as USD 150k and even UAE hops for USD 30-50k, says EnterJets founder Charles Robinson. The airport reopened on Sunday, but flights still require GACA case-by-case permission and several international airlines remain suspended.

Part of the pressure is supply drying up as carriers pull out. “Fewer operators are willing to fly into and out of affected airports, and those who remain in the market know it,” says Robinson, with some “applying their own premium … simply because the demand is there and the competition isn’t.” Victor co-CEO Toby Edwards put the war-risk surcharge at up to USD 20k on a larger jet.

ALSO- Several western firms have approached flight brokers about moving senior teams to Dubai or back to home markets, albeit at a smaller scale than the UAE exodus during this year’s Iran strikes.

Britain’s RAF to defend Saudi

The UK is deploying RAF Typhoon fighters to help defend Saudi cities and infrastructure against Houthi drones and missiles, according to a statement from the UK Defense Ministry. The jets “will not conduct offensive strikes”; their role is interception, backed by an A400M heavy-lift transport and British advisers on the ground.

It’s the strongest backing yet from a major Western ally, coming as Saudi appeals to Washington have drawn no direct US intervention, and as Turkey’s parliament has yet to ratify the Makkah Joint Defence Agreement (MJDA). France has sent radar systems to Yanbu, the frequently targeted Red Sea port, and Egypt is due to weigh possible support in the coming days. Gulf states have voiced support for the Kingdom but stopped short of joining the war against the Houthis.

In the meantime, the Houthis haven’t let up: The Saudi-led coalition said it intercepted and destroyed a ballistic missile launched by the group towards Riyadh and subsequently destroyed its launch platform. Houthi spokesperson Yahya Saree said Saudi forces carried out 93 airstrikes and missile attacks in the past 24 hours, striking Al Jawf, Taiz, Saada, Marib, Hajjah, Lahij, Amran, and Ibb using F-15 and Typhoon aircraft.

Strait talk

HSBC Group CEO Georges Elhedery says the Strait of Hormuz “may become redundant” five years from now as the Gulf invests in alternative export routes, Reuters reports, citing the executive’s comments at the bank’s Future Forum in Dubai. About 40% of Gulf crude was bypassing Hormuz in late September, up from 17% before the war, Kpler data cited by CNBC shows.

The bypass network is taking shape: Saudi Arabia wants to pipe as much as 10 mn bbl / d of crude outside the Gulf within two to three years, up from the East-West Pipeline’s 7 mn bbl / d, Energy Minister Prince Abdulaziz bin Salman said last week. Kuwait is exploring links to the Saudi line to the Red Sea and to a UAE route to Fujairah, though neither has reached the feasibility stage. UAE-bound containers are landing at Khorfakkan and other east coast ports instead.

Refined products and LNG have far fewer ways around the strait. Refined products crossing Hormuz ran at about 677k bbl / d in late September, less than a fifth of the 3.6 mn bbl / d before the war, per the same Kpler data. Ras Laffan has no export terminal outside the Gulf for Qatar’s LNG, and moving fertilizer overland by truck is impractical at scale, our earlier analysis found.

Spot check

Aramco and its Asian buyers are at odds over this year’s spot purchases, complicating their 2027 supply agreements, Bloomberg reports, citing traders familiar with the talks. The refiners’ annual contracts commit them to buy set volumes of Saudi crude. During the Hormuz disruptions, some of that crude was bought on the spot market instead, through one-off deals. The two sides now disagree over whether those spot barrels count toward the refiners’ 2026 commitments — at least one refiner was reportedly asked to make up this year’s shortfall by committing to more crude in 2027.

Refiners are wary of bigger commitments amid shipping uncertainty. They are reluctant to accept larger volumes amid uncertainty over shipping, pricing, and future demand, according to the report. Adnoc has let some refiners count spot purchases toward their 2026 commitments, but hasn’t decided whether that will carry into 2027. Talks usually wrap up by the end of October, before buyers book January cargoes in November.

REMEMBER- Aramco has already been selling outside its usual channels: It sold about 20 mn barrels to Asian refiners in one week in September, to be transferred between tankers at sea in the Gulf of Oman, just outside Hormuz. It is also discussing 2027 terms that would load cargoes outside the strait and have Aramco ship them to Asian buyers itself.

Aramco’s first diesel shipment arrives in Syria

Syria has received its first fuel cargo from Saudi Aramco, paid for with its first letter of credit in 14 years. The tanker Starling began unloading about 63.8k metric tons of diesel at the Baniyas oil terminal on Monday, Syrian Petroleum Company (SPC) head of mooring and berthing Jamil Wahoud told state news agency Sana. The trial shipment is intended to help cover Syria’s domestic fuel needs.

Syria now has a formal banking channel for fuel imports. Syria’s central bank opened the letter of credit earlier this month with an unnamed major US bank, and SPC identified Aramco Trading as the supplier. The arrangement opens the way to wider cooperation, Wahoud said. SANA’s reports don’t give the agreement’s value, total volumes, or delivery schedule.

REMEMBER- Saudi oil has reached Syria before, as aid. Riyadh completed a 1.65 mn-barrel crude oil grant last November, with the final 1 mn barrels delivered to Baniyas aboard the Reliable Warrior.

Diesel diplomacy

The UAE, Saudi Arabia, and Bahrain have pledged diesel to France. The UAE and Bahrain will each supply 100k tons — roughly 746k barrels — a month for an unspecified period, while Saudi Arabia has pledged 95k tons monthly for October and November, with the possibility of extension, Bloomberg reports, citing the French presidency. TotalEnergies will sign a supply agreement “dedicated to France” with national oil companies, CEO Patrick Pouyanne said, adding that the arrangement would ensure the country has enough diesel this winter.

IN CONTEXT- European diesel prices have more than doubled this year. It’s trading at almost USD 200 a barrel, up from around USD 80 at the start of the year, amid the conflict in the Middle East and Ukrainian attacks on Russian refineries, Bloomberg reports. European refiners were already running near maximum capacity in late September, while Gulf diesel and gasoil exports averaged roughly a quarter of pre-war levels in August. Rising diesel prices have compounded the cost-of-living squeeze, with protests in the French capital and other cities turning violent over the weekend.

Data point

USD 141.2 bn — that’s how much Saudi Arabia held in US treasuries in August, down USD 1.2 mn m-o-m, according to the US Treasury Department. The Kingdom remained the 17th-largest holder of US debt, with USD 112.8 bn in long-term bonds, about 80% of its total holdings, and USD 28.4 bn in short-term securities, according to Argaam.

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The big story abroad

SpaceX and Tesla have set up special committees to explore a merger, Elon Musk, chief executive of both companies, said during a SpaceX earnings webcast. A deal is expected to be the largest corporate merger ever. Musk said he will not take part in the discussions because of a conflict of interest, and added that the negotiators have yet to reach an agreement.

More blockbuster moves: Blackstone and Warburg Pincus are weighing a sale of deposit network operator IntraFi in a deal that could put its worth above USD 10 bn. IntraFi runs what it calls the biggest reciprocal deposit network in the US, enabling banks to distribute client funds across multiple banks to extend federal deposit insurance to balances over USD 250k. The sale is in early stages, with Morgan Stanley and Guggenheim Securities advising IntraFi.

Netflix and chilled expectations? Netflix reported its slowest revenue jump since 2023 and forecast further slowing in 4Q, amplifying doubts about the streaming giant’s performance. Sales grew 12% y-o-y to USD 12.9 bn in 3Q, matching Wall Street expectations, while net income increased 44% to USD 3.7 bn.

Houthi attacks likely to delay Saudi investment decisions rather than kill projects, Oxford Economics says

Oxford Economics expects the Houthi attacks to show up in Saudi Arabia’s investment pipeline as postponed decisions rather than lost projects. “The initial impact could be more visible in delayed investment decisions than in widespread cancellations,” lead economist Akanksha Samdani told EnterpriseAM, with investors likely to wait for clarity on the security situation before committing.

The clearest sign so far is the postponement of the Future Investment Initiative to next year, which shows what regional tensions can do to the Kingdom’s ability to host events and court capital.

The numbers were already softening before this month. Net FDI inflows fell 17.3% q-o-q to SAR 19.1 bn in 2Q, from SAR 23.1 bn in 1Q, which was itself down year on year.

Exposure varies by sector: “The impact is likely to vary by sector, depending on exposure to travel, transport, supply chains, and physical infrastructure,” Samdani said, putting tourism, hospitality, and aviation among the most immediately affected. Logistics is vulnerable through its reliance on shipping routes, air connectivity and regional supply chains, with higher freight and ins. costs and schedule uncertainty raising project costs.

Energy faces risks from infrastructure attacks and export disruption, where higher oil prices can cushion revenue losses but not physical damage. Energy Minister Prince Abdulaziz bin Salman told the WPC Energy Congress earlier this month that “investment must continue.” Manufacturing, real estate, and large-scale developments are affected more indirectly. “At this stage, it is difficult to quantify the impact on FDI in each sector,” Samdani said.

Projects already under way should hold up better than new ones, she said, though a prolonged crisis would push investors to reassess timelines and expected returns. “Investors may delay new commitments or reassess project returns as security concerns, shipping costs and financing costs rise. Regional uncertainty also could delay private investment and increase pressure on the government to prioritize Vision 2030 projects, but it depends on individual project fundamentals and how much investment has already been committed.”

What would hold confidence in place: Clear communication on security risks and contingency plans, stronger resilience in critical infrastructure and transport routes, and predictable regulation with efficient project approvals, according to Samdani.

Riyadh’s housing market keeps climbing a year into gov’t cooling efforts

Riyadh’s housing market is still climbing a year into the Kingdom’s efforts to cool it. Real estate prices in the capital rose 4.6% y-o-y in 3Q 2026, accelerating from 4.2% in 2Q, even as the national Real Estate Price Index rose a more modest 1.2% y-o-y, according to Gastat’s latest report (pdf).

REMEMBER- The government imposed a five-year freeze on Riyadh rent increases in September 2025, and the White Land Tax was overhauled with rates of up to 10% of land value on undeveloped plots, alongside a new annual levy on vacant buildings, to push idle land into development and widen supply.

Land is where the pressure still sits: Nationally, residential land prices rose 4.9% y-oy — the fastest-moving component in the index — with apartments up 1.7% and villa prices down 7.7%. Residential prices rose 2.3% overall. Agricultural prices rose 3.9%, effectively all of it in agricultural land, also up 3.9%, while commercial prices fell 2.0%, with land off 2.1% and buildings 1.4%.

The quarterly read goes in the opposite direction: The index fell 1.2% q-o-q, with residential down 1.5% on land prices off 2.1% and apartments down 0.5%, while villas slipped 0.4%. Commercial prices fell 0.3%, while agricultural prices rose 0.2%.

Outside the capital, the gains are narrow: Northern Borders stands well clear of everywhere else at 12% y-o-y, and nine regions recorded declines, with Asir the steepest at 4.3%, followed by Hail at 3.8% and the Eastern Province at 3.7%.

REMEMBER- Foreign investors have been expressing a strong appetite for the real estate market in Riyadh and the holy cities. Indonesia’s Danantara is committing more than SAR 6 bn to Makkah, while Alramz Real Estate’s Masar Corner project in the city drew SAR 670 mn in preliminary off-plan reservations. Meanwhile, international firms are capitalizing on the capital’s flexible offices, with more than 780 multinational firms now operating headquarters in the capital.

Sabic Agri-Nutrients, Mobily, Yamama Cement, Yansab and Bank Albilad report 3Q earnings

Sabic Agri-Nutrients kept cargo moving at a cost

Sabic Agri-Nutrients reported saw net income fall 62% y-o-y to SAR 484 mn in 3Q 2026, while revenue fell 8.6% y-o-y to SAR 3.22 bn, according the company’s earnings (pdf). It attributed the decline to lower sales from supply-chain disruptions, with shipping expenses adding to the pressure, alongside a weaker contribution from an associate and a joint venture.

The nine-month read was similar: Net income fell 37% y-o-y to SAR 2.09 bn in 9M 2026, while revenue declined 14% to SAR 8.51 bn.

The q-o-q picture offered some relief: Net income increased 27.7% from SAR 379 mn in 2Q, as the company rerouted exports through the Red Sea and recovered lost sales volume.

How it kept product moving: With the Strait of Hormuz restricting Gulf exports, the company opened alternative shipping routes through the Red Sea ports of Yanbu, Neom, and Rabigh, plus Jeddah, and added a new east-to-west transport line running more than 25 carriers. That rerouting is what let it keep supplying customers while other Arabian Gulf producers stayed boxed in.

Meanwhile, the Sabic AN has been adding more urea, preparing for a 4Q where it expects urea prices to hold broadly stable, supported by restocking ahead of the spring season and stronger European imports, with supply tightening as China pauses exports to meet seasonal domestic demand. However, a sudden reopening of Hormuz could release additional volumes and push prices down.

Steady from Mobily

Etihad Etisalat’s (Mobily) net income inched up 1% y-o-y to SAR 925 mn in 3Q 2026, as consumer and wholesale demand and subscriber growth lifted revenue 4.5% to SAR 5.1 bn, according to a Tadawul filing. The gap between top-line and bottom-line growth stems from higher depreciation and amortization, which weighed on operating gains, while lower finance costs and higher other income helped offset the decline and keep net income broadly flat.

The fuller period is stronger. Over nine months net income rose 7.7% y-o-y to SAR 2.71 bn on revenue of SAR 15.2 bn, up 5.1% y-o-y, as every revenue stream expanded alongside subscriber growth.

Yamama Cement doubles its bottom-line

Yamama Cement saw net income more than double in 3Q 2026, up 108.3% y-o-y to SAR 74.7 mn, according to a Tadawul disclosure. Revenue rose 17.5% y-o-y to SAR 366.4 mn, which the company put down to a higher average selling price.

Over nine months the gains were milder: Net income rose 13.8% y-o-y to SAR 340.1 mn on revenue of SAR 1.06 bn, up 3.7% y-o-y, on higher volume and pricing plus a lift from other income.

Higher prices lift Yansab’s 3Q

Yanbu National Petrochemical’s (Yansab) net income more than tripled in 3Q, increasing 219.8% y-o-y to SAR 237.3 mn, it said in an earnings release (pdf). Revenue also rose 27.5% to SAR 1.68 bn, thanks to higher sales volumes and better average selling prices across most products. Higher input costs partly offset the gains, while steady plant reliability kept output consistent.

The recovery held across nine months: Net income jumped 283.2% y-o-y in 9M 2026 to SAR 507.3 mn and revenue climbed 15.5% y-o-y to SAR 4.9 bn.

Bank Albilad’s net income dips

Bank Albilad’s bottom line softened in 3Q 2026 even as its balance sheet kept expanding at a double-digit clip. The lender posted net income of SAR 740.2 mn, down 3.4% y-o-y, as higher operating costs and a sharp build in credit provisions offset solid top-line growth, it said in a Tadawul filing.Its total financing income rose 6.9% y-o-y to SAR 2 bn over the quarter, while investment commission income jumped 35.7% to SAR 587.7 mn.

What weighed on the books: Total operating expenses before provisions rose 9.5% y-o-y to SAR 708.9 mn, and the net charge for expected credit losses more than doubled to SAR 82.4 mn from SAR 33 mn a year earlier. Albilad pinned the higher costs on general and administrative expenses, credit-loss impairments, and depreciation, partly cushioned by lower staff costs.

9M edged higher: Net income rose 1.6% y-o-y to SAR 2.27 bn, while total income from financing rose 8% y-o-y to SAR 6 bn and investment income reached SAR 1.6 bn, up 31.5%.

And the balance sheet kept growing: Total assets reached SAR 185.9 bn at end-September, up 10.7% y-o-y, with the financing portfolio up 11.4% to SAR 132.8 bn and clients’ deposits up 12.7% to SAR 145.4 bn

Saudi women’s football moves from grassroots to a state-backed professional league

Bloomberg spotlights the fast build-out of Saudi women’s football, tracing it through two players at Jeddah’s Al Ittihad: Bayan Sadagah, who went from playing with cousins at home to more than 20 caps for the national team, and England-born defender Ashleigh Plumptre, recruited out of England’s Women’s Super League and now in her fourth Saudi season. Both women’s stories follow the same arc — from no pitch to play on a decade ago to a professional league with state backing, foreign talent, and a development pipeline underneath it.

By the numbers: Licensed women’s coaches in the Kingdom have reached 1k from about 100 in 2021; the schools league now runs some 50k girls; women’s clubs are up more than 50% between 2021 and 2024; and title prize money has quadrupled since the Saudi Women’s Premier League’s first season in 2022, with Al-Nassr’s women banking SAR 2 mn for the 2025-26 crown.

On recruitment, the Kingdom is leaning on familiar Gulf economics: zero income tax stacked on expat packages to pull in overseas players on contracts reported at USD 60-120k a year, comfortably above a UK senior floor of c. GBP 40k.

The caveat? A nascent league still draws thin crowds, and the challenge now is converting the men’s game’s enormous domestic following into support for the women’s.

Tourism, investment ministries greenlight SAR 6.7 bn in hotels across five tourism destinations

The tourism and investment ministries approved 19 hospitality projects set to draw SAR 6.7 bn in investment and add more than 3k hotel rooms across five tourism destinations, with around 40% of the rooms planned for coastal locations, SPA reports. The projects are expected to contribute more than SAR 2.4 bn annually to GDP by 2030 and generate over SAR 5.3 bn in local content through demand for locally sourced goods, services, and materials.

The first project is scheduled to open by the end of 2026, with additional developments coming online over the following years, with the final projects expected to open in 2029.

Walled up

Qiddiya’s Prince Mohammed bin Salman Stadium has awarded a SAR 1.15 bn contract to China’s Fangda Group to design, supply, and install the curtain walling on two sections of the project, according to a statement (pdf). The stadium is among the venues planned for the 2034 FIFA World Cup.

Fangda is working through a joint venture with Saudi Arabia’s IKK Group, covering curtain-wall construction for the main stadium, the museum and ancillary buildings. The Uptown Stadium Construction JV pairs Fangda subsidiary Shihui International Holdings, which holds 51%, with IKK unit Isam Kabbani & Partners for Building & Construction Materials.

Game, set, contract

Zamil Steel signed a SAR 308.2 mn contract to fabricate, supply, and install structural steelworks for the National Tennis Center in Qiddiya, according to a Tadawul filing. The project is scheduled to take 19 months to complete. Zamil Steel is a subsidiary of Advanced Building Industries Company (Senaat).

GCC debt issuance fell in 3Q as the market narrowed to fewer, bigger deals from its strongest borrowers

The GCC’s primary debt market raised less last quarter than a year earlier, and did it through far fewer, far larger issuances. Gulf issuers sold USD 34.8 bn of bonds and sukuk in 3Q, down 13.5% from a year earlier, while the number of transactions fell much harder, to 45 from 136, a 66.9% drop, according to Markaz’s GCC Fixed Income report (pdf). The average transaction, however, more than doubled, to USD 773 mn from about USD 296 mn over the same period.

Markaz reads it as a more selective funding market, one where established borrowers could still land large benchmark deals despite the regional geopolitical climate, while smaller and more frequent issuance thinned out.

Underneath the totals, the market shifted from companies to governments. Sovereign issuance rose 39.7% y-o-y to USD 18.15 bn and took 52.2% of the market, up from 32.3% in 3Q 2025, while corporate supply fell 38.8% y-o-y to USD 16.64 bn. Financial institutions — usually the backbone of corporate supply — cut issuance by 49%, though they stayed the largest non-government source at USD 10.84 bn. Between them, governments and financials accounted for 83.4% of the quarter’s value and 38 of its 45 issuances.

The pricing backdrop turned against borrowers: Secondary-market prices fell through the quarter, with the Bloomberg GCC Aggregate index down 4.01% and the S&P MENA Bond & Sukuk index down 4.22%, and five-year sovereign CDS spreads widened across every GCC market except Dubai, by as much as 39.6% for Qatar and 31.2% for Bahrain over the three months. Rising risk premiums make new issuance costlier and more selective, which is why the transactions that got done clustered among sovereigns, big banks, and investment-grade names, and why smaller or lower-rated borrowers largely stayed out. Saudi Arabia was the one sovereign whose CDS ended the period tighter than it began the year.

Saudi Arabia and Kuwait together made up 70.3% of issuance. Saudi stayed the largest market at USD 15.73 bn and 45.2% of the total, even as its own volume fell 21.5% — a drop of roughly USD 4.3 bn that was the biggest single-country drag, according to a press release. Kuwait was the counterweight, more than doubling to USD 8.73 bn, up 106%, to take second place at 25.1%; its surge owed much to the single largest deal of the quarter, a USD 3 bn Kuwaiti government bond.

Other markets mostly pulled back: The UAE held about flat at USD 5.56 bn, down 2.0%, across 11 issuances, the most of any market after Saudi. Qatar fell 52.9% to USD 3.18 bn through just 3 issuances, Bahrain dropped 47.9% to USD 1.33 bn, and Oman raised a single USD 260 mn issue. The quarter’s biggest corporate trade came out of Saudi Arabia, a USD 2.7 bn perpetual sukuk from Riyad Bank, while the Saudi government priced the largest sukuk at USD 2.8 bn.

Issuers avoided the dated long end: Paper maturing in under 5 years and in 5 to 10 years came in almost even, at USD 13.92 bn (40.0%) and USD 13.26 bn (38.1%), so about 78% of the value matured inside a decade. The 10-to-30-year bucket drew just USD 1.08 bn across two transactions (3.1%), and nothing priced beyond 30 years. The exception to the short bias was perpetual paper, which raised USD 6.53 bn across 12 deals, close to 19% of the quarter, and the largest of those came from banks — Riyad Bank, Arab National Bank, Alinma Bank, and Commercial Bank of Dubai among them — using perpetual structures as regulatory capital they can call and refinance later.

Two more features stood out: Sukuk again edged conventional bonds, at 52.9% of value, and the USD stayed the dominant funding currency at 63.4%, ahead of the SAR at 21.8%. Credit quality was more mixed: investment-grade paper accounted for 57.8% of total issuance and the rated universe was almost entirely investment grade at 97.6%, but the share of issuance carrying no rating at all rose to 40.7% from 34.5% a year earlier, much of it government sukuk and bank perpetuals.

MARKETS THIS MORNING-

Asian markets were in the green earlier today. Japan’s Nikkei was up roughly 1.5% and South Korea’s Kospi was up roughly 3.0%. US equities were broadly in the green at closing

TASI	9,952	-1.7% (YTD: -5.1%)
MSCI Tadawul 30	1,341	-1.9% (YTD: -3.3%)
NomuC	21,866	-0.5% (YTD: -6.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	52,089	+1.9% (YTD: +24.5%)
ADX	9,829	+0.5% (YTD: -1.7%)
DFM	5835	-0.3% (YTD: -2.6%)
S&P 500	7,713	+0.3% (YTD: +12.7%)
FTSE 100	10,733	-0.3% (YTD: +8.1%)
Euro Stoxx 50	6,122	-0.4% (YTD: +5.6%)
Brent crude	USD 109.54	+0.7%
Natural gas (Nymex)	USD 2.97	+0.2%
Gold	USD 4,134	-0.2%
BTC	USD 82,847	+1.0% (YTD: -5.4%)
Sukuk/bond market index	893.29	-0.0% (YTD: -2.8%)
S&P MENA Bond & Sukuk	147.94	-0.4% (YTD: -2.6%)
VIX (Fear gauge)	17.31	-6.1% (YTD: +15.8%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.7% yesterday on turnover of SAR 3.8 bn. The index is down 5.1% YTD.

In the green: Saudi Azm for Communication and Information Technology (+3.9%),

Watani Iron Steel (+3.1%), and Al Masar Al Shamil Education (+1.7%).

In the red: Tihama Advertising, Public Relations and Marketing (-8.3%), Yanbu National Petrochemical (-6.5%), and Wafrah for Industry and Development (-6.5%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.5% yesterday on turnover of SAR 14.7 mn. The index is down 6.1% YTD.

In the green: Paper Home (+9.8%), First Avenue for Real Estate Development (+8.9%), and Knowledge Net (+5.8%).

In the red: Osool and Bakheet Investment (-9.8%), Taqat Mineral Trading (-9.3%), and Alfakhera for Mens Tailoring (-7.7%).

CALENDAR

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.

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

JANUARY

12-14 January (Tuesday-Thursday): The Future Minerals Forum (FMF), Riyadh.

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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Saudi women’s football moves from grassroots to a state-backed professional league

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