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Wednesday, 17 Sep 2025

What We’re Tracking Today
M&a Watch
Tourism
Spotlight
Debt Watch
Logistics
Also On Our Radar
Planet Finance
Calendar

Ades raises bid for Dubai-based Shelf Drilling

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Today at a glance

1

M&A WATCH

Ades raises bid for Dubai-based Shelf Drilling.
2

TOURISM

Red Sea Global inaugurates three resorts on Shura Island.
3

SPOTLIGHT

Money 20/20 continues on its second day.
4

DEBT WATCH

AlJazira closes USD 500 mn AT1 sale.
5

LOGISTICS

AviLease forms aircraft leasing JV with Hassana Investment.
6

ALSO ON OUR RADAR

SPPC powers up 5.3 GW in new renewable bids.
7

PLANET FINANCE

GCC to remain among the top emerging market USD debt issuers this year -Fitch.

Wednesday, 17 Sep 2025

What We’re Tracking Today
M&a Watch
Tourism
Spotlight
Debt Watch
Logistics
Also On Our Radar
Planet Finance
Calendar
1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Humain eyes Blackstone, BlackRock to bankroll data centers

Good morning. It’s another long issue as we try to keep up with the flurry of agreements and announcements coming out of Money 20/20 Middle East, which wraps up today. Also leading this morning’s news well is Ades Holding’s beefed-up bid to take over Dubai-based Shelf Drilling, and Red Sea Global launching three resorts on Shura Island.

HAPPENING TODAY-

The US Federal Reserve is expected to cut interest rates for the first time in months at its Federal Open Market Committee today. Gulf central banks — including the Central Bank of the UAE — are expected to follow suit, given the peg to the USD. We dove into what to expect from this week’s meeting, and from other central banks across the globe this week, in yesterday’s Planet Finance, here.

The Global Infrastructure Expo ends today at the Riyadh International Convention and Exhibition Center. The three-day event brings together over 25 countries, 300 exhibitors, and 50 experts for panel discussions, workshops, and exhibitions covering technology, investment, sustainability, and urban development.

WEATHER- Don’t let your guard down yet. Heavy rain and thunderstorms are still expected over Makkah, Asir, Jazan, and Najran today. Meanwhile, moderate to light showers persist over Riyadh and the Eastern Province. Riyadh is expected to see a high of 40°C and a low of 29°C today, while Jeddah’s mercury will go as high as 37°C and as low as 32°C. Makkah will see a 39°C high and 34°C low.

WATCH THIS SPACE-

#1- Humain eyes Blackstone, BlackRock to bankroll data centers: PIF’s Humain is reportedly in early-stage talks to partner with global private equity firms to pour USD bns into AI infrastructure and data centers, including Blackstone and BlackRock, Bloomberg reported yesterday, citing sources it said are familiar with the matter. The investment ticket seems to be big as Blackstone’s CEO Steve Schwarzman is involved in the talks, the sources said.

REFRESHER- We sat down last week with CEO Tareq Amin to discuss the company’s ambitious vision for AI infrastructure in Saudi Arabia, and their new Arabic-first generative AI product Humain Chat. Humain began developing its first data centers in Saudi Arabia with an expected launch in early 2026, with facilities in Riyadh and Dammam slated to go online in 2Q 2026, each with an initial capacity of 100 MW.

#2- GAS is moving to the big boys table: Nomu-listed and Dammam-based turnkey contractor GasArabian Services (GAS) lined up approval from the Saudi Exchange to transfer to Tadawul’s main market with a capital of 158 mn shares, according to a statement by the bourse.

What it takes: To transition from Nomu to the main market, a company must have been listed on Nomu for at least two years and satisfy all main market listing conditions — except for market capitalization, where a lower threshold of an average SAR 200 mn over the past six months applies.

ALSO FROM NOMU- Hamad Mohammed Bin Saedan Real Estate shed 13% on its first day trading on Tadawul’s parallel market, closing yesterday’s session at SAR 11.8, down from a final IPO offer price of SAR 13.5. Some 217.6k shares worth SAR 2.6 mn changed hands during the day across 530 trades. The slump comes despite the offering — which floated 15% of post-IPO capital in a primary sale — being nearly 114.2% covered.

CABINET WATCH-

[wwtt4] The cabinet approved a project document to privatize the Military Uniforms &Accessories Factory (MUAF) during the weekly meeting held in Riyadh yesterday, state news agency SPA reported. The government can now move to seeking bids from investors looking to snap up the Military Industries Corporation-owned facility, which produces combat and dress uniforms, headgear, footwear, and protective equipment for Saudi defense and security agencies.

A slew of agreements and decisions were also approved, including an MoU with Jordan to promote export development and a protocol with China on inspection and quarantine requirements for Saudi dairy exports.

OIL WATCH-

New maximum production capacities on the table? Opec+ representatives are reportedly meeting in Vienna next Thursday and Friday to discuss a new methodology for assessing maximum production capacities for group members, Reuters reported yesterday, citing two unnamed delegates. Ministers requested the new mechanism from Opec’s headquarters back in May to serve as the reference point for 2027 production baselines. A decision by the ministers is expected later this year, one source said.

The rationale: The meeting comes amid discrepancies between members, with rising production capacities like the UAE, and others with declining capacities, including some African members. Angola opted to exit the group last year over related disagreements.

IN CONTEXT- The cartel has been increasing output since April, adding some 2.5 mn bbl / d and will continue monthly hikes through September 2026, fast-tracking the return of 1.65 mn bbl / d that was previously set to stay offline until end-2026. Members like Iraq and Russia have struggled to meet their production targets, while others like the Kingdom and the UAE have gained an advantage on the back of heavily investing in the energy sector, the newswire said.

SPORTS-

Riyadh to stage the first-ever Fanatics Flag Football Classic on 21 March 2026, General Entertainment Authority Chairman Turki Al Alshikh said on X yesterday. The event will take place at Kingdom Arena and will feature former NFL star Tom Brady, alongside other major names from American football and entertainment.

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THE BIG STORY ABROAD-

A high-stakes courtroom twist is dominating international headlines this morning, after a New York judge dismissed two terrorism charges against Luigi Mangione — the man accused of killing UnitedHealthcare CEO Brian Thompson — while allowing other counts including second-degree murder to proceed. The high-profile case, which has attracted national and international attention since Thompson was shot outside a midtown Manhattan hotel in December, now heads toward trial with Mangione still facing a potential life sentence in state court and the death penalty on federal charges. (Financial Times | BBC | The Guardian | CNN | New York Times | Reuters)

AND IN MARKET NEWS- Wall Street edged lower yesterday as investors hit pause ahead of an expected 25 bps rate cut from the Fed later today — the S&P 500 fell 0.1%, the Dow Jones 0.3%, and the tech-heavy Nasdaq 0.1%. The muted session came even after data showed that August retail sales rose higher than expected. Fed Chair Jerome Powell’s remarks later today will be closely watched for any shift in tone as the central bank tries to balance sticky inflation with a deteriorating labor market. (Reuters | Wall Street Journal | CNBC)

ALSO WORTH NOTING THIS MORNING- EU competitiveness czar Mario Draghi delivered a sharp warning on Tuesday that Europe is “in a harder place” than a year ago, with its growth model “fading” and “vulnerabilities mounting” because of inaction by Brussels and national governments, writes the Financial Times. Draghi — who issued 383 recommendations last year to boost the bloc’s economic standing — said only a fraction had been enacted and blasted EU inertia as “complacency.”

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2

M&A WATCH

Ades raises bid for Dubai-based Shelf Drilling

Ades ups offer to take over Shelf Drilling: Ades International Holding, along with its Cayman-based BidCo, agreed revised terms with Dubai-based and Oslo-listed Shelf Drilling to acquire all outstanding shares at NOK 18.50 per share, up from NOK 14 previously, according to a joint statement (pdf). The new price is a premium of 33.6% to its previous closing price on 15 September. Ades already owns 17.9% of Shelf.

The increase represents around 6% more enterprise value compared to the previous price — or a USD 100 mn increase in enterprise value terms, which Ades CEO Mohamed Farouk said is a reasonable increase to reach an agreement with shareholders in transactions of this size in an interview with Al Arabiya (watch, runtime: 5:47). The firm’s equity value is now estimated at USD 1.7 bn, up from USD 1.6 bn under the previous terms.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The company has already secured 53.4% voting commitments in favor of the merger under the new terms, up from 15% before the initial August announcement. Shelf’s board of directors has unanimously recommended the offer. expects to secure 80-90% of votes, making the transaction almost certain, he said

Background: Shelf’s stock had fallen to NOK 18 a year ago from NOK 30 the previous year, Farouk said, before dropping to around NOK 8.5, which made the offer highly attractive, Farouk said in the interview.

Annual cost synergies are now estimated to come in at USD 50-60 mn, from USD 40-50 mn previously, taking into account jack-up market fundamentals. Farouk added that Ades currently operates in 13 countries, and after completing the transaction, that footprint will expand to 19 countries.

What’s next: Shelf Drilling cancelled the extraordinary general meeting scheduled for 16 September and will instead convene a new meeting expected to take place on or around 6 October. The transaction timeline remains unchanged, with closing still expected in 4Q.

ADVISORS- SpareBank 1 Markets is quarterbacking the transaction as Ades’s sole financial advisor, with Schjødt and Maples Group providing counsel. Meanwhile, Evercore is advising Shelf Drilling, with Advokatfirmaet Thommessen AS, Conyers and Latham & Watkins providing counsel.

Market reax: Ades’ share prices rose 2.3% to SAR 15.10 on market close.

IN OTHER M&A NEWS- First Milling moves closer to acquiring majority stake in Al Kenan Al Arabia: First Milling signed a binding agreement to acquire 60% of feed distributor Al Kenan Al Arabia Trading Company for SAR 48 mn, pending regulatory approvals, it said in a disclosure to Tadawul yesterday. This comes after last month’s full acquisition of Manar Feed Company, which boosted First Mills’ daily feed capacity by 420 tons to 1.3k tons.

ICYMI- We sat down with First Mills’ CFO Alaaeldin Shousha back in March for a chat about the company’s challenges, successes, and future goals, which include earmarking around SAR 210 mn for expansion over the next two years.

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3

TOURISM

Red Sea Global inaugurates three resorts on Shura Island, set to be operational within weeks

The Red Sea Global (RSG) inaugurated three resorts on the dolphin-shaped Shura Island, to be operational in the upcoming weeks, it said in a statement. This phase includes the opening of SLS, Edition, and InterContinental hotels, along with Shura Links, the first island golf course in the Kingdom. Another eight resorts are slated to go online in the coming months, including international brands like Faena, Fairmont, Four Seasons, Grand Hyatt, Jumeirah, Miraval, Raffles, and Rosewood, featuring over 2k keys spread across 305 branded and owned units.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

The island is fully powered by renewable energy and designed for minimal environmental impact and maximum energy efficiency, aiming to preserve its natural beauty and coral reefs — which inspired its coral bloom architectural design by Foster + Partners. It is accessible by boat or EVs via the 3.3 km Shura crossing.

A slice of the cake is for sale: Shura Island offered earlier this year several units for purchase with prices averaging SAR 70k per sqm and handovers expected by year-end.

THE RED SEA DESTINATION-

RSG has funneled around SAR 42 bn into the development of the Red Sea Destination so far, of which SAR 14 bn were funded through credit facilities. “We have sold about SAR 1.5 bn in residential sales, but we have SAR 2 bn in pending deals,” CEO John Pagano told Al Arabiya (watch, runtime: 07:00), noting that demand is primarily driven by Saudis, followed by foreign visitors.

ICYMI- In October 2024, the PIF-owned developer voiced plans to borrow “at least” SAR 14 bn (USD 3.7 bn) over the next 12 months to finance Red Sea Global’s development of several projects, including the construction of the other destination on the Red Sea, Amaala, which will include 29 hotels. The company is eyeing SAR 6 bn in credit to finance Amaala, with a target to open in the coming three to four years.

The operational five resorts in the Red Sea Destination have posted a 40% occupancy rate, recording about 50k guests, expected to go as high as 300k after inaugurating the first phase. The nightly rates start at SAR 7k in Six Senses Southern Dunes, The St. Regis Red Sea Resort, Nujuma, a Ritz-Carlton Reserve, Shebara, and Desert Rock, but will go as low as SAR 2.5k on average in Shura Island resorts.

When it all comes together by 2030, the Red Sea Destination will feature 50 different resorts, 8k hotel rooms, and 1k residential units. The RSG has sold over SAR 1.5 bn worth of units in the destination, with additional SAR 2 bn pending.

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4

SPOTLIGHT

Money 20/20 continues on its second day

Saudi Arabia's SME and fintech sectors took center stage on day two of Money 20/20, led by an agreement that will see Saudi EXIM guarantee 80% of Riyad Bank’s export loans to SMEs. The startup scene also saw a surge of activity, with USD mns in capital secured by Spare, LDUN, Wadaie, and Oumla.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

AGREEMENTS GALORE-

#1- Saudi EXIM to guarantee 80% of Riyad Bank's SME export loans: The Saudi Export-Import Bank (Saudi EXIM) and Riyad Bank have signed a cooperation agreement that will see Saudi EXIM guarantee up to 80% of financing for Saudi small and medium-sized exporters, with a maximum guarantee of SAR 30 mn per company, SPA reports.

#2- GOSI inks six agreements: The General Organization for Social Ins. (GOSI) signed six agreements and MoUs with banks and finance companies — including Alinma Bank and Emirates NBD — to provide integrated financial solutions to its clients and promote innovation in products and services, its Assistant Governor for Ins. Affairs Saud Al-Jahni told AlArabiya.

#3- Fly now, pay later for Saudia: National air carrier Saudia has partnered with BNPL platform Tamara to let customers pay for flight tickets in installments, it said in a statement. Integration and launch is expected by 2025-end, Saudi Airlines’ director of communications Abdullah Al Shahrani told AlArabiya.

#4- Ride-hailing service inDrive has launched in Riyadh. The app uses a fare negotiation model, allowing riders to propose a fare which drivers can then accept, decline, or counter-offer, according to a press release picked up by Citybiz. The launch is part of inDrive's expansion in the Middle East and North Africa, where it is already active in markets like Egypt and Morocco. The app has surpassed 360 mn downloads and 6.5 bn transactions globally.

#5- Barq launches international remittance service: Saudi digital wallet Barq and global payment network Thunes launched a real-time international remittance service for barq customers, according to a press release. Barq also signed an MoU with Moyasar to support e-commerce solutions, partnered with OneCard, and agreed to develop secure digital infrastructure with Innovative Systems.

#6- Drahim launched Drahim Business, touted as the Kingdom’s first automated investment platform. The product includes a savings portfolio with a 5.5% annual daily return, instant withdrawals, custom portfolios from over 30 funds, market research tools, and open banking integration for real-time cash flow monitoring.

#7- Banque Saudi Fransi (BSF) signed a flurry of agreements during the conference:

#8- Derayah financial lands two more partnerships: Derayah Financial partnered withinvestment platform Mala’a to develop digital investment solutions, combining its asset management expertise with Mala’a’s technology. The agreement will expand Mala’a’s services while giving Derayah clients direct access to its products and funds. Derayah also signed an MoU with Abyan Capital to enhance transaction efficiency for retail investors.

#9- Crowdfunding platform Lendo signed a strategic partnership with the Jadwa GCC Private Credit Fund worth SAR 187.5 mn with the aim of enhancing Lendo’s capacity to finance Small and Medium-sized Enterprises (SMEs) in Saudi Arabia, it said on Linkedin.

#10- S60 Ventures, a subsidiary of the Saudi Investment Bank, partnered with FinTech Saudi to launch the S60 Accelerator for fintech startups, a 16-week program for seed-stage fintech startups in the Kingdom. Each cohort of five startups will receive between USD 100k-200k in funding, alongside tailored mentoring, workshops, and access to a network of investors and financial institutions.

WATCH THIS SPACE- Elm is working with banks on a “smart” product to assess financial risk for transactions and individuals, its head of government products Majed Al Otaibi told AlArabiya.

FROM STARTUPLAND-

Open banking startup Spare has raised USD 5 mn in a pre-Series A round led by anb Seed Fund, with participation from 500 MENA, Vision Ventures, SEEDRA Ventures, Middle East Venture Partners (MEVP), Boubyan Ventures, and more, according to a press release. The new capital will be used to enhance integrations with banks, develop new products, and expand services across the region.

Fintech LDUN also closed a USD 4.8 mn seed funding round led by Sadu Capital, with participation from Suhail Ventures and Numu Angels. The company specializes in factoring for micro, small, and medium-sized enterprises, it said on LinkedIn.

Meanwhile, Homegrown digital asset infrastructure startup Oumla raised USD 2.4 mn in a seed funding round led by Core Vision, with participation from Avalanche and angel investors, it said in a press release. The company will use the funds to expand its team and strengthen partnerships with regulators, banks, and government entities in Saudi Arabia and the region.

ALSO- Homegrown laundry tech platform Zahib closed a seed funding round for an undisclosed amount from an unnamed angel investor, it said on LinkedIn on Monday. The startup will use the funding to expand across cities in the Kingdom, enhance its technology stack, and roll out advanced services designed to eliminate inefficiencies in the laundry sector.

AND- Shariah-compliant digital deposit marketplace Wadaie secured an undisclosed amount in a seed funding round led by VentureSouq, with participation from Graphene Ventures, RZM Investment, Arab National Bank, and Alinma Bank, it said in a LinkedIn post.

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5

DEBT WATCH

AlJazira closes USD 500 mn AT1 sale + Almarai kicks off FCY sukuk offering

Saudi issuers are keeping sukuk and hybrid markets, busy as banks lean harder on capital-boosting instruments and offshore funding to keep pace with Vision 2030 lending amid tight liquidity.

#1- AlJazira wraps AT1 issuance: Tadawul-listed lender Bank AlJazira raised USD 500 mn from the sale of additional tier 1 (AT1) sukuk to shore up its capital buffers, according to a bourse disclosure. The USD-denominated perpetual notes, callable after five years, offer a yield of 6.50% and will be listed on the London Stock Exchange. The Reg S-compliant offering kicked off earlier this week and falls under Bank AlJazira’s newly-established USD 1.5 bn program.

ADVISORS- Our friends at Mashreq alongside AlJazira Capital, Citi, Dubai Islamic Bank, Emirates NBD, JP Morgan, and StanChart are acting as joint leads.

#2- Almarai opens books: Dairy giant Almarai launched a USD-denominated sukuk issuance under its updated USD 2 bn trust certificate program, it said in a filing to Tadawul. The offering is open to eligible investors both within and outside the Kingdom, with the final pricing and size set to be determined based on market conditions. This comes one day after the firm announced its intention to issue the FCY-backed notes.

ADVISORS- Our friends at HSBC alongside Citigroup, Dubai Islamic Bank, Emirates NBD Bank, JP Morgan, and Standard Chartered Bank are acting as joint leads.

IN OTHER DEBT NEWS-

Nomu-listed fragrance maker Intelligent Oud (iOud) is planning to roll out a SAR-denominated sukuk program for issuing fixed-rate senior unsecured debt, it said in a bourse disclosure. Proceeds from the program’s first offering, which is pending regulatory approval, will support the company’s expansion into retail and hospitality and back its growth plans abroad. The company appointed an undisclosed financial advisor for the planned issuance, with the size and terms of the offering yet to be determined.

ALSO- Cenomi Centers received the Capital Market Authority’s (CMA) approval to register and offer its up to USD 4.5 bn debt instruments program, the CMA said in a statement yesterday. The mall operator will issue the prospectus soon prior to the subscription period.

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6

LOGISTICS

AviLease forms aircraft leasing JV with Hassana Investment

An AviLease-Hassana JV incoming? PIF-owned aircraft lessor AviLease partnered with Tadawul-listed Hassana Investment Company to launch a new joint venture for aircraft leasing, according to a statement. Hassana will hold the majority share of the JV, with AviLease acting as aircraft service provider, the statement reads Fetails about the investment ticket for the JV were not disclosed

TL;DR: The JV is set to acquire a portfolio of 10 fuel-efficient carriers from AviLease — currently on lease to Saudi-based airlines. AviLease will offer its technical and performance expertise to support the JV’s scale-up and operation. The new platform aims to facilitate access to the aviation financing asset class for international and local investors.

Where does AviLease currently stand? The firm currently boasts a fleet of 200 aircraft worth USD 8 bn — which it aims to grow to 500 aircraft by 2030, capitalizing on strong domestic demand from airlines like Riyadh Air, Saudia, and flynas.

Expansions are already underway: The PIF placed an order for 20 Boeing 737-8 jets for AviLease back in May, with the option to add 10 more. The White House fact sheet put the total value of the purchases at USD 4.8 bn. The lessor also tapped Airbus for 10 A350F freighter jets and 30 A320neo Family aircraft, with the option to expand the total purchase order to 77 jets.

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7

ALSO ON OUR RADAR

SPPC powers up 5.3 GW in new renewable bids

ENERGY-

The Saudi Power Procurement Company (SPPC) is now receiving requests for qualifications for six renewable energy projects with a total capacity of 5.3 GW, according to a LinkedIn statement. The projects fall under the 7th round of the National Renewable Energy Program (NREP). The submission deadline was not disclosed.

The details: Solar projects include the 1.4 GW Tabrjal project, the 600 MW Mawqaq project, the 600 MW Tathleeth project, and the 500 MW South Al-Ula project. Meanwhile, wind projects include the 1.3 GW Bilghah plant and the 900 MW Shagran project.

REMEMBER- NREP aims to generate 50% of its electricity from renewables by the decade’s end. SPPC tendered 43.2 GW of renewable energy projects before this round, signing power purchase agreements for projects totaling 38.7 GW. A total capacity of 10.2 GW is already connected to the national grid, with that level expected to reach 12.7 GW by the end of this year and 20 GW by late 2026.

EXPANSION-

#1- Egypt-based edtech startup Farid Academy launched its operations in the Kingdom with a new central office in Riyadh, marking its first expansion outside Egypt, according to a press release. The company also signed a three-year, SAR 4.5 mn partnership with the Amad Association for Human Capacity Development.

About Farid Academy: Founded by Mahmoud Hussein (LinkedIn) in 2024, the academy offers live one-on-one sessions on mental health and character development for Arab children aged 3 to 18, and trains youth and graduates to become certified coaches in its educational and psychological methodology.

REMEMBER- Saudi businesswoman Amal bin Abdulaziz Al Ajlan invested USD 250k in Farid in a pre-seed funding round back in September 2024 to fuel Farid’s expansion into the Kingdom and the UAE, in addition to helping it develop new content, hire new talents, and secure partnerships with schools and universities.

#2- US-based data analytics platform Cloudera will set up an office in the Kingdom by early 2026 to comply with the regional headquarters program’s requirement for vendors on large-scale projects and to support clients with national data and cloud regulation, it said in a press release (pdf) yesterday. The company plans to hire and train local staff for the new office.

About Cloudera: Cloudera is a data and AI platform that unifies cloud, data centers, and edge environments on an open-source foundation. The company has been serving customers in Saudi Arabia for over six years across several sectors, including telecommunications, banking, energy, and government.

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8

PLANET FINANCE

GCC to remain among the top emerging market USD debt issuers this year -Fitch

GCC banks are on course to set a new debt issuance record in 2025, with USD-denominated debt set to surpass USD 60 bn this year — or USD 40 bn excluding certificates of deposit (CDs), Fitch Ratings said in a research note. The momentum — which follows last year’s high — is expected to continue into 2026, driven by strong credit growth, Fed rate cuts, refinancing needs, and tight domestic liquidity in Saudi Arabia.

GCC banks have accounted for around 30% of USD issuance by emerging-market banks so far this year — or over 60% when excluding Chinese banks.

Issuances from GCC banks this year have already reached nearly USD 55 bn, significantly higher than the USD 36 bn total in 2024 and well above the USD 23 bn in maturities due in 2025. Excluding CDs, issuance stands at USD 36 bn, already exceeding Fitch’s expectations at the start of the year. Sukuk accounted for nearly half of the non-CD issuance.

Saudi banks are dominating activity, with USD 28.3 bn in issuance, followed by banks in the UAE (USD 11 bn), Qatar (USD 8 bn), and Kuwait (USD 7 bn).

Subordinated debt issuance has surged to USD 14.5 bn, already doubling last year’s total and accounting for nearly 40% of non-CD issuance. Saudi banks were the main contributors, issuing USD 11.2 bn to support lending tied to Vision 2030 and in anticipation of tighter capital regulations. They returned to the USD Tier 2 market for the first time since 2020, making up the majority of the USD 6 bn in Tier 2 issuance by GCC banks so far this year.

AT1 issuance has also hit a new high of USD 8.45 bn in 2025, up from a total of USD 5.6 bn last year. Fitch expects most of the record USD 10 bn in AT1 instruments with first call dates in 2026 to be redeemed, due to high reset spreads and favorable market conditions.

UAE and Qatari banks have been big on senior unsecured debt issuance on the back of refinancing needs and a desire to diversify funding. This includes ESG bonds and sukuk, as well as activity in the Taiwanese Formosa market. UAE banks raised about USD 3.5 bn in floating-rate notes, while Qatari banks raised USD 1 bn. Fitch expects issuance from UAE banks to remain active given their good liquidity and solid net foreign asset positions.

Short-term CD issuance has also seen a sharp rise, reaching USD 18 bn so far in 2025, compared to just USD 3 bn in 2024. Nearly 70% of this came from Saudi banks, attracted by cheaper offshore funding available through major financial hubs such as New York, London, Hong Kong, and Singapore.

Looking ahead, Fitch expects strong issuance to continue in 2026, supported by an additional USD 36 bn in maturities, ongoing credit growth in Saudi Arabia and the UAE, and persistent tight liquidity in the Saudi market. Liquidity will remain a key credit challenge for Saudi banks next year, which it expects to lead to continued reliance on external funding. The sector’s net foreign liability position is likely to remain above 3% of total assets, though foreign funding still represents a modest 11.4% of sector liabilities as of end-August. The recent launch of residential mortgage-backed securities in Saudi Arabia could provide a new source of local-currency funding, given banks’ significant mortgage portfolios.

MARKETS THIS MORNING-

Asian markets are mixed this morning as global investors await the US Federal Reserve’s interest rate move later today. Japan’s Nikkei reversed earlier losses to rise nearly 0.2%, while Hong Kong’s Hang Seng is also up 0.7%. Meanwhile, China’s CSI 300 was flat at the open, and South Korea’s Kospi lost 1.1%.

Over on Wall Street, futures are little changed after a losing session for both the S&P 500 and Nasdaq yesterday.

TASI

10,519

+0.9% (YTD: -12.6%)

MSCI Tadawul 30

1,369

+0.8% (YTD: -9.3%)

NomuC

25,023

+0.3% (YTD: -20.5%)

USD : SAR (SAMA)

USD 3.75 Sell

USD 3.75 Buy

Interest rates

5.0% repo

4.5% reverse repo

EGX30

34,841

-0.9% (YTD: +17.2%)

ADX

10,064

+0.3% (YTD: +6.8%)

DFM

6,000

-0.7% (YTD: +16.3%)

S&P 500

6,607

-0.1% (YTD: +12.3%)

FTSE 100

9,196

-0.9% (YTD: +12.5%)

Euro Stoxx 50

5,372

-1.3% (YTD: +9.7%)

Brent crude

USD 68.50

+1.6%

Natural gas (Nymex)

USD 3.10

+2.0%

Gold

USD 3,725

+0.2%

BTC

USD 116,877

+1.3% (YTD: +24.9%)

Sukuk/bond market index

917.83

+0.1% (YTD: +1.7%)

S&P MENA Bond & Sukuk

150.56

+0.1% (YTD: +7.6%)

VIX (Volatility Index)

16.36

+4.3% (YTD: -5.7%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.9% yesterday on turnover of SAR 4.3 bn. The index is down 12.6% YTD.

In the green: Cenomi Retail (+10.0%), Retal (+5.9%) and SGS (+5.6%).

In the red: Care (-1.8%), Taprco (-1.3%) and Riyadh Cement (-0.9%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.3% yesterday on turnover of SAR 40.6 mn. The index is down 20.5% YTD.

In the green: Sure (+8.5%), Alhasoob (+8.4%) and Apico (+7.5%).

In the red: Hamad Bin Saedan Real Estate (-12.9%), Naf (-10.5%) and Horizon Food (-4.9%).

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CALENDAR

15-17 September (Monday-Wednesday): Smart Cities Saudi Expo 2025, Riyadh International Convention & Exhibition Center.

15-17 September (Monday-Wednesday): Money 20/20 Middle East, Riyadh Exhibition & Convention Center.

15-17 September (Monday-Wednesday): Global Infrastructure Forum, Riyadh International Convention and Exhibition Center.

16-18 September (Tuesday-Thursday): Orgatech Workspace Saudi Arabia, Riyadh Front Exhibition and Conference Center.

17-18 September (Wednesday-Thursday): US Federal Reserve Open Market Committee meeting and Summary of Economic Projections.

23 September (Tuesday): Saudi National Day.

24-25 September (Wednesday-Thursday): Schneider Electric’s Innovation Summit, Hilton Residences Riyadh.

28-30 September (Sunday-Tuesday): Jeddah Construct, Jeddah Superdome.

29 September-1 October (Monday-Wednesday): Intersec Saudi Arabia, Riyadh International Convention and Exhibition Centre, Riyadh.

29-30 September (Monday-Tuesday): Cultural Investment Conference, King Fahd Cultural Center, Riyadh.

30 September (Tuesday): Deadline for businesses subject to VAT to file their August tax returns.

3Q 2025

The National Water Company is expected to award a construction contract for the Hail Region Water Networks project.

OCTOBER

1 October (Wednesday): Electronic salary transfer via the Musaned platform to include employers with two or more domestic workers.

1-3 October (Wednesday-Friday): Saudi Green Building Forum, Riyadh.

1-3 October (Wednesday-Friday): FIBO Arabia 2025, Riyadh Front Exhibition & Conference Center.

5 October-8 January 2026: Title deed registration for 3.2k properties in Al Yasmin district, Hail.

6-8 October (Monday-Wednesday): Saudi Lifestyle Week, Riyadh International Convention & Exhibition Center.

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

12 October-15 January 2026: Title deed registration for 31.7k properties in 14 neighborhoods in the Eastern Province.

12 October-15 January 2026: Title deed regiswatch tration for about 157.3k properties in 78 neighborhoods across the Eastern Province.

15 October (Wednesday): Russian-Arab Summit.

16 October (Thursday): Aviation Impact Middle East, Hyatt Regency Riyadh Olaya .

17 October (Friday): Saudization for private healthcare roles enters its second phase.

21 October (Tuesday): The Visual Arts Commission will hold a public talk and a live performance in Paris through Asia NOW under its Art & Ideas program.

21-22 October (Tuesday-Wednesday): Saudi Festival of Creativity (Athar), JAX District, Riyadh.

21-23 October (Tuesday-Thursday): Global Internet of Things Congress 2025 (GIoTC 2025), the Arena Venue, Riyadh.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

23-25 October (Thursday-Saturday): Zenos Wellness Summit, Bab Samhan Hotel, Riyadh.

24 October-1 November (Friday-Saturday): AlUla Wellness Festival.

26-27 October (Sunday-Monday): The Global Proptech Summit 2025, Mandarin Oriental Al Faisaliah, Riyadh.

27-30 October (Monday-Thursday): Global Health Exhibition, Riyadh Exhibition and Convention Center, Riyadh.

27-30 October (Monday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

28-29 October (Tuesday-Wednesday): US Federal Reserve Open Market Committee meeting.

NOVEMBER

2 November (Sunday): Naming ASICS Innovation Pitch competition’s six finalists.

3-9 November (Monday- Sunday): WTA Tour Finals, Riyadh.

5-9 November (Wednesday-Sunday): Jewellery Salon Expo, Riyadh.

7-8 November (Sunday-Monday): The Visual Arts Commission will conclude its Art & Ideas program with a two-day symposium in Riyadh.

8-9 November (Saturday-Sunday): Del Monte Superleague Supercup, Jeddah.

9 November (Sunday): The deadline for applications for the second batch of the Standard Incentives for the Industrial sector deadline.

10-12 November (Monday-Wednesday): BioFach Saudi Arabia, Riyadh International Convention & Exhibition Center.

11-13 November (Tuesday-Thursday): TouriseSummit, Riyadh.

17-20 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre, Riyadh.

19-22 November (Wednesday-Saturday): PIF Saudi International Golf Championship, Riyadh Gold Club.

20 November (Thursday): Deadline for title deed registration for 14.6k properties across 21 neighborhoods in Qassim.

22 November (Saturday): The Ring IV, ANB arena, Riyadh.

23-26 November (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh.

23-27 November (Sunday-Thursday): Global Industry Summit by United Nations Industrial Development Organization, Riyadh.

24-26 November (Monday-Wednesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh.

24-26 November (Monday-Wednesday): Metropolis Madinah Conference for civilizational capitals, King Salman International Convention Centre (KSICC), Al Madinah.

25-26 November (Thursday-Saturday): The Global Sustainability Expo, The Arena Riyadh Venue, Ghirnatah.

25-29 November (Thursday-Monday): General Aviation Airshow 2025 - Sand & Fun, Riyadh.

27 November (Saturday): Deadline for title deed registration for 8.7k properties in Jeddah’s Al Sheraa and Al Amwaj neighborhoods.

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

28-30 November (Friday-Sunday): UIM F1H2O World Championship, Jeddah.

30 November (Sunday): Zatca 21st E-invoicing integration wave deadline.

30 November-1 December (Sunday-Monday): FII Priority Asia Summit, Tokyo.

DECEMBER

1-3 December (Monday-Wednesday): Industrial Transformation Saudi Arabia, Riyadh International Convention & Exhibition Center.

1-4 December (Monday-Thursday): International Conference on Nuclear and Radiological Emergencies, Riyadh.

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

7-9 December (Sunday-Tuesday): CoMotion Global 2025, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

11 December (Thursday): Deadline for title deed registration for 214.2k properties across Riyadh and the Eastern Province.

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

31 December (Wednesday): Zatca 22nd E-invoicing integration wave deadline.

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh

2026

JANUARY

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

20 January (Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

26-28 (Monday-Wednesday): IFAT Saudi Arabia, Riyadh Front Exhibition & Conference Center, Riyadh,

27-28 (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

3-4 (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

9-14 February (Monday-Saturday): Asian Racing Conference, Crowne Plaza Riyadh RDC Hotel & Convention Centre, Riyadh.

11 (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

MARCH

21 March (Saturday): Fanatics Flag Football Classic, Kingdom Arena, Riyadh.

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

APRIL

6 April (Monday): Procurement and Supply Chain Futures Forum, Al Faisaliah Hotel, Riyadh.

6-7 April (Monday-Tuesday): Real Estate Supply Chain Forum, Al Faisaliah Hotel, Riyadh.

12-15 April (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

20-22 April (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Al Faisaliah Hotel, Riyadh.

20-22 April (Monday-Wednesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

21 April (Tuesday): GC Summit Saudi Arabia 2026, Saudi Arabia.

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

OCTOBER

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

Signposted to happen sometime in 2026:

  • UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.
  • November: The Esports Nations Cup, Riyadh.

Signposted to happen sometime in 2027:

  • The World Water Forum takes place in Riyadh.
  • The Ocean Race finishes in Amaala on the Red Sea.
  • Riyadh-Kudmi transmission line to be completed.

Signposted to happen sometime in 2Q 2027:

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