Rent hikes in Riyadh frozen for 5 years

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WHAT WE’RE TRACKING TODAY

THIS MORNING: PIF, investors will reportedly take gaming giant EA private in largest buyout ever

Good morning, ladies and gents. Real estate is the talk of the town this morning, after Crown Prince Mohammed bin Salman issued the long-anticipated decision to freeze Riyadh’s rents for 5 years. We unpack the decision and what it means for the rental market, and we take stock of Saudi’s accelerating push to reform real estate in a conversation with Coldwell Banker Saudi Arabia CEO Youssef Khattar.

BUT FIRST- Humain barged into the AI-native personal computing field, unveiling its Horizon Pro lineup at Qualcomm’s Snapdragon Summit in Maui on Thursday. The announcement was made during a fireside chat between CEO Tareq Amin and Qualcomm CEO Cristiano Amon.

Touted as the first Saudi-designed laptop, the device will utilize Humain’s soon-to-be-released OS, Humain One, built on top of Windows and designed specifically to manage AI workflows. It will also be integrated with its Arabic-first large language model ALLaM, which will run locally on the device, while switching to hybrid cloud modes when more complex processing is required.

Beefy specs: Humain claims the Snapdragon X Elite processor family powering the device enables computing performance “up to 100 times faster than human thought.” The laptop also boasts up to 32 GB of RAM, a 1TB SSD, a 14-inch 2.8K OLED panel, and battery life exceeding 18 hours, promising an ambitious 40% reduction in power usage compared to competing systems.

Concrete pricing and shipping dates have not yet been revealed, but we know Humain plans to sell the Horizon Pro to enterprises and retail consumers, with flexible models including subscriptions, leasing, and free hardware refresh options for enterprise users. The PIF-owned company will distribute 500 units of the Horizon Pro to students as part of its launch initiative.

Humain wants to do it all: “We have seen that AI innovation is often fragmented with compute, cloud, and models, and is more spread across organizations, which creates unnecessary complexities. Humain was created to solve this fragmentation by integrating the entire value chain”, CEO Tareq Amin told us in an interview earlier this month.

HAPPENING TODAY-

#1- Eastern Province to inaugurate projects today: Governor Prince Saud bin Nayef will today inaugurate 122 completed environmental, water, and agricultural projects worth more than SAR 28.8 bn, the Eastern Province said on X yesterday. The projects include 63 new initiatives for environmental, water, and agricultural systems with a total cost exceeding SAR 20.8 bn, along with 59 new projects valued at over SAR 8 bn.

#2- Jeddah Construct kicks off today at the Jeddah Superdome, convening over 13k professionals and 200 exhibitors from more than 25 countries. The three-day expo will showcase over 3.5k products, solutions, and prospects in the Western Province’s USD 692 bn construction market.

WEATHER- The thunder alert is gone, but heavy showers still persist over Asir, with moderate to light rain pouring on Jazan, Makkah, and Al Baha. Riyadh is expected to see temperatures as high as 39°C and as low as 28°C, while Jeddah’s mercury will go up to 37°C before cooling down to 29°C, and Makkah will witness a 43°C high and a 31°C low.

PSAs-

The Transport General Authority opened up applications for companies to join its regulatory sandbox for testing autonomous vehicles, it said on X yesterday. The program is designed to support innovation in transport, raise service quality, and build a framework to regulate future mobility rights.

WATCH THIS SPACE-

#1- The Public Investment Fund is reportedly among investors acquiring videogame maker ElectronicArts (EA) in an estimated USD 50 bn leveraged buyout, alongside private equity firm Silver Lake and Affinity Partners, the Wall Street Journal reported, citing sources it said are familiar with the matter. A final take-private agreement is expected to be reached as soon as next week, making it the largest leveraged buyout in history.

The PIF already owns 10% of EA, and aims to increase its stake in videogame makers. Its gaming and esports unit, Savvy Games Group, acquired US-based Scopely in 2023 for USD 4.9 bn, which subsequently purchased rights to Pokémon Go and several other titles from Niantic in a USD 3.5 bn transaction that closed in March .

Market reax: The California-based firm saw its stock hike some 15% on Friday, closing the session at a record high of USD 193.35 apiece, raising its market value to USD 48 bn from USD 43 bn.

#2- PIF-owned AviLease is reportedly in talks with JP Morgan and Citigroup to prepare its first-ever USD-denominated bond issuance, Reuters reported on Thursday, citing two sources it said are in the know. The aircraft lessor could raise at least USD 500 mn from its initial bond under its USD 2 bn program, which is set to hit the market by year-end, one of the sources said.

ICYMI- Launched three years ago, AviLease aims to be one of the top 10 in the industry by more than doubling its balance sheet to USD 20 bn by 2030, CEO Ted O’Byrne said last month. With USD 8 bn portfolio, of up to 200 aircraft leased to 50 airlines in 30 countries, it targets expanding its footprint to include the US, India, and Asia, focusing on Saudi Arabia, which holds 20% of its booked aircraft.

[wwtt4] #3- The Kingdom eyes widening the local debt market from to 28% of GDP by 2030 to be “the cornerstone for financing for the gigaprojects,” CMA board member Abdulaziz Abdulmohsen Bin Hassan told Bloomberg on Thursday. “We want to move away from the traditional method of financing, which is borrowing from banks, to have debt instruments to fill that gap and to fill the financing needs of the kingdom,” Bin Hassan added.

IN CONTEXT- The Kingdom has raised some USD 228 bn to date, and is planning to issue new instruments and boost foreign investments. Investments in projects reached some USD 1.3 tns in 2016, becoming a major global construction market, with the aim of diversifying the economy away from oil and in line with Vision 2030.

#4- Keenan Holding Group plans to establish a EGP 2 bn industrial complex for copper and metal products in Egypt, Egypt’s Trade Ministry said in a statement. The roughly USD 41.4 mn project is expected to create more than 1k jobs. The location and timeline for the development were not disclosed.

The complex will comprise several factories, including one for copper water fittings, faucets, and valves, another for accessories and zinc and stainless steel handles, and a third specializing in copper water mixers in various designs and finishes.

#5- Japanese banks are looking to extend loans to Saudi companies and develop financial products tailored for the Kingdom’s capital markets, Al Arabiya quotes Investment Minister Khalid Al Falih saying at the Saudi-Japanese Investment Forum in Osaka. The Kingdom is also exploring options to integrate Japanese companies in its special economic zones, Al Falih added.

ICYMI- Falih was in Japan last week leading a Saudi delegation to Japan for the Saudi-Japanese Vision 2030 meeting in Tokyo, roundtables with officials, and the Saudi-Japanese Investment Forum in Osaka, which saw 19 MoUs signed and investment opportunities discussed in clean energy, healthcare, biotech, gaming, and sports.

DATA POINTS-

The Kingdom produced a little over 1 mn tons of crude steel in August, up 64.1% y-o-y, bringing output in the first eight months of 2025 to 6.9 million tons, an 11.9% increase from the same period last year, according to the World Steel Association data reported by Arab Iron & Steel Union. The Kingdom’s output accounted for 49.5% of total steel production in Gulf countries and 24.5% of production across Arab nations, Al Arabiya reported.

OIL WATCH-

Opec+ will potentially agree on a modest production hike of about 137k bbl / d for November at its meeting on Sunday, 5 October, Bloomberg reported on Friday, citing a survey of oil traders and analysts. The cartel has been increasing production quotas since April, adding some 2.5 mn bbl / d in total, 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.

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THE BIG STORY ABROAD-

The foreign pages are leading with US President Donald Trump’s order to deploy troops in Portland and immigration detention facilities nationwide, authorizing what he called “full force, if necessary” in a bid to confront what he described as “domestic terrorists” targeting federal immigration sites. Trump’s move comes days after a deadly shooting in an ICE field office in Dallas and marks his most aggressive domestic security escalation to date. (Reuters | Politico | Washington Post | Wall Street Journal | The Guardian | Financial Times | Bloomberg)

FROM THE REGION- UN sanctions on Iran came back on Saturday after European powers triggered the so-called “snapback” mechanism, accusing Tehran of breaching its 2015 nuclear commitments. The move restores bans on uranium enrichment, missile-related activity and arms sales — and has already sent Iran’s IRR to record lows. Tehran recalled its ambassadors to the UK, France and Germany for consultations and warned of a “harsh response.” (Reuters | BBC | New York Times | AFP | Financial Times | Bloomberg)

ALSO FROM THE REGION- Syria’s post-Assad authorities issued an arrest warrant for the ousted leader on charges including premeditated murder and torture, saying they’ll circulate the order to Interpol to enable international action, Bloomberg reports. The move, tied to lawsuits filed by families of victims in Deraa, marks a dramatic turn for a country still reeling from 13 years of civil war that displaced more than half its population and drew in multiple foreign powers.

ALSO WORTH READING THIS MORNING- South Korea is facing a demographic cliff that threatens to undo decades of postwar economic gains, with its fertility rate stuck at just 0.75 in 2024 — the lowest in the OECD countries and far short of the 2.1 replacement rate, writes CNBC. Economists warn that without breakthrough reforms, the “silver tsunami” of an aging population could shrink the workforce, drain pension funds, and tip Asia’s fourth-largest economy into a permanent slowdown by the 2040s.

CIRCLE YOUR CALENDAR-

Global Industry Summit comes to Riyadh on 23-27 November 2025 at the King Abdulaziz International Conference Centre. Organized by the UN Industrial Development Organization (UNIDO), the event will discover themes like harnessing the power of AI, empowering women in industry, and elevating the youth’s inclusion in industrial growth. The summit will also feature the 21st UNIDO General Conference, gathering government leaders, UNIDO representatives, and global industry figures to define the Organization’s guiding principles and policies and approve budgets and work programmes.

Rent hikes in Riyadh frozen for 5 years

Crown Prince Mohammed bin Salman approved new Landlord-Tenant Regulations for the city’s rental market, kicking off a five-year period where the capital’s rents will be fixed to combat rising commercial and residential rents in Riyadh. “Unacceptable” real estate prices are driving the push to reform the market, the Crown Prince acknowledged in his annual address earlier this month.

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A five-year freeze: Annual increases on all new and existing residential and commercial lease contracts in the capital’s urban area have been suspended for five years starting Thursday, 25 September, according to the new regs. Landlords will be barred from raising agreed rents during this period, with REGA able to extend the measure to other cities subject to higher approval.

There are exceptions: Landlords can contest the mandated fixed rental value when a property has undergone major renovations that alter its value or if the last lease ended before 2024. Meanwhile, rents for previously leased vacant properties will be fixed at the value of the last contract, while rates for residential and commercial units that have never been leased will be set through mutual agreement between landlord and tenant.

Rental contracts Kingdom-wide will now be renewed automatically, unless either party provides at least 60 days’ notice of non-renewal. For properties in Riyadh, a landlord can only refuse renewal and require a tenant to vacate in three cases: a tenant’s failure to pay, certified structural defects that endanger safety, or the landlord’s need for the property for personal use or for a first-degree relative.

Going fully digital: All rental contracts must now be recorded on the Ejar electronic platform. While landlords are required to register contracts, tenants also have the right to do so. Once a contract is submitted, the other party has 60 days to raise objections with REGA. If none are filed, the contract is considered valid.

Penalties, appeals, and whistleblower incentives: Violators of these regulations will face fines of up to 12 months’ rent, be required to correct the violation, and compensate the affected party. Those fined can appeal the decision within 30 days. A reward of up to 20% of the collected fine will be given to those who report violations that lead to a confirmed penalty.

STATE OF THE MARKET-

The regulation is seen as “a welcome move” to help bridge the gulf between affordability and current market rates, Faisal Durrani of Knight Frank told Bloomberg. Apartment rents jumped 15% in the first half of the year, and commercial leases have risen around 20% annually, placing the Kingdom “quite close to the peak of the rental cycle,” CBRE’s Matthew Green told Bloomberg.

Real estate companies are optimistic: The decision will not harm developers or hinder investment, Manasat Real Estate Company’s CEO Khalid Al-Mobaid told Al Arabiya. The measures will encourage construction, increase supply, and offset the impact of past rent hikes that raised living and labor costs, especially since initial rents for new properties are set by agreement and exempt from the freeze, he added.

Rent has consistently been the culprit behind the Kingdom’s inflation: The Kingdom’s annua linflation reached 1.7% in 2024, fueled by an 8.8% rise in housing, utilities, and fuels, including a 10.6% jump in home rentals. Rents in the capital have surged 30-40% in the past two to three years, with northern districts seeing 50–60% jumps, thanks to some 250k Saudis migrating to the capital and rising expat inflows, Knight Frank’s Faisal Durrani told the Financial Times.

Housing supply is coming in, with 20k new homes expected this year, 60k more by 2027, and 600k sqm of commercial space coming in 2026, Green told Bloomberg. In Riyadh, housing supply stands at roughly 2.2 mn units, with 5.6k delivered in the first half of 2025 and nearly 19k more expected by year-end, JLL said in its 2Q report.

** We sat down with Coldwell Banker Saudi Arabia CEO Youssef Khattar to unpack Saudi’s wider real estate reform push. Edited excerpts are in today’s news well below.

Non-oil exports up 30% in July + Oil exports slightly inch down

Oil exports show signs of recovery: Oil exports inched down a slight 0.7% reaching SAR 68.7 bn in July, partly recovering from its downward trend, according to preliminary data (pdf) from the General Authority for Statistics. Total merchandise exports rose 7.8% y-o-y reaching SAR 102.4 bn during the month, leading to a 52.4% rise in our trade balance to a surplus of SAR 26.8 bn. Meanwhile, oil exports’ share of total exports decreased by 5.7 percentage points y-o-y to 67.1%.

REFRESHER- The Kingdom’s oil output increased in June and July after Opec+ agreed to accelerate oil production increments, adding 411k bbl / d to the global market.

NON-OIL BREAKDOWN-

Non-oil merchandise exports were up 0.6% y-o-y in July. Total non-oil exports — including re-exports — grew 30.4% y-o-y over the same period, as re-exports soared 111.3% y-o-y to hit SAR 14.7 bn pushed up by a 209.6% rise in machinery, electrical equipment and parts.

The ratio of non-oil exports to imports climbed to 44.6% in July 2025, up from 33.4% a year earlier, driven by a 30.4% surge in non-oil exports despite a 2.5% drop in imports.

Machinery, electrical equipment and parts topped the export list comprising 29.7% of the total non-oil exports, surging 191.1% y-o-y to SAR 10 bn. Chemical products followed, rising 0.9% y-o-y to SAR 6.6 bn.

Of total imports, machinery, electrical equipment, and parts constituted 29.9% and rose by 11.7% y-o-y to SAR 22.6 bn over the month. Transportation equipment and parts followed at 13.2% of total imports, despite decreasing 9.6% y-o-y to SAR 10 bn.

China still holds the reins of the trade list, comprising 14% of the Kingdom’s total exports, reaching SAR 14.3 bn. The UAE came in second on the export list at SAR 10.9 bn for 10.6% of total exports, followed by India at SAR 9.7 bn (9.4%). South Korea, Japan, the US, Egypt, Malta, Poland, and Turkey rounded out the top 10 export markets.

In terms of imports, China also topped the list, taking up 25.8% of total imports, amounting to SAR 19.5 bn. The US seized second place at SAR 6 bn making up 8% of total imports, followed by the UAE at 6.4% for SAR 4.8 bn. Germany, India, Japan, Italy, France, United Kingdom and Switzerland rounded out the top 10.

The main ports: Dammam’s King Abdulaziz Port received 26.1% of the Kingdom’s total imports in July, followed by Jeddah Islamic Port (20.9%) and Riyadh’s King Khalid International Airport (14.4%).

Sahat Almajd is floating 4.4 mn shares on Nomu

Riyadh-based Sahat Almajd Company Trading is taking a 12.5% stake — good for up to 4.4 mn new shares — to Tadawul’s parallel market Nomu, according to its prospectus (pdf). The issuance — equivalent to 11.1% of post-IPO capital — secured the Capital Market Authority’s approval in June.

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Where’s the money going? Sahat Almajd will allocate 100% of the proceeds for growth plans financing, along with widening its operational assets by an estimated SAR 50 mn. The company will build a SAR 43 mn manufacturing facility leased from Modon, while the remaining SAR 7 mn will go to the renewal of industrial and machinery equipment for existing facilities.

Subscription timeline: Qualified investors can subscribe for a minimum of 100 shares and a maximum of 1.97 mn shares over a five-day subscription window from 19 to 23 October. The final allocation of shares is set for 28 October, while the surplus will be refunded on 30 October.

A glance at the finances: Sahat Almajd’s net income climbed 98% y-o-y to SAR 20.1 mn during the FY ending on 31 December 2024, while witnessing a 26.6% y-o-y jump to SAR 166 mn in revenues over the same period.

About the company: Established in 2005, Sahat Almajd Trading company runs multiple brands such as Susam, hanoverian, Jadeel, and Spark Soft Drink — in different sectors like the production and selling of chocolate, bakeries, and coffee.

ADVISORS- The company tapped Value Capital as the sole financial advisor and lead manager of the transaction. Receiving agents include Alinma Capital, BSF Capital, AlRajhi Capital, Albilad Capital, Riyad Capital, SNB Capital, AlJazira Capital, Alistithmar Capital, SAB Invest, Yaqeen Capital, Alkhabeer Capital, GIB Capital, ANB Capital, Derayah Financial, Sahm Capital, Musharaka Capital, EFG Hermes, and Awaed Alosool Capital.

Coldwell Banker CEO Youssef Khattar on Saudi’s push to reform real estate

The government has rolled out sweeping reforms to stimulate the real estate market since April — opening property ownership to non-Saudis, permitting foreign investment in Makkah and Madinah real estate firms, as well as amending the White Land Tax law. Riyadh’s Royal Commission also launched the Tawazoun platform, offering citizens residential plots capped at SAR 1.5k per sqm.

We sat down with Youssef Khattar, CEO of Coldwell Banker Saudi Arabia, to unpack the flurry of decisions, and understand the impact of these new regulations on the Saudi property market. Khattar explained the short- and long-term effects on prices and supply, the different market dynamics across the Kingdom’s major cities, the evolving future of the luxury real estate segment, and the strategic goals behind the new policies. Edited excerpts from our conversation:

To understand the Saudi real estate market, you have to look at each city individually. Riyadh, Jeddah, Makkah, Madinah, and the Eastern Province are all separate markets, each with its own variables, supply-and-demand dynamics, and economic drivers. The recent fees on undeveloped white lands — ranging from 2.5-10% — began in Riyadh, making it the primary case study for the immediate impact of these new policies. These decisions are not random; they are based on careful analysis of price indicators and supply-and-demand metrics in recent years.

Government intervention was necessary to correct years of inflation in prices. Over the past three years, we witnessed a significant rise in the price of land, which in turn drove up sales and rental prices for residential, office, and retail properties, with some rental prices jumping by 100-150%. This was compounded by rising interest rates, making homeownership even more difficult for citizens. In the hospitality sector, a surge in tourism and major events in cities like Riyadh increased pressure on hotels, raising the average daily rate.

This created a negative impact on customers, whether it was a Saudi citizen looking to rent or buy a home, or a business owner seeking commercial space. The government’s intervention was designed to achieve two main goals: first, to increase the supply of available land in order to bring down prices, and second, to motivate landowners and developers to actively develop their plots rather than leaving them vacant.

The impact of the new fees on land prices was immediate. We’ve seen swift results in the few weeks since the decision. Landowners, facing the prospect of significant fees, are now actively seeking to sell, lease, or enter into partnerships to develop their holdings. This has successfully increased the supply of land on the market and has already led to a slight decrease in prices, which we expect to become more pronounced after the first tax invoices are issued. For developers, this has created a period of filtration and negotiation; they are becoming more selective about the projects they take on.

BUT- The impact on other real estate products — in terms of buying or renting apartments and offices — will likely not be felt for another one to three years, as these development projects take time to complete. The market will only see a significant price correction when the supply of new units begins to outpace demand.

The Tawazuon platform is a strategic tool to support Riyadh’s population growth. The plan to offer 10k-40k plots of land annually through the platform is aimed at lower-to-middle income individuals who do not own property and have resided in Riyadh for at least three years. This isn’t just about providing affordable land — it’s a strategic move to encourage internal migration and support the plan to grow Riyadh’s population to 12-15 mn. By providing an asset they can develop over the long term, it helps anchor a key segment of the population in the capital, aligning with the city’s central role in the Kingdom’s future.

I disagree with the idea that development in the Kingdom is imbalanced, as the focus on Riyadh is a logical step to address its unique challenges. Riyadh is the capital and represents nearly a third of the country’s population. Riyadh was previously underdeveloped compared to other cities; its airport, for example, hadn’t been upgraded in 30 years. The current focus is a form of catch-up designed to transform the capital into a hub for business and tourism. Other regions have their own distinct economic engines — think Aramco in the Eastern Province, or Hajj, Umrah, and tourism in the west. So the strategy is tailored and flexible, not uneven.

Another key reform is allowing foreign ownership, which is expected to attract two distinct types of international buyers. The first segment is the global Muslim population of over 1.5 bn, for whom Saudi Arabia is a prime religious destination. Their focus will naturally be on Makkah and Madinah, which will significantly energize the market there and, to a lesser extent, in Jeddah due to its proximity and the Haramain tailway.

The second segment consists of international investors, similar to those we see in Dubai or Bahrain, who will be drawn to the Kingdom’s gigaprojects like Diriyah, New Murabba, and Neom for investment returns. It is crucial to manage this carefully to avoid inflating prices for Saudi citizens. Any price appreciation will likely be focused on the luxury, Class-A segment, not affordable housing. This policy will also incentivize Saudi developers to create high-quality projects that meet international standards to compete for these buyers.

Speaking of the luxury sector, the definition of luxury in the Kingdom is shifting from size to community and lifestyle. Luxury used to be defined almost exclusively by size — a 5k sqm villa or a 20k sqm palace. Today, and going forward, true luxury will be defined by being part of a high-end, integrated community that offers lifestyle, services, and amenities. A luxury tower built in a random location will no longer be considered a premium product. Instead, the luxury market will be concentrated within master-planned gigaprojects Diriyah, New Murabba, and King Salman Park in Riyadh, and projects like Masar Destination in Makkah. This shift reflects the changing preferences of a new generation and will be the new standard for luxury real estate.

DOO bags USD 1.7 mn seed funding to fuel GCC expansion

Homegrown AI-powered customer support startup DOO raised USD 1.7 mn in a seed funding round led by Merak Capital, with participation from Plus VC and other regional investors, according to a press release published on Thursday.

Use of proceeds: DOO will use the funding to accelerate product development, integrate its platform with CRM and e-commerce systems, and expand its presence in the Kingdom and other GCC markets.

About DOO: Established in 2024 by Ali Mohsen (LinkedIn) and Mohamed Al Khabbaz (LinkedIn), DOO focuses on localizing AI-driven customer support in Arabic dialects, serving industries such as telecom, banking, aviation, and e-commerce. Its platform blends natural language processing with cultural and linguistic knowledge to provide automated responses that reflect local dialects and brand tone.

Rockwell Automation names Ahmad Haydar KSA country manager

US-based Rockwell Automation appointed Ahmad Haydar (LinkedIn) as country manager for Saudi Arabia, it said in a statement on Thursday. Haydar brings almost 20 years of experience in the automation industry, including 10 years at Rockwell, where he served as interim country sales director.

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Saudi Arabia commits USD 90 mn to Palestinian Authority

DEVELOPMENT WATCH-

Saudi backs Palestinian Authority with USD 90 mn boost: The Kingdom pledged USD 90 mn in support for the Palestinian Authority as part of an emergency international coalition launched Thursday to provide direct funding and support, the Saudi Gazette reported on Friday. The coalition aims to turn the New York Declaration into a concrete plan, with priorities including a Gaza ceasefire and unifying Palestinian territories.

ICYMI- The UN summit co-chaired by Saudi Arabia and France saw French President Emmanuel Macron formally announce France’s recognition of Palestine on Monday, joining the UK, Canada, Australia, Portugal, Luxembourg, Malta, Monaco, and Andorra. Belgium said it will do the same once Hamas is removed from Gaza and captives are released.

ALSO- The Saudi Fund for Development (SDF) and the Qatar Fund for Development will provide a joint financial support of USD 89 mn to Syria for three months, the SDF said in a statement on Wednesday. The funding — which will go through the UN Development Program — will cover public sector salaries to keep essential services running. This will help maintain basic functions such as education and social protection while also contributing to economic recovery efforts.

ICYMI- The Kingdom granted Syria 1.65 mn barrels of crude oil earlier this month to back the operational and financial stability of Syrian refineries.

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FINANCIAL SERVICES-

The Saudi Central Bank licensed Global Exchange AS Currency Service Limited to operate in the Kingdom’s foreign currency market, it said in a statement on Thursday. This brings the total number of licensed centers to 66.

DEBT WATCH-

Tanmiah Food’s subsidiary Agricultural Development Company increased its revolving murabaha facility with Saudi Awwal Bank to SAR 310 mn from SAR 130 mn, it said in a disclosure to Tadawul on Thursday. The one-year facility — backed by a promissory note — will be used to cover the company’s working capital needs.

Global economy’s to remain resilient amid turbulence in the year ahead, economists say

Chief economists’ outlook on the economy is subdued amid ongoing trade and geopolitical tensions, with risks tilted to the downside, according to the World Economic Forum’s (WEF) latest Chief Economists’ Outlook (pdf). A majority of 72% of the leading chief economists surveyed anticipate global economic conditions to deteriorate in the year ahead, especially across advanced economies, while emerging markets are seen as the main growth engines.

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“The global economy is undergoing a period of profound transformation, marked by persistent short-term disruption and heightened uncertainty as well as long-term structural change,” according to the report.

Economists were the most bullish on East Asia, South Asia, the Pacific, and the Middle East, where the majority of respondents expected moderate growth next year and a significant number expected strong growth. Around 48% see the Middle East showing moderate growth next year, while 34% see it exhibiting strong growth — the highest share across regions.

REMEMBER: The global economy is expected to grow 3% this year, according to the International Monetary Fund, which upgraded its latest forecast on the back of lower-than expected tariffs and a weaker USD. The fund also predicts a slight growth acceleration to 3.1% in 2026, revising up its previous estimate by 0.1 percentage point.

KEY HEADWINDS-

Accelerating geoeconomic fragmentation — and a realignment of supply chains — is seen as the key challenge to global growth, with 82% of the survey respondents expecting it to intensify in the year ahead, hammered by the US’ ongoing tariff spree, the report reads.

Inflationary pressures also remain elevated, especially in the US, where 59% of chief economists anticipate higher inflation next year. Meanwhile, deflation is seen as a major headwind to the Chinese economy.

Debt sustainability is also a growing concern, namely in advanced economies, where 80% of economists anticipate elevated debt vulnerabilities.

Political instability and societal fragmentation topped the frequently cited inhibitors across both advanced and developing countries, with 68% of chief economists flagging this as a greater threat for advanced economies than for developing economies.

Weak or inflexible institutions came in second place among the top challenges, with 58% of respondents considering it as the top constraint for developing economies, which remain well below advanced economies in terms of governance indicators. However, 44% of chief economists surveyed also see institutional rigidity as a headwind in advanced economies, where regulatory complexity is regularly cited by SMEs as their greatest barrier.

Trade barriers and limited global integration was the third obstacle, affirming the need to resolve disputes and enhance openness.

POTENTIAL GROWTH DRIVERS-

Trade openness and market access, as well as resolving trade disputes, was flagged as a top priority, with respondents seeing it a key growth driver for both advanced and developing economies.

AI could also be a key growth driver: Some 68% of respondents expect AI to become commercially disruptive within the next year, up from 45% in April. It’s seen as the main growth driver for advanced economies. Meanwhile, access to capital and resources are seen as crucial growth inputs in developing economies.

Human capital development is seen as the second growth driver overall. It is seen as extremely important for developing markets, with almost two-thirds of the income gap between advanced and developing economies being attributed to disparities in human capital.

TASI	11,308	-1.0% (YTD: -6.1%)
MSCI Tadawul 30	1,473	-1.4% (YTD: -2.4%)
NomuC	25,461	-0.6% (YTD: -19.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.75% repo	4.25% reverse repo
EGX30	35,671	-0.8% (YTD: +19.9%)
ADX	10,000	+0.5% (YTD: +6.2%)
DFM	5,855	+0.7% (YTD: +13.5%)
S&P 500	6,644	+0.6% (YTD: +13.0%)
FTSE 100	9,285	+0.8% (YTD: +13.6%)
Euro Stoxx 50	5,500	+1.0% (YTD: +12.3%)
Brent crude	USD 70.13	+1.0%
Natural gas (Nymex)	USD 3.21	+0.3%
Gold	USD 3,809	+1.0%
BTC	USD 109,571	-0.1% (YTD: +17.2%)
Sukuk/bond market index	916.75	0.0% (YTD: +1.6%)
S&P MENA Bond & Sukuk	150.44	+0.1% (YTD: +7.5%)
VIX (Volatility Index)	15.29	-8.7% (YTD: -11.9%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1% on Thursday on turnover of SAR 15 bn. The index is down 6.1% YTD.

In the green: EIC (+7.4%), Buruj (+6.6%) and Derayah (+6.5%).

In the red: Yansab (-5.5%), Elm (-5.4%) and Ardco (-5.3%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.6% on Thursday on turnover of SAR 36 mn. The index is down 19.1% YTD.

In the green: Future Vision (+8.3%), Aqaseem (+5.3%) and Meyar (+5.2%).

In the red: Mulkia (-10.0%), Taqat (-8.1%) and Service Equipment (-7.6%).

CALENDAR

25 September – 19 December (Thursday – Friday) 2025 Saudi Toyota Championship.

28 September-1 January: Title deed registration for 54k properties in 77 neighborhoods across Riyadh, Makkah, and the Eastern Province.

28 September (Sunday): A multi-round auction for the exploration rights of 162 new mining sites in the Al-Naqrah and Al-Sukhaybirah Safra belts in Madinah by the Industry and Mineral Resources Ministry.

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.

19-20 October (Sunday-Monday): Saudi Rail International, Riyadh Front Exhibition and Conference Center.

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.

8-9 December (Monday-Tuesday): Digital Acceleration and Transformation Expo (DATE), JW Marriott hotel, Riyadh.

8-9 December (Monday-Tuesday): Climate Action and Renewable Energy (CARE), JW Marriott hotel, 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 December (Thursday): Deadline for title deed registration for 64.4k properties across neighborhoods in Madinah, Makkah, 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.

2-14 (Monday-Saturday): 2026 Asian Road Cycling Championships and Paralympic Cycling, Qassim.

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.

MAY

3-5 May (Sunday-Tuesday): Sports Investment Forum (SIF), 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.
The Intervision international music competition will take place in Saudi Arabia.

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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