Net FDI inflows rise y-o-y in 2Q, 2030 target remains uncertain

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Banks reportedly lower monthly deduction rate for new subsidized loans

Good morning. It’s a calm morning in the Kingdom ahead of a number of anticipated decisions, agreements and regional developments that are set to be announced soon. From the foreign ownership cap raised to an imminent resolution of the devastating war in Gaza, waiting is the name of the game.

Leading this morning’s news well: Gastat is out with its FDI figures for the second quarter, which rose in 2Q — but uncertainty still weighs on the prospects of achieving the Kingdom’s 2030 goals. Let’s dive in.

HAPPENING TODAY-

#1- The Cultural Investment Conference kicks off today at the King Fahad Cultural Center in Riyadh. The two-day event aims to draw investments to the cultural sectors through more than 38 sessions and workshops led by Saudi and international officials, investors, cultural leaders, and creatives.

#2- Security exhibition Intersec Saudi Arabia kicks off today at the Riyadh International Convention and Exhibition Center. The three-day event features the Future Security Summit and the Fire Protection and Technology Summit, covering topics such as AI-driven surveillance, critical infrastructure security, smart city firefighting, and safeguarding gigaprojects.

#3- Jeddah Construct is on its second day today at the Jeddah Superdome, convening over 13k professionals and 200 exhibitors from more than 25 countries. The three-day expo showcases over 3.5k products, solutions, and prospects in the Western Province’s USD 692 bn construction market.

WEATHER- Riyadh will stay warm with highs of 39°C and lows of 29°C. Makkah turns up the heat at 42°C by day and 31°C by night, while Jeddah keeps things slightly milder at 36°C and 29°C.

HAPPENING TOMORROW-

Tomorrow is the last chance for businesses subject to VAT with more than SAR 40 mn in annual revenues to file their August tax returns. Late submissions may incur fines ranging from 5% to 25% of the declared taxes.

PSAs-

Title deed registration for 54.1k properties in Riyadh City, Makkah, and the Eastern Province is now open until 1 January 2026, the Real Estate Registry (RER) said on X yesterday. Property owners can register online through the RER website or by visiting a service center.

WATCH THIS SPACE-

#1- Saudi banks reportedly lowered the monthly deduction rate for new subsidized mortgage and personal loans to 55% for employees earning less than SAR 15k a month, Aleqtisadiah reported on Friday, citing unnamed banking sources. The new cap replaces the previous 65% cap in effect since 2014, which was applied to subsidized loans regardless of salary.

The rationale: The move aims to ease financial burdens on households and increase their spending on essential needs, Aleqtisadiah says. The new cap also aligns with the International Monetary Fund’s recommendations to bring the Kingdom’s deduction ceiling closer to international norms, where average rates stand at about 43% in emerging markets and 45% in advanced economies.

The adjustment comes as mortgage lending continues to grow, with individual home loans reaching SAR 711.6 bn by 2Q 2025, projected to hit SAR 880 bn by year-end. The government eyes adjustments to the monetary policies to push Saudi household mortgages below 40% of its income, Municipal and Rural Affairs Minister Majed Al Hogail said.

ALSO- Visitors to the Kingdom can now open bank accounts using their digitally-verified Visitor IDs issued by the Interior Ministry, after the Saudi Central Bank greenlit banks to accept them as identification documents, it said in a statement yesterday.

#2- Pakistan eyes Saudi-backed port and shipping push: Pakistan’s Maritime Ministry is looking to boost its maritime links with the Kingdom’s ports in a bid to serve as a bridge connecting the Gulf with Central Asia and beyond, according to a statement. The ministry is aiming to strengthen the connectivity between Pakistan’s key ports — including Karachi, Qasim and Gwadar — with regional rail, road, and air transport corridors, Minister Junaid Chaundhry said.

The projects in question: The push is to include the development of a Karachi-Saudi and Gwadar-Saudi gateway terminal, as well as the launch of a direct shipping line between Jeddah-Karachi and Gwadar-Dammam. Pakistan is also planning to tap Saudi to expand its National Shipping Corporation’s fleet and set up 20 green ship recycling yards at Gaddani.

IN CONTEXT: Karachi and Qasim Port stand out as Pakistan’s two biggest and busiest ports — with the majority of the country’s container and cargo traffic making its way through the pair, Arab News reports. Chinese-developed Gwadar Port follows closely, conveniently located near the mouth of the Arabian Gulf.

#3- Saudi Networkers eyes leap to Tadawul’s big league: Nomu-listed and Riyadh-based ICT services provider Saudi Networkers Services secured board approval to begin the process of transferring to Tadawul’s main market, it said in a bourse filing. The company’s share price gained over 3% on market close yesterday.

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.

DATA POINTS-

Budget airline flyadeal led Saudi carriers in August with an 83% on-time arrival rate and the highest on-time departure rate at 87%, the General Authority of Civil Aviation said on X yesterday. Flagship carrier Saudia came shy of flyadeal in on-time arrival rate at 82% while posting an 81% on-time departure rate. Flynas followed, recording a 77% on-time arrival rate and an 82% on-time departure rate during the month.

Wings taken at the terminals: Among international airports handling more than 15 mn passengers per year, King Khalid International Airport maintained an 82% on-time departure rate, followed by King Abdulaziz International Airport with a 77% on-time departure rate.

SPORTS-

Saudi Pro League side Al Ittihad parted ways with manager Laurent Blanc after a 2-0 defeat to Al Nassr FC at home, marking his final match with the club, it said on X yesterday. Al Ittihad tapped Hassan Khalifa to fill the position on an interim basis. Blanc joined the club in July 2024, leading the team to a domestic double in his first season after snatching both the league title and the King’s Cup.

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THE BIG STORY ABROAD-

It’s a quiet Monday morning in the global business press, with no single story dominating the headlines. Among those receiving attention:

#1- Trump is optimistic about his plans to end the war in Gaza, ahead of partaking in a meeting with Israeli Prime Minister Benjamin Netanyahu today. Trump told Reuters he’s had a “very good response” from regional leaders and that “everybody” wants to reach an agreement. Trump’s 21-point proposal centers on halting Israeli strikes and opening a new dialogue between Israel and the Palestinians under a “peaceful coexistence” framework. It calls for the release of all Israeli hostages — living or dead — and would bar further Israeli attacks on Qatar. (Financial Times | Axios | Washington Post | The Guardian)

#2- The region could stand to gain from Trump’s new H-1B visa fees: The Middle East could see the biggest gains from Trump’s plan to slap a USD 100k fee on H-1B visas, with Gulf states already trying to position themselves as an AI hub, potentially luring in tech talent, write CNBC. Saudi Arabia and the UAE are already offering top-tier pay, long-term golden visas, and a business-friendly environment — positioning themselves as an attractive alternative just as US policy tightens.

Net FDI inflows rise y-o-y in 2Q — but 2030 target remains uncertain

Net inflows of foreign direct investment (FDI) in the Kingdom rose 14.5% y-o-y to SAR 22.8 bn in 2Q 2025, data (pdf) from the General Authority for Statistics (Gastat) showed. On a quarterly basis, net inflows fell 3.5% q-o-q.

The breakdown: Inflows reached SAR 24.9 bn during the quarter, down 11.5% y-o-y. Outflows fell to SAR 2.1 bn, marking a 74.5% y-o-y decline from SAR 8.2 bn in the same quarter last year.

BACKGROUND- The government is targeting USD 100 bn in FDI inflows by 2030 as part of its diversification agenda. FDI net inflows fell 6% y-o-y in 2024 to SAR 80 bn, despite FDI inflows rising 24% to SAR 119 bn during the year.

Is Saudi on track to hit Vision 2030 targets? Analysts we spoke to were skeptical. “I really don’t see that,” Head of MENA Economics at S&P Global Market Intelligence Ralf Weigert told EnterpriseAM Saudi in July, explaining that inflows would already need to be USD 50-60 bn a year if Vision 2030 were on track. Oxford Economics’ Scott Livermore struck a similar tone, saying FDI performance has improved but remains insufficient, with global trade tensions and regional geopolitical risks further weighing on investor appetite.

Beyond the target: Livermore cautioned against focusing narrowly on FDI, highlighting broader Vision 2030 gains. “Our analysis highlights several areas of success: the growing non-energy share of the economy, expansion in tourism, and improvements in the labour market. However, slower progress in other areas — such as FDI trends and non-oil exports — prompted adjustments to project timelines, with some likely to extend beyond 2035.”

Incentives boost: “Authorities, for example, now offer a 30-year tax relief to global firms establishing regional headquarters in the Kingdom — an incentive that should help boost FDI in the near to medium term,” he added.

Who’s investing? Weigert sees a clear rivalry shaping flows, with the China expected to keep growing its investments in the Gulf and catch up with US investment in the next couple of years. “Saudi Arabia and the UAE very wisely do not want to choose the US or China,” he told us.

Challenges remain: “The labor force needs to be developed further. The education system is still not quite as far developed as most investors would like. There’s kind of a gap in skills,” Weigert said. “On the one hand you have the Saudization drive and the need for every investor to employ Saudis, but on the other hand you still have a skill gap there. This is a bit of an issue for a foreign investor,” he added.

What we know about PIF-backed USD 50 bn EA buyout so far

News of a PIF-backed take-private agreement of US-based gaming giant Electronic Arts (EA) in the works has been making the rounds in local and international business press. The reportedly planned take-private of the Nasdaq-listed videogame maker, estimated to reach a whopping USD 50 bn, could be unveiled in the coming days, and would rank among the largest transactions this year, if not the biggest leveraged buyout on record, the Financial Times reported on Friday, citing people it said are familiar with the matter.

Who’s buying? Sources say the PIF is to be working with a consortium that includes US tech private equity firm Silver Lake Management and Trump’s son-in-law Jared Kushner’s Affinity Partners. The sovereign wealth fund already holds roughly 10% of EA and committed about USD 2 bn to Affinity .

JP Morgan is reportedly arranging more than USD 20 bn in debt financing to back the agreement, the sources said. JP Morgan drew early interest from investors willing to commit capital to the financing package, giving the bank scope to start lining up an order book.

Flat growth: EA boasts one of the industry’s deepest content libraries with about 700 mn user accounts, anchored by annual franchises such as EA Sports FC (formerly FIFA), Madden NFL, and Battlefield, according to the FT. However, the gaming giant reported a 28% y-o-y drop in net income to USD 201 mn in its 1Q of 2026, which ended on 30 June, while revenue was broadly flat at USD 1.67 bn versus USD 1.66 bn a year earlier, according to its latest earnings (pdf).

Competition rising: The slump underscores the pressure from proliferating free-to-play titles such as Fortnite and Roblox, the salmon-colored paper wrote. The company still kept its guidance unchanged despite the drop, targeting USD 795-974 mn in net income on revenues of USD 7.1-7.5 bn.

What’s next for EA? The company is banking on live-service models, which already generate nearly three-quarters of its bookings, and is gearing up for the launch of the next installment of Battlefield later this year. Executives and analysts also see scope for generative AI to cut the mns of USDs it costs to produce blockbuster games, a potential lever for new private-equity owners.

What’s in it for the PIF? Saudi sees gaming as important for its diversification efforts under Vision 2030 and a way to expand its cultural footprint. “The [agreement] would cement games as cultural infrastructure — assets as critical to global influence as sports or film,” Joost van Dreunen, games professor at NYU Stern School of Business, told Reuters. The Kingdom’s investments in esports and competitive gaming saw it host the Esports World Cup recently and announcing plans to host a Nations Cup for national teams.

ICYMI- The find’s gaming and esports unit, Savvy Games Group, acquired US-based Scopely in 2023 for USD 4.9 bn, which subsequently purchased rights to sensational hit 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.

The story was also picked up by Bloomberg.

Assets under management on track for USD 500 bn milestone by 2030

The asset management industry is riding the Kingdom’s capital markets upswing and regulatory reform wave, expanding at an annual rate of roughly 12% between 2015-2024, according to a report from S&P Global. Assets under management (AUM) in the Kingdom hit about USD 295 bn as of March of this year. Policymakers are deliberately courting both local and foreign managers with rule changes, product breadth, and easier market access.

The push could lift AUM beyond USD 500 bn by 2030, with knock-on benefits for liquidity, diversification, and sovereign resilience. S&P sees AUM growing 10% per year through to 2030 — that is two percentage points slower than the previously recorded 12% per annum — subject to market conditions.

What’s powering the next leg up: Beyond regulatory reform, growth will hinge on deeper debt and equity markets. Higher issuance, strong employment, and demographic trends alongside the rollout of products like ETFs and REITs, which are widening market access for both local and international retail and institutional investors, are expected to drive momentum.

What it means for our capital markets: As the industry scales up, it will in turn strengthen the bourse’s institutional base, boost liquidity, and attract cross-border flows while also broadening savings options for households and deepening the pool of capital available to be deployed here at home.

Macro spillovers: Deeper domestic capital markets would also broaden the Kingdom’s financing sources and reduce the economy’s reliance on hydrocarbons, playing into the government’s ambitious USD 1 tn diversification agenda. Reforms helped secure an A+ sovereign upgrade in March 2025, and steady inflows of FDI — now averaging USD 25 bn annually or about 2% of GDP — highlight the shift.

Private funds have been the fastest-growing segment, vis-à-vis public funds, and today account for about half the market, or USD 148 bn. Discretionary mandates contribute roughly a third (USD 96 bn), while public funds make up the remaining 18% (USD 51.5 bn).

Real estate remains the dominant asset class, absorbing about 36% of total fund allocations and nearly 50% of private-fund AUM. Equities account for roughly a third overall and close to half of discretionary mandates, while debt and money-market instruments represent only about 13%, though this share is expected to rise as the local fixed-income market matures.

Public participation: Subscriber numbers in public funds rose to 1.6 mn in March 2025, up from just 265k in June 2013, with REITs playing a key role by pulling in retail investors and significantly widening access to local capital markets.

Regulators continue to grease the wheels: The Capital Market Authority amended fund regulations back in July to improve transparency, disclosure, and risk management. Crucially, public funds can now invest in privately placed debt. The change could catalyze the nascent domestic private credit market.

Your guide to Saudi’s coolest winter wonders

Tourism Minister Ahmed Al Khateeb officially launched the Saudi Winter 2025 program in Riyadh under the theme “Winter is Alive,” unveiling a lineup of festivals, sports, culture, and entertainment across the Kingdom. Whether you love art, music, adventure, or just getting outside, your calendar from late 2025 through 1Q 2026 is about to get full.

The laughs start early at the Riyadh Comedy Festival on Boulevard City from 26 September to 9 October, featuring over 50 standup legends — including Kevin Hart, Russell Peters, Gabriel Iglesias, and Pete Davidson — promising two weeks of side-splitting performances, improv, and sketch shows to suit every sense of humor. Tickets range from SAR 100 to SAR 1.2k and are available on webook.

The ANB Arena will roar to life from 15 to 18 October as the Six Kings Slam brings together tennis heavyweights, including Taylor Fritz, Alexander Zverev, Carlos Alcaraz, Novak Djokovic, Jannik Sinner, and Jack Draper for a three-day clash of speed, power, and precision. Expect big names, high stakes, and plenty of fireworks on court. Tickets range from SAR 770 up to SAR 38.5k and are available here.

Women’s tennis reaches its pinnacle at the King Saud University indoor arena from 1 to 8 November with the WTA Finals Riyadh, where the top eight singles players and doubles teams compete for the ultimate trophies — the Billie Jean King Trophy for singles and the Martina Navratilova Trophy for doubles. Tickets start from SAR 17.5 and are available on webook.

Riyadh to ride high with the first-ever 2025 UCI BMX Freestyle World Championships from 4–8 November, part of the UCI Urban Cycling World Championships. Athletes will show off their skills in Park and Flatland disciplines, plus trials, pushing the limits of speed, style, and gravity, with the Kingdom also set to host the 2026 edition.

The Longines Global Champions Tour finals return to Riyadh from 30 October to 1 November, bringing together some of the world’s top riders and horses for one of the most prestigious equestrian competitions on the calendar. The family-friendly event will showcase elite showjumping near the King Abdullah Financial District, drawing sports fans and equestrian enthusiasts alike. Tickets will be available soon, and visitors can find details here.

Riyadh is set to pack a punch on 22 November as The Ring IV hits the ANB Arena. Undefeated stars Devin Haney and Brian Norman Jr. headline the WBO welterweight clash, with David Benavidez defending his WBC light heavyweight title against Anthony Yarde. Fans will also see Abdullah Mason vs Sam Noakes for the WBO lightweight belt and Jesse “Bam” Rodriguez vs Fernando Martinez in a super flyweight showdown.

Riyadh lights up for Islamic Games: Riyadh will come alive with sporting action from 7 to 21 November as the Islamic Solidarity Games bring together over 3k athletes across Boulevard Complex, Green Hall, Al Janadriyah, and Malaz. Sports fans can look forward to thrilling competitions and a vibrant atmosphere, with international cuisine and halal-friendly meals on offer. Tickets aren’t available yet, and visitors should check the Saudi e-visa portal and book hotels near Olaya, King Fahd Road, or Al Murabba. Getting around is easy via Riyadh Metro, shuttles, or rideshares.

The capital will glow as Noor Riyadh will light up the city from 20 November to 6 December, featuring over 60 dazzling light installations across historic and modern spaces, along with immersive exhibitions, performances, and educational workshops. The festival — themed In the Blink of An Eye — has broken Guinness World Records for the largest LED structure and longest laser light show. Entry is free, and visitors can explore the festival details here.

The bass is about to be dropped as MDLBEAST Soundstorm 2025 electrifies Banban Desert from 11 to 13 December with non-stop music and mega performances. Known as the City of the Sound, this three-day spectacle draws hundreds of thousands to dance under the stars to global headliners like Post Malone, Calvin Harris, and Benson Boone, alongside a massive roster of regional and local artists. Tickets for Soundstorm’s early bird release start at SAR 119 for single-day access to SAR 269 for a full three-day Storm pass, while Storm+ begins at SAR 249 for single-day access to SAR 559 for the three-day experience. Tickets are available here.

Winter at Tanora festival returns to AlUla from 18 December to 10 January, blending culture, music, food, and heritage under the stars. Enjoy open-air concerts at ancient sites, heritage markets, culinary pop-ups, art walks, and family-friendly activities. Tickets are available at ExperienceAlUla.

Old Town Nights: Enjoy an enchanting evening of heritage performances and gourmet dining amid AlUla’s historic amphitheatre and ancient fort from 18 December to 10 January — tickets start at SAR 90;
Midday at Tantora: Explore AlUla’s rich culture with daytime workshops, cultural walks, and hands-on experiences from 18 to 31 December 2025 — entry is free;
Old Town Culinary Voyage: Interactive dining experiences and tasting tours through AlUla’s Old Town. Available 18–20, 24–27, 31 December and 1–3, 7–10 January, with tickets starting at SAR 395;
Shorfat Tantora Concerts: Celebrate the sounds of AlUla as live music fills the streets of Al Jadidah Arts District and Al Manshiyah Plaza on 25-26 December and 1-2 January — entry is free;
AlManshiyah Carnival: Enjoy vintage games, live concerts, heritage parades, and nostalgic photo ops from 19 December 2025 to 10 January 2026 — free entry with some experiences payable on site.

From glowing art trails and heritage nights under the stars to world-class sports and bass-thumping beats, Saudi Arabia’s winter season is packed with magic at every turn. Bundle up, book your tickets, and get ready to experience a Kingdom that knows how to make winter sparkle.

Solutions lands SAR 313 mn contract to power stc’s 5G Growth

TELECOM-

Solutions to help stc build its internal internet and communication networks: Arabian Internet and Communications Services Company (solutions) sealed a SAR 313.4 mn, three-year contract with Saudi Telecom Company (stc) to establish stc’s internal internet and communication networks, it said in a Tadawul disclosure yesterday. Stc is solutions’ biggest shareholder, owning 79% of its shares.

The details: Under the contract, solutions will upgrade stc’s network infrastructure to support 5G growth, expand the network capacity, replace old hardware, and establish an internet infrastructure in new data centers located across Khamis Mushait, Dammam, North of Riyadh, and the Qassim Province. Solutions will manage end-to-end implementation from supply and installation to integration and testing.

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

REAL ESTATE-

View United Real Estate Development launched the Prosperous Riyadh program to develop unused land subject to White Land Tax, it said in a disclosure to Tadawul on Thursday. The program offers landowners flexible partnership models and variable cooperation options to convert their white land tax obligations into potential investments to transform these unused plots into residential and commercial projects.

The move follows an MoU signed between View United and the Municipalities and Housing Ministry in January 2025 that aims at stimulating the housing supply and real estate development in the Kingdom, enhancing the efficiency in the real estate market.

ALSO- In a separate Tadawul disclosure, the company announced that none of its real estate properties in Riyadh are subject to the White Land tax law, as they are all under development.

M&A WATCH-

Raoom Trading Company tapped Al Wasatah Al Maliah (Wasatah Capital) as its financial advisor for the potential acquisition of Mohrkey Trading Company, it said in a disclosure to Tadawul yesterday. Raoom signed a 60-day non-binding MoU earlier this month to acquire a 51% majority stake in Mohrkey. The companies still need to conduct their due diligence, settle on a valuation, and obtain regulatory approval before a final agreement can be signed.

About Mohrkey: The company operates over 35 fuel stations and vehicle service centers, including 14 Valvoline Express Care centers, and plans to expand to over 60 centers by year-end. It also runs a SAR 1 bn real estate fund dedicated to developing new sites.

Private equity braces for EUR 110 bn fundraising glut as exits stall

Private equity firms are planning to raise three times as much funding in 2026 as they have this year, the Financial Times reports. Ten big European buyout houses are expected to seek more than EUR 110 bn next year — compared to the roughly EUR 34 bn they are set to secure this year — a surge that could force LPs to pick top performers and leave weaker managers short of capital, the FT quotes advisory firm Campbell Lutyens as saying.

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

This is despite a wave of fundraising fatigue in the industry. Campaigns now take “twice as long” compared to the industry’s heyday, with LPs often insisting on distributions before re-upping against the backdrop of slow exits and lower returns. Advent, Nordic Capital, and Permira are set to remain in market into next year, while Cinven and PAI prepare fresh vehicles. Among this year’s closings are Hg, Ardian, and Oakley.

How slow are we talking? At the current pace, it could take nine years for LPs to recoup capital from the 12k+ companies held by US buyout funds, Bloomberg wrote recently. Dry powder stood near USD 1.2 tn by mid-2025 — about a quarter of what was pledged at least four years ago — while quarterly returns slid from roughly 13.5% in 2Q 2021 to 0.8% in 4Q 2024. Higher financing costs and a lack of promising takeover targets are also weighing on the asset class’ activity.

Managers are leaning on workarounds. Continuation funds and secondaries have surged — accounting for about USD 103 bn of transactions in 1H 2025, with a record USD 302 bn of capital raised for the strategy — but many LPs still prefer traditional exits and view continuation vehicles warily.

Even industry leaders are feeling the strain. Insight Partners cut its flagship target from USD 20 bn to USD 15 bn and still closed around USD 11.5 bn. Apollo, Blackstone, and Carlyle have missed targets and are diversifying into credit, infrastructure, and ins., while Apollo’s Jim Zelter warned of a coming “natural washout.”

The shakeout is pushing investors to be more selective. Texas Teachers is trimming exposure to mega-funds and pivoting toward mid-market managers as performance comes under a “very, very bright light,” advisers say.

Exit pressures are also showing up in public markets. London-listed Petershill Partners blamed weak exit prospects for share-price pressure and said it would delist and return about USD 900 mn to shareholders.

MARKETS THIS MORNING-

Asian markets are mostly in the green, as Sony’s shares surged 36% on its market debut on the Tokyo Stock Exchange and South Korea’s Kospi rose 1.2%. Hong Kong’s Hang Seng also gained 1.2%, while mainland China’s CSI 300 was flat and Japan’s Nikkei fell 0.84%. Over on Wall Street, futures are flat after a losing week.

TASI	11,230	-0.7% (YTD: -6.7%)
MSCI Tadawul 30	1,460	-0.9% (YTD: -3.3%)
NomuC	25,456	0.0% (YTD: -19.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.75% repo	4.25% reverse repo
EGX30	36,166	+1.4% (YTD: 21.6%)
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 69.69	-0.6%
Natural gas (Nymex)	USD 3.16	-1.3%
Gold	USD 3,807	-0.1%
BTC	USD 112,125	+2.2% (YTD: +20.7%)
Sukuk/bond market index	916.68	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 0.7% yesterday on turnover of SAR 4.9 bn. The index is down 6.7% YTD.

In the green: Chubb (+10.0%), Cenomi Retail (+10.0%) and Obeikan Glass (+9.9%).

In the red: Sisco Holding (-3.6%), Jadwa Reit Saudi (-3.3%) and Alrajhi (-3.2%).

THE CLOSING BELL: NOMU-

The NomuC remained unchanged yesterday on turnover of SAR 36.2 mn. The index is down 19.1% YTD.

In the green: Jana (+9.5%), Taqat (+7.3%) and Aljouf Water (+6.9%).

In the red: Atlas Elevators (-9.0%), Balady (-8.0%) and SMC (-7.5%).

CORPORATE ACTIONS-

Saudi Ground Services’ board greenlit a SAR 188 mn dividend payout for 1H 2025 at SAR 1 per share, it said in a disclosure to Tadawul yesterday. The distribution date is set for 27 October.

Northern Region Cement’s board approved a SAR 45 mn dividend payout for 1H 2025 at SAR 0.25 apiece, it said in a disclosure to Tadawul yesterday. The payout is set for Thursday, 16 October.

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.

28-30 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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