Good morning, wonderful people. The Public Investment Fund’s biggest move in the gaming market has been confirmed, joining a consortium of heavy-hitters who will take US-based giant Electronic Arts private in a USD 55 bn agreement. We have the full details in this morning’s top story.

ALSO- Dar Global is to launch USD 1 bn Trump Plaza Jeddah, and SRC priced its second USD-denominated issuance this year valued at USD 2.5 bn. Let’s dive in.

HAPPENING TODAY-

Today 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.

WEATHER- It is getting rainy again, with heavy showers pouring back over Asir starting today till weekend, with moderate to light rain over Jazan, Makkah, and Al Baha. Riyadh is expected to see temperatures as high as 40°C and as low as 25°C, while Jeddah’s mercury will go up to 38°C before cooling down to 28°C, and Makkah will witness a 42°C high and a 30°C low.

PSAs-

New requirements apply now to all land, sea, and air transportation rental offices, shelters, and related facilities, according to the Municipalities and Housing Ministry’s transport rental offices regs (pdf). The new requirements cover architectural design, parking spaces, and public safety, aiming to regulate the sector, attract more investments, and boost the quality of life in cities.

WATCH THIS SPACE-

#1- Dubai-based school operator Gems Education has submitted an initial bid to acquire local school firm Ajialuna Educational among other unnamed bidders, with finalization possible as early as November, Bloomberg reported yesterday, citing people familiar with the matter. Ajialuna’s majority owner, Sulaiman Alrajhi Holding, is said to be seeking a full exit.

Nothing is set in stone yet: Several local investors have also made non-binding offers for the Riyadh-based operator. Talks are ongoing, with finalization possible as early as November, though Sulaiman Alrajhi Holding could decide to hold onto the stake for longer, the sources said.

About Ajialuna: Founded in 2008, Ajialuna runs Al Forsan International Schools in Riyadh, Al Khobar, and most recently Jeddah. Its network offers international curricula from kindergarten to high school, catering to both Saudi families and expatriates and serving over 14k students across the Kingdom.

#2- Another one makes the leap: Nomu-listed Almuneef for Trade, Industry,Agriculture andContracting said its board signed off on a plan to transfer to Tadawul’s main market, according to a bourse filing. The move remains subject to clearances and meeting the regulatory requirements for the upgrade. The company’s stock shed 2.7% on the news to close at SAR 7.30 yesterday.

IN CONTEXT- The upgrade adds Almuneef to the growing list of Nomu-listed names eyeing a move up Tadawul’s big league as they scale operations and seek deeper liquidity. ICT services provider Saudi Networkers Services also secured board approval for the move earlier this week, following in the footsteps of Gas Arabian Services, Saudi Azm and Obeikan Glass, and United Mining Industries which started trading on the main market earlier this year.

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- Al Masar Al Shamil Education Company is gearing up to list 30% of its share, or 30.7 mn shares, on Tadawul, after it secured approval from the Capital Market Authority (CMA), according to a statement. The approval is valid for six months and will lapse if the listing and share sale are not completed within that timeframe.

OIL WATCH-

The Kingdom is expected to raise November’s official selling price (OSP) for Arab Light crude to Asia by USD 0.20-0.40 a barrel from October, bringing it to USD 2.40–2.60 above the Oman-Dubai benchmark, Reuters reported yesterday, citing a survey of six refiners. Other Saudi grades — Arab Extra Light, Arab Medium, and Arab Heavy — could also see increases of USD 0.30–0.60 a barrel for November.

REMEMBER- The move would partially reverse last month’s deeper-than-expected USD 1 cut, which set October’s Arab Light OSP at USD 2.20 / bbl — well below market forecasts of USD 2.50-2.80. The kingdom had raised the price in September by USD 1 a barrel to USD 3.20 / bbl above the Oman-Dubai benchmark, marking a second consecutive monthly hike before the sharp rollback.

Riyadh is expected to hold back from larger price hikes as it continues negotiations with buyers over the 2026 term supply, one refiner said. Elevated freight costs are also squeezing margins, limiting the room for Asian refiners to absorb higher crude prices.

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THE BIG STORY ABROAD-

The foreign press is leading with Donald Trump’s announcement that he and Israeli Prime Minister Benjamin Netanyahu have agreed on a US-brokered peace framework for Gaza — a 20-point plan that calls for an immediate ceasefire. Trump warned Hamas that Israel would have Washington’s “full support” to destroy Hamas if it rejects the deal. (Reuters | The Guardian | Bloomberg | Financial Times | Washington Post | BBC | New York Times)

Arab, Islamic FMs back Trump’s Gaza peace plan: Foreign ministers from Egypt, Jordan, the UAE, Indonesia, Pakistan, Turkey, Saudi Arabia, and Qatar issued a joint statement yesterday welcoming US President Donald Trump’s proposal to end the war in Gaza. The ministers said they “assert their confidence in his ability to find a path to peace” and underscored the importance of partnership with Washington in advancing regional stability. The FMs expressed their readiness to work with the US to finalize the agreement and ensure its implementation.

What’s in the plan? The 20-point plan — which secured Israeli backing last night — calls for an immediate ceasefire, a swap of Israeli and Palestinian captives, a staged Israeli withdrawal, and Hamas’ disarmament. It envisions Gaza run by a technocratic Palestinian committee backed by a “Board of Peace” chaired by Trump. Hamas is yet to respond to the proposal.

ON THE CLIMATE FRONT- Leaders from climate-vulnerable nations used the UN General Assembly to blast rich countries for falling short on funding commitments, Reuters reports. Developing countries’ leaders said the USD 100 bn pledged back in 2009 came too late and that the USD 300 bn target set for 2035 is nowhere near the USD 1 tn they estimate is needed annually by the end of the decade. We suspect climate action will be a frequent guest on the foreign pages in the weeks to come with COP30 less than two weeks away.

AND IN THE COURTS- Charlie Javice, the founder of student-loan fintech Frank, was sentenced to seven years in prison for defrauding JPMorgan in its USD 175 mn acquisition of her company. The 33-year-old entrepreneur was also ordered to pay USD 288 mn in restitution and forfeit another USD 22 mn, though the judge allowed her to remain free on bail pending appeal, citing her medical condition. (Financial Times | The Guardian | CNBC | New York Times | Reuters | Axios | Associated Press)

CIRCLE YOUR CALENDAR-

JeddahFintech Week will run between 16-17 November at Jeddah Hilton. The financial markets education event will feature over 50 workshops on investment strategies, fintech innovations, and risk management, gathering over 40 experts from 20 countries to share their insights.

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