BMI sees our GDP growth accelerating to 4.1% in 2026

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Red Sea Global to launch its first luxury project in Italy soon

Good morning, everyone, and happy THURSDAY. Business is still calm in the Kingdom, as companies and investors are gearing up for a packed next week that will the Future Investment Initiative forum hosted in Riyadh, as well as a Federal Reserve meeting that’s widely expected to deliver another rate cut.

Leading this morning’s news well: BMI sees our GDP growth accelerating to 4.1% in 2026, construction costs held steady in September according to Gastat’s data, and the earnings season is picking up more steam with Arab National Bank, Mobily, Sipchem and more out with their 3Q results. Let’s dive in.

WEATHER- Dust in the air: Blustery winds are set to whip up dust and sand across the eastern parts of Makkah and Madinah today, keeping skies hazy. Fog may roll into parts of the Eastern Region and along Makkah’s southern coast by nightfall.

Riyadh: 33°C high / 20°C low,
Jeddah: 37°C high / 26°C low
Makkah: 39°C high / 28°C low
Dammam: 35°C high / 21°C low.

WATCH THIS SPACE-

#1- PIF-owned Red Sea Global is set to launch its first luxury project in Italy soon, marking its first international expansion, CEO John Pagano told Reuters on the sidelines of the Reuters Next Gulf Summit in Abu Dhabi. Pagano — who was granted Saudi citizenship earlier this month — is also joining the board of Neom.

ICYMI- Red Sea Global will reportedly take over the Sindalah tourist island from the Neom project. The move frees Neom, which is reportedly undergoing a “comprehensive review,” reassessing budgets and progress of various developments facing headwinds.

ALSO- The Royal Commission for AlUla plans to roll out around SAR 6 bn worth of projects for private sector participation, Chief Tourism Officer Phillip Jones told Reuters in the summit. About 21 projects will be launched by early next year as part of efforts to attract private investment to the UNESCO World Heritage site, which drew 300k visitors last year and is targeted for 1 mn by 2030, he added.

An IPO could come by the end of the decade, although the talks are still in very early stages, Jones said. AlUla was not affected by recalibration programs and has secured funding for the next five years as it moves into the second phase of its development plan, he added.

#2- State-backed investor Saudi Venture Capital (SVC) plans to dedicate half of its investments to private credit and equity, compared to about a third in 2024, CEO Nabeel Koshak tells Bloomberg. SVC, which Bloomberg notes “primarily acts as a fund of funds,” will allocate the remaining balance of its investments to back venture funding.

The company invested about USD 300 mn per year over the past two years and plans to maintain its pace in 2026, Koshak said. It has a mandate to invest USD 3 bn by 2030 to develop the financing ecosystem for startups and SMEs in the Kingdom.

The strategy shift comes as the operating conditions also evolve: Saudi companies, particularly SMEs, are increasingly exploring new financing options as tightening liquidity conditions make it more difficult to access traditional capital through banks, making room for private credit. “Private credit specifically is at the nascent stage, so we also plan to do more to raise awareness on how it actually complements filling the gap on SME financing,” Koshak said.

BACKGROUND- SVC has been ramping up its private credit and equity investments over the past months. The company has backed Janus Henderson’s USD 125.5 mn MENA Private Credit Fund IV, invested in Artal Capital’s private equity fund, and poured an undisclosed sum into Jadwa Investment’s Jadwa GCC Private Equity Fund 1. It has also previously made a SAR 112.5 mn investment in a fund managed by US-based private equity giant General Atlantic.

#3- The Kingdom eyes Australian expertise and investments in mining during the Saudi-ANZUK Forum in Riyadh, along with strengthening trade and investment relations with New Zealand and the UK, Bloomberg reported on Tuesday. The four countries also plan to diversify their trade channels amid the ongoing tariff friction during the two-day forum that wraps up today.

Mutual benefits: “Australia has what we need in terms of know-how and capacity building,” Bloomberg quotes Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Al Mudaifer as saying in an interview in Sydney. Meanwhile, Australia seeks to expand its export markets away from the Chinese market — its primary export market.

A budding relation: Saudi Arabia and Australia’s bilateral trade rose to USD 1.4 bn in 2024, compared to USD 1.2 bn in 2019. The Public Investment Fund has also partnered with Sydney’s Macquarie Asset Management to ramp up investments in infrastructure, energy storage, and EVs. Meanwhile, Australia’s Hancock Prospecting and Ma’aden are digging together for metals in Makkah’s Nabitah Al Duwaihi belt.

#4- Syria is planning to launch an international investment roadshow in the next few months to attract capital from the Gulf, Europe, and the US as it seeks to rebuild its war-battered economy, Economy Minister Mohammad Nidal Al Shaar said on the sidelines of the Future Resilience Forum in London, Bloomberg reports. The roadshow would come following the easing of US sanctions, which came into effect earlier this year, and ahead of parliamentary formation, which would pave the way for new investor-friendly legislation, he said.

Oil and gas is in focus, with Al Shaar floating the idea of working with GCC investors as Syria looks to rebuild its production lines to fuel industry and manufacturing. Currently, militant action in production fields in the northeast is hampering revival efforts.

REMEMBER- Saudi investors have been among the first to explore a return to Syria, inking SAR 24 bn in agreements during a Damascus-hosted investment forum earlier this year, though Al Shaar noted that the country needs significantly more capital to fund its reconstruction.

#5- Saudi Arabia is poised to benefit from unstable geopolitical trends in trade — namely protectionism and tariffs, DHL Group CEO Tobis Meyer told Bloomberg (watch, runtime: 05:45). The firm has high hopes for the region — earmarking over EUR 500 mn for it over the next five years, with a focus on Saudi and the UAE, with a focus on expanding warehousing and distribution capacity.

The ball’s already rolling: DHL eCommerce finalized its acquisition of a minority stake in Saudi Arabia-based AJEX Logistics Services in August. A joint venture between Saudi Aramco and freight giant DHL was reportedly shopping for investors to back a USD 267 mn distribution center project in the Kingdom earlier this year.

DATA POINTS-

Consumer spending via point-of-sale (PoS) transactions in the Kingdom went down 9.0% w-o-w in the week ending 18 October, reaching SAR 12.2 bn, according to Saudi Central Bank’s latest weekly report (pdf). The number of transactions also declined 6.1% w-o-w to 222.7 mn during the week.

The details: Food and beverage accounted for the largest share of spending, declining 6.8% w-o-w to just above SAR 1.9 bn, followed by restaurants and cafes, which slipped 9.3% w-o-w to just above SAR 1.5 bn. Education spending witnessed a dip of 31.2% w-o-w to SAR 105.1 mn. Aviation was the sole activity that inched up during the week, rising 2.0% w-o-w to SAR 48.9 mn

Riyadh recorded the highest value of PoS transactions at SAR 4.4 bn, followed by Jeddah at SAR 1.7 bn.

OIL WATCH-

Saudi Arabia’s crude oil exports increased by some 413k bbl / d to 6.4 mn bbl / d in August, according to Jodi data. Exports of refined petroleum products dropped by 163k bbl / d to 1.59 mn bbl / d. Crude inventories dropped by 1.5 mn barrels, reaching 143.8 mn barrels.

Crude production also rose by 521k bbl / d to reach 9.722 mn bbl / d, while local demand dropped by some 222k bbl / d, reaching 2.78 mn bbl / d. Meanwhile, direct crude burn also edged down to 607k bbl / d.

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THE BIG STORY ABROAD-

The US has sanctioned Russia’s two biggest oil companies, Roseneft and Lukoil, in a bid to ramp up pressure on the Kremlin to end the war in Ukraine. The move comes a day after a planned summit between the US and Russia to discuss a potential ceasefire was shelved, and is the first time US President Donald Trump imposes Ukraine-related sanctions on Russia since his second term began. (Reuters | Wall Street Journal | Financial Times | Guardian)

The EU also approved a package of sanctions that includes a ban on Russian liquefied natural gas imports from 2027, a year earlier than planned. (Bloomberg | Reuters)

Market reax: Oil jumped USD 2 on the news, with Brent Crude futures rising to USD 64.

ALSO GETTING ATTENTION- Tesla’s net income in 3Q 2025 fell short of analysts’ expectations, despite a boost in sales that drove revenues higher, as CEO Elon Musk cited tariffs and elevated research costs as challenges. Its shares fell 4% on the news. (Reuters | Guardian | WSJ)

BMI sees our GDP growth accelerating to 4.1% in 2026

Fitch Solutions’ research unit BMI expects Saudi Arabia’s GDP growth to reach 4.1% in 2026, accelerating 0.3 percentage points increase from the 3.8% growth BMI expects to see in 2025. The higher 2026 growth rate will come on the back of accelerated oil production, with production rates expected to rise 5.2% in 2026, compared to 4.5% in 2025, MENA Country Risk Senior Analyst Mariette Kas-Hanna said in a webinar attended by EnterpriseAM.

The non-oil sector is seen growing at a 3.7% clip next year, with the fiscal deficit expected to narrow from the 4.6% it’s seen recording in 2025, BMI said. This deficit will come as the positive effect of higher oil output will be somewhat dampened by lower oil prices.

This projection comes in line with recent Finance Ministry estimates, which see the deficit narrowing to 3.3% of GDP in 2026 from the 5.3% estimate for 2025. As a result of “the sustained deficits,” BMI sees the debt-to-GDP ratio rising in 2026 to 30.5%, compared to 29.2% in 2025.

BMI also expects inflation in the Kingdom to cool to an annual average of 2.0% in 2025, with a deceleration in 4Q expected on the back of government measures to stabilize the household market with the introduction of a five-year rent freeze in Riyadh.

REGIONALLY- GCC growth is forecast to accelerate to 4.2% next year, up from 3.9% projected in 2025, with the uptick driven mainly by the accelerated phasing out of Opec+ production cuts, and robust performance of the region’s non-oil sectors due to the strong spending on projects as the states sustain their diversification efforts. Inflation in the GCC could also pick up to 1.8% in 2026 as a result of global food price increases, but “will remain benign and slightly lower than historical average.”

MENA region growth is also expected to accelerate for the second consecutive year to hit 3.6% in 2026, up from 3% in 2025, supported by stronger growth forecasts across most countries in the region, BMI Analysts said in the webinar. The growth in North Africa is projected to be 4.1% in 2026, up from 4% in 2025, driven by the faster growth in Egypt, Ramona said.

The upgrade is underpinned by:

Higher oil production from Opec+ coupled with a marginal decline in oil prices from 2025 levels;
Contained inflation;
Lower borrowing costs in key markets, especially the GCC and Jordan due to the USD peg, along with further monetary easing in Egypt and Morocco;
De-escalating geopolitical risks in the region and milder global tariff-related uncertainty.

Construction costs hold steady, up 0.7% y-o-y in September

The Kingdom’s Construction Cost Index (CCI) rose 0.7% y-o-y in September, maintaining the same pace as in the last two months, according to recent data (pdf) from the General Authority for Statistics. The increase was driven by a 0.8% rise in residential construction costs and a 0.6% uptick in non-residential costs.

The drivers: Residential construction costs rose mainly due to a 1.5% increase in labor expenses and a 1.2% rise in equipment and machinery prices, particularly on the back of a 1.4% increase in rentals with operators. Meanwhile, non-residential activity gained on a 1.0% increase in labor costs and a 1.3% rise in equipment and machinery rental prices, also led by rentals with operators, which edged up 1.6%.

ALSO- Energy prices jumped 9.9% in September, adding pressure across construction sectors. For residential projects, basic materials prices slipped 0.3% y-o-y, weighed down by a 1.7% decline in metal product prices and a 1.2% drop in other construction materials. In the non-residential segment, prices for basic materials slipped 0.4%, likewise, due to the drop in metal products and other materials prices.

On a monthly basis: The CCI remained stable in September compared to August, as both residential and non-residential construction costs showed no change m-o-m.

Saudi real estate sustains growth in 3Q 2025, backed by RHQ and gigaprojects

Saudi Arabia’s real estate sector remained robust in 3Q 2025, with strong momentum across the office, residential, retail, and logistics segments, according to the Real Estate Market Review report (pdf) by real estate consultancy CBRE. The report highlights how government initiatives such as the Regional Headquarters (RHQ) Program and the recently introduced rent freeze are reshaping market dynamics, while gigaprojects and private developers continue expanding retail and hospitality offerings to meet rising consumer and tourism demand.

In the office market, Riyadh sustains near full occupancy at 98% and recorded a 15% y-o-y rise in office rents in 3Q 2025. The RHQ program has been a key driver, issuing around 634 licenses to date, including 34 licenses in 2Q 2025. Over the next two years, around 1.3 mn sqm of new office space supply is expected in the capital, with private developers accounting for 80% of the pipelines and megaprojects for 20%. Demand in the capital remained concentrated in technology and financial sectors (each at 23%), and healthcare (15%), which together made up 61% of total office inquiries.

Meanwhile, Jeddah’s office market also held steady, with Grade A occupancy at 95% and Grade B at 92%. In Dammam, Prime and Grade A offices remained in the high 80s, while Grade B slipped to 81%.

The residential segment maintained growth, with transaction numbers rising 17.9% q-o-q, while the total value reached SAR 7.7 bn. In Riyadh, apartment prices grew 6.3% y-o-y and villa values climbed 11.6% y-o-y, while rents were up 8.2% y-o-y before the implementation of the five-year rent freeze. Jeddah also saw a 16.5% y-o-y increase in transaction volumes, alongside a 3.2% y-o-y rise in villa prices and a slight 1.1% dip in apartment prices. Across Riyadh and Jeddah, around 15k new residential units are expected by year-end.

In retail, a growing consumer base and tourism inflows continue to fuel expansion. Retail sales are forecast to grow at a 4.4% compound annual rate between 2025 and 2027. During 3Q 2025, Riyadh’s super-regional and regional mall rents edged up — less than 1% y-o-y — to average SAR 2.8k per sqm per year. The city’s pipeline remains active, with 800k sqm of new space planned over the next five years — over 80% of which will be in the north. Around 100k sqm is scheduled for completion by year-end, followed by major projects such as Westfield Riyadh (120k sqm) in 3Q 2026 and The Avenues Mall (370k sqm) in 2027.

The hospitality market saw mixed results. Revenue per available room (RevPAR) rose 10% y-o-y in August 2025, supported by an 11% increase in occupancy. However, YTD figures show RevPAR down 9.2% in Riyadh and down 6.1% in Jeddah. Looking ahead, the sector is set for a major expansion, with 362k new hotel rooms expected by 2030 as part of a USD 110 bn expansion plan.

Industrial and logistic spaces continue to tighten. In Riyadh, rents climbed between 14% and 28% y-o-y, reaching up to SAR 299 per sqm per year in Al Mashael District. Meanwhile, Jeddah recorded moderate growth of 4-8%, though it remained the Kingdom’s priciest market with SAR 350 per sqm per year in the Asfan sub-market.

REMEMBER- The real estate price index rose 1.3% y-o-y in 3Q 2025, its slowest pace since 1Q 2022. The slowdown was driven by a 0.9% drop in residential prices — the first decline since early 2024. Commercial prices grew 6.8%, down from 11.7% in the previous quarter. Regionally, Riyadh’s growth eased to 1%, the Eastern Province led at 6.1%, and the sharpest drops were in Madinah (down 8%), the Northern Borders (down 7.7%), and Hail (down 7.3%).

Arab National Bank, Mobily, Sipchem and more 3Q earnings

ARAB NATIONAL BANK-

Arab National Bank’s (ANB) net income rose 6.9% y-o-y to SAR 1.33 bn in 3Q 2025 — in line with Bloomberg analysts’ expectations of SAR 1.31 bn — the bank said in a disclosure to Tadawul yesterday. The growth was driven by higher fees, trading gains, and lower impairment and administrative costs, partly offset by higher staff and depreciation expenses and lower commission, dividend, and other income.

Meanwhile, total income from financing rose 1.5% y-o-y to SAR 3.2 bn, while total income from investments climbed 12.9% y-o-y to SAR 742 mn.

In the first nine months of the year, ANB’s net income increased 7% y-o-y to just shy of SAR 4 bn. The bank’s total income from financing saw a 3% y-o-y increase to over SAR 9.2 bn, while its total income from investments rose 15.2% y-o-y to SAR 2.2 bn.

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MOBILY-

Etihad Etisalat (Mobily) posted a 10.5% y-o-y rise in net income to SAR 916 mn in 3Q 2025 — surpassing Bloomberg analysts’ forecast of SAR 820.5 mn — the firm’s earnings release (pdf) showed yesterday. Revenue grew 7.8% y-o-y to SAR 4.8 bn, pushed up by growth across all revenue streams, a larger subscriber base, and improved operational efficiency.

On a 9M basis, Mobily’s net income increased 18.1% y-o-y to SAR 2.5 bn, while revenue rose 7% y-o-y to SAR 14.5 bn.

SIPCHEM-

Sahara International Petrochemical (Sipchem) reported a SAR 468.7 mn net loss in 3Q 2025, compared to a SAR 103.2 mn net income a year earlier, it said in a disclosure to Tadawul yesterday. The results fell significantly short of Bloomberg analysts’ forecasts of SAR 35.3 mn in net income.

The drivers: The loss was attributed to lower prices and sales volumes, higher feedstock costs, a SAR 100 mn impairment loss, a SAR 91.4 mn provision for discontinued projects, and reduced gains from joint ventures and associates. Revenue fell 16.1% y-o-y to SAR 1.4 bn.

On a 9M basis, the company’s bottom line dropped to a SAR 442.6 mn net loss, compared to a net income of SAR 406 mn in the same period last year, while revenue inched down 1.5% to SAR 5.2 bn.

SAUDI AUTOMOTIVE SERVICES-

Saudi Automotive Services Company (Sasco) reported a 25% y-o-y drop in net income to SAR 8.4 mn in 3Q 2025, it said in an earnings release (pdf) yesterday. The decline was attributed to higher cost of sales, increased provisions for credit losses, and higher financing expenses.

MEANWHILE- Revenue grew 16% y-o-y to SAR 3.1 bn, driven by an increase in the number of service stations, stronger sales from Sasco Palm and the transport division, and higher diesel prices.

Over the first nine months of the year, Sasco’s net income rose 24.4% y-o-y to SAR 42.4 mn, supported by a revenue growth of 14.8% to SAR 8.7 bn.

SAUDI INVESTMENT BANK-

The Saudi Investment Bank’s (Saib) net income inched up 0.1% y-o-y to SAR 518.4 mn in 3Q 2025, the bank said in a disclosure to Tadawul yesterday. The slight increase was driven by lower operating expenses, which helped offset a 3% y-o-y drop in total operating income.

MEANWHILE- Total income from financing rose 6.7% y-o-y to SAR 1.9 bn, while income from investment climbed 15.8% y-o-y to SAR 637.2 mn.

In the first nine months, Saib’s net income grew 6.1% y-o-y to SAR 1.5 bn. Total income from financing increased 8.6% y-o-y to SAR 5.4 bn, while income from investment rose 14.9% y-o-y to SAR 1.8 bn.

Merak Capital backs Arsann with SAR 100 mn investment

Homegrown smart parking operator Arsann secured a SAR 100 mn (USD 26.7 mn) investment from Merak Capital, according to a press release published yesterday. The funding will help Arsann expand its technology and data infrastructure, and prepare for participation in gigaprojects and major national events aimed at improving urban mobility.

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About Arsann: Founded in 2017 by Feras Sakkat (LinkedIn), Abdulmouezz King (LinkedIn) and Mahmoud Ghulman (LinkedIn), Arsann operates more than 270 sites and has managed over 10 mn parked vehicles across the Kingdom. Its smart systems use IoT and digital payments to optimize parking flow and reduce congestion, supporting sectors such as retail, healthcare, aviation, and hospitality.

EVIQ, Apsco to roll out fast EV chargers at service stations across the Kingdom

EV-

EVIQ, Apsco to expand EV charging network in the Kingdom: The Electric Vehicle Infrastructure Company (EVIQ) signed an agreement with Arabian Petroleum Supply Company (Apsco) to roll out fast EV charging stations across the Kingdom, according to a press release. The partnership will combine EVIQ’s charging technology with Apsco’s network of service stations to expand EV infrastructure nationwide. The rollout will start with major highways, cities, and key service stops to make charging more accessible.

EVIQ is on a roll: EVIQ partnered with Mercedes-Benz KSA and the Juffali Automotive Company, Ceer, Sasco, Lucid, BYD, and Zeekr to develop EV infrastructure across the country. EVIQ opened its first fast EV charging station in Riyadh in January 2024 and plans to deploy over 5k chargers across the Kingdom by 2030.

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TECH-

Samsung to collaborate with KAFD on smart city push: King Abdullah Financial District Development and Management Company (KAFD DMC) signed an MoU with Samsung Electronics to work together on developing smart city technologies in the Riyadh-located district, according to a press release.

More details: The partnership will explore the use of Samsung’s enterprise solutions — including access control, digital signage, and centralized monitoring systems — to improve efficiency and digital connectivity across KAFD. The two sides are also studying the possibility of opening a Samsung experience center in the district.

Global financial inclusion stalls in 2025 after two years of improvement

Global financial inclusion has lost momentum in 2025, following two years of steady progress, according to the Global Financial Inclusion Index (pdf) by Principal Financial Group and the Center for Economics and Business Research (Cebr). The Index — which evaluates the roles of governments, financial systems, and employers across 42 markets — edged down to 49.4 points from 49.6 a year earlier, though it remains well above the 2022 baseline of 41.7. Singapore maintained its lead as the world’s most financially inclusive market for the fourth straight year.

The slowdown was driven primarily by a pullback from employers, with the employer support score dropping 0.6 points as 83% of markets reported declines. Persistent geopolitical tensions and shifting trade dynamics have left companies cautious, scaling back on employee benefits and flexible pay programs.

Governments and financial systems continued to play a stabilizing role, as the global government support score rose 0.6 points, with 35 markets posting gains in one or both pillars. Although the global financial system score slipped by 0.9 points, wealthier regions — including North America, Europe, and the Middle East — posted modest improvements, signaling stronger institutional resilience.

Gulf states recorded the strongest y-o-y gains in the financial system pillar, fueled by rapid fintech growth and ongoing digital transformation. The UAE led the advance, climbing five positions and 3.9 points to the 24th spot, while Saudi Arabia rose four spots and 1.8 points to rank 35th.

US steadies after earlier declines: The US posted a modest 0.6-point increase in its overall score, snapping two consecutive years of decline while maintaining its seventh place globally. The uptick reflected gains in financial system support, including better access to credit, private lending growth, and fintech expansion. However, broader economic headwinds and subdued SME growth limited further progress.

Markets with higher financial literacy and robust digital infrastructure proved more resilient to debt stress in tighter monetary conditions, Principal Asset Management CEO Kamal Bhatia noted. A 1% rise in financial literacy correlates with a 2.8% reduction in household loan defaults and a 6.7% decline in debt-to-income ratios, contributing to long-term GDP growth, the report found. Digital finance reforms — such as instant payments and open banking — have also propelled gains in countries like Argentina, South Korea, and Brazil since 2022.

Looking ahead: Geopolitical shocks and economic headwinds are reshaping the path of global financial inclusion, Cebr’s managing economist Pushpin Singh said. He emphasized the need for deeper financial literacy efforts and stronger collaboration among employers, governments, and financial institutions to sustain global progress.

MARKETS THIS MORNING-

US-China trade worries are weighing down Asian markets this morning. Japan’s Nikkei is down 1.4% in early trading, while the Shanghai Composite is down 0.9% and Hong Kong’s Hang Seng is down 0.7%. Meanwhile, Wall Street futures are mixed as investors process earnings.

TASI	11,586	+0.4% (YTD: -3.7%)
MSCI Tadawul 30	1,511	+0.2% (YTD: +0.1%)
NomuC	25,035	-0.2% (YTD: -20.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.75% repo	4.25% reverse repo
EGX30	37,577	-0.3% (YTD: +26.4%)
ADX	10,228	+1.1% (YTD: +8.6%)
DFM	5,974	0.0% (YTD: +15.8%)
S&P 500	6,699	-0.5% (YTD: +13.9%)
FTSE 100	9,515	+0.9% (YTD: +16.4%)
Euro Stoxx 50	5,639	-0.8% (YTD: +15.2%)
Brent crude	USD 62.59	+2.1%
Natural gas (Nymex)	USD 3.44	-0.3%
Gold	USD 4,121	+1.4%
BTC	USD 107,492	-1.5% (YTD: +14.9%)
Sukuk/bond market index	914.97	0.0% (YTD: +1.4%)
S&P MENA Bond & Sukuk	152.56	+0.3% (YTD: +9.0%)
VIX (Volatility Index)	18.60	+4.1% (YTD: +7.1%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.4% yesterday on turnover of SAR 5.4 bn. The index is down 3.7% YTD.

In the green: Chubb (+9.9%), Liva (+4.6%) and Saudi Aramco (+3.8%).

In the red: CMCER (-8.8%), Teco (-8.4%) and Naseej (-7.0%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% yesterday on turnover of SAR 29.3 mn. The index is down 20.5% YTD.

In the green: Mulkia (+8.8%), Alshehili Metal (+8.5%) and Taqat (+8.1%).

In the red: Almohafaza For Education (-9.6%), Jamjoom Fashion (-5.5%) and Sure (-5.5%).

CORPORATE ACTIONS-

Alinma Bank’s board greenlit a SAR 746.2 mn dividend payout for 3Q 2025 at SAR 0.3 per share, set to be distributed on 18 November, it said in a disclosure to Tadawul. The Saudi Central Bank has already signed off on the move.

The Capital Market Authority greenlit Theeb Rent a Car’s plan to raise its capital to SAR 659.7 mn from SAR 430 mn by issuing one bonus share for every two owned, it said in a statement yesterday. The increase will be funded through transfers from the company’s statutory reserve and retained earnings. The move will boost Theeb’s total shares to around 65.97 mn from 43 mn. The company will hold an extraordinary general assembly within six months to complete the process.

My Morning Routine: Youssef Khattar, CEO of Coldwell Banker Saudi Arabia

Youssef Khattar, CEO of Coldwell Banker Saudi Arabia: Each week, My Morning Routine looks at how a top executive, entrepreneur, or investor starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Youssef Khattar (LinkedIn), the CEO of Coldwell Banker in Saudi Arabia. Edited excerpts from our conversation:

My Name is Youssef Khattar. I began my career in 2003 in training and professional education, before transitioning to real estate in 2006 with Borouge Real Estate in Abu Dhabi. I gained diverse project experience during the UAE boom and adapted to the 2008 downturn. Subsequently, I worked in Riyadh with a number of real estate development firms, specializing in marketing and sales. I then joined Samama Holding, where we established Samama Real Estate Development, building a portfolio exceeding SAR 2 bn in Saudi Arabia and globally.

In 2022, I moved to establish the Coldwell Banker office in Saudi Arabia from scratch. The vision was to build a premier real estate consultancy and brokerage service in a market that, at the time, lacked clear regulations. We became one of the top consultants in the market within three years.

My experience as a developer has been invaluable in my role as a consultant, as it has enabled me to understand the challenges from both sides, which allows me to provide more practical and effective advice to clients. We work with big developers like Emaar and with government bodies like the Diriyah Gate Development Authority, the Masar Destination in Makkah, and the National Housing Company.

My management philosophy focuses on flexibility and knowledge transfer. First, I ensure the team has the flexibility to deliver results, whether they are working from home, the office, a coffee shop, or a client’s site. Second, I need to make sure the knowledge we have is being transferred to the team. I want my team to feel that they are not just here to deliver a service and get a salary; they are here to build their own value. We make it a point to have a “lesson learned” session after every project to understand what we can improve.

My time in the early morning is my own. Since my family lives in Dubai, my weeks in Riyadh are very busy. The workday doesn’t end at a set time, and I often have informal business meetings in the evenings. The real estate and consulting business in Riyadh is very active at night. The only time I can guarantee for myself is the early morning, before anyone else starts their day. That’s my time to relax, exercise, and have my coffee.

I wake up for Fajr prayer between 4:30-5am, and I prefer to be in the office early at 7:30am. I use the quiet hours at the office for deep work — reading reports, reviewing emails, and writing. Meetings are typically scheduled between 10am-4pm. I keep one day a week, either Sunday or Thursday, free from external meetings to focus on internal team workshops, planning, and strategy.

I also travel a lot. I usually have one day a week when I travel within Saudi Arabia, to places like Jeddah, Madinah, or Khobar. I am often a guest speaker at international events in places like Shanghai, Hong Kong, or Moscow, and we schedule these visits and engagements quarterly.

On the weekends, I travel to Dubai to be with my family. I schedule my vacations by aligning them with my children’s school holidays throughout the year. I take four or five shorter breaks instead of one long one, and this allows me to disconnect and spend quality time with them several times a year.

The best movie I’ve watched is The Pursuit of Happyness. It’s a film I like to rewatch because it teaches you about perseverance and the importance of not giving up, no matter how difficult your circumstances are. It’s also based on a true story, which is what makes it so powerful.

A book that changed my mindset is Secrets of the [M’naire] Mind by T. Harv Eker. I read it around 2008, and it’s not about how to get rich. It’s about understanding that your mindset is programmed by your upbringing, your family, and the society you grew up in. These ideas can create mental blocks that prevent you from growing. The book helps you recognize and reprogram certain limiting beliefs to allow for personal and professional growth. It’s not about a formula for making money, but about changing the way you think.

The best advice I can give is to develop your research skills. In today’s world, we have an overload of information. Everyone has access to it, so there is no excuse for not learning. We need to develop our skills not just to learn, but to find the right information and know how to use it.

Another piece of advice is to draw your future by learning from those who have come before you. You are not starting from ground zero, as there are people who have already walked the path. I advise anyone starting a new career to find people who are 20 years ahead in the field. Look up CEOs and senior leaders on LinkedIn and study their career history. What courses did they take? Which companies did they work for? How did they progress? You will find common patterns that can serve as a roadmap for your own development.

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.

OCTOBER

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 registration for about 157.3k properties in 78 neighborhoods across the Eastern Province.

12 October-15 January 2026: Title deed registration for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province.

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.

28 October (Tuesday): The Middle East Industry Congress – HVACR Next Generation, InterContinental Durrat Al Riyadh Resort & Spa in Riyadh.

NOVEMBER

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

2-3 November (Sunday-Monday): The Forbes Middle East Women’s Summit, Fairmont Riyadh Hotel.

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

5-6 November (Wednesday-Thursday): The Digital Government Forum, JW Marriott Hotel in Riyadh

5-8 November (Wednesday-Saturday): Binam Forum 2025, Riyadh Front Exhibition and Conference Center.

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.

13 November (Thursday): Crown Prince Mohammed bin Salman’s visit to Washington.

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

16-17 November (Sunday-Monday): Jeddah Fintech Week 2025, Jeddah Hilton, Jeddah.

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.

16-17 December (Tuesday-Wednesday): Global Airports Forum (GAF) 2025, Riyadh International Convention and Exhibition Center, Riyadh.

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.

2-13 (Monday-Friday): 2026 Asian Road Cycling Championship 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 International Convention and Exhibition Center, 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.
6 July-23 August (Monday-Sunday): Esports World Cup, Riyadh.

Signposted to happen sometime in 2027:

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

Signposted to happen sometime in 2Q 2027:

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

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