Global Health Exhibition seals over SAR 40 bn in investments on its first day. PLUS: FII9 gathers tech, investment titans in Riyadh

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi-Syrian agreements worth USD 6.4 bn move into execution

Good morning, ladies and gents. Riyadh is bustling today with hundreds of execs, investors and government officials attending the flagship FII9 conference and day two of the Global Health Exhibition. The latter brought bns in investments in Saudi’s healthcare sector on its first day, with total investments throughout its run expected to exceed SAR 120 bn. Meanwhile, FII9 seems to be all about tech this year, with its day zero dominated by announcements from PIF-backed Humain. Let’s dive in.

HAPPENING TODAY-

The US Federal Reserve is expected to cut interest rates for the second time after its September cut at its Federal Open Market Committee today. Softer US inflation figures that came out last week put the Fed on course to make another small 25 basis point cut, analysts say.

Speaking of the Fed, Treasury Secretary Scott Bessent said the Fed’s next heir will likely be named by the end of the year, after whittling down the shortlist of candidates to just five, CNBC reports. The names potentially replacing current Fed chair Jerome Powell are: Fed Governors Christopher Waller and Michelle Bowman, National Economic Council Director Kevin Hassett, former Fed Governor Kevin Warsh, and BlackRock executive Rick Rieder.

WEATHER- The skies will be clear over most of the Kingdom, except for parts of Makkah, Madinah, and the Eastern Province where dusty winds are still stirring. Meanwhile, the southern parts of the Eastern Province and the Red Sea coast will probably get foggy during the night and early hours of the day.

Riyadh: 32°C high / 21°C low,
Jeddah: 33°C high / 27°C low
Makkah: 36°C high / 27°C low
Dammam: 33°C high / 22°C low.

PSAs-

The first phase of Saudization for 44 accounting professions in the private sector took effect yesterday, the Human Resources and Social Development Ministry said on LinkedIn. Under the new directive, private firms are required to ensure at least 40% of their accounting roles are held by Saudi nationals, granting new hires a minimum monthly salary of SAR 6k for bachelor’s degree holders and SAR 4.5k for diploma holders.

WATCH THIS SPACE-

Syrian-Saudi investment ties are advancing from MoUs to implementation, with some USD 6.4 bn in agreements activated during a joint investment roundtable held yesterday in Damascus, Asharq Business reported. The roundtable focused on exploring new potential investments in priority sectors, including energy, communications, banking, real estate development, mining, and digital transformation.

REMEMBER- The Saudi-Syrian Investment Forum held in July in Damascus put forth 47 agreements worth over SAR 24 bn. The Kingdom also granted Syria 1.65 mn barrels of crude oil earlier last month to back the operational and financial stability of Syrian refineries.

High-level support: Syrian President Ahmad Al Sharaa is expected to land in Riyadh today and address the FII9 forum in Riyadh, as well as meeting Crown Prince Mohammed bin Salman to discuss investment in Syria’s infrastructure, housing, energy, health, technology, and sustainability sectors.

OIL WATCH-

IEA’s head sees oil prices easing on surplus supply: The oil market is heading for a soft patch as output growth outstrips demand, International Energy Agency’s (IEA) Executive Director Fatih Birol told Bloomberg. Rising production from the Americas, Opec+ signaling higher supply, and slower consumption growth will be key drivers behind what he expects will be “moderate” prices over the coming days and weeks. Any US-China trade agreement this week would give oil prices only a “slight” lift unless a major geopolitical event intervenes, he added.

REMEMBER- The IEA is signaling a growing supply glut, with global output in September already up by 5.6 mn bbl / d from a year ago — 3.1 mn bbl / d of which came from Opec+. Global supply is estimated to exceed demand by some 4 mn bbl / d next year, compared to around 3.3 mn bbl / d last month, if current trends hold.

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THE BIG STORY ABROAD-

It’s a mixed bag in the international business press this morning, though mostly quiet as we await the US Federal Reserve’s interest rate decision tomorrow and Big Tech’s earnings later this week.

One story getting attention is Amazon’s plans to cut some 30k corporate jobs, its largest cut yet, slashing around 10% of its corporate workforce. The move comes as the firm looks to cut expenses and trim back its team after an overhiring wave during peak demand in the pandemic. Another reason could potentially be productivity gains from the use of AI which have removed the need for some corporate jobs, and a need for less bureaucracy. (Reuters | Wall Street Journal | CNBC)

Also from the world of Big Tech: Qualcomm will start producing semiconductor chips, entering a market that’s already dominated by US chipmaker Nvidia, which also includes players like Advanced Micro Devices. It previously produced chips for wireless connectivity and mobile devices. Its shares jumped 11% on the news. (CNBC | WSJ | Financial Times)

Over in Russia, its second-largest oil producer Lukoil is selling its international assets following the sanctions introduced against it by the US last week. (Reuters | FT | Bloomberg)

Global Health Exhibition bags in over SAR 40 bn investments on its first day

The Global Health Exhibition secured over SAR 46 bn of investment on its opening day. Held at Riyadh Exhibition and Convention Center under the theme “to invest in health,” the four-day event brings together over 160k industry leaders, 500 global speakers, and 1k investors, featuring more than 2k exhibiting brands. Total investments set to reach SAR 124 bn, Health Minister Fahad Al Jalajel said on stage.

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

Agreements on the first day spanned four main sub-sectors. Hospital establishment and infrastructure development attracted nearly SAR 31.5 bn, venture capital and investments funds committed over SAR 12 bn, life sciences secured more than SAR 2 bn, while digital health saw a number of agreements of undisclosed sums, according to the exhibition’s live stream on X (watch, runtime: 01:12:57).

THE BREAKDOWN-

#1- Hospital and infrastructure development dominated the first day’s announcements in terms of value, with over SAR 31.5 bn worth of investments, committed by local and global investors aiming to expand capacity and ramp up innovation and healthcare excellence in the sector. They include:

Hayat National Hospitals Group announced a SAR 7 bn strategic investment plan, expanding its capacity to over 15 hospitals and more than 4k beds;
Moroccan group Akdital put forth a SAR 5 bn strategic expansion plan into the Saudi market;
Mouwasat Medical Services also announced a SAR 5 bn expansion plan for establishing new hospitals in Jeddah, Yanbu, Al Ahsa, Katif, and Al Khobar, among other cities;
Al Rajhi Medicine will pour SAR 4 bn into developing a new specialty centers;
Burjeel Holdings inked a SAR 3.7 bn MoU to invest in different specialities in the Kingdom by 2030;
International Medical Center (IMC) will allocate SAR 3 bn to expand in Makkah, Ohoud, and Abhor, along with investing in medical education;
SMC Healthcare will invest over SAR 3 bn for developing three advanced hospitals and independent primary health clinics;
Medical Center Juventus (J|Medical) inked a SAR 500 mn strategic collaboration to localize sports medicine services.

#2- Investments from local and global venture capital and investment funds followed, with host of investment agreements worth over SAR 12 bn, including:

Singapore-based Hillhouse Investment sealed a SAR 5.5 bn collaboration to localize pharmaceutical manufacturing;
Al Fozan Holding Company pledged SAR 2.5 bn to develop the Kingdom’s next generation of clinical infrastructure;
Singapore-based TMV CapitalHealthcare will allocate SAR 1.5 bn to expand the rehabilitation network and long-term health care facilities;
Seha Capital along with Esnad Advisory committed SAR 1 bn to develop a support program bridging the financial gap across the healthcare and biotechnology sectors;
GKSD Investment Holding pledged SAR 1 bn investment in the Kingdom’s healthcare sector;
Germany-based Goldtrack Ventures are setting a SAR 940 mn biotechnology growth fund — the Kingdom’s first;
Local biotechnology VC firm IB Ventures pledged SAR 175 mn for a national bio technology and venture building initiative;
Sanabil Studio by Redesign Health sealed an agreement to launch up to 20 healthcare startups.

#3- The life sciences domain followed with over SAR 2.4 bn, with PIF’s Pharmaceutical Investment Company (Lifera) inking multiple MoUs to localize vaccine manufacturing in the Kingdom, including two MoUs with Sanofi and MSD, and a non-binding MoU with Pfizer. Lifera also signed a non-binding term sheet to set up a JV with Jamjoom Pharma to manufacture vaccines locally. The domain also witnessed half a dozen more of agreements including:

US-based Becton, Dickinson and Company (BD) signed a SAR 1 bn “strategic partnership” to localize medical technologies and training;
Arabian Trade House also forged a SAR 1 bn partnership with Germany-based Fresenius Kabi to establish a factory to localize medical technologies manufacturing of blood banks;
Almana Group sealed a SAR 330 mn agreement to manufacture ultrasound imaging devices;
Roche Saudi Arabia inked a SAR 20 mn partnership with the Health Ministry to develop clinical research capabilities;
US-based diabetes care firm Abbott sealed a partnership to foster innovation, establish a digital health R&D hub, and manufacture continuous glucose monitoring sensors;
Siemens Healthineers partnered with the Health Ministry to develop the Shift Innovation Centre in Riyadh, boosting regional innovation and research;
Philips sealed an MoU to boost the healthcare ecosystem and care delivery through AI-enabled healthcare.

#4- Pharmaceutical industry also a boost, with the Saudi Authority for Industrial Cities and Technology Zones (Modon) alone securing up to SAR 235 mn in investments, it said on X. The agreements included::

Modon and Medis Saudi Arabia signed a SAR 75 mn agreement to build a human pharma plant located in Jeddah’s Second Industrial City, spanning 10k sqm;
MédiS also agreed to develop another plant with Zeta Gulf with investments up to SAR 35 mn, spanning a 11k sqm facility in Sudair Industrial and Business City;
Abdulla Fouad Medical Supplies and Services Company inked a SAR 50 mn agreement to localize the manufacturing of medical supplies on a 1.5k sqm of land in Jeddah’s Modon Oasis;
Taqnyet Addawa signed a SAR 45 mn agreement to localize the human pharma industry on an 11k sqm of land in the Third Industrial City in Dammam;
Jamjoom Pharma inked an agreement worth SAR 30 mn to establish a factory for single-use surgical kits in on a 13k sqm land in Jeddah’s First Industrial City;
Hayat National Hospitals sealed an MoU to boost healthcare services and support initiatives in the Madinah Industrial City.

#5- Digital health got an undisclosed price tag slice of the cake, with homegrown digital healthcare firm Lean Business Services securing Saudi Food and Drug Authority approval for AI physician clinical trials with PIF’s Humain, partnering with Google Cloud for an AI health coach on the Sehhaty app, and collaborating with Whoop and the Defense Ministry to enhance digital health, quality of life, and health data integration.

ALSO FROM THE EXHIBITION-

#1- UAE’S M42 expands into the Kingdom: Mubadala-backed healthtech firm M42 established M42 Saudi Arabia, according to a press release. M42 was already active in the Kingdom and has worked with the Health Ministry, operating more than 40 Diaverum clinics in 33 cities — which the new unit will take over operations for. The clinics specialize primarily in renal care, but M42 Saudi Arabia will expand into multi-omics, digital health, and population health programs targeting metabolic and lifestyle diseases.

More to come: M42 will launch Saudi-led pilot programs and R&D collaborations to support Vision 2030’s goal of building a precision, preventive, and predictive healthcare system.

#2- King Faisal Specialist Hospital and Research Centre (KFSHRC) voiced plans to inaugurate the Kingdom’s first facility for manufacturing genetic and cellular therapies by year-end, it said in a statement yesterday. Located on the hospital’s Riyadh campus and spanning 5k sqm, the project will decrease treatment costs by an estimated SAR 8 bn by 2030, allowing patients to access advanced treatments at home, covering about 9% of local demand.

At its full operational capacity, the facility is set to manufacture some 2.4k treatment doses annually. It will also develop CAR T-cell and stem-cell therapies, re-engineering a patient’s own cells to fight cancer or repair damaged tissue.

#3- The Saudi Food and Drug Authority (SFDA) launched the Saudi Pharmacopoeia serving as a nationally unified basis for drug quality and specifications in the Kingdom, it said in a statement yesterday.

IN OTHER HEALTHCARE NEWS-

Dr. Sulaiman Al Habib Medical Services Group’s board approved an expansion plan worth up to SAR 2 bn to build new hospitals in both Riyadh and Dammam City, with clinics for various medical specialties, according to two separate Tadawul disclosures yesterday. Both projects are set to be funded by the group's internal resources, alongside long-term Shariah-compliant loans from undisclosed local banks.

The details: The group will develop a SAR 991 mn 160-bed new integrated hospital in Riyadh ’s Al Munsiyah District on Dammam Road, on a 15.1k sqm of land operated and owned by its subsidiary Bawabat AlGharb for Healthcare Company. The group will also invest SAR 988 mn to establish a 145-bed new integrated hospital at Al Manar District on King Fahad Road in Dammam City, on a 17.2k sqm plot of land operated and owned by its subsidiary Sehat AlSahel Company.

Construction works for both hospitals will kick off in 4Q 2025, set to conclude in 4Q 2028, allowing a trial period to commence in 1Q 2029. Commercial operations will follow in 2Q 2029 after securing the necessary approvals.

FII9 kicks off with AI poised to take center stage

The Future Investment Initiative (FII9) kicked off yesterday with a focus on attracting foreign capital and advancing Saudi Arabia’s tech ambitions. Once known as a capital exporter, the Kingdom seems to be realigning the four-day forum to draw investment into domestic projects that advance Vision 2030’s diversification goals.

This year’s edition also marks a shift to tech, with 52% of speakers from the sector, compared to previous finance-heavy lineups, Chairman of the FII Institute Executive Committee Richard Attias told Bloomberg (watch, runtime: 10:02). He predicts agreement volumes to rise 20–25% from last year’s USD 40 bn, with the event attracting 12k attendees and 900 C-suites executives. “We didn’t create FII for people to come, take the money and run, We created FII for people to understand where the money should go,” Attias said.

The forum builds on a solid track record, having generated close to USD 190 bn in investment agreements since its debut in 2017.

This year’s opening panels bring together finance and tech leaders representing firms valued at nearly USD 3 tn, according to Bloomberg. Among high-profile attendees are Blackstone CEO Steve Schwarzman and BlackRock’s Larry Fink, both reportedly interested in investing in Humain, while Goldman Sachs Group CEO David Solomon is turning his attention to openings in the private credit market. Dignitaries from 20 countries are also attending, including Chinese Vice President Han Zheng, Pakistan’s Prime Minister Shehbaz Sharif and Syria’s Ahmed Al Sharaa.

FROM DAY ZERO- A trade agreement with the GCC can be reached “very soon,” Reuters quoted UK Finance Minister Rachel Reeves as saying yesterday. Reeves — on the first visit to the region by a British finance minister in six years — met with Commerce Minister Majid Al Qasabi to talk trade, economic relations, and promising sectors and will hold talks with counterparts from Bahrain, Kuwait, and Qatar to advance negotiations with the block.

ALSO- Kosovo is eyeing a deeper cooperation with the Kingdom in AI, technology and innovation, President Vjosa Osmani told Arab News during the conference, aiming at securing support for Kosovo’s Digital Agenda 2030 and attracting foreign investment.

AI AT CENTER STAGE-

Humain x Qualcomm: PIF’s AI champion Humain is collaborating with tech giant Qualcomm to offer global AI inference services in the Kingdom to enterprises and government organizations, according to a statement from Qualcomm. Humain is targeting 200 MW of Qualcomm’s AI200 and AI250 solutions starting in 2026, touting “industry-leading performance per total cost of ownership (TCO).” No financial details were disclosed

Humain also plans to launch its new operating system Humain One this week during FII9, allowing users to operate computers through voice commands instead of traditional icon-based interfaces like Windows or macOS, Reuters quotes CEO Tareq Amin as saying at the Fortune Global Forum yesterday. The company aims to be the first to bring the technology to market, and it has been testing the operating system internally for payroll and HR use since its launch in May, a spokesperson said.

AND- More data center capacity: Humain will develop around 6 GW of data center capacity, Amin revealed without specifying the location.

More announcements are expected from the company in FII9’s coming days. The FII institute inked a strategic partnershp with Humain on Monday to advance “human-centeric AI innnovation,” with the press release hinting at “major product and partnership announcements”” set to take place during the conference.

Saudi is “primed to become a hotspot for artificial intelligence infrastructure” by leveraging its surplus energy, Groq CEO Jonathan Ross told CNBC on the sidelines. The Kingdom could become a “net exporter of data” by using its hard-to-export energy to power local AI computation, as data is “very cheap to move.” Ross called the Middle East the “ideal place” for data centers, citing underutilized energy, inexpensive land, and chip-running costs that are “cheaper than some of the Nordic countries.”

The US-based AI chipmaker is building a 20k-chip cluster in Dammam in partnership with Humain, with 19k chips already deployed and running, making it the largest computing cluster in the Middle East and potentially Europe, Ross said. From its Saudi base, the cluster currently serves users in about 150 countries, with new services set to be announced this week to join Humain chat, he added.

UK bank Barclays, US investment firm State Street land in the Kingdom

#1- Barclays is returning to the Kingdom after more than a decade, receiving a provisional license from the Capital Market Authority (CMA), it said in a press release yesterday. The UK bank plans to open its regional headquarters in Riyadh’s King Abdullah Financial District next year, CEO C.S. Venkatakrishnan told Bloomberg TV (watch, runtime: 13:06) on the sidelines of FII9.

The people: The bank tapped Bahri Chairman Mohammed Al Sarhan to help lead its Saudi expansion, Bloomberg reported, citing sources it said are in the know. Dubai-based executives Khaled El Dabag and Walid Mezher were hired back in July as co-CEOs overseeing the Middle East.

Barclays has been active in local agreements over the past decade, including advising the Public Investment Fund on its debut EUR green bond earlier this month. The bank does not intend to compete for retail services, Venkatakrishnan said, noting that the climate in Saudi is vastly different from when the bank’s investment banking license was cancelled in 2014.

#2- US-based investment firm State Street officially opened its Mena RHQ in Riyadh, following approval from the Investment Ministry, according to a press release. The company — which began local operations in 2020 and has served Saudi clients for over 25 years — currently has USD 60 bn in assets under management in the Kingdom, and is participating in FII9.

The firm appointed George Hanna as head of its Saudi business last year, ahead of its application for a RHQ license — spurred by projections that regional financial assets will rise to USD 9 tn by 2027 from USD 6 tn today.

IN CONTEXT- Barclays and State Street join other major financial institutions including Citigroup, JPMorgan Chase, Goldman Sachs, Morgan Stanley, and BlackRock, in establishing RHQs in Riyadh — raising the number of licensed international companies to 675, Investment Minister Khalid Al Falih said earlier this week.

KDL Logistics to kick off Nomu IPO, amid a period of increased investor selectivity

Khaled Dhafer & Brother’s Logistics Services Company (KDL Logistics) is floating a 20% stake on Tadawul’s parallel market Nomu through a secondary offering of 700k shares, it said in its prospectus (pdf). The move will see the firm’s founding family members sell down their position to a combined 80% stake, thereby raking in all the proceeds from the sale. This comes a month after the IPO-hopeful secured Capital Market Authority (CMA) approval for its debut.

Breaking a dry spell for logistics IPOs: KDL Logistics will be the first pure-play logistics player to go public in the Kingdom since SAL Saudi Logistics Services ’ 2023 main market debut, and the first in the segment to list on Nomu since fast delivery app Jahez’s 2022 offering. Other Nomu entrants such as Al Ashghal Almoysra and Alshehili Company, which both IPO-ed last year, operate in contracting and industrial manufacturing, respectively, and only provide logistics support services as part of broader business lines.

IN CONTEXT- The offering lands in a market that’s showing increased selectivity and uneven appetite, with Al Khaldi Logistics scrapping its planned offering in June, the second Nomu withdrawal that month after Dome International shelved its 14.5% stake sale. Meanwhile, Jahez, which debuted on Nomu before moving to the main market last year, saw 1Q net income surge 185% y-o-y to SAR 33.3 mn, showing investor preference for profitable, tech-led logistics plays despite the quieter pipeline.

Subscriptions open next month: The offering will be limited to qualified investors with subscriptions running from Sunday, 30 November, to Wednesday, 3 December, during which they can apply to a maximum of 175k shares each with the lower limit set at 10. Final allocations are due Monday, 8 December. Share of the sellers will be on lockup for a period of 12 months from the first day of trading.

Earnings snapshot: KDL Logistics’ net income fell 13.5% y-o-y to SAR 1.9 mn in 1Q 2025, while revenue increased 18.4% y-o-y to SAR 17.1 mn.

ADVISORS- Arbah Capital is quarterbacking the IPO as financial advisor and bookrunner, with Maham signing off as external auditor. Receiving agents include Al Rajhi Capital, SNB Capital, Alinma Capital, Riyad Capital, Anb Capital, BSF Capital, and Albilad Capital, among others.

About KDL: Founded in 1980, the Riyadh-based company provides end-to-end logistics, transport, and supply-chain services. Its core operations span land freight, warehousing, customs clearance, container handling, and project logistics across industrial zones and ports in the Kingdom. The company operates a fleet of trucks and storage facilities with clients in manufacturing, construction, and trade.

Lavenco Aluminum Systems seeks SAR 14.4 mn in Nomu IPO

Lavenco Aluminum Systems priced its Nomu IPO at SAR 48 per share, according to a bourse filing. The final offer price should see it rake in SAR 14.4 mn in IPO proceeds, according to our calculations, implying a market cap of SAR 72 mn at listing.

What’s next: Qualified investors can subscribe for a minimum of 10 shares and a maximum of 75k shares each during a five-working-day subscription window from 12 to 18 November. Final share allocation will be announced on 23 November.

REFERSHER- The company is floating 300k newly-issued shares on Tadawul’s parallel market — good for a 20% stake of its post-IPO capital — with proceeds earmarked for expansion after securing regulatory approval for the move back in June. The IPO stands out as one of the few pure primary issuances on the parallel market, where proceeds go entirely to the company rather than selling shareholders.

ADVISORS- The company tapped Amwal Financial as the financial advisor and Derayah Financial as the lead manager and bookrunner. Receiving agents include Alinma Investment, Alrajhi Capital, SNB Capital, BSF Capital, Riyad Capital, ANB Capital, Alistithmar Capital, Albilad Capital, Aljazira Capital, Yaqeen Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, GIB Capital, Musharaka Capital, EFG Hermes, and Awaed Alosool Capital.

ALSO IN THE NOMU PIPELINE- The CMA approved Afaq Al Arabiya for Transportation and Storage and Qudra for Communications and IT to list on Nomu in March, though the approvals have likely expired, as they are valid for only six months. Alwazn Almithaly for Trading secured its CMA greenlight in June, giving the company until year-end to publish its prospectus and proceed with the offering.

Ongoing floats: Riyadh-based Abdulaziz Al Twijri Trading Company is offering a 20% stake, or 1 mn shares, on the parallel market, according to its prospectus. Sahat Almajd, the brand operator behind Jadeel, Spark, Susam, and Hanoverian, set its IPO price at SAR 7.0 a share, according to a bourse disclosure.

Kayan still stuck in the red in 3Q

SAUDI KAYAN PETROCHEMICAL CO.-

Saudi Kayan Petrochemical Co. saw its net loss widen to SAR 336.3 mn in 3Q 2025, up from SAR 296 mn in the same period last year, amid lower average product selling prices and a SAR 106 mn ins. charge related to a plant incident, it said in a Tadawul disclosure yesterday. Revenue fell 10.2% y-o-y to SAR 2.2 bn over the same period.

On a 9M basis, the company’s net loss increased to SAR 1.6 bn, compared y-o-y to SAR 1.1 bn, while its top line slightly decreased to SAR 6.4 bn.

Delta Air Lines to launch first direct US-Riyadh route next October

AVIATION-

#1- US-based Delta Air Lines will launch direct flights between the Hartsfield-Jackson Atlanta International Airport and Riyadh’s King Khalid International Airport, starting October 2026, the carrier said in a statement yesterday. The new route will run three weekly flights on Delta’s Airbus A350-900 aircraft, with four class options on board.

With the new route, Delta will be the first US carrier to set up direct flights between the US and Riyadh, Delta’s CEO Ed Bastian told Bloomberg. Delta is also in talks with the Saudi carrier for potential prospects at King Salman International Airport — set to be one of the largest globally.

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

#2- PIF-owned aircraft lessor AviLease signed its first leasing agreement with the Kingdom’s newest national carrier Riyadh Air for a Boeing 787-9 Dreamliner, the airline said in a press release yesterday. The aircraft is scheduled for delivery before year-end, supporting Riyadh Air’s preparations for its full operational launch — a rollout that began with daily flights to London Heathrow launched last Sunday.

IN CONTEXT- The initial flights operated on a Boeing 787-9 aircraft named Jamila ahead of new aircraft deliveries from Boeing. The Kingdom’s new airline voiced plans back in June to serve 100 cities by 2030, aiming to add a destination every two months once it’s operational. Meanwhile, Avilease’s fleet now stands at 192 owned and managed aircraft leased to 48 carriers across 29 countries as of 3Q 2025.

M&A WATCH-

Jana Medical inked a 60-day non-binding MoU with Saudi Health TrainingCenter to acquire up to 51% of the center’s equity shares by issuing new shares, it said in a Tadawul disclosure yesterday. The move, which is pending regulatory approvals, comes under Jana’s growth plans.

CAPITAL MARKETS-

Venture capital firm Hala Ventures has rebranded as Hala Capital, expanding its investment scope to private equity and private credit, after securing a license from the Capital Market Authority to launch a private capital firm, it said on LinkedIn yesterday. The move aims to fill the gap between early-stage innovation and institutional-scale investment, transforming the company from a venture-focused investor into a diversified private capital asset manager.

Forging expense reports is an AI risk few companies saw coming

A surge in expense fraud is the latest alarming AI-related trend, with new tech making the hustle accessible for many more employees and threatening to eat even more of earnings, the Financial Times reported.

AI is making the process too easy: Forgeries that used to require skillful photo editing or bribery in the past are now an AI prompt away through chatbots from OpenAI and Google. Image generation software can now easily produce realistic images of expense receipts, complete with signatures and wrinkled paper visuals, sometimes proving too realistic to detect by humans.

More prevalent than you think: Some 70% of surveyed chief financial officers think employees are already using AI to falsify expenses, while 10% are sure this is happening in their company, the salmon-colored paper cited research by SAP Concur. AI-faked receipts amounted to some 14% of fraudulent documents in September, according to AppZen data, while a new software by fintech Ramp caught over USD 1 mn in fake invoices within 90 days.

“This isn’t a future threat; it’s already happening,” expense management platform Rydoo’s Sebastien Marchon told the FT, noting that while the percentage of AI-generated receipts out of non-compliant filed receipts might be small now, “this is only going to grow.” A rise in faked expense reports can lead to a dramatic increase in expense fraud-related income loss, estimated in 2024 to cost US businesses a median of USD 50k a year.

Fighting fire with fire: Companies are now turning to — you guessed it — AI tools to detect fake receipts. Scanning for image metadata and analyzing contextual information, as well as comparing receipts to authentic ones from the same vendor to detect slight changes in font or spacing, can reveal an image was faked and by which tool.

BUT- There are ways to fly under the radar of these tools as well. “It’s a cat-and-mouse game,” AppZen’s CEO Anant Kale told the New York Times.

MARKETS THIS MORNING-

Asian markets are mostly in the red this morning, with Japan’s Nikkei inching down 0.4%, while Hong Kong’s Hang Seng is down 0.1% in early trading. Over on Wall Street, futures are unchanged following a day of record highs for major indexes.

TASI	11,620	+0.2% (YTD: -3.5%)
MSCI Tadawul 30	1,511	+0.2% (YTD: +0.1%)
NomuC	24,823	-0.9% (YTD: -21.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.75% repo	4.25% reverse repo
EGX30	38,162	+0.2% (YTD: +28.3%)
ADX	10,192	-0.1% (YTD: +8.2%)
DFM	6,041	-0.4% (YTD: +17.1%)
S&P 500	6,875	+1.2% (YTD: +16.9%)
FTSE 100	9,654	+0.1% (YTD: +18.1%)
Euro Stoxx 50	5,711	+0.6% (YTD: +16.7%)
Brent crude	USD 65.46	-0.2%
Natural gas (Nymex)	USD 3.37	-2.1
Gold	USD 4,009	-0.3%
BTC	USD 114,094	-0.5% (YTD: +22.1%)
Sukuk/bond market index	915.66	+0.1% (YTD: +1.5%)
S&P MENA Bond & Sukuk	152.49	0.0% (YTD: +9.0%)
VIX (Volatility Index)	15.79	-3.5% (YTD: -9.0%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.2% yesterday on turnover of SAR 5.4 bn. The index is down 3.5% YTD.

In the green: Rasan (+6.4%), Saudi Kayan (+5.7%) and Maharah (+5.1%).

In the red: SIDC (-3.0%), AWPT (-2.9%) and Liva (-2.8%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.9% yesterday on turnover of SAR 25.2 mn. The index is down 21.1% YTD.

In the green: Aictec (+8.7%), Taqat (+8.6%) and Amwaj International (+7.8%).

In the red: Apico (-12.3%), Rawasi (-9.4%) and Naas Petrol (-8.3%).

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.

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

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:

November: 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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