Real GDP grew 2.7% in 2024, Gastat says

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Opec+ to raise output, then hold steady through 1Q 2026

Good morning, ladies and gents, and welcome to another very busy day. Earnings season is truly in full swing, with Sabic, Americana Restaurants, Luberef, Almoosa Health, and Saudi German Health — among several others — reporting their earnings.

Leading this morning’s news well: The latest 2024 GDP revisions from Gastat, which says Saudi Arabia’s GDP grew at a 2.7% clip last year. This marks an upwards revision from the 1.3% growth rate reported previously.

AND- Almasar Education has set the price range for its upcoming Tadawul IPO.

^^We have these stories and more in this morning’s news well, below.

WEATHER- Skies remain windy and dusty over Makkah, Madinah and parts of the Eastern region today, while the rest of the Kingdom should expect clear skies.

Riyadh: 31°C high / 17°C low
Jeddah: 40°C high / 25°C low
Makkah: 37°C high / 26°C low
Dammam: 31°C high / 19°C low.

PSAs-

Schools in Riyadh switched to the winter schedule yesterday, with the morning assembly set for 6:45am and the first class at 7am, the General Admission in Riyadh said in a statement. The schedule will run until 17 February, 2026, with later start times during Ramadan, before returning to the summer schedule on 29 March, 2026, Saudi Gazette reports.

Riyadh, Tabuk, and Makkah’s residents: brace yourselves for fixed sirens today. The sirens will sound in Riyadh’s Diriyah, Al Kharj, and Al Dilam governorates, Makkah’s Jeddah and Thuwal, and across Tabuk governorates, state news agency SPA reported last month. Warning messages will be broadcast via the new tone at 1pm, the national alert tone at 1:10pm, and fixed sirens in designated areas at 1:15pm. The General Directorate of Civil Defense conducts these sirens to ensure community awareness and the system’s efficiency and readiness to respond.

WATCH THIS SPACE-

Saudi’s budget deficit is expected to narrow to SAR 220-215 bn for the year, about SAR 30-25 bn lower than the government’s forecast of SAR 245 bn, fueled by Opec’s decision to increase oil output, Chief Economist at Riyad Bank Naif Alghaith told Asharq (watch, runtime: 05:16). Alghaith attributed the wider deficit in 3Q 2025 to lower oil revenues and the government’s decision to increase spending.

Background: Saudi’s budget deficit widened to SAR 88.5 bn in 3Q 2025, from SAR 34.5 in the second quarter, according to the Finance Ministry’s quarterly budget performance report. The deficit — the highest in five years — was driven by a 13% decline in revenues to SAR 269.9 bn during the quarter, while expenditures increased 6% y-o-y to SAR 358.4 bn.

InterContinental Hotels Group (IHG) aims to increase its portfolio in the Kingdom by 50% over the next five years and to 200 hotels — more than double — in the next decade, amidst the rapidly growing tourism sector, IHG CEO Elie Maalouf told Al Arabiya on the sidelines of the Future Investment Initiative (watch, runtime: 2:40). In the 50 years since entering the Saudi market, IHG currently has 46 hotels operating, with 60 more in the pipeline.

DATA POINTS-

Expatriate remittances rose 19.6% y-o-y in the first nine months of 2025 to SAR 125.2 bn, compared to SAR 104.7 bn a year earlier, according to Al Arabiya ’s calculations based on data from Saudi Central Bank. Meanwhile, remittances reached SAR 41.6 bn in 3Q 2025, up 12.3% y-o-y, marking the third consecutive quarter above the SAR 40 bn level. In September alone, remittances climbed 9.2% y-o-y to SAR 13.6 bn.

Budget airline flyadeal led Saudi carriers in September with an 91% on-time arrival rate and the highest on-time departure rate at 93%, the General Authority of Civil Aviation said on X yesterday. National carrier Saudia followed with an 89% on-time arrival rate and 81% on-time departure rate, while flynas recorded an 84% on-time arrival rate and an 85% 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 led with an 87% on-time departure rate, followed by King Abdulaziz International Airport with an 80% on-time departure rate.

OIL WATCH-

Opec+ has agreed to bump production by another 137k bbl / d next month, then pause hikes throughout 1Q 2026, according to a press release. The group approved the same additional number of barrels for October and November as part of its gradual unwinding of its 1.65 mn bbl / d voluntary cuts. Saudi Arabia’s production share will be at around 10.1 mn bbl / d until March, while the UAE’s will be some 3.41 mn bbl / d. The next meeting is scheduled for 30 November.

The pause in 1Q 2026 will leave the oil cartel with some 1.2 mn barrels a day to restore from its current supply tranche, Bloomberg reports.

The actual output gains have lagged behind official targets, as some member states compensate for past overproduction while others face technical or capacity constraints, the business news information service said. With cooling demand in China and rising supply across the Americas, the market is already tipping into oversupply, Bloomberg added, citing trading firm Trafigura Group.

While US sanctions on Russian oil companies helped stabilize prices after a five-month low, it’s too early to fully assess their broader market implications, according to one Opec+ delegate.

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THE BIG STORY ABROAD-

No single story is dominating today’s headlines, but a few are getting top billing:

Israel threatened to increase its attacks against Hezbollah in Lebanon with Israeli Prime Minister Benjamin Netanyahu saying that Israel “shall take whatever action is required” to prevent Hezbollah from opening a new front. Meanwhile, US special envoy Tom Barrack warned that time is running out for Lebanon’s government to enforce the ceasefire deal struck last year, which requires Beirut to disarm Hezbollah, something both Israel and Washington say the group is actively refusing. (Bloomberg | New York Times | Guardian)

ALSO WORTH READING THIS MORNING‑ Top AI labs including Google DeepMind, Anthropic, OpenAI and Microsoft are racing to plug a new security hole in large language models that allows hackers to embed commands in emails or websites and trick the models into spilling confidential data, the Financial Times report.

AND- US envoys are accused of deploying “bully‑boy tactics” to intimidate diplomats from Africa, the Pacific, and the Caribbean into sidelining the UN-backed Net Zero Framework for global shipping, writes the Financial Times.

Gastat updates its 2024 GDP figures

Real GDP grew 2.7% y-o-y in 2024, according to updated figures (pdf) from the General Authority for Statistics (Gastat), with non-oil activity growing 6% y-o-y and government activities seeing 3.3% growth, offsetting a 4.5% decline in oil activity. This is up from its previous estimate of 1.3% growth previously recorded for the same year.

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REMEMBER- Gastat has recently updated its nominal and real GDP historical data over 2011-2024 as part of a revision project that looks to better capture the economic transformation taking place in the Kingdom with more detailed insights over the performance of key sectors in the economy. The revised methodology will align with global standards by assessing growth rates “based on the weights and prices of the year preceding the measurement year,” with the tracked number of economic activities jumping to 134.

Wholesale and retail trade, restaurants, and hotels activities grew at the fastest pace, climbing 6.4%, followed by financial services, ins., and business services activities, which saw a 5.7% increase. Electricity, gas, and water followed with a 4.9% rise, while crude oil and natural gas activities fell 6.4%.

Sector breakdown: Crude oil and natural gas has the highest share of GDP at 19.7%, followed by government activities at 16.7%, and wholesale and retail activities which accounted for 10.6% of total GDP. Finance, ins., and business services holds a 7% share, while real estate holds a 6.8% share. Construction activity and transport, storage, and communication each account for 5.8% of GDP.

Almasar Education markets Tadawul IPO at SAR 18.5-19.5 per share

Almasar Education is guiding on a price range of SAR 18.50-19.50 for its mainmarket IPO, it said in a press release. At the top of the range, the sale could raise up to SAR 599 mn, valuing the company at roughly SAR 2 bn at listing. That figure falls short of earlier expectations, after Reuters reported last year that the offering could fetch around USD 300 mn in proceeds.

REFRESHER- Almasar, formerly Amanat Education, is taking a 30% stake to market via a secondary sale of 30.7 mn shares. The IPO will see its sole owner Dubai-based Amanat Holdings offload part of its stake and pocket all the proceeds, barring SAR 38 mn to cover listing expenses. Amanat will retain a 70% holding in Almasar post-IPO, with the remaining shares subject to a six-month lock-up period.

What’s next? Institutional investors have until Thursday, 6 November to place orders, with a maximum subscription of 5.1 mn shares each and a minimum of 100k. The retail tranche will open later this month between 18-20 November, during which individual investors can apply for up to 250k shares each. Final allocations will take place on Wednesday, 26 November.

ADVISORS- Our friends at EFG Hermes co-managed bookbuilding alongside SNB Capital, who is quarterbacking the transaction as the financial advisor, bookrunner, and underwriter. Clifford Chance is providing counsel to the issuer, while Baker Mackenzie is advising the bookrunner. PwC is handling financial and tax due diligence, Euromonitor International is providing market research, and Deloitte is acting as the auditor.

Receiving agents include EFG Hermes, SNB Capital, Riyadh Capital, Saudi Fransi Capital, AlJazira Capital, Yaqeen Capital, AlBilad Capital, ANB Capital, Derayah Financial, AlRajhi Capital, Alistithmar Capital, Alinma Investment, Sab Invest, Alkhabeer Capital, Sahm Capital, GIB Capital, Musharaka Capital, and Awaed Al Osool Capital.

ALSO IN THE PIPELINE-

Coldchain manufacturer Consolidated Grunenfelder Saady Holding was cleared to list 30% of its shares on Tadawul’s main market;
IT firm Ejada Systems, which missed its six-month IPO window, is set to resubmit an IPO application to the CMA;
PIF-backed Saudi Global Ports, Tabreed District Cooling, Medical procurement firm Nupco, Riyad Capital, and BNPL platform Tabby are among companies that tapped banks for potential IPOs;
F&B players Barns, Half Mn, Deemah, and Hashi Bashi are said to be sounding out banks for potential debuts on the main market;
Almosafer is preparing for a public listing on Tadawul by late 2025 or early 2026;
Alternative hospitality platform Gathern, local contractor Mutlaq Al Ghowairi Contracting (MGC), PIF-backed CloudKitchens, fast delivery app Ninja, Meal subscription startup Calo, Emkan Finance, and Tamweel Aloula are all said to be considering Tadawul IPOs.

EFG Holding’s Karim Awad, Mohamed Ebeid talk resilience and financial deglobalization at FII9

How to build a resilient company — and ensure its survival amid headwinds: EFG Holding has focused on building a resilient and shock-immune company over the past several years as the goal became “not a choice, but a matter of survival,” CEO Karim Awad said at FII9 in Riyadh last week, where EFG Hermes was the only Egyptian private sector participant (watch, runtime: 24:34). For EFG Holding — particularly considering the volatility of the Egyptian market and its macro conditions over the past several years — embedding resilience and building a shock-ready business model were existential imperatives, Awad said.

When its core capital market business began facing volatility following the 2011 revolution, EFG focused first on controlling internal variables. “The first thing that we had to do to build a resilient model is control what we had under our control, which was our cost base. We started cutting our costs and became leaner to make sure that if any further shocks come in the future, we’re ready for them.”

Beyond cost reduction, EFG Holding had to fundamentally break and rebuild its structure. The strategy required abandoning comfortable, profitable but ultimately “non-synergistic” assets, pointing to EFG’s decision to exit Credit Libanais in 2018. The move to sell the asset and pivot came as the firm prioritized building a resilient structure. EFG Holding has also focused on diversification — both geographically and through lines of business — with an expanded presence and commitment across the region.

That entailed investing “a lot more effort” into markets like Saudi Arabia, Kuwait, and the UAE, while product diversification helped EFG mitigate its exposure to capital markets volatility. These diversified products provide “annuities and make sure that the business is shock ready for anything that comes in the future.”

Leading successful transitions with the aim of building a resilient business also requires governance, Awad stressed. Leaders need to be willing to “break things again,” even if it means sacrificing short-term performance in favor of the long-term strategy: “You have to have a patient board because sometimes breaking things means that you do not have the actual quarterly earnings that you want to achieve and that things take time to build.”

ALSO FROM FII9: EFG’s Ebeid touches on the regional angle of financial deglobalization: Capital flows in the Middle East have seen a gradual recalibration, with a shift from “just exporting capital” from the GCC in particular towards a more balanced capital flow structure where partnerships are the name of the game, Mohamed Ebeid, Co-CEO of EFG Hermes said at FII9 (watch, runtime: 28:40). Speaking at a panel alongside Islamic Development Bank Chairman Muhammad Al Jasser and Head of Investment and Corporate Banking at Mizuho Americas, Michal Katz, among others, Ebeid noted that “there have been a lot of partnerships coming from international investors; rather than just trying to do one-time offshore business, now they’re doing it more with local institutions and sovereign wealth funds in a more balanced way.”

That shift has also presented itself in how financing happens: “Rather than looking at global syndication from global banks, there have been sovereign sukuk issuances from governments [in the region] and different local institutions. There’s more dependency on regional private wealth, Ebeid noted. EFG Hermes’ IPO agreements also tell the same story in ECMs: In 2024, EFG Hermes led c.USD 18 bn worth of ECM transactions, with local and regional institutions, family offices, and high net worth individuals accounting for 70% on average of any transaction.

Jazan lands EUR 10 bn auto plant deal with China’s Xincheng Jiao

The Jazan Chamber of Commerce and Industry signed a cooperation agreement with China-based Xincheng Jiao Technology to build a vehicle manufacturing plant in Jazan, with investments worth around EUR 10 bn (SAR 43.3) over 15 years, the chamber said on X on Thursday. Specific timelines weren’t disclosed.

What we know: The new facility will cover all stages of vehicle manufacturing — from assembly and component production to research and development of advanced mobility technologies. The agreement covers cooperation in site selection, government coordination, and future research into high-efficiency and clean energy vehicles.

Why Jazan? The city was chosen for the project “for its strategic location, international seaport, and expansive industrial zone,” making it “an ideal environment to attract heavy and high-tech industries, including automotive manufacturing,” Jazan Chamber Secretary-General Majid Al Jawhari told Asharq Al Awsat. The agreement comes after Al Jawhari led a 12-day investment mission to China, which saw 45 agreements and MoUs signed with Chinese companies across energy, education, logistics, technology, tourism, and real estate, with a total investment ticket of USD 11.8 bn.

REFRESHER- The Jazan Chamber was seeking bidders earlier this year for a SAR 302.3 mn cars and trucks batteries production project in the Jazan Economic Special Zone. With an annual production capacity of 1 mn batteries, the project will help meet local demand, reduce imports, and cut logistics costs due to its proximity to Jazan Port.

Sabic back in black but 3Q net income dips 56% y-o-y + a flurry of 3Q earnings

SABIC-

Saudi Basic Industries (Sabic) returned to the black after several quarterly losses, posting a net income of SAR 440 mn in 3Q 2025, though still down 56% y-o-y, it said in a disclosure to Tadawul yesterday. The results missed Bloomberg analysts’ net income expectations of SAR 729 mn. Meanwhile, revenues also dipped 6.9% y-o-y to SAR 34.3 bn.

The drivers: Lower selling prices and volumes continued to weigh on margins and utilization rates, partly offset by reduced operating costs from Sabic’s transformation program, and stronger earnings from associates and joint ventures.

An industry-wide glut: The quarter reflected a “moderately improving” global backdrop, but persistent industry overcapacity and weak demand continued to pressure gains, CEO Abdulrahman Al Fageeh commented in the earnings release (pdf). The global chemicals downturn has similarly hit other producers, leading to asset sales and project closures across the sector, Bloomberg reports.

On a 9M basis, Sabic recorded a net loss of SAR 4.8 bn, down from a net income of SAR 3.4 bn over the same period last year. Revenues also inched down 0.8% y-o-y to SAR 104.5 bn.

REMEMBER- Fitch affirmed Sabic’s A+ (stable) credit rating last month, citing its cost leadership, geographic diversification, and conservative financial profile. Meanwhile, the company is reportedly stalling progress on the potential IPO for its subsidiary, National Industrial Gases (Gas) after cancelling investor meetings.

Looking ahead, Sabic expects a slight increase in sales volumes in 4Q and will continue cost reductions under its restructuring program, which has already delivered USD 300 mn in cost savings this year, Al Fageeh said at a press conference (watch, runtime: 13:24). The company is also reviewing its asset portfolio and maintained its capex forecast of USD 3-3.5 bn, expressing confidence in its ability to navigate market volatility. Meanwhile, Bloomberg analysts expect Sabic to face continued pressure from an oversupply in key petrochemical products and weak pricing, though Sabic’s diversified portfolio and fixed feedstock costs should provide some support.

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AMERICANA-

ADX and Tadawul-listed F&B giant Americana Restaurants posted a net income of USD 42.9 mn in 3Q 2025, up 14.7% y-o-y, according to an earnings release (pdf). Revenue also rose 12.2% to USD 622.7 mn during the quarter.

For the first nine months of the year, net income grew 15.3% y-o-y to USD 135.4 mn, while revenue climbed 14.4% to USD 1.6 bn on the back of stronger sales, portfolio expansion, menu innovation, digital engagement, and operational efficiency, according to the release. The company opened 68 new stores and integrated 46 restaurants from Pizza Hut Oman, bringing the total store count to some 2.7k across 12 countries.

Americana maintained a net income margin of 7.4%, the same as last year, despite USD 11.3 mn in new taxes resulting from regulatory changes in key markets and a high comparison base from 9M 2024.

ARABIAN DRILLING-

Arabian Drilling reported a net loss of SAR 9.4 mn in 3Q 2025, compared with SAR 84.8 mn in net income during the same period last year, it said in a disclosure to Tadawul yesterday. Meanwhile, revenue edged down 3.2% y-o-y to SAR 835.4 mn over the quarter. The dip was attributed to lower rig activity in both offshore and land segments, partially offset by unconventional activity kicking off in 1Q 2025.

On a 9M basis, the company’s net income dropped 70.8% y-o-y to SAR 73.3 mn, while revenue declined 5.8% y-o-y to SAR 2.6 bn.

Looking ahead: The company expects to resume operations for two offshore and three onshore rigs in the Kingdom in 1Q 2026, restoring about half of its capacity, CEO Ghassan Mirdad told Asharq Business (watch, runtime: 3:34). The company’s focus is on restarting the rigs quickly, adding that five others are bidding in overseas tenders and that no new acquisitions are planned for now.

LUBEREF-

Saudi Aramco Base Oil Company (Luberef) saw its net income rise 23.4% y-o-y to SAR 278.8 mn in 3Q 2025, buoyed by increased crack margins for base oil and by-products, it said in a disclosure to Tadawul yesterday. Meanwhile, revenue slipped 13.6% to SAR 2.2 bn on the back of reduced prices and sale volumes for base oil and by-products.

On a 9M basis, the company’s bottom line dipped 2.4% y-o-y to SAR 745.5 mn, while its top line was down 11.8% y-o-y to SAR 6.5 bn.

ALMOOSA HEALTH-

Almoosa Health Company reported an 84.9% y-o-y rise in net income to SAR 51.6 mn in 3Q 2025, supported by higher patient volumes and the opening of new medical centers in Al Ahsa and Al Khobar, it said in a disclosure to Tadawul (pdf) yesterday. Meanwhile, revenue rose 15.5% y-o-y to SAR 356.4 mn on growth across inpatient and outpatient services and expanded specialty offerings.

On a 9M basis, Almoosa’s net income surged 282.6% y-o-y to SAR 154.5 mn, while revenue climbed 18.2% y-o-y to SAR 1 bn.

ALSO- The company’s board approved a SAR 15.5 mn dividend payout for 3Q 2025 at SAR 0.35 apiece, it said in a separate disclosure. The distribution date is set for Thursday, 20 November.

ELM COMPANY-

Elm Company’s net income rose 12.2% y-o-y to SAR 559 mn in 3Q 2025, despite higher operating and finance expenses, it said in a disclosure to Tadawul. Meanwhile, revenue jumped 35.5% y-o-y to SAR 2.5 bn, driven by strong demand for digital transformation and outsourcing solutions.

On a 9M basis, the company’s net income increased 23.7% y-o-y to SAR 1.6 bn, while revenue grew 26.1% y-o-y to SAR 6.7 bn.

UMM AL QURA-

Umm Al Qura for Development and Construction’s net income soared 341.9% y-o-y to SAR 516.6 mn in 3Q 2025, reaching an all-time high on the back of higher revenues from land sales for hospitality and residential projects, it said in a disclosure to Tadawul (pdf) yesterday. Similarly, revenue surged 374.7% y-o-y to SAR 1.3 bn, marking the company’s “strongest quarterly financial results to date,” CEO Yasser Abuateek said.

By the end of the quarter, Umm Al Qura finalized agreements for 62 out of 204 investment plots — around 30% of its total land bank — covering land sales, leases, and joint ventures.

Over the first nine months, the company’s net income rose 195.4% y-o-y to SAR 912.9 mn, supported by a 137.2% increase in revenue to SAR 2.4 bn.

WALAA COOPERATIVE INS.-

Walaa Cooperative Ins. turned to the red with a net loss of SAR 9.7 mn y-o-y in 3Q 2025, compared to a net income of SAR 20.1 mn a year earlier, it said in a filing to the bourse yesterday. The decline was driven by higher net ins. service losses by the motor and property and specialty non-linked segments, lower net investment income, and higher operating expenses. Ins. revenues also edged down 2.6% y-o-y to SAR 874.2 mn.

On a 9M basis, the company saw a net loss of SAR 127 mn, down from a net income of SAR 84.4 mn, while ins. revenues slipped down 4.5% y-o-y to SAR 2.3 bn.

Saudi Chemical-

Saudi Chemical saw its net income increase 19.5% y-o-y to SAR 87.2 mn in 3Q 2025, boosted by higher operating income, lower joint venture losses, and reduced derivative revaluation losses, it said in a disclosure to Tadawul yesterday. Meanwhile, revenue jumped 32.1% y-o-y to SAR 1.8 bn, on the back of higher sales volumes.

On a 9M basis, its bottom line edged up 0.6% y-o-y to SAR 238.5 mn, while revenue saw a 12.7% y-o-y uptick to SAR 5.2 bn.

SADAFCO-

Saudia Dairy and Foodstuff Company (Sadafco) reported a 34.6% y-o-y increase in net income to SAR 184.5 mn in 3Q 2025, supported by higher sales and a one-off gain from the sale of a property in Riyadh, it said in a Tadawul disclosure yesterday. Revenue edged up 2.1% y-o-y to SAR 806.5 mn, as the company maintained its market leadership in key categories.

Over the first nine months, the company’s bottom line grew 9.5% y-o-y to SAR 428.3 mn, while its topline rose 6.3% y-o-y to SAR 2.4 bn.

SPIMACO-

Saudi Pharma Industries and Medical Appliances (Spimaco) reported SAR 43.6 mn in 3Q 2025 net income, compared to a net loss of SAR 9.3 mn in the same quarter last year, according to its earnings release (pdf) published yesterday. The growth is attributed to a reduction in G&A expenses and impairment charges, and an increase in other income. Meanwhile, revenue declined 7.2% y-o-y to SAR 415.3 mn due to an 18% decline in private sales revenue and a 36% drop in international sales revenue.

On a 9M basis, the company saw its bottom line surge 220.3% y-o-y to SAR 154.7 mn, while its top line inched up 0.3% y-o-y to SAR 1.3 bn.

SAUDI GERMAN HEALTH-

Saudi German Health’s net income fell 36.9% y-o-y to SAR 40.3 mn in 3Q 2025, weighed down by higher operational and administrative expenses and a larger share of losses from Al Sobh Investment Holding Limited Hospital, which recently began operations, it said in a filing to the bourse yesterday. Meanwhile, revenues rose 5% y-o-y to SAR 769 mn, thanks to higher inpatient and outpatient volumes and the expansion of operational bed capacity across select facilities.

On a 9M basis, net income increased 54.7% y-o-y to SAR 264.1 mn while revenues were up 7.5% y-o-y to SAR 2.3 bn.

Almoosa Health Americana Restaurants Arabian Drilling EARNINGS WATCH Elm Company Saudi Aramco Base Oil Company (Luberef) Saudi Basic Industries (Sabic) Saudi Chemical Saudi German Health Saudi Pharmaceutical Industries and Medical Appliances Corp. (Spimaco) Saudia Dairy and Foodstuff Co. (SADAFCO) Umm Al Qura for Development and Construction Company Walaa Cooperative Ins.

7

MOVES

Saudi Broadcasting Authority chose Ali Alzaid as its new CEO

Media Minister and Chairman of the Saudi Broadcasting Authority (SBA) Salman Al Dossary tapped Ali Alzaid (LinkedIn) as SBA’s new CEO, the authority said in a statement on Friday. Al Zaid brings over two decades of experience in media and journalism, having held executive roles including the President of the Saudi Press Agency since September 2024, along with providing consultancy to the media minister in 2018. He also was the editor-in-chief at Makkah Newspaper and Al Marefah Magazine, while being deputy editor-in-chief at Al Watan.

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Crown Prince’s Washington trip expected to advance US-Saudi defense pact, not Israel ties

Speculation over Crown Prince Mohammed bin Salman’s mid-November visit to the US is leading the conversation on Saudi Arabia in the foreign press, as US President Trump signals that Saudi-Israel normalization is “very close” and could be finalized by year-end. Trump’s statements come contrary to the views of most analysts and insiders, who say that such a development is not a priority for the Kingdom — and may even be “virtually impossible” under current conditions, the New York Times reports.

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Defense pact and nuclear ambitions top the agenda, as sources familiar with the matter told the newspaper Riyadh and Washington are preparing to sign a mutual defense pact modeled after the US-Qatar agreement. Saudi Arabia is also seeking to acquire F-35 stealth fighter jets and US assistance for a civilian nuclear program — both viewed as strategic goals for bin Salman. Securing these agreements, even if it is short of a Congress-ratified treaty, would mark a significant diplomatic gain for the Crown Prince.

The newspaper is echoing the wide belief that normalization still hinges on Palestinian statehood. Normalization is predicated on Israel taking an “irrevocable, major step” toward creating a Palestinian state — a long-standing Saudi condition, said Saudi commentator Ali Shihabi. With Israeli Prime Minister Benjamin Netanyahu’s coalition opposing Palestinian statehood, analysts see little prospect for progress. Without addressing the “root causes” of the Israeli-Palestinian conflict, normalization would be politically untenable in the Kingdom, said Bader Al Saif Kuwait University history professor.

TechnoVal and Magna AI to build Saudi AI data center in USD 300 mn alliance

AI-

Magna AI X TechnoVal alliance: Home-grown TechnoVal signed a USD 300 mn MoU with Magna AI during GITEX Global 2025 in Dubai to advance AI-driven industrial transformation across the Mena region, according to a press release published yesterday. The partnership includes plans to build a joint AI and cloud data center in the Kingdom to support both public and private sector workloads.

About TechnoVal: Founded in 2020, TechnoVal is a SAP gold partner and digital solutions provider specializing in enterprise systems, cloud services, and managed IT operations. The company supports clients across sectors such as manufacturing, energy, and finance, helping businesses modernize processes and integrate intelligent technologies across their operations, according to its website.

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TELECOM-

STC Group partners with Telefónica Global Solutions (TGS) to deliver satellite communication services across low, medium, and geostationary Earth orbits, according to a press release published yesterday. The collaboration focuses on developing advanced satellite connectivity solutions to support key sectors including maritime operations, aviation, emergency services, and remote area connectivity in the Kingdom, the Middle East, and global markets.

Some 80% of private equity firms to turn into zombie firms in the next 10 years as fresh capital dries up

The private equity industry is spooked — and it’s not just because of Halloween. Private equity is finding it increasingly difficult to raise fresh capital, leading the CEO of Swedish PE firm EQT, Per Franzén, to predict that some 80% of all private equity firms could turn into zombie firms by 2035 in comments to the Financial Times.

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Forget witches and ghosts, zombie firms are a more formidable spectre haunting the industry, which happens when an investment firm can no longer raise money for new funds and remains operational to manage the companies and investments it already has. Like the undead, these firms are technically alive, but are dead insofar as they no longer seal new acquisitions or raise fresh funds while they run down their existing investments.

It’s not just a nightmare on Wall Street, but a global issue, with only a third of the 15k or so PE firms having raised funds in the last seven years, according to Franzén. Of these 5k firms with some recent fundraising success, Franzén sees less than half of them carrying on this success in the next 5-10 years. But there’s good news for the largest firms with established global footprint, with 50 to 100 such firms expected to rake in 90% of all fresh funds in the next fundraising period.

REMEMBER- Hopes for a rebound of the sector at the start of the year began to fall apartby early April, when a fresh round of US tariffs sent markets wobbling after a strong start to the year. Transaction value in April fell 24% below the 1Q average, and dealcount dropped 22%, according to Bain and Company’s Private Equity Midyear Report 2025. Now, more than 18k funds are chasing USD 3.3 tn in capital — or USD 3 of demand for every USD 1 available — according to the report.

MARKETS THIS MORNING-

Asian markets are in the green this morning, with the Kospi leading gains (+2.4%) The Nikkei (+2.1%), Hang Seng (+0.5%), and Shanghai Composite (+0.1%) are looking at more moderate gains.

TASI	11,536	-1.0% (YTD: -4.2%)
MSCI Tadawul 30	1,498	-1.2% (YTD: -0.7%)
NomuC	24,944	-0.3% (YTD: -20.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.5% repo	4.0% reverse repo
EGX30	38,083	-0.5% (YTD: +28.1%)
ADX	10,100	-1.1% (YTD: +7.2%)
DFM	6,059	-0.8% (YTD: +17.5%)
S&P 500	6,840	+0.3% (YTD: +16.3%)
FTSE 100	9,717	-0.4% (YTD: +18.9%)
Euro Stoxx 50	5,662	-0.7% (YTD: +15.7%)
Brent crude	USD 65.03	+0.4%
Natural gas (Nymex)	USD 4.10	-0.5%
Gold	USD 4,002	+0.2%
BTC	USD 110,567	+0.5% (YTD: +18.2%)
Sukuk/bond market index	916.09	-0.3% (YTD: +1.6%)
S&P MENA bond & sukuk	152.05	-0.2% (YTD: +8.7%)
VIX (Fear gauge)	17.44	+3.1% (YTD: +0.5%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1% yesterday on turnover of SAR 4.4 bn. The index is down 4.2% YTD.

In the green: Senaat (+10.0%), ACIG (+6.0%) and UCIC (+5.1%).

In the red: Naseej (-7.6%), Americana (-6.8%) and Saco (-6.0%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.3%yesterday on turnover of SAR 12.2 mn. The index is down 20.8% YTD.

In the green: Al Muneef (+9.7%), Aqaseem (+7.7%) and TMC (+6.7%).

In the red: HKC (-10.0%), NGDC (-6.0%) and Mobi Industry (-5.6%).

CORPORATE ACTIONS-

Mohammed Hadi AlRasheed received the Capital Market Authority’s approval for a SAR 60 mn capital boost to SAR 180 mn, via issuing one bonus share for every two existing ones, the authority said in a statement yesterday. The company will fund the increase via its retained earnings, increasing the company’s share to 18 mn. Shareholder and regulatory approvals are still needed for the hike.

Academy of Learning Company received the greenlight from the Capital Market Authority to raise its capital by SAR 45 mn to SAR 135 mn, a move that will be funded by retained earnings through issuing one bonus share for every two existing ones, the authority said in a statement yesterday. The move is still pending regulatory and shareholder approval.

CALENDAR

NOVEMBER

1-8 November (Saturday- Saturday): WTA Tour Finals, Riyadh.

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

5-6 November (Wednesday-Thursday): 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.

3-5 December (Wednesday-Friday): Beyond Profit Forum, Ritz-Carlton Hotel, 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.

19 December (Friday): The 2025 Saudi Toyota Championship wraps up.

25 December (Thursday): Title title deed registration deadline 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): Title deed registration deadline for 54k properties in 77 neighborhoods across Riyadh, Makkah, and the Eastern Province.

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.

15 January (Thursday): Title deed registration deadline for 31.7k properties in 14 neighborhoods in the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 157.3k properties in 78 neighborhoods across the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province.

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.

9-10 February (Monday-Tuesday): Global Games Show Riyadh 2026, Malf Hall, 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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