Aramco logs a surprisingly strong 3Q. PLUS: Non-oil private sector growth hits nine-month peak in October

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Crown Prince to visit Washington for defense, nuclear talks

Good morning, everyone. 3Q earnings are taking over today’s issue, led by Saudi Aramco’s surprisingly strong results as pressures from oil price drops are starting to wane. We also have the third quarter performance reports from Al Othaim Markets, Marafiq and many more.

Also leading this morning’s news well: October was a strong month for non-oil private sector growth, with the highest expansion rate since January and the second highest in almost 11 years. Let’s dive in.

HAPPENING TODAY-

#1- Sahat Almajd Trading Company rings the opening bell on the Nomu parallel market today, according to a Tadawul disclosure. The company’s shares will be allowed to trade within a 30% price fluctuation cap and a static 10% band.

REFRESHER- The firm floated a 12.5% stake — good for up to 4.4 mn shares — at SAR 7 apiece in a primary offering on Tadawul’s parallel market. Proceeds, excluding SAR 2 mn in IPO-related costs, will be used to fund Sahat Almajd’s growth plans and widen its operational assets by an estimated SAR 50 mn.

#2- The Biban Forum kicks off today at the Riyadh Front Exhibition and Conference. The four-day event, organized by Monsha’at, is expected to attract visitors from 150 countries, featuring discussion panels with 200 speakers, interactive workshops, and up to 1k exhibitions of breakthrough innovations targeting startups and SMEs.

Monsha’at expects to sign over SAR 20 bn worth of agreements during the forum, designated for SME funding, spokesman Bader Al Nadi told Asharq yesterday (watch, runtime: 06:05).

#3- Attention, aspiring MBA students. The SEED Business School Festival at Mariott Jeddah will give you the chance to discover Master’s programs, get your application fee waived, and take part in workshops. The event is free to attend, but make sure to register through the SEED Global Education website. The event will run from 4:30pm. For more information, check out Newton Education Services’ social media channels.

#4- The Digital Government Forum starts today at the JW Marriott Hotel, Riyadh, bringing together over 2k participants, including 400 government entities and 100 companies and entrepreneurs, with more than 30 workshops on the agenda. The two-day event will highlight success stories in the Kingdom’s digital transformation, showcase innovation in public services, and explore future trends and potential investments in the digital sector.

#5- Jewellery Salon 2025 kicks off today at Al Faisaliah, Riyadh, gathering 500 exhibitors and 50k trade visitors, featuring leading jewellers, designers, and watchmakers from around the world and the opportunity to network, showcase new collections, and form partnerships in the regional luxury market.

WEATHER- Blue skies are all over the Kingdom, with Riyadhset to see a 29°C high and a 15°C low.

Jeddah: 36°C high / 26°C low
Makkah: 37°C high / 28°C low
Dammam: 30°C high / 20°C low.

WATCH THIS SPACE-

#1- Crown Prince Mohammed bin Salman’s first visit to the US in seven years is scheduled for Tuesday, 18 November, where he will sit down with US President Donald Trump to advance major defense and nuclear agreements for the Kingdom, Reuters reported on Monday, citing an unnamed White House official. The visit is expected to center on a proposed US-Saudi defense pact modeled after the US-Qatar agreement, with Riyadh also seeking US support for a civilian nuclear program and the purchase of F-35 fighter jets.

REMEMBER- While Trump has expressed confidence earlier this week that Saudi-Israel normalization is “very close”, Saudi officials and analysts have maintained that progress toward Palestinian statehood remains a prerequisite and that normalization may even be “virtually impossible” under current conditions.

#2- Hilton will open two new hotels in Saudi Arabia as part of its 2026 global expansion, it said in a press release. The Conrad Riyadh Laysen Valley, a 170-room property marking the Conrad brand’s debut in the capital, will be located in the Laysen Valley mixed-use project opposite the Diplomatic Quarter and will feature an indoor pool, spa, and multiple dining outlets. Meanwhile, the Spark by Hilton Makkah Aziziyah will introduce Hilton’s premium economy brand to the Middle East and Africa, offering 329 rooms, complimentary breakfast, and dedicated prayer halls in the Aziziyah district, five km from Masjid al-Haram.

REMEMBER- Hilton plans to expand its Saudi Arabian footprint from 20 hotels to 100, aiming for 27k rooms by year-end, its Chief Development Officer for MEA Carlos Khneisser said in July. The global hospitality chain has 50 new hotels (21k rooms) across 14 brands under construction to capitalize on the Kingdom’s growing tourism industry. It recently clinched agreements to operate three resorts in Al Ahsa and a Waldorf Astoria.

#3- Geneva-based Union Bancaire Privée (UBP) inaugurated its Riyadh office, providing advisory and investment solutions to private clients and family offices, the bank said in a statement yesterday. UBP tapped Mishal Al Hawas (LinkedIn) as CEO and Head of Advising.

What they said: “Saudi Arabia is a strategic market for us and our clients and, with Mishal leading the way locally, we are confident in our ability to deliver the high-calibre, bespoke advice and service our clients expect,” Co-Head of Middle East and Africa at UBP Mohamed Abdellatif said.

The bank is joining a wave of international financial giants expanding into the Kingdom like JP Morgan Chase and Co., Goldman Sachs, Citigroup, Morgan Stanley, and BlackRock, along with Deutsche Bank expressing plans to tap the Saudi market during the Future Investment Initiative, and Goldman Sachs tripling its staff in Riyadh to about 60 employees.

#4- Subscription in Alinma Bank’s USD-denominated Tier 2 sukuk issuance closes at the end of trading day today, with a 10-year maturity and a call option after the fifth year, it said in a filing to Tadawul. The offer is open to eligible investors both in the Kingdom and abroad, with a minimum subscription of USD 200k at a par value. Offer price and yield are subject to market conditions.

The London Stock Exchange-bound Reg-S notes, announced earlier this week, are being issued under the lender’s trust certificate issuance program with proceeds earmarked to support its general banking operations.

ADVISORS- The lender tapped Alinma Capital, ASB Capital, Citigroup Global Markets, DBS Bank, Goldman Sachs International, JP Morgan Securities and Standard Chartered Bank as joint lead managers on the transaction.

#5- The halal economy has become a key pillar and the “next engine of growth” for an integrated Islamic economy, Saudi Gazette reported on Monday, quoting Sheikh Abdullah Saleh Kamel, President of the Islamic Chamber of Commerce and Development (ICCD), as saying at the Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC) meeting in Istanbul. Kamel also called for unified global halal standards to strengthen the role of Islamic countries in the global economy.

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THE BIG STORY ABROAD-

US midterm elections are taking over headlines this morning, with heated races across the country that will serve as a litmus test of whether President Trump’s policies are appealing to voters. Democratic socialist Zohran Mamdani has been projected to become New York City’s first Muslim mayor, beating Trump-supported Andrew Cuomo, while an anti-Trump campaign in Virginia managed to snatch a victory for its first female governor Abigail Spanberger. (Washington Post | Reuters | CNN | Financial Times)

ALSO- Chipmaker AMD’s sales beat analyst estimates in 3Q, logging a 36% increase to USD 9.25 bn. However, a revenue forecast of USD 9.6 bn for the fourth quarter alarmed investors who jumped in on the stock’s rally, leading shares to fall over 3% in extended trading.

AND- More tech layoffs? IBM said yesterday it will lay off “a low single-digit percentage” of its global workforce in 4Q. Just cutting 1% of the workforce would see 2.7k jobs lost, according to IBM’s headcount at the end of 2024. Layoffs have been getting more frequent lately, with Amazon cutting 14k jobs in October and Meta gutting its AI unit amid an increasing reliance on AI tools.

ALSO WORTH NOTING THIS MORNING-

Former US vice president Dick Cheney has passed away at 84. The “war on terror” architect is considered the most powerful VP in modern US history, overseeing devastating military interventions that included the 2003 Iraq war. (CNN)
Norway’s sovereign wealth fund is not going to vote for Elon Musk’s USD 1 tn pay package, concerned about “the total size of the award, dilution and lack of mitigation of key person risk.” (The Guardian)
Apple is getting ready to enter the low-cost laptop market, working on a budget Mac geared for light users, unnamed sources told Bloomberg.

Aramco logs a strong 3Q on increased oil production

Oil pressures did not hold Aramco back in 3Q: Saudi Aramco’s net income was slightly down 2.3% y-o-y to SAR 101 (USD 26.9 bn) in the third quarter, the oil giant said in an earnings release (pdf). The figure — up just shy of 19% compared to the second quarter — significantly outperformed the median estimate of analysts at SAR 88.8 bn, signaling easing pressure from lower oil prices as output volumes increased.

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

Revenue and sales income was down 10% y-o-y to SAR 418.2 bn (USD 111.5 bn) during the quarter. Aramco sold oil at an average realized price of just above USD 70 / bbl, compared to USD 79.3 in the same quarter last year. Lower prices for refined and chemical products also weighed down on revenue, partially offset by higher volumes sold.

In the first nine months, Aramco logged a net income of SAR 283.6 bn (USD 75.6 bn), a decrease of some 9.9% y-o-y. Revenue and sales income also inched down some 8.6% to SAR 1.25 tn, compared to 1.37 tn in the same period last year.

Dividends covered: The company’s free cashflow reached some USD 23.6 bn, up 7% y-o-y and significantly recovering from USD 15.2 bn logged at the end of the second quarter. The recovery is enough to cover 3Q dividends at USD 21.4 bn — including some USD 219 mn in performance-linked dividends — with distribution set for 26 Nov.

Net debt is also inching down for the first time since 2Q 2023, reaching USD 30.5 bn. The gearing ratio — an indicator of borrowing levels — slightly eased to 6.3%, compared to 6.5% in the second quarter.

IN CONTEXT- Oil prices have been under pressure this year, down some 13% since the year began to USD 65 a barrel following an Opec+ policy reversal that saw it quickly unwind production cuts since April. “There will always be a trade-off between targeting price and targeting volume. And the decision this year from Opec+ to unwind its restraint is showing that member nations want to target volume and market share,” acting chief economist at Emirates NBD told Bloomberg.

Aramco was able to adapt just fine, says President and CEO Amin Nasser. “We increased production with minimal incremental cost, and reliably supplied the oil, gas and associated products our customers depend on.”

The oil giant expects oil and gas demand to keep growing for decades to come, buoyed by consumption in developing markets particularly in Asia, Nasser said in an interview with CNBC. Demand will grow by 1.1-1.3 mn bbl / d this year and almost the same next year, he said.

Confident enough to raise targets: Aramco raised its 2030 gas production capacity growth target to some 80% above 2021 levels, compared to an earlier goal just above 60%. The increase is set to bring total production to some 6 mn barrels of oil equivalent per day, on the back of the unconventional gas expansion at Jafurah.

A chunk of capital spending is also going towards AI champion Humain, amid efforts transform the Kingdom into a global leader in the field, Nasser told CNBC. Aramco is targeting capital expenditures of USD 52-58 bn this year.

Market reax: Aramco’s share price was up 0.7%, closing at SAR 25.79. The price is down 8.16% YTD, narrowing the annual decline and moving in line with the TASI index.

The story made the rounds in the international press: Reuters | Bloomberg | Wall Street Journal | Associated Press

Non-oil private sector growth hits nine-month peak in October

The non-oil private sector in Saudi Arabia extended its expansion in October, hitting its fastest level since January and the second-fastest level since September 2014, according to the Riyad Bank Saudi Arabia PMI (pdf). The seasonally adjusted figure rose to 60.2 in October, up from 57.8 in September, yet it remains below January’s 60.5 peak. The acceleration is enhanced by improved operating conditions due to elevated demand and hiring momentum.

New orders inched up for the third month in a row during October, with 48% of the surveyed businesses citing the uptick to an improvement in sales, while only 4% reported a decline. “This improvement was supported by favorable economic conditions, a larger customer base, and higher levels of foreign investment, particularly from GCC and African markets.” Riyad Bank Chief Economist Naif Al Ghaith said.

Output levels saw a sharp increase in October, boosted by new orders’ uptick on the back of rising demand. “The rise in demand encouraged firms to expand production and workforce capacity at the fastest rate since 2009, as businesses expanded capacity to meet new workloads” Al Ghaith noted.

Purchasing activity picked up at the start of 4Q, evidenced by higher workloads and efforts to expand inventories. The growth rate of input stocks reached its highest level in seven months, according to the report. October saw a reduction in lead times, with firms citing “strong vendor relationships,” according to the report.

Job creation accelerated in October to hit its quickest rise in nearly 16 years, further driving the expansion of businesses and output activities. The sharp rise is a reflection of Saudi Arabian companies “expanding their production capacity to meet rising demand,” Argaam Investments’ Head of Specialized Research Ahmed Ramzy told EnterpriseAM.

Input cost pressures heightened in October, lifted by a steep rise in wage costs from salary revisions and bonus payments, in addition to higher costs of imported raw materials. Businesses opted to raise their selling prices at the fastest rate since May 2023.

Business sentiment: Non-oil firms maintained their positive outlook for the year ahead during October, albeit at a lower degree from that recorded in the previous month. Increased demand along with the ongoing projects are cited as key drivers for the overall positive outlook. Yet, some firms fear that competitive pressures may halt future growth prospects.

LOOKING AHEAD- The non-oil sector could achieve an annual growth rate of around 5% in 2026, should the PMI figure remain above 58 points until the end of the year. Ramzy states. “With inflationary pressures expected to emerge in the first half of next year due to rising input costs, the key challenge will be to strike a balance between sustaining growth and preserving price stability as the economy transitions from a government-driven expansion to one led by private-sector dynamics” he adds.

The GCC at large: “The non-oil activity in the Gulf region remained robust, but it is expected that it will not last any longer, particularly for Saudi Arabia”, Capital Economics’ James Swanston wrote in a research note seen by EnterpriseAM. “Weaker oil export receipts will reinforce the need for fiscal consolidation and will more than offset any boost from looser monetary policy, resulting in softer non-oil GDP growth,” he added.

Tourism employment up 4% y-o-y in 2Q 2025 to 997.4k workers

Employment in the tourism sector rose 4% y-o-y in 2Q 2025 to 997.4k workers, according to Gastat’s latest tourism statistics report (pdf). Saudi employees maintained their 24.8% share of the workforce at 247.6k workers, while the remaining 75.2% were non-Saudis. Male employees accounted for 86.8% of the workforce, while females made up 13.2%.

REMEMBER- The Kingdom will implement a three-phase Saudization plan for 41 private tourism professions, with phase one beginning in April of next year.

Hospitality facilities surged: The number of licensed tourism hospitality facilities jumped 58% y-o-y to 5.3k by the end of 2Q 2025, up from 3.4k a year earlier. Hotels made up 47.4% of the total at 2.5k, while serviced apartments and other facilities represented 52.6% at 2.8k.

Occupancy rate: Hotel room occupancy fell to 53.2%, down 2.2 percentage points y-o-y, while serviced apartments and other hospitality facilities saw occupancy dip by the same margin to 50.2%.

Room rates diverged: The average daily hotel room rate dropped 3.9% y-o-y to SAR 643, while rates for serviced apartments and similar facilities rose slightly by 1% to SAR 201.

Shorter stays: Hotel guests’ average stay declined 7.7% y-o-y to 4.8 nights in the quarter. Guests in serviced apartments and other facilities stayed an average of 2 nights, down 4.8% y-o-y.

Al Othaim, Marafiq, Gasco, and more post 3Q earnings

AL OTHAIM MARKETS-

Abdullah Al Othaim Markets reported SAR 17.5 mn in 3Q 2025 net income, falling 74.7% y-o-y, according to a Tadawul disclosure. Revenues for the quarter stood at SAR 2.7 bn, up 5.8% y-o-y.

The decline in net profit margins came on the back of spending on promotional campaigns to boost market share and higher operating costs from new store openings, Al Othaim said in the disclosure. Operational profit fell to SAR 47 mn, down 42.8% y-o-y, while gross profit remained stable at SAR 565.15 mn.

The company posted net income of SAR 134.98 mn in 9M 2025, down 40% y-o-y. Revenue, however, rose 3.95% to SAR 8.38 bn, supported by new store openings and diversified sales channels.

The drop in Al Othaim’s 9M bottom line was partially offset by higher rental and financing income from the Dammam mall lease contract and improved results from the labor services segment via its subsidiary, Mueen for Human Resources.

Dividends: Al Othaim’s board approved a cash dividend of SAR 108 mn, equivalent to SAR 0.12 per share (12% of par value), payable on 15 December, the company said in a separate disclosure.

Outlook: The company expects continued revenue growth from diversified channels and selective store expansion, although profitability may remain under pressure due to promotional activities and costs associated with new branches.

MARAFIQ-

The Power and Water Utility Company for Jubail and Yanbu (Marafiq) saw its net income drop 24.4% y-o-y to SAR 170.7 mn in 3Q 2025, weighed down mainly by higher fuel costs and increased power and water purchases, it said in a disclosure to Tadawul yesterday. Revenue rose 7.8% y-o-y to a little over SAR 2 bn, supported by higher power, water, and gas sales, along with stronger performance from its subsidiary Tawreed.

Over the first nine months of the year, Marafiq’s net income edged up 2.9% y-o-y to SAR 398.2 mn, while revenue slipped 1.3% y-o-y to SAR 5.1 bn.

ALDAWAA MEDICAL SERVICES-

Aldawaa Medical Services saw its net income fall 8% y-o-y to SAR 69.1 mn in 3Q 2025, it said in a disclosure to Tadawul yesterday. The decline was mainly due to costs tied to retail expansion, multi-channel and loyalty campaigns, and strategic investments. However, revenue rose 4.2% y-o-y to SAR 1.7 bn during the same period, supported by strong sales across retail and other verticals.

On a 9M basis, the company’s bottom line inched down 2.1% y-o-y to SAR 260.8 mn, while its revenue grew 6.3% y-o-y to SAR 5.1 bn.

Dividends:Aldawaa’s board greenlit a SAR 53.6 mn dividend payout at SAR 0.63 per share for 2Q 2025, it said in a separate disclosure. The distribution date is set for 23 November.

BAWAN COMPANY-

Bawan Company saw its net income surge 123.2% y-o-y to SAR 52.3 mn in 3Q 2025, driven by the consolidation of its newly acquired oil and gas industries business and higher sales in the electrical and plastics sector, despite higher financial and operating costs, it said in a disclosure to Tadawul yesterday. Revenue jumped 59.5% y-o-y to SAR 1.1 bn.

On a 9M basis, Bawan’s net income surged 83.9% y-o-y to SAR 139.2 mn, while revenue rose 34.8% y-o-y to about SAR 3 bn.

GASCO-

National Gas and Industrialization Company (Gasco) reported a 33.8% y-o-y increase in net income to SAR 69.7 mn in 3Q 2025, it said in a disclosure to Tadawul yesterday. Revenue grew 10.3% y-o-y to SAR 795.4 mn, driven by an increase in gas sales due to higher prices and volumes, as well as stronger sales of empty cylinders.

Over the first nine months, Gasco’s net income edged down 1.6% y-o-y to SAR 185.6 mn, while revenue rose 14.6% y-o-y to SAR 2.4 bn.

ALMUNAJEM FOODS CO.-

Almunajem Foods’ net income declined 21.7% y-o-y to SAR 31.7 mn in 3Q 2025, pulled down by increased operating expenses, accompanied with lower share gains from Balady Poultry Company, it said in a Tadawul disclosure yesterday. Meanwhile, revenue grew 2.2% y-o-y to SAR 816.1 mn during the quarter, buoyed by higher sales across all segments.

On a 9M basis, the company saw its bottom line shed 53% y-o-y to SAR 102.7 mn, while its top line inched down 0.5% y-o-y to SAR 2.5 bn.

CENOMI CENTERS-

Saudi retail real estate developer Cenomi Centers reported a net income of SAR 499.8 mn in 3Q 2025, reflecting a 52.3% y-o-y increase, according to a disclosure on Tadawul. Revenue decreased 6.1% y-o-y to SAR 551.3 mn.

On a 9M basis: The company’s net profit grew 37.97% y-o-y in the period ending 30 September 2025 to SAR 1.2 bn while revenues decreased 1.98% y-o-y to 1.7 bn.

The Saudi retail sector is expected to record an annual growth of over 5% until 2030, CEO Alison Rehill Erguven told Asharq Business (watch, runtime: 10:21) yesterday. From now and until 2028, the Saudi market is expected to need 3.5 mn sqm of new retail space, which the company will capitalize on, according to its estimates.

SAL SAUDI LOGISTICS-

SAL Saudi Logistics’s net income rose 16.3% y-o-y to SAR 180.9 mn in 3Q 2025, it said in a disclosure to Tadawul yesterday. Meanwhile, revenue grew 14.7% y-o-y to SAR 421.2 mn. The growth is attributed to a 13.1% rise in ground handling and a 28.1% increase in the logistics segment.

On a 9M basis, the company’s net income slipped 4.5% y-o-y to SAR 496.2 mn, while revenue declined 2.1% y-o-y to SAR 1.2 bn.

Dividends:SAL’s board approved a SAR 136 mn dividend payout for 3Q 2025 at SAR 1.70 per share, with distribution date set for Monday, 1 December, it said in a separate disclosure.

SPECIALIZED MEDICAL CO.-

Specialized Medical Company (SMC Healthcare) reported a net income of SAR 66.2 mn in 3Q 2025, up 12.4% y-o-y, it said in a filing to the bourse yesterday. Meanwhile, revenue edged down 2.2% y-o-y to SAR 382.7 mn during the quarter, weighed down by higher contractual obligations.

On a 9M basis, SMC posted SAR 132.2 mn in net income, down 16.9% y-o-y from the same period last year. Meanwhile, revenue edged up 1.9% y-o-y to SAR 1.1 bn.

ALSO- SMC’s board recommended the distribution of SAR 200 mn as a special one-time dividend at SAR 0.8 a piece, it said in a separate disclosure. The distribution date is yet to be determined.

PIF + Acwa Power to develop utilities for real estate portfolio

REAL ESTATE-

#1- The Public Investment Fund (PIF) signed a MoU with Acwa Power to jointly develop power and water infrastructure for PIF’s real estate projects, the PIF said in a statement on Monday. The agreement — signed during the Future Investment Initiative (FII9) last week in Riyadh — aims to support energy and water needs across PIF’s local real estate portfolio while promoting the use of locally produced materials and private sector participation.

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IN CONTEXT- The PIF plans to sharpen its 2026-2030 investment strategy to focus on building specific portfolio companies into global champions — including AI champion Humain, manufacturer Alat, aircraft lessor AviLease, and carrier Riyadh Air. The strategy, expected to be detailed early next year, aims to make Saudi companies more international, encourage them to raise their own financing, and attract more foreign direct investment.

#2- Knowledge Economic City (KEC) partnered with Dubai-based Maison Privee HolidayHomes Rental to launch a new JV focused on short-term residential rentals in Madinah, it said in a disclosure to Tadawul yesterday. The new firm will manage and lease furnished units for visitors, pilgrims, and business travelers, providing services such as housekeeping, concierge, and transport. KEC will hold a 70% stake in the venture, while Maison Privee will own 30%.

More details: The partnership aims to develop a rental management platform serving properties within KEC and across Madinah, starting with KEC’s Al Alyaa project, which includes 1.4k apartments and 70 mansions.

ENERGY-

Nawwar Renewable Energy kicked off initial commercial operation of additional 1 GW capacity at ArRass 2 PV Solar Independent Power Plant in Qassim, it said in a Tadawul disclosure yesterday. The plant — which is 50.1% owned by Acwa Power — now has a total capacity of 2 GW, after receiving its first certificate for an initial 1 GW in August.

REMEMBER- Beside ArRass 2, Acwa Power kicked off commercial operations for some 1.8 GW of solar energy from two of its projects, including granting a second commercial operations certificate for the remaining 365 MW of capacity at the 1.1 GW Saad 2 solar plant, bringing it to full capacity. It also received a certificate for initial operations at the 1.42 GW Al Kahfa solar plant.

STARTUP WATCH-

Local event management firm Mila Celebrations secured a USD 5 mn strategic partnership with Rodyan Event Management, aiming to modernize the Kingdom’s events industry through merging technology with field operations and expanding Mila’s network of users and suppliers, it said on LinkedIn yesterday. Mila aims to boost annual bookings by more than 200% by 2026 and double its partner network, Jawlah reported.

About the companies: Founded in 2024 by Mohamed Ghourbal (LinkedIn) and Mohamed Amasha (LinkedIn), the platform uses AI to streamline event planning — from concept to execution — through a simple, integrated app. Its partner, Rodyan Event Management, was founded in 2008 by Mohammed Al Salman (LinkedIn) and specializes in event management, exhibitions, and conferences that reflect local identity.

MARITIME-

The Saudi Ports Authority (Mawani) added Zhonggu Logistics’ new CRX shipping service to Jeddah Islamic Port, linking it to five key ports across the region and Asia, it said in a statement yesterday. The service — with a capacity of 1.5k TEUs — connects Jeddah to the ports of Ningbo and Nansha in China, Aden in Yemen, Sokhna in Egypt, and Aqaba in Jordan.

MENA sees M&As rise 23% y-o-y in 9M to USD 69.1 bn -EY

MENA logged another strong stretch of M&A activity in 9M 2025, closing 649n transactions worth USD 69.1 bn, a 23% y-o-y rise in volume and the region’s most active cross-border run in half a decade, supported by renewed investor confidence and a firmer macro backdrop, according to EY’s MENA M&A insights report. The GCC alone accounted for the bulk of M&A plays at 500 transactions valued at USD 65.9 bn.

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

What EY says is behind the uptick: “MENA’s improving economic outlook, expanding digital economy and strategic policy support attracted higher foreign investor interest in the first nine months of this year. The UAE maintained strong foreign direct investment (FDI) momentum, driven by its stable economy and investor-friendly policies,” Anil Menon, EY MENA head of M&A and equity capital markets leader, said.

The UAE remained the region’s M&A hub, attracting 171 inbound transactions worth USD 29 bn, more than any other one country, led by OMV and Borealis’s USD 16.5 bn acquisition of a 64% stake in Borouge, the region’s largest M&A YTD. Adnoc’s USD 6.3 bn purchase of 46.94% of Canada’s NOVA Chemicals and Saudi Aramco’s USD 3.5 bn acquisition of Peru’s Primax followed as major outbound plays.

Cross-border activity continued to drive growth, contributing 54% of the total count and 76% of total value. Outbound M&A reached 189 transactions worth USD 28.5 bn, led by the UAE and Saudi Arabia, which together accounted for 85% of total outbound value. Canada topped the list by value, while the UK was the most targeted market by volume.

Egypt and Kuwait were among the region’s top five buyers and targets, with Oman and Qatar also seeing increased dealflow. The surge in cross-border activity reflects “a growing appetite for international expansion and portfolio diversification,” EY Strategy and Transactions Leader Brad Watson said, adding that the “shift toward mid-size transactions reflects a strategic focus on high-growth, innovation-driven sectors that support long-term economic development in line with the region’s economic diversification goals.”

Inbound transactions rose 25% y-o-y in volume and 34% in value to 160 plays worth USD 23.8 bn, buoyed by Austrian investment linked to the Borouge acquisition. Chemicals and technology led sectoral activity, contributing USD 23.9 bn and USD 12.2 bn, respectively.

On the domestic front, MENA sealed 300 local M&As with a combined disclosed value of USD 16.8 bn, representing 46% of overall volume. Activity was concentrated in technology, provider care, banking, and capital markets, while mid-sized transactions dominated. Technology and consumer product industries made up 32% of the domestic transaction value and 40% of volume.

Sovereign wealth funds remained active, executing 22 transactions (17 outbound) focused on energy, logistics, and technology. UAE- and Saudi-based funds led the charge, reflecting their growing role as cross-border consolidators and long-term strategic investors.

MARKETS THIS MORNING-

Asian markets are in the red in early trading this morning extending losses triggered by concerns over elevated valuations. Japan’s Nikkei is down 4.2%, South Korea’s Kospi is down 4.0%, while the Shanghai Composite and Hang Seng are looking at more moderate losses.

TASI	11,398	-0.7% (YTD: -5.3%)
MSCI Tadawul 30	1,483	-0.6% (YTD: -1.7%)
NomuC	24,584	-0.6% (YTD: -21.9%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.5% repo	4.0% reverse repo
EGX30	39,066	+1.2% (YTD: +31.4%)
ADX	10,058	+0.3% (YTD: +6.8%)
DFM	6,013	-0.1% (YTD: +16.6%)
S&P 500	6,772	-1.2% (YTD: +15.1%)
FTSE 100	9,715	+0.1% (YTD: +18.9%)
Euro Stoxx 50	5,660	-0.3% (YTD: +15.6%)
Brent crude	USD 64.44	-0.7%
Natural gas (Nymex)	USD 4.30	-1.0%
Gold	USD 3,943	-0.5%
BTC	USD 101,146	-5.1% (YTD: +8.0%)
Sukuk/bond market index	916.96	+0.2% (YTD: +1.7%)
S&P MENA Bond & Sukuk	151.94	-0.1% (YTD: +8.6%)
VIX (Volatility Index)	19.00	+10.7% (YTD: +9.1%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.7% yesterday on turnover of SAR 5.4 bn. The index is down 5.3% YTD.

In the green: MRNA (+3.6%), Chemical (+2.3%) and Sieco (+1.9%).

In the red: SIDC (-7.9%), Care (-6.5%) and Bawan (-5.5%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.6% yesterday on turnover of SAR 19.1 mn. The index is down 21.9% YTD.

In the green: Future Vision (+14.9%), Amwaj International (+10.0%) and Bena (+9.9%).

In the red: Tadweeer (-8.9%), NBM (-5.5%) and Axelerated Solutions (-5.5%).

CORPORATE ACTIONS-

Shaker Group received the greenlight from the Capital Market Authority to raise its capital by SAR 122.1 mn to SAR 677.1 mn, a move that will be funded by retained earnings through issuing one bonus share for every five existing ones, the authority said in a statement yesterday. The move is still pending shareholder approval.

ALSO- Marble Design received the Capital Market Authority’s approval for a SAR 15 mn capital boost to SAR 75 mn, via issuing one bonus share for every four 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 75 mn. Shareholder approvals are still needed for the hike.

CALENDAR

NOVEMBER

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

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

5-8 November (Wednesday-Saturday): Biban 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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