Biban Forum’s first day bags over SAR 22 bn in agreements

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi to get F-35 jets?

Good morning, everyone, and happy THURSDAY. We wrap up the week with a packed issue featuring a mixed bag of news: Biban forum saw over SAR 22 bn in agreements signed to tamp up SME financing in the Kingdom, Dallah Albaraka is tapping into Egypt’s real estate scene with a USD 1.7 bn project in partnership with Emaar Misr, and IPO updates are out from CGS Holding and Cherry Trading.

WEATHER- Windy and dusty conditions are forecast for parts of the Eastern Region, with fog possible in Makkah, while the rest of the Kingdom is expected to have clearer skies.

Riyadh: 29°C high / 13°C low.
Jeddah: 37°C high / 25°C low
Makkah: 38°C high / 26°C low
Dammam: 32°C high / 17°C low.

PSAs-

#1- Regulations for rectifying violations of the statutory provisions governing the landlord-tenant relationship are now open for public consultation on Istitlaa until Thursday, 20 November. The proposed rules (pdf) clarifies ways to resolve violations via correcting the rent value within 10 days of reporting, or documenting the contract through Ejar platform, or renewing the contract.

#2- Businesses subject to withholding tax must file their October tax returns by Monday, 10 November via the Zakat, Tax, and Customs Authority’s (Zatca) website, the authority said in a statement yesterday. Late submissions will face a 1% penalty for every 30 days of delay.

#3- Saudi citizens can travel visa-free to China until the end of 2026, after Beijing extended its visa exemption program for the Kingdom’s nationals, Saudi Gazette reported Tuesday.

WATCH THIS SPACE-

#1- The US administration is mulling selling 48 Lockheed Martin’s F-35 fighter jets to the Kingdom, in a transaction worth bns that would introduce a policy shift and alter the Middle East military balance, Reuters reported on Tuesday, citing two US officials it says are in the know. Saudi Arabia is willing to modernize its airforce and boost readiness to counter regional threats in line with Vision 2030.

Where we’re at: The Pentagon’s policy department is currently considering the Kingdom’s request which was directed to the US President Donald Trump, yet no final decision has been made, as Cabinet approvals, Trump’s signature, and notification of Congress are essential to close the deal.

The move has had its rounds with the former US President Joe Biden’s administration, as it was part of a wider package tied to the Israeli-Saudi normalization. Washington aims to have Israel possess a “qualitative military edge” in the region, supplying it with more advanced weapons than regional Arab states.

ICYMI- Crown Prince Mohammed bin Salman will visit the US for the first time in seven years on Tuesday, 18 November, where he will sit down with US President Donald Trump to talk major defense and nuclear agreements, including the purchase of F-35 fighter jets, a proposed US-Saudi defense pact modeled after the US-Qatar agreement, with Riyadh also seeking US support for a civilian nuclear program.

IN CONTEXT- Lockheed Martin will provide Saudi Arabia with the F-35 fighter jets once the US administration gives a final say and officially approves the deal, CEO Joseph Rank told Al Arabiya yesterday, on the sidelines of the company opening its office in Riyadh, serving as a regional hub. The company aims to carry out 60% of the manufacturing of defense system components in the Kingdom, Rank told Aleqtisadyah separately yesterday.

#2- PIF-owned Aircraft lessor AviLease began marketing its five-yearUSD-denominated bonds, according to a regulatory document seen by Reuters. The initial price for the benchmark issuance was set at 140 basis points above US Treasuries.

Who’s in: The aircraft lessor picked Citigroup and Mitsubishi UFJ as joint global coordinators. They will also act as active bookrunners and lead managers for the issuance, alongside Abu Dhabi Commercial Bank, BNP Paribas, First Abu Dhabi Bank, HSBC, and Mizuho Financial Group.

Passive bookrunners will include Kuwait’s Ahli United Bank, Saudi Fransi Capital, Crédit Agricole, Emirates NBD Capital, GIB Capital, JP Morgan, Morgan Stanley, Natixis, Riyad Capital, and SNB Capital.

#3- Saudi Telecom Company (STC) is among bidders in Syria’s SilkLink data cables, a project set to connect Saudi Arabia to Europe via Syrian territory, Semafor reported yesterday, citing people it says are familiar with the matter. The USD 500 mn project is expected to allow data to bypass the Red Sea, which is the primary route for internet traffic between the Middle East, Europe, and the US, the sources added. Syria is set to award the project this month to one of the bidders, which includes STC as well as consortiums backed by Jordanian, Kuwaiti, Omani, and UAE firms.

The rationale: The proposed SilkLink will reduce dependence on the concentrated Red Sea’s submarine cables which saw repeated failures, including most recently in September when it disrupted internet access in the region and Asia for days. The new cables will also reduce latency and provide an alternative connection to Europe through Jordan, Syria and potentially Israel.

#4- Nomu-listed Sahat Almajd Trading’s shares closed flat at SAR 7 on debut yesterday, with some 224.6k shares changed hands generating a turnover of SAR 1.6 mn across 366 trades. The firm floated 11.1% of its post-IPO capital at SAR 7 apiece in a primary offering on Tadawul’s parallel market.

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DATA POINTS-

#1- Consumer spending via point-of-sale (PoS) transactions in the Kingdom soared 37.1% w-o-w in the week ending 1 November, reaching SAR 16 bn, according to the Saudi Central Bank’s latest weekly report (pdf). The number of transactions also climbed 19.6% w-o-w to just under 254.5 mn during the week.

The details: Food and beverages accounted for the largest share of spending, jumping 48.9% to SAR 2.7 bn, followed by restaurants and cafes, which rose 26.4% w-o-w to just above SAR 1.8 bn. Spending on apparel, clothing, and accessories soared 60.3% w-o-w to SAR 1.4 bn, while transportation increased by 26.9% to SAR 1.2 bn. Saudi spending on gas stations via PoS transactions also rose 24.3% to SAR 1.1 bn, and health by 31.4% to SAR 1 bn.

Riyadh recorded the highest value of PoS transactions at SAR 5.5 bn, followed by Jeddah at SAR 2.1 bn.

#2- The Kingdom’s natural reserves expanded to cover around 375k sq km in 2024, according to the General Authority for Statistics’ latest Environment Statistics report (pdf). The King Salman bin Abdulaziz Royal Reserve emerged as the largest terrestrial reserve, spanning 131k sq km — representing 36.2% of all land reserves. On the marine front, the Farasan Islands Marine Reserve accounted for 40.1% of total protected marine areas. The report also noted steady growth in urban greenery, with green spaces reaching 234 mn sqm, translating to an average of seven sqm per capita.

ALSO- The extent of degraded land has continued to shrink, dropping by 5.9% between 2015 and 2023 to 113k sq km — a marked 36.4% decline from the 178k sq km recorded during 2000–2015 period. However, average annual rainfall edged down slightly to 145 mm, compared with 152 mm in the previous year.

SPORTS-

LIV Golf will stretch its tournaments to 72 holes from 2026, shifting from the current 54-hole, three-day format to a four-day schedule, it said in a statement on Tuesday. The shift brings the league in line with major tournaments while keeping its trademark team battles and shotgun starts. The new format will tee off at LIV Golf Riyadh on 4 February 2026.

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THE BIG STORY ABROAD-

A battle in the courts over Trump tariffs is making the headlines this morning. Arguments in front of the US Supreme Court yesterday indicated a ruling that could be represent a huge blow to Trump’s economic and foreign policy. A number of conservative judges joined liberals in questioning the legality of blanket tariffs — announced by Trump back in April at his “Liberation Day” event — as an overreach of executive power. (Washignton Post | Reuters | Associated Press)

The challenges come at a fraught time for Republicans: Trump lashed out at Senate Republicans asking them to use a maneuver to end the longest-ever government shutdown. The 36-day spill is weighing down on the economy., forcing the government to cut flights at airports, and harming the party at high-profile elections, evident in local victories in New York, Virginia, New Jersey and elsewhere that set the stage for huge Republican losses at midterm elections a year from now.

CIRCLE YOUR CALENDAR-

Host Arabia will take place from 15 to 17 December at the Riyadh Front Exhibition and Conference Center. The three-day event will run alongside Saudi HORECA, creating a joint platform connecting global brands, regional buyers, and key players across hotels, restaurants, and luxury dining. The exhibition will showcase professional equipment, foodservice innovations, and design trends, while Saudi HORECA will feature finished products, live competitions, tastings, and demonstrations.

Biban Forum’s opening day bags over SAR 22 bn from local banks for SME financing

The Biban Forum kicked off with strong momentum, attracting over SAR 22 bn in agreements during its opening day, state news agency SPA reported yesterday. The event, which wraps up later today, saw more than 30 agreements, initiatives, and MoUs signed to bolster access to finance and accelerate SME growth, according to a post on X.

The agreements included:

SAR 5 bn agreement with Riyad Bank to activate a joint financing program offering a range of tailored solutions for MSMEs;
An MoU with Saudi National Bank (SNB) to foster collaboration in offering innovative entrepreneurship financing. SNB also launched a SAR 5 bn financing portfolio dedicated to SME support.
SAR 4 bn partnership with Al Rajhi Bank to provide SME financing and expand innovative funding instruments;
SAR 2.25 bn agreement with SME Bank and Al-Baraka Group to support entrepreneurs and launch financing products;
SAR 2.9 bn financing portfolio from Bank Albilad targeting entrepreneurs and small businesses, alongside an additional SAR 200 mn fund under the Tumooh program for high-growth enterprises.
SAR 2 bn agreement with Arab National Bank to back SMEs expansion plans;
SAR 1 bn agreement with Alinma Bank to improve financing accessibility and operational efficiency;
SAR 1 bn agreement with Bank Al Jazira introducing financing programs that target working capital needs and contractors;
SAR 700 mn agreement with Banque Saudi Fransi to support SME growth and financial empowerment initiatives;
SAR 700 mn agreement with Riyad Bank to support high-growth enterprises;
SAR 300 mn investment fund with Tharwa Company;
SAR 220 mn agreement with SME Bank and Diriyah Company to finance SMEs;

ALSO- Monsha’at signed an MoU with Japan External Trade Organization (JETRO) to support Saudi and Japanese SMEs. Further agreements were signed with international bodies including Korea's KOSME, Startup India, Business France, and LinkedIn.

Dallah Albaraka, Egypt’s Emaar Misr to develop EGP 78 bn New Cairo project

Emaar Properties Egyptian arm Emaar Misr is preparing to launch yet a big ticket development, tunder a strategic partnership with Saudi Arabia’s Dallah Albaraka, according to a disclosure (pdf) from the EGX30-listed company. The project with Dallah Albaraka’s Samla and Alam Al Roum for Urban Development will require EGP 78 bn — equivalent to around USD 1.7 bn at the current exchange rate — in investments and is expected to bring in returns totalling EGP 117 bn.

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

The 380-feddan project will be in New Cairo’s Kayameya district. Details are still few and far between, but they say the development will feature residential, administrative, and commercial components.

“We are proud of this new strategic partnership with Dallah Albaraka Group, which extends our firm commitment to supporting Egypt’s real estate sector and contributing to the country’s unprecedented urban renaissance. Egypt’s property market is full of promising potential, and we believe in the importance of delivering projects that uphold the highest quality standards and place customer comfort first,” Emaar Properties founder Mohamed Alabbar said in a separate statement (pdf) from the company.

Emaar is doubling down on Saudi partnerships: The developer is working on a EGP 900 bn integrated tourism complex alongside Saudi-owned Citystars Properties called Marassi Red Sea. The USD 19 bn project will feature 12 hotels, thousands of residential units, a world-class marina, and a range of leisure and community facilities.

DATA POINT- Emaar’s investment in Egypt now total EGP 1.9 tn, while its land bank currently stretches some 34.6 mn square metres. The company is now in the process of doubling these figures over the coming years, according to Alabbar.

CGS Holding’s Tadawul IPO is live

The institutional offering of Consolidated Grünenfelder Saady Holding’s (CGS) IPO opened yesterday, and will run until Tuesday, 11 November, with the cold chain manufacturer marketing shares in a price range of SAR 9.50-10, it said in a press release (pdf). The price guidance implies a market cap of around SAR 1 bn at listing and could see selling shareholders raise up to SAR 300 mn in gross proceeds, according to our calculations. CGS holds around 41% of Saudi Arabia’s automotive refrigeration and vehicle-body solutions market.

REFRESHER- CGS secured regulatory approval to take a 30% stake public on Tadawul back in July. Some 30 mn existing shares will be up for grabs in a secondary offering open to both institutional and retail investors. Substantial shareholders are selling down their positions to a combined 70% stake in the company, subject to a six-months lockup period, and will rake in all the proceeds (excluding SAR 22 mn in IPO-related expenses), according to the prospectus (pdf).

Institutional investors can apply to a maximum of 5 mn shares each and a minimum of 100k, while retail investors could receive up to 20% of the offer under a clawback mechanism. Their subscription period runs 26-27 November, during which they can book up to 250k shares each with the minimum amount set at 10. Final allocations are due 3 December.

A snapshot of earnings: CGS posted a net income of SAR 49.2 mn in 9M 2024, up 66.5% y-o-y. Its revenue came in at 364 mn over the same period marking a 48.9% y-o-y gain.

ADVISORS- Aljazira Capital is acting as financial advisor, lead manager, underwriter, and joint bookrunner alongside Arqaam Capital; Himmah Capital as advisor to the selling shareholders; Latham & Watkins as legal counsel to the company; PwC as financial due diligence advisor; Ernst & Young as auditor; and Euromonitor International as market consultant.

Receiving agents include Aljazira Capital, BSF Capital, Al Rajhi Capital, SNB Capital, Riyad Capital, Albilad Investment Company, Alistithmar Capital, Derayah Financial, Alinma Capital, ANB Capital, Yaqeen Capital, Alkhabeer Capital, SAB Invest, Sahm Capital, GIB Capital, Musharaka Capital, EFG Hermes KSA, and Awaed Alosool Capital.

Cherry Trading prices main market IPO at SAR 28 per share

Cherry Trading priced its Tadawul IPO at SAR 28 per share, the top of the range it was guiding on, after its institutional offering was 85.6x oversubscribed, according to a bourse filing. The offer price will see the car lessor raise SAR 252 mn from the IPO, implying a market cap of SAR 840 mn at listing, according to our calculations.

REFRESHER- This is a secondary offering, meaning selling shareholders will rake in all the proceeds from the sale of 9 mn existing shares (excluding some SAR 27 mn for IPO-related expenses).

What’s next? Some 20% of the shares on offer will be open to retail investors between 12-13 November, with final allocations due Wednesday, 19 November.

ADVISORS- Our friends at EFG Hermes KSA, along with BSF Capital, are quarterbacking the transaction as the financial advisors, bookrunners, and underwriters. Other advisors include Stat Law Firm, Zeyad Sameer Khoshaim Law Firm, PwC, Euromonitor International, and KPMG.

Receiving agents include Alinma Investment, Al Rajhi Capital, SNB Capital, Riyad Capital, Al Bilad Investment, Al Jazira Capital, Alistithmar Capital, Derayah Financial, ANB Capital, Yaqeen Capital, Al Khabeer Capital, Sab Invest, Saham Capital, GIB Capital, Musharaka Capital, and Awaed Alosool Capital.

ALSO IN THE PIPELINE-

Almasar Education is yet to announce its final offer price but is currently guiding on a range of SAR 18.50-19.50;
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.

Alinma Bank closes USD 500 mn Tier 2 sukuk sale

Alinma Bank raised USD 500 mn through a 10-year Tier 2 sukuk, callable after five years, under its trust certificate program, it said in a disclosure to Tadawul with no word on the subscription rate.

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

The deets: The Reg S-only notes carry a 5.792% annual yield, and were issued in 2.5k certificates at a par value of USD 200k each. Settlement is slated for Monday, 10 November, with listing planned on the London Stock Exchange.

ICYMI- Alinma flagged plans earlier this week to issue the Tier 2 sukuk under its trust certificate program to support its general banking operations. The issuance, which opened on Tuesday, follows a USD 500 mn sustainable AT1 sale in August, as the bank continues to build out its capital base.

ADVISORS- The lender had 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.

Customer engagement platform Bonat bags USD 6 mn in a Series A funding round

Riyadh-based customer engagement platform Bonat secured SAR 23 mn (c. USD 6 mn) in a Series A funding round, it said on LinkedIn The investment round was led by STC group’s venture capital arm Tali Ventures with the participation of ANB Capital, Rua Growth Fund, T2, and a group of leading angel investors.

Where will the money go? The new funds will be used to enhance Bonat’s AI capabilities, launch personalized campaign automation, and expand into new sectors, including retail and services, according to a press release.. The company also plans to integrate payment and mobile wallet solutions into its dashboard.

About Bonat: Founded in 2019 by Saud Binsaeed (LinkedIn), Bonat is an AI-powered customer engagement platform that provides advanced analytics, behavior-based marketing automation, and digital wallet integrations to retailers and F&B brands. The company supports thousands of merchants across Saudi Arabia and connects with over six mn users.

Savola, SEC, Budget Saudi, and more report 3Q earnings

SAUDI ELECTRICITY COMPANY-

SaudiElectricity Company (SEC) saw its net income drop 22.7% y-o-y to SAR 5.3 bn in 3Q 2025, weighed down by higher operations, maintenance expenses, and net financing fees, partially offset by an expanded regulated asset base and growth in project revenues, it said in a Tadawul disclosure yesterday. Meanwhile, revenue grew 9.6% y-o-y to SAR 31 bn during the quarter, driven by an increasing subscriber base and demand, along with network expansion.

On a 9M basis, SEC’s bottom line fell 4.6% y-o-y to SAR 11.6 bn, while its top line jumped 17.6% y-o-y to SAR 78.3 bn.

SAVOLA GROUP-

Savola Group’s net income surged 113% y-o-y to SAR 385.6 mn in 3Q 2025, beating Bloomberg analysts’ forecast of SAR 123 mn, it said in a disclosure to Tadawul yesterday. The growth was mainly driven by a SAR 232.4 mn zakat reversal and higher finance and other income. Meanwhile, revenue rose 17.9% y-o-y to SAR 6.6 bn, driven by growth in edible oils, sugar, and the consolidation of United Sugar Company of Egypt.

On a 9M basis, Savola’s net income grew 2.3% y-o-y to SAR 680.4 mn, while revenue increased 13.3% y-o-y to SAR 20.3 bn.

FAKEEH CARE-

Dr. Soliman Abdel Kadeer Fakeeh Hospital (Fakeeh Care) posted a 37.7% y-o-y drop in net income to SAR 57.1 mn in 3Q 2025, weighed down by ramp-up losses from its newly opened Madinah hospital and higher non-recurring receivables provisions, it said in an earnings release (pdf) yesterday. However, revenue rose 9% y-o-y to SAR 778.3 mn, supported by a higher number of patients served during the period.

Over the first nine months, Fakeeh Care’s net income slipped 1.4% y-o-y to SAR 192.6 mn, while revenue increased 11.9% y-o-y to SAR 2.3 bn.

BUDGET SAUDI-

The United International Transportation Company (Budget Saudi) saw its net income rise 12% y-o-y to SAR 80.3 mn in 3Q 2025, it said in a disclosure to Tadawul yesterday. Meanwhile revenue increased 24.5% y-o-y to SAR 630 mn, driven by lease fleet growth and the full consolidation of Autoworld, which contributed to lease income throughout the quarter compared to only two months in the same period last year.

On a 9M basis, Budget Saudi’s net income rose 16.9% y-o-y to SAR 248.7 mn, while revenue climbed 27.5% y-o-y to SAR 1.7 bn.

EFG Hermes taps Christopher Laing to lead equity capital markets

Our friends at EFG Hermes have appointed HSBC and Deutsche Bank veteran Christopher Laing (LinkedIn) as head of equity capital markets, Bloomberg reports. Laing succeeds Ali Khalpey, who recently left his role to join Cantor Fitzgerald.

Laing has nearly 30 years of capital-markets experience, having held senior roles at Deutsche Bank and HSBC. At Deutsche Bank he led emerging-markets ECM before joining HSBC to head its ECM operations.

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

What they said: “We are pleased to welcome Christopher Laing as Head of Equity Capital Markets to lead our ECM franchise starting this month and based in Dubai. With 30 years of experience — including senior ECM roles at HSBC and Deutsche Bank — Laing brings extensive expertise in emerging markets. His addition supports our strategy to strengthen regional presence and enhance value creation for clients,” Mostafa Gad, Global Head of Investment Banking at EFG Hermes, said.

ALSO- Fintech platform MoneyHash appointed Abdullah Khayat (LinkedIn) as Country Director and General Manager for Saudi Arabia, it said in a statement yesterday. Khayat brings over a decade of experience spanning fintech, financial services, retail, and the public sector, having led business development and partnerships at Unifonic. He also held senior roles at ABB, Siemens and Bupa Arabia, where he was responsible for driving growth and managing key relationships with government and enterprise clients.

Saudi-born SPICE debuts to shake up dining and restaurant funding

EXPANSION-

#1- Homegrown dining platform SPICE launched in the Kingdom as a first-of-its-kind service that helps restaurants grow without taking debt or giving up ownership, according to a press release. The platform offers what it calls “dining capital,” providing upfront funding to restaurants while connecting diners to curated, high-end venues through its app, which also offers reservations, rewards, and personalized recommendations. SPICE is rolling out in Riyadh before expanding to the UAE, other GCC countries, and Europe, with its app initially available by invitation only.

The minds behind SPICE: The platform was founded by Zeid Husban (LinkedIn), Walid Hawi (LinkedIn), and Yousef Sawalha (LinkedIn), who previously built ifood.jo and POSRocket.

#2- UK-based Esports and gaming company ESL FACEIT Group opened its new regional headquarters and esports venue in Riyadh, according to a press release. The 1k sqm facility can host over 500 people and includes 300 square meters of LED screens for tournaments, broadcasts, and events. The new hub will serve as a base for regional and international competitions such as the ESL Saudi Challenge.

HEALTHCARE-

Saudi’s Value Makers Studio deployed a “strategic investment” into psychological support and online therapy platform Arab Therapy to support its expansion into the Kingdom, according to a press release (pdf). The move came during the Global Health Exhibition, which also witnessed Arab Therapy secure a telemedicine license form the Health Ministry. The expansion will also contribute to launching the first Arabic AI-powered mental health assistant.

About Arab Therapy: Founded in 2021 by Tareq Dalbah (LinkedIn) in Germany’s capital, Berlin, the online platform serves clients in over 42 countries.

MANUFACTURING-

Hanwha Power Systems inked a lease contract to establish about 11.6k sqm compressor packaging and service center in Aramco’s King Salman Energy Park (Spark), it said in a press release yesterday. Financial details remain undisclosed. Construction works will kick off in Q1 2026, while operations commencing in Q1 2027. The agreement was signed during Abu Dhabi’s Adipec 2025.

The decentralized finance market faces mounting cyber threats

The USD 150 bn decentralized finance (DeFi) market is facing a mounting security crisis as hackers increasingly target vulnerabilities in blockchain-based platforms, Chainalysis CEO Jonathan Levin told the Financial Times. The head of the world’s largest crypto-tracing firm warned that security “hasn’t really been considered” by the startups driving DeFi’s explosive growth — leaving bns of USD in digital assets exposed to attacks.

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

DeFi platforms are prioritizing growth over safety, with the industry mostly made up of small, fast-moving teams without professional oversight or experienced security officers, leaving them open to exploitation, according to Levin. These platforms, which let users lend, borrow, and trade crypto without intermediaries, have become multi-bn USD ventures backed by major investors. But despite their growing scale, they remain highly exposed to attacks due to their reliance on complex smart contracts and decentralized governance.

Security breaches have intensified this year. Earlier this week, hackers drained over USD 100 mn from DeFi protocol Balancer, while another USD 200 mn was stolen from the Cetus Protocol earlier in 2025. Chainalysis data shows that crypto thefts hit a record USD 2.2 bn in the first half of the year — already exceeding all of 2024 — with North Korean-linked groups responsible for the largest-ever heist, a USD 1.5 bn theft from exchange Bybit.

The growing frequency of attacks underscores how DeFi’s expansion has created easy targets for cybercriminals. Levin warned that major decentralized protocols could face increasing threats from state-sponsored actors if security continues to be overlooked. Levin said the company’s focus remains on tackling DeFi’s structural vulnerabilities, stressing that the risks embedded in onchain systems and smart contracts must be addressed before the next major breach hits.

MARKETS THIS MORNING-

Asian markets are in the green in early trading this morning with strong earnings drawing investors back after elevated valuations left them spooked. The Hang Seng is leading gains, up 1.3%, with Japan’s Nikkei trailing behind. The Shanghai Composite and Kospi are also in the green.

TASI	11,257	-1.2% (YTD: -6.5%)
MSCI Tadawul 30	1,466	-1.2% (YTD: -2.9%)
NomuC	24,411	-0.7% (YTD: -22.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.5% repo	4.0% reverse repo
EGX30	39,132	+0.2% (YTD: +31.6%)
ADX	10,015	-0.4% (YTD: +6.3%)
DFM	5,992	-0.3% (YTD: +16.2%)
S&P 500	6,796	+0.4% (YTD: +15.6%)
FTSE 100	9,777	+0.6% (YTD: +19.6%)
Euro Stoxx 50	5,669	+0.2% (YTD: +15.8%)
Brent crude	USD 63.52	-1.4%
Natural gas (Nymex)	USD 4.26	+0.6%
Gold	USD 3,975	-0.1%
BTC	USD 103,466	+2.9% (YTD: +10.6%)
Sukuk/bond market index	916.78	0.0% (YTD: +1.6%)
S&P MENA Bond & Sukuk Index	152.04	+0.1% (YTD: +8.7%)
VIX (Fear gauge)	18.01	-5.2% (YTD: +2.8%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.2% yesterday on turnover of SAR 4.9 bn. The index is down 6.5% YTD.

In the green: 2P (+6.2%), Raydan (+3.8%) and Savola Group (+3.7%).

In the red: ACIG (-10.0%), Saudi Electricity (-8.0%) and Almajdiah (-7.9%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.7% yesterday on turnover of SAR 19.2 mn. The index is down 22.4% YTD.

In the green: AICTEC (+18.3%), Naseej Tech (+9.9%) and Mobi Industry (+6.1%).

In the red: Food Gate (-9.9%), Almohafaza for Education (-8.3%) and Tam Development (-7.1%).

CORPORATE ACTIONS-

Gasco gets a new identity: National Gas and Industrialization Company ’s (Gasco) board greenlit the change of the company’s legal entity into a holding company — a “ strategic move ” to increase its presence in the liquified natural gas, it said in a Tadawul disclosure yesterday.

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 November (Monday): Last chance for businesses subject to withholding tax to file their October tax returns via Zatca’s website.

10-12 November (Monday-Wednesday): BioFach Saudi Arabia, Riyadh International Convention & Exhibition Center.

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.

18 November (Tuesday): Crown Prince Mohammed bin Salman’s visit to Washington.

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.

15-17 December (Monday-Wednesday): Host Arabia, Riyadh Front Exhibition and Conference Center.

15-17 December (Monday-Wednesday): Saudi HORECA, Riyadh Front Exhibition and Conference Center.

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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