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Monday, 22 Dec 2025

What We’re Tracking Today
The Big Story Today
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Also On Our Radar
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New oversight law decentralizes public finance control

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Today at a glance

1

THE BIG STORY TODAY

New oversight law decentralizes public finance control.
2

Sports

2034 World Cup is a litmus test for foreign investment — and investors will be watching closely.
3

ALSO ON OUR RADAR

Dallah Healthcare is now the sole owner of Care Shield Holding.
4

WHAT WE’RE TRACKING TODAY

Saudi’s crude burn declines in 9M for the first time since Covid.
5

AND AI ACQUISITIONS

Year of the megadeals .

Monday, 22 Dec 2025

What We’re Tracking Today
The Big Story Today
Sports
Also On Our Radar
Planet Finance
Calendar
1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Crude burn declines in 9M for the first time since Covid

Good morning. Christmas mode seems to be already on in the Kingdom, and we bring a light issue for you this morning with business grinding to a near halt.

Our big story today: We dive into the new financial oversight law and what it means for government and quasi-government institutions. The main change? FinMin will not have financial representatives hovering over public finances anymore, replacing the decades-old system with a mix of internal compliance and digital monitoring.

ALSO- We talked to Deloitte’s Hassan Malik on the 2034 World Cup as a litmus test for foreign investment in the Kingdom — and what investors would like to see in the years ahead of the mega event. Let’s dive in.

PSA-

Two draft regs are out on Istitlaa for public consultation:

Watch This Space

OIL — The kingdom is burning less oil this year: Domestic oil consumption fell 2.7% y-o-y in 9M to 2.4 mn bbl / d — marking the first decline outside Covid since 2018, Mees reports, citing Jodi data. Higher diesel prices, rising gas output, and faster renewables rollout are eating into oil burn, the largest slice of Saudi demand.

Lower domestic consumption reshaped the export mix: Total oil exports — crude plus products — averaged 7.54 mn bbl / d this year, up 329k bbl / d y-o-y, Mees cites Kpler data. However, crude exports rose by just 170k bbl / d to 6.12 mn bbl / d, leaving crude at a record-low 81% share of total exports.

Refineries ran harder this year, with throughputs averaging 2.78 mn bbl / d in the first nine months of the year, on pace for the highest annual level since 2018 and nearly 30% of crude production.

Why it matters? A structural drop in domestic demand gives flexibility, growing total product exports without destabilizing crude markets, and capturing downstream value when margins allow.

TECH — A big nod to digital transformation efforts: We now rank second worldwide in the GovTech Maturity Index, issued by the World Bank. Core government systems, public service delivery, and digital citizen engagement all scored above 90%, placing the Kingdom among the Very Advanced group.

Data Point

SAR 33 bn — the total spending by 15.1 mn domestic and international tourists in Riyadh during 9M 2025, an 18% y-o-y rise, the Tourism Ministry said on X.

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***

The Big Story Abroad

Oil prices ticked up in Asia this morning after US forces tried to tighten their blockade of oil tankers coming into and out of Venezuela. The US coast guard is reportedly pursuing in international waters a tanker that was heading into Venezuela. The development comes barely two days after it raided a Panama-flagged ship and two weeks after it seized a third.

It’s otherwise a particularly quiet morning in the global business press — markets seem already to be sliding into the Christmas week news slowdown. That has the business pages serving up year-end fare including:

We’re not sure 2025 is going to give up the ghost quite so easily, but … we’ll take it.

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Easier life with Tasheel
From OUR FAMILY to YOURS
2

THE BIG STORY TODAY

New oversight law decentralizes public finance control

The Finance Ministry overhauled a decades-old system of government spending control. A new financial oversight law, published in Umm al Qura last week, replaces the ministry’s financial representatives in state institutions.

The new law introduces four standardized control measures for the finance ministry to pick one (or more) from, tailored to each institution’s maturity and financial risk levels:

  • Direct control, where the ministry steps in to manage the institution’s financials;
  • Digital control by integration in FinMin’s central data systems;
  • Report control, with post-spending oversight based on financial performance reports and KPIs;
  • Self control, where the institution takes ownership for the integrity of its own financials.

Digital monitoring is a significant part of the new system, Finance Minister Mohammed Al Jadaan said during the Financial Supervision Forum held yesterday. Data collected from institutions will be analyzed to monitor the allocation of government funds, identify risks early on, and send feedback for the institution to correct the course.

Background: The 60-year-old rep system is not good enough anymore

Financial representative? Every public institution had an on-site representative of the finance ministry under the old system. The reps were responsible for signing off on any and all payment orders, as well as weighing in on who gets awarded government contracts.

The problem? Too much red tape. Pre-approval meant payments to contractors sat in waiting for the rep to manually green light them. Disputes between the rep and the institution over spending also needed to be escalated to the ministry.

Why it matters

The change shifts part (or all) of public finance control from the finance ministry into institutions. Removing the central bureaucratic bottleneck should speed up finalizing spending decisions in more mature ministries and government bodies. The customized approach could also cater to the specific needs of entities needing more help from FinMin, where the one-size-fits-all approach of appointing a financial representative did not serve their needs.

BUT- It’s a big wager on institutional readiness: With a 120-day transition period, institutions will have to race to invest in upgrading internal auditing systems and digital integration to not risk falling behind, including finding the talent that can make sound spending decisions without the ministry’s preapproval.

.. and the net is cast wide: The new law extends to all entities receiving state funding or doing work for the government, or collecting public revenue — a definition which includes a large swath of government and quasi-government institutions.

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3

Sports

2034 World Cup is a litmus test for foreign investment — and investors will be watching closely

Global investors see the 2034 FIFA World Cup event as a pivotal signal for the Kingdom’s investment landscape, Managing Partner for Monitor Deloitte Hassan Malik told EnterpriseAM.

The anticipated edition will place the kingdom at the center of global business attention, Malik said, creating an international platform to showcase growth and attract capital. FDI is expected to grow steadily in the decade ahead as investors see tangible opportunities, playing into the target to secure USD 100 bn in FDI inflows by 2030.

What investors will watch for

Foreign investors will watch market conditions closely. Capability, regulatory clarity, and the transparency of procurement processes will be monitored closely during the preparation phase. Investors are looking for predictable timelines for permits and licenses, efficient dispute resolution, and clear rules for repatriating profits. Saudi could use the looming deadline as a catalyst for accelerating regulatory and business reforms, by streamlining regulations and introducing incentives to boost competitiveness.

Sustainability will also be under surveillance, as ESG commitments are becoming more and more crucial to global investment decisions, Malik said.

The money is already moving: We are seeing the PIF step in to derisk the early stages, creating the track record foreign investors need to see. Major awards are already flowing, including the expansion of the King Fahd Sports City (Saudi Binladin Group), the USD 1.8 bn Jeddah Central Development Stadium (Chinese-Saudi consortium), and the Aramco Stadium in Al Khobar (Besix-Al Bawani).

Beyond the mega-contracts, the government is trying to seed the market with entry points for foreign investors. The Sports Investment Forum recently pitched 36 potential investments, including privatization of state-owned sports assets and development of club facilities — areas where Malik suggests JVs will be essential for navigating the local regulatory landscape.

“While international companies will handle specialized projects, they typically need to partner with local firms, driving skills transfer, job creation, and long-term gains for Saudi’s private sector,” Malik said.

Lifting all the boats

The influx of foreign investment is expected to extend beyond stadiums to supporting sectors, including hospitality, retail, technology, and wider infrastructure, Malik said. Real estate, particularly mixed-use developments, and transport will also have to grow to meet rising demand, Malik added. Meanwhile, the tournament will support newer sectors like digital services, sports technology, and sustainability solutions.

It’s the years after 2034 that matter: The key challenge will be to ensure that the infrastructure and experiences developed for the World Cup also deliver long-term value, Malik said, citing Germany’s 2006 World Cup is the benchmark to follow. The strategy was to upgrade general infrastructure with a special focus on transport, which delivered value for Germany decades after the final whistle.

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4

ALSO ON OUR RADAR

Dallah Healthcare is now the sole owner of Care Shield Holding

Dallah’s expands portfolio, Maharah cashes out

Dallah Healthcare is now the sole owner of Care Shield Holding after purchasing the remaining 41.4% share owned by Maharah Human Resources ’ subsidiary Growth Avenue Investments for SAR 434.3 mn.

What’s in for Maharah? The price tag sits more than SAR 100 mn above the SAR 333 mn carrying value Maharah reported in September — a 30% jump in value in a single quarter.

Dallah is realigning the pieces: The company accepted a non-binding offer from Fakeeh Hospital in October to sell its 31.21% stake in Al Fagih Hospital. It also acquired Al Ahsa Medical Services and Al Salam Medical Services from Ayyan Investments in April — financed through a capital hike a month earlier.

Also worth noting

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5

PLANET FINANCE

Global M&A rebounds in 2025, led by mega-transactions, tech, and AI

Global M&A snapped back in 2025 — though unevenly. Transaction value jumped 36% and is on track to hit a total of USD 4.8 tn, which would make 2025 the second-strongest year on record for M&A, Bain & Company said in a new report. Volumes rose just 5%, making clear this was a rebound driven by transaction value, not a flood of activity.

Go big or don’t bother: Transactions above USD 5 bn accounted for more than 75% of incremental transaction value as infrequent, deep-pocketed buyers re-entered the market. Around 40% of these agreements were “transformative,” meaning they were worth more than half the buyer’s market cap.

Tech did the heavy lifting: Technology M&A surged more than 75% y-o-y, powered by AI-related agreements. Nearly half of strategic tech transaction value was tied to AI-native targets or capabilities, underscoring how acquirers are choosing to buy transformation rather than build it slowly.

Growth is back in fashion. Roughly 60% of large transactions in 2025 targeted revenue expansion or new capabilities — the highest share on record — reversing the cost-cutting, consolidation-heavy playbooks that dominated during the downturn.

Still, M&A lost the budget fight: Despite the rebound, companies allocated just 7% of total capital spending to acquisitions — a decade low — as capex and R&D took priority. The Magnificent Seven alone spent nearly USD 500 bn on capex and R&D through 3Q, crowding out dealmaking.

US and China were still the two biggest M&A markets: US targets drove nearly half of global strategic transaction value growth, while Greater China led by transaction count thanks to domestic activity. EMEA’s M&A market lagged — with volumes falling 7% despite strong growth in transaction value.

MARKETS THIS MORNING-

Asian markets are in the green this morning after China held its loan prime rates steady, with Hong Kong’s Hang Seng and China’s CSI 300 both gaining more than 0.5%. Japan’s Nikkei was also up 1.6%, while South Korea’s Kospi rose 1.8%. Over on Wall Street, futures are also edging higher ahead of a shortened holiday week.

TASI

10,485

+0.3% (YTD: -12.9%)

MSCI Tadawul 30

1,377

+0.1% (YTD: -8.7%)

NomuC

23,455

+0.4% (YTD: 25.5%)

USD : SAR (SAMA)

USD 3.75 Sell

USD 3.75 Buy

Interest rates

4.5% repo

4.0% reverse repo

EGX30

41,348

+1.0% (YTD: +39.0%)

ADX

9,967

-0.3% (YTD: +5.8%)

DFM

6,114

+0.6% (YTD: +18.5%)

S&P 500

6,835

+0.9% (YTD: +16.2%)

FTSE 100

9,897

+0.6% (YTD: +21.1%)

Euro Stoxx 50

5,760

+0.3% (YTD: +17.7%)

Brent crude

USD 60.47

+1.1%

Natural gas (Nymex)

USD 3.98

+1.9%

Gold

USD 4,387

+0.5%

BTC

USD 88,187

+0.3% (YTD: -6.6%)

Sukuk/bond market index

919.03

0.0% (YTD: +1.9%)

S&P MENA bond & sukuk

151.80

-0.1% (YTD: +8.5%)

VIX (Fear gauge)

14.91

-11.6% (YTD: -14.1%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.3% yesterday on turnover of SAR 2.6 bn. The index is down 12.9% YTD.

In the green: Nama Chemicals (+10.0%), Almasar Alshamil (+9.2%), and SPM (+8.4%).

In the red: CMCER (-6.4%), Kingdom (-3.2%), and ACC (-2.5%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.4% yesterday on turnover of SAR 22.7 mn. The index is down 25.5% YTD.

In the green: Alfakhera (+16.4%), Almohafaza For Education (+9.7%), and Sign World (+8.6%).

In the red: Qomel (-7.2%), Aqaseem (-5.6%), and Naba Alsaha (-5.3%).

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CALENDAR

DECEMBER

25 December (Thursday): Title title deed registration deadline for 64.4k properties across neighborhoods in Madinah, Makkah, Riyadh, and the Eastern Province.

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.

10-18 January (Saturday-Sunday): Public school mid-year break.

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.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 January (Monday-Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, 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.

15-17 February (Sunday-Tuesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front & Exhibition Center.

16 February (Monday) King Salman Stadium design-and-build contract prequalification submission deadline.

22 February (Sunday): Founding Day.

26 February (Thursday): Title deed registration deadline for 142.8k properties across 104 neighborhoods in Hail.

MARCH

12 March (Thursday): Deadline for real estate registration for 253.2k properties in 499 neighborhoods across Riyadh, Qassim, Makkah, and Hail.

17-23 March (Tuesday-Monday): Eid Al-Fitr holiday.

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.

3-9 May (Sunday-Sunday): The Global Sustainability Expo, The Arena Riyadh Venue.

24-28 (Sunday-Thursday): Eid al-Adha holiday.

JUNE

21-24 June (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh Front Expo.

SEPTEMBER

15-17 September (Tuesday-Thursday) The Global AI Summit, King Abdulaziz International Convention Center, Riyadh.

23 September (Wednesday): Saudi National Day.

OCTOBER

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

Signposted to happen sometime in 2026:

  • 2H: Sabic’s USD 6.4 bn Fujian project in China to start production 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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