Good morning, all. We have another brisk issue for you this morning as we slide into the last weekend before we welcome the holy month.

Our big story today dives into the biggest headlines from this year’s World Defense Show — Saudi Arabia Military Industries is making the transition into a strategic group, Turkish Aerospace Industries is looking into assembling the Gökbey helicopter here, and we took steps to bring us closer to our localization target.

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We’re hiring a technology reporter: EnterpriseAM is looking for a tech reporter to own the beat across Egypt, the UAE, Saudi Arabia, and beyond.

This is a reporting job — not a desk job. You’ll be working sources, breaking stories, and writing about trendlines (not just headlines) in our voice and with the authority our readers expect. AI and digital infrastructure are huge features of the beat, but our interests are broad: fintech, telecoms, regulation, SaaS, and the bajillion ways tech is reshaping how businesses operate across the region.

We want someone who can pick up the phone or WhatsApp, get people talking, and turn what they say into stories that senior decision-makers need to read. We also expect you to attend industry events and maintain relationships with PR folks across the industry without selling out. If you’ve got 2-3 years of experience and the hunger to build a beat from the ground up, we want to hear from you. We’re also interested in hearing from veteran reporters. Spoken Arabic is strongly preferred.

The role is based in Cairo, though we’re open to remote for the right candidate. If you’re reading EnterpriseAM, you know what we’re about: a no-BS daily news outlet that tells busy execs, investors, founders, and ambitious people what they need to know about the trends shaping business, economy, finance, regulation, and public policy across our region. We write stories that have impact — about issues that matter — for a global audience of decision-makers.

Do we sound like the type of place where you want work? Send your CV and three clips to jobs@enterpriseamea.com. Also enclose a great cover letter that tells us who you are, what you do, and why you’d be a great fit for this job.

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WEATHER- More of the same: Dust-filled winds will sweep across the Northern Borders, Al Jouf, Tabuk, Qassim, Madinah, and Riyadh, while fog may form over the southwestern coast.

  • Riyadh: 32°C high / 17°C low;
  • Jeddah: 32°C high / 22°C low;
  • Makkah: 34°C high / 22°C low;
  • Dammam: 30°C high / 18°C low.

Setting the record straight

Acwa denied any involvement in oil and gas exploration, saying such activities aren’t part of its business portfolio. Reuters had reported on Tuesday that the utilities giant was among firms expected to join a consortium exploring oil and gas in northeastern Syria.

What they said: “Our recently announced Joint Development Agreement in Syria relates exclusively to water desalination and water transmission studies, and does not involve oil or gas exploration or production in any form,” the company said in a statement shared with EnterpriseAM.

Watch this space

ENERGY — Oil exports from Jafurah underway? Aramco reportedly started selling condensates from the USD 100 bn unconventional Jafurah project, Bloomberg reports, citing unnamed traders. Asian buyers are due to receive the shipments in late February or early March, the traders said.

Production at the gas plant — the largest liquid-rich shale gas field in the Middle East — started late last year. The first phase came online with 450 mmcf/d of capacity, and the project is expected to reach full capacity at 2 bcf/d by 2030.

Aramco aims for the field’s output to surpass ExxonMobil’s combined oil and gas production by 2030. Using seawater for fracking to conserve freshwater, the company has cut costs below US gas price benchmarks and lifted its gas production growth target from 60% to 80% by 2030, expecting an additional USD 12-15 bn in annual cashflow without new capital spending.

IPO — The FII summit organizer could hit the IPO market this year: Richard Attias & Associates (RA&A) — the firm behind the flagship Future Investment Initiative (FII) — reportedly tapped Citigroup, SNB Capital, and Moelis & Co. to lead a potential IPO in Riyadh that could value the business at USD 1 bn, Bloomberg reports, citing sources it says are in the know.

When? The sale would likely see founder Richard Attias and PIF-owned Sanabil (which holds 75%) trim their stakes as early as this year.

Why it matters: RA&A’s IPO arrives amid a race to list the Gulf’s event titans with Dubai World Trade Center and Informa reportedly exploring a similar move for their joint venture.

BANKING — Moody’s Ratings maintained its stable outlook for our banking sector, Al Arabiya reports. Credit growth is forecast to hit 8% this year, bolstered by non-oil GDP projected to accelerate to 4.2% in 2026. This surge is expected to consistently outpace deposit growth.

Asset quality is hitting record highs: Moody’s sees non-performing loans (NPLs) bottoming out at 1.3% in 2026 — the lowest level on record. This provides banks with the necessary headroom to pivot toward more aggressive corporate project financing that may have been deemed too risky just two years ago.

TECH — Saudi Arabia is planning on commercializing its own AI operating system — and possibly becoming the third nation to do so after the US and China, Humain CEO Tareq Amin said at the PIF Private Sector Forum. The Kingdom is also looking to become the world’s largest exporter of AI tokens — it already possesses the required energy capacity and connectivity to do so, Amin said.

Data point

1.3 mn bbl / d — that’s Opec’s estimate for short-term demand growth, unchanged for the sixth consecutive month. Production from the wider Opec+ group went down in January by some 439k bbl /d to under 42.5 mn bbl / d, with Kazakhstan and Russia driving the drop.

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***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.

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Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.

DID YOU KNOW that we also cover Egypt, the UAE, the MENA logistics industry, and the MENA <> India corridor?

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The big story abroad

Gold slipped as much as 0.6% in early trading today after surprisingly strong US labor data reduced the likelihood of imminent Fed rate cuts. January marked a sharp drop in US unemployment to 4.3% with the addition of 130k jobs. The precious metal — remaining above the USD 5k per ounce mark — is expected by many banks to rise in the coming months in light of continued geopolitical turmoil, threats to the Fed’s autonomy, and a pivot away from traditional assets.

The US and Israel are yet to adopt a unified strategy on Iran, after a meeting between US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu seemingly ended without an agreement. Trump affirmed his preference to continue negotiations with Tehran in a TruthSocial post yesterday, despite reports that the Pentagon has ordered a second aircraft carrier strike group to prepare before being deployed to the region.

MEANWHILE- Switzerland may cap its population: Switzerland is voting on a proposal to place limits on its population on June 14. Originally conceived by the right-wing Swiss People’s Party, the proposal could wind up leading to a blanket ban on arrivals if the population exceeds 10 mn. It stands today at roughly 9 mn.

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