Fahd Al Saif to lead FDI push as new Investment Minister

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WHAT WE’RE TRACKING TODAY

Is Midad Energy the frontrunner for Lukoil’s portfolio?

Good morning, ladies and gents. With less than a week until the holy month, there’s not much going on out there, with one (surprising) exception.

The big story today: We have a new investment minister. Fahd Al Saif, PIF exec and debt program engineer, is replacing Khalid Al Falih to lead the Kingdom’s FDI push. Al Saif takes on the difficult task of shoring up Saudi FDI inflows, which are lagging behind FinMin’s targets — and the hope is he can replicate his success in developing access to debt capital markets.

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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.

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News triggers

Gastat set to roll out fresh inflation data today: The General Authority for Statistics (Gastat) is set to publish January’s Consumer Price Index and Wholesale Price Index reports today, according to the state statistics agency’s calendar. The Kingdom’s inflation rate rose to 2.1% in December.

Happening today

#1- The three-day World Advanced Manufacturing & Logistics (WAM Saudi) will kick off today at the Riyadh Front Exhibition & Front Center, bringing together more than 12k industry professionals, over 150 speakers and 8k C-level executives from some 45 countries.

#2- It’s day two of the Makkah Halal Forum at the Makkah Chamber Exhibitions and Events Center, hosting upwards of 10k visitors and more than 150 exhibitors. Under the theme “Halal as a Professional Industry,” the event will bring together government leaders, trade delegations, international companies and accreditation bodies.

WEATHER- Dust-raising winds will sweep across Tabuk, Al Jouf, the Northern Borders, Hail, Qassim, Riyadh, and the Eastern Province, lowering visibility in parts of these regions. Meanwhile, light rain is expected over the highlands of Makkah, Al Baha, Asir, and Jazan, with a chance of fog forming in some areas.

Riyadh: 28°C high / 19°C low.
Jeddah: 32°C high / 23°C low.
Makkah: 34°C high / 23°C low.
Dammam: 27°C high / 19°C low.

Watch this space

ENERGY— Midad Energy emerged as the frontrunner for Lukoil’s international portfolio, after reportedly signing a term sheet to acquire the Russian energy giant’s sanctioned overseas assets, valued at USD 22 bn, three unnamed sources told Reuters. The agreement, finalized in late January, covers a global portfolio of oilfields, refineries, and fuel stations across Europe, Africa, and Latin America, setting up a potential reshuffle of refinery ownership and upstream positions as Russia is forced out of key markets.

The structure: To bypass current US sanctions, Midad reportedly structured the transaction as an all-cash offer held in escrow, ensuring funds remain inaccessible to the Russian entity until legal clearances are obtained, the sources said.

The bid still faces competition from the Carlyle Group, alongside interest from majors like ExxonMobil and Chevron, as Lukoil faces a US-mandated divestment deadline of 28 February.

BUT- Midad has an edge. CEO Abdulelah Al Aiban is the brother of Saudi National Security Adviser Musaed Al Aiban, a key figure in recent US-Russia peace talks in Riyadh. This connectivity is a major leg-up for securing approval from the US Treasury’s Office of Foreign Assets Control (OFAC), which holds final authority over the transaction.

OIL — Opec+ appears set to increase oil production starting in April, Reuters reports citing three Opec+ sources. The move would help Saudi Arabia and the UAE reclaim market share, while other members, including Russia and Iran, grapple with sanctions and Kazakhstan faces production challenges. The eight key producers meet on 1 March to finalize the next steps.

Restarting the increase: The group raised output by 2.9 mn bpd from April through December, but held off on further increases during the slower winter months.

INVESTMENT- Trump to attend FII summit in Miami (again)? US President Donald Trump is expected to join the Kingdom’s Future Investment Initiative (FII) conference in Miami from 25-27 March, marking his second appearance at the event since returning to the White House, Reuters reported, citing sources it says are in the know. Trump is expected to attend a private dinner on 26 March hosted by the Public Investment Fund Governor Yasir Al Rumayyan.

REGULATION — New fines for lack of business transparency: Commerce Minister Majid Al Qasabi has issued a decree introducing new penalties for companies that fail to disclose their beneficial owner or miss their annual data confirmation. The move aims to raise transparency, levels of compliance, and protect the public interest. Those who fail to comply will initially be met with a warning and a 30-day grace period to rectify the situation. Failure to do so will result in fines ranging from SAR 4k-80k.

It was only a few months back that the beneficial ownership rules got an overhaul, setting out a clearer structure for defining who holds effective control within companies. The amended rules comply with international standards to curb money laundering, terrorism financing, and arms funding while building a unified database for beneficial ownership across the Kingdom. You can check out our coverage of the new rules here.

Data point

220% — that’s the y-o-y surge in new mining exploitation licenses issued in the Kingdom in 2025, the Industry and Mineral Resources’ spokesman said on X. The licenses — which rose to 61 from 19 in 2024 — target strategic minerals including gold and phosphate, with total new project investments exceeding SAR 44 bn.

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The big story abroad

US and Europe are still BFFs, Rubio insists: US Secretary of State Marco Rubio said that Washington seeks to preserve a close alliance with Europe in a speech at the Munich Security Conference. Rubio called for a “reinvigorated” partnership with a continent with which it shares “a sacred inheritance, an unbreakable link.”

There was a mixed reaction: Speaking after Rubio, European Commission President Ursula von der Leyen emphasized that, while the transatlantic partnership should not be weakened, Europe must become more independent. Other European diplomats balked at Rubio’s comments, and some highlighted his lack of attention to Russia or Ukraine.

Europe remains spooked by US President Donald Trump’s ambitions to seize control of Greenland, which has drawn the ire of Denmark — under whose influence the island falls.

Circle your calendar

The Future Aviation Forum will take place 20–22 April at the King Abdulaziz International Conference Center in Riyadh. The three-day event will bring together more than 12k aviation leaders and policymakers from over 150 countries, according to the website. Keynote speakers are yet to be announced

Fahd Al Saif to lead FDI push as new Investment Minister

PIF exec Fahd Al Saif is the new Investment Minister, assuming the role following a Royal Decree out on Thursday. Al Saif replaces veteran technocrat Khalid Al Falih, who moves to a new role as minister of state.

Why it matters

Al Falih — former Energy Minister and ex-CEO of Aramco — spent the last four years doing the diplomatic work of putting Saudi Arabia on the global investment map, signing hundreds of MoUs and building the Invest Saudi brand.

Still, inflows have lagged: FDI stood at some USD 32 bn in 2024, well short of the USD 100 bn annual target set for 2030. The investment ministry is targeting USD 46 bn in inflows this year and USD 58 bn in 2027.

Why? The lag signals financial plumbing for complex FDI deals — think financing structures, public-private partnership models, credit guarantees — can still be sticky. Al Saif’s appointment suggests the government is banking on better financial structuring to de-risk entry for foreign capital.

From debt to FDI

Al Saif knows the sovereign balance sheet well. He founded the National Debt Management Center (NDMC) at the Finance Ministry, effectively building the Kingdom’s sovereign debt issuance program from scratch. He also knows the PIF’s checkbook: he was the PIF’s Head of Global Capital Finance and Head of Investment Strategy until Thursday.

“This is about execution. Fahd Al Saif is well known for the central role he has played in developing access to debt capital markets,” Gulf analyst at GlobalSource Partners Justin Alexander tells EnterpriseAM. The hope is that Al Saif will have the same impact on FDI, Alexander added.

New faces for a new phase

The move comes as the government and the PIF gear up to unveil their new five-year investment and diversification strategies in the upcoming weeks, set to focus on high-return sectors and pivot away from heavy construction projects. “There is a wider reshuffling of roles underway, partly generational change and perhaps partly to present fresh faces externally” as part of the refreshed diversification strategy, Alexander notes.

The state’s development bank is also getting a new boss: The decree also appointed Abdulaziz Al Arifi as governor of the National Development Fund (NDF) — the umbrella for the Kingdom’s specialized lending funds including SIDF, TDF, and more. Al Arif is ex-CEO of the private sector investment program Shareek, suggesting a push to align state development lending more aggressively with private sector needs.

Also in the shuffle:

Prince Rakan bin Salman — the Crown Prince’s youngest full brother — is the new Governor of Diriyah, replacing Prince Fahd bin Saad.
Prince Fawaz bin Sultan takes over as Governor of Taif;
Khalid Al Yousuf — previously head of the Board of Grievances — replaces Sheikh Saud Al Muajab as public prosecutor.

Egypt’s Hassan Allam swaps local roots for a regional footprint in Riyadh

Egypt’s Hassan Allam Holding is expanding its real estate presence in the Kingdom with the launch of Noor Khuzam, a SAR 3.3 bn integrated residential community in North Riyadh, according to a joint statement (pdf). The project, developed in partnership between Hassan Allam’s newly-established development arm Grova Developments, Riyadh-based Tilal Real Estate, and the National Housing Company (NHC), will build over 3k units across 228km sqm.

Grova will lean on Hassan Allam Construction’s Saudi subsidiary to build the project, leaning on the wider company’s “vertically integrated model” that “gives us direct control over quality, cost discipline, and delivery timelines,” Grova Developments CEO Sherif Sadek tells EnterpriseAM.

Why it matters: This move cements Hassan Allam’s transition from a mostly local player to a regional figure in the real estate market. It also serves as an example that while Saudi capital flows into Egypt, Egyptian operational expertise is increasingly heading to the Kingdom.

Hassan Allam’s experience in the Egyptian market’s move from isolated compounds to integrated complexes is what gives Grova “a meaningful operational edge in Saudi Arabia,” Sadek said. Sadek described how this mini-city approach “pushed developers to master complexity” as they got to grips with successfully executing mixed-use planning, phasing strategies, operational integration, and long-term value creation, he said.

What’s next? While no formal commitments exist beyond Noor Khuzam, Grova seems to be eyeing a broader pipeline. Sadek points to “strong strategic alignment and genuine chemistry” with Tilal and describes the relationship with NHC as a long-term partnership as they continue to grow their footprint in Saudi Arabia.

Egypt’s Media Republic move signals the end of the remote Saudi strategy

Egypt’s creative agency Media Republic is establishing an on-the-ground presence in Saudi Arabia under a strategic partnership with Arsan Global, the two said in a joint statement (pdf). Media Republic will establish a regional hub in Riyadh under the agreement, which Media Republic Chairman Waseem El Tanahi told EnterpriseAM was a necessity given the growth in the market.

But Media Republic is no stranger to the Kingdom, having been active in the country — albeit at a distance — for around 10 years, we were told. Simply managing the company’s business from outside the country is no longer a viable model, especially as having boots on the ground to understand local culture and consumer behavior is the most valuable currency in the advertising sector today, El Tanahi said.

Why it matters: While others are working to keep operations in Cairo to reduce costs, Media Republic decided to build a full-service team in Riyadh from the start, El Tanahi told EnterpriseAM, noting that competition in the Saudi market is no longer just about price, but the ability to execute quickly and locally.

What’s next? Saudi Arabia is just the start, according to El Tanahi, who told us that the company aims to establish itself as the leading agency in the Kingdom, while using its Riyadh base as a hub to export its services to the rest of the GCC.

Advanced Petrochemical back in the black in 2025

Advanced Petrochemical Company swung to a net income of SAR 226 mn in 2025, compared to a net loss of SAR 259 mn a year earlier, driven by higher sales volumes and lower feedstock costs, it said in a disclosure to Tadawul. Revenue surged 59.7% y-o-y to SAR 3.5 bn, buoyed by a 79% jump in sales volumes following the start of commercial operations at Advanced Polyolefins Industry Company in 3Q 2025, despite an 11% drop in netback prices.

MEANWHILE- The Saudi Export-Import Bank inked an export credit ins. policy worth over SAR 800 mn with Advanced Petrochemical Company, the bank said on X on Thursday. The agreement will cover the risk of non-payment by international buyers of petrochemical products, helping safeguard the company’s export operations and back its expansion plans in overseas markets, state news agency SPA reports.

Makkah property market becomes a magnet for global capital

The Kingdom’s shift from gigaprojects to holy ground has caught Bloomberg’seye, shedding light on Makkah’s rapidly changing skyline as luxury towers, hotels, and the USD 27 bn Masar project by Umm Al Qura pop up across the holy city. The transition is part of a strategic pivot from stalled gigaprojects like Neom toward high-return sectors, with religious tourism — already generating bns — driving foreign investment and sending land prices near the Grand Mosque among the world’s highest.

When Makkah opened her gates: After Makkah’s property market was officially opened to global investors and overseas Muslims, it commandeered “Monte Carlo prices” near the Grand Mosque where land values hit USD 87k per sqm and attracted titans like BlackRock and HSBC, according to Bloomberg. The surge is underpinned by year-round pilgrimage demand, relaxed Umrah visas, and rapid hospitality expansion — from Ramadan suites topping USD 10k a night to the forthcoming world’s largest Courtyard by Marriott.

The boom brings trade-offs: Rising costs, heavier crowds, and the loss of historic neighborhoods have drawn concern from pilgrims and scholars, while experts warn against oversupply in the luxury segment, the business information service said.

Acwa’s Uzbek battery system is online

Acwa flips the switch on Riverside battery

Acwa achieved full commercial operation for its Riverside battery energy storage system in Uzbekistan, according to a Tadawul disclosure. The project — located in the Tashkent region — commenced full commercial operations on 11 February following verification from the National Electric Grid of Uzbekistan. Acwa holds a 100% stake in the project company, which also operates the adjacent 200 MW Riverside solar photovoltaic plant.

IN CONTEXT- Acwa is the largest foreign investor in Uzbekistan’s energy sector, with 19 projects totaling USD 5 bn, Acwa’s Uzbekistan country head Soumendra Rout said in June.

Madfu bags SAR 95 mn in a pre-series A funding round

Homegrown BNPL startup Madfu closed a SAR 95 mn pre-series A funding round, led by Afaq Capital alongside a group of unnamed angel investors, the company said in a LinkedIn post. Founded in 2022 by Abdullah Albrahim (LinkedIn), Ahmad Alwosheel (LinkedIn), and Anas Alshuqayr (LinkedIn), Madfu is licensed by the Saudi Central Bank to offer BNPL services to individuals and businesses via flexible plans of up to six installments.

MENA AI funding hits USD 858 mn in 2025, led by the UAE and Saudi Arabia

MENA AI venture funding climbed to USD 858 mn in 2025 as AI-native ventures dominated investments and Gulf markets anchored momentum, capturing 22% of total VC funding, according to a Magnitt report. AI-native firms — companies that embed AI in their core operations and framework — pulled in 69% of total AI funding, or USD 589 mn. AI-enabled ventures, which use AI as a tool to boost their systems, accounted for the rest, raising USD 269 mn.

The top players: The UAE captured 60% of the region’s total AI funding at USD 519 mn, a 267% surge y-o-y, with AI-native startups accounting for USD 392 mn. Saudi Arabia followed with USD 235 mn in investments, representing 27% of total AI funding and climbing 248% y-o-y, anchored by USD 170 mn in AI-native capital. Egypt raised USD 73 mn across 15 transactions, up 88% y-o-y and accounting for 8% of regional AI funding.

The sectoral breakdown: Sports and fitness topped AI funding, pulling in USD 250 mn — driven entirely by Xpanceo’s USD 250 mn series A — and accounting for 29% of total AI investment. Fintech followed with USD 157 mn, up 198% y-o-y, while enterprise software attracted USD 104 mn, a 131% increase y-o-y. IT solutions raised USD 63 mn and real estate secured USD 56 mn, largely due to Nawy’s USD 52 mn Series A.

Deployments were balanced between early-stage ventures and more mature companies across the region, which is a sign of a maturing market that is looking towards larger ticket sizes and growing AI ventures but also maintains a focus on early-stage firms, Magnitt’s Research Department Manager Farah El Nahlawi told EnterpriseAM. Investment ticket sizes were varied, with AI transactions ranging from as low as USD 3 mn to Xpances’s USD 250 mn — a mix of large outliers and smaller rounds.

Case in point: Pre-seed and seed AI transactions rose 56% y-o-y to 117 transactions. Meanwhile, series A activity scaled, with transaction count increasing to ten from six and funding surging to USD 485 mn. This performance points to a maturing pipeline, involving a strong early formation alongside a growing cohort of AI startups advancing toward commercial scale.

Strong activity across every stage of the startup pipeline was Saudi Arabia’s main highlight this year, supporting a more resilient AI ecosystem, El Nahlawi told us. This is evidenced by a 79% surge in AI transaction volume (reaching 68 transactions) and widespread support for early and mid-stage companies.

Egypt’s AI sector is more skewed towards utility and addressing needs, El Nahlawi said. The country’s relatively smaller market size and liquidity constraints, compounded by currency and macro challenges, are making it a regional hub for applied AI. Funding is directed toward solutions that meet immediate demand, such as proptech and fintech, rather than areas with more uncertain growth.

What’s next? The AI and VC ecosystem outlook is positive for the UAE and KSA this year thanks to strong capital flows, sovereign support, and rising international interest, El Nahlawi told us. Despite risks from higher interest rates, weaker oil prices, and geopolitical tensions, current low rates and market optimism support growth. With regional AI funding up fivefold since 2021, continued investment and ecosystem development position AI as a pillar of the region’s venture growth in 2026.

TASI	11,252	+0.8% (YTD: +7.3%)
MSCI Tadawul 30	1,517	+0.7% (YTD: +9.4%)
NomuC	23,644	+0.7% (YTD: +1.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	50,490	+1.6% (YTD: +20.7%)
ADX	10,636	-0.5% (YTD: +6.4%)
DFM	6,730	+0.2% (YTD: +11.3%)
S&P 500	6,836	+0.1% (YTD: -0.1%)
FTSE 100	10,446	+0.4% (YTD: +5.2%)
Euro Stoxx 50	5,985	-0.4% (YTD: +3.4%)
Brent crude	USD 67.75	+0.3%
Natural gas (Nymex)	USD 3.24	+0.8%
Gold	USD 5,046	+2.0%
BTC	USD 69,968	+1.5% (YTD: -20.1%)
Sukuk/bond market index	920.68	-0.1% (YTD: +0.2%)
S&P MENA Bond & Sukuk	153.28	+0.3% (YTD: +0.9%)
VIX (Volatility Index)	20.60	-1.1% (YTD: +37.8%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.8% on Thursday on turnover of SAR 5.4 bn. The index is up 7.3% YTD.

In the green: Saudi Kayan (+10.0%), Ataa (+9.9%) and Petro Rabigh (+5.7%).

In the red: Sadafco (-5.9%), Abo Moati (-2.8%) and Oasis (-2.3%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.7% on Thursday on turnover of SAR 14.0 mn. The index is up 1.5% YTD.

In the green: Apico (+16.0%), Amwaj International (+8.5%) and AME (+8.3%).

In the red: iOud (-6.3%), Aldawliah (-5.1%) and Clean Life (-4.8%).

CALENDAR

FEBRUARY

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

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

16 February (Monday): First day of Ramadan (TBC).

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.

18-23 March (Tuesday-Monday): Eid Al-Fitr holiday (TBC).

21 March (Saturday): Fanatics Flag Football Classic, Kingdom Arena, Riyadh.

25-27 March (Wednesday-Friday): Future Investment Initiative Institute, Faena Hotel, Miami Beach.

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, Mandarin Oriental 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 Hotel, Riyadh.

20-22 April (Monday-Wednesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh

22-23 April (Wednesday-Thursday): The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah.

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

28 April (Tuesday): GC Summit Saudi Arabia, Riyadh.

MAY

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

5-6 May (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

24-28 May (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

12-15 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;
November: The 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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Fahd Al Saif to lead FDI push as new Investment Minister

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