Good morning, everyone. We hope you all enjoyed the long weekend and are feeling refreshed as we dive back into a busy news week.

In today’s issue: PIF-backed Scopely is making a USD 1 bn move for Turkey’s Loom Games, data centers dominated 90% of January’s project awards as digital infrastructure takes center stage, and the Kingdom has pledged USD 1 bn toward Gaza’s reconstruction.

WEATHER- Light rain and swirling dust: Showers are expected over western and southwestern highlands, with possible overnight fog in those areas, along with Al Jouf and the Eastern Province. Meanwhile, strong winds stir dust across the Northern Borders, Hail, Tabuk, and eastern Madinah and Makkah.

  • Riyadh: 28°C high / 12°C low;
  • Jeddah: 32°C high / 22°C low;
  • Makkah: 33°C high / 23°C low;
  • Dammam: 30°C high / 14°C low.

Watch this space

ENERGY — Saudi uranium enrichment on the table? A proposed nuclear cooperation agreement with the US could include uranium enrichment on Saudi soil, according to a draft congressional document seen by the Associated Press. The current draft explicitly lists enrichment, fuel fabrication, and reprocessing as potential areas of cooperation once the UN safeguards are in place.

Why it matters: The agreement in its current form could open the door for the Kingdom “to acquire uranium enrichment technology or capabilities — possibly even from the United States,” Kelsey Davenport, the director for nonproliferation policy at the Washington-based Arms Control Association, told the outlet.

It’s part of a larger play: The Trump Administration aims to secure 20 nuclear business agreements with nations around the world, according to the document. Saudi Arabia is on this list, with an agreement expected to be valued at bns of USD.

ENERGY –– Acwa is set to sign the second phase of its 5 GW Turkey renewables framework at COP31 in November, Chairman Mohammad Abunayyan told the Anadolu Agency. The upcoming agreement covers 3 GW of solar, wind, and storage, building on a 2 GW solar agreement signed this month for projects in Sivas and Karaman. Total investment across the full 5 GW is expected to reach USD 5 bn.

The project timeline: Financial close is set for 2027, with electricity expected to hit the grid by early 2028. While the first phase is solar-heavy, the upcoming 3 GW phase will include a mix of solar, wind, and storage.

What’s next? The company is already eyeing avenues in green hydrogen and desalination, leveraging the competitive cost of these initial renewable projects to fuel future energy plays, Abunayyan said.

MANUFACTURING — Aramco back at BPCL’s table: Aramco is eyeing an equity slot in Bharat Petroleum Corporation’s (BPCL) planned coastal refinery-cum-petrochemicals complex in India’s Andhra Pradesh, The Economic Times reports, citing an unnamed senior BPCL official. The project — valued at USD 10.5 bn — would sit near Ramayapatnam Port and have a capacity of up to 12 mn tons per year.

Sounds familiar? Aramco was reportedly in talks last year to acquire a 20% stake in the planned complex, with negotiations handled at the government level. The discussions also covered a long-term crude supply agreement tied to the project.

OIL — The Kingdom is reclaiming the lead in India’s crude supply race, stepping in as reduced Russian flows make room for Saudi barrels. Shipments from the kingdom are set to reach 1.26 mn bbl / d in February — the highest since 2019 — with month-to-date arrivals hitting 1.4 mn bbl / d before easing in early March, The Economic Times reported, citing Kpler lead research analyst Sumit Ritoliaat.

Why this matters: Saudi Arabia now tops India’s supplier list for the month, ahead of Russia and Iraq, as sanctioned Russian volumes face geopolitical and compliance hurdles. With Saudi and Iraqi barrels reclaiming some of their market share, the India-MENA energy corridor is adjusting lines around the fate of Russian barrels. For India’s private refiners, Russian barrels are proving to be more trouble than they’re worth, despite higher discounts, given the sanctions and regulatory risks.

BANKING — The Saudi Central Bank (Sama) began enforcing its newfee guidelines for financial institutions on Friday, replacing the previous banking tariff and mandating immediate reductions in fee ceilings for several retail services. The framework consolidates fee regulations for the first time across the entire financial sector — including fintech and payment firms — with banks adopting their third updated version.

The specifics: The manual slashes the maximum administrative fees institutions can charge individuals for certain financing products, Mada card re-issuance, international money withdrawals and purchases, and transfers between bank accounts and e-wallets.

Sports

The Don is back: Cristiano Ronaldo scored twice against Al Hazem on Saturday, ending an absence that lasted three consecutive games with a 4-0 victory that sent Al Nassr to the top of the SPL league table.

Putting rumors to rest: The player — who reportedly dissented over uneven spending by top club backers during the latest transfer window — downplayed the idea that he would be leaving Al Nassr after the game. “I am very happy here. I've said it many times, I belong to Saudi Arabia,” he said.

Letting Trump down: US President Donald Trump published a message to the Don “from one GOAT to another,” telling the player “we need you in America. Get going fast,” followed by an AI-generated clip of the two showcasing their football talent in the Oval Office (we can’t make this up if we tried).

Data point

1.4% — that’s how much the Construction Cost Index rose y-o-y in January, according to Gastat data (pdf). Construction costs increased 1.5% y-o-y for the non-residential sector and 1.4% y-o-y for the residential sector, driven by an uptick in labor costs and the cost of renting equipment and machines.

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The big story abroad

Several stories dominate headlines this morning, including the killing of drug cartel kingpin Nemesio Oseguera after a raid by Mexican authorities. Oseguera was a top member of the organization known as Jalisco New Generation Cartel, which is one of the groups behind the smuggling of bns of USD worth of drugs into the US. The operation came after mounting pressure from Washington to prevent the flow of drugs across the border.

On the global stage, the European Commission said it expects Washington to stick to the joint trade agreement inked last year. The Commission demanded “full clarity” on Washington’s next steps and insisted the US honor the agreement, indicating that it will accept no increase in US tariffs. This comes after US President Donald Trump announced he is raising global tariffs to 15%.

Speaking of which, Trump’s newest tariff hike was found to benefit China and Brazil most while heralding higher costs for US allies, namely the UK, the EU, and Japan. US allies are thought to suffer most as their exports have a higher proportion of steel, aluminium, and autos, which are covered by some tariffs that remain in place.

MEANWHILE, IN MARKETS: Crude prices retreated in early trading today after Trump’s pledge to hike tariffs fueled anxieties over a potential slowdown in global economic growth and energy demand.

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