Good morning. We’re halfway through Ramadan’s third workweek, and we have a meaty issue for you today, with bustling activity in debt and IPO markets. The region is also witnessing tremors as Israel broke the ceasefire agreement early in the morning and launched vicious attacks on the Gaza Strip with hundreds of casualties.

In this morning’s news well: IsDB closed USD- denominated sukuk issuance, and Saudi Kayan secured multi-bn murabaha facilities to refinance outstanding debt. Meanwhile, iconic Egyptian bakery brand TBS is gearing up for expansion to the Kingdom.

WEATHER- Riyadh and Madinah will be partly cloudy today, while Makkah will continue to experience thunderstorms.

• Riyadh: 28°C daytime / 17°C overnight
• Makkah: 38°C daytime / 26°C overnight
• Madinah: 32°C daytime / 19°C overnight

PSAs-

Drivers have until Friday 18 April to pay off traffic fines at a 50% discount before they return to full price, the General Department of Traffic said in a post on X.

WATCH THIS SPACE-

PIF-backed luxury EV maker Lucid will export 92% of its EV production with 13% earmarked for GCC markets, Asharq Business reported citing VP and Managing Director of the Middle East division Faisal Sultan’s interview with Arab News. The new factory – to be completed by the end of 2026 – will have the capacity to produce 150k cars once operational.

There’s more: The company is also in talks to establish a battery recycling facility, and is planning to open more locations in the country, particularly in the Dammam and Al Khobar areas, Sultan added. Lucid will consider sourcing its EV batteries from a local partner as well, but global players will likely be involved.

REMEMBER- Saudi is angling to become a global automotive industry hub: PIF has been actively investing in EV makers and the automotive value chain for some time as part of its diversification agenda, including investing multiple times in Lucid. The fund also launched its own EV maker Ceer in a JV with Taiwan’s Foxconn. In late 2023, PIF established a USD 550 mn JV with Italian tire manufacturer Pirelli to establish a Saudi plant with a production capacity of some 3.5 mn tires a year.

And Lucid is a pioneer: Lucid became the first global automaker to bear the “Made in Saudi”badge in January and exports its Saudi-made vehicles to other countries. The move came as the luxury EV maker prepares to ramp up production at its King Abdullah Economic City facility, set to roll out 155k EVs annually at full capacity.

MarketingHome Group received the Capital Market Authority’s approval to go public on Tadawul’s main market with a 30% stake, according to a statement from the authority. The company will be offering 4.8 mn shares with a prospectus expected to see the light “within sufficient time prior to the start of the subscription period.”

About the company: Established in 2006, MHG specializes in the trading and distribution of building materials, lighting, and ceramics. Currently, it operates 44 branches across the Gulf and Europe.

ALSO- Two companies secure approval for Nomu IPO: Qudra for Communications and IT secured approval to offer 18.2% of its capital — 5 mn shares — on the Nomu parallel market, Nomu, The CMA said in a statement yesterday. Hawyia Auctions was also approved to offer a 12% stake — 2.4 mn shares— on Nomu, the CMA said in a separate statement. Both offerings are limited to Qualified Investors, with the prospectuses to be published in advance.

About Qudra: The Riyadh-based firm provides parking management, RFID tracking, and identity management solutions for businesses and government entities in the Middle East. It was established in 2008.

About Hawyia: Founded in 2018, the company specializes in auctions, real estate management, and judicial custodianship, licensed by the Justice Ministry.

The Kingdom plans to convert 70% of its oil production into petrochemicals, leveraging its relatively low extraction and feedstock costs, Sukuk Capital financial analyst Faris Al Qahtani told Al Arabiya. Despite rising feedstock prices, Saudi petrochemical companies remain competitive on the global market thanks to government subsidies. Today, the sector accounts for 31% of non-oil exports, with a 4.7% of the global petrochemical market, exporting some 103 tons annually.

IN CONTEXT- Global chemical companies have been facing a rough patch due to rising costs and shrinking margins, with potential trade wars adding to recovery challenges. Local chemical giant Saudi Basic Industries Corp (Sabic) posted a SAR 1.54 bn in net income in 2024, rebounding from a loss, but falling short of expectations due to lower sales and continued geopolitical uncertainty.

SNB Capital can now conduct market-making activities on Nomu-listed pipes-maker Alwasail Industrial, after getting the greenlight from the exchange, according to a statement. The activities include maintaining a 50% order presence, a SAR 50k minimum order size and a 5% max price spread.

OIL WATCH-

Goldman Sachs cut its Brent crude forecasts to USD 65-80 a barrel, down from USD 70-85, driven by pressures on the US economy — posing risks for Opec+ and US shale producers, Bloomberg reported yesterday citing a note from the bank. While Goldman still sees crude staying above USD 70 in the near term, it “no longer sees USD 70 as the price floor,” head of commodities research Daan Struyven told the publication.

Goldman’s revision follows recent downgrades by peers: Morgan Stanley and Bank of America both see crude in the high USD 60s by 2H 2025, while Citigroup and JPMorgan expect mid-to-low USD 60s by year-end.

SPORTS-

Newcastle United ends 70-year trophy drought with Carabao Cup Victory: PIF-owned Newcastle overcame Liverpool 2-1 at Wembley Stadium on Sunday to take home the Carabao Cup, marking the club’s first taste of silverware in seven decades — just four years after the PIF took over the club.

The play-by-play: Goals from Dan Burn and Alexander Isak were enough to beat The Reds, who failed to mount a comeback following a Federico Chiesa goal four minutes into stoppage time. The Toons currently sit sixth in the league table with a game in hand, just two points off a Champions League spot and 13 points behind league leaders Liverpool.

REMEMBER- A PIF-led consortium took over Newcastle in a USD 408 mn transaction back in 2021, before the PIF bought out former owner Amanda Stavely, increasing its stake to 85% and pushing the club’s valuation to USD 1.3 bn. Since the takeover, the PIF funneled more than USD 1 bn into the club. Talks are currently underway for a fresh GBP 1.5 bn multi-sport 70k-seater stadium, which would be England’s second-largest club ground.

The Kingdom will see the launch of the FIFA/CIES InternationalProgramin SportsManagement in the coming months under a partnership agreement involving the Saudi Arabian Football Federation (SAFF), the International Center for Sports Studies (CIES), and King Saud University, according to a statement.

About FIFA/CIES: The program is a global sports management course offered in partnership with several universities worldwide, providing training in sports law, marketing, finance, and event management. It aims to develop professionals in the sports industry by combining academic knowledge with practical insights from FIFA and CIES experts.

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THE BIG STORY ABROAD-

Israel breaks ceasefire agreement: Israel launched several strikes across Gaza earlier this morning, breaking the fragile ceasefire agreement. The attacks killed at least 200 and marked the “most violent air attacks” since mid January when the ceasefire came into effect. The Israeli army and the Shin Bet said in a joint statement that they kicked off attacks on what they claimed to be Hamas targets.

Hamas and Israel won’t see eye to eye: Hamas on Monday accused Israel of violating the agreement — brokered by Egypt,Qatar, and the US — and failing to hold its end in the first phase. Israeli Prime Minister Benjamin Netanyahu’s office said that resuming the war came after “Hamas refused time and again to release our hostages and rejected all the proposals it has been given by US envoy Steve Witkoff and by the Qatari and Egyptian mediators.” (Bloomberg | Reuters | Axios | AP)

AND- Trump threatens Iran over Houthi attacks: US President Donald Trump warned that any further Houthi attacks will be seen as an Iranian assault, vowing to hold Iran responsible. “Every shot fired by the Houthis will be looked upon, from this point forward, as being a shot fired from the weapons and leadership of Iran,” Trump said in a post on his social media platform Truth, vowing that Iran will “suffer the consequences, and those consequences will be dire.” (Bloomberg | Reuters | AP)

ALSO MAKING HEADLINES- Trump to discuss Ukraine ceasefire with Putin today: Trump is set to speak with his Russian counterpart Vladimir Putin about a potential ceasefire in Ukraine. “What's happening in Ukraine is not good, but we're going to see if we can work a peace agreement, a ceasefire and peace, and I think we'll be able to do it,” Trump told reporters yesterday. The talks come after Ukraine accepted a 30-day, US-backed ceasefire proposal last week. (Reuters | New York Times | BBC | The Guardian | Washington Post | AP)