Good morning. We have a somewhat packed issue for you before we head to the weekend. The big story today unpacks the newly proposed Global AI Hub Law, aiming to attract international clients and tech firms to establish sovereign data centers in the Kingdom.

Also in today’s issue: The Middle East Poultry Exhibition saw SAR 5 bn in agreements to boost the local poultry sector, and Aqaseem launched its first sukuk offering worth SAR 50 mn. Plus, Shanghai Electric landed a major EPC contract for the Al Sadawi solar plant, and Saudi Arabia's asset management industry is booming, with assets under management exceeding SAR 1 tn in 2024, according to Fitch. Let’s dive in.

CIRCLE YOUR CALENDAR-

The IMF and World Bank’s spring meetup will get the ball rolling on Monday amid the global economy grappling with mounting trade tensions and tariff escalations. The six-day 2025 Spring Meetings of the IMF and World Bank Group will bring together policymakers, central bankers, economists, private sector leaders, and others to discuss what the year ahead holds.

The mood of the meetup is already starting to become clear, with World Bank President Ajay Banga telling reporters yesterday that “uncertainty and volatility are undoubtedly contributing to a more cautious economic and business environment," according to AFP.

Tensions between the Trump administration and the World Bank are expected to come into focus over the week over, with the White House so far yet to commit to the USD 4 bn pledged to the international financial institution by his predecessor in the last months of his presidency. Brushing off suggestions of bad blood, Banga described ongoing negotiations with its largest financial backer as “constructive” and told reports that “they’re asking the right questions, and we're trying to give them the right answers.”

We’re yet to hear who will be representing Saudi at the meetup. Last year saw Finance Minister Mohammed Al Jadaan, Sama Governor Ayman Al Sayari and Saudi Fund for Development CEO Sultan Al Marshad attend the meetings, among others.

You can check out the full schedule on the event’s official website.

HAPPENING TODAY-

The SaudiFilm Festival kicks off today in Dhahran and runs until 23 April. The festival will showcase 68 films, including feature films, shorts, and documentaries from Saudi Arabia, the Gulf, and beyond. We have the details here.

WEATHER- Expect cloudy and windy conditions in Riyadh, while Makkah will remain sunny and Madinah will see gusty winds.

• Riyadh: 30°C daytime / 20°C overnight cloudy windy
• Makkah: 38°C daytime / 24°C overnight (sunny)
• Madinah: 37°C daytime / 24°C overnight windy

HAPPENING THIS WEEKEND-

The F1 stcSaudi Arabian Grand Prix revs up tomorrow with the first two practice sessions at the Jeddah Corniche Circuit. The third practice session will wrap up on Friday, followed by qualifying — with the race slated for Sunday. A friendly reminder that schools will be off on 20-21 April in Jeddah, Makkah, and Taif as the race takes over the streets. You can grab your tickets here.

Support races and entertainment: The race weekend will also feature support races like the FIA Formula 2 Championship and the all-female F1 Academy Series, according to a schedule from F1. Off track, expect performances from Egyptian rapper Marwan Pablo in addition to Usher, Major Lazer Soundsystem, and Jennifer Lopez.

WATCH THIS SPACE-

The Kingdom’s IPO pipeline isn’t flinching: A flurry of Saudi companies — including budget airline Flynas, fintech firm Ejada systems, and Specialized Medical Company — are all weighing listings in the coming weeks even as global markets churn under tariff shocks from Washington, Bloomberg reports citing people it says are familiar with the matter.

While no final IPO timelines are locked, the pipeline remains active with Saudi issuers having already raised some USD 2 bn YTD as the likes of Nice One, Derayah Financial and Entaj Foods hit the market earlier this year.

ICYMI- Bullish bankers told the business news service last week that Saudi IPOs remain on course, despite weaker oil prices and market jitters. EFG Hermes is eyeing six to seven more listings this year, mostly here at home with JPMorgan also holding firm on its regional IPO pipeline for the year.

PwC has ceased operations in over a dozen smaller, riskier, or unprofitable markets to avoid potential scandals, the Financial Times reports, citing people it says are in the know. The decision — which included ten firms were in francophone Africa — came on the back of increasing disagreements with local partners, particularly over investment in compliance systems.

REMEMBER- The Big Four accounting firm was reportedly barred from securing advisory and consulting contracts with the Public Investment Fund and its subsidiaries until February 2026, two years after setting up its regional headquarters in Saudi Arabia. The firm informed employees in an internal memo that the situation pertains to a “client” matter, while the Financial Times reported it was due to the consultancy firm’s attempt to hire then-Neom Chief Internal Audit Officer Jason Davies.

The story also got ink from Reuters.

Saudi Arabia is set to become a major feeder shipping hub, potentially capturing up to 25% (c. USD 2 bn) of the total feeder throughput in the Middle East, East Africa, Turkey (MEEAT), and South Asia by 2030, amounting to 41 mn TEUs, consultancy firm Arthur D. Little said in a report.

The drivers: The projection is underpinned by the Kingdom’s proximity to trade routes, rising local demand, and growing port infrastructure — potentially catching up to 60% of Red Sea feeder trade, 35% of East Africa’s, 20% of the Gulf sea’s, 15% of the Eastern Mediterranean’s, and 10% of the Arabian Sea’s.

DATA POINTS-

Saudi Arabia issued 8.4k licenses for private hospitality establishments in 2024, marking a 333% y-o-y increase from 1.9k in 2023, according to a Tourism Ministry post on X.

OIL WATCH-

Eight Opec+ nations outline plans to correct overproduction: Saudi Arabia, Russia, Algeria, Iraq, Kazakhstan, Kuwait, Oman, and the UAE have submitted to Opec updated plans to compensate for exceeding oil production quotas within the Opec+ agreement, according to a statement.

REMEMBER- The eight countries hiked oil output by 411k barrels per day (bbl / d) in the first week of April, citing “healthy market fundamentals and the positive market outlook.” The move fast-tracked three months’ worth of phased output hikes originally set to begin in April as part of the group’s plan to gradually unwind 2.2 mn bbl / d of voluntary cuts through September 2026.

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THE BIG STORY ABROAD-

US stocks had another tough day yesterday, with US Federal Reserve Chair Jerome Powell’s warnings about the impacts of tariffs on inflation prompting a broad-based sell-off that pushed the S&P 500 down more than 2%, and the Nasdaq down 3.1%. Powell hinted at higher inflation and slower growth on the back of the new tariffs in remarks for the Economic Club of Chicago, and signaled that the Fed will be in no rush to cut interest rates. (Reuters | Bloomberg | WSJ | FT)

The biggest losers from the sell-off so far? Tech stocks. We have more on this in Planet Finance, below.

Meanwhile, gold is soaring to record highs as investors pile into the safe haven, while another (usual) safe haven — the USD — is still losing value, with counterparts like the JPY and the CHF gaining ground as investors continue to shy away from US assets. (Reuters)