Diriyah leads USD 1.4 bn JV for Royal Opera House

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Grand Prix revs up today

Good morning, ladies and gents. It’s another calm day in the Kingdom as we welcome the new workweek.

The big story today: It seems that Diriyah’s ambitions to butt heads with Paris are taking shape, as a new JV for constructing Saudi’s royal opera house in the boulevard modeled after Paris’ Champs-Élysées. Details of the project are in the news well, below.

BUT FIRST- Would you like to have lunch with us on Monday, 5 May? If so, hit reply to this email to let us know you’re like to be considered and tell us a little bit about yourself and what you do as a professional.

Wait, lunch? Yes, lunch. We’re inviting a small group of readers to join us to talk over where the economy and business climate stand now and where they’re heading through 2030. Expect good food, good company, and frank talk about what we are convinced is the most exciting business opportunity in the world.

Seating is strictly limited and the gathering is invitation-only. The gathering will take place under Chatham House rules. We’ll be in touch over the course of the next week with the folks we’re inviting to drop them the details.

CIRCLE YOUR CALENDAR-

The IMF and World Bank’s spring meetup will get the ball rolling tomorrow 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 last week 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, with the White House 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, among others, attend the meetings.

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

HAPPENING TODAY-

MENA’s first Instagram Creators Summit goes live in AlUla today, bringing together leading global content creators — who have amassed over 231 mn followers — for interactive sessions, keynote speeches, and discussions on the future of content creation. The two-day event — organized by Meta in partnership with the Royal Commission for AlUla — will feature discussions about topics like social media, AI, Instagram tools, and the creator economy and provide the chance for networking with Meta product managers.

ALSO- The main event of the Saudi Arabian Grand Prix revs up at 8:00 PM today at the 6.2 km Jeddah Corniche Circuit. Schools will be off today and tomorrow in Jeddah, Makkah, and Taif as the race takes over the streets. You can grab your tickets here.

Off track, expect performances by Usher, Major Lazer Soundsystem, and Marwan Pablo.

AND- The Saudi Film Festival in Dhahran 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 moderate to heavy thunderstorms across Makkah, Madinah, and Riyadh.

Riyadh: 34°C daytime / 24°C overnight
Makkah: 41°C daytime / 27°C overnight
Madinah: 38°C daytime / 24°C overnight

HAPPENING THIS WEEK-

Indian Prime Minister Narendra Modi will arrive in Saudi Arabia on Tuesday, 22 April on a two-day visit, according to a statement by India’s External Affairs Ministry. This marks Modi’s third visit to the Kingdom — after previous trips in 2016 and 2019 — and follows Crown Prince Mohammed bin Salman’s visit to New Delhi in September 2023. The leaders are expected to discuss means for deepening bilateral relations and cooperation across key sectors like trade, investment, energy, defense, technology, and culture.

WATCH THIS SPACE-

The Human Resources and Social Development Ministry (HRSD) began implementing the first phase of the increased Saudization quotas in the healthcare industry on Thursday, targeting four professions in the private sector, it said in a statement. The directive applies to large establishments throughout the Kingdom, as well as those in key cities, including Riyadh, Makkah, Madinah, Jeddah, Dammam, and Khobar.

The new quotas: Healthcare facilities must raise the share of Saudi representation in therapeutic nutrition and physiotherapy to 80%, medical laboratories to 70%, and radiology to 65%, paying a minimum of SAR 7k for specialists and SAR 5k for technicians.

The second phase will kick off on Friday, 17 October, extending to all the remaining establishments nationwide. Non-compliant establishments will be subject to statutory penalties, the ministry statement read.

BACKGROUND- The ministry launched the Nitaqat program in 2011 to raise the representation of Saudis within the Kingdom’s private sector, under the purview of the Saudization Agency at the Ministry of Human Resources and Social Development (HRSD). Saudization has been gaining momentum across various sectors, as the gov’t hopes Saudization would boost local employment to 70% by 2030.

Rakhaa eyes EGX IPO: Pesticide and fertilizer importer Rakhaa, a subsidiary of Riyadh-based Alkhorayef Commercial Company, plans to offer a 30% stake on the Egyptian stock exchange (EGX) in 2H 2025, Alkhorayef’s Managing Director Abdullah Alkhorayef told Asharq Business.

The company has been active in Egypt for two decades and operates 24k feddans in East Owainat under a long-term usufruct agreement, currently producing wheat, potatoes, and beets on 10k feddans.

Raya Holding eyes Gulf expansion with a focus on Saudi: Egyptian investment firm Raya Holding plans to launch a consumer finance company in the Kingdom through its Aman Holding arm, likely via acquisition rather than establishing a new entity, Financial Investments CFO Hossam Hussein told Al Arabiya. Raya — which already operates call centers in Saudi Arabia and Dubai — also set out a Gulf expansion strategy that involves launching new fintech companies and data centers, with a focus on Saudi Arabia, Hussein added.

Riyadh dismissed a report from the Wall Street Journal alleging ongoing discussions with the US and the UAE to support a ground operation by Houthi-opposition militias, Reuters reports, citing an unnamed Saudi official and the UAE’s Assistant Minister for Political Affairs Lana Nusseibeh.

REMEMBER- The former Biden administration lifted a three-year ban on the sale of offensive weapons to the Kingdom last year, saying that Riyadh upheld its end of an agreement with Washington on drawing back its conflict with the Houthis in Yemen. Saudi Arabia moved to de-escalate its role in Yemen through peace negotiations and a truce in 2022.

BACKGROUND- The US launched large-scale military strikes on Houthi-controlled areas in Yemen, following an order from US President Donald Trump. The attacks come in retaliation for the Iran-backed militant group’s attacks on vessels in the Red Sea, Trump said last month.

DATA POINTS-

Saudi Arabia issued 3.3k tour guide licenses in 2024, recording a 168% y-o-y increase, the Ministry of Tourism said in a Facebook post. The city of Makkah took the lead with 986 licenses, followed by Riyadh (665), Madinah (477), Tabuk (337), the Eastern Region (319), and Aseer (252), state news agency SPA reports.

REFRESHER- Saudi Arabia welcomed 30 mn foreign tourists in 2024, up from 27.5 mn in 2023, according to figures published last January. While growth slowed compared to the 60% surge the year before, the Kingdom remains focused on reaching 70 mn annual visitors by 2030, targeting middle-class travelers from China and India.

***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.

EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Tas’heel.

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 and climate industries?

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.
***

THE BIG STORY ABROAD-

Russia declared yesterday a unilateral ceasefire for “humanitarian reasons,” set to end at midnight following Easter Sunday (but Kyiv is not buying it). The short truce comes after US Secretary of State Marco Rubio and the Donald both hinted that the US could abandon peacemaking efforts “within days” if no progress is made.

MEANWHILE- The US and Iran agreed to task a team of experts with drafting a framework for a potential nuclear agreement, set to begin work on Wednesday. The talked held yesterday focused on scaling back Iran’s uranium enrichment activities in return for a limited sanctions relief.

OVER IN THE BUSINESS WORLD- Tesla is reportedly delaying its planned launch of an affordable version of the Model Y SUV, ahead of announcing its earnings on Tuesday.

Diriyah leads USD 1.4 bn JV for Royal Opera House

The Diriyah Company signed a USD 1.4 bn (SAR 5.1 bn) JV contract with three companies to construct the Royal Diriyah Opera House, it said in a statement on Wednesday. The three firms include homegrown El Seif Engineering Contracting, Qatar’s Midmac Construction, and China State Construction Engineering Corporation. The timeline for delivery was not disclosed.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Project scope: The venue — which will be managed by the Royal Commission for Riyadh City — will feature a 2k-seat main opera theater set to be the largest in the Kingdom, along with a studio theater, shaded rooftop amphitheater, and multipurpose halls, totaling 3.1k seats.

Design details: The opera house was designed by Norwegian architecture firm Snøhetta, featuring a contemporary Najdi aesthetic using materials like palm, stone, and earth. The design prioritizes sustainability, with features that support water conservation and temperature control while amplifying natural light.

Specialist consultants are supporting the design, with German structural engineering and consulting firm Schlaich Bergermann Partner working on structural and facade engineering, UK-based Buro Happold and Saudi Diyar on Mechanical, Electrical, and Plumbing works. Theatre Projects is also working on theatre and acoustics, while Plan A is handling on design management, and US-based JLL is handling cost management.

REMEMBER- All part of one big boulevard: The opera house will be located along Diriyah’s upcoming 1.9 km cultural boulevard — modeled after Paris’ Champs-Élysées — first revealed in February by CEO Jerry Inzerillo. The avenue will also feature the Saudi Museum of Contemporary Art and the world’s largest Apple Store.

Saudi Arabia slides down in WTO’s merchandise export ranking

The Kingdom was the 26th largest global merchandise exporter in 2024, with exports reaching USD 305 bn, according to the World Trade Organization’s recent Global Trade Outlook and Statistics report (pdf). This marks a 5% y-o-y drop, with its position in the ranking down from the 25th in the WTO’s 2023 report.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Imports increased 12% y-o-y to USD 232 bn, ranking 30th in the world in terms of global imports.

On the commercial services front, the Kingdom ranked 23rd in imports, reporting a 6% y-o-y growth in services purchased from abroad to USD 94 bn.

On the cards for the region: Growth in the Middle East’s commercial services exports is expected to plummet from 4.2% in 2024 to 1.7% in 2025 and further down to 1% in 2026. The region's merchandise exports, on the other hand, are expected to remain steady at 5.3% growth in 2025 and 5.1% in 2026. Meanwhile, merchandise imports are predicted to take a slight fall from 6.8% in 2024 to 6.3% in 2025, before rebounding to 6.7% next year.

Global trade to take a dip in 2025 on the back of tariffs: Merchandise trade is expected to contract by 0.2% in 2025, down from a 2.9% y-o-y surge in 2024 after WTO economists altered their baseline predictions — previously foreseeing 2.6% growth — following the implementation of new tariff measures since January. Commercial services trade is forecast to slump down to 4% this year, down from 6.8% in 2024.

… and is expected to see a resurgence in 2026, with merchandise trade forecast to spike up by 2.5% and commercial services trade to rise by 4.1%.

National Water Company starts work on SAR 1.2 bn water, sanitation projects in Hail

The National Water Company (NWC) initiated 14 water and sanitation projects across Hail, with a total investment exceeding SAR 1.2 bn, as part of its efforts to expand service coverage and meet rising demand, it said in a statement.

The scope covers 12 water infrastructure projects valued at over SAR 1 bn, including over 1.3 km of pipelines and two pumping stations with a combined capacity of nearly 4k cubic meters per day. It also includes two environmental projects worth over SAR 134 mn that comprise more than 153 km of sewage networks and pumping stations with a total capacity of over 23k cubic meters per day.

ICYMI- NWC broke ground on 30 new water and sewage projects across Riyadh earlier this month, valued at around SAR 2 bn, including 16 developments across the capital city and neighboring governorates and 14 sewage projects. Last year, the NWC pledged to invest EUR 200 bn by 2030 in a comprehensive water cycle infrastructure across the Kingdom.

IN OTHER INFRASTRUCTURE NEWS-

Alkhorayef Water and Power Technologies (AWPT) inked two contracts worth SAR 353.9 mn with the SaudiIrrigation Organization to construct treated wastewater reuse systems, it said in two separate disclosures to Tadawul (here and here).

The details: The first contract valued at SAR 223.8 mn will see AWPT build water transmission and distribution systems in Al Rass Sewage Treatment Plant (Phase one), while the second SAR 130.1 mn contract spans the Wadi Al Dawasir Sewage Treatment Plant (Phase one). The two projects — aimed at irrigating agricultural areas — are set to be completed in two years.

REMEMBER- AWPT landed a slew of contracts this year with the National Water Company, including a SAR 1.7 bn operation and maintenance agreement for four Al Ahsa sewage treatment plants and a SAR 1 bn project for three Manfouha plants.

Retail real estate demand to maintain momentum in the next two years -S&P

Retail real estate demand in Saudi Arabia is expected to remain strong throughout 2025 and 2026, according to a recent report from S&P Global. Major global retailers continue to enter the market, attracted by the Kingdom’s large consumer base.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

The agency expects a favorable retail consumption outlook, particularly in entertainment and lifestyle categories, buoyed by the Kingdom’s youthful and growing population. Pro-investment measures, such as the new investment law, are also expected to accelerate the sector’s expansion, it added.

The drivers: Saudi Arabia’s focus on infrastructure development is fueling demand for retail real estate, with major cities such as Riyadh and Jeddah seeing a surge in new developments. The rapid expansion of mixed-use developments and gigaprojects like Neom, Diriyah Gate, and the Red Sea Project is expected to ramp up demand, S&P said.

REMEMBER- The Kingdom’s gigaprojects include more than 1 mn new residential units, 362k hotel keys, upwards of 7.4 mn sqm of new retail space, and more than 7.7 mn sqm of new office space to accommodate population growth and booming tourism and business activities. These numbers are expected to rise further with the upcoming 2030 World Expo and the 2034 FIFA World Cup, as both events are projected to trigger a new wave of projects in Riyadh.

E-commerce is playing an increasingly important role in the sector: The broader MENA region’s e-commerce market was valued at USD 1.8 bn in 2024, S&P said, citing a joint report by Flowwow and Admitad. Saudi Arabia showed momentum with 9% y-o-y growth, outpacing its regional competitor, the UAE.

Changing the game: The growing popularity of e-commerce and the shift towards experience-driven retail is pressuring traditional malls to adapt or risk reduced footfall and rental yields. The shift towards online shopping is leading developers to incorporate hybrid models into their retail space design, which is expected to reel in additional demand, S&P said.

It’s not looking too bad for retail, though: Total retail sales volumes are expected to hit a compound annual growth rate of 4.4% through 2027, with pop-up stores gaining popularity in major malls, Deloitte said in an earlier report. Supply volumes are steadily growing in the country’s retail space, while demand remains “relatively stable,” which together are keeping price increases at bay.

Still, headwinds lie ahead: Increased supply is expected to put downward pressure on rental rates — particularly in secondary locations. Global economic uncertainty, high construction costs, and persistent volatility in oil prices could potentially dampen government spending and impact non-oil growth. The agency also expects the weakening global macroeconomic environment to impact consumer spending, along with the overall local retail sector.

To navigate these challenges and maintain long-term competitiveness, firms should adopt “careful planning and strategic market positioning.” Developers and landlords need to prioritize product differentiation and develop experience-based retail offerings, S&P argues.

Defense Minister makes a diplomatic push with Iran ahead of US-Iran nuclear talks

Defense Minister Khalid bin Salman met with Iran's Supreme Leader Ayatollah Ali Khamenei on Thursday, in the first Saudi-Khamenei high-level encounter in nearly two decades, state news agency SPA reports. The minister also met with Iranian President Masoud Pezeshkian, and together they “explored means of enhancing Saudi-Iranian relations and discussed various regional and international developments.”

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Bin Salman was also received by the Chief of Staff of the Iranian Armed Forces Mohammad Baqheri and the Secretary of the Supreme National Security Council Ali Akbar Ahmadian to discuss military and defense cooperation.

Reading between the lines: The move underscores Saudi Arabia’s active role in mitigating a potential US-Iran security crisis. “Saudi is clearly sending a message to Tehran that it will not be a conduit in any fashion towards an attack on Iran,” Ali Shihabi, a Saudi commentator reportedly close to the royal court, told the Financial Times.

IN CONTEXT- The high-profile meetings occur amidst renewed US-Iran negotiations, with “constructive” indirect talks held in Oman last week . The parties agreed at their second round fof discussions yesterday to task a team of experts with drafting a framework for a potential nuclear agreement, Reuters reports, citing Iranian Foreign Minister Abbas Araghchi.

The experts are set to begin work on Wednesday, focusing on scaling back Iran’s uranium enrichment activities in return for a limited sanctions relief. Top negotiators will reconvene next Saturday to review progress.

REMEMBER- The Kingdom’s relations with Iran — historically marred with regional rivalry — shifted towards rapprochement after Iraqi mediation and a China-brokered agreement in March 2023 led to restoration of bilateral ties and diplomatic missions.

Singapore-based Space-tech Qosmosys picks the Kingdom as its launchpad

SPACE-

Singapore-based space tech architect Qosmosys plans to open a regional HQ in Riyadh, with the aim of transforming it into the company’s global HQ within the next two years, it said in a press release. The new hub will centralize Qosmosys' global operations and targeted R&D projects, including its lunar positioning and navigation system Triops.

The office will also foster global partnerships and support Saudi Arabia’s moon economy, KSA’s Head of Development at the firm Omar Halawani said.

SOUND SMART- The emerging moon economy is a future market focused on utilizing lunar resources, establishing essential infrastructure, and delivering vital services to support lunar missions and drive innovation in the space sector.

About Qosmosys: Founded in 2020 by François Dubrulle (LinkedIn), the company specializes in the design and integration of advanced space system architectures and aims to advance lunar exploration.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

MINING-

The World Mining Union — a Saudi Gold Refinery subsidiary — is seeking a mineral and gold prospecting license in Egypt’s Eastern Desert within the concession area of Shalateen Mineral Resources Company, the parent company’s operations manager Yousif Abdulrahim told Asharq Business. Saudi Gold Refinery Group officials will visit Cairo in two weeks to discuss potential mining investments, Abdulrahim said.

Part of a broader mining push: Saudi Gold Refinery has set targets to expand into Egypt, Sudan, Ethiopia, Eritrea, Pakistan, and Kazakhstan by 2025. It also requested 162 additional exploration licenses in the Kingdom on top of its 25 current licences — aimed at establishing and operating more gold mines by 2030.

ICYMI- Saudi Gold Refinery inked multiple agreements with Chinese mining firms at China’s Tianjin Mining Conference last October to expedite gold production in the Kingdom from the time of its discovery by up to 70%.

CONSULTANCY-

US-based consultancy Bain & Company inaugurated a new regional headquarters in the King Abdullah Financial District, according to a press release. This is the company’s third location in Riyadh.

IN CONTEXT- Consultancy firms, including Deloitte and EY, have been expanding their presence in the Kingdom to fill the vacuum left by the PIF barring PwC from advisory contracts. Some firms have already been invited to bid on consultancy contracts for gigaprojects, including Neom.

Chinese stocks risk USD 800 bn in outflows amid US-China decoupling

China stocks face USD 800 bn outflow risk: US investors could be forced to offload up to USD 800 bn worth of Chinese equities in a worst-case scenario of financial decoupling, Bloomberg reports, citing a note from Goldman Sachs analyst Kinger Lau.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

At stake: The estimate includes USD 250 bn in US depositary receipts (ADRs) — securities issued by US banks representing shares in a company listed on foreign indices — and USD 522 bn in Hong Kong stocks held by US institutional investors. Rising trade tensions and potential forced delistings could cause ADRs to lose 9% in value, while the MSCI China Index could take a 4% hit. JP Morgan also previously pegged potential passive outflows at USD 11 bn if ADRs were removed from global indices.

On the flip side: Chinese investors might dump up to USD 1.7 tn in US assets.

Chinese firms are poised to intervene to stabilize their stock markets through increased investment and share buybacks, Reuters reported earlier this month. Companies like oil giant Sinopec and state holding firms are among those looking to invest more in tech, state firms, and ETFs and buy back shares in a show of optimism to bolster China’s capital markets.

The data suggests the decoupling is already well underway, with China's FDI position in the US falling steadily over the past few years, reaching USD 44 bn in 2023, down 16% since 2019, indicating that Chinese investors have been pulling money from US projects, according to Reuters. The World Trade Organization projects an 80% drop in US-China merchandise trade for the year, signaling a shift towards two separate global trade blocs, Axios reports.

TASI	11,553	-0.7% (YTD: -4.0%)
MSCI Tadawul 30	1,469	-0.7% (YTD: -2.6%)
NomuC	28,714	-1.3% (YTD: -8.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	31,063	+0.1% (YTD: +4.5%)
ADX	9,278	+0.2% (YTD: -1.5%)
DFM	5,097	+0.7% (YTD: -1.2%)
S&P 500	5,283	+0.1% (YTD: +10.2%)
FTSE 100	8,276	0.0% (YTD: 0.0%)
Euro Stoxx 50	4,935	-0.6% (YTD: +0.8%)
Brent crude	USD 67.96	+3.2%
Natural gas (Nymex)	USD 3.25	-0.1%
Gold	USD 3,326.85	-0.5%
BTC	USD 85,219	0.2% (YTD: -8.8%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.7% on Thursday on turnover of SAR 4.7 bn. The index is down 4.0% YTD.

In the green: Alistithmar Reit (+10.0%), Dar Alarkan (+3.8%) and ACIG (+3.4%).

In the red: Albaha (-5.7%), MESC (-4.8%) and Lazurde (-4.8%).

THE CLOSING BELL: NOMU-

The NomuC fell 1.3% on Thursday on turnover of SAR 27.8 mn. The index is down 8.8% YTD.

In the green: Horizon Food (+7.0%), Purity (+5.1%) and Academy of Learning (+4.5%).

In the red: Qomel (-9.6%), Dar Almarkabah (-8.4%) and Aljouf Water (-8.0%).

Sections

About

Privacy & Support

Get EnterpriseAM daily

Diriyah leads USD 1.4 bn JV for Royal Opera House

An independent publication supported by

Today at a glance

THIS MORNING: Grand Prix revs up today

Related

This publication is proudly sponsored by

Diriyah leads USD 1.4 bn JV for Royal Opera House

Related

Saudi Arabia slides down in WTO’s merchandise export ranking

Related

Related

National Water Company starts work on SAR 1.2 bn water, sanitation projects in Hail

Related

Retail real estate demand to maintain momentum in the next two years -S&P

Related

Defense Minister makes a diplomatic push with Iran ahead of US-Iran nuclear talks

Related

Singapore-based Space-tech Qosmosys picks the Kingdom as its launchpad

Related

Chinese stocks risk USD 800 bn in outflows amid US-China decoupling

Related

CALENDAR

Related

Related

About

Privacy & Support

My EnterpriseAM

Sign in

Check your email! We've sent you a magic link to sign in.

Sections

About

Privacy & Support

Get EnterpriseAM daily

Diriyah leads USD 1.4 bn JV for Royal Opera House

An independent publication supported by

Today at a glance

Get Enterprise daily

Related

This publication is proudly sponsored by

Related

Related

Related

Related

Related

Related

Related

Related

CALENDAR

Related

Related

An independent publication supported by

About

Privacy & Support

My EnterpriseAM

Sign in

Check your email! We've sent you a magic link to sign in.