ECONOMY-

Capital Intelligence Ratings affirmed the Kingdom’s long-term foreign and local currency rating at AA- and short-term rating at A1+, with a stable outlook, it said in a statement (pdf). The action was supported by strong international liquidity and growing reliance on non-oil manufacturing, in addition to low government debt, solid banking and fiscal buffers, and small foreign funding. Ratings may improve with deeper economic reforms, improving medium-term economic and fiscal outlooks, and further reliance on non-oil economy.

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TRADE-

Saudi Exim + Credit Oman sign export agreement: The Saudi Export-Import Bank (Saudi Exim) signed an MoU with Credit Oman during the TXF Global 2025 conference in Copenhagen — which took place between 10-12 June — to boost cooperation on joint export projects and share expertise, state news agency SPA reported on Friday. The agreement aims to support Saudi non-oil exports and strengthen trade ties between the two countries.

LOGISTICS-

The Saudi Ports Authority (Mawani) added MSC’s Himalaya Express shipping service to King Abdulaziz Port in Dammam and Jubail Commercial Port, it said in a statement last Thursday. The new service — with a capacity of 14k TEUs — will connect the two ports to 12 regional and international ports, including Jebel Ali and Abu Dhabi in the UAE, Hamad in Qatar, Nhava Sheva, Mundra, and Vizhinjam in India, Sines in Portugal, Valencia, Barcelona, and Malaga in Spain, and Gioia Tauro and Genoa in Italy.

ICYMI- Mawani has recently added four new shipping services to Jeddah Islamic Port, including CMA CGM’s MEDEX with a capacity of 10k TEUs, SeaLand’s WARM with a handling capacity of up to 600 TEUs, 5CX with a 1.5k standard container capacity, and RESIN with a 1k standard container capacity.

AVIATION-

Saudia launched its first direct, regular flights from Riyadh to Vienna, it said in a post onX last Thursday. The route — introduced in partnership with the Air Connectivity Program — will run four flights a week on Mondays, Wednesdays, Fridays, and Sundays between King Khalid International Airport and Vienna International Airport.

ICYMI-Saudia began operating five weekly flights to Italy last Friday, connecting Riyadh and Jeddah to Venice. Riyadh now has three weekly departures, while Jeddah operates two weekly flights to the Italian city.

STARTUP WATCH-

Paris-based agritech startup Kumulus Water raised about USD 3.6 mn in seed funding to support its expansion into the Kingdom, where demand for sustainable water solutions is high, it said in a press release earlier this month. The round was funded by multiple investors, including France’s Bpifrance, Belgium’s Spadel, and regional VCs such as PlusVC, Khalys Venture, and Flat6Labs.

About Kumulus: The tech company makes machines that turn air into drinking water, providing a sustainable source of mineralized water for hotels, companies, and factories.

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