Good morning, wonderful people. It’s an unexpectedly calm end to the first week of July, with only a handful of major news updates to bring you. We lead our newswell this morning with S&P Global Ratings’ latest report on the Saudi corporate debt market, with other updates including a power purchase agreement for the 700 MW Yanbu wind project.

WEATHER- Riyadh is expected to see a high of 36°C and a low of 28°C, while Jeddah’s mercury will go as high as 40°C and as low as 33°C. Makkah will see a 42°C high and 35°C.

PSAs-

Rental market regulations are under study for up to 90 more days, with the extension aimed at finalizing regulatory proposals governing the landlord-tenant relationship across residential, commercial, and office properties, state news agency SPA reported yesterday.

IN CONTEXT- The Kingdom launched a host of real estate reforms earlier this year, including lifting land freezes in the north of the capital, amendments to the White Land Tax, and new rental regulations aimed at balancing the landlord-tenant relationship. The reforms aim to expand land availability, improve rental regulations, and rein in soaring property prices in Riyadh.

WATCH THIS SPACE-

#1- SURJ eyes USD 20 mn stake in Professional Triathletes Organization: PIF’s sports arm SURJ Sports Investment is in discussions to invest approximately USD 20 mn in the Professional Triathletes Organization (PTO), Sky News reports, citing a source familiar with the matter. The transaction is expected to form part of a broader fundraising round for the organization, with London-based Oakvale Capital advising.

The details: The potential investment is aimed at expanding the PTO’s T100 Triathlon World Tour, sources told Bloomberg. The exact value of the investment has yet to be confirmed.

Who else has stakes in PTO? In March 2025, San Francisco-based Cordillera InvestmentPartners invested USD 10 mn in the PTO. Other existing investors include Warner Bros. Discovery, Divergent Investments, and Eckuity.

SURJ has ramped up its diversification in 2025. It recently announced a joint venture with Gerard Piqué’s Kings League to launch the seven-a-side football league, Kings League MENA, with Saudi Arabia set to host the first edition later this year. The fund is also in talks with Dazn Group to establish Dazn Mena, a Saudi sports broadcasting JV. Surj has been linked to a potential USD 500 mn investment in a proposed global T20 cricket league, still in early development.

#2- Saudi, Morocco to boost maritime links: Saudi and Moroccan officials agreed to look into launching a maritime link connecting the two kingdoms as part of an effort to boost bilateral trade and investment in the food, renewables, and tourism sectors, Asharq Business reports. The shipping link will “enable the private sector to play its role in promoting trade exchanges between the two countries as strong economies can open partnerships in other markets,” ٍSaudi Chambers of Commerce President Hassan bin Moejeb Al Huwaizi told the newspaper.

The context: The move comes as Morocco and Saudi gear up to host consecutive editions of the FIFA World Cup in 2030 and 2034, which are set to open up avenues for major investments for Moroccan and Saudi private investors.

All eyes on trade: The new link comes as the pair look to boost their trade from USD 1.6 bn in 2024 to USD 5 bn, Moroccan Industry and Trade Minister Riad Mazour told Asharq Business. Morocco is also looking to a more balanced trade relationship, with volumes currently dominated by Saudi oil exports — currently standing at c. USD 1.1 bn, Mazour said.

#3- Four crew members died after the Ades Holding-owned Adam Marine 12 jackup barge capsized and sank while being towed in Egypt, according to a Tadawul disclosure. Another 26 crew members were rescued and those who were injured were transported to a hospital, according to an Egyptian Health Ministry statement. The incident did not interrupt traffic through the waterway.

DATA POINTS-

Over 4.6 mn users benefited from real estate platform Sakani in the first half of the year, attracting some 200k new users, state news agency SPA reported yesterday. The platform serviced over 275k beneficiaries and concluded more than 106k housing contracts during the same period.

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THE BIG STORY ABROAD-

It’s somewhat of a mixed bag in the foreign press this morning, with US President Donald Trump’s “big, beautiful bill” — which includes a trove of tax cuts, immigration measures, and a phase-out of clean energy subsidies — still getting plenty of play as the House races to vote ahead of Trump’s Friday deadline. House Speaker Mike Johnson said he expects the vote to take place later today, though many are still unhappy with the USD 3.4 tn deficit it adds to the US’ ballooning debt, while others are concerned about cuts to healthcare programs. (Reuters | Bloomberg | Wall Street Journal | Financial Times)

In other US news, the country struck a trade agreement with Vietnam ahead of the resumption of sweeping reciprocal tariffs next week as the 90-day pause expires. Vietnam will drop levies on US products, while a 20% tariff will be placed on Vietnamese exports to the US, with a 40% levy on goods that are transshipped through the country, Trump said in a social media post. (Bloomberg | CNBC | FT | Reuters )

ALSO GETTING PLENTY OF ATTENTION- The high-profile Sean Diddy trial has wrapped with the jury finding him guilty of only two of five charges, including a racketeering charge and [redacted] trafficking. He will remain in jail and is set to see a maximum of 10 years in prison. (Reuters | Guardian | FT | NYT)

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