SAR 12 bn Pulse Wadi project details unveiled, touted as “Saudi Arabia’s Silicon Valley”

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WHAT WE’RE TRACKING TODAY

THIS MORNING: PwC Middle East eying new leadership? + Esports World Cup kicks off today in Riyadh

Good morning, wonderful people. Today’s lighter-than-usual issue features updates on two big projects: Hong Kong-based LWK + Partners unveiled details on Pulse Wadi project (touted as “Saudi Arabia’s Silicon Valley”), estimated to cost some SAR 12 bn, while Ra’i broke ground on its SAR 2 bn livestock facility in Hail. Let’s dive in.

HAPPENING TODAY-

The 2025 Esports World Cup kicks off today in Riyadh, running through 24 August. The tournament is bringing over 2k professional players and 200 clubs from more than 100 countries to compete across 25 tournaments for a record-breaking USD 70 mn prize pool. This year’s lineup includes top games, such as League of Legends, Dota 2, PUBG, Fortnite, Call of Duty, Valorant, and Tekken 8.

WEATHER- Riyadh is expected to see a high of 40°C and a low of 26°C, while Jeddah’s mercury will go as high as 38°C and as low as 27°C. Makkah will see a 40°C high and 27°C low.

PSAs-

#1- The subscription window for the July round of the government-issued retail sukuk program Sah closes tomorrow at 3pm, the National Debt Management Center said on X. The sukuk offers a 4.88% yield, with investors able to sign up for a minimum of SAR 1k each and a maximum of SAR 200k.

#2- Businesses subject to withholding tax must file their June tax returns by Thursday, 10 July via Zatca’s website, according to a statement. Late submissions will face a 1% penalty for every 30 days of delay.

#3- A new work permits classification guide (pdf) is out, grading expat working skills into highly-skilled, skilled, and basic, aiming at attracting talents and developing the labor market in the Kingdom, the Human Resources and Social Development Ministry said in a statement yesterday. The fresh classification is based on academic degrees, work experience, vocational skills, salary and age.

#4- Some 13 new investment windows in Rabigh are up for grabs under build, operate, and maintain contracts, state news agency SPA reported yesterday, citing Jeddah Municipality. Details are available on the Furas platform.

WATCH THIS SPACE-

A potential leadership change is reportedly on the horizon for PwC, as UK Senior Partner Marco Amitrano is considering managing partner and former rival Laura Hinton to succeed Hani Ashkar as head of the firm's Middle East business, the Financial Times reported yesterday, citing sources it said are in the know. Ashkar, who has led the region for over 12 years, told colleagues in May that he will step down next summer to assume a new global role within the firm, the sources said.

The news is turning some heads: The potential appointment of an outsider like Hinton — who would become the first female head of a Big Four firm in the Middle East — is considered an unusual move in a market where business success heavily relies on long-standing personal relationships.

IN CONTEXT- Integrated with its UK counterpart, PwC’s Middle East business has been a crucial growth engine, offsetting sluggish demand in the UK. The region’s sales rose 26% In FY 2024, contributing nearly one-third of the combined GBP 6.3 bn revenue for the UK and Middle East. This success now faces headwinds as the consulting boom in Saudi Arabia slows down due to local concerns about over-reliance on Western firms.

There are more concerns: The Public Investment Fund reportedly barred PwC from advisory contracts for a year starting in February, after the firm allegedly tried to hire ex-Neom audit chief Jason Davies. PwC has since removed several senior executives from its Middle East arm in a bid to make amends with the PIF, media reports said.

Foreign Minister Faisal bin Farhan inaugurated the new Saudi Embassy during his visit to Moscow, the Saudi Gazette reported yesterday. Farhan landed in Moscow last Friday, where he met with Russian Foreign Minister Sergey Lavrov to discuss boosting economic, cultural, and energy ties between the two countries.

OIL WATCH-

Aramco is set to bump its flagship Arab Light Crude’s price in August to USD 2.20 above market average for Asian markets, according to a company document seen by Bloomberg. The bump amounting to USD 1 was higher than trader’s expectations of USD 0.65, signalling further confidence in a healthy market.

ICYMI- Opec+ agreed to raise production by 548k barrels per day in August, accelerating its plan to return supply to the market and exceeding analyst expectations. Analysts expect the hike may cause a crude surplus by 4Q, cutting prices down to around USD 60 a barrel, Bloomberg adds.

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THE BIG STORY ABROAD-

It’s a busy morning in the foreign press, with more updates on the US’ reciprocal tariffs and Israel’s potential ceasefire in Gaza, as well as a flood in Texas with a rising death toll.

#1- The US is finalizing trade agreements ahead of the 9 July deadline, though it has clarified that tariffs will go into effect on 1 August, giving countries a bit of time to strike agreements. US President Donald Trump will reportedly be sending letters to the countries without a trade agreement about their tariff rates after tomorrow. (Reuters | Financial Times | CNBC)

#2- Floods caused by a sudden storm in Central Texas have killed around 78 people, with many more missing and more rain set to strike in the next couple of days. Most of the affected were young children in private summer camps, and experts have raised concerns that Trump’s federal workforce cuts — which affected, among many others, the National Weather Service — led to a failure by officials to accurately predict the storms and issue warnings ahead of the storm. (Reuters | Guardian | Bloomberg | BBC)

#3- Trump is set to meet with Israeli Prime Minister Benjamin Netanyahu today as a potential 60-day ceasefire hangs in the balance. Indirect talks in Qatar ended inconclusively yesterday after representatives from Hamas said the Israeli delegation did not have a sufficient mandate to reach an agreement. Attacks in Gaza continued yesterday, with some 38 people killed.

Meanwhile, the Brics summit is also generating some headlines, as the countries condemned attacks on Gaza and Iran and called for reforms of global institutions including the IMF. (Bloomberg | Reuters)

CIRCLE YOUR CALENDAR-

The Sustainable Maritime Industry Conference will take place on 3-4 September at the Ritz-Carlton Hotel in Jeddah. The event is set to gather over 60 speakers and more than 3k participants to discuss maritime decarbonization, digital transformation, regulatory frameworks, capacity building, and sustainable practices.

The Bocuse d’Or and Pastry World Cup Saudi Arabia Round’s national competition will be held from 30 September to 2 October in Riyadh. The competition offers a path to the Saudi-hosted Middle East qualifiers and the World Cup set to be held in France, state news agency SPA reports. Registration will be open until 20 July.

The World Planning Council is coming to Riyadh between 1-4 December. Organized by the International Society of City and Regional Planners (ISOCARP) and hosted by the Riyadh Municipality, the event includes discussion sessions and workshops on sustainable urban growth, governance, economy, and climate adaptability, the Municipality said on X. Attendees can register online.

Hong Kong-based LWK unveils details on SAR 12.1 bn Pulse Wadi project

LWK + Partners unveils Riyadh’s Pulse Wadi project: Hong Kong-based architectural design firm LWK + Partners released its master plan for a SAR 12.1 bn tech and cybersecurity project in Riyadh called Pulse Wadi, according to a statement picked up by Saudi Gulf Projects.

The details: The project — touted as “Saudi Arabia’s very own Silicon Valley”, will span 600k sqm in Wadi Hanifa on the outskirts of Riyadh, featuring a central government complex, two iconic headquarters, cultural institutions, and a cybersecurity research district. The central wadi plaza will be allocated for major events, “unifying all access points and the various tiers of commercial, recrational, retail and F&B functions”, the statement said.

The project will adopt smart city technology and sustainable design. Transportation will focus on green mobility, with electric vehicles, autonomous taxis, and networks for cycling, running, and walking, while shading techniques will be utilized in streets and plaza, according to the statement.

Wearing all the (design) hats: LWK + Partners is the project’s lead design consultant, master planner, urban designer, design architect and landscape architect, overlooking all design aspects of the project.

What we don’t know: The timeline for construction and the parties involved were not disclosed, as the announcement comes amid a recalibration of the Kingdom’s spending to prioritize time-sensitive international events like the 2029 Asian Winter Games, the 2034 Fifa World Cup, and Expo 2030.

Nadec unit breaks ground on SAR 2 bn livestock facility in Hail

Construction begins on a new livestock farming plant in Hail: Al Ra’i National Livestock, a subsidiary of National Agricultural Development Company (Nadec), broke ground on a new livestock farming facility in the city of Hail, Nadec said in a disclosure to Tadawul.

The details: Some SAR 2 bn will be funneled into the intensive farming facility to produce some 1 mn heads of sheep per year by 2030, with 30% of its total production to be contracted to small local livestock farmers.

What we know about the funding: Al Ra’i landed a SAR 1.11 bn, 15-year tenor loan from the Agricultural Development Fund to finance the project in March. The instrument is backed by a mortgage on Wadi Al Dawasir lands owned by Nadec and corporate guarantees provided by other partners.

Addressing the gap: The farming project aims to produce red meat to bridge the gap in local demand and reduce imports, Nadec Chairman Abdulaziz Al Rabdi told Al Arabiya. The plant will generate new direct and indirect jobs through different schemes involving third parties, he added.

ALSO- Al Ra’i signed MoUs with the University of Hail to enable student training and research, and with the Sulaiman Al Rajhi Foundation to support leather and wool family businesses. Another MoU with Entag Association will provide local training and support programs.

Nadec has been ramping up efforts to localize red meat production, inking a 10-year agreement in March with UK-based Hilton Foods to process and package red meat here at home under a new JV. The company also partnered with United Feed last year to set up a JV for livestock and meat production.

Cenomi Retail is negotiating to sell up to 49.95% of its total share capital

Cenomi mulls stake sale: Cenomi Retail is currently in talks to sell nearly half of its total share capital (up to 49.95%) to an undisclosed company operating in the fashion and retail sector, according to a disclosure to Tadawul. The stake on offer falls just below the 50% mark that triggers a mandatory tender offer .

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Who’s selling? Discussions are already underway with some of Cenomi Retail’s major shareholders, including members of the Alhokair family, Saudi Fas Holding, and Fas Real Estate to sell down their position in a private transaction.

BUT- We don’t know much about the buyer: The strategic investor interested in the stake holds franchise rights for a number of global brands, the statement said, without disclosing additional details about the suitor.

More than equity on the line: Cenomi is also negotiating a post-acquisition shareholder loan agreement with the investor to shore up the firm’s financial position and support its operational continuity. Both the acquisition and the shareholder loan remain subject to final agreements and regulatory approvals.

REMEMBER- The company first hinted at the potential sale in August of last year, after shelving merger talks with a global fashion player, according to an earlier filing to the exchange.

Cenomi Retail swung back into the black in 1Q, posting SAR 1.8 mn in net income, compared to a SAR 151.7 mn net loss over the same quarter last year. Revenues rose 11.2% y-o-y to SAR 1.3 bn during the same period. The company has been actively trimming its footprint, exiting non-core markets, and focusing on top-tier brands as it pivots toward a leaner, more capital-efficient model.

Market Reax: Cenomi Retail’s stock rose 2.8% to close at SAR 29.8 yesterday.

More M&A action to look out for: Tadawul-listed F&B giant Almarai inked a SAR 1 bn share purchase agreement last month to acquire 100% of water bottling firm Pure Beverages. Meanwhile, Ethraa Holding inked a binding MoU late last month to acquire a 100% stake in Al Reef Sugar Refinery, in which Tadawul-listed Artex Industrial Investment owns a 15% equity stake.

NDF signs SAR 5 bn credit facility agreement with Al Rajhi Bank, ANB + Awwal Bank to buy back SAR 5 bn sukuk

The National Development Fund (NDF) inked a credit facility agreement with Al Rajhi Bank and Arab National Bank (ANB) worth SAR 5 bn, it said on X yesterday. Further details on the facility were not disclosed.

Where will the money go? The facility is set to support development projects across the Kingdom and boost Saudi transformation through 12 affiliate development banks and funds.

ICYMI- The NDF, overseeing nine development funds along with three banks, became a member of the World Economic Forum back in March 2024. It tapped Northern Trust Saudi Arabia as the custodian for its SAR 60 bn asset portfolio last August.

ALSO- Tadawul-listed Saudi Awwal Bank (Sab) will fully buy back SAR 5 bn in Tier 2 sukuk at face value on 22 July, after 5 years of its issuance, it said in a Tadawul disclosure yesterday. The maturity date was due on 22 July, 2030.

The sukuk will be delisted following redemption, with our friends at HSBC Saudi Arabia acting as the payment administrator.

ICYMI-Earlier this month, Sab voiced intentions to issue SAR-denominated tier 1 sukuk through a private placement as part of its Additional Tier 1 Sukuk issuance program. The proceeds will be used to strengthen the bank’s capital base and support its long-term strategic goals. The size of the issuance will be determined at a later stage, depending on market conditions.

Almarai misses 2Q expectations despite 4.4% y-o-y net income growth

F&B giant Almarai’s net income rose 4.4% y-o-y to SAR 646.9 mn in 2Q 2025, backed by rising revenue, falling expenses, better product mix, and lower funding costs, according to an ea rnings release (pd f). The figure fell slightly short of the SAR 665.7 mn average estimate projected by Bloomberg-surveyed analysts, Asharq Business reports.

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The company saw its revenue rise 2.6% y-o-y to SAR 5.3 bn during the same period, due to solid performance in the foods and bakery sectors in core markets and across all sales channels.

Performance varied across sectors: The poultry sector remained stable during the second quarter, with production lines operating at full capacity, while the earlier Ramadan season resulted in lower dairy product sales, pulling down net income in the dairy and juice sector.

A look at 1H: Almarai’s net income rose 5% y-o-y to SAR 1.4 bn in 1H 2025, while revenue grew 4.2% y-o-y to SAR 11.1 bn on the back of strong performances across all sectors in core markets and improved operational costs.

Sisco Holding taps Saleh Ahmed Hefni as Managing Director

Sustained Infrastructure Holding (Sisco Holding) appointed Saleh Ahmed Hefni (Linkedin) as its new Managing Director, effective 1 July, it said in a disclosure to Tadawul. Hefni served as the company’s managing director and CEO from 1999 to 2007 before leaving to assume the same duties at Halawani Bros, where he remained until 2019.

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ALSO- Sisco Holding CEO Khaled Abdulghani Suleimani stepped down due to personal reasons, effective 30 June, according to a separate disclosure.

AND - Saudi Arabian Refineries Company (Sarco) tapped Mohammad Iqbal Daboul as Managing Director, it said in a Tadawul filing. Daboul brings some 35 years of experience in the chemical industry.

Maersk + Saudi Post to roll out e-commerce logistics solution

LOGISTICS-

Maersk + Saudi Post to roll out e-commerce logistics solution: Maersk Saudi Arabia and Saudi Post (SPL) signed an MoU to create a combined end-to-end logistics solution for e-commerce businesses operating in the Kingdom and potentially the wider GCC region, according to a press release.

The details: Maersk will leverage its global network and new 225k sqm Jeddah logistics park, which has a capacity of 200k TEU containers per year, to manage international shipping and fulfillment, while SPL will handle all domestic operations, including express customs clearance and last-mile delivery. The agreement also formalizes cooperation in technology integration, marketing activities, customer service, and operational processes.

REGULATION WATCH-

Fresh regulations on municipal violations penalties to come into effect in a month, after their publication in the official gazette (pdf) last Friday. Violators will face a gradual scheme of penalties based on violation severity, including amending violations at their own expense, up to SAR 500k fines for nonserious violations, and up to SAR 1 mn for serious ones, with all penalties to double on violation repetition.

More violations and penalties: Violations from commercial units could lead to up to 2 weeks closure, or up to 2-year commercial license suspension. Abandoned vehicles for more than 7 days will be impounded by authorities. Cattle strolls in municipal areas will also be impounded. Unauthorized constructions, or constructions exceeding permitted limits will be demolished at the violator’s expense.

INFRASTRUCTURE-

SAR 380 mn road projects in Riyadh completed: Deputy Governor of Riyadh Region Prince Mohammed bin Abdulrahman bin Abdulaziz inaugurated six road projects for SAR 380 mn spanning a total of 112 km in length, state news agency SPA reported yesterday.

Retail investors deepen pockets from investing during US market turmoil

Buying the dip seems to have paid off for retail investors, with the strategy helping them collect their biggest YTD gains since the pandemic, the Financial Times reported. Retail investors have poured some USD 155 bn into Wall Street and ETFs this year, offsetting the market’s April losses caused by US tariffs, according to data from VandaTrack.

By the numbers: Buying-the-dip investors enjoyed an estimated cumulative return of 31% this year from investing in the Nasdaq 100 index, heavy on large-cap US technology stocks, analysis by Bank of America (BoA) showed. Returns on the index — which has gained 7.8% YTD — are the best for BoA’s hypothetical dip-buying model since early 2020, and the second best on record since 1985.

Investors have increasingly acquired the habit of buying into stock weakness since the 2008 global financial crisis, as US markets’ downturns have proven to be short-lived. “Pops and drops will occur… but the dip-buying belief has become the new religion,” Mike Zigmont of Visdom Investment Group told the salmon colored paper.

Right on the money: The S&P 500 and Nasdaq Composite closed at all-time highs on Friday as investors became increasingly confident the Trump administration will not move forward with severe tariffs. The plans sent stock markets tumbling when they were announced back in April, with the following months seeing increasing volatility.

BUT- The strategy is risky, as dip-buyers opt not to cashout when prices go up, chair of asset management group Research Affiliates Rob Arnott told the FT. “Dip-buying works brilliantly until it doesn’t. When you have a meltdown, it’s a quick path to deep regret,” Arnott added.

MARKETS THIS MORNING-

Asian markets are mixed this morning, mostly inching down after Trump announced a new 1 August deadline for tariffs taking effect. Japan’s Nikkei is down 0.5%, while Hong Kong’s Hang Seng is down 0.4%. Meanwhile, Wall Street futures are collectively in the red, also weighed down by the announcement.

TASI	11,316	+0.6% (YTD: -6.0%)
MSCI Tadawul 30	1,451	+0.6% (YTD: -3.8%)
NomuC	27,257	-0.1% (YTD: -13.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	32,914	+0.3% (YTD: +10.7%)
ADX	9,982	+0.01% (YTD: +6.0%)
DFM	5,753	+0.1 (YTD: +11.5%)
S&P 500	6,279	+0.8% (YTD: +6.8%)
FTSE 100	8,823	0.0% (YTD: +8.0%)
Euro Stoxx 50	5,289	-1.0% (YTD: +8.0%)
Brent crude	USD 68.30	-0.7%
Natural gas (Nymex)	USD 3.39	-0.7%
Gold	USD 3,347	+0.1%
BTC	USD 109,404	+1.1% (YTD: +17.0%)
Sukuk/bond market index	911.63	-0.2% (YTD: +1.1%)
S&P MENA Bond & Sukuk	145.82	-0.1% (YTD: +4.2%)
VIX (Volatility Index)	17.48	+6.7% (YTD: +0.8%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.6% yesterday on turnover of SAR 4.3 bn. The index is down 6% YTD.

In the green: Acwa Power (+8.0%), Naseej (+6.6%) and SAPTCO (+5.6%).

In the red: Sipchem (-1.8%), SIECO (-1.7%) and Alistithmar Reit (-1.4%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.1% yesterday on turnover of SAR 18.9 mn. The index is down 13.4% YTD.

In the green: Al Rasheed (+13.3%), Naseej Tech (+6.5%) and Aljouf Water (+6.3%).

In the red: United Mining (-9.0%), Itmam (-6.1%) and SMC (-6.1%).

CORPORATE ACTIONS-

Sure Global Tech will distribute SAR 11.5 mn in cash dividends for FY 2024 to its shareholders, at SAR 1.5 apiece, according to a disclosure to Tadawul (pdf). The distribution date is set for Tuesday, 8 July.

CALENDAR

JULY

July (Second week): World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

8 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

17 July (Thursday): Deadline to register for the Kingdom’s first civil aviation hackathon

Avithon.

29-30 July (Tuesday-Wednesday): US Federal Reserve Open Market Committee meeting.

31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022/2023 revenues to integrate e-invoicing solutions with Fatoora.

AUGUST

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

5-17 August (Tuesday-Sunday): 2025 Fiba Asia Cup, Jeddah.

3Q 2025

The National Water Company is expected to award a construction contract for the Hail Region Water Networks project.

SEPTEMBER

3-4 September (Wednesday-Thursday): Sustainable Maritime Industry Conference (SMIC), Ritz-Cartlon, Jeddah.

15-17 September (Monday-Wednesday): Money 20/20 Middle East, Riyadh.

17-18 September (Wednesday-Thursday): US Federal Reserve Open Market Committee meeting and Summary of Economic Projections.

23 September (Tuesday): Saudi National Day.

OCTOBER

1 October (Wednesday): Electronic salary transfer via the Musaned platform to include employers with two or more domestic workers.

1-3 October (Wednesday-Friday): Saudi Green Building Forum, Riyadh.

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

15 October (Wednesday): Russian-Arab Summit.

17 October (Friday): Saudization for private healthcare roles enters its second phase.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

28-30 October (Tuesday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

28-29 October (Tuesday-Wednesday): US Federal Reserve Open Market Committee meeting.

NOVEMBER

3-9 November (Monday- Sunday): WTA Tour Finals, Riyadh.

11-13 November (Tuesday-Thursday): TouriseSummit, Riyadh.

17-20 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre, Riyadh.

23-26 November (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh.

24-26 November (Monday-Wednesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh.

24-26 November (Monday-Wednesday): Metropolis Madinah Conference for civilizational capitals, King Salman International Convention Centre (KSICC), Al Madinah.

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

30 November (Sunday): Zatca 21st E-invoicing integration wave deadline.

DECEMBER

1-4 December (Monday-Thursday): International Conference on Nuclear and Radiological Emergencies, Riyadh.

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

31 December (Wednesday): Zatca 22nd E-invoicing integration wave deadline.

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

2026

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

Signposted to happen sometime in 2027:

The World Water Forum takes place in Riyadh.
The Ocean Race finishes in Amaala on the Red Sea.
Riyadh-Kudmi transmission line to be completed.

Signposted to happen sometime in 2Q 2027:

The Hail Region Water Networks Project is expected to be completed.

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