Syria, Saudi Arabia deepen ties with Damascus investment forum

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE’s NMDC Energy is expanding its presence in the Kingdom

Good morning, everyone, and happy THURSDAY. We have a variety of news for you this morning, from investment and tech to energy and esports, that should round up the week and get you ready for the last workweek in July.

The big story here at home: The Kingdom is kicking relations with Syria into high gear, with a high-profile delegation led by the Investment Minister landing in Damascus yesterday. The visit is expected to yield USD 6 bn in agreements between Saudi and Syrian companies. Meanwhile, Apple opened its long-awaited online store in Saudi, and Acwa Power kicked off partial production at the Saad 2 solar plant.

ALSO- We had coffee with Mike McCabe, chief operating officer of the Esports World Cup Foundation, to discuss the evolution of the foundation, the challenges of scaling the massive esports competition, and its broader cultural and economic impact.

AND- Our weekly My Morning Routine column features Mohammed Altassan, CEO and Founder of AI infrastructure startup OmniOps.

WEATHER- Riyadh’s mercury will peak at a blistering 44°C before slipping to 33°C after sunset. Jeddah will reach 41°C, before dipping to a humid 31°C. Meanwhile, Makkah brings the heat at 42°C, cooling to a warm 35°C by evening.

WATCH THIS SPACE-

The Regional Headquarters (RHQ) program has had a “significant” impact on the Kingdom’s office space, evidenced by the bulk of the King Abdullah Financial District (KAFD) being pre-leased, Knight Frank’s Head of MENA Research Faisal Durrani told CNBC yesterday (watch, runtime: 2:48).

The residential sector’s mismatch poses risk: Durrani flagged a disconnect in the housing market, noting that while two-thirds of Saudi households have a SAR 1.5 mn budget and prefer large family homes, most of the 1 mn units planned by 2030 are priced above USD 1 mn, creating a “disconnect between expectations and market realities.” Wider use of modern methods of construction — like 3D printing and modular housing— will help cut costs and improve affordability, Durrani added.

Areas to watch: Beyond the capital, Durrani pointed to Jeddah and the west coast as the places to keep on the radar, citing increased government and Public Investment Fund (PIF) investment and the concentration of gigaprojects along the Red Sea.

UAE-based NMDC Energy is expanding its presence in the Kingdom by moving into onshore projects and seeking local partners to support growth, CEO Ahmed Al Dhaheri told Asharq Business yesterday (watch, runtime: 8:35). Around one-third of NMDC’s revenue comes from outside the UAE, mostly from the Aramco. Meanwhile, its onshore business is growing and currently stands at 43% of its portfolio, up from 10% in 2023.

REFRESHER- Aramco inked a long-term partnership with NMDC Energy in January, allowing the firm to take part in multiple projects. The partnership was extended in April to cover additional offshore work, including procurement, installation, and pre-commissioning support in Saudi waters.

Firms shortlisted to look for valuable metals: The Industry and Mineral Resources Ministry shortlisted 31 companies out of 61 applicants to compete for exploitation licenses in three new mineral-rich belts spanning 24.4k sq km across Riyadh and Madinah, it said on X yesterday. Finalists will be announced in 3Q 2025.

More details: The areas include Al Duwaihi “Nabitah” belt, Al Naqrah belt, and Shukheibrah “Al Safra” belt, and contain valuable metals like gold, silver, zinc, and nickel. This is part of a broader plan to offer over 50k sq km of mining areas in 2025, aiming to boost exploitation and tap into the Kingdom’s mineral resources valued at over SAR 9.4 tn, state news agency SPA reported.

Dinar Investment Company received the green light from The Capital Market Authority (CMA) to publicly offer its Dinar US Equity Fund, which will focus on US stocks, the authority said in a statement yesterday. The company got the CMA’s authorization for the public offering of its Dinar Saudi Equity Fund in January.

DATA POINTS-

#1- Consumer spending via point-of-sale (PoS) transactions in the Kingdom fell 7.1% w-o-w in the week ending 19 July, reaching nearly SAR 12.2 bn, according to the Saudi Central Bank’s weekly report (pdf). The number of weekly transactions also dropped 4.8% w-o-w to around 212.7 mn during the week.

The details: Restaurants and cafés made up the bulk of consumers’ spending during the week in terms of value, yet they declined 6.9% w-o-w to around SAR 1.8 bn. Food and beverages came in second place, dropping 6.6% w-o-w to just above SAR 1.7 bn. This was followed by gas stations spending, which edged down 4.7% w-o-w to nearly SAR 904.2 mn, healthcare, which decreased 8.1% w-o-w to nearly SAR 740.3 mn, clothing and footwear, which was down 13% w-o-w to SAR 719.4 mn and transportation, which inched down 0.6% w-o-w to about SAR 718 mn.

Riyadh had the highest value of PoS transactions at about SAR 4.2 bn, followed by Jeddah at nearly SAR 1.8 bn.

#2- Budget airline Flyadeal led Saudi carriers in June with a 92% on-time arrival and the highest on-time departure rate at 93%, the General Authority of Civil Aviation (Gaca) said on X yesterday. Flagship carrier Saudia matched Flyadeal in arrivals at 92%, while logging a 91% departure rate. Flynas followed with an 89% on-time arrival rate and 90% for departures during the same month.

Wheels up at the terminals: Among international airports handling more than 15 mn passengers per year, King Khalid International Airport maintained a strong performance with an 89% on-time departure rate, followed by King Abdulaziz International Airport with an 84% departure rate.

#3- Saudi films have generated SAR 100 mn at the box office so far this year, the Film Authority said on X on Monday. Of that total, eight films accounted for 19% of Saudi box office sales, including Shabab Al-Bomb 2, Hobal, Al Zarfa, Is’af, Fakhr Alsuwaidi, Lail Nahar, Saifi, and Tashweesh.

OIL WATCH-

The Kingdom was the largest recipient of Russian seaborne fuel oil and vacuum gasoil (VGO) in June, driven by strong domestic demand during the summer months, Reuters reported yesterday, citing traders and LSEG data. Russian shipments of fuel oil and VGO to Saudi ports rose 9% m-o-m to reach 800k metric tons last month.

IN CONTEXT- The Middle East and Asia have emerged as the main market for Russia’s fuel oil and VGO exports since the EU imposed a full embargo on Russian oil products back in February 2023.

SPORTS-

Al Ahli Saudi FC will participate in the 2025-2026 Saudi Super Cup held in Hong Kong between 19-23 August, it said on X on Tuesday. The move follows its rival Al Hilal’s withdrawal from the tournament for conflicting schedules and health-related issues after the Club World Cup.

ALSO- Ready, sign, go: Al Ahli sealed a three-season contract with Saudi defender Abdullah Al Khaibari to join the team from Al Riyadh FC, it said in a statement. Al Khaibari will kick off his journey with Al Ahli with the pre-season training camp.

AND- Awdah Al Biladi And His Sons Contracting (Abasco) is reportedly closing in on purchasing Al Ansar FC, Asharq Al Awsat reported yesterday, citing people it said are in the know. The club was one of six football clubs offered for privatization back in April, with another batch of 8 clubs to be offered at a later stage.

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THE BIG STORY ABROAD-

It’s a busy morning in the foreign press, with more updates on tariffs and trade agreements, a handful of high-profile earnings, and updates on the Epstein files debacle in the US.

US President Donald Trump seemed to indicate that reciprocal tariffs would come in at a minimum of 15%, higher than the 10% baseline tariff he had announced earlier, and a maximum of 50%. It’s not clear whether this is Trump causing panic, or if it’s true, given that the administration had announced a universal 10% tariff earlier in April and Commerce Secretary Howard Lutnick clarified earlier this week that many African countries, as well as Latin American and Caribbean countries, would be subject to a 10% tariff. (Bloomberg)

REMEMBER- Gulf countries have been subject to a blanket 10% tariff that the US maintained with most countries after the 9 April 90-day freeze of higher tariffs.

ALSO- The US and the EU are reportedly nearing an agreement for a 15% tariff on imports from the bloc, mirroring the US’ agreement with Japan earlier this week. (Financial Times | Guardian | Reuters)

American newspapers’ front pages are almost all topped by news that Trump was briefed about his name being in files related to the Jeffrey Epstein case, making it more concerning that Trump has refused to make the files public. A House subcommittee for the first time voted to subpoena the administration for the files later last night. Sources told CNN that the briefing was “routine” and revealed nothing new, since Trump was already known to be an associate of Epstein’s. (New York Times | Wall Street Journal | Washington Post)

AND IN EARNINGS NEWS-

Shares in Tesla fell 5% in after-hour trading after CEO Elon Musk said on an earnings call that the EV maker is in for a “rough few quarters.” The company posted a sharp decline in revenues and sales in 2Q 2025. (Bloomberg | WSJ | Financial Times | Reuters)
Google owner Alphabet posted double-digit net income growth in 2Q 2025 on the back of strong cloud and search engine growth. (Financial Times | CNBC)

CIRCLE YOUR CALENDAR-

The Global PropTech Summit 2025 will take place from 26-27 October at the Mandarin Oriental Al Faisaliah, Riyadh, exploring the intersection between technology and the real estate sector, the General Real Estate Authority said in a statement. The summit will feature over 100 speakers from 85 countries, with participation from global real estate companies, proptech firms, and investment platforms. The event includes a dedicated exhibition showcasing the latest innovations in property technology.

Syria, Saudi Arabia launch investment forum in Damascus

The Syrian-Saudi Investment Forum 2025 kicked off yesterday, with Damascus, receiving a Saudi delegation of more than 130 Saudi investors and representatives from both public and private sectors, led by Investment Minister Khalid Al Falih. The forum will see the signing of 44 agreements valued at some USD 6 bn today, Reuters cited Syrian Information Minister Hamza Al Moustafa as saying in a press conference.

On the agenda: Bilateral meetings and extensive workshops are ongoing to explore joint investment opportunities, with the agreements set to focus on sectors such as industry, agriculture, real estate, and infrastructure, our Investment Ministry said yesterday.

Agreements are already starting to trickle: Northern Region Cement inaugurated Syria’s first white cement factory in Adra Industrial City near Damascus with investments of USD 20 mn, CEO Obaid Al Sobiei told Al Arabiya. The plant has a production capacity of 150k tons of white cement a year.

Cement is much needed for rebuilding the war-torn country. Syria removed taxes on locally made cement to boost production and meet future demand, estimated at 8 to 9 mn tons annually, Asharq Business reported.

More to come? The company is mulling much bigger projects in Syria, with investments potentially reaching USD 250 mn, Al Sobiei added.

AND- The Investment Minister broke ground on Burj Al Jawhara, a SAR 375 mn integrated retail project by Ethraa Holding. The project will combine business, hospitality, and retail spaces, spanning a total construction area of 25.2k sqm.

The details: The development will feature 4.2k sqm of car parking extending over four basement floors, 1.3k sqm of retail spaces, 15 floors of administrative offices totaling 6.5k sqm, and another 15 floors of hotel units also covering 6.5k sqm.

Much has changed since last year: The dramatic fall of the Assad regime has opened the door for revitalizing relations with Riyadh. Crown Prince Mohammed Bin Salman led a successful international push to lift US and EU sanctions on Syria, while Saudi and Qatari payments helped clear the country’s USD 15.5 mn debt to the International Development Association.

Acwa’s Saad 2 solar plant begins partial production

Acwa Power’s Saad 2 PV project in Riyadh kicks off partial production, with 759.3 MW now in commercial operation, it said in a disclosure to Tadawul yesterday. The total capacity of the project is about 1.13 GW, meaning over 30% of the capacity has yet to come online. No timeline was provided for the remaining capacity.

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BACKGROUND- Acwa drew a USD 2.3 bn loan to finance three solar projects, including the Saad 2 PV plant, the 2 GW Ar Rass 2 solar farm, and the 1.42 Al Kahfah solar project, which will generate enough electricity to power the equivalent of 750k households. Acwa holds a 50.1% stake in these projects, while PIF-backed Badeel owns the remaining 49.9%.

IN CONTEXT- Saad 2 is one of six solar projects set to come online this year by the summer as energy demand peaks, adding some 6.16 GW of renewable energy capacity. The renewables push comes under the Kingdom’s National Renewable Energy Program (NREP), which aims to phase out oil burning to reach a 50/50 mix of renewables and gas by 2030.

Apple launches online store in the Kingdom with Arabic support

Rejoice, Appleheads: Apply has officially launched its online store and Apple Store app in the Kingdom, giving Saudi customers direct access to the company’s full range of products and services in Arabic for the first time.

Through the online store and app, customers can:

Shop the full range of Apple products;
Get help from specialists via chat or phone;
Personalize items with free engravings in Arabic or English;
Use “Buy Now, Pay Later” option via Tamara, trade-in options for older devices, and special discounts for students and teachers.

Physical stores are coming: Apple is currently in the early stages of developing an iconic store in Diriyah, as part of its expansion plan in the Kingdom announced back in December. The Diriyah store will be one of several flagship stores across the Kingdom, with the first slated to open its doors for customers next year.

Esports World Cup Foundation COO Mike McCabe on building the world's largest gaming event

The Esports World Cup is the largest esports event globally in terms of total prize money. Hosting such a big event comes with a unique set of operational and technological requirements, especially in a region where investors are still developing an appreciation for the booming esports and gaming industry.

We spoke with Mike McCabe, chief operating officer of the Esports World Cup Foundation, to discuss the evolution of esports in Saudi, the challenges of scaling such a massive event, and its broader cultural and economic impact. We discussed how the foundation measures success, its future plans for the event, and its role in the kingdom's ambitious investment strategy for the gaming sector. Edited excerpts from our conversation:

EnterpriseAM: The Esports World Cup Foundation was established less than two years ago, yet you are already hosting the biggest esports event in the world. Can you walk us through that rapid evolution?

Mike McCabe: Absolutely. The foundation may have a relatively short history, but we're built on a passion for gaming in the Kingdom that doesn't exist anywhere else on the planet. When you have a very young population, with 75% under 35 years old, and nearly 70% of them identifying as gamers, you have a strong base. The Saudi Esports Federation was also operating for a number of years and held its own events, so we’re building on that incredible legacy.

In our second iteration, we've grown to 24 games with 25 separate tournaments, featuring over 2k players from 100 different countries representing more than 200 clubs. It is an incredible evolution, but it comes from that strong existing foundation.

E: The Foundation is actively engaged with many partners, from technological service providers to game publishers. How critical is that wider collaborative ecosystem to organizing the event?

MM: We are incredibly fortunate for the partnerships we have, not just with sponsors, but more broadly across the kingdom. Having the biggest commercial entities in the kingdom supporting us is vital.

We utilize a lot of backend infrastructure as one can imagine. Boulevard City is an incredible facility to use and build upon. We require immense power, both for core operations and for the redundancy systems we have in place.

Of course, there is no gaming without the internet. Our partner, STC, has been a great partner in not just bringing the necessary bandwidth to our various venues, but also ensuring the redundancy and stability we need to host and broadcast these events globally. We are streaming simultaneously across our own channels, on linear TV, and co-streaming with thousands of influencers around the world.

There is also really strong support from the government. The Saudi Tourism Authority helps bring tourists from all around the world, and the ability for us to have special Esports World Cup stamps in the passports for competitors shows a unique level of collaboration across the spectrum to welcome people here.

Finally, the publishers are key. Our event wouldn't be possible without their support and partnership, as we are using their IP. We are continuously working to understand their priorities so we can help satisfy them while meeting our own objectives. It really is a multifaceted group that works together to make this a reality.

E: How do you measure the success of the event, both in terms of cultural impact and key performance indicators?

MM: Cultural impact is our first priority. Our work is a pillar of the National Gaming and Esports Strategy under Vision 2030, which aims to create close to 40k jobs in the sector by 2030. We are creating pathways for the competitive athletes at the pinnacle of their game, and also for the talent behind the scenes — technicians building and operating broadcast systems, the creatives, and the people building assets for social media.

For KPIs, we focus on viewership and attendance. We'll be creating more than 7k hours of live content over the seven weeks of the event. We're also investing in new broadcast capabilities like EWC Spotlight, which features some of the biggest names in entertainment and sports coming to Riyadh to share their journey. That content is broadcast on linear TV all around the world to help us bridge into new audiences.

Alongside the main tournament, we have the EWC Festival, running simultaneously across the seven weeks. This is a collection of experiences across 14 different venues here on site where people can connect with all elements of gaming. This includes everything from parents showing their kids the retro gaming consoles they played on, all the way up to cutting-edge racing simulators in partnership with Aramco.

E: What are the future plans for the foundation? Do you plan to take the event to other venues internationally?

MM: A show like this doesn't exist anywhere else in the world, so right now we are focused on building that strong foundation here in Boulevard City. Are we open to hosting the event in different parts of the world? Absolutely. We will need to make sure that the infrastructure, demand, and other elements we can uniquely satisfy here can be met elsewhere.

We’ve had a whole host of delegations from all around the world who are intrigued by the idea, so the interest is definitely there. I'm sure we'll have a rotation at some stage, but for the moment, we're grounded here in Saudi Arabia.

E: The Kingdom is investing heavily in gaming, and we’re seeing new acquisitions and initiatives being rolled out. How do you see these investments vitalizing the industry?

MM: I think a balanced portfolio is the right way to go. There are high-risk, high-return options like creating the next Fortnite, which is where investments in game creation with companies like Scopely and Niantic have been focused.

But there are other essential pillars. The industry is a broad spectrum: at one end, you have content creation; at the other, you have events, which is where we live. In between, you have infrastructure, support services, and localization. I think the Kingdom has been really smart in placing investments across that broad spectrum of the portfolio to create a viable ecosystem.

E: What would you like to improve in the next iterations of the Esports World Cup?

MM: The sign of a good event is when during the event you're planning the next one. We're on a journey, and we are constantly looking at how we can innovate and push the boundaries of what's possible, so there are always optimizations to be done.

The only thing we would love to work on more in partnership with the publishers is to support more competitive leagues for women to have a greater representation there. We had one for Mobile Legends last week, which was amazing, but we would love to build on that.

The Kingdom has equal investment in the men and women ecosystem, and greater representation for women than we see in many other places in the world. We want to work with esports organizations globally to build that competitive ecosystem more broadly so we can have more of those events here.

Bank Albilad, Saib and Astra Industrial report 2Q earnings

BANK ALBILAD-

Bank Albilad’s net income rose 14.2% y-o-y to SAR 765.8 mn in 2Q 2025, supported by a 9% increase in total operating income, partially offset by a 4% rise in operating expenses, the bank said in a disclosure to Tadawul yesterday.

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The bank’s total income from financing rose 5% y-o-y to SAR 1.8 bn over the same period, while total income from investments grew 15.6% y-o-y to SAR 422.7 mn.

In 1H, Albilad’s net income increased 11.6% y-o-y to SAR 1.5 bn. Total income from financing saw a 5.7% y-o-y increase to over SAR 3.6 bn, while total income from investments rose 11% y-o-y to SAR 815.2 mn.

ALSO- The bank’s board approved a SAR 675 mn dividend payout for 1H 2025 at SAR 0.45 per share, it said in a separate disclosure. The distribution date is set for 20 August.

SAIB-

Saudi Investment Bank (Saib) saw its net income inch up 5.4% y-o-y to SAR 512.5 mn in 2Q 2025, buoyed by a 4.6% rise in total operating income despite a 3.4% increase in total operating expenses, it said in a Tadawul disclosure yesterday.

The bank’s total income from financing grew 9% y-o-y to SAR 1.8 bn during the same period, while its total income from investment rose 17% y-o-y to SAR 592 mn.

During the first half of the year, Saib saw its bottom line grow 9.4% y-o-y to SAR 1 bn. Meanwhile, total income from financing widened 9.6% y-o-y to SAR 3.5 bn over the same period, while its total income from investment rose 14.4% y-o-y to SAR 1.1 bn.

ASTRA INDUSTRIAL GROUP-

Astra Industrial Group’s bottom line inched up 3.7% y-o-y to SAR 174.9 mn in 2Q 2025, driven by lower general and administrative, speciality chemical, and zakat and income tax expenses, it said in a Tadawul disclosure yesterday.

Meanwhile, revenue was down 12.7% y-o-y to SAR 715.1 mn over the same period, as sales dropped in steel and specialty chemical segments.

Over the first half of the year, the company posted an 8.9% y-o-y increase in net income to SAR 346.8 mn, while its top line decreased 6.3% y-o-y to SAR 1.5 bn.

Saudi German Health gets five-star rating for five hospitals in the Kingdom

Saudi German Health (SGH) earned five-star ratings for five of its hospitals in the Kingdom in Newsweek’s Global Hospital Rating, according to a statement. The hospitals in Riyadh, Makkah, Madinah, Aseer, and Jeddah received the top rating, giving SGH the highest number of five-star-rated hospitals in the region.

ALSO- Hakbah makes CNBC’s top fintech list: Social savings FinTech Hakbah was named one of the World’s Top FinTechs in 2025 by CNBC and Statista for its impact on savings behavior, growth performance, and use of AI to digitize traditional group savings in the Kingdom, it said on LinkedIn yesterday. The company was the only Saudi firm selected, and one of just four from the Middle East.

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Riyadh kicks off year-long phase one of its autonomous vehicle project

AUTOMOTIVE-

Self-driving cars are on Riyadh’s roads: The Transport General Authority has launched the initial 12-month operational phase of Riyadh’s autonomous vehicles project, it said on X. During the period, the self-driving taxis will operate on designated routes with 13 stations, covering seven locations that connect King Khalid International Airport, major highways, and specific city center destinations, according to a separate X post. The vehicles’ maximum speed will be capped at 100 km/h.

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A public-private powerhouse: The project launched in cooperation between several public and private entities, including the Interior Ministry, Saudi Data and AI Authority (SDAIA), General Authority for Survey and Geospatial Information, Saudi Standards, Metrology and Quality Organization (SASO), Uber, WeRide, and AiDriver.

REMEMBER- In preparation for autonomous vehicles deployment, the General Authority for Roads (GRA) updated its Roads Code last week. The new framework mandates infrastructure upgrades, including durable pavement layers and real-time communication systems for roads and parking.

GAMING-

PIF-owned Savvy Games Group has partnered with King Abdulaziz University to offer specialized diplomas in games production and esports management, according to a press release. The initiative — which is part of Savvy Academy’s Level-Up program — kicks off with the new academic year aiming at sharpening the skills of the local talents and lowering reliance on foreign expertise.

IN CONTEXT- Earlier this year, Savvy Games Group and SBI Holdings inked an MoU that will see SBI Holdings introduce Japanese gaming companies to Savvy’s Esports ecosystem, facilitating their entry into the Saudi and Mena markets.

M&A WATCH-

Aictec receives no-objection certificate for stake in Sign Max: Advance International for Telecommunications and Information Technology (Aictec) received General Authority for Competition approval to move forward with its acquisition of a 25% stake in Sign Max Advertising for SAR 3 mn, according to a disclosure to Tadawul. Aictec and Sign Max had signed an MoU for the move in June.

ADVISORS- Aictec tapped Crowe Solutions Consulting as the financial advisor for the acquisition.

LOGISTICS-

The Saudi Ports Authority (Mawani) added CMA CGM’s LRX shipping service to Jeddah Islamic Port, linking it to four regional ports, it said in a statement. The new route — with a capacity of 2.8k TEUs — will connect Jeddah to Latakia in Syria, Iskenderun and Mersin in Turkey, and Beirut in Lebanon.

EM fundamentals and high yields attract investors amid US uncertainty

EM debt is getting cheaper: Strong demand for emerging market (EM) debt has pushed borrowing costs for highly-rated issuers to their lowest levels relative to developed markets since 2007, the Financial Times reported yesterday. Faith in traditional safe havens has faded over the year, due to the Trump administration’s erratic trade policies, the salmon colored paper said.

By the numbers: Government bond spreads over US Treasuries have dropped to 1.04 percentage points, their lowest level since 2007, while corporate debt spreads have narrowed to 1.1 points, below pre-Trump’s election levels.

The push factors: The shift is being fueled by Trump’s political pressure on the Federal Reserve and mounting concerns over the high levels of US government debt. “The safe assets aren’t as safe as they used to be,” the Bank of America’s head of global EM fixed-income strategy David Hauner told the paper.

The pull factors: Other than the attractive yields, the appeal of EM is underpinned by a growing appreciation for the improving economic health and credit quality. The market is being supported by increased bond issuance from stable, highly-rated Gulf states and economic reforms in other developing nations like Argentina and Pakistan. EM bonds have also been “under-owned” for many years, suggesting there is still substantial capacity for future investment and growth, Hauner said.

Macro winds are blowing in the EM’s favor: A high appetite for risk, spurred by “superstrong” global equities, is leading investors to overlook trade war concerns and focus on positive fundamentals like a weaker USD and Chinese growth, the FT cites unnamed Citi analysts as saying.

BUT- The current optimism for EM leaves little room for error, posing big risks if the global economy slows or if US inflation rises, JP Morgan’s head of EM fixed-income strategy Jonny Goulden told the FT.

ALSO FROM PLANET FINANCE-

Asset managers are launching active ETFs at a record pace, to capitalize on growing investor interest in products that aim to outperform traditional passive index trackers. During 1H 2025 alone, 476 active ETFs debuted across the US and Europe, marking twice the 234 new passive funds launched over the same period. (Financial Times)

MARKETS THIS MORNING-

Asian markets are in the green this morning, with Japan’s Nikkei up 1.9% and Hong Kong’s Hang Seng up 0.4%. Wall Street futures are virtually unchanged following big tech earnings releases from Alphabet and Tesla.

TASI	10,984	+1.3% (YTD: -8.7%)
MSCI Tadawul 30	1,412	+1.6% (YTD: -6.5%)
NomuC	26,778	+0.1% (YTD: -14.9%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	34,125	+1.0% (YTD: +14.7%)
ADX	10,296	+1.2% (YTD: +9.3%)
DFM	6,086	+1.0% (YTD: +18.0%)
S&P 500	6,359	+0.8% (YTD: +8.1%)
FTSE 100	9,061	+0.4% (YTD: +10.9%)
Euro Stoxx 50	5,344	+1.0% (YTD: +9.2%)
Brent crude	USD 68.76	+0.4%
Natural gas (Nymex)	USD 3.09	+0.5%
Gold	USD 3,398.4	+0.0%
BTC	USD 118,013	-1.4% (YTD: +24.9%)
Sukuk/bond market index	914.14	-0.1% (YTD: +1.3%)
S&P MENA Bond & Sukuk	146.45	+0.1% (YTD: +4.7%)
VIX (Volatility Index)	15.37	-6.9% (YTD: -11.4%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.3% yesterday on turnover of SAR 5.3 bn. The index is down 8.7% YTD.

In the green: Sport Clubs (+18.6%), MESC (+7.6%) and Teco (+5.9%).

In the red: Sico Saudi Reit (-5.1%), Obeikan Glass (-3.2%) and Azm (-3.2%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.1% yesterday on turnover of SAR 27.2 mn. The index is down 14.9% YTD.

In the green: Alashghal Almoysra (+8.5%), NAF (+8.4%) and SMC (+7.2%).

In the red: First Avenue (-6.6%), Tam Development (-5.6%) and Alwaha Reit (-5.6%).

CORPORATE ACTIONS-

Arab National Bank’s board approved a SAR 1.3 bn dividend payout for 1H 2025 at SAR 0.65 per share, it said in a disclosure to Tadawul. The distribution date is set for 6 August.

PaperHome Company’s general assemble approved increasing its capital by 200% to SAR 60 mn via issuing two bonus shares for each, it said in a Tadawul disclosure yesterday.

Abo Moati for Bookstores Company’s Board approved distributing SAR 10 mn in cash dividends for 1H 2025 at SAR 0.5 per share, according to a disclosure to Tadawul. The distribution date is set for 15 September.

National Building and Marketing Company raised the capital of its subsidiary Ajeej Steel Manufacturing Company by SAR 120 mn to SAR 300 mn, according to a disclosure to Tadawul.

Mohammed Altassan, CEO and Founder of OmniOps

Mohammed Altassan, CEO and Founder of OmniOps: Each week, My Morning Routine explores how a successful member of the community starts their day — and tosses in a couple of random business questions just for fun. Our guest this week is Mohammed Altassan (LinkedIn), CEO and Founder of AI infrastructure solutions startup OmniOps. Edited excerpts from our conversation:

My name is Mohammed Altassan. I’m the CEO of OmniOps. I began my career in the energy sector, but late in 2016, I transitioned my focus toward technology by pursuing a master’s degree in the US in data science, which is the foundation of AI.

After returning to Saudi Arabia, I joined the Saudi Data and Artificial Intelligence Authority, where I helped develop the nation’s AI strategy, particularly for the energy sector. Later, I worked with Amazon Web Services, focusing on digital native businesses, before co-founding OmniOps.

OmniOps originated with a DevOps and cloud-native mindset, initially concentrating on cloud technologies. A pivotal project for us was deploying AI and computer vision models at the Holy Mosque in Makkah, which exposed us to the real challenges of scaling AI solutions. This experience inspired OmniOps to specialize in building AI infrastructure and deploying AI models efficiently.

Initially, we tried to do everything, but as we matured, we quickly realized that deep focus on a specific domain is essential. Our flagship product, Bunyan, optimizes AI model deployment on Nvidia GPUs, simplifying work for AI practitioners.

We are actively working with sovereign entities and ministries to build AI solutions that respect data sovereignty. We also lend our expertise in managing complex AI infrastructure, especially GPS clustering, which is a core challenge for many clients.

As CEO, I am very hands-on, especially in the early days when I managed sales, operations, technology, and strategy myself. Over time, I’ve learned to focus on surrounding myself with talented people, recruiting both locally and internationally. I manage my time rigorously using the Eisenhower matrix, focusing on urgent and important tasks to lead OmniOps successfully.

Ownership is a core trait I embody and expect from my team. It means taking responsibility and acting promptly on important and urgent matters. This sense of ownership is essential for startup growth , as it fosters a culture where the team collectively owns both successes and failures.

A typical day for me starts at 9am. I begin by checking global market news and technology updates, especially from Nvidia, Google, and AWS, often over coffee or tea. I dedicate 1-2 hours daily to brainstorming, strategizing, and prioritizing before diving into meetings and daily operations.

Work-life balance is challenging as a startup CEO. Vacations are often postponed due to work demands, but I keep my weekends sacred for family time. Spending time with my children is my key source of peace and harmony. I also practice taekwondo and play padel to unwound.

One book I really enjoyed reading was Measure What Matters, where venture capitalist John Doerr shares his approach to goal-setting, and how to make tough choices in business. I also enjoyed watching Ex Machina and how it explored questions and dilemmas related to the world of AI.

The best advice I’ve received is to be persistent. Success comes from showing up every day, focusing on the right priorities, and continuing despite setbacks or chaos. I share this often with my teams. You also need to be focused on your domain: trying to do everything usually means you will do nothing well, and “the devil lies in the small details.”

CALENDAR

JULY

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

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.

31 July (Thursday): Deadline for companies with SAR 40 mn in revenues from goods and services during June and 2Q 2025 to integrate e-invoicing solutions with Fatoora.

31 July (Thursday): Deadline for companies to register for the ASICS Innovation Pitch competition.

AUGUST

5 August (Tuesday): Saudi Aramco to publish 2Q 2025 earnings.

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.

9-11 September (Tuesday-Thursday): International Beauty Expo 2025, Jeddah Superdome.

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.

24 October-1 November (Friday-Saturday): AlUla Wellness Festival.

26-27 October (Sunday-Monday): The Global Proptech Summit 2025, Mandarin Oriental Al Faisaliah, Riyadh.

27-30 October (Monday-Thursday): Global Health Exhibition, Riyadh Exhibition and Convention Center, 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

2 November (Sunday): Naming ASICS Innovation Pitch competition’s six finalists.

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

8-9 November (Saturday-Sunday): Del Monte Superleague Supercup, Jeddah.

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

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

22 November (Saturday): The Ring IV, ANB arena, 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.

28-30 November (Friday-Sunday): UIM F1H2O World Championship, 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.

December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh

2026

JANUARY

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

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

20 January (Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

27-28 (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

3-4 (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

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

11 (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 (Wednesday-Saturday): JeddaDerm, Jeddah.

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

MARCH

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

APRIL

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

OCTOBER

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

Signposted to happen sometime in 2026:

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

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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