Acwa Power consortium lands over SAR 30 bn of power purchase agreements for solar, wind projects

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Bonuses, advertising and stakes reportedly sweetened Ronaldo’s Al Nassr contract

Good morning. Acwa Power is all over our issue this morning, after a consortium alongside Badeel and Aramco Power landed a whopping SAR 31 bn in power purchase agreements to develop over 15 GW of solar and wind projects in the Kingdom.

The renewables giant is advancing its SAR 7.1 bn rights issue to fuel its expansion, and we talked to CEO Marco Arcelli to get a reading on how the big capital raise fits in the company’s strategy, where Acwa intends to deploy the proceeds, and more.

ALSO- Good news on investor appetite: Sport Clubs’ retail offering was more than 5x oversubscribed, signaling worries over regional escalation are already subsiding. The rate is better than Specialized Medical Company’s recent 1.5x, but we’ll still have to wait and see if the first-day performance will buck the recent trend of muted main market debuts.

And on an even more lighthearted note: Your ultimate guide to Riyadh Season’s summer events is here, from live concerts to food festivals, art shows and esports.

^^ We have all of this and more below and in this morning’s news well.

WEATHER- Riyadh is will see another expectedly hot day, with a high of 45°C and a low of 32°C, while Jeddah’s mercury will go as high as 41°C and as low as 30°C. Makkah will see a 43°C high and a 32°C low.

PSAs-

Over 108k property owners can now submit the first registration request for their properties in Makkah, Madinah, and the Eastern Province via the Real Estate Registry platform, according to a post on X. The properties covered in this phase include some 50.3k plots in Makkah, 40.5k plots in Madinah, and 17.5k plots in the Eastern Province.

WATCH THIS SPACE-

Saudi Arabia is working with GCC countries on anti-dumping measures to protect the region’s markets from countries facing US tariffs, Industry and Mineral Resources Minister Bandar Al Khorayef told Aleqtisadiah last week on the sidelines of the Innoprom exhibition held in Russia last week.

What’s the concern? Countries with a production surplus are eyeing selling prospects in the Kingdom, after tariffs made it harder to access the US market. A specialized committee is working on monitoring competition and addressing violations, Al Khorayef added.

DATA POINTS-

National flag carrier Saudia has kept its title as the most recommended brand in the Kingdom for the second consecutive year, UK market research firm YouGov said in its latest report for Most Recommended Brands in 2025 (pdf). Adidas came in fourth place, followed by Qiddiya, Almarai, Qatar Airways, Hilton, Emaar, and Nike.

It’s a good day for the airline: Saudia also topped the global charts as the most punctual airline in June, with an on-time arrival rate of 91.33% and an on-time departure rate of 90.69% across more than 16.7k flights, according to the Cirium On-Time Performance Monthly Report (pdf).

ALSO- Saudia’s low-cost subsidiary Flyadeal led the Middle East and Africa ranking, with a 91.77% on-time arrival rate and 93.65% on-time departure rate over 5.9k flights.

AND- Riyadh’s King Khalid International Airport topped the global punctuality ranking among large airports for the third month in a row, with a 90.41% on-time departure rate and 86.99% on-time arrival across 22.2k flights. Meanwhile, the Dammam King Fahd International Airport came in seventh place among medium airports, with an 86.18% on-time departure rate over 8.2k flights.

SPORTS-

#1- Cristiano Ronaldo is set to earn between USD 120-140 mn a year under his new two-year contract with Al Nassr, Asharq Business reports, citing a source it says is familiar with the matter. The Portuguese soccer legend will reportedly get up to USD 5 mn if Al Nassr clenches the Saudi Pro League title, and will rake in revenues from advertising the Kingdom’s projects and events.

A stake is in the cards? Ronaldo will be prioritized for a stake in Al Nassr if that door ever opens, the source added without providing further details.

REFRESHER- Al Nassr secured The Don’s signature at the end of last month, ending speculations about his future with the club. The 40-year old player’s contract appears to be much sweeter than his previous 2023 contract, with the British Sun putting contract terms at some EUR 208 mn a year, plus a EUR 28.7 mn signing bonus and a 15% stake in Al Nassr.

#2- Roberto Firmino is set to leave Al Ahli for Qatar’s Al Sadd, with the transfer valued at some EUR 7 mn, unnamed sources told Asharq Al Awsat. The 33-year-old Brazilian striker played 65 games for the Saudi club, making 38 goal contributions (21 goals and 17 assists) and leading Al Ahli to conquer the AFC Champions League.

MORNING MUST READ-

We have for you two offerings this morning, depending on the kind of mood you’re in.

FIRST- Drop that vape. New evidence is emerging that vaping is (shockingly…) probably not all that good for you. Data on long-term health effects is still limited, but scientists point to high concentrations of heavy metals in some vapes (to make you stupid, impotent, and infertile) while regular use of all of them puts constant strain on your heart and the rest of your cardiovascular system. The New York Times wants to scare you straight in Just how harmful is vaping? More evidence is emerging.

NEED A PALATE CLEANSER? We point you to menswear columnist / thinker Derek Guy’s recent (and richly illustrated) thread on men’s suiting.

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THE BIG STORY ABROAD-

There’s no single story dominating global headlines this morning — but tensions are still high on the transatlantic trade front: The European Commission said it would extend its suspension of retaliatory tariffs on the US until early August, keeping the door open for a negotiated solution to Donald Trump’s latest protectionist threats. Trump is pushing ahead with a 30% blanket tariff on EU imports starting 1 August unless better offers are made, according to White House economic adviser Kevin Hassett.

Europe isn’t exactly staying quiet: EU leaders are pushing to avoid escalation, but they do plan to ramp up engagement with other US trading partners affected by the tariffs for potential coordination. Some — like France’s Emmanuel Macron — are calling for the implementation of countermeasures, including the potential use of the anti-coercion instrument, the bloc’s most powerful trade tool, though EU Commission chief Ursula von der Leyen said there are no plans to use it at this point. (Reuters | Bloomberg | FT | Politico | Guardian)

CLOSER TO HOME- At least eight Palestinians, most of them children, were killed in central Gaza on Sunday when an Israeli missile struck a water distribution point in the Nuseirat refugee camp. The Israeli army said the missile had malfunctioned and “missed its target,” which it claimed was an Islamic Jihad militant. Seventeen others were wounded, including multiple children.

This comes as talks for a ceasefire stall, despite the US’ Middle East envoy Steve Witkoff saying he is still hopeful ahead of a meeting with Qatari officials on the sidelines of the Club World Cup Final. (Reuters | CNN | BBC | Guardian)

ON THE SPORTS FRONT-

Tennis world no. 1 Janik Sinner claimed his first Wimbledon title after defeating Spain’s Carlos Alcaraz, becoming the first Italian to claim the title. (Guardian | CNN | Reuters)
Meanwhile, Chelsea beat PSG to become Club World Cup champions, ending the game 3-0 with the help of a double lead from Cole Palmer. (BBC | New York Times)

For decades, Sahel has been synonymous with summer's embrace: clear waters, crisp breezes, and vibrant nights. Last year, Ras El-Hekma cast a spotlight on its potential as a regional investment and tourism engine.

In the second issue of our Destination Sahel series, we’re digging deep into the infrastructure needed to support this evolution — and whether Sahel has a spot on the global tourism stage..

Subscribe to our Egypt edition to get the second issue of our series EnterpriseAM Destination Sahel in your inbox tomorrow at 10am Cairo time.

Is Sahel overpriced? Are you still sorting out how to open your summer place — or hoping to line up a rental? We’ve got your back in issue one: Tap here to read it now.

Acwa Power consortium lands over SAR 30 bn of power purchase agreements for solar, wind projects from SPPC

SPPC powers up with 15 GW in renewable energy: The Saudi Power Procurement Company (SPPC) inked development and power purchase agreements with an Acwa Power-led consortium for seven solar and wind projects valued at a combined SAR 31 bn (USD 8.3 bn), with a total capacity of 15 GW, state news agency SPA reports. The consortium also includes PIF-owned Water and Electricity Holding Co. (Badeel) and Aramco Power.

The solar projects:

The Bisha project will be located in the Aseer province and the Al Humaij project in Madinah province, each with a capacity of 3 GW and a levelized cost of electricity (LCOE) of SAR 0.05 per kWh;
The Khulais project will be located in Makkah will deliver 2 GW at SAR 0.05 per kWh;
The Afif 1 and Afif 2 projects will be developed in the Riyadh province, each with a capacity of 2 GW and an LCOE of SAR 0.05 per kWh.

On the wind side: The Setarah project will add some 2 GW at SAR 0.08 per kWh, while the Shaqra project adds 1 GW at SAR 0.07 per kWh, both to be constructed in the Riyadh province.

On a roll: SPPC tendered 43.2 GW of renewable energy projects so far, signing power purchase agreements for projects totaling 38.7 GW, SPA reported. A total capacity of 10.2 GW is already connected to the national grid, with the number expected to reach 12.7 GW by the end of this year, and some 20 GW by late 2026.

REMEMBER- Saudi Arabia aims to phase out oil burning to reach a 50/50 mix of renewables and gas by 2030. The Energy Ministry aims to add 20 GW of new capacity per year to reach between 100 to 130 GW in renewable energy output by the end of the decade.

Sport Clubs retail offering more than 5x oversubscribed

Retail investors piled into Sport Clubs’ Tadawul IPO, snapping up shares in the firm’s retail offering (20% of total offering) which was 5.3x oversubscribed, according to a statement (pdf). The Riyadh-based fitness chain is taking a 30% stake to Tadawul, nearly four months after receiving regulatory approval.

Strong demand: The retail round came on the heels of an institutional tranche that was 44.1x oversubscribed, allowing the company to price its IPO at SAR 7.5 per share — the top of the range it was guiding on.

Proceeds + market cap: The offering includes both primary and secondary shares, with proceeds from the new shares issuance (up to SAR 257.3 mn) set to fund expansion and upgrades. The IPO implies a market cap of SAR 858 mn at listing, with selling shareholders set to retain a 56% stake, with a six-month lockup period.

BUT- Will it buck the trend of muted debuts? Market watchers are expected to monitor the Sport Clubs’ debut performance closely amid a slew of recent muted debuts. The main market’s three latest listings, namely United Carton Industries, Flynas, and Specialized Medical Company, slumped on the first day of trading amid broader market jitters.

Sports sector listings are back to the main market: Sport Clubs is the first fitness company to go public on Tadawul since Fitness Time operator Leejam Sports debuted in 2018, ending a seven-year drought for the sector. Leejam’s share price has gained 169% since its debut, climbing to SAR 140.2 as of yesterday, up from SAR 52.

… and one more is jumping in from Nomu: Armah Sports — which listed on Nomu in late 2023 — is moving to the main market after its board of directors approved the transition in June, pending regulatory approvals.

ADVISORS- BSF Capital is quarterbacking the transaction as lead manager, financial advisor, bookrunner, and underwriter. Receiving agents include BSF Capital, Al Rajhi Capital, Albilad Investment, Riyad Capital, SNB Capital, ANB Capital, Derayah Financial, SAB Invest, and Alinma Investment, among others.

Tadawul is still sitting on a packed IPO pipeline: Alramz Real Estate and Gruenenfelder Saady Holding were the latest to secure regulatory approval to float a 30% stake on the main market, joining Marketing Home Group and Dar Al Majed. Meanwhile, Ejada Systems, which missed its six-month IPO window, is set to resubmit an IPO application to the Capital Market Authority.

Acwa Power CEO Marco Arcelli on the SAR 7.1 bn rights issue

Acwa Power is advancing its SAR 7.1 bn rights issue in a bid to fuel its expansion and bolster Saudi Arabia's energy transformation. The rights trading ended yesterday, while the subscription period for new shares ends next Wednesday.

We talked to Acwa Power’s CEO Marco Arcelli to break down the details of the transaction and what it signals for the company’s future. We discussed the rationale behind the rights issue, the plan to direct 75-85% of the proceeds toward new projects within the Kingdom, and how the company aims to manage its growth while maintaining its current net debt levels. Edited excerpts from our conversation:

EnterpriseAM: Why did Acwa choose a rights issue for this capital raise?

Marco Arcelli: A rights issue was the optimal fit for us. It allowed us to raise significant capital while prioritizing our existing shareholders, giving them the first participation window in our growth journey. This raise strengthens our balance sheet, crucial for our capital-intensive sectors, and supports our ambitious growth without over-relying on debt.

E: What are your expectations for the uptake from both retail and institutional shareholders?

MA: We have very strong expectations for uptake. The overwhelming pre-commitment of over 77% from major shareholders like PIF and Vision Invest is a powerful indicator of confidence and significantly de-risks the offering. Institutional investors recognize Acwa Power's unique position as a leader in water desalination, energy transition, and green hydrogen.

We are confident both segments will see the long-term value. We believe this rights issue offers a compelling proposition for all investors looking to be part of a company driving essential global change and delivering sustainable returns.

E: How does the raise fit into Acwa’s goals?

MA: Simply put, this raise ensures we have the immediate firepower to continue our aggressive expansion and meet our targets head-on. We see it as a foundational pillar in our financial strategy to achieve our goal of raising assets under management to USD 250 bn by 2030. Our projections indicate that our equity contributions to new projects will range between USD 2 bn and USD 2.5 bn (SAR 7.5 bn to SAR 9.4 bn) annually from 2024 to 2030, a significant increase from the average of USD 1 bn to USD 1.3 bn in previous years.

The raise directly addresses a substantial portion of our immediate equity funding requirements for our rapidly expanding project pipeline. It provides us with the necessary funds to make timely equity contributions to new and ongoing projects, both within Saudi Arabia, aligning with Vision 2030, and in our strategic international markets.

E: With SAR 5-6 bn allocated to projects, what are your priorities for deployment?

MA: The immediate priority is to ensure the seamless progression of our robust project pipeline. This includes flagship renewable energy projects that contribute to decarbonization, critical water desalination plants addressing water security, and pioneering green hydrogen initiatives. In 2024 alone, we signed eight new power and water purchasing agreements totaling 14.3 GW and 410k cubic meters per day.

The increased capital will allow us to move faster on large-scale renewable energy projects nearing financial close, which are critical for the energy transition. This funding isn't just about financial numbers; it's about accelerating our impact and delivering tangible benefits to the regions we serve, faster than ever before. It enables us to bring more clean energy and water capacity online faster, benefiting communities and supporting economic development.

This funding will also support our commitment to delivering projects on time and within budget. Our business model relies on long-term power and water purchase agreements, typically ranging from 20 to 35 years, and timely project delivery is paramount to realizing these long-term revenue streams.

E: You have earmarked SAR 1.4 bn for M&A activities. Can you tell us more about your acquisition strategy?

MA: We are targeting selective consolidation prospects in key regions where mergers and acquisitions can accelerate earnings and deliver steady cashflows, in line with our growth strategy. Our focus remains on four core technologies — renewable energy, water desalination, green hydrogen, and flexible generation. Key markets include Saudi Arabia, the Middle East, Africa, Central and Southeast Asia, and most recently, China.

E: What are the expected risks to deploying this new capital effectively, and how does Acwa Power plan to mitigate these risks?

MA: We are acutely aware of the challenges and have built our operations to address them head-on. Our experienced teams — together with our proven track record of achieving initial or final commercial operation dates on eight projects in 2024 — help us mitigate potential risks by ensuring disciplined execution and strong partner engagement. Our success in securing USD 15.6 bn in financial closes and adding over 28.5 GW of power capacity and 2.7 mn cubic meters per day of desalinated water capacity in the past 24 months underscores our ability to manage risks effectively while maintaining a rapid pace of execution.

E: With a significantly larger capital base, should investors expect major changes to dividend policy in the coming years?

MA: Our commitment is to long-term value creation, and our capital allocation strategy, including our dividend policy, will always reflect that overarching goal.

While a significantly larger capital base enhances our financial strength and flexibility, our primary focus remains on reinvesting in our robust project pipeline to drive long-term growth and achieve our ambitious 2030 targets.

Our financial model balances self-financing with project-level debt. This capital raise is specifically for equity contributions to new and ongoing projects, which are expected to generate significant future cashflows. Our priority is a strong balance sheet supporting accelerated growth, with a disciplined approach to capital allocation, aiming for long-term sustainability.

E: With net debt rising to more than SAR 18 bn, what is Acwa Power’s future borrowing strategy?

MA: The capital increase will enhance the company’s long-term financial sustainability and improve its creditworthiness. The goal is not to replace borrowing, but to support our balanced and sustainable growth by combining capital financing and project financing through borrowing to achieve our strategic objectives.

Project financing remains a critical element for executing projects, in line with the growth plan and the public-private partnership model, enabling us to optimize capital allocation as we move forward with more large-scale projects.

The company's net debt to operating cashflow ratio was 6.4 times in 2024, which is considered appropriate for companies targeting growth.

E: Are you planning any more raises in the future?

MA: Our strategy is dynamic regarding future raises. We will balance self-financing with other instruments, including project finance, to ensure we always have the resources for our commitments.

Our focus remains on navigating the energy quadrilemma of security, affordability, sustainability, and speed, and this capital raise directly supports our ability to do so. We are always evaluating the most efficient and strategic ways to fund our growth, ensuring we maintain financial flexibility to seize opportunities as they arise.

PIF launches Tasami to develop the Kingdom’s business sector

The Public Investment Fund (PIF) launched Tasami Business Services Company, a new subsidiary designed to strengthen the local business services sector, Al Arabiya reports. The company was created through the merger of the Business Incubators and Accelerators Company (BIAC) with PIF’s Shared Services Center.

Tasami will offer a comprehensive suite of services across three main tracks, CEO Mohammed Al Jasser told Al Arabiya (watch, runtime: 6:31). These include foundational business setup services such as office spaces and technology infrastructure; smart shared services that use technology across HR, finance, accounting, and procurement; and advanced offerings including innovation system management, marketing, business development, and data solutions.

Target clientele: Tasami aims to serve a wide range of clients, including public-sector institutions, private companies, and international firms looking to establish regional headquarters in Riyadh.

The company will prioritize supporting foreign companies in entering the Saudi market — assisting with registration, licensing, and operational setup, Al-Jasser said.

Yasmina secures USD 2 mn in a seed funding round

Homegrown ins. platform Yasmina raised USD 2 mn in a seed funding round led by Scene Holding and co-led by Access Bridge Ventures, according to a press release (pdf). The round also saw the participation of Arzan Venture Capital and Sanabil Investment Accelerator by 500 Mena.

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

Use of proceeds: The company plans to use the funding to grow its team and expand operations beyond the Kingdom, starting with the UAE this year and Egypt in 2026, while aiming to provide embedded ins. to 1.5 mn customers.

About Yasmina: Founded by Masoud Alhelou (LinkedIn) and Bashar Abalkhail (LinkedIn), Yasmina is the Kingdom’s first embedded ins. platform. It enables digital platforms to offer personalized ins. at checkout in under 48 hours, having already partnered with platforms in the HR, auto, travel, POS, and real estate sectors.

Your guide to Riyadh’s boldest summer events

Riyadh is buzzing this summer with a jam-packed lineup of concerts, festivals, and family fun. From high-stakes esports tournaments to food festivals and cultural fairs, there is something for everyone to enjoy. Plan your days with our roundup of the biggest happenings in the Kingdom, complete with dates, locations, and ticket information.

? At the heart of the excitement is the biggest gaming tournament in the world, the EsportsWorld Cup 2025, taking over Boulevard City from 8 July to 24 August. With over 2k professional players and a staggering USD 70 mn in prizes, it’s a must-see event suitable for the whole family, offering live concerts, immersive zones, and family-friendly activities. Tickets are going for as low as SAR 40 and up to SAR 999, depending on the experience you choose. Get your tickets at the event’s website.

? The competition electrifies Boulevard City by day, and well into the night as well with AFT_r, the official afterparty series lighting up The Venue from 9pm to 2am. Tickets start at SAR 199 and are available for you to pick up at NoFoMo and Platinumlist.

Week 1 kicks off with Ty Dolla Sign, Lost Frequencies, Bayou, and Leen on 18 July;
Week 2 brings Metro Boomin, Quavo, Don Diablo, Jeed, and Saud starting 24 July;
Week 3 features Central Cee, R3HAB, Dafencii, Asayel, and Shaolin takes off on 31 July;
Week 4 closes with a bang headlined by the Black Eyed Peas, Meduza, Zyne, and Sharkk on 7 August.

? The fun continues with Riyadh’s live music scene and a string of concerts at King Saud University throughout July and August. Our very own Sultan Khalifah kicks things off with his signature sound on 17 July. The nostalgia continues with beloved composer and singer Tarek Al Arabi Tourgane, offering family-friendly shows on 17 and 18 July. Then comes the soulful voice of Abdulaziz Al Duwaihi on 31 July, followed by Lebanese hitmaker Marwan Khoury on 1 August. Tickets start at SAR 200. Get yours at the Platinumlist platform.

? ALSO- Mark your calendar for Euphoria Presents Space Motion Live at Saudi Media City on 8 August. Headlined by the genre-blending DJ Space Motion and supported by BKR, Ingiter, Kriis, and Silvio Saade, this Afro-tech event promises an unforgettable audio-visual journey through deep beats and pulsing rhythms. Tickets start at SAR 250 and are available on the Platinumlist platform.

? The city’s food scene will also shine this summer. The Street Food Festival, running from 7 July to 25 July in Boulevard City, will offer a delicious and diverse open-air dining experience. Open daily from 6pm to 1am, the festival will serve traditional Saudi cuisine and modern fusion dishes, with late-night bites, live cooking shows, and plenty of Instagrammable moments. Entry is free, making it a no-brainer for families, couples, and hungry explorers.

? Riyadh’s cultural shine promises to be equally strong. The Prince Faisal bin Fahd Arts Hall will host “The Intergenerational Lens of Social Change” Summer Exhibition from 27 July to 25 September, featuring works by over 50 artists. The exhibit — organized by the Misk Art Institute — is free of charge, offering a quiet and inspiring escape from the city’s buzz.

Whether you’re in the mood for beats, bites, or big thrills, Riyadh is serving up its most exciting summer yet. Stay tuned, stay cool, and dive into the energy of a city that knows how to celebrate summer — Saudi style.

Roads Code updated to pave the way for autonomous vehicles

INFRASTRUCTURE-

#1- GRA updates road regulation for autonomous vehicles integration: The General Authority for Roads (GRA) updated the Saudi Roads Code, establishing a unified technical framework in preparation for the deployment of autonomous vehicles in the Kingdom, it said in a statement.

The code establishes infrastructure requirements, including the construction of durable pavement layers to withstand the unique traffic patterns of autonomous vehicles and the installation of real-time and visible communication systems in roads and parking areas.

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

#2- The Al Baha Province will get 15 new water and sewage projects valued at over SAR 591 mn, the National Water Company (NWC) said on X. The projects include more than 534 km of pipelines, eight reservoirs with a capacity of 24.5k cbm, and stations capable of pumping over 16k cbm per day.

CONSTRUCTION-

Almoosa kicks off new hospital: Almoosa Health Company awarded a SAR 192 mn contract to Masah Specialized Contracting to build its new Almoosa Specialist Hospital project in AlHofuf, according to a disclosure to Tadawul. The 14-month contract will be financed via the public offering proceeds and long-term, shariah-compliant loans. Work at the site is set to start immediately, having already completed excavation and leveling works.

DEBT WATCH-

PIF-owned Helicopter Company (THC) secured an eight-year SAR 600 mn Islamic credit facility from the Arab National Bank, Aleqtisadiah reports. The loan will help the company adapt to changing market conditions, strengthen financial flexibility, and finance market expansion, as well as support future partnerships and investments.

BANKING-

STC Bank launched a new digital savings product called Numu+ to encourage customers to save money through its app, according to a press release. Saving is stimulated through rewards like luxury cars and electronics as savings grow.

INS.-

Tawuniya’s Fitch Ratings affirmed: Fitch Ratings affirmed the Company for Cooperative Ins.’s (Tawuniya) financial strength (IFS) rating at A (Strong) and national IFS rating AAA(sau), the credit rating agency said in a note. Robust, profitable growth and prudent underwriting metrics underpinned the rating.

Ultra-rich families eye pivoting to private credit over slower private equity yields

The ultra-rich are increasingly eyeing the private credit sector over the slowing private equity distributions, Bloomberg reports, citing discussions at a recent London Private Markets Meeting panel. This interest is fueled by family offices — controlling about USD 3.1 tn globally as of last year — which are drawn to private credit’s regular banknote interest payments, a key advantage over private equity’s reliance on future exits.

Looking for higher returns: Offering attractive, high single-digit returns with less risk than equities, the illiquid asset class is a natural fit for the “buy-and-hold” mentality of family offices, especially amid public market volatility. Alternative credit’s ability to reliably generate yield and income is “great in the current environment,” Harinder Hundle of the Hundle multi-family office noted.

Private credit has strong growth potential: A late 2024 BNY Wealth survey showed private credit has not historically been a top allocation for family office. That seems to have changed in 2025, when a BlackRock family office survey revealed that a third of respondents plan to increase their exposure to private credit — the highest of any asset class.

ALSO- US President Donald Trump’s tariffs are expected to drive a shift of corporate operations back to the US, creating a window for private credit to step in where capacity-constrained governments fall short, Moody’s Global Head of Private Credit Marc Pinto told Bloomberg. Infrastructure — particularly USD 2.5 tn in expected data center investment — is one of the major growth areas, Pinto added.

As the market expands, it is also maturing, with Pinto noting a pivot toward financing more stable, investment-grade firms to meet demand from institutional clients like ins. companies rather than traditional high-yield companies.

The rapid influx of capital is not without concerns: Hundle warned of a potential problem, caused by the huge sums of capital concentrated among the largest managers and a lack of transparency in the biggest agreements. Pinto echoed the sentiment, cautioning that agreement complexity and the need for more detailed information for buyers can introduce credit risks.

MARKETS THIS MORNING-

Asian markets are showing mixed performance this morning, with the Shanghai Composite is up 0.4%, while Japan’s Nikkei is down 0.4%. Trump’s tariff threats toward the EU and Mexico also sent Wall Street futures into the red territory.

TASI	11,253	-0.2% (YTD: -6.5%)
MSCI Tadawul 30	1,442	-0.2% (YTD: -4.4%)
NomuC	27,438	-0.2% (YTD: -12.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	33,053	-0.8% (YTD: +11.1%)
ADX	10,065	+0.2% (YTD: +6.9%)
DFM	5,855	+0.4% (YTD: +13.5%)
S&P 500	6,260	-0.3% (YTD: +6.4%)
FTSE 100	8,941	-0.4% (YTD: +9.4%)
Euro Stoxx 50	5,383	-1.0% (YTD: +10.0%)
Brent crude	USD 70.36	+2.5%
Natural gas (Nymex)	USD 3.31	-0.7%
Gold	USD 3,364	+1.2%
BTC	USD 119,024	+1.4% (YTD: +26%)
Sukuk/bond market index	911.62	0.0% (YTD: +1.1%)
S&P MENA Bond & Sukuk	145.86	-0.1% (YTD: +4.2%)
VIX (Volatility Index)	16.4	+3.9% (YTD: -5.5%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% yesterday on turnover of SAR 4.0 bn. The index is down 6.5% YTD.

In the green: SHL (+9.9%), Alsagr Ins. (+6.5%) and Cenomi Retail (+5.8%).

In the red: Zamil Indust (-2.8%), Saudi Ceramics (-2.6%) and Acwa Power (-2.4%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% yesterday on turnover of SAR 30.2 mn. The index is down 12.8% YTD.

In the green: iOud (+10.3%), Quara (+7.5%) and Amwaj International (+6.7%).

In the red: Naas Petrol (-8.8%), Rawasi (-6.3%) and Apico (-5.2%).

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.

20 July (Sunday): Real Estate Brokerage Forum, Riyadh International Convention and Exhibition Center, 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.

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.

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

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.

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.

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

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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