Almasar Education’s IPO draws strong demand with orders exceeding SAR 60 bn

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WHAT WE’RE TRACKING TODAY

THIS MORNING: US-Saudi investment summit reportedly to take place in Washington

Good morning, wonderful people. We’re sending you off to a well-deserved weekend with a packed issue, featuring IPO updates from Almasar Education and Alramz Real Estate, upcoming investments from the GCC Interconnection Authority into strengthening regional power grid, and a new SAR 1 bn factory courtesy of Abunayyan Holding and Japan-based Toray Industries inaugurated in the Eastern Province.

ALSO- We talked to Ali Abussaud, CEO and founder of Hala Capital — formerly Hala Ventures — to talk Hala’s rebranding, Saudi’s VC and investment scene, and his morning routine. Let’s dive in.

HAPPENING TODAY-

#1- The Tourise Summit is set to wrap up today, featuring panels with execs from Forbes, Global Blue, Wego, Almosafer and more, as well as a closing fireside chat with Minister Ahmed Al Khateeb.

The summit says it “catalyzed investment portfolios” totaling USD 113 bn across luxury retail, next-gen hotels, integrated experience-led developments, wellness, lifestyle offerings, talent development, and AI-powered platforms, from the likes of Melia Hotels, Radisson, BWH Hotels, Goco Hospitality, Cenomi, Radisson, Earth Hotels, Delonix & Ocean Link, AlFozan Holding, Al Kathiri Holding, Alothaim, and Knowledge Economic City. Some USD 68 bn were allocated to investments inside Saudi Arabia.

The second day saw the launch of the Agentic Tourism Initiative, introducing a digital framework for applying AI in the tourism sector. The coalition — aiming to introduce “ intelligent, seamless, and sustainable travel experiences across the global tourism ecosystem” — includes Globant, Red Sea Global, Humain, Riyadh Air, King Salman International Airport, and Salesforce, among others.

AND- The first recipients of the Tourise Awards took home their accolades yesterday. Tokyo was named Best Overall Destination along with Best Food & Culinary and Best Entertainment, while New York snagged the Best Arts & Culture award, Ancash, and Paris got the Best Shopping award.

#2- Foreign Minister Faisal bin Farhan is in Canada to take part in the G7 Foreign Ministers’ Meeting, representing the Kingdom as an invited country, the ministry said on X. Chaired by Canadian Foreign Minister Anita Anand, the gathering in the Canadian capital discussed global economic and security issues, focusing on supply chains, energy security, critical minerals, and peace efforts in Ukraine and Gaza. Farhan discussed bilateral relationships with his American, German, Indian, Ukrainian and Canadian counterparts on the sidelines of the meeting in Ontario.

#3- Subscription for Lavenco Aluminum Systems’s IPO on Tadawul’s parallel market Nomu kicked off yesterday and runs until Tuesday, 18 November, Tadawul said on X. Qualified investors can each for a minimum of 10 shares and a maximum of 75k over the five-working-day subscription window. Final share allocation will be announced on Sunday, 23 November.

#4- Inflation figures for October are set to be released today from the General Authority of Statistics. Annual inflation recorded 2.2% y-o-y in September, down by 0.1 percentage points from August’s two-year high, mainly driven by increases in rents and housing costs.

PSAs-

#1- The grace period for runaway domestic workers to regularize their status has been extended by six more months, effective Tuesday, 11 November, Saudi Gazette reported. The extension applies to workers reported absent before the announcement and allows them and their employers to complete the necessary procedures automatically via the Musaned platform.

#2- The updated draft of the oversight framework for payment systems and their operators is now open for public consultation on Istitlaa until Thursday, 27 November. The draft (pdf) clarifies the framework’s scope, supervisory methods, and obligations for payment systems and their operators, including self-assessment processes and oversight tools.

WATCH THIS SPACE-

#1- A US-Saudi investment summit is reportedly set for 19 November amid Crown Prince Mohammed bin Salman’s White House trip, CBS News reports, citing an invitation it received and unnamed sources. The event will be held at the John F. Kennedy Center in Washington, co-hosted by the Investment Ministry and the US-Saudi Business Council, and will reportedly explore opportunities for collaboration in energy, technology, financial services, infrastructure, and healthcare.

The summit follows up on USD 600 bn in Saudi investments pledged during Trump’s own visit and a similar subsequent Riyadh summit in May. It is not part of the official itinerary, though the Crown Prince and US President may attend, the news outlet reported.

AHEAD OF THE VISIT- Defence Minister Khalid bin Salman held talks at the White House with senior US officials — including Secretary of State Marco Rubio, Secretary of War Pete Hegseth, and Middle East Special Envoy Steve Witkoff — covering Saudi-US relations, bilateral strategic partnerships, and key regional and global issues, state news agency SPA reported on Tuesday.

#2- Some 90% of UAE businesses plan to increase trade and investment in Saudi Arabia over the next five years, according to an HSBC press release (pdf) citing its New Networks of Capital: Saudi Arabia report (pdf). The report — which surveyed over 4k executives from international firms generating between USD 50-500 mn annually — found a growing number of businesses showed strong confidence in the Kingdom as a new corridor for regional and international growth. Over 78% are planning to increase investments within the next six months.

Economic stability was cited by 59% of UAE respondents as a key part of Saudi’s growing business appeal, closely followed by growth (58%), while 42% viewed the Kingdom as a gateway to GCC markets. Some 94% said the country’s sustainability and ESG agenda are a catalyst for investment. Technology and innovation remain the most popular for current (47%) and future investments (46%), while project finance (52%) and risk management solutions (46%) were reported as the most attractive segments for participation.

Nearly half of UAE businesses see private equity/venture capital funds as the top expansion route into the Kingdom (48%), followed by mutual funds (46%), and partnerships and joint ventures (45%).

#3- Tokyo-based IT firm NTT Data Group is weighing the establishment of data centers in Saudi Arabia amid growing interest in AI in the Kingdom, CEO Abhijit Dubey told Bloomberg on Tuesday. The company — which was recently taken private by NTT Group in a USD 16 bn deal — is still assessing the market and has not yet made formal commitments. NTT Data is already embedded in major Saudi projects, including Neom and key stadiums, as the Kingdom accounts for about 70% of NTT Data’s Middle East budget, he noted.

What they said: “What we see is there is a supply-demand mismatch in terms of what the country wants to achieve in such a short amount of time, versus the actual capacity we have in the country. I’m here specifically because there has been so much interest around AI,” Dubey added.

#4- Saudi Arabia, India accelerate bilateral investment treaty talks: Finalizing a bilateral investment treaty facilitating foreign direct investment between Saudi Arabia and India took center stage in Investment Minister Khalid Al Falih’s meeting with Indian Finance Minister Nirmala Sitharaman in New Delhi yesterday, India’s Finance Ministry said on X.

We’ve been deepening ties with India, following Indian Prime Minister Narendra Modi’s April visit to the Kingdom, where the two countries kicked off talks on the treaty and agreed to boost investment in sectors such as energy, infrastructure, and pharma.

#5- The Royal Commission for AlUla is gearing up to award the infrastructure contracts for AlUla tram project soon, Meed reported yesterday. The project’s first phase will cover 22.4 km and include 17 stations served by 20 trams, connecting AlUla International Airport to five regions across the historic area. Selected contractors will design and develop tram depots, tracks, technical buildings, stations and other infrastructure.

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OIL WATCH-

The International Energy Agency (lEA) finally admits its earlier oil demand projections needed an update — and now sees oil and gas demand continuing to rise until 2050, according to its World Energy Outlook 2025 (pdf). The agency expects the world to fall short of its climate goals, signaling that fossil fuels will maintain a dominant role for decades.

IN CONTEXT- The agency’s earlier forecasts had projected that oil and gas demand would peak this decade and decline toward 2050. Now, it’s aligning more with Opec’s view, which sees demand continuing to grow through to mid-century on the back of rising usage in road transportation, aviation, and petrochemicals. This also comes amid a shift in US priorities under President Donald Trump, who has been calling for more oil and gas production and revoking renewables-friendly policies.

The agency used two scenarios for analysis: Under the IEA’s current policies scenario (CPS) — which reflects existing government measures rather than future climate ambitions — oil demand is projected to reach 113 mn bbl / d by mid-century, around 13% higher than in 2024. In the stated policies scenario (STEPS) — which includes announced but not yet implemented policies — demand peaks “around 2030” and stabilizes near 96.9 mn bbl / d in 2050.

Why the two scenarios? The return to CPS and STEPS reflects “growing uncertainties in the political, economic, and energy context,” IEA’s Executive Director Fatih Birol told Bloomberg.

Under CPS, sustained demand would absorb global oil and LNG oversupply faster, pushing crude prices to around USD 90 / bbl by 2035. Meeting that demand would require some 25 mn bbl / d of new projects. Our region is expected to remain the dominant oil exporter, sending out 3x more oil than the next-largest exporter in 2035.

LNG will be the next big thing: Final investment decisions for new export projects have surged in 2025, with some 300 bcm of annual capacity expected to come online by 2030 — a 50% increase in available global supply. The IEA projects LNG demand to rise to 880 bcm in 2035, reaching 1 tcm in 2050, and up from 560 bcm in 2024 — driven primarily by growing electricity needs from data centers and AI-related power consumption.

Data infrastructure is emerging as the new energy driver: Global data-center investments could reach USD 580 bn in 2025, exceeding the USD 540 bn annually spent on oil supply.

UAE officials have been banging this drum for a while now, arguing there’s no end in sight to rising oil and gas demand and that the answer has to be more investments in all forms of energy. Adnoc’s CEO Sultan Al Jaber said in his opening speech at Adipec this year that oil consumption is expected to remain above 100 mn bbl / d beyond 2040. Renewable energy capacity is also expected to double, he said, while LNG demand is projected to rise by 50%, fueled by a 4x surge in data-center power demand, a growing global aviation fleet, and a 30% increase in jet fuel consumption.

Crude exports to China to dip next month: Saudi Arabia is expected to ship at least 36 mn barrels of crude to China in December, down from around 38 mn barrels in November, Reuters reported yesterday, citing sources it says are in the know. The decline comes as some Chinese refineries undergo maintenance and independent refiners delay purchases, awaiting next year’s import quotas. One Chinese buyer reduced December allocations after lifting most of the full-year contractual volumes, one source told the newswire.

IN CONTRAST- Saudi will supply Indian refiners with their full-term crude allocations in December. Indian refiners are eyeing more supply after Aramco cut oil prices to Asian refiners, as we noted earlier this week.

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THE BIG STORY ABROAD-

Shutdown to end as soon as today: The US House of Representatives voted 222-209 to reopen the government, passing the funding bill through the Congress and to US President Trump’s desk for signature. The vote ends a stalemate that led to the longest government shutdown in history — entering its 44th day — affecting food aid, economic reports and airport flights, as well as causing layoffs of federal workers which are set to be reversed under the bill. (Bloomberg | NYTimes | Financial Times | CNN | Reuters)

Another US story is dominating headlines: A new trove of emails from Jeffrey Epstein was released by lawmakers, reigniting scrutiny into The Donald’s ties with the disgraced financier as content hinted at Trump’s knowledge of Epstein’s activities at the time. Trump responded to the release by accusing Democrats of attempting to lure attention away from the end of the government shutdown. (Reuters | Washington Post)

ALSO WORTH NOTING THIS MORNING-

Anthropic plans to spend USD 50 bn on AI infrastructure in Texas and New York. (CNBC)
A severe water shortage crisis is hitting Tehran, threatening to make the Iranian capital uninhabitable for its 10 mn residents. (Reuters)

Almasar Education prices main market IPO at top of range

Almasar Education priced its Tadawul IPO at SAR 19.50 per share, the top end of its marketed price range, according to a press release (pdf). The institutional tranche of the IPO closed 102.9x oversubscribed, drawing heavy institutional demand with orders totaling SAR 61.6 bn.

The final offer price will see the company raise about SAR 599 mn, valuing it at roughly SAR 2 bn at listing, a touch below earlier market chatter as the firm joins the handful of smaller issuers braving the Kingdom’s muted IPO climate.

REFRESHER- Almasar, formerly Amanat Education, is floating 30% of its shares, or 30.7 mn shares, through a secondary offering. The sale will see Dubai-based Amanat Holdings, the company’s sole shareholder, retain a 70% stake post-listing. The remaining shares will be subject to a six-month lock-up, locking in Amanat’s control as it looks to realize gains from its flagship education unit.

Retail investors are up next: Individual buyers will be able to apply for up to 250k shares each at the final offer price between 18-20 November. Final allocations will take place on Wednesday, 26 November.

ADVISORS- Our friends at EFG Hermes managed bookbuilding alongside SNB Capital. SNB Capital is also quarterbacking the transaction as the financial advisor, bookrunner, and underwriter. Clifford Chance is providing counsel to the issuer, while Baker Mackenzie is advising the bookrunner. PwC is handling financial and tax due diligence, Euromonitor International is providing market research, and Deloitte is acting as the auditor.

Receiving agents include EFG Hermes, SNB Capital, Riyadh Capital, Saudi Fransi Capital, AlJazira Capital, Yaqeen Capital, AlBilad Capital, ANB Capital, Derayah Financial, AlRajhi Capital, Alistithmar Capital, Alinma Investment, Sab Invest, Alkhabeer Capital, Sahm Capital, GIB Capital, Musharaka Capital, and Awaed Al Osool Capital.

Alramz to take 30% stake to Tadawul

Alramz Real Estate Company is taking a 30% stake (12.86 mn shares) to Tadawul’s main market, it said in a prospectus (pdf). The real estate developer lined up the Capital Market Authority’s approval for the move back in June.

The details: The entirety of shares will be offered to institutional investors, each able to book between 50k and 2.14 mn shares from Sunday, 23 November to Thursday, 27 November. Some 20% of the shares on offer will be open to retail investors between 7-9 December, provided there is sufficient demand. Retail investors will be able to apply for up to 250k shares each, with a minimum of 10 shares. Final allocations will be made on Monday, 15 December.

Post-IPO structure: Rasheed Abdulrahman Nasser Al-Rasheed — Alramz’s largest shareholder — will see his 80% stake diluted to 56%, with the remaining shares subject to a 12-month lock-up period beginning on the first day of trading. Meanwhile, the 3.89% stake held by Managing Director Harun Rasheed Abdulrahman Al-Rasheed will be reduced to 2.72%.

Use of proceeds: Proceeds from the offering, excluding SAR 27 mn for IPO-related expenses, will be used entirely by the company. Alramz will use some 37% of the net proceeds to develop projects, 36% to finance new real estate funds, and 23% for general corporate purposes. Current shareholders will not receive any funds from the offering.

Earnings snapshot: Alramz logged a net income of SAR 158.4 mn in 2024, up 25.1% y-o-y. Revenue was up 78.9% to SAR 951.8 mn during the same period.

About the company: Established in 2016, Alramz Real Estate Company operates through three main segments: directly owned projects, projects developed through funds, and developer-only projects. A pipeline of 17 projects is already in design or construction, set to deliver over 3.7k new units, with Riyadh hogging 70% of the pipeline's value.

ADVISORS- SNB Capital is quarterbacking the transaction as the financial advisor, lead manager, bookrunner, and underwriter. Receiving agents include SNB Capital, BSF Capital, Al Rajhi Capital, SAB Invest, Alinma Capital, Riyad Capital, AlJazira Capital, Alistithmar Capital, AlBilad Investment, ANB Capital, Derayah Financial, Yaqeen Capital, AlKhabeer Capital, Sahm Capital, GIB Capital, Musharaka Financial, EFG Hermes KSA, and Awaed Financial Assets.

GCC Interconnection Authority to invest USD 3.5 bn in grid link over the next decade

The GCC Interconnection Authority plans to pour more than USD 3.5 bn over the next decade into strengthening its regional interconnection power grid, boosting its capacity to integrate renewables and export electricity to neighboring countries, Reuters reports, citing CEO Ahmed Al Ibrahim. The authority will self-finance the program and recover costs through annual fees paid by member states.

The first cross-border connection outside the Gulf will link the GCC grid to Iraq, with electricity exports set to begin in April 2026, Al Ibrahim said. Talks with Baghdad are ongoing to finalize the export framework. The project, valued at more than USD 300 mn, was fully financed by the authority without a margin, with cost recovery expected within seven years through transmission tariffs.

REFRESHER- Iraq’s tie-up to the GCC interconnection power grid was set to be operational in December of last year.

Also in the pipeline: Expansion plans will later include Jordan, and potentially Syria, Al Ibrahim noted. Gulf countries are also in talks to connect Middle Eastern grids to the European network by exporting electricity to Egypt via the Saudi-Egypt interconnection, with Egypt then set to have a 2 GW EuroAfrica Interconnector linking its grid with Greece and Cyprus, he said.

The focus remains on reinforcing internal grids, particularly as Saudi Arabia and the UAE roll out large-scale data center and AI projects that will increase power demand. Such projects will place added pressure on domestic grids due to their high and volatile electricity consumption, Al Ibrahim said, adding that stronger interconnection will be key to stabilizing supply and balancing loads across the region.

Eastern Province launches Toray Membrane factory

Eastern Province Governor Prince Saud Bin Nayef inaugurated the TorayMembrane Middle East Factory in Dammam’s third industrial city — a SAR 1 bn JV between Abunayyan Holding and Japan-based Toray Industries, the Eastern Province said on X yesterday.

The new plant — Toray’s second outside Japan — will produce 300k reverse osmosis membranes annually to support water desalination projects across the Kingdom. It is expected to create over 175 jobs and achieve a 70% localization rate, while targeting increasing it to 75%. It reinforces Saudi Arabia’s drive to strengthen local manufacturing and enhance national water security.

In line with localization goals, around 72% of its manufacturing inputs will be sourced domestically, which will cut delivery times by 53% and reduce energy consumption by 4-5%. The project is projected to contribute SAR 1.14 bn to the Saudi economy over eight years and boost the trade balance by over SAR 135 mn annually.

Beyond production, the facility will feature an R&D unit established in partnership with the Advanced Technology Research Institute, focusing on developing next-generation membrane technologies.

REFRESHER- Prince Saud bin Nayef inaugurated 122 completed environmental, water, and agricultural projects worth more than SAR 28.8 bn in September. The projects include 63 new initiatives for environmental, water, and agricultural systems with a total cost exceeding SAR 20.8 bn, along with 59 new projects valued at over SAR 8 bn.

Saudi banks’ corporate credit risk remains contained despite rising debt -S&P Global

Despite growing loan portfolios, Saudi banks’ corporate credit risk remains contained due to “a moderate improvement in corporate leverage supported by a resilient performance,” S&P Global said in a recent research note. Total debt at listed Saudi companies, excluding Aramco, rose by 10-12% between 2020 and 2024, fueled by growth in debt held by utilities, real estate, healthcare, and transportation players. That being said, total credit to the private sector rose by c.60% over the same period, according to the note.

Listed Saudi companies have been consistently deleveraging since 2020 as their bottom lines continued to improve, allowing these companies to significantly reduce their debt to EBITDA. The median total debt-to-EBITDA ratio is estimated to have narrowed to 1.6-1.9x in 2024 from 2.0-2.4x in 2020, according to S&P.

EBITDA grew at a slower pace than revenues, as the total combined revenue and EBITDA grew at an average compound rate of 8-10% in the four-year period. Meanwhile, EBITDA was weighed down by higher costs for fuel, freight, and wages — driven by Saudization requirements and market competitiveness — while the competitive environment limited the ability to raise prices. “In some sectors where EBITDA growth exceeded revenue growth significantly, this was primarily due to improved earnings compared to historical losses, which makes the improvement look inflated,” S&P said.

Vision 2030 driving capex + fueling credit demand: Capital-intensive sectors — including energy, healthcare, food and beverages, telecoms, and utilities — saw their combined capex growing at a 65-70% clip, accounting for 94% of the combined capex in 2024. Excluding Aramco, that figure goes down to 37%.

More capex spending will lead to more credit growth — but not all of it will be funded by debt: Capex for the largest rated Saudi companies is projected to continue increasing, albeit at a slower pace, by about 5% annually over 2025 and 2026. That rise in capex will continue to drive overall credit growth in the country, but S&P expects that only a portion of it will be debt funded, thanks to companies’ solid free operating cashflows (cashflows minus capex).

Credit growth rates are forecasted to remain high at 10% for the next two years, on the back of higher demand for investment funding in support of the Kingdom’s 2030 vision. S&P notes that this could expose banks to potential risks if corporate projects face execution failures, cost overruns, or if sustained low oil and petrochemical prices weaken core sectors. These risks could be amplified as Saudi banks turn to external debt, which approaches 5% of domestic loans in August 2025, but strong government support to the banking sector provides a safety net to mitigate these risks.

Saudi startups ranked second in MENA for AI funding in 1H 2025, raising USD 96 mn

Saudi Arabia’s startups ranked second in the MENA region for AI funding in 1H 2025, raising USD 96 mn across 29 transactions, which is more than four times the amount recorded during the same period in 2024, according to a report by Magnit. AI startups and AI-enabled ventures each secured USD 48 mn during the period

AI startups across the region secured USD 302 mn in AI funding during the period, marking a 152% y-o-y increase compared to last year — some 16% more than was raised throughout all of 2024. AI funding accounted for 17% of total MENA venture capital (VC), its highest share on record, with AI-native startups capturing 58% of total AI funding and AI-enabled ventures accounting for 42%.

AI startups across the region secured USD 302 mn in AI funding during the period, marking a 152% y-o-y increase compared to last year — some 16% more than was raised throughout all of 2024. AI funding accounted for 17% of total MENA venture capital (VC), its highest share on record, with AI-native startups capturing 58% of total AI funding and AI-enabled ventures accounting for 42%.

The UAE was the biggest market for AI funding in 1H, with USD 125 mn raised across 35 transactions, a 64% y-o-y increase. AI-focused startups raised USD 105 mn out of the total, while AI-enabled ventures — which integrate AI into their operations — secured USD 20 mn.

Pre-seed funding accounted for a record 27 rounds, with the UAE and Saudi capturing most of the early-stage activity with 12 rounds each. This early-stage trend, alongside expanding Series A activity, signals a “healthier investment funnel” that seeds new ventures while scaling proven AI players, Magnitt said.

The most popular industries within AI? Fintech, which saw investments surge sixfold to USD 77 mn, and enterprise software, which secured 30 of the 84 investments during the period and raised USD 58 mn — up 164% y-o-y and accounting for 36% of all AI transactions, according to a separate press release (pdf). The two sectors dominated due to robust data availability, clear use cases, and strong enterprise demand. Real estate ranked third with USD 56 mn, followed by edtech at USD 32 mn and construction and infrastructure at USD 29 mn.

Emerging AI sectors are expected to thrive: Real estate, edtech, law, construction, healthtech, and govtech are all promising industries, despite being capital-intensive with long development cycles, Magnitt’s Research Manager Farah El Nahlawi told EnterpriseAM, citing government support, solid data infrastructure, and integration with corporate systems as potential investment drivers in the future. “Policy tailwinds and ecosystem build-out with government-led programs such as PIF’s Humain and the UAE’s Stargate AI campus set the tone for investor confidence by demonstrating long-term national commitment to AI,” she said.

In the UAE and Saudi Arabia in particular, policy leadership, infrastructure readiness, and capital availability give them an edge over the rest of the region. “Strong enterprise and government demand also gives startups a faster path to scale than in smaller MENA ecosystems,” she added.

The main investors? Private VC dominated AI funding, with corporate participation and indirect sovereign capital playing supporting roles, El Nahlawi told us. Seven of the top 10 investors by capital deployed are MENA venture or growth funds. Meanwhile, sovereign wealth funds, including Mubadala, PIF, and ADQ, channeled capital indirectly through venture arms and funds-of-funds. Private and domestic institutional capital remain the main drivers of AI investment across the region.

More to come: AI is set to become a defining pillar of MENA’s VC landscape over the next three to five years, El Nahlawi told us. Funding is expected to be concentrated in fewer, larger rounds as mid-stage startups grow into regional scale-ups, with Series A and B rounds rising as local investors gain confidence and international funds seek co-investments, she added. Further integration of AI into finance, energy, healthcare, and logistics will also boost its share of total VC activity, while corporate investors and government-linked programs will continue to bridge early-stage funding gaps, El Nahlawi noted.

Sadara Chemical Company falls deeper into the red in 3Q with SAR 1.6 bn in losses

Sadara Chemical Company saw its net losses widen to SAR 1.6 bn in 3Q 2025, compared to SAR 882.9 mn in the same period last year, its subsidiary Sadara Basic Services said in a disclosure to Tadawul on Tuesday. Revenue also slipped 18.6% y-o-y to SAR 2.3 bn over the same period. The company attributed the downturn to a 15% drop in sales volume following an unplanned site event and a 3% decline in average selling prices.

In the first nine months of 2025, Sadara’s net losses deepened 43.2% y-o-y to SAR 4 bn, while its revenue declined 16.9% y-o-y to SAR 7.4 bn.

Red Sea International taps Hani Baothman as CEO, Managing Director

Red Sea International appointed Hani Baothman (bio) as CEO and managing director, it said in a disclosure to Tadawul on Tuesday. This follows Ghassan Saleem Al Ashkar ending his tenure as acting CEO, which he had assumed since April, to return to his role as CFO. Baothman brings over 25 years of experience in financial and real estate investment management and has served on the boards of several listed and private companies in the Kingdom and abroad, including Sidra Capital, Retal Urban Development, and Inoks Capital Saudi Arabia.

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Saudi Space Agency shines with four platinum awards at MarCom 2025

Saudi Space Agency claimed four platinum awards at the 2025 MarCom Awards, one of the world’s leading competitions in marketing and communications, it said on X. The agency’s campaigns secured Ws in four categories, including Outstanding Launch Campaign for the Space Knowledge Portal, as well as Best Integrated Marketing Campaign, Best Social Media Engagement Campaign, and Best Creative Campaign Design for the World Space Week awareness initiative.

Al Kuzama Trading looks to acquire 30% of Twenty Four Beverages

M&A WATCH-

Al Kuzama Trading signed a non-binding MoU to acquire a 30% stake in Twenty Four Beverages for an undisclosed sum, it said in a disclosure to Tadawul yesterday. The MoU — valid for 60 days and extendable by mutual agreement — is subject to financial, juridical, and operational due diligence, as well as regulatory approvals.

REMEMBER- Al Kuzama signed a preliminary, non-binding MoU to acquire 60% of Raed Foods Catering Company in August, with financial details set to be determined after a final agreement is reached.

TECH-

Chinese AI company SenseTime MEA partnered with King Saud University to launch a joint AI Innovation Center in the Kingdom, it said on LinkedIn earlier this week. Backed by a SenseTime MEA’s local GPU cluster, the center will accelerate teaching, research, and talent development, enabling advanced AI capabilities such as large language models, content generation, and visual perception.

Emerging market disinflation momentum outpaces developed nations, boosting local bonds

A reversal in global inflation trends is pushing investors to look toward emerging market bonds for better returns, and many — including Ninety One and Morgan Stanley Investment Management — see plenty of road ahead for the rally to continue, Bloomberg reports.

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For the first time in 35 years — bar a small Covid-era blip — prices grew slower in emerging nations than their developed counterparts for two straight quarters, according to indexes tracked by the business news service’s mighty terminal. During 3Q, inflation in EMs averaged 2.5%, while developed nations saw prices rise at an average of 3.3%

Lower EM inflation has cranked up forecasts of interest rate cuts, with the list of emerging nations deciding to begin cutting rates growing and their central banks cutting at a faster speed than the US. But there’s still plenty of wiggle room, according to Ninety One Emerging Market Sovereign and FX Co-Head Grant Webster, who estimates that real policy rates in EMs are their highest in 20+ years.

In turn, this has helped push the average returns on EM local bonds in some countries like Egypt to over 20%. The average across all EMs comes out at around 7%, which is a decent peg above US Treasuries for the year so far. Good news for EM local bonds is also good news for EM currencies, with many strengthening against the greenback following investor appetite for their debt.

EM disinflation outpacing developed nations is also helping increase interest in assets outside of Wall Street and Europe. The difference in risk between equities from EMs and developed countries is narrowing, and the “emerging world looks relatively less risky than DM for the first time in a long time,” Allspring Global Investments Senior Portfolio Manager Derrick Irwin told the outlet.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning as investors react to the US House passing a funding bill that will end the government shutdown. Japan’s Nikkei is leading gains, up 0.3%, with the Shanghai Composite and Kopsi trailing behind. The Hang Seng is in the red, down 0.5%.

TASI	11,255	-0.1% (YTD: -6.5%)
MSCI Tadawul 30	1,465	-0.4% (YTD: -3.0%)
NomuC	24,137	+0.2% (YTD: -23.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.5% repo	4.0% reverse repo
EGX30	40,229	-0.1% (YTD: +35.3%)
ADX	9,994	-0.4% (YTD: +6.1%)
DFM	6,042	-0.5% (YTD: +17.1%)
S&P 500	6,851	+0.1% (YTD: +16.5%)
FTSE 100	9,911	+0.1% (YTD: +21.3%)
Euro Stoxx 50	5,787	+1.1% (YTD: +18.2%)
Brent crude	USD 62.71	-3.8%
Natural gas (Nymex)	USD 4.54	0.0%
Gold	USD 4,205	-0.2%
BTC	USD 101,605	-1.2% (YTD: +8.7%)
Sukuk/bond market index	916.29	+0.1% (YTD: +1.6%)
S&P MENA Bond & Sukuk	151.90	+0.1% (YTD: +8.5%)
VIX (Fear gauge)	17.51	+1.3% (YTD: +0.8%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.1% yesterday on turnover of SAR 4.2 bn. The index is down 6.5% YTD.

In the green: SVCP (+5.8%), Derayah (+5.0%) and SRMG (+4.6%).

In the red: Sisco Holding (-4.4%), Saic (-3.9%) and Jahez (-3.4%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.2% yesterday on turnover of SAR 22 mn. The index is down 23.3% YTD.

In the green: Apico (+8.6%), Alrazi (+6.7%) and Axelerated Solutions (+6.1%).

In the red: Hamad Bin Saedan Real Estate (-8.4%), HKC (-8.1%) and NBM (-7.5%).

CORPORATE ACTIONS-

United Wire Factories’ (Aslak) board greenlit a SAR 14 mn dividend payout on 4Q 2024 retained earnings and 9M 2025 income at SAR 0.5 apiece, it said in a disclosure to Tadawul yesterday. The distribution date is set for Monday, 8 December.

My Morning Routine: Ali Abussaud, CEO and founder of Hala Capital

Ali Abussaud, CEO and founder of Hala Capital: 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 Ali Abussaud (LinkedIn), CEO and founder of venture capital firm Hala Capital, formerly Hala Ventures. Edited excerpts from our conversation:

My name is Ali Abussaud, founder and CEO at Hala Capital. I started my career back in 2004, working in corporate and institutional banking across different regional banks, mostly in Saudi Arabia. Afterward, I left the banking sector and founded my first business, Financial Horizon Group, a consulting group that provided financial, management, and other advisory services. My late father was highly supportive from the first day. He explained to me the right steps, what the journey will look like, and laid out the dos and don’ts. It was very helpful.

I was wearing so many hats, and that humbled me. When I was working in banking, I thought that I could do anything. But the first time I was in the office of my own company, I couldn’t help but wonder: “What’s next? What can I do?” It took me some time to get the hang of it, because we didn’t have a brand yet; you only have experience and your personal network.

Later on in 2014, I started investment activities. My partner and I established a corporate fund, started investment activities, and started looking into VC investment. We were one of the first VC investors in Saudi and one of the earliest in MENA. After that, we founded Hala Ventures — now called Hala Capital — in 2018.

We had both a vision and a dream — to become a true investment company, a proper capital house offering different products and expanding beyond a single sector into a recognized regional player. We were known mainly as a VC, but that wasn’t enough, since venture capital focuses only on early stages. There’s still much to do in later stages, like promoting growth, pre-IPO funding, and bridging the gap in lending.

We began rebranding a year ago, working on governance and filing with the Capital Market Authority. We chose to do everything internally — from the business plan to policies and procedures — which was a challenging but rewarding journey. Our goal is to expand into late-stage and private equity, working with established, often family-owned companies that are planning to go public or those we could convince to go public.

We are launching a private credit fund to lend directly to mid-cap and larger businesses. The banking sector is being selective in lending to businesses and lacks flexibility. Our new fund will mostly focus on asset-backed businesses in Saudi Arabia and offer a broader range of products, such as VC, private equity, private credit, and other alternatives. We are also launching a technology VC fund, focused on fintech, AI, and logistics across the MENA region.

Saudi has been quite active when it comes to venture capital, and that trend has been significantly on the up. The Kingdom may have entered the market later than other MENA countries, around 2018-2019, but now it’s home to great activities, and many entrepreneurs are relocating or setting up main offices here.

The biggest shifts are in sectors like fintech, which still has major gaps to fill, and AI, where Saudi is positioning itself as a global hub. AI is not an easy market, as you need to bring something to the table that is truly different, and we’re seeing startups claiming to be AI companies while simply using third-party models. I wouldn’t call them AI companies unless they have their own model. It’s similar to when everyone used to label themselves as Web3 a few years ago without really offering anything new.

For startups, we focus on three criteria: team, team, and team. There has to be a minimum of two co-founders with great synergy, and it’s critical that the team already has sufficient experience in the field they are in. We spend enough time with team members to associate with them, not only on a business level but also on a personal level. If possible, we’ll try to meet with them outside of work to see how they handle money and family relations. Sometimes we do something similar to psychometric testing. We often use these kinds of assessments in recruitment, and I believe the same approach applies when identifying the right team for a startup.

Second, we identify the product — does it fill a gap in the market, and how big is that gap? Many founders imagine problems that don’t exist or are too niche. We look for startups tackling genuine, large-scale issues in sizable markets, with the right execution to match.

We also consider location strategy. If a startup is based in a market that isn’t suitable — due to regulation, currency, or growth limitations — we encourage them to relocate part of their operations. For example, a company might keep its technical team in Egypt, where talent is excellent, but move one co-founder to Saudi Arabia or another GCC market to access clients and investors.

My house is around 40 minutes from my office, and I enjoy the commute while listening to podcasts or audiobooks. I don’t take calls or have company in the car, because it will disturb my routine. I listen to many business podcasts and try to keep them diverse, not just related to investment or VC, but also to topics that will develop soft skills. I mostly listen to 20VC, Acquired, and the Arabic podcast Sawalif Business.

Once I arrive at the office, I start by checking on the news before moving on to emails, internal and external meetings, and team follow-ups. I go to the gym for about an hour immediately after work.

Balancing business and personal life isn’t easy. I’m a workaholic — my mind is always active, even when I’m home or trying to relax. I rarely take vacations, but I make sure to socialize and recharge by spending weekends in Bahrain, going out with friends, or spending time with my wife. That helps me reset and keep my energy up, along with the gym, of course.

One book I really love is The Intelligent Investor by Benjamin Graham. I first listened to it years ago, and I’m planning to revisit it now with more experience. It makes you rethink how you do business. I especially like the concept of “Mr. Market,” which Graham uses to illustrate the market’s volatility and irrationality. The key lesson is to stay calm, not let emotions drive your decisions, always distinguish between a stock’s price and its true value, and not let Mr. Market beat you. It’s a heavy book, but I highly recommend it.

Networking is one of the most underestimated skills — some people probably don’t have it, some are afraid of it, and some just underestimate it, thinking they don’t have time for it. But in most sectors — not just investment — unless you really keep up with having the right network and associate yourself with the right people, successful people, you won’t succeed.

Another thing I’d stress is humility. Being humble is being generous when it comes to giving advice and mentoring other people when there's nothing in return. I believe that good deeds pay back and that a small piece of advice can sometimes change people’s lives.

CALENDAR

NOVEMBER

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

16-17 November (Sunday-Monday): Jeddah Fintech Week 2025, Jeddah Hilton, Jeddah.

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

18 November (Tuesday): Crown Prince Mohammed bin Salman’s visit to Washington.

19-22 November (Wednesday-Saturday): PIF Saudi International Golf Championship, Riyadh Gold Club.

20 November (Thursday): Deadline for title deed registration for 14.6k properties across 21 neighborhoods in Qassim.

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

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

23-27 November (Sunday-Thursday): Global Industry Summit by United Nations Industrial Development Organization, 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.

25-26 November (Thursday-Saturday): The Global Sustainability Expo, The Arena Riyadh Venue, Ghirnatah.

25-29 November (Thursday-Monday): General Aviation Airshow 2025 - Sand & Fun, Riyadh.

27 November (Saturday): Deadline for title deed registration for 8.7k properties in Jeddah’s Al Sheraa and Al Amwaj neighborhoods.

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.

30 November-1 December (Sunday-Monday): FII Priority Asia Summit, Tokyo.

DECEMBER

1-3 December (Monday-Wednesday): Industrial Transformation Saudi Arabia, Riyadh International Convention & Exhibition Center.

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

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

3-5 December (Wednesday-Friday): Beyond Profit Forum, Ritz-Carlton Hotel, Riyadh.

7-9 December (Sunday-Tuesday): CoMotion Global 2025, Riyadh.

8-9 December (Monday-Tuesday): Digital Acceleration and Transformation Expo (DATE), JW Marriott hotel, Riyadh.

8-9 December (Monday-Tuesday): Climate Action and Renewable Energy (CARE), JW Marriott hotel, Riyadh.

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

11 December (Thursday): Deadline for title deed registration for 214.2k properties across Riyadh and the Eastern Province.

15-17 December (Monday-Wednesday): Host Arabia, Riyadh Front Exhibition and Conference Center.

15-17 December (Monday-Wednesday): Saudi HORECA, Riyadh Front Exhibition and Conference Center.

16-17 December (Tuesday-Wednesday): Global Airports Forum (GAF) 2025, Riyadh International Convention and Exhibition Center, Riyadh.

19 December (Friday): The 2025 Saudi Toyota Championship wraps up.

25 December (Thursday): Title title deed registration deadline for 64.4k properties across neighborhoods in Madinah, Makkah, Riyadh, and the Eastern Province.

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): Title deed registration deadline for 54k properties in 77 neighborhoods across Riyadh, Makkah, and the Eastern Province.

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.

15 January (Thursday): Title deed registration deadline for 31.7k properties in 14 neighborhoods in the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 157.3k properties in 78 neighborhoods across the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province.

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.

26-28 (Monday-Wednesday): IFAT Saudi Arabia, Riyadh Front Exhibition & Conference Center, 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.

2-13 (Monday-Friday): 2026 Asian Road Cycling Championship and Paralympic Cycling, Qassim.

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

5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh International Convention and Exhibition Center, Riyadh.

9-10 February (Monday-Tuesday): Global Games Show Riyadh 2026, Malf Hall, Riyadh.

9-14 February (Monday-Saturday): Asian Racing Conference, Crowne Plaza Riyadh RDC Hotel & Convention Centre, 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

21 March (Saturday): Fanatics Flag Football Classic, Kingdom Arena, Riyadh.

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

APRIL

6 April (Monday): Procurement and Supply Chain Futures Forum, Al Faisaliah Hotel, Riyadh.

6-7 April (Monday-Tuesday): Real Estate Supply Chain Forum, Al Faisaliah Hotel, Riyadh.

12-15 April (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

20-22 April (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Al Faisaliah Hotel, Riyadh.

20-22 April (Monday-Wednesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

21 April (Tuesday): GC Summit Saudi Arabia 2026, Saudi Arabia.

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

MAY

3-5 May (Sunday-Tuesday): Sports Investment Forum (SIF), Riyadh.

OCTOBER

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

Signposted to happen sometime in 2026:

November: UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.
November: The Esports Nations Cup, Riyadh.
The Intervision international music competition will take place in Saudi Arabia.
6 July-23 August (Monday-Sunday): Esports World Cup, 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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