Good morning. We have another brisk issue this morning, led by unconfirmed reports that oil giant Aramco is looking at a USD 10 bn sell-down of assets, and a SAR 1.5 bn expansion project at King Abdulaziz Port inaugurated, courtesy of Mawani and SGP. Let’s dive in.
HAPPENING TODAY-
#1- The Saudi-Italian Investment and Business Forum kicks off today at the Mandarin Oriental Al Faisaliah in Riyadh, continuing a series of joint investment events between the Kingdom and Italy aimed at strengthening economic partnership and expanding cooperation. The two-day forum will bring together senior officials and business leaders to explore investment and cooperation prospects in the Kingdom, particularly in energy, manufacturing, tourism, infrastructure, advanced technologies, logistics, and other vital sectors.
#2- The General Aviation Airshow – Sand & Fun kicks off today at Al Thumamah Airport in Riyadh. The five-day event will feature over 90 aerial performances and nighttime light shows, in addition to an exhibition area hosting more than 100 companies to showcase the latest in aviation technology and design. The program also includes Hangar Talks where experts and Saudi astronauts discussing sustainable aviation, eVTOL aircraft, and AI in aerospace.
WATCH THIS SPACE-
#1- IPO WATCH- Dammam-based AlKhorayef Group is reportedly engaging investment banks and financial advisors for a potential IPO of its oil and gas services unit, AlKhorayef Petroleum, Bloomberg reports, citing sources it says are familiar with the matter. AlKhorayef Petroleum operates across the Middle East, Africa, and Latin America, while its parent company, AlKhorayef Group, spans industrial services, lubricants, and water solutions. The PIF acquired a 25% stake in the subsidiary in 2023.
IN CONTEXT- The move comes as the Kingdom remains the region’s most active IPO market this year, with nearly USD 4 bn raised, despite mixed performance among major listings, according to the business information service.
#2- Cenomi Centers opens books on FCY debt sale: Institutional and retail investors have until today to subscribe to Cenomi Centers’ new USD-denominated sukuk, with minimum orders set at USD 200k with USD 1k increments, according to a bourse disclosure. The Reg S-compliant offering — which was announced late last week and kicked off yesterday — carries a five-year maturity with its final size, pricing, and yield subject to market conditions. The notes will be listed on The International Stock Exchange (TISE), a European-based (but non-EU) exchange headquartered in Guernsey.
ADVISORS- Our friends at Mashreq are serving as joint lead managers alongside Abu Dhabi Commercial Bank, Arqaam Capital, Citigroup, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, JP Morgan, Sharjah Islamic Bank, and the National Bank of Ras Al Khaimah. Mashreq is also serving as a global coordinator on the transaction along with Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital, and Goldman Sachs International.
#3- Saudi and Portuguese companies inked 15 investment agreements on the sidelines of the Saudi-Portuguese Forum held in Riyadh, Secretary-General of the Saudi Chambers of Commerce Waleed Alorainan told Asharq Business (watch, runtime: 2:43). Discussions were held regarding projects in infrastructure, airports, and ports, during which Saudi projects in were presented.
DATA POINT- Alorainan added that 25 Portuguese companies have obtained, or are in the process of obtaining, licenses to operate in Saudi Arabia, joining the 650 Portuguese companies already active in the Kingdom. Bilateral trade between the two countries amounts to SAR 3 bn, including SAR 2 bn in Saudi exports to Portugal.
#4- The Kingdom delivered the second and final shipment of its pledged oil support to Syria, with a tanker carrying 1 mn barrels of crude docking at Baniyas port, Syria’s Energy Minister Mohammed Al Bashir said on X. The cargo completes the 1.65 mn-barrel grant, aimed at covering local fuel needs and supporting ongoing economic and development cooperation between the two countries.
FROM THE RUMOR MILL- Two new alcohol stores are planned in the Kingdom, including one for diplomats in Jeddah and another in Dhahran catering for non-Muslim staff at Aramco, unnamed sources told Reuters. Both stores are to open in 2026, but no timelines are released yet, the newswire quoted two of the sources.
Not the only rumor regarding alcohol this week: Premium residency holders — non-Muslim expatriates on the special residency track — are now able to buy from Riyadh’s diplomatic quarter liquor store, previously reserved exclusively for foreign diplomats, Semafor reported earlier, citing people it said are familiar with the matter. The sources said the change wasn’t officially announced and circulated merely by word of mouth.
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.
EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Tas’heel and Hassan Allam Properties.
Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.
DID YOU KNOW that we also cover Egypt, the UAE, the MENA logistics industry, and the MENA <> India corridor?
Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.
***
THE BIG STORY ABROAD-
US markets started the week in a sea of green, buoyed by increased odds of a December rate cut that took investors’ minds off AI bubble fears. The Nasdaq rose 2.69% — its best day since May — on strong Alphabet and Nvidia gains, while the Dow was up 0.44% yesterday and the S&P 500 inched up 1.55%. (Reuters | CNBC)
Not everyone is bullish: The “Big Short” investor Michael Burry used the first post in his newly launched paid-subscription newsletter Cassandra Unchained to warn AI’s inflated valuations could be leading to a dot-com-like bubble down the road. Burry has reportedly placed a USD 1.1 bn wager against AI’s poster children Nvidia and Palantir.
- What he said: “The five public horsemen of today’s AI boom — Microsoft, Google, Meta, Amazon and Oracle — are joined by several adolescent startups in promising nearly USD 3 tn in spending on AI infrastructure over the next 3 years. […] And once again there is a Cisco at the center of it all, with the picks and shovels for all and the expansive vision to go with it. Its name is Nvidia.” (Reuters | CNBC | Bloomberg)
ALSO- US domestic politics are taking center stage: Headlines are dominated by a federal judge‘s dismissal of indictments against former FBI director James Comey and New York Attorney General Letitia James, the latest judicial rebuke for the Trump administration’s attempts to resort to the criminal justice system to target opponents. (CNN | Washington Post | NY Times | Associated Press)
ALSO WORTH READING THIS MORNING-
- Another escalation against Venezuela saw the US formally designate President Nicolás Maduro and close allies as members of a foreign terrorist organization. (Reuters)
- CNN unpacks why the crypto market is crashing.


