Aramco Stadium approaches November opening

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Houthis strike cargo vessel in Bab Al Mandab

Good morning, friends. We have a brisk read for you today, leading with the latest from Aramco Stadium, the integrated sports and entertainment hotspot set to open its doors in the Eastern Province by November. Also, we sat down with Ibrahim Darraz, managing partner and cofounder of Infinite Business Solutions, to understand how the firm is adapting to the AI-enabled financial world.

PLUS- We check in on Jabal Omar Development, where Waleed Ali Al Harthi is set to take up the mantle of CEO next month.

We also dig into the latest batch of 2Q earnings from Cenomi Retail, Al Othaim Markets, Saudi German Health, and Senaat.

Destination Sahel Issue III drops this week, and we’re diving into how the North Coast is adapting to a changing market.

Developers are recalibrating as buyer behavior shifts, luxury retail is carving out a bigger piece of Sahel’s economy, and the wellness and sports scene has become a summer destination on its own.

In this issue, we get into what’s actually changing on the ground, from how developers are adjusting their pitch to where to shop and how to stay active this season.

Tap or click here to subscribe to the Egypt edition, coming straight to your inbox today.

WAR WATCH-

A small cargo ship identified by Reuters as Egyptian owned was attacked by Yemen’s Houthi militants in the Bab Al Mandab strait, according to the Yemeni Coast Guard Authority. Six crewmembers were reportedly killed and 11 injured, BBC reports. The ship’s crew comprised Pakistani and Indonesian nationals, the Yemeni authority said. The Houthis — who declared a naval blockade on Saudi Arabia late last month — have not claimed responsibility for the strike.

PSAs

The Royal Commission for Riyadh City (RCRC) is opening applications for year two of its Real Estate Balance Program (Tawazoun), state news agency SPA reports, running from 3pm Sunday, 16 August through Tuesday, 15 September via its website. The program makes 10k-40k pre-planned residential plots available annually at no more than SAR 1.5k per sqm, well under market rates.

Eligibility is limited to married citizens or singles over 25 with no prior property ownership and at least three years of Riyadh residency, the RCRC says, adding that early registration doesn’t improve an applicant’s odds. Citizens who qualified and entered the lottery in year one are automatically rolled into year two’s applicant pool. The authority is also warning applicants to use its official platform only, flagging unofficial links circulating around the program.

IN CONTEXT- Year one’s December lottery allocated just over 10k plots across eight Riyadh districts, and the RCRC has since awarded a Ladun-Al Ayuni consortium SAR 2.4 bn to build out the infrastructure. Tawazoun is one piece of a broader Riyadh housing-supply push that also includes an expanded white land tax and this week’s Cabinet amendment opening government land to private developers.

Microlending with macro backing

Egypt’s PIF-backed E-finance is looking to fully acquire Cairo-based microfinance provider Tamweely Financial Services, which could cost EGP 4.5-5 bn, according to two unnamed sources. An agreement is expected to be signed this month, with the transaction pending approvals from Egyptian authorities.

Data point

SAR 1.12 tn — that was the value of foreign direct investment in Saudi Arabia at the end of 1Q 2026, up 12% y-o-y, Saudi Gazette reports, citing data released by the Saudi Central Bank (Sama). FDI accounted for 32% of the Kingdom’s total foreign investment, which rose 18% y-o-y to SAR 3.53 tn. Portfolio investments, including equity, fund shares, and debt securities, accounted for SAR 1.47 tn, while other investments stood at SAR 940.7 bn.

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The big story abroad

As the principal players in the regional war harden their stances, Pakistan’s Defense Minister Khawaja Asif has said that the US and Iran are nearing an agreement over the Strait of Hormuz. “Things are shaping up in favor of peace,” Asif said, without elaborating. Meanwhile, US forces fired on a Panama-flagged vessel transiting the Gulf of Oman, which US Central Command said was violating the blockade on Iran.

All the worse for Panama: The turmoil in Hormuz has resulted in a 16-fold price jump for transiting the Panama Canal this month, with daily auctions averaging about USD 1 mn. A warming of surface temperatures in the Pacific Ocean — known as the El Niño-Southern Oscillation — has also contributed to steeper transit costs, as the phenomenon coincides with lower water levels.

And in the AI world: US-based VC firm Accel has raised USD 3.5 bn to back emerging AI startups across the world, which will be deployed via four dedicated funds. A USD 1.35 bn global fund will target large early-stage rounds, with the remaining capital split by region — USD 800 mn for Silicon Valley, USD 800 mn for Europe and Israel, and USD 550 mn for India.

Paramount mulls Hollywood exit as Warner Bros. merger stalls: Paramount CEO David Ellison reportedly threatened to move the company out of California to pressure the state’s attorney general, who is suing to block the Warner Bros. merger. California Attorney General Rob Bonta called the bid an attempt to blackmail regulators into not resisting the transaction, a USD 110 bn buyout backed by Gulf sovereign wealth funds.

Aramco Stadium nears opening

Final tests underway: Aramco Stadium is entering the final phase ahead of its targeted official opening in November, with comprehensive operational and technical testing now planned across the venue’s systems and facilities, a spokesperson tells EnterpriseAM.

The details: The testing program will cover security and safety systems, stadium operations, technology infrastructure, services, hospitality facilities and the readiness of all areas to accommodate spectators and events. The final assessment will focus on confirming the venue’s full structural and operational readiness before opening.

The project is being developed as an integrated sports and entertainment destination in the Eastern Province, combining sports, entertainment, culture, retail, and community facilities. The venue is expected to host domestic and international football matches, as well as concerts, cultural festivals, exhibitions, and community events, though no specific first-year event count has been disclosed. The 47k-seat venue in Al Khobar is expected to draw visitors from across Saudi Arabia and the wider Gulf, especially given its connectivity to major road networks.

Big events ahead: The stadium is planned to host matches during the 2027 AFC Asian Cup, which Saudi Arabia will host for the first time, and is also expected to be among the venues for the 2034 FIFA World Cup.

Multiple revenue streams. Aramco Stadium is being designed around a diversified commercial model rather than relying solely on sporting events. Expected revenue sources include hospitality experiences, retail space, digital platforms, and an accompanying shopping complex, alongside income from sporting, entertainment, and cultural events held throughout the year.

Why it matters: The stadium’s approach also reflects a broader shift toward developing sports assets as year-round, multi-use destinations, with commercial and entertainment activities designed to generate value beyond match days.

IBS wagers on Saudi intelligent automation

Eyes on Saudi: Infinite Business Solutions (IBS) is seeing demand shift from basic digitization toward fully automated customer journeys in Saudi Arabia, managing partner and cofounder Ibrahim Darraz tells EnterpriseAM. He says the pace of digital transformation in Saudi Arabia over the past six years has outpaced what many other markets achieved over two decades.

Kiosks deployed: IBS deployed more than 135 self-service remittance and currency exchange kiosks in 1Q 2026 in partnership with House of Invention, with over 50% of them installed in Saudi Arabia as part of this major expansion. “While I can’t disclose the name of our customer for confidentiality reasons, I believe our work in the Kingdom is well recognized within the industry,” Darraz adds. The kiosks allow customers to send and receive remittances, exchange currencies, top up digital wallets, complete KYC through Nafath and Absher, and register beneficiaries — all through a single platform.

Banks, ins. players, and beyond: IBS sees its next growth prospects with banks, digital banks, exchange houses, insurers, telecom operators, government, healthcare, retail, and hospitality. “It is moving beyond the kiosk business to offer an integrated omnichannel platform spanning self-service kiosks, mobile, web, PoS, AI and back-end systems,” Darraz says.

Numbers behind the shift: IBS’ push into integrated, AI-enabled customer journeys comes as the Kingdom’s digital infrastructure moves into a more mature phase. Electronic payments accounted for 85% of total retail payment transactions in 2025, up from 79% in 2024, with electronic payment transactions reaching 14.6 bn during the year, according to the Saudi Central Bank.

The catch? Keeping up. Rapid regulatory, technological, and customer changes mean IBS must continuously invest in R&D, innovation, and local expertise. Saudi customers now expect solutions that are secure, scalable, AI-enabled, and integrated with national digital platforms — raising the bar for technology providers operating in the Kingdom, according to Darraz.

Cenomi Retail, Al Othaim Markets, Saudi German Health, and Senaat post mixed 2Q earnings

Zara strength narrows Cenomi Retail’s loss

Cenomi Retail (AFG International Co.) narrowed its 2Q net loss to SAR 80.9 mn, from SAR 103.7 mn a year earlier, according to a Tadawul filing. Group revenue rose 11.5% y-o-y to SAR 1.26 bn, with like-for-like growth of 12.9% across the portfolio.

What drove the quarter: Zara delivered 9.9% group-level like-for-like growth, and the wider Inditex portfolio grew 10.5% like-for-like, with Saudi revenue up 11.6% y-o-y on Eid Al-Adha trading and summer collections. Operating expenses fell 92.9% on the absence of last year’s FX losses.

The half didn’t follow the quarter. 1H net loss widened to SAR 133.9 mn, weighed down by a 38.5% rise in net finance costs to SAR 206.5 mn. Still, revenue grew 6.5% y-o-y to SAR 2.6 bn.

ERP troubles tip Al Othaim into the red

Abdullah Al Othaim Markets Co. swung to a 2Q net loss of SAR 107.13 mn, from net income of SAR 41.14 mn a year earlier, according to a Tadawul filing. Revenue slipped 1% y-o-y to SAR 2.5 bn as a 3.8% decline in Kingdom retail sales, tied to a rocky Enterprise Resource Planning (ERP) rollout, outweighed continued online growth.

What tipped the quarter into the red? The company said ongoing ERP-related disruption to its supply chain and an automated replenishment process forced a sharp rise in commercial inventory provisions to SAR 107 mn in 2Q alone, from SAR 22 mn a year earlier.

The half swung too. 1H revenue fell 3.65% y-o-y to SAR 5.5 bn on a 6.1% decline in Kingdom retail sales, and the company posted a net loss of SAR 53.47 mn against net income of SAR 117.5 mn a year earlier. The company opened four stores and closed one in 1H, against six openings in the same period last year.

A weak base flatters Saudi German Health’s 2Q

Middle East Healthcare Company (Saudi German Health) posted a 73.3% y-o-y jump in 2Q net income to SAR 34.35 mn, from SAR 19.82 mn a year earlier, according to a Tadawul filing. Revenue rose 6.9% y-o-y to SAR 845.52 mn on the back of an expansion of specialized medical care and surgical services and higher inpatient and outpatient volumes.

The drivers: Part of the jump is due to a base effect. The year-ago comparative was restated to include a SAR 50 mn allowance for expected credit losses, flattering the y-o-y comparison. Beyond that, the company pointed to lower G&A expenses, lower finance costs, and a smaller ECL provision.

In 1H, net income fell 63.6% y-o-y to SAR 67.8 mn even as revenue grew 5.7% to SAR 1.6 bn, because the year-ago period included a one-off SAR 114 mn capital gain on the sale of land in Riyadh.

Steel and insulation power Senaat’s bottomline surge

Advanced Building Industries (Senaat) posted a 463% y-o-y jump in 2Q net income to SAR 44.4 mn, from SAR 7.9 mn a year earlier, according to a Tadawul filing. Revenue slipped 2.7% y-o-y to SAR 1.4 bn.

Behind the numbers: The company pointed to higher gross and operating income in its steel and insulation segments, a bigger contribution from associates and joint ventures, and higher other income. An uptick in AC-sector sales and a lower Zakat and tax charge also helped.

The half held up too: Net income rose 45.7% y-o-y to SAR 54.2 mn, even as revenue fell 7.1% y-o-y to SAR 2.8 bn on weaker construction segment sales.

Jabal Omar taps Waleed Al Harthi as new CEO

Jabal Omar Development appointed Waleed Ali Al Harthi as CEO, effective 6 September, according to a Tadawul disclosure. Al Harthi succeeds Saleh Habdan Alhabdan, who resigned for personal reasons and will remain a member of the board.

Al Harthi brings over 20 years of executive experience across hospitality, asset management, and operations. He most recently served as CEO of Abraj Al Saa’ah, where he led strategic initiatives in Makkah’s hospitality sector. He holds a bachelor’s degree in electrical engineering from King Fahd University of Petroleum and Minerals.

Majestic Mind Games raises USD 1.45 mn, Al Etihad IFSR gets a downgrade from Moody’s

Saudi game studio raises USD 1.45 mn

Global push: Saudi-based game studio Majestic Mind Games has raised USD 1.45 mn in a round co-led by Merak Capital and Impact46 to develop original titles targeting international markets, the company said on LinkedIn.

From PC to consoles. Founded in 2023 by Lujain Albukhari and Majed Anbar and backed by Neom, the Jeddah-based studio primarily develops PC games and is expanding select titles to consoles and mobile. Meanwhile, this investment will support new intellectual property and the studio’s international expansion.

Moody’s downgrades Al Etihad IFSR to Ba1

Rating under review. Moody’s downgraded Al Etihad IFSR’s rating to Ba1 from Baa2 and placed it on review for further downgrade, citing deterioration in the company’s capital position following losses in 2025 and 1H 2026.

Capital takes a hit: Shareholders’ equity fell 20.5% to SAR 357 mn at the end of 1H 2026, from SAR 450 mn at the end of 2025. Moody’s said the review will assess whether management actions can improve underwriting performance and rebuild capital buffers.

Nvidia targets USD 500 bn in third-party financing to fuel AI data center boom

Nvidia wants to graduate from supplying the AI boom to full-on financing it. The AI chipmaker inked MoUs with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to build standalone financing platforms designed to pull in more than USD 500 bn of third-party capital for AI data center buildout, the company said in a press release. The move will see each of the six firms independently underwrite the compute, instead of Nvidia putting up all the money directly.

What we know: None of the six agreements is final yet. Nvidia didn’t disclose how much each firm could commit, how much the credit would cost, or when any of it could start flowing. All it said was that the platforms would create “dedicated pools of capital at significant scale at attractive rates” for its customers.

Nvidia itself could have plenty of skin in the game. CEO Jensen Huang said the company could backstop as much as USD 125 bn of the financing, equivalent to a quarter of the USD 500 bn target. That means Nvidia could guarantee part of the financing being used to fund purchases of its own hardware.

The bet is that Nvidia’s chips can pay for themselves. Huang argues that Nvidia compute should be treated more like an income-generating asset than a piece of hardware that simply depreciates, because it can move across models, workloads, customers, and operators and stay current through Nvidia’s CUDA software.

If this works, Nvidia could be laying the groundwork for an entirely new corner of the credit market. Goldman’s David Solomon is already talking about creating a market for credit backed by Nvidia compute, potentially giving asset managers something new to lend against and trade. And where Nvidia goes, other chipmakers and hyperscalers could follow.

The flip side is concentration risk: A lot of credit could ultimately come to depend on the value of the same hardware, from the same supplier, and on AI demand continuing to hold up.

The scale of the bet lines up with what’s already happening upstream. Big Tech’s own AI spending is set to top USD 730 bn this year, Reuters reported. This is the backdrop making off-balance-sheet financing like this attractive to hyperscalers who’d rather not carry all that infrastructure spend directly.

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MARKETS THIS MORNING-

Asian stock markets delivered mixed performance in early trading, highlighted by a nearly 2% surge in South Korea's Kospi, while Japan's Nikkei held steady. Meanwhile, US futures were up, reflecting investor anticipation ahead of today’s key inflation report.

TASI	10,833	-0.1% (YTD: +3.3%)
MSCI Tadawul 30	1,457	-0.2% (YTD: +5.0%)
NomuC	21,668	-0.7% (YTD: -7.0%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	54,829	-0.1% (YTD: +31.1%)
ADX	10,008	-0.8% (YTD: +0.2%)
DFM	5,880	-0.4% (YTD: -2.8%)
S&P 500	7,728	-0.3% (YTD: +12.9%)
FTSE 100	10,844	-0.2% (YTD: +9.2%)
Euro Stoxx 50	6,227	-0.6% (YTD: +13.0%)
Brent crude	USD 88.91	+1.4%
Natural gas (Nymex)	USD 2.75	-0.5%
Gold	USD 4,434	-0.2%
BTC	USD 63,651	-0.5% (YTD: -27.4%)
Sukuk/bond market index	906.84	-0.2% (YTD: -1.4%)
S&P MENA bond & sukuk	150.87	-0.1% (YTD: -0.7%)
VIX (Fear gauge)	15.28	-1.2% (YTD: +2.2%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.1% yesterday on turnover of SAR 4.9 bn. The index is up 3.3% YTD.

In the green: Saudi Fisheries (+10.0%), Al Masar Al Shamil Education (+7.5%), and Alwasail Industrial (+6.3%).

In the red: Middle East Specialized Cables (-9.3%), Mutakamela Ins. (-4.6%), and United Electronics (-4.5%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.7% yesterday on turnover of SAR 18.8 mn. The index is down 7.0% YTD.

In the green: Naf Company for Feed for Industry (+25%), Leaf Global Environmental Services (+9.9%), and National Building and Marketing (+8.8%).

In the red: Ratio Speciality Company for Trading (-9.8%), Amwaj International (-9.5%), and Knowledge Tower Trading (-9.2%).

CALENDAR

AUGUST

30 August-1 September (Sunday-Tuesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

31 August-3 September (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

SEPTEMBER

8-10 September (Tuesday-Thursday): The WTM Spotlight Riyadh, Riyadh Front Exhibition & Conference Center (RFECC), Riyadh.

15-17 September (Tuesday-Thursday) The Global AI Summit, King Abdulaziz International Convention Center, Riyadh.

23 September (Wednesday): Saudi National Day.

28 September-1 October (Monday-Thursday): The International Conference on Theory and Practice of Electronic Governance (ICEGOV), Prince Sultan University, Riyadh.

OCTOBER

25-26 October (Sunday-Monday): The Global Proptech Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

26-28 October (Monday-Wednesday): ACHEMA Middle East, Riyadh International Convention & Exhibition Center.

26-29 October (Monday-Thursday): The Future Investment Initiative, King Abdulaziz International Conference Center, Riyadh.

28-29 October (Wednesday-Thursday): Procurement and Supply Chain Futures Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

28-29 October (Wednesday-Thursday): Real Estate Supply Chain Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

30 October-1 November (Friday-Sunday): The New Global Sport Conference, Sofitel Hotel & Convention Centre, Riyadh.

NOVEMBER

11-12 November (Wednesday-Thursday): Aluminum Arabia, The Arena, Riyadh.

16-19 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre (Malham), Riyadh.

29 November-1 December (Sunday-Tuesday): The UN Trade and Development Global Supply Chain Forum, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;

2027

FEBRUARY

1-3 February (Monday-Wednesday): Energy Regulators Regional Association annual conference, Riyadh.

MARCH

21-25 March (Sunday-Thursday):The World Water Forum, Riyadh.

22–24 March (Monday-Wednesday): Capital Markets Forum, Four Seasons Hotel, Riyadh

APRIL

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

JUNE

1-3 June (Tuesday-Thursday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

Signposted to happen sometime in 2027:

The Ocean Race finishes in Amaala on the Red Sea;
Riyadh-Kudmi transmission line to be completed;
Aero Middle East and Sand & Fun takes place in Thumamah Airport, Riyadh.

Signposted to happen sometime in 2Q 2027:

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

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