Asian investors ♥️ Gulf debt issuances

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi National Fund plans to tap international debt markets within 18-24 months

Good morning ladies and gentlemen, and welcome to what has proven to be a relatively calm end to the week.

AT THE TOP OF OUR NEWSWELL this morning is the rise of Gulf issuance in China, as Asian investors pivot away from US debt and look towards diversifying their bonds amid policy uncertainty and headwinds.

PLUS- We had a chat with CI Capital KSA CEO Fahd Al Tarzi about his morning routine and what his role looks like at the financial services firm.

** A QUICK PROGRAMMING NOTE- EnterpriseAM KSA will not be publishing on Sunday, Monday, and Tuesday next week, as we gather our editorial team for a company offsite to plan and work on what’s next for EnterpriseAM. We’ll be back in your inboxes at the usual hour on Wednesday.

The Saudi central bank cut interest rates for the third time this year, lowering them by 25 bps in line with the US Federal Reserve’s move in its meeting yesterday, Sama said in a statement overnight. The repo rate was cut to 4.25%, while the reverse repo rate is now set at 3.75%.

We have more on what drove the Fed’s decision and what’s coming next in this morning’s Planet Finance, below.

WEATHER- Thunder and rain aren’t clearing up just yet across Asir, Al Baha, Jazan, Makkah, parts of Riyadh, the Eastern Province, Hail, and Qassim. Moderate to locally heavy downpours are expected over highlands and coastal areas, accompanied at times by strong downdrafts winds that may stir up dust and sharply reduce visibility. Valleys and low-lying areas remain vulnerable to sudden runoff and flash flooding.

Riyadh: 27°C high / 17°C low,
Jeddah: 27°C high / 23°C low
Makkah: 26°C high / 22°C low
Dammam: 27°C high / 20°C low.

WATCH THIS SPACE-

#1- PIF-backed Lucid Group is flagging a drop-off in EV demand across the US and Europe, CEO Mark Winterhoff told Bloomberg. The company remains partially shielded by its existing backlog, but there “definitely” remains a broader market slowdown, Winterhoff said. Lucid is on track to produce some 18k vehicles this year, matching the lower end of its previously stated forecast. Lucid’s shares are down 57% YTD.

Construction wrapped up for Lucid’s factory in King Abdullah Economic City, with equipment installation and testing underway, the EV manufacturer’s Middle East President Faisal Sultan told Asharq Business. The first Saudi-made vehicle is expected to be produced before the end of next year. The plant will have an annual capacity of 150k units, mostly for export, and will later expand production to include existing models, such as Air and Gravity.

ALSO- Lucid opened a research and development center in Riyadh focused on AI, self-driving technologies, and local vehicle engineering, Winterhoff said. The center will allow the company to diagnose and fix issues locally — reducing the need to send cars to the US — and increase Saudi workforce participation, currently standing at 70%.

#2- The Saudi National Development Fund (NDF) plans to issue international sukuk and bonds within 18-24 months to increase development lending, enhance financing capacity, and support projects that may not attract private sector investment, NDF Governor Stephen Groff told Aleqtisadiah. Issuing debt instruments will not reduce the fund’s capital — which currently stands at some SAR 430 bn — but is expected to improve efficiency and broaden developmental impact, Vice Chairman Mohammed Al Tuwaijri said.

The fund will also introduce noncash tools, such as guarantees and reduced-return incentives to attract local and international capital, Deputy Governor Khalid Sharif said.

#3- Sadirat’s play for chemicals-maker Jana hits a wall: Tadawul-listed Saudi Industrial Export ’s (Sadirat) planned acquisition of Nama Chemicals ’ subsidiary Jubail Chemical Industries (Jana) stalled after the FAAD Industrial Fund — the vehicle meant to bankroll the transaction — failed to raise the minimum capital required to launch, according to a bourse disclosure. Subscriptions closed below the SAR 215 mn requirement — despite Sadirat’s investment arm Haddaj Investment committing SAR 70 mn to the fund — triggering an automatic cancellation.

More on the buyout that didn’t happen: The SAR 220 mn FAAD Industrial Fund was structured to take a 40% stake in Jana through a SAR 200 mn capital increase. The move would have left Nama with 60% ownership and was expected to start contributing to Sadirat’s earnings as early as 2026.

What now? Haddaj’s commitment remains parked with the fund manager, and any decision on reclaiming or redeploying the capital is on hold until a new board is in place.

IN CONTEXT- The fundraising setback comes in the same week that facilities-management firm EFSIM scrapped its main market IPO during bookbuilding, after indications of demand proved insufficient. While unrelated, both episodes point to a tougher capital-raising backdrop on Tadawul, where weaker sentiment, tighter liquidity, and the usual year-end book-closing cycle are making it harder to build traction behind new offerings.

#4- Ladun greenlights long-flagged move to Tadawul’s big league: Nomu-listed developer Ladun Investment submitted its application to transfer to Tadawul’s main market, according to a bourse filing. The move follows a board decision first announced in October 2023 to pursue an upgrade, which now hinges on CMA and exchange approvals.

It’s been a busy week for Nomu-to-main-market movers: Earlier this week, multi-sector services and construction firm Waja formally filed to shift to the main market, while food group Nofoth submitted its own transition request. This reflects a broader push by small-cap names to graduate to the deeper-liquidity, higher-visibility main board as they seek stronger institutional coverage and index inclusion.

#5- The Saudi Events Investment Fund plans to operate as many as eight entertainment facilities over 3-5 years through a partnership with Legends Global, including conference centers, indoor halls, and equestrian fields, CEO Wahdan Al-Qadi told Asharq Business.

PLUS- The fund is planning projects worth around SAR 8 bn over the next three years, with strong private-sector participation, primarily in Riyadh and Jeddah.

DATA POINTS-

#1- The value of deposits in the Saudi banking sector rose by SAR 205.4 bn in the first 10 months of 2025, reaching SAR 2.9 tn by the end of October, according to the Saudi Central Bank’s (Sama) monthly bulletin (pdf). Time and savings deposits contributed most of the growth, increasing by SAR 210.9 bn, while other quasi-cash deposits rose by SAR 19.8 bn. Demand deposits fell by SAR 25.3 bn during the same period.

On a y-o-y basis, total deposits grew 7% from SAR 2.7 tn in October 2024. Time and savings deposits jumped 19.5% to SAR 1.2 tn, mostly held by companies and individuals (SAR 660.1 bn), with government entities holding SAR 500.6 bn. Other quasi-cash deposits reached SAR 321.8 bn, while foreign-currency deposits stood at SAR 278.4 bn. Demand deposits fell 0.7% to SAR 1.4 tn, mainly due to a 14.8% drop in government-held balances.

On a monthly basis, total deposits declined 1.3% (SAR 37.2 bn) from September’s record high of SAR 2.9 tn. Demand deposits dropped 4.2% to SAR 1.4 tn, while time and savings deposits increased SAR 7.9 bn to SAR 1.2 tn, and other quasi-cash deposits rose SAR 17.4 bn to SAR 321.8 bn.

#2- Consumer spending via point-of-sale (PoS) transactions in the Kingdom declined 4.3% w-o-w in the week ending 6 December, reaching SAR 14.4 bn, according to the Saudi Central Bank’s latest weekly report (pdf). The number of transactions also dipped 1.7% w-o-w to SAR 236.2 mn.

The details: Food and beverages accounted for the largest share of spending during the week, rose only 1.7% w-o-w to SAR 2.3 bn. Restaurants and cafes came in second with a 12.6% w-o-w dip to just under SAR 1.7 bn, followed by apparel, clothing, which saw a drop of 16.3% w-o-w to SAR 1.3 bn. Hotels saw the greatest weekly drop with a 24.5% slip, while education spending soared by 251.3% w-o-w to SAR 218.7 mn.

Riyadh recorded the highest value of PoS transactions at SAR 4.9 bn, followed by Jeddah at SAR 1.9 bn.

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***

THE BIG STORY ABROAD-

One story is on every front page this morning: The US Federal Reserve lowered interest rates by 25 bps to 3.50-3.75%, marking its third cut this year. The decision was the result of a rare 9-3 split vote that exposed divisions over how to steer the economy through tariffs, a labor squeeze, and limited data from the government shutdown. Chair Jerome Powell said the Fed faces “significant downside risks” in the jobs market and inflationary pressures from Trump’s trade policies, urging caution as new data comes in. (Guardian | BBC | CNBC | CNN | Reuters | Bloomberg)

** DIVE DEEPER- We have more on the Fed’s decision in this morning’s Planet Finance, below.

AND- US forces seized a sanctioned oil tanker off Venezuela’s coast, escalating Trump’s pressure campaign against Venezuelan President Nicolás Maduro. The vessel was accused of transporting illicit oil from Venezuela and Iran. (Guardian | BBC | Bloomberg | CNN | Reuters)

Gulf issuers eye China’s USD 20 tn onshore debt market

Gulf borrowers are increasingly seeing growing allocations from Asian investors, with DBS’s Clifford Lee telling Reuters that regular Gulf issuance in China’s onshore bond market could “unlock access to an over USD 20 tn market.” This comes as Asian investors are pivoting sharply toward GCC debt as uncertainty deepens in the world’s two largest economies — the US and China — making the region’s stability and diversification push look increasingly attractive on the global scene.

By the numbers: Bond issuance in MENA jumped 20% y-o-y to USD 125.9 bn in 9M 2025, putting the region on track for a record year. Meanwhile, borrowers in the Middle East secured USD 16 bn in syndicated loans from lenders in the Asia-Pacific so far this year, more than triple the USD 5 bn raised last year, as investors reprice US recession risks and brace for prolonged tariff volatility.

“Chinese investors [are] actively diversifying away from US-based investments,” HSBC Mena Debt Capital Markets Head Nour Safa told the newswire, adding that Chinese capital – often routed via Hong Kong, Singapore, and Malaysia – is now ramping up purchases across both loans and bonds.

Why it matters for the region’s diversification play: Analysts say the shift bodes well for GCC sovereigns and government-related entities trying to finance multi-year transformation plans at a time when oil-linked revenues are softer. IMF forecasts show the MENA region growing 3.9% this year and accelerating to 4.3% in 2026, outpacing a cooling global economy.

“Investors are being more cautious about US Treasuries,” Nomura’s Oliver Holt told Reuters, noting that high-rated Gulf issuers are capturing flows thanks to tighter spreads and stronger credit fundamentals. Asian allocations in GCC transactions climbed to 15-20%, up from 5-7% in early 2024, according to Emirates NBD Capital’s Ritesh Agarwal.

Demand is already influencing pricing: Asian investors took 40% of Qatar’s AA-rated, USD 1 bn, three-year bond last month, which was priced at just 15 bps over US Treasuries. Gulf credits also offer yield pick-ups versus similarly rated Asian bonds, UOB Asset Management CIO Chong Jiun Yeh noted. Meanwhile, early Gulf forays into Asia’s currency markets — from Sharjah’s RMB 2 bn, three-year Panda bond to Saudi National Bank’s first SGD-denominated bond — hint at a broader financing shift.

The upshot? With investors shying away from US exposure due to policy instability and China still under pressure, the Gulf’s relative macro stability, higher yields, and aggressive diversification agenda are making it a natural magnet for Asia’s capital and potentially positioning the region as a regular borrower in the world’s deepest bond market.

IN CONTEXT- Is equity fatigue becoming a tailwind for Gulf debt? MENA equity issuance has struggled this year under valuation pushback and softer first-day performance. The region’s once-reliable IPO pop has all but evaporated, leaving several Emirati and Saudi floats postponed or trading below their offer prices. However, the very conditions weighing on equity capital markets — from US tariff uncertainty to slowing Chinese growth — seem to be creating a fertile backdrop for the region’s fixed income issuance.

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Saudi firms ink strategic agreements to boost Syrian gas production

Ades Holding, Taqa, Argas, and Arabian Drilling will contribute to increased gas production from Syrian gas fields, after each of the Saudi companies signed agreements with the Syrian Petroleum Company, Syrian state-run news agency Sana reports.

Who’s doing what: Ades will be responsible for raising gas production from existing fields by up to 50% by the end of 2026, Syrian Petroleum Company CEO Youssef Qablawi said, according to Sana. Taqa will take on integrated drilling, well development solutions, and maintenance operations, with additional agreements with Syrian firms in the pipeline, Executive VP Raeed Al Iskandarani is quoted as saying. Argas will provide geophysical services to support exploration, while Arabian Drilling will supply onshore rigs for drilling and maintenance.

Background: Taqa and Ades Holding signed two MoUs back in August on integrated solutions for oil and gas field development and management. Arab Drilling Company also inked an MoU covering oilfield services, drilling, maintenance, and technical training. Meanwhile, Argas signed an MoU for geophysical and geological surveys.

Pledging full support: Syrian-Saudi investment ties are advancing from MoUs to implementation, with some USD 6.4 bn in agreements activated during a joint investment roundtable in October. Major Saudi companies also plan to “ drive [bns of USD] of actual capital to Syria within the next five years,” to rebuild Syria’s energy, financial, and telecom sectors.

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Saudi industrial production climbed 8.9% y-o-y in October

The Industrial Production Index (IPI) rose 8.9% y-o-y in October, supported by growth across mining and quarrying, manufacturing, and utilities, according to preliminary data (pdf) from the General Authority for Statistics.

The mining and quarrying sector recorded the strongest performance, rising 11.5% y-o-y during the month as the Kingdom’s oil output increased to 10 mn bbl / d, up from 8.9 mn bbl / d in October 2024.

Manufacturing activity followed, with a 5.5% y-o-y increase, driven by an 8% rise in the manufacture of coke and refined petroleum products and an 8.1% uptick in the manufacture of chemicals and chemical products. The sub-index of electricity, gas, steam, and air conditioning supply grew 5.1% y-o-y during the month, while the sub-index of water supply, sewage, waste management, and remediation activities increased 8.5% y-o-y.

MEANWHILE- The oil activities index climbed 10.8% y-o-y in October, while the non-oil activities index posted a 4.4% y-o-y increase.

REMEMBER- The Kingdom’s non-oil private sector extended its expansion in October, with the PMI’s seasonally adjusted headline figure hitting 60.2, marking the fastest level since January and the second-fastest level since September 2014.

Beneficial ownership rules get an overhaul

Individuals holding at least 25% of a company’s ownership — directly or indirectly — will now be designated as the beneficial owner under the amended rules for identifying the beneficial owner (pdf) approved by Commerce Minister Majid Al Qasabi. The updated rules set out a clearer structure for defining who holds effective control within companies and are designed to comply with international standards to curb money laundering, terrorism financing, and arms funding while building a unified database for beneficial ownership across the Kingdom, the ministry said on X.

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Under the new rules, if no individual meets this threshold, or if the ownership structure makes the designation unclear, the status shifts to whoever exercises effective and ultimate control over the company outside of capital ownership. When neither ownership nor control identifies a beneficial owner, the responsibility is assigned to the company’s manager, a board member, or the chairman, depending on the entity’s legal structure.

Listed joint-stock companies and their subsidiaries are exempt from the updated disclosure requirements, given that publicly traded firms already comply with more extensive reporting obligations under market regulations.

Compliance requirements: Companies must disclose their beneficial ownership data to the ministry within the first year of the rules coming into force. Violations are subject to penalties under corporate regulations, though the ministry clarified that no fees apply to filing or updating beneficial owner data.

Environment minister joins boards of Almarai and Nadec

Environment, Water and Agriculture Minister Abdulrahman AlFadley has been appointed as a non-executive member of Almarai and Nadec’s boards, according to two separate disclosures to Tadawul (here and here). AlFadley previously led Almarai as CEO for 15 years before becoming minister in 2015. He also chairs Salic and the Agricultural Development Fund, core institutions in the Kingdom’s food policy and investment framework.

What it means: The move could improve coordination with state directions and encourage cooperation between the companies, though a merger is unlikely, Asharq Business quotes analyst Majid Al Khalidi as saying.

Past precedents: Similar arrangements exist in Saudi Arabia, such as three ministers serving on Aramco’s board. AlFadley’s role does not constitute a conflict of interest, as the state acts as a guide and supervisor for key companies, said Financial advisor Sarah Al-Muaither.

FIT Hon Teng + Alrajhi Launch EV Charger Plant at Spark

MANUFACTURING-

FIT Hon Teng, Saleh Suleiman Alrajhi JV breaks ground on EV charger plant at Spark: Foxconn’s subsidiary FIT Hon Teng and its Saudi partner Saleh Suleiman Alrajhi & Sons kicked off construction on a new manufacturing facility for their joint venture Smart Mobility at King Salman Energy Park (Spark) in Dammam, according to a press release.

The details: The plant will produce several EV charger models and a charging point management system (CPMS) that has undergone six months of local testing. Smart Mobility said three charger products have secured SASO certification, and the CPMS is expected to enter commercial operation in 1H 2026. The 9.5k sqm facility is scheduled for completion in 3Q 2026, with production slated to start in 4Q 2026 following verification.

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LOGISTICS-

The Saudi Ports Authority (Mawani) added the China Red-Sea shipping service to Jeddah Islamic Port, linking it to six regional and international ports, it said in a statement yesterday. The service — operated by Global Feeder Shipping, RCL, and TS Lines — links Jeddah to the ports of Shanghai, Qingdao, Nansha, and Shekou in China, as well as Sokhna in Egypt and Aqaba in Jordan, with a capacity of 441 TEUs.

TOURISM-

The Tourism Development Fund secured partnerships worth more than SAR 4 bn to expand financing options for micro, small, and medium tourism businesses with six agreements and one MoU with public- and private-sector partners, the fund said on X.

The breakdown: The agreements include a SAR 700 mn program with Kafalah involving more than 45 financing partners, a SAR 300 mn financing agreement with the Arab National Bank, and four agreements worth a combined SAR 200 mn with Aljabr Finance, Al Tayseer, Alraedah Finance, and Tamweel Aloula — building on an earlier SAR 250 mn cooperation, state news agency SPA reports. It also signed an MoU with the Small and Medium Enterprises Bank to develop better development-financing models.

Fed delivers the third cut of the year, signals possible long pause

The Fed cut rates again last night: The US Federal Reserve lowered its benchmark rate by 25 bps overnight, marking the third such move this year following cuts in September and October, according to a statement. The target rate now sits at 3.5-3.75%.

This could be the last one for a while. Policymaker projections issued after the meeting pointed to a single quarter-percentage-point cut next year. It’s not clear when this could be, but the language used in the statement echoes that of a statement from December 2024, after which the Fed refrained from cuts until September. “In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks,” the statement said. The next meeting is taking place on 25-26 January.

Federal Reserve Chair Jerome Powell said the Fed is “well positioned to wait and see how the economy performs” — another signal that the next cut won’t be for a while. Powell is waiting on inflation, which remains “somewhat elevated,” to go down, and to see what happens to the job market, which has shown signs of softening. Policymakers’ projections see inflation ending next year at 2:4%, and the unemployment rate remaining at a moderate 4.4%.

The Fed is also more divided than ever. Three dissenting votes were against the rate cut, which hasn’t happened since 2019. Seven officials also indicated they want no cuts next year.

The lack of clarity on what comes next is made worse by the fact that the Fed’s chair will change early next year, along with the slow release of economic indicators following the US government shutdown. “Given the lack of consensus on the Committee displayed today, along with the slow release of traditional economic data, and the arrival of a new Fed chair early in 2026, we think the Fed is likely to remain on hold for a while, although continued softness in some of the labor indicators can certainly bring another 25-basis-point cut into the mix for January," Rick Rieder, chief investment officer for global fixed income at BlackRock and one of the shortlisted candidates Trump is considering as a successor to Powell, is quoted as saying.

The Fed also said it would start buying short-dated government bonds — USD 40 bn a month — to manage market liquidity, which Powell said helps maintain control of the policy rate and downplayed it as a technical adjustment as opposed to stimulus.

Market reax: Stocks rose following the decision, with the S&P 500 up 0.7%, while 10-year US Treasury yields dropped to around 4.15%.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning, tracking gains on Wall Street following the Fed’s rate cut, with the exception of Japan’s Nikkei, which is down 0.1% after starting the day in positive territory. Over on Wall Street, futures point to a lower open after Oracle’s shares took a hit in after-hours trading in response to disappointing quarterly revenue results that reignited concerns of overly valued tech stocks.

TASI	10,726	+0.3% (YTD: -10.9%)
MSCI Tadawul 30	1,408	+0.3% (YTD: -6.7%)
NomuC	23,897	-0.1% (YTD: -24.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.5% repo	4.0% reverse repo
EGX30	42,053	+0.3% (YTD: +41.4%)
ADX	9,981	-0.1% (YTD: +6.0%)
DFM	6,076	+0.5% (YTD: +17.8%)
S&P 500	6,887	+0.7% (YTD: +17.1%)
FTSE 100	9,656	+0.1% (YTD: +18.1%)
Euro Stoxx 50	5,708	-0.2% (YTD: +16.6%)
Brent crude	USD 62.51	+0.5%
Natural gas (Nymex)	USD 4.62	+0.5%
Gold	USD 4,267	+1.0%
BTC	USD 91,012	-1.4% (YTD: -2.7%)
Sukuk/bond market index	916.91	0.0% (YTD: +1.6%)
S&P MENA Bond & Sukuk	151.62	+0.1% (YTD: +8.4%)
VIX (Volatility Index)	15.77	-6.9% (YTD: -9.1%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.3% yesterday on turnover of SAR 3.4 bn. The index is down 10.9% YTD.

In the green: Burgerizzr (+5.7%), Flynas (+5.4%), and Kingdom (+4.9%).

In the red: YCC (-4.8%), Almasar Alshamil (-4.3%), and EIC (-3.9%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.1% yesterday on turnover of SAR 21.4 mn. The index is down 24.1% YTD.

In the green: Alnaqool (+7.0%), Taqat (+6.1%), and UFG (+5.9%).

In the red: Almodawat (-7.7%), Multi Business (-7.2%), and SPC (-6.3%).

CORPORATE ACTIONS-

National Gas and Industrialization’s board greenlit a SAR 86.3 mn dividend payout for 2H 2025 at SAR 1.15 apiece, it said in a disclosure to Tadawul yesterday. The distribution date is set for Sunday, 15 March.

View United Real Estate Development approved doubling its capital to SAR 66 mn via a bonus share issuance, it said in a disclosure to Tadawul yesterday. The SAR 33 mn capital increase will be executed by tapping SAR 18 mn from the issuance bonus and SAR 15 mn from retained earnings, with shareholders receiving one bonus share for every existing share.

My Morning Routine: Fahd Al Tarzi, CEO of CI Capital KSA

Fahd Al Tarzi, CEO of CI Capital KSA: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Fahd Al Tarzi (LinkedIn), CEO of CI Capital KSA. Edited excerpts from our conversation:

I am Fahd Al Tarzi. My career began over 20 years ago. After graduating from AUC, I spent a year and a half in corporate finance at Concord in Egypt under Sherif Raafat and Mohamed Younes. In 2005, I moved to Merrill Lynch for three years, where I had my professional training as a banker. In 2007, coinciding with the oil boom when prices hit USD 120 / bbl, I shifted from the sell-side to the buy-side, relocating to Jeddah to become the chief investment officer for the Sharbatly family’s Al Nahla Group.

I eventually founded my own boutique firm, Midrara, a name inspired by the Quranic meaning “abundant returns.” We handled wealth management and corporate finance, notably acting as sell-side advisors for Al Borg Labs’ sale of a 36% stake to Investcorp — one of the largest healthcare transactions in the Kingdom at the time. While I returned to Egypt in 2016 to invest in a local investment bank during the economic reforms, covid changed my business model entirely. Unable to see my Saudi clients for over two years due to strict lockdowns, I realized remote work wasn’t sustainable for dealmaking.

This is Saudi 2.0 for me. Having witnessed the Kingdom before and after the transformation, I joined CI Capital two years ago with a specific mission: To establish, lead, and grow our presence here.

My primary role right now is everything. As we are in the setup phase — finalizing licenses with the Capital Market Authority after obtaining approvals from the investment and commerce ministries — I don't have a full team yet. I do everything from photocopying mandates to leading transactions. I am currently building a team in Riyadh to piggyback on the vast resources and execution kitchen CI Capital has in Egypt.

Our primary focus is investment banking, specifically debt capital markets (DCM). We are pioneers of DCM in Egypt, and Saudi is the fastest-growing DCM market in the region. With loan-to-deposit ratios in Saudi banks exceeding 100% (reaching 105-108%) due to financing megaprojects, many large entities cannot access traditional bank financing. This creates a massive opening for non-banking solutions like securitization, which we have mastered in Egypt with our leasing and microfinance arms, Corlease and Reefy, to sustain funding.

We are targeting medium-sized enterprises — which are massive in Saudi terms. These companies are the engine of the economy but are often largely unserved by the giant local banks that focus on mega transactions. While everyone focuses on the main Tadawul market, we also see immense value in the Nomu market, which is extremely dynamic with regular IPOs. We are nimble enough to structure exotic transactions that larger institutions might overlook.

My morning routine isn't typical, but I’ve become an early riser. I sleep early now, which wasn't always the case. I start my day reading the Quran and morning Adhkar. Then, I dive immediately into the news — I read Aleqtisadiah, Argaam, Asharq Al Awsat, and of course, EnterpriseAM (both Egypt and Saudi editions).

I work until I sleep. The first quarter of my day is dedicated to regulatory work, while the rest is for following up on tasks and meetings that start from 1pm and go late into the evening. Saudi is a country that stays up late, so you can't view this as a 9-to-5 job; to make the best of this phase, I don't expect much leisure time during this establishment phase.

My work-life balance is practically nonexistent right now, but sports are my anchor. I work out about six times a week to manage stress. I also smoke a cigar every afternoon to wind down. My wife recently joined me in Riyadh, so I spend time with her, and I video call my daughters daily — that always puts me in a great mood. My true passion is hunting, which can be physically demanding but mentally relaxing.

I am a voracious reader, focusing on business and politics. A book that influenced me greatly is The Mystery of Capital by Hernando de Soto, which is crucial for understanding economies with large gray markets like Egypt's. I also recommend Freakonomics for opening your mind to everyday econometrics, and biographies like Shoe Dog: A Memoir by the Creator of Nike. I read about figures like Winston Churchill and Larry Ellison to understand perseverance.

The best advice I ever received was from my father: “Just put your head down and work.” We live in a world of distractions, especially with social media, which often only shows the glamorous fruits of success rather than the labor. If you get distracted, you're like a car with slipping gears — burning energy but going nowhere. In a competitive world where everyone has access to the same resources, diligence and hard work are the only things money can't buy, and that truly makes you stand out.

CALENDAR

NOVEMBER

30 November -11 December (Sunday-Thursday): The Absher Tuwaiq Hakathon (remote).

DECEMBER

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

11 December (Thursday): Public school holiday.

11-13 December (Thursday - Saturday): The Absher Tuwaiq Hakathon (in-person).

15 December (Monday): The Northern Borders Investment Forum 2025, Ministry of Interior Staff Club, Arar

15 December (Monday): Made in Saudi.

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.

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.

10-18 January (Saturday-Sunday): Public school mid-year break.

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.

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

26-27 January (Monday-Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, 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.

15-17 February (Sunday-Tuesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front & Exhibition Center.

16 February (Monday) King Salman Stadium design-and-build contract prequalification submission deadline.

22 February (Sunday): Founding Day.

26 February (Thursday): Title deed registration deadline for 142.8k properties across 104 neighborhoods in Hail.

MARCH

12 March (Thursday): Deadline for real estate registration for 253.2k properties in 499 neighborhoods across Riyadh, Qassim, Makkah, and Hail.

17-23 March (Tuesday-Monday): Eid Al-Fitr holiday.

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.

3-9 May (Sunday-Sunday): The Global Sustainability Expo, The Arena Riyadh Venue.

24-28 (Sunday-Thursday): Eid al-Adha holiday.

JUNE

21-24 June (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh Front Expo.

SEPTEMBER

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

23 September (Wednesday): Saudi National Day.

OCTOBER

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

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production 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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