Sections

About

Privacy & Support

Get EnterpriseAM daily

Sunday, 9 Nov 2025

What We’re Tracking Today
Spotlight
Economy
Debt Watch
Regulation Watch
Earnings Watch
Earnings Watch
Startup Watch
Also On Our Radar
Planet Finance
Calendar

Biban Forum concludes with over SAR 38 bn in agreements for SME financing

An independent publication supported by

Easier life with Tasheel

From OUR FAMILY to YOURS

Today at a glance

1

SPOTLIGHT

Biban Forum concludes with over SAR 38 bn in agreements for SME financing.
2

ECONOMY

Planned fiscal tightening is critical to keep Saudi Arabia's deficit in check -Capital Economics.
3

DEBT WATCH

AviLease prices USD 850 mn senior notes.
4

REGULATION WATCH

Riyadh sets new rent rules.
5

EARNINGS WATCH

Big players dominate ins. market in 3Q.
6

EARNINGS WATCH

Maaden, Cenomi Retail and more post their 3Q earnings.
7

STARTUP WATCH

Builtop bags USD 11 mn in seed funding round to digitalize Saudi construction procurement.
8

PLANET FINANCE

Mashreq Capital sees upbeat 4Q for MENA bonds, selective upside in equities.

Sunday, 9 Nov 2025

What We’re Tracking Today
Spotlight
Economy
Debt Watch
Regulation Watch
Earnings Watch
Earnings Watch
Startup Watch
Also On Our Radar
Planet Finance
Calendar
1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Regs for real estate ownership by non-Saudis are coming soon

Good morning, wonderful people. The week is starting with a bang as the Biban Forum concluded its four-day run yesterday, with a total of over SAR 38 bn in agreements and MoUs signed for financing of SMEs in the Kingdom, paving the way for shrinking the longstanding SME financing gap.

Also leading today’s issue: Saudi’s ballooning budget deficit calls for fiscal consolidation, says Capital Economics. Meanwhile, Riyadh sets the scene for a new landlord-tenant relationship under fresh regs. We also take stock of the ins. Market’s performance in 3Q.

WEATHER- Misty skies are expected along parts of the Eastern Region today, with patches of dense fog reducing visibility at times, while strong winds will be sweeping through Makkah and Al Madinah. The rest of the Kingdom is to have clearer skies.

  • Riyadh: 30°C high / 14°C low.
  • Jeddah: 38°C high / 26°C low.
  • Makkah: 37°C high / 27°C low.
  • Dammam: 31°C high / 17°C low.

PSA-

Tomorrow is the last chance for businesses subject to withholding tax to file their October tax returns via the Zakat, Tax, and Customs Authority’s (Zatca) website. Late submissions will face a 1% penalty for every 30 days of delay.

WATCH THIS SPACE-

#1- Non-Saudis will be allowed to own properties in cabinet-approved geographical zones, under upcoming regulations from the Real Estate General Authority seen by Okaz. The authority is set to publish a geographical zones document detailing these zones in all other cities, complete with maps, allowed percentages, types of rights, and permit durations, Okaz says.

New fees and taxes totaling 10% (including real estate transaction tax) will be imposed on non-Saudis, the outlet reported. Penalties for violations — such as providing misleading information — can reach fines of up to SAR 10 mn and lead to the property being sold at public auction.

ICYMI- The new foreign property ownership law, published in July, allows five categories to own property: non-Saudi individuals, non-Saudi companies, Saudi companies with foreign partners, non-profit entities, and diplomatic missions. Ownership and usufruct rights in Makkah and Madinah are restricted to Muslims and Saudi companies within specific zones to be defined in the forthcoming document.

#2- SALSaudi Logistics Services is set to break ground on the SAR 4.2 bn Falcon City Logistics zone in Riyadh within the next two months, CEO Omar Hariri told Al Arabiya on Wednesday (watch, runtime: 07:15). The company expects to allocate 20% of the project’s value in 2026 for infrastructure development and complete the first phase by 2027, targeting full delivery by 2030, Hariri said. ِ portion of the project will follow a build-to-suit model, backed by long-term contracts of up to 25 years.

REFRESHER- The company finalized in October an agreement it had signed in March with Sela Company to lease 1.5 mn sqm of land in Riyadh’s Falcon City for 30 years to develop and operate a logistics zone. The project covers 1.6 mn sqm and includes a three-year grace period.

ALSO- SAL will unveil more details about its SAR-denominated sukuk program in 1H 2026, Hariri said. JP Morgan Saudi Arabia and SNB Capital were appointed as arrangers for the program, which will proceed following regulatory approvals, with further details to be announced once finalized.

#3- The Kingdom plans to privatize some of its roads, beginning with the Makkah-Jeddah highway, Aleqtisadiah reported, quoting Transport and Logistics Minister Saleh Al Jasser as saying in his address to the Saudi Federation of Chambers of Commerce on Thursday. Transportation projects available to investors are set to increase fourfold when the ministry’s privatization agency kicks off operations within weeks, Al Jasser added.

DATA POINTS-

#1- Passenger traffic through Saudi land ports surpassed 65.9 mn in 2024, according to the General Authority for Statistics’ latest Road Transport report (pdf). Arrivals accounted for 33.1 mn passengers (50.3%), while departures reached 32.8 mn (49.7%). King Fahd Causeway topped all land ports, handling nearly half of the total passenger movement at 49.9%, followed by Al Khafji Port at 11.6%.

January was the busiest month for land travel, accounting for 10.1% of the total passenger movement, followed by February at 9.3%. Meanwhile, September and October saw the lowest activity, each capturing 7.1%

#2- Saudi ports handled a record 127.8k exported containers (TEUs) in October, the Saudi Ports Authority (Mawani) said in a statement on Friday.

OIL WATCH-

#1- Saudi Arabia trimmed its official selling prices to Asia for December, pushing Arab Light to an 11-month low as Aramco cut the grade by USD 1.20 per barrel to a USD 1 premium over the regional Oman-Dubai benchmark, Bloomberg reports, citing a list it saw. Aramco also lowered Medium and Heavy grades by USD 1.40 per barrel and reduced Super Light and Extra Light by USD 1.20.

The company also cut all grades to North America by USD 0.50 per barrel while keeping prices unchanged in northwest Europe and the Mediterranean. The reduction came in slightly smaller than the USD 1.25 cut expected by refiners and traders, the business news service said.

#2-Opec’s oil production edged up by 50k bbl / d in October to 29.1 mn bbl / d, following its decision to increase the oil output for the month, according to Bloomberg -compiled data.

SPORTS-

#1- The Next Gen ATP Finals for men players under 20 will leave Jeddah after the third and final event in December 2025, two years earlier than planned, The Athletic reported, citing a source it said is in the know. The Saudi Tennis Federation reportedly activated an opt-out clause in its five-year deal for undisclosed reasons.

The ATP confirmed the departure, officially beginning the bidding process to find a new host city for the competition starting in 2026, according to a statement on Friday. This tournament was the first major tennis event held in Saudi Arabia.

This marks a rare reduction in the Kingdom’s otherwise expanding role in the sport, which includes the Public Investment Fund signing multi-year deals with ATP Tour to be the official naming partner of ATP rankings and ATP Tour events, along with its partnership to host the WTA Tour Finals from 2024-2027, and the recently launched ATP Masters 1000 event in the country by 2028.

#2-The Ladies Professional Golf Association (LPGA) and the Ladies European Tour (LET) are holding the Aramco Championship at Shadow Creek in Las Vegas in partnership with Golf Saudi, taking place from 30 March to 5 April 2026, LPGA said in a statement last week. 120 players will compete for a USD 4 mn prize at the event — part of the rebranded PIF Global Series.

***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, and the MENA logistics industry?

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.
***

THE BIG STORY ABROAD-

Musk is getting his USD 1 tn package: Tesla shareholders approved CEO Elon Musk’s USD 1 tn pay package — the largest ever for a CEO and a figure larger than the size of most economies. This sets Musk up to become the world’s first t’naire, and to expand his stake in the EV maker to 25% or more over the next 10 years. The package is tied to targets including a significant expansion of Tesla’s market value, getting its robotaxis off the ground, and improving its car business as it continues to lose market share to Chinese competitors. (Bloomberg | Financial Times | Reuters | Wall Street Journal | New York Times)

ALSO- Swiss commodity trader Guvnor has withdrawn its USD 22 bn bid to take over Russian energy firm Lukoil’s international assets after the US blocked the transaction, criticizing the firm for being “the Kremlin’s puppet.” (FT | Reuters)

CLOSER TO HOME- Sudan’s Rapid Support Forces agreed to a ceasefire proposal put forward by the US, the UAE, Saudi Arabia, and Egypt, which would last three months and be followed potentially by an end to hostilities. The caveat? This is not the first ceasefire it has agreed to, with several previously failing to end the war against the Sudanese army which has now been ongoing for 30 months. The news comes following an escalation of violence after the RSF took over the city of El Fashir, with reports of mass killings and kidnappings. (Reuters | Guardian)

ALSO WORTH NOTING-

  • Pharma giant Pfizer snapped up obesity drug maker Metsera for USD 10 bn, after a bidding war with Danish rival Novo Nordisk. (CNBC)
  • Kazakhstan is set to join the Abraham Accords, US President Donald Trump said on Thursday, formalizing its already normalized ties with Israel. (Reuters)
  • Corporate America posted its best quarterly earnings in four years, despite tariffs. (Financial Times)

CIRCLE YOUR CALENDAR-

Entry tickets are now available for Beast Land, the entertainment zone running from 13 to 27 November near Boulevard City and Boulevard World. The zone — part of Riyadh season 2025 — features games, adventures and interactive shows inspired by the world-famous challenges of top Youtuber MrBeast.

Tags:

This publication is proudly sponsored by

Easier life with Tasheel
From OUR FAMILY to YOURS
2

SPOTLIGHT

Biban Forum concludes with over SAR 38 bn in agreements for SME financing

It’s a wrap: Biban Forum 2025 concluded yesterday, totaling over SAR 38 bn in agreements and MoUs for SME financing across its run which kicked off on Wednesday.

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

Biban’s third day saw Monsha’at ink 11 MoUs, along with bagging over SAR 7.6 bn from 7 financing portfolios, state news agency SPA reported on Friday. The agreements included SAR 4 bn collaboration with Tarmeez Capital, SAR 3 bn agreement with Al Tayseer Arabian Company, and a SAR 600 mn contract with Alpha Arabia Finance Company.

The fourth and last day saw SAR 8.1 bn in agreements signed, including an SAR 6 bn financing portfolio with Lendo, a SAR 1.2 bn financing portfolio with Tamweel Al Oula, and a SAR 500 mn agreement with Taajeer Finance, according to several posts on X.

ALSO- The Sulaiman Al Rajhi Finance and Development Foundation partnered with the General Authority for Awqaf to provide productive families with financing loans ranging between SAR 60-200k based on project size and industry. Meanwhile, Saudi Finance Company launched a tax return financing initiative with up to SAR 750k to support MSMEs via expedited digital procedures to alleviate financial burdens.

A total of 43 fintech startups received financing during the last three days, as the Investors Arena saw 33 proposals valued at SAR 6.6 mn to be invested in 22 fintech startups on Thursday, investment proposals of SAR 3.8 mn funneled into eight companies on Friday, and 37 proposals valued at SAR 7.4 mn directed to 13 startups on Friday.

On Thursday, Monsha’at signed a total of 21 MoUs and agreements with international and local entities, as well as launching five SMEs financing initiatives, state news agency SPA reported. The local entities include Alwaleed Philanthropies Foundation, Al Ahsa Development Authority, Saudi Tourism Authority, the National Center for Monitoring and Inspection, Elm Company, STC Group, the Municipalities and Housing Ministry, and Industry and Mineral Resources Ministry. Meanwhile, international partners included X, TikTok, PayPal, the GCC Board Directors Institute, Carve Startup Labs, Nest Accelerator, Kaspersky, and Gedia.

Tags:
3

ECONOMY

Planned fiscal tightening is critical to keep Saudi Arabia's deficit in check -Capital Economics

With lower oil revenues driving Saudi Arabia’s twin budget and current account deficits, the government needs to push ahead with its planned fiscal consolidation to keep the public debt-to-GDP ratio in check, Capital Economics’ James Swanston said in a research note. The Kingdom risks an even wider budget deficit next year — particularly with continued pressure from lower oil revenues — without these measures, Swanston says.

REMEMBER- Saudi’s budget deficit widened to SAR 88.5 bn in 3Q in 2025, up from SAR 34.5 bn in 2Q, according to the Finance Ministry’s quarterly budget performance report released last week. The highest-in-five-years deficit was driven by a 13% y-o-y decline in revenues during the quarter, while expenditures increased 6% y-o-y. Oil revenues, which represented around 56% of the total government revenues in 3Q, went down by 21% y-o-y, while non-oil revenues were up by 1%, supported by increased tax collections. The Finance Ministry expects the budget deficit to narrow by 2.0 percentage points in 2026 to 3.3% of GDP, compared to the 5.3% deficit the government is forecasting for 2025.

Without fiscal consolidation measures in place, Saudi Arabia’s budget deficit will widen further to 6.0% of GDP in 2026, while the current account deficit will also be on track to widen to 4.5%, according to Swanston. The World Bank also expects Saudi Arabia’s fiscal deficit to widen next year on the back of oil prices.

This forecast comes as Capital Economics expects weaker oil revenues to persist, with oil prices expected to average USD 55 / bbl and oil export receipts forecast to drop by 4-5% of GDP. That’s below the IMF’s forecast, which sees oil prices dropping to USD 66 / bbl in 2026 before stabilizing in that range through to 2030.

Non-oil sector also seen softening: “Weaker oil export receipts will reinforce the need for fiscal consolidation and will more than offset any boost from looser monetary policy, resulting in softer non-oil GDP growth,” Swanston previously said.

The upside: Despite the twin deficits, the Kingdom maintains a strong financial position thanks to the substantial FX assets held by Sama and PIF, Swanston notes. With this strong position in hand, the government could have the financial capacity to draw on more debt, which could risk its debt-to-GDP ratio, already projected to reach 40% of GDP by 2027.

IN CONTEXT- The Kingdom plans to continue utilizing debt markets to meet its financing needs. This strategy is supported by its strong fiscal foundation, which enables it to preserve its reserves and utilize "additional fiscal space" to bridge funding deficits. The Finance Ministry will implement an annual medium-term borrowing plan to enhance debt sustainability and broaden its funding base through access to global debt markets.

Tags:

4

DEBT WATCH

AviLease Capital prices USD 850 mn senior notes

AviLease taps debt market for USD 850 mn in senior notes: AviLease Capital, a wholly-owned subsidiary of PIF-backed aircraft lessor AviLease, priced an USD 850 mn offering of senior unsecured notes due November 2030, it said in a press release on Thursday. The offering comes under the firm’s Global Medium Term Note Program.

The deets: The Reg S/144A issuance, which is fully and unconditionally backed by AviLease and select subsidiaries, carries a fixed annual coupon of 4.75%, paid semi-annually in arrears. The offering — set to close on Wednesday, 12 November — was more than 3.75x oversubscribed, with strong demand from global investors.

Who’s in: The aircraft lessor picked Citigroup and Mitsubishi UFJ as joint global coordinators. They will also act as active bookrunners and lead managers for the issuance, alongside Abu Dhabi Commercial Bank, BNP Paribas, First Abu Dhabi Bank, HSBC, and Mizuho Financial Group.

Passive bookrunners included Kuwait’s Ahli United Bank, Saudi Fransi Capital, Crédit Agricole, Emirates NBD Capital, GIB Capital, JP Morgan, Morgan Stanley, Natixis, Riyad Capital, and SNB Capital.

Tags:
5

REGULATION WATCH

Riyadh sets new rent rules in bid to stabilize rental market

Riyadh landlords cannot increase rent in existing or new contracts per the new regulations governing the relationship between landlords and tenants, following their publication in the Official Gazette on Friday. The new regulations aim to stabilize the rental market and provide five-year temporary rental control that applies initially to Riyadh, with possible expansion nationwide.

Landlords are now prohibited from raising rents beyond the last contract value, curbing arbitrary rent increases. Meanwhile, new properties’ rent will be based on mutual agreement with tenants, ensuring flexibility for new developments. Landlords may challenge the set rent if the property underwent major renovations or if the last lease was signed before 2024, with other cases subject to board approval.

Automatic lease renewal becomes the default unless either party notifies the other at least 60 days before expiration. Landlords can only evict tenants for valid reasons such as non-payment, unsafe property conditions, personal or first-degree relative use, or other board-approved exceptions.

Unregistered leases must be recorded via the Ejar platform, and tenants may request registration or submit objections within 60 days. Violations of rent caps, renewal rules, or registration requirements carry fines of up to a year’s rent, and whistleblowers may receive up to 20% of the collected fine.

IN CONTEXT- The government has rolled out sweeping reforms to stimulate the real estate market to tackle “unacceptable” real estate prices, the Crown Prince acknowledged in his annual address. This includes a five-year rent freeze, opening property ownership to non-Saudis, permitting foreign investment in Makkah and Madinah real estate firms, and amending the White Land Tax law. The Royal Commission for Riyadh City also lifted temporary suspensions on a total of 114.7 sq km and launched the Tawazoun platform, offering citizens residential plots, capped at SAR 1.5k per sqm.

Tags:

6

EARNINGS WATCH

Saudi Arabia’s 3Q ins. earnings see top players thrive while smaller firms falter

It was a tale of two markets for Saudi insurers in 3Q 2025. Industry leaders Bupa Arabia, Al Rajhi Takaful, and Tawuniya remained solidly in the black, while the rest of the sector faced tighter margins, with 12 of 13 other firms seeing their net income shrink or turn to a loss.

The breakdown: Top players Bupa Arabia and Al Rajhi Takaful saw their net income grow in the third quarter, while Tawuniya remained solidly in the black despite a 12.3% dip in net income.

Medgulf was the outlier among ins. giants, with the company’s bottom line halving in 3Q to SAR 17.9 mn, according to a disclosure to Tadawul. This came despite a 14% y-o-y increase in the firm’s ins. revenue to SAR over 1 bn, boosted by gains in the company’s health and motor ins. segments. MedGulf is finalizing a merger with Buruj Cooperative that will create the fourth-largest ins. player in the Kingdom by gross written premiums.

A different story for smaller players: Of the 13 other insurers that reported their 3Q earnings so far, 12 recorded steep declines in their bottom lines, including eight companies that swung into the red. Four others reported sharp drops of over 50% (Arabia Ins., Malath, MedGulf, and Wataniya). Gulf Ins. Group was the only non-giant ins. player to report an increase in net income, up some 57%.

Revenue growth didn’t necessarily translate to the bottom line: A majority of companies (10 of 16) saw their ins. revenues grow. However, the growth was erased in many instances by higher costs, leading to lower net income and indicating a significant margin squeeze.

ICYMI- The ins. market in Saudi is highly concentrated, with the top five players generating 70%-75% of revenues, S&P Global said in its Saudi Credit Trends report. This, along with intense competition in key lines like motor and medical, pressures the margins and underwriting performance of the other 21 insurers.

The common culprits: Almost all companies posting losses this quarter — including Allied Cooperative Ins., Walaa, and Malath — cited higher net ins. service losses (especially from the motor segment), rising claims, and increased operating costs or reins. as reasons behind their shrinking bottom lines.

Sector outlook: Moody’s expects GCC insurers’ net income to strengthen over the next 12-18 months, driven by government-backed diversification, non-oil growth in construction, tourism, and manufacturing, and expanding compulsory coverage, Zawya reports. Non-life ins. — over 80% of GCC premiums, led by Saudi Arabia and the UAE — will remain the main growth driver, with rising non-oil investment and subsidy phaseouts set to boost underwriting gains through 2026.

The great divide is expected to linger: Larger insurers are set to continue to outperform, thanks to scale advantages, while smaller players will struggle amid intense price competition, rising claims, and higher regulatory and technology costs, likely prompting further consolidation. The rating agency also warned that some insurers’ exposure to high-risk investments leaves them vulnerable to regional geopolitical tensions.

A FEW PICKS-

  • Arabian Shield Cooperative Ins. reported a net loss of SAR 9.4 mn, compared to a net income of SAR 16.3 mn a year prior. This was mainly due to a 36% rise in ins. service expenses, which were partially offset by a 20.9% y-o-y climb in revenue to SAR 484.1 mn;
  • Wataniya Ins. saw its net income drop 50.6% y-o-y to SAR 7.3 mn, primarily due to a 48.6% decline in net ins. service results and a 47.8% rise in operating expenses. Ins. revenues slipped 6.6% y-o-y to SAR 435.7 mn;
  • Gulf Ins. Group’s net income increased 57.9% y-o-y to SAR 34.4 mn, driven by a 46% improvement in net ins. results and higher investment income. Revenues saw a slight 0.7% y-o-y increase to SAR 382 mn;
  • Malath Cooperative Ins. saw its net income decline 88.6% y-o-y to SAR 631k, driven by higher ins. service losses, particularly from the motor segment. Revenues grew 35.7% y-o-y to SAR 366.1 mn;
  • Al Etihad Cooperative Ins. swung to a net loss of SAR 33.5 mn from a net income of SAR 3.9 mn. The slide was attributed to lower ins. service results and higher reins. contracts. Ins. revenues declined 23.6% y-o-y to SAR 325.7 mn.
Tags:
7

EARNINGS WATCH

Maaden, Cenomi Retail and more post their 3Q earnings

MAADEN-

Saudi Arabian Mining (Maaden) recorded a 127% y-o-y increase in net income to SAR 2.2 bn in 3Q 2025 — in line with analysts’ forecasts — it said in an earnings release (pdf) on Thursday. The sharp growth was fueled by higher sales prices and volumes, alongside improved contributions from JVs and lower financing expenses. Revenue climbed 24.4% y-o-y to SAR 10 bn during the quarter on the back of increased commodities prices and sales volumes.

On a 9M basis, the PIF-backed company’s bottom line jumped 90.7% y-o-y to SAR 5.7 bn, while its top line rose 23.7% y-o-y to SAR 27.9 bn.

CENOMI RETAIL-

Cenomi Retail posted a net loss of SAR 122.2 mn in 3Q 2025, compared to a net income of SAR 19.3 mn a year earlier, weighed down by higher expenses and one-off charges, it said in a disclosure to Tadawul (pdf). Meanwhile, revenue rose 7.7% y-o-y to SAR 1.2 bn during the quarter, supported by strong online and international sales, as well as seasonal demand from end-of-season promotions and back-to-school campaigns.

On a 9M basis, Cenomi Retail’s net loss widened y-o-y to SAR 205.5 mn from SAR 48.3 mn, while its revenue rose 3.8% y-o-y to SAR 3.7 bn.

RED SEA INTERNATIONAL-

Red Sea International swung back into the black in 3Q 2025 with a net income of SAR 5.9 mn, compared to a loss of SAR 16.8 mn in the same quarter last year, it said in a disclosure to Tadawul. The rebound came on the back of higher revenues and operational efficiency, along with stronger contribution margins that helped offset fixed costs. Revenue rose 39.7% y-o-y to SAR 986 mn during the quarter, driven by progress in project execution.

On a 9M basis, the developer recorded a net income of SAR 7.7 mn, compared to a net loss of SAR 19.6 mn a year earlier, while revenue grew 16.5% y-o-y to SAR 2.5 bn.

CATRION CATERING HOLDING-

Catrion Catering Holding posted an 11.5% y-o-y decline in net income to SAR 97 mn in 3Q 2025, weighed down by higher finance costs linked to lease liabilities, lower finance income, and a share of loss from an associate company, it said in a disclosure to Tadawul. Meanwhile, revenue grew 5.1% y-o-y to SAR 617.3 mn during the quarter, supported by higher in-flight catering and business lounge revenue.

In the first nine months of 2025, Catrion’s net income fell 6.6% y-o-y to SAR 237.2 mn, while its revenue increased 4.3% y-o-y to SAR 1.8 bn.

SAUDI RESEARCH AND MEDIA GROUP-

Saudi Research and Media Group (SRMG) recorded a net loss of SAR 30.4 mn in 3Q 2025, compared to a net income of SAR 148.5 mn in the same period last year, it said in a disclosure to Tadawul. The group attributed the weaker performance to a 19.8% y-o-y drop in revenue to SAR 682.7 mn, mainly due to reduced income from its public relations and advertising, publishing, and visual and digital content segments, as well as the transfer of certain printing operations from the UAE to the Kingdom.

Over a 9M basis, SRMG recorded a net loss of SAR 9.2 mn, compared to a net income of SAR 316.7 mn a year earlier, while revenue declined 19% y-o-y to over SAR 2 bn.

LAZURDE-

Jewelry maker Lazurde narrowed its net loss in 3Q 2025 to SAR 4.3 mn from SAR 7.2 mn in the same period last year, it said in a disclosure to Tadawul. The performance was weighed down by additional provisions for expected credit losses linked to rising gold prices and receivables disputes. These were partially offset by a 47.3% y-o-y increase in revenue to SAR 893.2 mn, driven by strong wholesale and retail demand across the Kingdom and Egypt.

In the first nine months of 2025, Lazurde moved into the red, logging a net loss of SAR 16.8 mn, compared to a net income of SAR 24.8 mn in the same period last year. Meanwhile, its top line jumped 37.8% y-o-y to SAR 2.3 bn over the same period.

AL BABTAIN POWER AND TELECOM-

Al Babtain Power and Telecom’s net income climbed 190% y-o-y to SAR 127.3 mn in 3Q 2025, mainly driven by lower operating and financing expenses, it said in a disclosure to Tadawul last week. Meanwhile, revenue edged down 0.9% y-o-y to SAR 776.8 mn over the same period, as solar energy sales decreased.

In the first nine months of the year, the company’s bottom line increased 73.3% y-o-y to SAR 313.3 mn, while its top line shed 1.8% y-o-y to hit SAR 2.1 bn.

Al MAWARID MANPOWER-

Al Mawarid Manpower saw its net income rise 116.3% y-o-y to about SAR 37 mn in 3Q 2025, thanks to higher gross income, which was supported by revenue growth and better worker utilization — especially in the individuals segment, it said in a Tadawul disclosure on Thursday. Lower impairment losses on trade receivables and higher other income also underpinned growth. Revenue went up 23.8% y-o-y to SAR 678.8 mn due to a 15% increase in available workforce.

On a 9M basis, the company’s bottom line jumped 48.8% y-o-y to SAR 99.3 mn, while its top line rose 28.8% y-o-y to SAR 1.9 bn.

Tags:
8

STARTUP WATCH

Builtop bags USD 11 mn in seed funding round to digitalize Saudi construction procurement

Riyadh-based construction tech startup Builtop raised USD 11 mn in a seed funding round, it said on LinkedIn. The round was led by TAM Capital alongside a group of unnamed strategic investors.

Where will the money go? Builtop plans to use the funding to expand its digital procurement platform across the Kingdom, enhance its trade finance capabilities in collaboration with financing partners, and accelerate the development of new products to support large-scale construction projects, Jawlah reports.

About Builtop: Founded in 2024 by Ayman Aljohani (LinkedIn), Builtop provides a digital procurement and financing platform for the construction sector. The platform digitizes purchasing processes, integrates trade finance solutions, and aims to help contractors complete housing and infrastructure projects faster and more efficiently, reducing delays caused by manual procurement and cashflow cycles.

Tags:
9

ALSO ON OUR RADAR

Effy Healthcare establishes Riyadh HQ with SAR 100 mn investment plan

EXPANSION-

AI-driven healthcare efficiency solutions provider Effy Healthcare opened its regional headquarters in Riyadh, according to a press release published on Thursday. Effy plans to invest about SAR 100 mn over the next three years in technology transfer, local partnerships, and upskilling workforce, while also creating over 100 specialized roles in the Kingdom.

About Effy Healthcare: Founded in 2017 and headquartered in New Jersey, Effy equips healthcare providers with AI-powered tools to enhance service delivery by integrating diverse data sources into unified systems.

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

MINING-

The Industry and Mineral Resources Ministry opened three mining complexes for competition in Riyadh and Makkah, it said on X on Thursday. In Riyadh, the sites include a 2.5 sq km sand ore complex south of Al Dilam and a 15.2 sq km sand and overburden complex south of Al Haeer. Meanwhile, the Makkah offering features a 45.6k sq km sand and overburden complex in Al Jubayhah, Khulais. Applications will be accepted through the Taadeen platform from Sunday, 23 November to Thursday, 11 December.

TRADE-

The Saudi Export Development Authority has launched a new digital services platform for exporters, state news agency SPA reported yesterday, quoting Industry and Mineral Resources Minister Bandar Al Khorayef as saying during the Digital Government Forum in Riyadh. This digital platform will integrate government export services into a unified system, simplifying procedures for exporters and helping to accelerate national export growth, Al Khorayef said.

IN CONTEXT- Al Khorayef reiterated that investments in advanced technology, innovation, and AI are essential to accelerating industrial growth, citing the Future Factories program that targets automating 4k factories through collaboration with the private and international sectors.

DISPUTE WATCH-

The Appeal Committee for Resolution of Securities Disputes issued two final decisions against 24 investors and a real estate company for violating the Capital Market Law and its implementing regulations, the Capital Market Authority (CMA) said in a statement to Tadawul. In the first case, 23 investors were fined SAR 1 mn, banned from trading for a year, and ordered to return over SAR 1.2 mn in illegal gains earned through market manipulation conducted between January 2021 and August 2022. An unnamed female investor was fined SAR 74.9k, representing illegal gains in her profile linked to one of the convicted investors.

In the second case, Bandar bin Abdulrahman bin Hamdan Alghamdi and his real estate company were fined SAR 2.7 mn for operating securities business without a CMA license and advertising it on social media. Affected investors may file claims or seek contract rescission.

Tags:
10

PLANET FINANCE

Mashreq Capital sees upbeat 4Q for MENA bonds, selective upside in equities

The final quarter of 2025 is expected to bring a supportive backdrop for MENA fixed income and some regional equities, according to Mashreq Capital’s latest quarterly outlook (pdf). The region’s bond markets remain supported by strong fundamentals and steady demand, while equities in markets like the UAE, Saudi Arabia, and Oman are benefitting from impressive macro turnarounds, reform momentum, and improving liquidity.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

MENA fixed income continues to outperform global peers, supported by resilient sovereign balance sheets, the US Federal Reserve’s easing cycle, and strong demand from local and Asian investors. The Bloomberg MENA USD Aggregate Index rose 8.6% in 9M 2025 and is on track for close to double-digit returns for the full year. Yields hover around 5.4%, roughly 10 bps above the five-year average and about 80-100 bps above other regional aggregates. Sovereigns and GREs remain the main performance drivers, led by Saudi Arabia (+309 bps), the UAE (+234 bps), and Qatar (+85 bps).

Default rates across MENA are projected to stay well below global EM averages. Corporate defaults have averaged just 0.4% over the past five years versus 1.5% globally, reflecting the region’s high-grade mix and limited corporate leverage.

Mashreq maintains a constructive stance on Egypt, supported by macro stabilization, fiscal reforms, and improving ratings momentum. Egypt benefits from high real interest rates, a narrowing current-account deficit, and IMF-backed reforms, with foreign reserves at USD 49 bn and inflation down to 12%, Mashreq Capital said.

It holds neutral views on Saudi Arabia and the UAE, citing solid fundamentals but limited room for further spread tightening. Saudi Arabia’s long end faces supply pressure amid rising issuance and a widening fiscal deficit, estimated at 5.3% of GDP, while the UAE remains preferred for quality duration exposure and defensive value. Mashreq favors short- to mid-duration Saudi bonds, selective infrastructure-linked corporates in Saudi Arabia and the UAE, and GCC AT1s and Tier 2s for attractive carry backed by well-capitalized banks.

Regional issuance has already reached USD 128 bn YTD, surpassing 2024’s total, and is forecast to hit USD 147 bn by year-end. Sovereigns and GREs dominate supply, with Saudi Arabia accounting for around 45%. Sukuk issuance remains robust at USD 74 bn, or 58% of the total.

On the equities front, Mashreq holds a constructive bottom-up view on Saudi Arabia and the UAE, where diversification agendas and liquidity conditions continue to improve. Saudi Arabia remains supported by increased fiscal discipline and new structural reforms, including potential foreign ownership limit increases and easing of Qualified Foreign Investor rules. In the UAE, tourism, AI-linked technology, and commercial real estate remain key structural themes. Despite short-term concerns over potential oversupply in Dubai property, strong end-user demand and disciplined construction suggest limited downside, Mashreq Capital says.

Mashreq identifies sustained oil price weakness as the primary macro risk, given its impact on fiscal balances. Saudi Arabia is most sensitive to oil price movements, while the UAE is relatively insulated. The report also notes that geopolitical risks have receded, shifting market focus toward oil price dynamics and policy execution.

TASI

11,302

+0.4% (YTD: -6.1%)

MSCI Tadawul 30

1,469

+0.2% (YTD: -2.7%)

NomuC

24,451

+0.2% (YTD: -22.3%)

USD : SAR (SAMA)

USD 3.75 Sell

USD 3.75 Buy

Interest rates

4.5% repo

4.0% reverse repo

EGX30

39,950

+2.1% (YTD: +34.3%)

ADX

10,075

+0.5% (YTD: +7.0%)

DFM

6,025

+0.1% (YTD: +16.8%)

S&P 500

6,729

+0.1% (YTD: 14.4%)

FTSE 100

9,683

-0.6% (YTD: +18.5%)

Euro Stoxx 50

5,567

-0.8% (YTD: +13.7%)

Brent crude

USD 63.63

+0.4%

Natural gas (Nymex)

USD 4.32

-1.0%

Gold

USD 4,010

+0.5%

BTC

USD 101,644

-1.6% (YTD: +8.8%)

Sukuk/bond market index

916.71

0.0% (YTD: +1.6%)

S&P MENA bond & sukuk

151.95

+0.1% (YTD: +8.6%)

VIX (Fear gauge)

19.08

-2.2% (YTD: +10.0%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.4% on Thursday on turnover of SAR 4.3 bn. The index is down 6.1% YTD.

In the green: Savola Group (+7.4%), Alkhaleej TRNG (+6.9%) and Almawarid (+6.7%).

In the red: Riyadh Cement (-6.8%), Go Telecom (-6.8%) and ACIG (-6.3%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.2% on Thursday on turnover of SAR 28.3 mn. The index is down -22.3% YTD.

In the green: Neft Alsharq (+7.7%), Horizon Educational (+6.4%) and APICO (+5.9%).

In the red: Future Vision (-8.8%), Alqemam (-7.9%) and NBM (-6.5%).

Tags:

CALENDAR

NOVEMBER

5-9 November (Wednesday-Sunday): Jewellery Salon Expo, Riyadh.

8-9 November (Saturday-Sunday): Del Monte Superleague Supercup, Jeddah.

9 November (Sunday): The deadline for applications for the second batch of the Standard Incentives for the Industrial sector.

10 November (Monday): Last chance for businesses subject to withholding tax to file their October tax returns via Zatca’s website.

10-12 November (Monday-Wednesday): BioFach Saudi Arabia, Riyadh International Convention & Exhibition Center.

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.
Now Playing
Now Playing
00:00
00:00