Cityscape Global runs hot with bns in real estate investments on first day

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Trump backs Saudi F-35 sale as Crown Prince heads to Washington

Good morning, wonderful people. The real estate sector is towering over today’s issue, where we cover Cityscape Global’s mega-sized announcements on the first day of its four-day run. The annual forum is set to unveil over SAR 160 bn in real estate investments and projects on its first and second day, Housing Minister Al Hogail confirmed in his opening remarks.

ALSO- Arada snapped up an 80% stake in a major London housing project, and Dar Global is partnering with the Trump Organization on a new Trump-branded project in the Maldives with a digital twist.

BUT FIRST- The international press is heating up with Crown Prince Mohammed bin Salman’s ever-nearing trip to the White House. The Crown Prince is expected to land in the US this week to the full pomp of a state occasion and a busy schedule with US President Donald Trump to discuss a Qatar-like defense pact, F-35 fighter jet sales, access to advanced AI chips, and civil nuclear cooperation. The two leaders are also expected to talk Gaza reconstruction, Palestinian statehood, and potential Saudi-Israeli normalization.

Trump says he is ready to provide the Kingdom with “a lot” of the coveted F-35 fighter jets, speaking a day before the Crown Prince lands in Washington, “We’ll be selling the F-35s,” Trump told reporters in the Oval Office yesterday, adding that Saudis “want to buy them, they’ve been a great ally.”

** We covered what to expect from the anticipated summit last week. Want to read more? Check out the coverage from Reuters, Financial Times, Bloomberg, New York Times, CNBC, Associated Press, Wall Street Journal.

HAPPENING TODAY-

The subscription window for Almasar Education’s IPO on Tadawul’s main market opens today, Tadawul said on X yesterday. Retail investors will have until Thursday, 20 November to apply for up to 250k shares each. Final allocations will take place on Wednesday, 26 November.

REFRESHER- The IPO was priced at the top of the indicative range at SAR 19.5 per share, after the institutional tranche closed 102.9x oversubscribed, drawing orders totaling SAR 61.6 bn. The pricing will see the firm raise some SAR 599 mn, valuing it at roughly SAR 2 bn at listing, according to our calculations.

WEATHER- Misty skies are over the Eastern Region with patches of dense fog reducing visibility at times. Heavy clouds are forecast for along parts of Hail, while moderate to light rain showers are forecast for parts in Hail, Makkah, Madinah, Al Baha, Al Qassim, Asir, Al Jouf, Tabuk, Jazan and the Northern Borders Province.

Riyadh: 28°C high / 18°C low.
Jeddah: 33°C high / 26°C low.
Makkah: 33°C high / 25°C low.
Dammam: 31°C high / 19°C low.

WATCH THIS SPACE-

Saudi Arabia delivered the first shipment of its pledged energy support to Syria, with a tanker carrying 650k barrels of crude oil docking at Baniyas port, SPA reports. The cargo is the first tranche of a 1.65 mn-barrel grant, set to boost refinery operations, support energy sector sustainability, and ease economic pressures.

Boosting ties: Syrian-Saudi investment ties are advancing from MoUs to implementation, with some USD 6.4 bn in agreements activated during a joint investment roundtable last month. 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.

Dozens of Indian pilgrims are feared dead after a bus carrying 46 people collided with a diesel tanker yesterday while traveling from Makkah to Madinah, Gaurav Uppal, a senior Telangana state official coordinating rescue efforts in the Kingdom, told the Associated Press. One passenger, Mohammed Shoaib, survived with injuries. Saudi authorities, the Indian embassy in Riyadh, and the consulate in Jeddah are assisting families, while Indian Prime Minister Narendra Modi and Indian Foreign Minister S. Jaishankar offered condolences to the families.

Inmar Company for Real Estate Development and Investment’s board greenlit its transfer from Tadawul parallel market Nomu to the main market TASI, it said in a Tadawul disclosure yesterday. The move is subject to regulatory approvals.

MARKET WATCH-

Most analysts don’t see Opec+ making supply cuts next year: Almost two-thirds of the 25 brokers and analysts surveyed by Bloomberg expect Opec+ to hold production steady in 2026, with fewer than a third anticipating any move to reduce supply. Only eight respondents expect fresh curbs next year, while 12 see no cuts at all, and the remainder say a policy shift is unlikely unless the market suffers a severe downturn.

Only a significant dip in demand and a drop in crude prices to USD 50 / bbl could push the group back into active market management, senior analyst at Eurasia Group Greg Brew told the business news information service.

Non-Opec supply growth could also stall as early as next year, potentially strengthening Opec+’s position by late 2026, Bloomberg cites BP’s CEO Murray Auchincloss as saying. That could help validate the group’s shift toward protecting market share, especially as the IEA continues to forecast demand growth for longer than previously expected.

Not everyone agrees on the size of next year’s surplus: Goldman Sachs and HSBC expect a smaller surplus than the IEA projects, noting that excess barrels may continue to be absorbed by China as it tops up its strategic reserves, the outlet said.

Middle East producers are also finding a lifeline in China and India, which have absorbed surplus barrels that briefly pushed the region into oversupply earlier this month, Bloomberg reports separately, citing traders. Cargoes that were sitting without buyers — including volumes from the UAE — have now cleared, easing concerns about a buildup of unsold shipments. Chinese refiners took several cargoes, while Indian processors marginally increased purchases through a run of tenders.

While buying has kept Middle East grades relatively supported versus other regions, pricing remains under pressure. Benchmarks including Oman, Upper Zakum, and Murban continued to trade at lower differentials to Dubai as the month progressed, Bloomberg said, citing General Index data.

DATA POINTS-

Some 82.4% of the Kingdom’s children aged 24–59 months are on track in health, learning, and psychosocial wellbeing per the Early Childhood Development Index (ECDI2030), with 83.2% of girls and 81.6% of boys meeting the benchmarks, according to data (pdf) from the General Authority for Statistics. In addition, 90% of children aged 36–59 months live in positive, stimulating home environments.

In education, 17.3% of children aged 36–59 months are enrolled in early childhood programs (18.2% girls, 16.5% boys), while 73% of five-year-olds participate in organized learning (74.5% girls, 71.5% boys). Meanwhile, 31% of children under five own one or two books, and 9.2% own three or more. Some 35.1% of children aged 5–7 years old use digital devices for 1–2 hours daily, and 28.8% use them for less than one hour daily.

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THE BIG STORY ABROAD-

The Epstein files are still taking Washington, DC by storm, pushing even US President Trump to walk back his earlier stance and call for Republicans to release the full stack of documents to the public. Trump’s call comes amid wide defection in the ranks of the House’s Republicans who were poised to vote in favor of a bill to release the files.

The heat is intensifying against names mentioned in the batch released days before, with former US Treasury secretary and ex-Harvard president Larry Summers announcing yesterday he’ll step back from public commitments to take responsibility for his “misguided” actions. (Financial Times | CNBC | CNN)

CLOSER TO HOME- The UN Security Council passed a resolution endorsing Trump’s 20-point ceasefire plan for Gaza, authorizing an international stabilization force in the enclave to demilitarize and destroy military infrastructure, and calling for a “Board of Peace” to govern Gaza in a transitional period and oversee reconstruction and economic recovery.

Hamas rejected the resolution, saying it “does not meet the level” of Palestinian political and humanitarian demand, and “imposes a mechanism to achieve the occupation’s objectives.” (Associated Press | Washington Post | Reuters)

ALSO WORTH NOTING THIS MORNING-

Amazon will raise USD 15 bn in its first USD-denominated bond offering in three years to fund AI infrastructure expansion. (Reuters)
Bangladesh’s ousted PM Sheikh Hasina was sentenced to death, following a trial in absentia over protests crackdown. (BBC)

CIRCLE YOUR CALENDAR-

Black Hat MEA is coming to Riyadh between 2-4 December at the Riyadh Exhibition and Convention Center in Malham. The cybersecurity event will host over 45k visitors from 140 countries, 450 exhibitors, and 300 speakers and will feature over 500 hours of content across 12 stages, including live hacking demos, panels, workshops, and interactive sessions, with participants from Google Cloud, Cisco, Haboob, Saudi Information Technology Company, Infoblox, Microsoft, Interpol, Mastercard, and Riot Games.

Cityscape Global to unveil SAR 161 bn in real estate investments in its first two days

The opening day of Cityscape Global kicked off yesterday, with total investments worth over SAR 161 bn to be unveiled during the first two days, Municipalities and Housing Minister Majed Al Hoqail said in his opening remarks (watch, runtime: 01:59:55).

A pillar of the economy: The real estate sector contributed 13.8% to the national GDP until 2Q 2025, along with attracting 15.3% of the total FDI inflows in 2024, Al Hoqail said. The robust economic performance is fueled by massive projected demand as the Kingdom’s major cities — Riyadh, Makkah, Madinah, Jeddah, and Dammam — require over 1.5 mn residential units by 2030, with Riyadh alone accounting for 46% of this total amounting to 731k units.

SIGN OF THE TIMES- The Kingdom completed its first property title deed tokenization process between the National Housing Company (NHC) and investors, Al Hoqail said. The Real Estate General Authority (Rega) will oversee the global standards for these digital assets — expected to be public by early 2026 — rather than deferring to private tech firms. The move is coupled with a broader wave of PropTech innovation, where AI and augmented reality are increasingly being utilized to manage the Kingdom's vast construction pipeline.

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

THE BIGGEST ANNOUNCEMENTS-

The National Housing Company (NHC) unveiled 134k available units with investments exceeding SAR 100 bn, a step closer to its 2025 objective of 300k available units by year-end. NHC inked over SAR 8 bn worth of new partnerships with players from South Korea, China, Turkey, and Egypt during the event, with more than SAR 40 bn in global partnerships so far. The agreements include:

Dar wa Emaar will invest SAR 3.8 bn with to develop Al Narjis Communities in northern Riyadh and Al Fursan Communities in northeast of the capital, according to a press release. The company launched the first phase called Saraya al Fursan 3 project, containing over 1.7k villas and townhouses and 814 apartments, as well as healthcare, educational, commercial, and religious facilities. Al Narjis Communities include Greens for commercial spaces, and 210-unit Al Narjis Heights, 540-unit Al Narjis Residence.
Mountain View KSA will launch the USD 600 mn residential project Hayat, according to an emailed statement (pdf) to EnterpriseAM. Located in Riyadh’s Al Fursan District, Hayat spans 932.3k sqm and comprises 1.7k villas ranging in size from 244.1 sqm to 387.5 sqm. The project also features The Lighthouse, a dedicated community hub focused on organizing cultural activities and offering commercial spaces.
A SAR 3 bn agreement was signed with our friends at Hassan Allam Properties to establish 2.6k residential units spanning apartments, multi-use commercial units on 200k sqm in Khuzam northern Riyadh, state news agency SPA reported yesterday.
A SAR 1 bn investment with Emlak Konut will see the Turkish firm develop 255k sqm of land plots in Makkah Gate providing over 1k villas, state news agency SPA reported yesterday.
NHC also launched Phase 3 of Jawharat Al Fursan alongside Al RashidProperties, offering 1.8k units covering 1.1 mn sqm, according to a press release.

Looking ahead, NHC will offer SAR 60 bn in investment windows in residential and commercial units next year, CEO Mohammad Albuty said. The company’s total portfolio reached SAR 200 bn 1H 2025, with expectations to surpass SAR 0.5 tn by 2030.

Real estate provider Ajdan is investing USD 3.1 bn to open four new mixed-use destinations in Khobar, Riyadh and Jeddah, totaling 950k sqm of land. The projects include multi-use destinations project in Sports Boulevard, Khobar Pier (136 units, 150 hotel keys), Ajdan Towers (539 units, 740 hotel keys), and Grand Square (366 units). Ajdan also forged a partnership with Saudi Awwal Bank for funding some of the development projects, it posted on X.

Our friends at Retal Urban Development launched a new investment portfolio of up to SAR 11.6 bn (c. USD 3.1 bn) to establish six residential projects across the Kingdom, including Deera, a residential sustainable city on about one mn sqm, Retal Heights on an area of 9.4k sqm, the 2.4k sqm Roya Al Haram residential tower, the 37k sqm Ayala Hills residential project in Riyadh, the 187k sqm Ayala Sedra in Riyadh, and Ewan Makkah 49k sqm.

Al Majdiah invested USD 2.5 bn to establish a multi-use project in Sports Boulevard, a number of mixed-use towers in King Salman Road, residential towers in Makkah Masar Destination, and a residential district in Makkah.

MEANWHILE- PIF’s Diriyah Company awarded three major projects worth a total of SAR 5.7 bn (c. USD 1.5 bn), along with unveiling the 239-unit Manazel Al Hadawi project within its Media and Innovation District, it said in a press release yesterday. Bec Arabia Contracting Company will develop the units of Manazel Al Hadawi and the south offices within the district, while Al Mabani General Contractors is tasked with the construction of King Khalid Road.

Al Othaim Investment will invest over USD 1.1 bn to establish two new Konooz projects. The Al Othaim Konooz in Madinah will span an area of 557k sqm near Ohoud Mountain, featuring 240 hotel keys and 1.5k residential units, along with commercial spaces. Meanwhile, Al Othaim Konooz in Khamis Mushait takes up about 1 mn sqm of land plot and comprises 2.6k residential units, 140 hotel keys, and 203k sqm land plot dedicated to commercial spaces.

ALSO- Liwan Real Estate Development launched SAR 4.5 bn Liwan Najd offering over 2.5k units, according to a press release yesterday. Located in Riyadh’s Granada District, the planned project covers an area of 600k sqm featuring studios, 1-3 bedrooms, penthouses, townhouses, villas, offices, retail, F&B, a mosque, and landscaped open areas.

AND- Mohammad Al Habib Real Estate launched the integrated city Tura with USD 1.3 bn in investments, located in northern Riyadh.

King Salman Park (Spark) inked an agreement with Ajdan and Sedco Capital to establish a SAR 3.8 bn (c. USD 1 bn) real estate fund to develop a 106k sqm mixed-use district beside the Royal Arts Complex within Spark, featuring 600 residential units, 200 hotel keys and 45k sqm allocated for offices and lifestyle amenities. With more packages to unveil in 2026.

Umm Al Qura also inked about SAR 1.6 bn prereservation agreements, including a SAR 1.1 bn agreement with Alistithmar-managed Madar Al Tasi Fund to pre-reserve two land plots. Near Makkah’s Holy Mosque, Umm Al Qura will establish two residential towers comprising 400 units along with Dar Al Majed and Al Obaikan Real Estate Company. The company also inked a SAR 493 mn pre-reservation agreement with Alistithmar-managed Sharq Al Asimah Fund to build a 195-unit hotel within Makkah in partnership with Ark Projects.

Arada acquires 80% stake in London’s Thameside West project + Dar Global, Trump Organization unveil world’s first tokenized development

Arada lands majority stake in a London housing project: Arada Developments — co-owned by Prince Khaled bin Al Waleed bin Talal and Sharjah’s Sheikh Sultan bin Ahmed Al Qasimi — acquired an 80% stake in Thameside West, central London’s longest undeveloped riverfront, according to a press release. The stake was purchased from UK-based developer Keystone for GBP 225 mn, with Arada adding GBP 100 mn in equity, CEO Ahmed Alkhoshaibi told Bloomberg. Keystone will retain a 20% share. The project is set to deliver at least 5k homes.

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The details: Arada will develop the 47-acre site in collaboration with the London Borough of Newham, Greater London Authority, Transport for London, and major landowners Keystone and GLAP. The project has a development value of GBP 2.5 bn, including homes, retail, schools, parks, and transport links. Around 35% of the project will be allocated to affordable housing and 50% to green space. Arada also plans to deliver an additional DLR station in partnership with Transport for London.

The timeline: Construction on the first 1k homes is scheduled to begin in 2027 and wrap up in 2029. The full development will roll out over five phases, featuring about 30 towers and an on-site light-rail station.

ICYMI- Not Arada’s first London acquisition: The transaction follows Arada’s purchase of a 75% stake in London-based developer Regal for USD 680 mn in September, part of plans to build 30k homes in the city over the next three years.

The rationale: London’s stalled housing market creates potential despite the capital facing a sharp construction slump. Only 15k-20k homes are expected to be under construction by the start of 2027, a significant drop from 60k–65k in the five years through 2020 before the pandemic disruptions kicked in, the business news service reported, citing a Molior London study. Alkhoshaibi said the city’s rising rents show underlying demand, even as buyers face tighter lending and limited government incentives. Arada can tap Gulf buyers if local demand weakens to sell the first phase, with pricing aimed at middle-income buyers, Alkhoshaibi added, while remaining confident in London’s long-term fundamentals.

ALSO- Arada’s global push comes as cashrich Gulf developers look abroad for growth and to hedge against any slowdown at home.

Looking ahead: Arada is considering a USD 400 mn issuance of convertible Islamic bonds with JPMorgan to fund land acquisition and UAE expansion, CEO Alkhoshaibi said. The company, valued at over AED 30 bn (USD 8.2 bn), is also weighing an IPO of up to 20% of its shares by 2028, subject to market conditions.

Earnings forecast: Arada expects AED 17 bn in sales this year, up from AED 6 bn in 2024. Alkhoshaibi sees only limited corrections in some Dubai submarkets, citing continued strong demand and affordability for new residents.

ALSO- Dar Al Arkan’s luxury real estate arm Dar Global partnered with The Trump Organization to develop the world’s first tokenized resort development, Trump International Hotel Maldives, slated to open by the end of 2028, according to a press release published yesterday. The Trump-branded resort — its first in the Maldives — will feature around 80 ultra-luxury beach and overwater villas, and will be accessible via a 25-minute speedboat ride from the capital Malé.

SIGN OF THE TIMES- Instead of applying blockchain to transfer ownership of already-built real estate, this development aims to tokenize the project during its construction phase, potentially dividing its assets into digital shares that investors could buy as tokens. Tokenizing the development process will “transform how the world invests in hospitality,” Dar Global CEO Ziad El Chaar said, though neither company detailed how the mechanism would work.

A growing partnership: Dar Global announced in September its plans to launch the USD 1 bn mixed-use Trump Plaza Jeddah, marking the second collaboration with the Trump Organization. This followed the SAR 2 bn Trump Tower in Jeddah — unveiled last December and scheduled for completion by December 2029. Meanwhile, the Trump Organization is reportedly in talks to add a Trump-branded property to the Kingdom’s USD 63 bn Diriyah project.

The story also got ink from Bloomberg and the Financial Times.

CGS prices Tadawul IPO at top of range

Saudi refrigeration systems manufacturer Consolidated Grünenfelder Saady Holding (CGS) priced its Tadawul IPO at SAR 10 per share, the top of its marketed range, after its institutional offering closed 61.6x oversubscribed, the company said in a press release (pdf) yesterday. The offer price will see the company’s selling shareholders raise about SAR 300 mn in gross IPO proceeds, implying a market cap of SAR 1 bn at listing.

REFRESHER- CGS, which holds 41% of Saudi Arabia’s automotive refrigeration and vehicle-body solutions market, is floating a 30% stake (good for 30 mn existing shares) in a secondary offering on Tadawul’s main market. Substantial shareholders are selling down their positions to a combined 70%, to be subject to a six-month lockup period.

Retail investors can subscribe to the IPO between 26–27 November, where they will be allowed to book up to 250k shares each, with the minimum subscription rate set at 10 shares. Final allocations are due 3 December, with the first day of trading still under wraps.

ADVISORS- Aljazira Capital is acting as the financial advisor, lead manager, underwriter, and joint bookrunner alongside Arqaam Capital. Himmah Capital is advising the selling shareholders, with Latham & Watkins providing legal counsel. PwC is acting as the financial due diligence advisor, Ernst & Young as the auditor, and Euromonitor International as the market consultant.

Receiving agents include Aljazira Capital, BSF Capital, Al Rajhi Capital, SNB Capital, Riyad Capital, Albilad Investment Company, Alistithmar Capital, Derayah Financial, Alinma Capital, ANB Capital, Yaqeen Capital, Alkhabeer Capital, Sab Invest, Sahm Capital, GIB Capital, Musharaka Capital, EFG Hermes KSA, and Awaed Alosool Capital.

Neom’s Oxagon taps AHG to develop SAR 600 mn industrial gases facility

AHG to produce industrial gases in Oxagon: Abdullah Hashim Industrial Gases &Equipment (AHG) will develop a SAR 600 mn industrial gases production and distribution facility in Neom’s industrial city Oxagon under a land lease agreement, according to a statement from Neom. The multi-phase facility will produce green oxygen, nitrogen, argon, and hydrogen to support renewable energy transition goals, the statement read.

The timeline: The first phase — located in Oxagon’s industrial district — will include essential infrastructure, offices, and warehousing and distribution capabilities. AHG is scheduled to break ground on the facility in February of next year, with operations slated to kick off in late 2026 and subsequent phases expected in 2028.

The pitch: Demand for industrial gases in Oxagon is expected to grow as the city’s Industrial Quarter attracts more and more tenants. AHG’s facility will help localize production and distribution, which will reduce transportation costs for facilities in Oxagon and curb emissions from long-distance imports. AHG will also be poised to ramp up supplies of industrial gases to contractors working on Neom’s construction.

Oxagon is apparently going forward as planned, unaffected by the ongoing recalibration of Saudi’s gigaprojects, especially Neom, which has reportedly been undergoing a comprehensive review for months.

Alwazn Almithaly is taking 15% stake to Nomu

Alwazn Almithaly kicks off Nomu IPO: Riyadh-based supplements retailer Alwazn Almithaly is offering 451.5k shares, good for a 15% stake, on Tadawul’s parallel market Nomu, according to its prospectus (pdf). The move comes five months after the firm secured regulatory approval.

The timeline: Books open on 3 December and run until 9 December, during which qualified investors will be able to subscribe for up to 150.49k shares each, with a minimum order size of 10 shares. Final allocations will be out on 14 December, with refunds, if any, issued on 15 December.

Who’s selling? The secondary sale will see Bloom Foods Investment, one of the company’s two shareholders, paring down its exposure to 10% from its current 25% and pocketing net IPO proceeds, subject to a 12-month lockup period from the first day of trading. Meanwhile, Alwazn Almithaly Holding Company will retain its full 75% stake.

Talking financials: Alwazn Almithaly’s net income climbed 15.2% y-o-y to SAR 19.3 mn last year, while its revenue rose 4.4% to SAR 197.2 mn. The company announced SAR 9.65 mn in dividends for 2024, equal to a 50% payout ratio.

About the company: Alwazn Almithaly is a local retailer and wholesaler of health foods and nutritional supplements, operating exclusively inside the Kingdom with 150 branches. The company imports and sells a range of healthy and specialty foods, vitamins and minerals, sports supplements, personal-care items, and fitness equipment, and it markets its products both through physical outlets and a licensed online store.

ADVISORS- Alkhair Capital is quarterbacking the transaction as the lead manager and financial advisor, with ZH Partners providing counsel. Receiving agents include our friends at EFG Hermes alongside SNB Capital, Yaqeen Capital, ANB Capital, Alkhabeer Capital, Sab Invest, Alinma Capital, Derayah Financial, Alistithmar Capital, Al Jazira Capital, Riyad Capital, BSF Capital, Albilad Capital, Sahm, GIB Capital, Alrajhi Capital, Awaed, and Musharaka.

Ghanem bags USD 7.1 mn in funding from Al Romaih Group

Riyadh-based fractional real estate investment platform Ghanem secured USD 7.1 mn in funding from Al Romaih Group, according to a press release. The funds will drive the firm’s expansion plans and the development of new products.

Use of proceeds: The fresh funds will help expand the team and accelerate the rollout of two upcoming products, including an enhanced fractional ownership model that lowers the entry threshold for retail investors and an usufruct product offering rental income-backed protections rather than asset-based collateral, Ghanem’s CEO Saleh Al Ghamdi told EnterpriseAM.

Milestones: Ghanem has already launched its fully integrated app — complete with fully automated payment systems and automated e-KYC — prior to the funding round. Looking ahead, Ghanem aims to reach SAR 1 bn in assets under management within the next three years, driven by the massive Saudi market where the firm is an early pioneer in this new category of ownership, Al Ghamdi told us. He emphasized the role of an increasingly mature regulatory environment, lauding the Real Estate General Authority and its Sandbox for enabling emerging real estate models.

A fresh market: While some regional markets such as Egypt and the UAE are already well developed in proptech and alternative real estate investments, Al Ghamdi believes that the Saudi market still offers significant untapped potential. He pointed to major regulatory shifts that are reshaping the sector — from rent reforms to the White Land Tax — as catalysts for a growing market. Alghamdi also sees strong demand today for commercial properties, particularly in Riyadh, as residential activity remains robust amid the expansion of new developments nationwide.

Ghanem’s partnership with Al Romaih Group stems from the group’s deep expertise in the real estate market, Al Ghamdi said. “The group’s involvement brings not only capital but also offers sector-specific knowledge that will support Ghanem’s ambition to scale up a new class of regulated, technology-enabled real estate investment products in the Kingdom.”

About Ghanem: The firm offers a digital real estate platform that allows users to buy fractional stakes in income-generating properties, giving smaller investors a way into the market. It manages the assets on behalf of investors — from leasing to maintenance and income payouts. Its model caters to individuals and institutions seeking regulated, tech-based access to real estate investments without taking on full ownership.

Allied Cooperative Ins. and Tabuk Agricultural Development appoint new heads

Allied Cooperative Ins. Group (Acig) appointed Hamad bin Abdulaziz Al Mushari (bio) as its new CEO, effective 23 November 2025, following the Ins. Authority’s no-objection, it said in a disclosure to Tadawul on Sunday. Al Mushari will be succeeding Mohammed Ghadi (LinkedIn), who is stepping down for personal reasons. Al Mushari brings over 20 years of experience in ins., risk management, and financial services, with senior roles at Dhaman Ins. Brokerage, Allianz Saudi Fransi, Al Alamiya Cooperative Ins., Saudi Arabian Military Industries, and the Saudi Central Bank.

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

ALSO- Tabuk Agricultural Development (Tadco) named Abdullah Hamoud Fallah Al Salhi as managing director and reclassified him as an executive board member, it said in a filing to the exchange on Sunday. Salhi, who had served as an independent board member since August 2025, brings diverse leadership experience from Al Watania Poultry, Al Jomaih (Pepsi), and the Saudi Research and Marketing Group.

Arabian Drilling lands SAR 2 bn in rig renewals

OIL & GAS-

Arabian Drilling secured four rig-contract renewals worth more than SAR 2 bn, adding 30 committed rig-years to its backlog and pushing the total to a record SAR 12.2 bn through the end of 2025, according to a press release (pdf). The renewals complete all planned extensions for this year, giving the contractor full visibility on next year’s fleet commitments.

What we know: Two of the renewed contracts cover rigs that were initially set to expire in 2026, while three of the four agreements fall under the batch of recently resumed contracts. The fourth is an already active contract that has now been extended.

REMEMBER- Arabian Drilling secured the extensions of four rig contracts with Aramco in July for a total combined backlog of SAR 1.4 bn. These extensions ranged from 1 to 10 years, raising the company’s backlog at the time to SAR 11.1 bn.

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

DEBT WATCH-

Derayah Financial Company secured a SAR 500 mn shariah-compliant credit facility from the Saudi National Bank, it said in a disclosure to Tadawul yesterday. The financing, secured against a promissory note, runs from 16 November 2025 to 30 November 2026 and is renewable. The funding will support Derayah’s core operations, including the expansion of its brokerage services and the launch of direct margin lending products.

BTC sinks below USD 92k as traders brace for a deeper slide

BTC plunged below USD 91.5k on Monday, wiping out all its gains for the year, writes Bloomberg. Options traders are bracing for more losses, loading up on downside bets that suggest they think the slide is far from over.

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Traders are paying up to protect against a deeper drop: Demand for put options has surged at the USD 90k, 85k, and 80k price marks, particularly in contracts expiring later this month. More than USD 740 mn of options betting on further declines into late November have changed hands in just a few weeks, far outpacing demand for bullish calls.

Balance-sheet “BTC plays” are under pressure: The sell-off has been especially painful for listed companies that piled into BTC earlier this year to market themselves as “crypto-treasury” stocks.

Fear is now the dominant emotion: A sentiment gauge compiled by CoinMarketCap — tracking price momentum, volatility, derivatives, and other indicators — now shows crypto investors stuck in “extreme fear.” The mood is being dragged down not just by BTC’s slide, but by a broader risk-off turn across global markets. “I think the Fed and AI bubble talk are two major headwinds for crypto and risk assets heading into the end of the year,” said Kaiko research analyst Adam McCarthy. “The AI risk is likely compounding and affecting risk sentiment in crypto, adding that to the chatter from FOMC officials, you’re looking at a sustained downtrend for BTC.”

Macro jitters, not a structural crack: Despite the brutal drawdown, some in the industry argue this is more about global risk sentiment than a new existential crisis for crypto. “That riskoff tone spills into crypto markets, where sentiment remains fragile — the latest drawdown reflects broader macro jitters rather than structural flaws,” said Kraken global economist Thomas Perfumo.

MARKETS THIS MORNING-

Asian markets are in the red in early trading this morning, with Japan’s Nikkei inching down 1.9%, the Kospi down 1.8%, and the Hang Seng down 1.1%.

TASI	11,051	0.0% (YTD: -8.2%)
MSCI Tadawul 30	1,440	+0.2% (YTD: -4.6%)
NomuC	23,906	-0.2% (YTD: -24.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.5% repo	4.0% reverse repo
EGX30	41,066	-0.4% (YTD: +38.1%)
ADX	9,911	-0.1% (YTD: +5.2%)
DFM	5,958	+0.1% (YTD: +15.5%)
S&P 500	6,672	-0.9% (YTD: +13.4%)
FTSE 100	9,675	-0.2% (YTD: +18.4%)
Euro Stoxx 50	5,641	-0.9% (YTD: +15.2%)
Brent crude	USD 63.98	-0.3%
Natural gas (Nymex)	USD 4.34	-0.6%
Gold	USD 4,039	-0.9%
BTC	USD 91,376	-4.0% (YTD: -1.8%)
Sukuk/bond market index	918.30	0.0% (YTD: 1.8%)
S&P MENA Bond & Sukuk	151.92	0.0% (YTD: +8.6%)
VIX (Fear gauge)	22.38	+12.9% (YTD: +29.0%)

THE CLOSING BELL: TADAWUL-

The TASI closed flat yesterday on turnover of SAR 4.0 bn. The index is down 8.2% YTD.

In the green: Acig (+10.0%), Enaya (+8.4%) and Salama (+4.9%).

In the red: SPPC (-5.0%), Jahez (-5.0%) and Advanced (-4.2%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% yesterday on turnover of SAR 37.6 mn. The index is down 24.1% YTD.

In the green: Alfakhera (+24.2%), Knowledgenet (+8.1%) and Ratio (+6.9%).

In the red: HKC (-8.3%), Alrazi (-7.2%) and Axelerated Solutions (-7.1%).

CALENDAR

NOVEMBER

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 November-26 February 2026:Title deed registration for 142.8k properties across 104 neighborhoods in Hail.

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

23-27 November (Sunday-Thursday): The UNIDO General Conference, King Abdulaziz International Conference Center, Riyadh.

23 November - 10 December (Sunday- Wednesday): The Absher Tuwaiq Hakathon (remote).

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 (Tuesday-Wednesday): The Global Sustainability Expo, The Arena Riyadh Venue, Ghirnatah.

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

27 November (Thursday): 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.

27-29 November (Thursday-Saturday): 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.

2-4 December (Tuesday-Thursday): Black Hat MEA, Riyadh Exhibition and Convention Center, Malham.

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.

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

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.

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.

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.

SEPTEMBER

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

OCTOBER

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

Signposted to happen sometime in 2026:

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

Signposted to happen sometime in 2027:

The World Water Forum takes place in Riyadh.
The Ocean Race finishes in Amaala on the Red Sea.
Riyadh-Kudmi transmission line to be completed.

Signposted to happen sometime in 2Q 2027:

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

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