Crown Prince’s France visit set to boost Saudi-French ties

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WHAT WE’RE TRACKING TODAY

THIS MORNING: BinDawood plans SAR 1.5 bn in new investments

Good morning, friends. We are kicking off the week with major diplomatic developments. Saudi Arabia and France are bolstering their bilateral ties, European investors are expected to pledge more commitments at the upcoming Global Investment Summit, and trade relations are expanding with Lebanon.

Up next is the Capital Market Authority, which is reaching out to local and international investment banks to investigate allocation mechanisms and valuation practices for 2025 IPOs, after sharp post-listing declines in newly offered stocks.

Meanwhile, the Saudi Power Procurement Company signed four storage service agreements worth over SAR 4.35 bn for projects totaling 2 GW.

PLUS: We check in at Dallah Healthcare, where Muteab Altukeas has been tapped as acting CEO.

BinDawood plans new investments

Fresh investments: BinDawood Holding plans to invest up to SAR 1.5 bn in additional capital over the next two to three years, with the bulk earmarked for Saudi Arabia, after investing around SAR 1.8 bn in acquisitions since 2022, CEO Ahmed BinDawood told Al Arabiya Business.

REMEMBER- The retailer had a busy expansion period, completing its acquisition of a 51% stake in Vaza Food Company for SAR 217.9 mn. It also absorbed pharmacy chain Zahrat Al Rawdah, children’s toy distributor Toy Triangle, and marketing tech firm Mirror Mirror to diversify revenue away from pure-play grocery retail.

ALSO- The group currently operates three factories in Jeddah focused on meat, cheese, and fresh food, alongside its previous acquisition of UAE-based Wonder Bakery. Meanwhile, it recently agreed to acquire the assets of a dairy products plant in Estonia for around EUR 135.25 mn as a part of the group’s expansion into food manufacturing.

The plant holds around 15% of Estonia’s cheese market, and can process about 1.1 mn kg of milk per day, with production focused on cheese and whey powder, BinDawood said.

A new AI PC from Humain?

Humain is set to unveil a new computer adaptable to the next generation of AI agents, developed in partnership with Qualcomm over the past 12 months, CEO Tareq Amin said on X. The new model is set to be revealed during LEAP 2026, which will be held from 31 August to 3 September.

The tech giant is focusing on redesigning its main operating system, phasing out an app-centric model in favor of one built around user intent. The device will combine CPUs, GPUs, and neural processing units to run AI models locally.

REMEMBER- The company has been ramping up its investments in innovations and the firms sponsoring them. It invested in Saudi AI firm Mozn, has collaborated with Accenture, McKinsey, and Canada’s Cohere, and put USD 3 bn into xAI’s Series E in February.

A new Marakez destination

Our friends at Marakez are entering Egypt’s Red Sea coast for the first time, launching Shams Soma with Somabay, according to a press release (pdf). The project will be an approximately 80-feddan integrated mixed-use tourism site in Somabay and will offer residential units, a hotel, and other facilities. Sales for the project are reportedly scheduled to open before the end of 2026, and Marakez has entered into a revenue-sharing agreement with Somabay with an EGP 40 bn revenue target, according to unnamed sources.

Why this matters: The move unites two players already betting on Egypt’s next wave of tourist-destination real estate. For Marakez, the venture marks an expansion beyond Cairo and the North Coast and into the Red Sea’s growing mixed-use tourism market. Somabay has been expanding both its hotel footprint and its residential offerings, with CEO Ibrahim El Missiri previously telling EnterpriseAM that the Red Sea is poised to become the country’s next major property hotspot, supported by its infrastructure and connectivity.

Data point

SAR 34 bn — that was the total value of Saudi real estate transactions in July, with 20.3k transactions recorded, according to REGA’s data. Riyadh’s An Narjis was the most active district, while residential land was the most active property type. Jeddah’s Al Kawthar recorded the highest transaction value at SAR 2.8 bn.

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The big story abroad

Iran has condemned planned US sanctions as the regional war drags on with no clear path to peace. Iranian Foreign Ministry spokesperson Esmaeil Baghaei has called the move by the US an “assertion of extraterritorial sovereignty over every independent member state of the UN.” Tehran plans to target the interests of nations aligned with the US’ policy of economic pressure, the secretary of Iran’s Supreme National Security Council Mohsen Rezaei reportedly said.

What is Washington planning? US Treasury Secretary Scott Bessent is due to speak at a press conference tomorrow, after Washington threatened “the toughest sanctions in history” on the Islamic Republic.

Meanwhile, trade tensions between the US and Canada are rising. Washington hit Canadian goods with a 50% tariff over the weekend, after the two sides failed to secure a trade agreement. The levies target USD 20 bn worth of goods, accounting for roughly 5% of Canada's total exports to the US. Ottawa fired back by announcing tariffs on US steel, electronics, and other products, penciled in for 8 September.

The cost of memory is up: Soaring memory chip costs are driving up the price of servers equipped with Nvidia AI processors by more than 15% for several major clients. The price increases will apply to systems shipping early next year, affecting configurations powered by flagship processors like Vera Rubin and Grace Blackwell.

The crown prince is in Paris to boost Saudi-French ties

Saudi Arabia and France are expected to ink several bilateral agreements this week as part of Crown Prince Mohammed bin Salman’s meeting with French President Emmanuel Macron, Bloomberg reports. Bin Salman, who is visiting France for the first time since 2023, will also meet separately with Prime Minister Sebastien Lecornu on Monday at the Hôtel National des Invalides.

The meeting’s agenda in a nutshell: The two parties will sign agreements involving technology, transport, energy, and health at the Franco-Saudi Strategic Partnership Council. The leaders will also discuss diversifying maritime transport routes, alternative logistics routes around Hormuz, and regional rail projects, as well as conflicts involving Israel, the Palestinians, Lebanon, and Syria.

Why it matters: European partnerships can help strengthen Saudi supply chains, while alternative routes like regional rail networks can reduce the risks to oil and non-oil exports from disruptions in the Red Sea and Strait of Hormuz.

Alternative routes and logistical solutions are a priority at the moment: Saudi companies, especially Aramco, are searching for the safest paths to avoid Houthi Red Sea threats and Iran’s attacks on the Strait. Some companies, including Sinokor Group, are helping Saudi Arabia reroute crude through the northern Red Sea to avoid the Houthis, while Egypt’s Sidi Kerir is becoming an increasingly important alternative for shipments.

REMEMBER- Saudi Arabia strengthened its defense and economic ties with Europe this year. It has formed a strategic council with Spain to cooperate in security, defense, trade, and investment. The Kingdom also joined a GCC-UK freetrade agreement and expanded its defense cooperation with Italy, with over 400 Italian air force personnel deployed across the GCC, including Eurofighter jets, air-defence radars, and counter-drone capabilities.

Investments on the way.

The Global Investment Summit is expected to result in USD 28.59 bn in European investment flows into GCC countries, alongside 15 joint projects and eight strategic partnerships during its first year, B&S Investments, the Saudi investment group organizing the summit, told Al-Eqtisadiah. It is targeting initial GCC investments of USD 3.5 bn in investment-ready projects, alongside expected transactions worth more than SAR 950 mn.

What will the summit involve? Paris will host the summit on 1-2 September, with day one focusing on renewable energy, industrial transformation, the circular economy, infrastructure and AI, while day two will cover tourism, hospitality, creative industries, biotechnology and healthcare.

Where will the money go? The summit aims to direct 25% of investments towards modern technologies and apply environmental, social and governance standards to 55% of targeted projects, supporting more efficient and sustainable investments.

Foreign investors are displaying trust in the GCC’s long-term potential: These sizable investment targets show Saudi Arabia and the wider GCC’s ability to maintain foreign investor confidence in their returns and stability despite the ongoing geopolitical volatility. The distribution of this capital, placing 25% into deep tech and setting a 55% ESG bar, signals focus on long-term infrastructure and clean energy rather than short-term yield.

IN OTHER DIPLO NEWS

Saudi Arabia and Lebanon have resumed Lebanese exports to the Kingdom through the Al Masnaa border crossing, Al Arabiya reports. A new border-crossing center is also in the works.

REMEMBER- The Kingdom lifted a ban on Lebanese imports in June, which was first imposed in 2021 over the smuggling of illicit substances among legitimate cargo. The decision to resume trade came in response to requests from Lebanese President Joseph Aoun and Prime Minister Nawaf Salam and is expected to help revive the Lebanese economy.

Pricing review meets foreign inflow push

IPO review underway: The Capital Market Authority (CMA) reportedly contacted local and international investment banks to seek information on 2025 IPOs, especially concerning their mechanisms and how shares were allocated to investors, Asharq Business reports, citing unnamed sources. The review comes as the authority examines the sharp declines in several newly listed stocks despite strong institutional demand during their offerings.

Underperforming listings: Six of the seven companies that went public in 2025 ended their first year below their offer price, with the sample posting an average decline of around 27%. Arab Agricultural and Industrial Investment Co. (Entaj) and United Carton Industries recorded the steepest falls at around 51% and 50%, respectively, while Umm Al Qura for Development & Construction (Masa) was the only stock to trade above its IPO price, gaining 8%.

Stirring stagnant waters: The review of IPO pricing mechanisms comes as Mazen Al Sudairi takes over as chairman of the CMA’s board, amid indications that the stock market could raise its foreign ownership limit. A Morgan Stanley report expects the foreign ownership cap will be raised to 75%, a move that could attract around USD 4.3 bn in additional inflows, which could rise to USD 7.4 bn if restrictions are fully removed.

But how? “Increasing foreign ownership limits, in theory, makes no difference to the fundamental valuation of publicly listed companies, but, in practice, it allows the largest foreign institutional and corporate investors to take positions that make a more material difference to their portfolios and potentially allow them to exert control with board positions or majority control,” Hasnain Malik, head of Geopolitical Risk and Emerging Markets Equity Strategy at Tellimer, tells EnterpriseAM.

The largest stocks: Malik expects that particularly those without a long-term, majority government shareholder, of which there are a number in the banks, consumer retail, and healthcare sectors, are the most likely to benefit from much greater foreign inflows. “The low end of estimates of foreign inflows reflects the automatic allocation by passive foreign funds that will track the greater weights in equity indices like MSCI EM and FTSE EM. The high end of estimates reflects a scenario where active foreign funds that do not have to follow the indices get more enthusiastic about the Saudi investment case in general,” he says.

REMEMBER- We flagged the weaker market backdrop: TASI declined 1.95% in July to 10,590 points, while trading value dropped 20% y-o-y to SAR 86.1 bn.

SAR 4.35 bn in battery storage deals

Renewables rollout: The Saudi Power Procurement Company (Principal Buyer) has signed four storage service agreements for battery energy storage system projects with a combined capacity of 2 GW over four hours, involving investments of more than SAR 4.35 bn, the Ministry of Energy said on X.

What it covers: The first group comprises the 500 MW Al Muwyah and Haden projects in Makkah and the 500 MW Al Kahafa project in Hail. The three projects were awarded to a consortium of Saudi Energy, Acwa Power, and Al Sharif Contracting and Commercial Development. The 500 MW Al Khushaybi project in Qassim was awarded to a consortium comprising Engie and Haji Abdullah Alireza & Co.

Why it matters: These projects are part of the first group of BESS projects under the build-own-operate model. The Kingdom aims to generate 50% of electricity from renewable sources by 2030. It has also set a goal of reaching 130 GW of renewable energy capacity by the end of the decade. The total capacity of renewable energy projects that entered operation reached 6.6 GW by the end of 2024, including 6.2 GW of solar and 400 MW of wind, while investments in operating renewable projects stood at around SAR 19.8 bn, according to Gastat data.

Dallah Healthcare taps Muteab Altukeas as acting CEO

New acting CEO: Dallah Healthcare has appointed Muteab bin Abdullah Altukeas as acting CEO and a member of its Investment and Financing Committee, according to a Tadawul announcement. Altukeas will succeed Ahmed bin Saleh Babaeer, who will step down on 1 September due to personal reasons.

Altukeas served as Dallah Healthcare’s chief strategy officer since 2022 and was general manager of strategy and PMO from 2017 to 2022. He brings over 15 years of experience in strategy, project management, and M&A, and holds a master’s degree in project management from Heriot-Watt University and a bachelor’s degree in civil engineering from King Saud University.

New healthcare ins. product to cover outpatient care without pre-approval

No pre-approval for outpatient care

No pre-approval: Saudi Arabia plans to introduce a health ins. product that will allow policyholders to receive outpatient treatment without requiring prior medical approval, the Ins. Authority said in a press release.

The new product will be available to ins. customers from 1 November. It will be offered as an additional option alongside existing health ins. products, giving employers and policyholders greater flexibility to choose coverage based on their needs.

Consumer protection: Policyholders and health ins. beneficiaries can file a complaint with the Ins. Authority if an insurer refuses to provide the new option when requested after the 1 November launch date.

BTC tops USD 70k as a Treasury move to ease bond-market strain sparks a rush into risk assets

BTC is finally experiencing a rally after months of decline, with the crypto asset jumping as much as 14% in 24 hours to USD 72k — its highest level since June — after the US Treasury said it would at least double purchases of longer-dated government bonds. Meanwhile, ETH rose 20%, XRP rose 15%, and Hyperliquid’s hype token rose 25%. More than USD 1 bn in BTC short positions were liquidated in about an hour, part of a broader USD 2.7 bn short-covering wave, according to data from Coinglass picked up by Bloomberg.

What’s happening? The Treasury’s maximum liquidity-support buybacks of 10- to 30-year government bonds will rise from USD 2 bn to at least USD 4 bn per operation. The move comes after the US paid its highest borrowing costs on 30-year bonds since 2001, while a 10-year auction this week fetched the highest yields since 2007, according to the Financial Times.

Markets read that combination as a liquidity signal, and cheaper long-term money plus a softer USD are exactly the conditions that make scarce, fixed-supply assets — BTC, gold — more attractive relative to cash. Gold also jumped 2.7% the same day.

BTC got extra torque from positioning: The market had built up a near-record short base, so every leg higher forced more shorts to cover — which is how a Treasury operation turned into the biggest liquidation wave since 2021.

BACKGROUND- Behind the sell-off is a very large number: US gross federal debt has crossed USD 40 tn for the first time after adding USD 3 tn over the past year — its fastest increase outside the pandemic era. Debt held by the public now exceeds USD 32 tn, roughly the size of the US economy, while federal interest costs have surpassed defense spending.

BTC bulls see an opening: This is “exactly the type of thing BTC loves,” Standard Chartered’s Geoffrey Kendrick said, arguing investors should position for BTC to reach USD 100k by year-end.

The upswing was helped by a sit-down President Donald Trump had with crypto executives at the White House, which followed a proposal from the Securities and Exchange Commission to exempt certain digital assets from securities registration statements as the regulator moves ahead with its stalled crypto agenda.

TASI	10,954	+0.3% (YTD: +4.4%)
MSCI Tadawul 30	1,472	+0.3% (YTD: +6.1%)
NomuC	21,572	+0.0% (YTD: -7.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	54,737	+0.4% (YTD: +30.9%)
ADX	10,004	-0.7% (YTD: +0.1%)
DFM	5,857	+0.3% (YTD: -3.4%)
S&P 500	7,674	+0.4% (YTD: +12.1%)
FTSE 100	10,817	+0.6% (YTD: +8.9%)
Euro Stoxx 50	6,462	+0.6% (YTD: +11.5%)
Brent crude	USD 94.39	+0.7%
Natural gas (Nymex)	USD 2.77	+1.5%
Gold	USD 4,681	+2.4%
BTC	USD 76,977	-2.0% (YTD: -12.1%)
Sukuk/bond market index	917.37	+0.5% (YTD: -0.2%)
S&P MENA Bond & Sukuk	150.64	-0.2% (YTD: -0.8%)
VIX (Fear gauge)	15.13	-5.5% (YTD: -1.2%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.3% on Thursday on turnover of SAR 5.1 bn. The index is up 4.4% YTD.

In the green: Almasane Alkobra Mining (+6.0%), AFG International (+5.8%), and Al Hassan Ghazi Ibrahim Shaker (+5.5%).

In the red: Wataniya Ins. (-3.1%), Walaa Cooperative Ins. (-2.8%), and Mutakamela Ins. (-2.8%).

THE CLOSING BELL: NOMU-

The NomuC remained flat on Thursday on turnover of SAR 15.1 mn. The index is down 7.4% YTD.

In the green: MSGA Investment (+8.3%), Shalfa Facilities Management (+7.5%), and Anmat Technology for Trading (+6.4%).

In the red: Alfakhera for Mens Tailoring (-12.0%), Riyal Investment and Development (-9.7%), and Abdulaziz Bin Ahmed Altwijri Trading (-8.8%).

CALENDAR

AUGUST

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

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

SEPTEMBER

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

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

23 September (Wednesday): Saudi National Day.

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

OCTOBER

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

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

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

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

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

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

NOVEMBER

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

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

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

29 November-1 December (Sunday-Tuesday): The Global Logistics Forum, King Abdulaziz International Convention Centre, Riyadh.

Signposted to happen sometime in 2026:

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

2027

FEBRUARY

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

MARCH

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

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

APRIL

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

JUNE

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

Signposted to happen sometime in 2027:

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

Signposted to happen sometime in 2Q 2027:

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

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