FII9 second day sees Aramco close Jafurah agreement, Saudi-British investment package, and Humain stealing the show

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Opec+ likely to opt for another bump for December

Good morning. FII9 is picking up steam as it delves into its second day — or Day One as it’s officially called — with big announcements from Aramco, Humain and the UK at the forefront. Meanwhile, Principal Buyer awarded 4.5 GW of renewable energy projects valued at over SAR 9 bn, and IPO-hopeful Tabby is now valued at USD 4.5 bn after closing a secondary share sale. Let’s dive in.

WEATHER-

Riyadh: 32°C high / 19°C low,
Jeddah: 35°C high / 26°C low
Makkah: 38°C high / 26°C low
Dammam: 33°C high / 19°C low.

WATCH THIS SPACE-

#1- The second day of the Global Health Exhibition unfolded with a series of partnerships and renewed alliances, maintaining the event’s momentum though at a calmer pace than its bustling opening yesterday which saw over SAR 40 bn in agreements announced. The four-day gathering — which will wrap up this Thursday — is expected to draw SAR 124 bn in health sector investments, Health Minister Fahad Al Jalajel announced yesterday.

Saudi German Health deepened its collaboration with global health giant Mayo Clinic to enhance medical service efficiency and competitiveness, President and Vice Chairman Makarem Sobhi Batterjee told Asharq Business on the sidelines of the event (watch, runtime: 02:04). The group plans to establish a new clinic in Riyadh, following the soft launch of Al Sobh Hospital for rehabilitation, and will expand its Jeddah branch — set to become one of the largest in the Kingdom.

Bupa Arabia also moved to strengthen its on-ground presence, revealing plans to open its first clinic for healthcare services in Riyadh by year-end, followed by three additional sites across Riyadh and Jeddah in 2026, CEO Ali Sheneamer told Asharq Business (watch, runtime: 06:28). The company signed several agreements, including a deal with Al Nahdi Pharmacy to supply pre-sorted medication packets for patients with chronic illnesses. It also inked 12 agreements with government entities like the Public Investment Fund and King Abdullah Financial District to establish in-house clinics for their employees.

#2- Arabian Dyar plans to list 30% of its shares on Tadawul in 2026 to boost growth and attract more investors, chairman Muammar Al Atawi told Asharq Business (watch, runtime: 7:36). The company is expanding the use of technology and AI in planning future projects and signed a USD 100 mn agreement with Google to integrate tech into current and upcoming developments.

MARKET WATCH-

Opec+ likely to opt for another modest output bump for December: The oil cartel is expected to sign off this Sunday on another 137k bbl / d increase to December output targets, Reuters reports, citing two of four sources briefed on the talks. Some members think the group should pause the monthly increases to account for seasonal demand weakness heading into the northern hemisphere winter, Reuters said, citing a fifth source.

Price impact has been mixed: Earlier Opec+ supply additions helped push Brent to a five-month low this month on concerts about a looming surplus. Prices then rebounded to some USD 66 a barrel after the US slapped sanctions on Russia’s top two oil firms — Rosneft and Lukoil — calming glut fears. Trump’s move could potentially strip at least some 1.5 mn bbl / d from the sanctions-abiding oil market, according to Reuters ’ calculations.

Where the cuts stand now: The 5.85 mn bbl / d Opec+ reduction package comprised 2.2 mn bbl / d and 1.65 mn bbl / d of voluntary cuts from the eight members, plus a 2 mn bbl / d cut from the full group. The eight members unwound the full 2.2 mn bbl / d layer by end-September and began unwinding the 1.65 mn bbl / d layer with two 137k bbl / d increases in October and November.

Global LNG supply is set to swell this decade: Some 300 bcm per year of new liquefaction capacity is scheduled to come online by 2030, translating into a potential 250 bcm / year of net LNG supply growth over the same period, according to the International Energy Agency’s (IEA) Gas 2025 report (pdf). The agency expects the surge to weigh on prices — barring major disruptions — and pull more demand into the market.

Demand outlook still climbing: Global gas demand is seen climbing by 1.5% annually through 2030 in the IEA’s base case — or by 380 bcm in absolute terms. About half of that growth — roughly 190 bcm — would come from the Asia Pacific, with the Middle East accounting for close to 30% of the non-Asia share, adding more than 50 bcm of demand over the period.

Natural gas output across the Middle East is forecast to expand by more than 20% — some 165 bcm — between 2024 and 2030, with Saudi Arabia expected to add almost 40 bcm over the period, while the UAE would add around 20 bcm through 2030.

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THE BIG STORY ABROAD-

A mix of Big Tech news and headlines from the region are getting attention this morning:

#1- The Israel-Hamas ceasefire seems to be in its most fragile state yet, after Israel launched military strikes on Gaza yesterday, killing 26 people. An Israeli military official said the strike was in response to an attack from Hamas against Israeli military forces in an area within Gaza that is under Israeli control. (Reuters | Bloomberg | Financial Times)

#2- OpenAI is likely on track for a public listing, after a restructuring agreement with Microsoft that will see it abandon its nonprofit roots and turn into a public benefit corporation controlled by a nonprofit, as it looks to fund ambitious plans for data centers and AI technology. Microsoft will retain its 27% stake in the firm under the agreement. Its shares rose 2.5% on the news, sending its valuation above USD 4 tn. (Reuters | FT | CNBC | Wall Street Journal)

#3- Also joining the USD 4 tn club yesterday: Apple, which is benefitting from an ongoing rally prompted by positive sales momentum for its new iPhone 17. Only Nvidia and Microsoft have hit the USD 4 tn mark. (Reuters |

#4- As for the USD 5 tn club…: Nvidia was close to touching the USD 5 tn mark after its shares soared 5% yesterday, briefly touching USD 4.94 tn before settling at USD 4.89 tn. This came after it said it had USD 500 bn in bookings for its AI processors. (Reuters)

Other headlines from the firm:

The company is taking a stake in Nokia for USD 1 bn, with plans to work together on 6G technology. Nokia’s shares soared 22% on the news. (CNBC | FT )
Nvidia CEO dismissed concerns of an AI bubble, saying everyone’s “happily paying” for and enjoying AI models, as it struck industry partnerships with Uber, CrowdStrike, and Palantir Technologies. (Bloomberg)

ALSO- Could Elon Musk leave Tesla? That’s what he’s threatening to do if he does not get his USD 1 tn pay package in a shareholder vote next week. The chair of the board of the EV maker already said they’re lining up candidates to replace him as CEO in case that happens. (Bloomberg)

FII9 second-day highlights: Aramco closes Jafurah agreement, Saudi-British investment package, and more

The FII9 is off to a strong start: The summit’s Day One is already seeing announcements of big-ticket investments and partnerships, although we expect the flow to rise dramatically by the end of the week as the summit culminates in its aptly named “dealday” on Thursday.

#1- Aramco closed the USD 11 bn lease and leaseback agreement for its Jafurah gas processing facilities with a consortium led by BlackRock’s Global Infrastructure Partners (GIP), it said in a press release yesterday. The finalized agreements — which includes heavyweights like the PIF, its Hassana pension fund, and the Arab Energy Fund, along with other investors from Asia and the Middle East — will see Jafurah starting production by year-end.

IN CONTEXT- The agreement — signed originally in August — covers the Jafurah field gas plant and the Riyas NGL fractionation facility, which is leased to the newly created subsidiary, Jafurah Midstream Gas Company (JMGC), and leased back to Aramco for 20 years. Aramco holds a 51% stake in JMGC, while the GIP-led consortium owns the remaining 49%. The consortium reportedly raised a financing package of nearly USD 10 bn last month to fund the investment.

ALSO- Aramco plans to invest USD 2 bn in Aramco Digital over the next two to three years to expand its technology capabilities, President and CEO Amin Nasser said. The company has invested a total of USD 6 bn in technology over the past two years and is also planning a 60% expansion of its gas business over the next five years, alongside continued growth in renewable energy and oil-to-chemicals projects, he added.

#2- Saudi and Britain strengthen investment ties: Britain secured a GBP 6.4 bn in two-way trade and investment agreements with Saudi during UK Chancellor Rachel Reeves’ visit to Riyadh, according to a statement. The visit included leading the largest-ever UK delegation to the FII conference.

The details: A refreshed MoU between UK Export Finance and the Public Investment Fund will seel provide up to GBP 5.1 bn in export credit support to PIF and its portfolio companies to help British suppliers land contracts in Saudi, as well as support purchases from UK-based businesses.

The package also includes:

Six Flags Qiddiya City is partnering with UK Export Finance for GBP 90 mn murabaha financing designed for UK creative, architectural, security and construction businesses;
Digital Bank Vemi will receive a GBP 75 mn investment from a consortium of unnamed Saudi investors and banking executives;
Saudi’s cybersecurity firm Cipherwill invest GBP 37 mn to launch a European office in London;
British climate‑tech firm Levidian is partnering with Kanoo Energy on regional decarbonization projects for up to GBP 7.5 mn in commercial opportunities over the next five years;
Barclays is establishing an RHQ in Riyadh to support capital flows and advisory services;
HSBC Saudi Arabia is relocating its headquarters to the King Abdullah Financial District in Riyadh;
UK-Bahraini Aberdeen Investcorp will advance infrastructure investments in the Gulf;
Analytics firm Quantexa is launching its Quantexa AI platform in the region.

INSIGHTS FROM THE SUMMIT-

Officials, investors, and global business leaders continued discussions on Day One, covering economic transformation, capital markets development, and the impact of new technologies. The agenda focused on the progress of Vision 2030 reforms, the private sector’s evolving role, and the challenges of rapid technological change.

Policymakers emphasized that the Kingdom’s diversification strategy is delivering results. 90% of foreign investment in Saudi Arabia now goes to non-oil sectors, Investment Minister Khalid Al Falih said, noting that while global FDI fell 10%, inflows to the Kingdom have quadrupled since Vision 2030’s launch, Asharq Business reported. He added that Saudi Arabia’s economy no longer fundamentally relies on oil revenues, with non-oil income now accounting for 40% of the government budget and the non-oil GDP expanding 4-5%.

Al Falih called on the private sector to increase its participation, arguing it is time for sovereign wealth funds including the PIF to scale back on their spending as projects reach mature stages to allow room for the private sector, according to Al Arabiya. He pointed to growing opportunities in advanced manufacturing, tourism, entrepreneurship, and venture capital, where startups have attracted over USD 1 bn, 60% from Middle Eastern investors.

ALSO- Financial institutions used the conference to highlight expansion plans in the Kingdom. Goldman Sachs will triple its staff in Riyadh to about 60, CEO David Solomon told Bloomberg, as it looks to grow in the private credit market and builds its onshore wealth management services. The bank sees potential in the Kingdom’s growing focus on AI and ongoing capital market reforms designed to attract more foreign investors. “I think you’re going to continue to see an influx of capital markets transactions,” he said.

Deutsche Bank is also moving to deepen its presence, as it has applied for a license to set up its regional headquarters in the Kingdom, Middle East and Africa CEO Jamal Al Kishi said. He cited the Kingdom’s emerging private credit market and growth in M&A activity as key opportunities.

AND- Private capital is expected to remain a major financing driver. Brookfield Asset Management’s head of private equity Anuj Ranjan said private equity and private credit will continue expanding “side by side,” rather than displacing the other, Bloomberg reported. He added that reduced government funding opens up huge potential for private capital to support companies seeking growth, following recent concerns triggered by bankruptcies at Tricolor Holdings and First Brands Group.

Other global capital leaders focused on broader market challenges. KKR Co-CEO Scott Nuttall said that infrastructure and real estate investment are currently challenging, although he stressed infrastructure remains “essential” for long-term economic growth, Al Arabiya reported. HSBC Group CEO Georges Elhedery said banks face increasing complexity as they manage differing national economic priorities while enabling global supply-chain connectivity.

Humain steals the show at FII9 with USD 3 bn center push, Aramco backing and product launches

As expected, AI is taking center stage at the Future Investment Initiative forum (FII9) this year, as PIF’s AI champion Humain announced big-ticket partnerships, acquisition and IPO plans, product launches, and more.

A USD 3 bn data centers push with Blackstone: Humain inked a long-term partnership with Australia’s AirTrunk, backed by Blackstone and the Canada Pension Plan Investment Board, to build and operate next-generation data centers in the Kingdom with an initial USD 3 bn investment, Blackstone said in a statement. Humain will lead the work on infrastructure and AI capabilities, while AirTrunk brings global expertise in data center development and operations, the statement said.

Just the beginning? The partnership may expand to include more players eventually, such as BlackRock, KKR, and DigitalBridge, CEO Tareq Amin told Bloomberg.

Humain is already talking IPO and lining up investors: Humain could go public via a dual listing on Tadawul and the US’s Nasdaq within the next three to four years, Amin said. The CEO also hinted at a potential investment from one of Humain’s AI chip suppliers — which include Nvidia, AMD, Qualcomm and Groq.

.. and Aramco wants a piece: The PIF and Aramco signed a non-binding term sheet yesterday for the latter to acquire a significant minority stake in Humain. The acquisition’s aim is “to combine the two entities' AI assets and expertise under Humain to accelerate its global growth,” a statement from Aramco said, without disclosing financial details.

ALSO- Humain launched its new operating system, Humain One, following the debut of its Horizon Pro AI PC last month, it said in a press release yesterday. The system automates key enterprise functions such as HR, finance, and procurement through a single language-based interface, powered by Humain’s Arabic-first AI model, Allam. Humain One is already being tested in several government institutions and three PIF companies, CEO Tareq Amin said during the conference.

The OS introduces a suite of productivity tools, including Humain Secretariat for managing meetings and tasks, Humain Search for quick research, and Humain Code, a no-code tool that allows teams to build custom AI agents using natural language. It also features Humain Connect, a video platform with live meeting summaries launching in 4Q 2025, while Humain Workhub, an integrated office suite for collaboration, is set to follow in 1Q 2026.

To expand the Humain One ecosystem, the company is partnering with EY to adapt enterprise tools into AI agents, with Groq to power its infrastructure in Dammam, and Replit to train Saudi developers. Humain is also preparing to launch the Humain Marketplace, where developers and enterprises can build and share AI agents to extend the system’s capabilities.

Building on success: AI-powered chatbot Humain Chat reached 300k active users in the Kingdom since its launch this year, and will expand into five new markets before the end of the year, Amin said.

Principal Buyer awards 4.5 GW of renewable energy projects valued at over SAR 9 bn

The Saudi Power Procurement Company (Principal Buyer) awarded a wind project and four solar projects under phase six of the National Renewable Energy Program (NREP), with a combined capacity of 4.5 GW and over SAR 9 bn (c.USD 2.4 bn) in investments, according to a statement from the Energy Ministry. The batch includes some of the world’s lowest wind and solar levelized cost of energy on record — ranging from SAR 0.0411 / kWh (c.USD 0.0109 / kWh) to SAR 0.0565 / kWh (c.USD 0.0150 / kWh).

The 1.5 GW Al Dawadmi wind project in Riyadh was awarded to a consortium of homegrown Nesma Renewable Energy, Korea Electric Power Corporation, and UAE’s Etihad Water & Electricity — marking a new record low for wind generation cost at SAR 0.0517.

Masdar snatched some 2 GW of solar: The 1.4 GW Najran solar project was awarded to UAE’s Masdar, marking the world’s second-lowest cost for solar after Al Shuaiba’s USD 0.0104 / kWh. Masdar also took the 600 MW Al Darb solar project in Jazan.

The 600 MW Samtah solar project — also in Jazan — was awarded to the Saudi Electricity Company (SEC) and France’s EDF. A SAR 1.37 bn power purchase agreement (PPA) was signed between SEC and Principal Buyer, where SEC will hold a 50.01% interest in the project, according to a disclosure to Tadawul. The project will be developed, financed, constructed, owned, and operated by the project company.

The 400 MW Al Sefan solar project in the Hail region went to a consortium comprising Dammam-based Al Jomaih Energy & Water and France’s TotalEnergies Renewables.

The bigger picture: Principal Buyer has now signed 43.2 GW of PPA capacity out of 64 GW of renewables slated to be tendered by year-end, with 12.3 GW already online and grid-connected, according to the statement.

REMEMBER- The NREP aims to generate 50% of its electricity from renewables by the decade’s end.

IPO-hopeful Tabby now valued at USD 4.5 bn after it onboarded new Hong Kong-based investors

Tabby wrapped up a secondary share sale valuing it at USD 4.5 bn, a significant jump from the USD 3.3 bn it fetched in February following a USD 160 mn Series E round, according to a press release.

How it worked: The latest transaction saw existing investors offload part of their holdings in the Riyadh-based fintech to new backers, including Hong Kong-based PE firms HongShan Capital Group (formerly known as Sequoia Capital China) and Boyu Capital, with no new shares issued and no fresh proceeds raised for the company. No details were provided on the size of the transaction or the selling shareholders.

Investors like Tabby’s story: The transaction gives the Hong Kong firms a strategic gateway into the Kingdom’s fast-growing fintech and consumer credit ecosystem. “Tabby's product velocity and rapid path to scalability reflect exceptional execution and a deep understanding of the market,” said Rock Wang, managing director at HongShan. Meanwhile, Joey Chen, partner at Boyu Capital, said that “Tabby has demonstrated strong product innovation and disciplined growth in a rapidly developing market, placing the company as the forefront leader in this region’s nascent financial technology sector.”

REMEMBER- Tabby reportedly tapped HSBC Holdings, JPMorgan Chase, and Morgan Stanley earlier this year to advise on a potential IPO, with the company targeting a 2025-2026 window. The size of the offering and the exact timeframe are yet to be determined.

The story was also picked up by Reuters and Bloomberg.

Egyptian-Saudi AI startup Velents secures USD 1.5 mn in funding

Egyptian-Saudi AI solutions startup Velents closed a USD 1.5 mn funding round and launched the first fully integrated Arabic-speaking AI employee, Agent.sa, according to a press release (pdf). The round saw participation from several angel investors.

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

Where will the money go? Velents will use the funds to accelerate the research and development of its core Arabic language model, expand Agent.sa’s integration ecosystem, and strengthen its on-premises and private cloud infrastructure beyond Saudi Arabia and Egypt, CEO and co-founder Mohamed Gaber told EnterpriseAM. The company will also utilize a portion of the capital to expand its engineering and product teams.

Getting to know Agent.sa: The company provides several services through its flagship AI assistant Agent.sa, including customer support, sales conversations, internal workflows, and data analysis across voice, chat, and email channels, Gaber said. It also offers open APIs and on-premise deployment, allowing entities to build and host their own Arabic AI.

The mission, ultimately, is a culturally adaptive Arabic AI system: Velents aims to become one of the region’s pioneers in introducing an enterprise-grade, Arabic-first AI infrastructure, he said. Its mission is to build Arabic-native systems that understand context, culture, and communication, going beyond traditional translation.

The company formed regional partnerships to accelerate its growth: Velents partnered with Sumerge, Fawry Business, and Robusta in Egypt and a handful of other companies in Saudi Arabia to deliver enterprise-grade AI solutions, including payment collection and customer engagement, Gaber told us.

Looking ahead: Velents wants to step into other GCC markets where demand is rising for Arabic-native AI solutions that can integrate securely with national systems. The company is also exploring prospects in South and East Africa, driven by rapid digital transformation and the need for multilingual communication tools, he said. Looking ahead, East Asia is seen as a strategic frontier, given its scale and the maturity of its enterprise operations.

The firm plans to raise USD 3 mn in its upcoming funding round, scheduled for early 2026. This capital will be used to scale up its product across new sectors, enhance enterprise integrations, and further develop its Arabic-first R&D center, which focuses on advancing regional AI capabilities, Gaber said.

Solutions, Astra Industrial and Leejam Sports post 3Q earnings

SOLUTIONS-

Arabian Internet and Communications Services Company (solutions by stc) saw its net income edge down 9.9% y-o-y to SAR 417 mn in 3Q 2025, weighed down by higher zakat and taxes and increase revenue-linked costs, despite a SAR 345 mn rise in revenue, it said in a filing to the bourse yesterday. Last year’s base also included a SAR 73 mn zakat provision reversal and a SAR 52 mn one-off retirement expense.

Meanwhile, revenue rose 12% y-o-y to SAR 3.1 bn over the same period, driven up by a 7.4% increase in core ICT services and a 35.4% rise in IT services, despite a 12.9% dip in digital services.

On a 9M basis, the company’s bottom line slipped 3.6% y-o-y to SAR 1.2 bn, while its top line edged up 5.9% y-o-y to SAR 8.8 bn.

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

ASTRA INDUSTRIAL GROUP-

AstraIndustrial Group’s net income jumped 20.1% y-o-y to SAR 167.4 mn in 3Q 2025, driven by increased steel sales and lower financing costs in the specialty chemicals division, it said in a Tadawul disclosure yesterday. Revenue grew 6% y-o-y to SAR 730.1 mn over the same period on the back of higher steel and pharma sales.

On a 9M basis, the company saw its bottom line rise 12.3% y-o-y to SAR 514.2 mn, while its top line fell 2.6% y-o-y to SAR 2.3 bn.

LEEJAM SPORTS-

Leejam Sports posted a 56.7% y-o-y decline in net income to SAR 81 mn in 3Q 2025, mainly due to a high comparison base from 3Q 2024, which included a one-off SAR 92 mn land sale, it said in a disclosure to Tadawul yesterday. The company also cited higher operating expenses, with its cost of revenue up 17% due to the addition of 23 new centers and a 19% increase in other expenses amid new investments.

MEANWHILE- Revenue increased 9.5% y-o-y to SAR 439 mn during the quarter, thanks to 9% growth in subscriptions, memberships, and personal training earnings.

On a 9M basis, Leejam Sports’ net income fell 36.7% y-o-y to SAR 224 mn, while its revenue rose 9.4% to SAR 1.2 bn.

Dividends: The company’s board approved a SAR 49.6 mn dividend payout for 3Q 2025 at SAR 0.95 per share, it said in a separate disclosure. The distribution date is set for Thursday, 13 November.

Riyadh Cables to acquire 51% majority stake in Uzbekistan's Artikul Aziya Kabel

M&A WATCH-

Riyadh Cables on track to become major shareholder of an Uzbek cable manufacturer: Riyadh Cables Company inked a SAR 147.7 mn share and purchase agreement to acquire a 51% majority stake in Uzbekistan’s low and medium voltage power cable provider Artikul Aziya Kabel, according to a Tadawul disclosure yesterday. The Riyadh Cables Group ’s subsidiary tapped PwC to advise on the acquisition, which will be funded through the firm’s own resources and facilities. The transaction is pending regulatory approvals.

What they said: The move will contribute to diversifying the group’s revenue sources along with “building a Central Asian production hub that complements the group’s regional network and strengthens its export capability,” the group said in a separate statement.

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

ENERGY-

The heavy engineering arm of Indian conglomerate Larsen & Toubro secured a contract to build a refinery and an integrated petrochemical complex in the Kingdom, amending a previous contract related to the High Olefins Fluid Catalytic Cracking (HOFCC) Reactor and Regenerator revamp, it said in a statement yesterday. No financial details were disclosed.

REAL ESTATE-

The Saudi Real Estate Institute will provide accredited training programs in real estate finance, investment, and asset management under new partnerships with Saudi Awwal Bank, Riyad Bank, Aljazira Bank, and Albilad Bank, it said on X yesterday. The cooperation agreements, signed during the Global Proptech Summit in Riyadh, will also offer joint certification initiatives to enhance the qualifications of those working in the real estate sector.

Global sukuk market on track to close out 2025 on a high note

The global Islamic finance industry is expected to register growth in 2025 despite headwinds and “growing uncertainty,” S&P Global said in its recent Islamic Finance Outlook report (pdf). This year’s anticipated positive performance will come after the industry grew 10.6% in 2024, driven by an outstanding sukuk performance and substantial banking asset growth. Banking assets contributed to 60% of the industry’s growth in 2024, with Saudi Arabia leading the pack, accounting for around two-thirds of that acceleration.

Global sukuk issuance is on track to hit as much as USD 200 bn by the close of the year — barring any major impact from current market volatility, S&P said, reiterating its forecast from January of this year. Foreign currency-denominated sukuk are expected to account for a little less than half of the total (USD 70-80 bn), maintaining positive momentum from 2024, when FCY-denominated sukuk rose 29% y-o-y despite total sukuk issuances dipping.

The year so far: Global sukuk issuance hit a record in 3Q 2025, defying market volatility and the usual seasonal slump, according to recent Fitch Ratings figures. Core markets — the GCC, Malaysia, Indonesia, Turkey, and Pakistan — issued about USD 80 bn in the quarter, up 22% q-o-q and 89% y-o-y. The 3Q performance comes after issuances fell 15% y-o-y in 1H 2025 on the back of lower local currency-denominated issuances in key markets, including Malaysia, Qatar, the UAE, and Saudi Arabia.

Sustainable sukuk issuance volumes rose by 27% in 1H 2025, reaching USD 9.3 bn, according to S&P. The issuance activity was led by the Islamic Development Bank, which accounted for almost half of the market’s activity, with Saudi Arabian issuers leading the market.

Saudi Arabia and the UAE are expected to be the primary engines of growth, S&P said. “Saudi Arabia’s Vision 2030 will continue to translate into significant banking system growth, provided it attracts sufficient refinancing sources, including sukuk issuances from the international capital market.” Meanwhile, high non-oil GDP growth in the UAE and high capex needs “will further support financing requirements and sukuk issuances in 2025,” according to the report. S&P also sees continued growth in the industry across the rest of the GCC, as well as high single-digit growth coming out of Asia-Pacific markets — particularly Indonesia, Bangladesh, Malaysia, and Pakistan.

Not all markets will do equally well: Local currency-denominated sukuk are expected to continue growing in Turkey and Egypt, but overall performance will depend on the performance of their currencies. S&P said. Depreciation in Turkey made it one of the largest contributors to growth in relative terms, but the contribution was modest in absolute terms, the report said.

Risks remain: Prospects for the sukuk and takaful market in 2026 and next depend on the possibility of adopting Shariah Standard 62, S&P noted, saying that the adoption of the new standards could disrupt the market “by potentially reclassifying the instruments from debt-like to equity-like.” Some issuers may still preemptively rush to market before the standard is implemented, particularly if it is adopted in its current form.

SOUND SMART- Shariah Standard 62 is a proposed overhaul of how sukuk are treated to bring them more in line with shariah principles. The planned revisions — introduced in 2024 — would allow sukuk holders to gain full ownership of the underlying assets and expose them to additional risks like defaults. It could also increase costs and red tape for issuers through additional asset transfer and documentation.

MARKETS THIS MORNING-

Japan’s Nikkei is continuing a strong trend of gains, leading Asian markets with a 2% rise in early trading after reaching new heights yesterday on US-Japan trade optimism. Over on Wall Street, futures are little changed in anticipation of the Fed’s decision on interest rates.

TASI	11,674	+0.5% (YTD: -3.0%)
MSCI Tadawul 30	1,520	+0.6% (YTD: +0.7%)
NomuC	24,947	+0.5% (YTD: -20.7%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.75% repo	4.25% reverse repo
EGX30	38,305	+0.4% (YTD: +28.8%)
ADX	10,165	-0.3% (YTD: +7.9%)
DFM	6,070	+0.5% (YTD: +17.7%)
S&P 500	6,891	+0.2% (YTD: +17.2%)
FTSE 100	9,697	+0.4% (YTD: +18.6%)
Euro Stoxx 50	5,704	-0.1% (YTD: +16.5%)
Brent crude	USD 64.40	-1.9%
Natural gas (Nymex)	USD 3.25	-3.0%%
Gold	USD 3,973	-0.3%
BTC	USD 112,944	-1.0% (YTD: +20.7%)
Sukuk/bond market index	919.50	+0.4% (YTD: +1.9%)
S&P MENA Bond & Sukuk	152.45	0.0% (YTD: +8.9%)
VIX (Volatility Index)	16.42	+4.0% (YTD: -5.4%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.5% yesterday on turnover of SAR 5.6 bn. The index is down 3.0% YTD.

In the green: Artex (+10.0%), Senaat (+5.2%) and Arabian Mills (+3.5%).

In the red: Leejam Sports (-10.0%), UCA (-7.8%) and DWF (-3.3%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.5% yesterday on turnover of SAR 41.6 mn. The index is down 20.7% YTD.

In the green: Naas Petrol (+17.5%), Future Care (+13.3%) and Group Five (+11.7%).

In the red: Itmam (-7.2%), Ladun (-5.6%) and SPC (-5.1%).

CORPORATE ACTIONS-

The board of Axelerated Solutions for Information and Communication Technology recommended an SAR 8.4 mn dividend payout for 1H 2025 at SAR 0.3 apiece, the firm said in a disclosure to Tadawul yesterday. Distribution is set to kick off on 11 November.

Saudi, Pakistan launch economic cooperation framework

Saudi Arabia and Pakistan agreed to launch an economic cooperation framework to boost trade and investment, state news agency SPA reports. The initiative spans energy, industry, mining, IT, tourism, agriculture, and food security and includes planned MoUs on energy collaboration and an electrical interconnection project. The agreement followed a meeting between Crown Prince Mohammed bin Salman and Pakistani Prime Minister Shehbaz Sharif in Riyadh.

The Crown Prince has been busy: The Crown Prince also met with Mauritania’s President Mohamed Ould Ghazouani, Albania’s Prime Minister Edi Rama, Rwanda’s President Paul Kagame, Bulgaria’s President Rumen Radev, Guyana’s President Mohamed Irfaan Ali, Kosovo’s President Vjosa Osmani-Sadriu, and Montenegro’s Prime Minister Milojko Spajić at the sidelines of the FII9 summit.

CALENDAR

25 September-19 December (Thursday - Friday) 2025 Saudi Toyota Championship.

28 September-1 January: Title deed registration for 54k properties in 77 neighborhoods across Riyadh, Makkah, and the Eastern Province.

OCTOBER

12 October-15 January 2026: Title deed registration for 31.7k properties in 14 neighborhoods in the Eastern Province.

12 October-15 January 2026: Title deed registration for about 157.3k properties in 78 neighborhoods across the Eastern Province.

12 October-15 January 2026: Title deed registration for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province.

24 October-1 November (Friday-Saturday): AlUla Wellness Festival.

27-30 October (Monday-Thursday): Global Health Exhibition, Riyadh Exhibition and Convention Center, Riyadh.

27-30 October (Monday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

28-29 October (Tuesday-Wednesday): US Federal Reserve Open Market Committee meeting.

NOVEMBER

2 November (Sunday): Naming ASICS Innovation Pitch competition’s six finalists.

2-3 November (Sunday-Monday): The Forbes Middle East Women’s Summit, Fairmont Riyadh Hotel.

3-9 November (Monday- Sunday): WTA Tour Finals, Riyadh.

5-6 November (Wednesday-Thursday): The Digital Government Forum, JW Marriott Hotel in Riyadh

5-8 November (Wednesday-Saturday): Binam Forum 2025, Riyadh Front Exhibition and Conference Center.

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

7-8 November (Sunday-Monday): The Visual Arts Commission will conclude its Art & Ideas program with a two-day symposium in 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 deadline.

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

13 November (Thursday): Crown Prince Mohammed bin Salman’s visit to Washington.

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.

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.

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.

16-17 December (Tuesday-Wednesday): Global Airports Forum (GAF) 2025, Riyadh International Convention and Exhibition Center, Riyadh.

25 December (Thursday): Deadline for title deed registration 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): 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.

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.

9-14 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.

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