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FII9’s Day Two keeps the momentum going + Sama cuts interest rates

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Sama cuts interest rates for the second time this year

Good morning, everyone, and happy THURSDAY. The momentum is going strong in the Kingdom as FII9 wraps up today, with the summit’s agreements, panels and insights taking over the news cycle at home and abroad.

BUT FIRST- The Saudi Central Bank cut interest rates for the second time this year, lowering them by 25 bps in line with the US Federal Reserve’s move in its meeting yesterday, according to a statement. The repo rate is now at 4.5% and the reverse repo rate is at 4.0%.

The Fed’s move is welcome news for many. Lower rates mean cheaper debt, which would come at a time when Saudi Arabia’s financing needs are at an all-time high as it looks to fund major investment strategies, and the UAE continues its drive to diversify its economy.

** We have more on the Fed’s decision in Planet Finance, below.

HAPPENING TODAY-

The General Authority for Statistics is set to roll out its 3Q GDP flash estimates today, according to the state statistics agency’s calendar. The Kingdom’s real GDP grew 3.9% y-o-y in 2Q 2025, supported by a strong momentum in the non-oil sector.

WEATHER- Fog watch: Misty skies are expected along the coasts of Makkah and the Eastern Region today, with patches of dense fog reducing visibility at times, with strong winds sweeping through Hail. Elsewhere, calm and stable weather will prevail across most parts of the Kingdom.

  • Riyadh: 31°C high / 18°C low
  • Jeddah: 35°C high / 26°C low
  • Makkah: 37°C high / 26°C low
  • Dammam: 33°C high / 20°C low.

WATCH THIS SPACE-

Lucid to launch Nvidia-powered self-driving EV: PIF-backed Lucid Group plans to launch a mid-size Level 4 self-driving electric vehicle powered by dual Nvidia Drive AGX Thor computers and running on the Nvidia Drive AV platform, advancing its move toward releasing fully autonomous EVs, it said in a press release on Tuesday.

SOUND SMART- Level 4 is the second-highest tier of vehicle autonomy, allowing a car to operate fully independently within defined areas or conditions without human oversight. This is just below Level 5 (full autonomy everywhere), and manual control remains an option.

This particular model will integrate a multi-sensor suite of cameras, radar, and lidar for minimal human input. Lucid’s new midsize vehicle and Lucid Gravity will debut with Level 2++ before advancing to full Level 4 capability.

Who’s the competition? Positioned below the Lucid Air sedan in price, the mid-sized model targets a wider market and will compete with Tesla’s Model Y and Rivian’s R2 SUV, according to Reuters.

Lucid will also deploy Nvidia’s Industrial AI platform — including Omniverse and AI Enterprise — to create a “unified AI factory,” using digital twins of its factory, predictive analytics, and intelligent robotics to enhance manufacturing efficiency and quality control.

Saudi Arabia has been making strides in autonomous vehicles, after rolling out the initial operational phase of the autonomous vehicles project in July under an Uber and Transport General Authority partnership. The initiative saw Uber and WeRide debut the robotaxi on Uber’s ride-hailing platform last week, covering a designated route between Roshn Front and Princess Noura University.

ALSO- Chinese automaker BYD is considering setting up a Gulf distribution hub in the Kingdom, BYD’s Executive Vice President Stella Li said on the sidelines of FII9. The automaker — which opened three showrooms last year — aims to sell 5-6k vehicles in Saudi Arabia this year and plans to add seven more showrooms across the Kingdom by mid-2026.

DATA POINTS-

The business sector’s operating revenues rose 3.9% y-o-y to SAR 5.5 tn in 2024, while its operating expenses recorded a 9.3% y-o-y increase to SAR 2.4 tn, the General Authority of Statistics said in its Structural Business Statistics 2024 report (pdf). Meanwhile, employee compensation jumped 8.1% y-o-y to SAR 588.8 bn last year, while gross fixed capital formation jumped 13.8% y-o-y to SAR 988 bn.

OIL WATCH-

Global oil demand is now expected to peak in 2032, as transport and petrochemicals keep hydrocarbons in the system for longer, Reuters reports, citing Wood Mackenzie’s latest Energy Transition Outlook. The consultancy links the delay to persistent fossil fuel use reinforced by AI-driven power demand and geopolitical tensions, noting that these trends have pushed 2050 net-zero targets out of reach.

Talking demand: Liquids demand is seen topping out at 108 mn bbl / d in 2032, with gas consumption projected to stay firm well into the 2040s. China’s oil demand — at 16 mn bbl /d this year — could fall by 35% by 2060 on the back of accelerating EV uptake. However India, Southeast Asia, and Africa are set to remain the main engines of demand growth.

Talking financing for net-zero: Hitting a 2°C pathway would require annual investment of USD 4.3 tn between 2025 and 2060 — roughly 30% above current pace — for the energy system to achieve net zero by 2060, Reuters added, citing WoodMac. That implies energy spending rising from 2.5% of global GDP to 3.5% within the next decade.

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THE BIG STORY ABROAD-

It’s a busy morning in the international business press, with a slew of Big Tech earnings, along with politics-related updates as Israel continues to strike Gaza despite claiming the ceasefire is still on, and as the Dutch national elections get underway.

The key takeaways from Big Tech earnings:

  • Meta’s shares fell 8% after close as investors reacted to what Meta CEO Mark Zuckerberg forecast as a massive increase in capital spending next year to build out AI infrastructure. Revenues for 3Q 2025 beat analyst estimates with a 26% y-o-y jump, though failed to offset a 32% increase in expenses. (Reuters | Wall Street Journal | Bloomberg)
  • AI was also the reason Microsoft’s earnings took a hit, as a USD 3.1 bn investment in ChatGPT maker OpenAI ate out of its net income. It also said its capital spending will increase this year. Its shares fell 4% after the bell. (Reuters | CNBC)
  • Google parent Alphabet also hiked capex plans, though its advertising and cloud computing businesses beat analyst expectations. Its shares rose 6% afterhours. (Reuters | WSJ)
  • Over in South Korea, Samsung’s operating income in 3Q 2025 more than doubled on an increase in chip sales. (CNBC)

IN OTHER AI NEWS- US chipmaker Nvidia became the world’s first USD 5 tn company (WSJ), and OpenAI might be targeting a USD 1 tn valuation from a potential IPO next year following its restructuring (Reuters).

Over in the Netherlands, the country’s centrist right party is on track to nab the most votes in the elections, setting the stage for Rob Jetten to take the helm as the youngest ever prime minister of the Netherlands at 38. He would replace longstanding PM Geert Wilders. (Reuters | Financial Times)

Closer to home, Israel said it would halt airstrikes on Gaza and uphold the US-brokered ceasefire after a slew of attacks on Tuesday, which it said was in retaliation for the killing of an Israeli soldier in Gaza. (Bloomberg | Reuters)

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SPOTLIGHT

FII9’s Day Two keeps the momentum going

FII9 wrapped up Day Two yesterday, attended by Crown Prince Mohammed bin Salman, PIF Governor Yasser Al Rumayyan, and Syria’s President Ahmed Al Sharaa, along with many more business leaders and state representatives. The summit will wrap up today with Day Three, expected to see many agreements and partnerships sealed as businesses get to brass tacks.

THE INVESTMENTS-

#1- Al Futtaim Group unveiled plans to invest SAR 10 bn in Saudi Arabia over the next three years, according to a press release. The new strategy is expected to create over 1k jobs in the kingdom across several sectors, focusing on supporting localization, developing local supply chains, and knowledge transfer.

Which sectors are getting the attention? Al Futtaim is currently investing in the kingdom’s automotive sector, focusing on introducing advanced electric vehicle technologies and sustainable transport solutions. The group is also involved in the retail sector, through its recent acquisition of a 49.95% stake in Cenomi Retail while pouring funds into the real estate sector and ins. and financial services through its unit Orient Insurance.

#2- RSGT x CMA CGM: Red Sea Gateway Terminal and CMA CGM Group will develop and operate the fourth container terminal at Jeddah Islamic Port under a SAR 1.7 bn investment agreement, the Saudi Ports Authority (Mawani) said in a statement. The project will add 2.6 mn TEUs of capacity to the port.

#3- Renewables giant Acwa Power, PIF-owned Badeel, and Saudi Aramco signed financing agreements for five solar power projects with a combined capacity of 12 GW, the PIF said on X. The projects — part of the National Renewable Energy Program — will provide electricity to the Saudi Power Procurement Company through long-term contracts and contribute to the Kingdom’s plan to generate 70% of its renewable energy locally by 2030. Details on the agreements were not disclosed.

#4- BlackRock Saudi Arabia and PIF unveiled new mutual funds available to local and global investors through the BlackRock Riyadh Investment Management platform. The funds launching will focus on Saudi systematic active equities, and MENA fixed income.

..AND THE INSIGHTS-

The PIF’s new 2026–2030 strategy will focus on six “ecosystems” — tourism and entertainment, urban development, advanced manufacturing and innovation, industry and logistics, renewable energy, and Neom as its own ecosystem, Governor Yasir Al Rumayyan said on the sidelines of FII9 (watch, runtime: 14:46). The plan aims to shift PIF’s role from driving economic growth to becoming a national investor that enhances assets and contributes to diversifying the Kingdom’s balance sheet by the 2040s, Al Rumayyan added.

A shift away from gigaprojects: The Kingdom is preparing to pivot the fund away from real estate gigaprojects like Neom to refocus on sectors that can deliver faster, more sustainable returns, Reuters reported, citing a source it said is familiar with the plan. The revised strategy will prioritize logistics, mineral development, religious tourism, and AI — including large-scale data center projects — while maintaining investment in oil, petrochemicals, and renewables to power the transition, the source said.

IN CONTEXT- The Kingdom started to “take stock” of large-scale Vision 2030 spending amid low oil prices and global uncertainty, Finance Minister Mohammed Al Jadaan said in May. The move aims at tackling supply pressures by adopting risk planning and diversifying material sources, as well as adapting timelines to economic conditions. Despite this recalibration, gigaproject contract awards rose 20% in the first eight months of 2025, driven by continued prioritization of developments tied to major events such as the 2030 World Expo and the 2034 Fifa World Cup.


Economy Minister Faisal Alibrahim forecast real GDP growth of 5.1% for 2025, Reuters reported. Non-oil sector growth is expected to reach around 3.8% this year. "But we need to acknowledge we are on a long term restructuring journey. We are prioritizing diversifying our economy away from having to rely on oil, to become a more resilient economy that witnesses sustainable growth that's driven by productivity, not just by natural resources," Alibrahim said.

More optimistic than most: The Finance Ministry projects 4.4% growth in 2025 and 4.6% in 2026, while the IMF raised its 2025 forecast to 4% amid expectations of higher oil output.


Humain CEO Tariq Amin is confident the US will greenlight advanced AI chip sales to the Kingdom, saying in an interview with Bloomberg he is “extremely happy” with the progress of talks between Riyadh and Washington. Amin hinted that a decision could be reached as early as November, coinciding with Crown Prince Mohammed bin Salman’s expected visit to the US.

No-China: Humain has provided several security pledges to the US, ensuring that they will never buy equipment from Huawei or other Chinese suppliers, Amin said. Humain has also submitted a “defense package” that is “remarkably different than anything else in this region,” outlining its security framework as Washington continues to restrict AI chip exports to Saudi Arabia and the UAE to prevent transfers to China.

IN CONTEXT- Humain aims to become the world’s third-largest computing capacity provider, behind the US and China, with plans to deploy 18k AI chips by 2026 in its first phase and scale up to 400k by 2030.


Diriyah Gate eyes Syria for broader global role in cultural restoration: Diriyah Gate Company held talks with Syrian officials about contributing to the reconstruction of historic sites in Syria, including Damascus and Aleppo, once its domestic priorities allow, CEO Jerry Inzerillo told Reuters. Diriyah could also expand as a global developer of cultural heritage sites and plans to develop six more sites within the Kingdom.

The company is also planning to IPO after 2030 and expects to attract USD bns of foreign private investment, Inzerillo said. Its flagship project in Riyadh remains on schedule and within budget, with completion targeted by 2030.


Saudi aims to overtake China as the world’s most cost-competitive country in battery energy storage next year, Asharq Business quotes Energy Minister Abdulaziz bin Salman as saying. The Kingdom’s current cost for four-hour storage is approximately USD 409 per kilowatt, which is 77% less than Germany and nearly on par with China's USD 404 per kilowatt. The Kingdom has launched 30 GWh of battery storage projects, including 8 GW already connected, and increased renewable energy capacity to 64 GW from 3 GW five years ago.

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DEBT WATCH

Red Sea Global lands SAR 6.5 bn credit facility to fund Amaala

PIF-owned Red Sea Global secured a SAR 6.5 bn (USD 1.73 bn) credit facility to fund the development of its Amaala destination, it said in a press release. The financing was led by Riyad Bank as the sole underwriter, with the Saudi Investment Bank and Bank Albilad acting as mandated lead arrangers. The agreement includes conventional and Islamic financing and adheres to the developer’s Green Loan Framework.

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

We knew this was coming: In October 2024, the developer voiced plans to borrow “at least” SAR 14 bn (USD 3.7 bn) over the next 12 months to finance Red Sea Global’s development of several projects, including some SAR 6 bn in credit to finance Amaala.

Amaala is slated to open this year as an ultra-luxury wellness destination. Located at Triple Bay, it features more than 1.4k hotel rooms across eight resorts, the Corallium Marine Life Institute, and the Amaala Yacht Club. Construction has progressed rapidly after the company inked a USD 1.5 bn agreement with a consortium of France-based EDF Group and Abu Dhabi’s Masdar back in November, along with Korea East-West Power Company and Paris-based Suez Company to develop the utility infrastructure.

IN CONTEXT- This is the third collaboration between RSG and Riyad Bank, following a 2021 green loan for The Red Sea destination and a SAR 2 bn financing for a joint venture developing the Four Seasons Resort on Shura Island.

RSG has funneled around SAR 42 bn into the development of the Red Sea Destination so far, of which SAR 14 bn were funded through credit facilities. “We have sold about SAR 1.5 bn in residential sales, but we have SAR 2 bn in pending [agreements],” CEO John Pagano said last month, noting that demand is primarily driven by Saudis, followed by foreign visitors.

The company is building 27 hotels and resorts across its Red Sea and Amaala projects, 10 of which are already open, Pagano said on the sidelines of FII9 yesterday (watch, runtime: 2:52). One more will open in December and two in January, with all 27 set to be fully operational by May. The sites run on renewable energy and are supported by the new Red Sea airport that opened in 2023, he added. RSG is also set to launch its first luxury project in Italy soon, marking its first international expansion.

ADVISORS- Akin provided counsel to Red Sea Global, while Linklaters advised Riyad Bank, the Saudi Investment Bank, and Bank Albilad.

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IPO WATCH

Refrigeration company CGS Holding looks to debut 30% on Tadawul

CGS Holding gears up for a Nomu debut: Saudi refrigeration systems manufacturer Consolidated Grünenfelder Saady Holding Company (CGS Holding) plans to offer a 30% stake — good for 30 mn shares — in a secondary share sale on Tadawul’s main market, according to its prospectus (pdf). CGS claims to have a “market share of c. 45% in transport refrigeration and customers across critical industries including the F&B, and pharma sectors,” according to the IPO fact sheet (pdf).

Subscriptions open next month: The IPO will be open to institutional and retail investors, with up to 20% clawback for retail subscribers. The subscription period for institutional investors will run from 5-11 November, followed by the retail window, 26–27 November. Shares will be allocated on 3 December. Shares of substantial shareholders will be in lock up for a period of six months starting from the first day of trading.

About the company: CGS traces its origins to 1976, when it began as a manufacturer of refrigerated trailers and truck bodies. Over the following decades, the group expanded its footprint through subsidiaries in Riyadh, Jeddah, and Bahrain, producing cold-storage systems, stationary refrigeration facilities, and customized temperature-controlled units for sectors including F&B, pharma, energy, and telecom. The company is also expanding into the medical, telecom, oil and gas and defense sectors, according to the fact sheet.

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

Receiving agents: 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.

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DEBT WATCH

Construction tech firm BRKZ bags up to USD 30 mn in growth debt from Stride Ventures

Riyadh-based construction tech firm BRKZ raised up to USD 30 mn in growth debt from Indian venture capital firm Stride Ventures, Wamda reported on Tuesday. The company has previously secured around USD 22.5 mn through earlier equity rounds, including a USD 17 mn series A funding round.

Where will the money go? The funds will be used to expand the firm’s financing enablement capabilities, giving contractors and factories across Saudi Arabia more flexible payment options and stronger cashflow support, founder and CEO Ibrahim Manna told EnterpriseAM. It will also use a portion of the capital to develop its procurement process.

The Saudi market is the top priority: The company is focused on expanding its presence in Saudi Arabia while maintaining active trade routes with China, India, the UAE, and Europe, Manna said. It sources raw materials from India and China and benefits from the UAE and Europe for logistics and quality advantages. Future expansion is being considered in the UAE and Qatar, driven by strong construction activity and market similarities with Saudi Arabia.

What’s next? The company plans to focus on scaling up its factories and raw materials segment while continuing to invest in AI-driven procurement tools, Manna added. It is also doubling down on cloud manufacturing models and supply/offtake arrangements.

The company is also currently engaging with investors and venture capital firms to prepare for its upcoming Series B round, Manna mentioned. It aims to attract partners who can add value beyond capital, particularly in areas like technology, fintech, and regional expansion.

About BRKZ: Founded in 2022 by Ibrahim Manna (LinkedIn), BRKZ provides a B2B platform that connects suppliers and contractors in the construction industry, aiming to address the fragmented, manual procurement processes. BRKZ served over 850 contractors and processed USD 350 mn in RFQs in 2024, supporting gigaprojects like Neom and Red Sea.


ALSO- Stride Ventures formed a strategic alliance with Sab Invest to fund startups and SMEs in Saudi Arabia and across the GCC, according to a press release (pdf). The partnership involves providing capital to the targeted firms using non-dilutive financing instruments, which means raising funds without giving away ownership. Stride aims to invest USD 500 mn over the next three to five years across the region.

The details: This joint platform for venture debt and private credit will offer shariah-compliant funding solutions across several sectors, including fintech, B2B SaaS, health tech, logistics, and consumer brands. “We aim to deliver diversified returns to our investors through a dynamic private credit asset class, and to strategically support the next generation of Saudi and GCC champions,” Sab Invest’s CEO Ali Almansour said.

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AVIATION

Air carrier, airport complaints rise in September

Air carrier complaints jumped 88% y-o-y in September to 2.4k, according to our calculations based on data published by the General Authority of Civil Aviation on X. Airport complaints also increased 86% y-o-y to 147 during the month, up from 79.

Budget carrier flyadeal recorded the fewest complaints per 100k passengers in September, receiving 38 complaints, followed by flynas with 43, and Saudia with 54. Flynas achieved a 100% on-time complaint resolution rate, while flyadeal resolved 98% of its complaints on time, followed by Saudia with a 90% on-time resolution rate.

Among international airports serving over 6 mn passengers annually, King Khalid International Airport had the lowest complaint rate at 0.4 complaints per 100k passengers. On the other hand, King Fahd International Airport recorded the highest complaint rates in this category, with 3 complaints per 100k passengers.

For airports serving fewer than 6 mn passengers annually, Abha International Airport logged the lowest number of complaints with 1 per 100k passengers, while Al Jouf Airport had the highest number of complaint rates with 12 per 100k passengers.

High-resolution rates: Almost all domestic and international airports achieved a 100% on-time complaint resolution rate, with the notable exception of King Fahd International Airport, which resolved 94% of complaints on time, and King Abdulaziz International Airport with an on-time resolution rate of 93%.

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STARTUP WATCH

Logexa bags USD 2 mn in pre-Series A funding round

Jeddah-based logistics tech firm Logexa secured USD 2 mn in a pre-Series A funding round, according to a press release. The funding round saw the participation of Seedra Ventures, Nour Nouf Ventures, and a group of angel investors.

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

Where will the money go? The company plans to use the funds to expand its operations across several cities in the Kingdom, develop its technology platform, build an integrated digital marketplace, and enhance digital solutions and real-time tracking and data analytics applications.

About Logexa: Founded in 2021 by Husam Sendi (LinkedIn) and Husam Sabano (LinkedIn), Logexa is a digital logistics platform that connects storage and transport service providers with users through a unified digital interface. The startup aims to capitalize on underutilized storage and transport spaces.

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EARNINGS WATCH

Bahri, Bupa Arabia, Nahdi Medical, Al Rajhi Takaful post 3Q results

BAHRI-

The National Shipping Company of Saudi Arabia (Bahri) saw its net income inch up 0.9% y-o-y to SAR 513.4 mn in 3Q 2025, it said in a disclosure to Tadawul yesterday. The modest growth was supported by strong performance in the Bahri Oil unit and higher income from equity-accounted investees, which offset declines in its Integrated Logistics and Chemicals units and increased expenses. Meanwhile, the firm’s revenue grew 9.6% y-o-y to SAR 2.5 bn over the same period.

On a 9M basis, the company’s bottom line fell 14.2% y-o-y to SAR 1.5 bn, while its top line dropped 2.5% y-o-y to SAR 7.1 bn.

ALRAJHI TAKAFUL-

Al Rajhi Company for Cooperative Ins. (Al Rajhi Takaful) saw its net income increase 4.1% y-o-y to SAR 85.6 mn in 3Q 2025, it said in a Tadawul disclosure yesterday. The growth was came on the back of a 128.1% rise in ins. services despite an 11.4% decrease in net investment income. Meanwhile, the company’s revenue went down 3.6% y-o-y to SAR 1.4 bn during the quarter, pulled down by lower business volumes in the vehicle ins. segment.

On a 9M basis, the insurer’s bottom line edged up 1.6% y-o-y to SAR 288 mn, while its top line fell 2.7% y-o-y to SAR 3.9 bn.

BUPA ARABIA-

Bupa Arabia for Cooperative Ins. posted a 2.2% y-o-y increase in 3Q 2025 net income to SAR 364 mn, fueled by a 10.9% rise in written premiums, a 7.8% increase in net investments, and a 1.3% decrease in operating expenses, it said in a Tadawul disclosure yesterday. Revenue widened 10.8% y-o-y to SAR 5 bn over the same period, driven by higher ins. contracts.

On a 9M basis, the company saw its bottom line fell 8% y-o-y to SAR 1 bn, while its top line rose 5% y-o-y to SAR 14.2 bn.

NAHDI MEDICAL-

Nahdi Medical’s net income declined 11.5% y-o-y to SAR 161.2 mn in 3Q 2025, driven by a 6.7% increase in operating income, which was offset by higher expenses, it said in a Tadawul disclosure yesterday. Revenue grew 4.6% y-o-y to SAR 2.5 bn over the same period, buoyed by solid performance across all segments.

On a 9M basis, the company saw its bottom line shed 1.2% y-o-y to SAR 654.8 mn, while its top line expanded 7.6% y-o-y to SAR 7.6 bn.

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ALSO ON OUR RADAR

Jabal Omar inks 15-year deals with Accor, Rotana to manage 1.8k hotel keys in Makkah

HOSPITALITY-

Jabal Omar Development Company agreed to operate up to 1.8k keys across seven hotel towers within its Phase 4 development in Makkah under 15-year hotel management agreements sealed with Rotana Hotels and Resorts and Accor Group, it said in a Tadawul disclosure (pdf). With over 4k jobs provided, the move will contribute to increasing the capacity of Hajj and Umrah performers.

The details: Under the agreements, Jabal Omar will manage and operate three hotels, spanning 655 keys under the brand Rotana Jabal Omar, with the expectation to go live later this quarter. Meanwhile, the company will run four hotels (over 1.1k keys) under Accor’s brand Sofitel Jabal, with operations set to begin in 4Q 2026.

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

CAPITAL MARKETS-

Morgan Stanley starts Batic market making, ends Gas Arabia: The Saudi Exchange gave the green light to Morgan Stanley Saudi Arabia to conduct market-making activities on Batic Investment and Logistics, effective yesterday. It also approved the bank’s request to end these activities on Gas Arabian Services, according to two separate Tadawul disclosures.

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PLANET FINANCE

Fed delivers second rate cut this year

The US Federal Reserve delivered its second rate cut this year, cutting rates by 25 bps overnight and bringing the target range down to 3.75-4%, according to a statement. The rate is now at a three-year low as policymakers navigate weak labor data, political pressures, and a government shutdown that has limited access to key economic indicators.

Concerns about job numbers largely drove the decision. Downside risks to US employment rose in recent months, the statement said, pointing to a slowdown in job gains. Meanwhile, the economy is growing at a moderate pace and inflation remains “somewhat elevated,” as per the Fed’s assessment.

Not everyone’s on board: Two policymakers voted against the decision, with one wanting a bigger 50 bps cut — in line with the Trump administration pressures — and the other supporting no cuts.

The decision comes as the central bank operates “in a fog,” with no access to fresh labor data due to the US government shutdown, Fed watchers told Reuters . The latest inflation data came in delayed last week, and the government has suspended collecting new data since the shutdown began earlier in October.

Don’t count on a cut in December: “A further reduction in the policy rate at the December meeting is not a foregone conclusion, far from it,” Bloomberg quotes Powell as saying after the decision. Markets reacted to Powell tempering expectations, with the S&P 500 closed flat, paring the day’s gains. The prospect of a rate cut in December is now at two-to-one odds.

ALSO- The Fed said it would stop shrinking its portfolio of assets starting December. The process that started in 2022 —called quantitative easing — shed some USD 2.3 tn of treasuries and mortgage-backed securities. The Fed’s balance sheet is now below USD 6.6 tn, smallest since 2020.

MARKETS THIS MORNING-

Asian markets are little changed this morning, as all eyes are on the Trump-Xi summit hoping it will yield a breakthrough in trade talks. Wall Street futures are indicating a higher opening after a flurry of tech earnings.

TASI

11,752

+0.7% (YTD: -2.4%)

MSCI Tadawul 30

1,533

+0.9% (YTD: +1.6%)

NomuC

25,009

+0.3% (YTD: -20.6%)

USD : SAR (SAMA)

USD 3.75 Sell

USD 3.75 Buy

Interest rates

4.5% repo

4.0% reverse repo

EGX30

38,230

-0.2% (YTD: +28.5%)

ADX

10,162

0.0% (YTD: +7.9%)

DFM

6,089

+0.3% (YTD: +17.8%)

S&P 500

6,891

0.0% (YTD: +17.2%

FTSE 100

9,756

+0.6% (YTD: +19.4%)

Euro Stoxx 50

5,706

0.0% (YTD: +16.5%)

Brent crude

USD 64.92

+0.8%

Natural gas (Nymex)

USD 3.38

+0.9%

Gold

USD 3,957

-1.1%

BTC

USD 110,988

-1.7% (YTD: +18.7%)

Sukuk/bond market index

919.94

+0.1% (YTD: +2.0%)

S&P MENA Bond & Sukuk

152.73

+0.2% (YTD: +9.1%)

VIX (Volatility Index)

16.92

+3.1% (YTD: -1.8%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.7% yesterday on turnover of SAR 5.2 bn. The index is down 2.4% YTD.

In the green: Ades (+10.0%), Alarabia (+9.9%) and Arabian Drilling (+8.6%).

In the red: Solutions (-4.3%), Leejam Sports (-4.1%) and Alyamamah Steel (-3.7%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.3% yesterday on turnover of SAR 30.2 mn. The index is down 20.6% YTD.

In the green: Sign World (+7.8%), Sure (+5.8%) and Dar Almarkabah (+5.4%).

In the red: Naas Petrol (-8.4%), Bena (-7.9%) and Aictec (-5.6%).

11

My morning routine

My Morning Routine: Omar and Tareq Tahboub, founders of Engagesoft

Omar and Tareq Tahboub, founders of Engagesoft: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week are CEO Omar Tahboub and CTO Tareq Tahboub, brothers and founders of HR tech startup Engagesoft.

Omar likes to think of his career as distinct 12-year periods. He spent his first 12 years in Saudi Arabia, his second in Jordan, where he studied and began working at Accenture, and his third in the US at Oracle and eventually managed development teams. He later returned to Jordan and worked at Syarah before co-founding Engagesoft.

Tareq is a computer science graduate who worked on various government and enterprise projects in Jordan, Libya, and Iraq. His career took a pivotal turn when he moved to Japan for two years. “It was a superb experience. The Japanese are very committed to their work.” After returning to Jordan, he continued to work for the same Japanese company remotely for nearly 10 more years.

The experience in Japan directly influenced Tareq’s future path. “What I learned in Japan is this culture of consensus. Before you make any decision, you have to involve everyone, which can be slow, but you get everyone on board. They are also very meticulous and pay a lot of attention to detail.”

The idea for Engagesoft was born from the brothers' shared desire to build something together. “We wanted to build something in the business software sector, an area that we both have extensive experience in and a passion for,” Omar said, adding that their goal was ambitious from the start — to build a company that can develop world-class, exportable software from the Arab region.

The specific focus on employee engagement and workplace culture came after validating the market need and ensuring it met their personal criteria, Omar explains. “I had a lot of discussions with HR leaders, and they all highlighted a void in the region for strong providers in this area.” Tareq, whose background was in selling to enterprises, felt the venture was a natural fit. “I was particularly curious about employee engagement due to my experience in Japan.”

Beyond the market gap, the brothers assessed their own long-term passion for the subject. “We asked: would we enjoy talking about this product and selling it for the next 10-15 years?” Omar says. “Because when you build a company, you're in it for the long haul. The second criterion was: would we enjoy interacting with our target customers, which for us were enterprise companies?” Engagesoft met both tests.

Engagesoft aims to address the complexity of engagement surveys for large companies by helping clients prioritize the most impactful factors using methods like regression analysis. “With the integration of AI, we're helping them translate those priorities into actionable plans, both for HR and for line managers,” Omar explains. The vision extends beyond simple analytics. “The direction we're taking is to evolve this into a comprehensive organizational coach over the next one to two years.”

The startup adopts an Arabic-first AI approach in response to the "underserved Arabic language market" and the need for tools that can provide action suggestions in Arabic. Picking Saudi Arabia as their initial market was a strategic choice based on more than just size. “I think what we really liked about Saudi is the maturity of the Saudi buyer. They're very methodical, very objective,” Omar said, explaining that Saudi buyers don’t bias global providers over local ones. “And that has provided Engagesoft with a fair platform to compete,” he added.

For the future, the company plans on finalizing its 360 leadership assessment product, further developing the AI coach, and launching a performance appraisal product by 1H 2026. On the commercial side, Omar says they plan to penetrate other GCC markets after strengthening their presence in Saudi Arabia and Egypt. “After that, we'll be looking at Southeast Asia, like Malaysia and Indonesia, and Europe. This is probably in 1Q or 2Q 2026.”

Regarding management philosophy, Omar emphasizes the critical nature of hiring in a startup environment. “At our stage, you know, we're a fast-growing startup and every hire makes a significant difference,” he says. “So minimizing wrong hires is a top priority for us because they pose a big risk to the company's growth. At this stage, I'm a big believer in individual contribution over extensive processes.” His second key principle is about focus. “The second part of my philosophy is fostering a culture of intensity. And by intensity, I don't mean being busy, but focusing on high-quality outcomes per unit of time.”

Tareq, who manages a smaller team, focuses on transparency and involvement to keep members motivated. “I try to keep them engaged by being transparent about company sales, investment rounds, and other aspects. I also try to involve them in the decision-making process, linking their work directly to the company's achievements. This helps drive engagement and provides recognition for their labor.”

When it comes to their morning routines, the Tahboubs differ. “My morning routine is not the best, to be honest,” Tareq laughed. “I usually stay up late, and in the morning, I will just shower and rush to the office. I try to be in the office before 10am, usually staying late until 7-8pm.”

Omar’s morning is more structured. “I wake up, drive my son to school, and then I go play tennis,” he says. “I play tennis almost five to six times a week,” after which Omar heads home to prepare for the workday. “I go home, take a shower, and have a light breakfast. Usually, it's orange jam and butter almost every day, and black coffee. And then I head to work.”

“We take two vacations a year. One is a long cycling tour in Europe. We do that in the summer,” Omar explains. “It's usually a one-week trip. We've done it in Italy, France, Spain, and Austria. It's a one-week trip where we cycle from one city to another for 60-70 km a day.” The brothers also take a skiing trip in the winter together.

When asked about work-life balance, Omar acknowledges that disconnecting is not an option, even during their dedicated vacation time. “As a startup, you just cannot completely isolate yourself from urgent customer needs. [Our vacations] are often interrupted by work, as customer needs always come first.”

To relax and unwind, Tareq’s hobbies involve staying active. “I jog three times a week and cycle on weekends.” He also recommends an experience from his time in Japan: Kabuki, a traditional Japanese performance art that mixes movement, music, and dialogue to tell a story. “I would recommend people to experience it at least once in their lives.”

For Omar, listening to audiobooks is his go-to for relaxation. He recommends reading High Output Management by Andrew Grove. “Leverage is key for managers, as you're always trying to find ways to do small tasks that can have a big impact on the organization. Grove gives valuable practical advice on how to increase your leverage as a manager.” His second pick is a classic: War and Peace by Leo Tolstoy, “a beautiful work of art, wisdom, and history.”

Tareq shared with us his guiding principle in life: “I always try to follow the rule of 'treat people the way you like to be treated.’ I think this rule helps in understanding other people's perspectives and fosters self-improvement.” Omar agreed, sharing an inspiration drawn from his work. “I've been fortunate to have clients who are exceptionally generous with their support and advice,” giving a special nod to Edita’s Vice President Maged Tadros. “This really inspires me to be generous with others.”


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.

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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