GDP grows 5%, budget deficit expands to highest level in 5 years.

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: PIF intends to raise more global champions

Good morning, ladies and gents. Today’s issue is packed to the brim as we try to keep up with the unending flow of news from last week. Leading the news well this morning are dives into the latest GDP flash estimates from Gastat, as well as the 3Q budget statement from FinMin.

The Kingdom ended October with a bang, as last week saw bns upon bns of agreements signed as business leaders and government representatives flocked into Riyadh to attend the four-day FII9. We rounded up the highlights from the summit’s last day, including USD 10 bn agreements inked by Acwa Power, and Saudi’s upcoming push into Syria following President Al Sharaa’s visit.

It wasn’t just FII9. The Glob al Health Exhibition 2025 bagged over SAR 133 bn in investments, after securing over SAR 46 bn on its opening day, the Health Ministry said on X on Thursday. Hospital and infrastructure development attracted USD 8.4 bn, venture capital and investments funds committed over USD 3.2 bn, life sciences secured more than USD 625 mn, according to a press release. B2B private sector agreements saw a sixfold increase compared to the previous year.

HAPPENING TODAY-

The Forbes Middle East Women’s Summit will kick off today at the Fairmont Riyadh Hotel. The two-day event will bring together 90 female leaders and innovators and will feature panels and discussions on leadership, entrepreneurship, AI in finance, and diplomacy, with speakers including executives from Visa, Oracle, Schneider Electric, the University of Manchester — Dubai, and social media influencers.

WEATHER- Misty skies are expected along the Eastern Region today, with patches of dense fog reducing visibility at times, while strong winds will be sweeping through Al Madinah.

Riyadh: 31°C high / 17°C low
Jeddah: 37°C high / 26°C low
Makkah: 39°C high / 26°C low
Dammam: 32°C high / 19°C low.

WATCH THIS SPACE-

The Public Investment Fund plans to sharpen its 2026-2030 investment strategy to focus on building specific portfolio companies into global champions — including AI champion Humain, manufacturer Alat, aircraft lessor AviLease, and carrier Riyadh Air, Bloomberg reports, citing people it says are familiar with the matter. The strategy, expected to be detailed early next year, aims to make Saudi companies more international, encourage them to raise their own financing, and attract more foreign direct investment.

ICYMI- Last week, PIF Governor Yasir Al Rumayyan said the fund’s upcoming five-year 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. The plan will reportedly pivot away from real estate gigaprojects to refocus on sectors that can deliver faster, more sustainable returns like logistics, mineral development, religious tourism, and AI, while maintaining investment in oil, petrochemicals, and renewables to power the transition.

The PIF also plans to increase its total annual deployment to USD 70 bn after 2025, with international investments potentially increasing and becoming more strategic, like the USD 55 bn Electronic Arts (EA) acquisition to boost Saudi’s gaming industry.

SPEAKING OF EA- A consortium of some 20 banks, including Bank of America, Citigroup, and Morgan Stanley, has joined the USD 20 bn debt financing package for the USD 55 bn buyout of EA by the Public Investment Fund (PIF), Silver Lake, and Affinity Partners, Bloomberg reported on Thursday, citing people it says are in the know. The transaction, which intends to take the US-based gaming giant private, is the largest leveraged buyout in history.

A mostly JPMorgan-shaped pie: JPMorgan is reportedly set to keep 40% (USD 200 mn) of the financing’s estimated USD 500 mn in fees, as it had initially agreed to underwrite the entire debt commitment, Bloomberg reported separately. The other banks will receive a 1% to 5% allocation, which is less than the 10% some had initially hoped for.

The structure: The financing is structured into an USD 8 bn term loan B, USD 5 bn of secured bonds, USD 2.5 bn of unsecured bonds, a USD 2.5 bn term loan A (aimed at international “take-and-hold” investors), and a USD 2 bn liquidity facility. The final structure will depend on market conditions at the time of the launch, Bloomberg reported.

The debt is planned to be sold to investors in the leveraged loan and high-yield bond markets in early 2026, the sources said. Banks are expected to earn a fee of about 2.25% on the loans, with fees for bonds set to be higher. The dual-currency loan is expected to pay investors 3.5 percentage points more than the benchmark rate and be offered at a 1% discount rate.

DATA POINTS-

#1- The Kingdom’s exports of international trade services went up 15.1% y-o-y to SAR 235.5 bn in 2024, while imports of services recorded an 8.6% y-o-y rise to SAR 469 bn, according to data (pdf) from the General Authority for Statistics.

Travel services took the lion’s share of exports with a total value of SAR 153.6 bn, followed by a SAR 30 bn from transportation services. Government services reached SAR 8.9 bn, while communications, computers, and information services accounted for SAR 8.1 bn, and construction services SAR 7 bn. Other business services totaled SAR 6.7 bn, with professional and management consulting representing almost half of this total.

Transportation services led imports by SAR 123.8 bn, 49% of which came from maritime transport. Travel followed with SAR 103.4 bn. Other business services reached SAR 70.6 bn. The list continues with construction services (SAR 60.3 bn), government services (SAR 30 bn), and insurance and pension services (SAR 21.4 bn).

#2- September airport performance comes in pairs: King Khalid and King Abdulaziz airports topped performance charts in September 2025 — both leading large international airports serving over 15 mn passengers annually with an 82% compliance rate, the General Authority of Civil Aviation (Gaca) said on X.

Among airports handling 5-15 mn passengers a year, King Fahd and Prince Mohammad bin Abdulaziz international airports achieved a 91% compliance rate. All international and domestic airports with fewer than 5 mn passengers met 100% of Gaca’s standards, except Al Jouf International Airport, which scored 91%.

OIL WATCH-

The Kingdom is expected to lower its December official selling price for Arab Light crude by USD 1.2-1.5 per barrel, to a premium over the Oman-Dubai average of between USD 0.7 and USD 1 a barrel, Reuters reported on Friday, citing its survey of Asian refining sources. The official selling price remained untouched at USD 2.2 in October and November. Other Saudi grades — Arab Extra Light, Arab Medium, and Arab Heavy — could also see decreases of USD 1.2–1.5 a barrel for December.

BUT- Saudi Arabia may implement smaller price cuts due to rising demand from China and India seeking alternatives to Russian crude amid Western sanctions. Additional requests from Japan and South Korea for December-loading Saudi oil — along with limited supply as refineries resume operations after maintenance — are also suggesting lower cuts, Energy Aspects analyst Richard Jones told the newswire.

ALSO- Aramco reduced its November official selling prices for liquified petroleum gas, lowering propane to USD 475 per ton (down 4%) and butane to USD 460 per ton (down 3.2%) over rising increased global supply and lower oil prices, Reuters reported on Friday, citing traders.

SPORTS-

Olympic esports partnership nixed: The Saudi Olympic and Paralympic Committee (SOPC) and the International Olympic Committee (IOC) ended their short-lived esports partnership, just 14 months after announcing a 12-year agreement during the 2024 Paris Olympics to hold the inaugural Esports Olympics in the Kingdom in 2027, the IOC said in a statement on Thursday. Both sides will pursue esports initiatives independently.

IN CONTEXT- Saudi sees gaming as important for its diversification efforts under Vision 2030 and a way to expand its cultural footprint. The Kingdom’s investments in esports and competitive gaming saw it host the Esports World Cup recently and announce plans to host a Nations Cup for national teams — set to debut in Riyadh in November 2026.

The story also got ink from Reuters, the Associated Press, and Bloomberg.

***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.

EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Tas’heel and Hassan Allam Properties.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.

DID YOU KNOW that we also cover Egypt, the UAE, and the MENA logistics industry?

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

THE BIG STORY ABROAD-

Another day, another wave of Big Tech earnings is upon us:

#1- Amazon’s shares soared 14% in afterhours trading after the company posted the fastest increase in cloud revenues in three years and forecast quarterly sales above estimates. (Reuters | Bloomberg | Wall Street Journal)

#2- Apple expects next quarter to be its best ever in terms of iPhone sales as holidays spur buying, with double-digit growth forecast — double analyst estimates. The company narrowly beat analyst expectations with its net income and sales figures in its fiscal fourth quarter. (Reuters | Bloomberg | WSJ)

Meanwhile, Netflix has reportedly tapped Moelis & Co to mull a bid for Warner Bros Discovery’s studio and streaming business, potentially giving it control over plenty of franchises, from Harry Potter to DC Comics. (Reuters | Bloomberg)

PLUS- A day after saying it plans to hike spending on AI next year, Facebook owner Meta raised USD 30 bn in bonds, marking the biggest bond sale of the year, with some USD 125 bn in orders placed. (Bloomberg)

And across the pond, Prince Andrew is prince no more: King Charles stripped Prince Andrew from his royal title and evicted him from his royal residence in a rare move aiming to salvage the royal family’s reputation amid fresh revelations about his friendship with Jeffrey Epstein and [redacted] abuse allegations from Virginia Roberts Giuffre, one of Epstein’s victims. (Financial Times | AP | Guardian | New York Times | WSJ)

CIRCLE YOUR CALENDAR-

The international non-profit Beyond Profit Forum will take place between 3-5 December at the Ritz-Carlton Hotel in Riyadh. The three-day event will bring together over 1.5k attendees — including CEOs, policymakers, funders, social entrepreneurs, and community leaders. It will feature more than 80 speakers across four panels, discussing financing strategies, social innovation in job creation, and successful case studies in economic development.

GDP grows 5% in 3Q as oil sector regains momentum

The Kingdom’s real GDP grew 5% y-o-y in 3Q 2025, according to flash estimates (pdf) from the General Authority for Statistics (Gastat). The growth was boosted by a strong rebound in the oil sector that has offset a slowdown in non-oil growth,

The oil sector posted the highest quarterly expansion in three years, with an 8.2% y-o-y growth in 3Q. Abandoning oil market price floor defense strategy for production restarts has reflecting positively on GDP growth numbers, TS Lombard’s MENA Economist Hamzeh Al Gaaod told EnterpriseAM. This shift in approach now makes oil a positive driver, despite varying narratives between the IEA and OPEC on oil global demand and the impacts of a potential supply glut next year, Al Gaaod added.

Non-oil activities expanded 4.5% y-o-y, and were the largest contributor to GDP growth in the third quarter, accounting for 2.6 percentage points. “This is more than half of the total, underscoring the broadening base of economic expansion beyond hydrocarbons,” Argaam Investment’s Head of Specialized Research Ahmed Ramzy told us. The balance signals that the Kingdom’s diversification efforts are reaping “tangible results” and enhancing economic resilience and global headwinds.

BUT- Rising oil output is masking a slowdown non-oil growth, “which is likely to persist against the backdrop of fiscal consolidation,” Capital Economics’ James Swanston wrote in a recent research note seen by EnterpriseAM. Oil activities made a positive contribution of 2.0 percentage points during the quarter.

On a quarterly basis: The kingdom’s seasonally adjusted real GDP edged up 1.4% q-o-q in 3Q 2025, largely powered by a 3.1% increase in oil activities. Non-oil activities also expanded 0.6%, down 0.2 percentage points from 2Q, while government activities rose by 0.7%.

Looking ahead: The Kingdom’s economy is forecast to continue its upward trajectory on an annual basis in 4Q, boosted by elevated oil production. “As de-facto leader of OPEC+, Saudi Arabia has approved the more cautious 137K bpd output increases for October and November,” with a similar hike expected to be announced today for December, Swanston said. Meanwhile the pace of quarterly expansion is anticipated to ease further after hitting its “weakest pace in a year” in 3Q, according to Swanston.

Capital Economics now sees the Saudi economy to expand by close to 5% this year, before softening to 4.3% in 2026, “as the non-oil slowdown continues amid fiscal tightening and the support from oil output increases fade,” Swanston said. Meanwhile, Arqaam Investment sees the Kingdom’s full-year growth approaching 4.5%, with the current trend continued through 4Q, Ramzy said.

Optimistic? The IMF raised its forecast for our GDP growth this year and next to 4.0%, marking an upward revision of 0.4 percentage points for 2025 and 0.1 percentage points for 2026 from the fund’s latest upgrade in July. The IMF’s upward revision followed a recent upgrade from the World Bank, raising the 2025 forecast by 0.4 percentage points to 3.2% from its previous forecast in June.

Budget deficit expands to SAR 88.5 bn in 3Q 2025

Saudi’s budget deficit widened to SAR 88.5 bn in 3Q 2025, from SAR 34.5 in the second quarter, according to the Finance Ministry’s quarterly budget performance report (pdf). The ballooning deficit — the highest in five years — was driven by a 13% decline in revenues to SAR 269.9 bn during the quarter, while expenditures increased 6% y-o-y to SAR 358.4 bn.

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

For the first nine months of the year, the deficit totaled SAR 181.8 bn, with revenues reaching SAR 835.1 bn, down 13% compared to the same period last year. Expenditures inched up 0.3% y-o-y to over SAR 1 tn.

THE BREAKDOWN-

Oil revenues represented nearly 56% of the total government revenues in 3Q 2025, reaching SAR 150.8 bn (down 21% y-o-y). Meanwhile, non-oil revenues were up 1% to SAR 119.1 bn, buoyed by increased tax collections across the board.

Total expenditures climbed 6% y-o-y to SAR 358.4 bn in 3Q 2025. Compensation for government employees remained the single largest spending item at SAR 143.6 bn, representing 40% of total spending and marking a 4% y-o-y increase. Spending on goods and services followed at SAR 84 bn, up 2% y-o-y.

On a 9M basis, oil revenues came in at SAR 452.4 bn, down 23% y-o-y, while non-oil revenues rose 3% y-o-y to SAR 382.7 bn. On the expenditures side, compensation of employees increased 3% to SAR 430.1 bn, while spending on goods and services reached SAR 222.2 bn, inching up 1% y-o-y.

Debt status pro quo: Total public debt stood at SAR 1.47 tn at the end of the third quarter, with domestic debt amounting to SAR 930.1 bn, while external debt reached SAR 536.5 bn. Debt issuances until the end of September included SAR 257 bn of domestic debt and SAR 75.4 bn in external debt.

LOOKING AHEAD- The Finance Ministry expects the budget deficit to reach SAR 245 bn (5.3% of GDP) in 2025, compared to a SAR 101 deficit in its approved budget for the year, and more than double from 2024’s SAR 115.6 bn deficit.

FII9 wraps up with agreements from SEC, PIF, Mawani and more

The star-studded FII9 wrapped up on Thursday, ending its four-day run that focused heavily on tech, energy and finance. While we wait for the official tally from the Future Investment Initiative on the volume and value of agreement signed at the summit in its ninth year, we bring you the highlights of FII9’s Day Three in this story (and more below).

#1- The Saudi Electricity Company (SEC) inked USD 4 bn worth of agreements with local and international financial and tech institutions, state news agency SPA reports. The transactions focus on diversifying funding sources, improving working capital efficiency, and accelerating key electricity and infrastructure projects.

SEC inked a USD 3 bn international financing agreement with a consortium of global banks, including Abu Dhabi Commercial Bank, Barclays, HSBC, ING Bank, ICBC, and Emirates NBD, among others. The agreement is set to strengthen SEC’s liquidity and expand its global financing base to support large-scale generation, transmission, and distribution projects.

The company also signed a USD 1 bn export credit agency (ECA) framework agreement with Swiss Export Risk Insurance (SERV) and Standard Chartered Bank to support strategic initiatives through ECA-backed financing, with a focus on boosting Saudi and Swiss content in project execution and enhancing capital efficiency.

#2- Northern Trust Asset Management and the PIF plan to launch a new systematic quantitative investment strategy focused on the Saudi markets, according to a statement. The move builds on a non-binding MoU signed in May for an up to USD 1 bn Saudi index strategy, which is now entering its execution phase. The new strategy will use data science, alternative data, and quantitative models to target risk-adjusted returns in the local equity market.

ALSO- PIF + JLL join forces to boost Saudi real estate: The PIF and Jones Lang LaSalle Saudi Arabia (JLL) signed an MoU to boost cooperation in the Kingdom’s real estate sector and strengthen private sector participation, according to a statement. The agreement aims to enhance efficiency and innovation across areas such as market insights, valuation, and project management.

#3- The Kingdom and Jordan signed an amended protocol to their investment promotion and protection agreement, the Investment Ministry said on X. The update clarifies legal safeguards, guarantees free fund transfers, and ensures equal treatment for investors from both countries. It also sets standards for fair compensation and establishes a joint committee to oversee implementation.

ALSO- Italy seeks to expand its partnership with Saudi Arabia to include joint investments in third markets, particularly Africa, Italy’s Enterprises and Industry Deputy Minister Valentino Valentini told Ashar Business (watch, runtime 1:43). The two nations signed USD 10 bn worth of agreements earlier this year, with the European country’s current investments in Saudi Arabia amounting to about EUR 5 bn.

More in the pipeline: Italy’s Foreign Minister is expected to visit the Kingdom at the end of November, leading a major trade delegation, which will also include the launch of an Italian furniture exhibition featuring top industry brands.

#4- Mawani x ZTT Group: The Saudi Ports Authority (Mawani) signed a SAR 375 mn land lease agreement with China’s ZTT Group signed to build a submarine and underground cable manufacturing plant at Ras Al-Khair Port, the authority said on X. Covering 80k sqm, the facility will produce 500 km of submarine cables. 500 km of underground cables, and 12.5k km of fiber optic cables annually, supporting localization of the cable industry and the Kingdom’s telecommunications sector.

WATCH THIS SPACE-

Goldman Sachs plans to further expand its presence in Saudi Arabia’s private credit market, the firm’s Global Co-Head of Private Credit James Reynolds told Asharq Business (watch, runtime 10:40) on the sidelines of FII9. The firm seeks to tap the growing gap between major project financing needs and local banks’ lending capacity through direct lending, structured finance, and private funds, focusing on investments in infrastructure, energy transition, and domestic consumption.

PIF aims to attract 50% of the firm’s private credit investments inside the kingdom, Asharq Business reported separately, citing PIF’s Head of Securities Investments Abdulmajeed Al Hagbani. Goldman Sachs Asset Management previously inked an agreement for PIF to anchor new private credit and public equity strategies in Saudi Arabia and the GCC.

AND- Saudi Arabia will decide on easing foreign investment limits in the country’s stocks in 2026, chairman of the Capital Market Authority Mohammed El Kuwaiz told Al Arabiya (watch, runtime 17:05). The authorities will remove restrictions preventing foreign investors from trading directly on the main exchange, before considering raising the 49% investment cap. “We are clear about the removal of the QFI regime preceding foreign investor limits,” El Kuwaiz said.

Acwa Power inks off USD 10 bn in agreements at FII9

Acwa Power inked USD 10 bn in agreements at FII9, locking in financing, renewable energy, storage, and technology collaboration agreements across the GCC, Central Asia, Africa, and China, according to a press release.

#1- The headline bundle includes USD 6 bn in financing agreements with Badeel, a PIF subsidiary, and Saudi Aramco. The agreements cover multiple assets set to connect clean capacity onto the Saudi grid, supplying power to the Principal Buyer company through long-term offtake contracts.

A wide pool of regional and international lenders is backing the Saudi portfolio. Financing institutions include UAE’s Ajman Bank, Al Masraf, Alinma Bank, Arab National Bank, Bank Al Bilad, China Construction Bank, China Minsheng Bank, Emirates NBD, Eurobank, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China, KfW Development Bank, Mizuho, National Bank of Bahrain, Piraeus Bank, Saudi Awwal Bank, Saudi Investment Bank, Saudi National Bank, Standard Chartered, and Sumitomo Mitsui Trust Bank.

THE UZBEK PUSH-

In Uzbekistan, USD 1.8 bn in financing agreements were signed for the Samarkand 1.3 GW solar and storage projects. The project scope covers two 500 MW solar farms and 1.3 GWh of BESS, more than 500 km of new high-voltage transmission lines, and two substations to support grid stability. The project will operate under a 25-year power purchase agreement with Uzbekistan’s National Electric Grid (NEGU).

Backers: Lenders backing include Japan Bank for International Cooperation, Asian Development Bank, European Bank for Reconstruction and Development, Islamic Development Bank, alongside private banks supported by NEXI-provided insurance. Equity partners include Sumitomo Corporation (around 20.2%), Chubu Electric Power (around 14.4%), and Shikoku Electric Power (around 14.4%).

ALSO- The renewables giant secured USD 100 mn in shariah-compliant green equity bridge financing from Sumitomo Mitsui Banking Corporation (SMBC) for the Kungrad 1.5 GW wind and 300 MWh battery energy storage, systems (BESS) in Karakalpakstan. The development includes 1.4k km of 500 kV transmission lines, three new switching stations, and upgrades to two existing facilities under a build, own, operate, and transfer structure.

Acwa is doubling down on Uzbek winds: Progress continued on the USD 360 mn Bash 2 300 MW wind farm in Bukhara, where Larsen & Toubro was named preferred EPC contractor. The project includes 39 turbines and a new 500 kV overhead transmission line under a 25-year PPA.

Acwa also brought the 100 MW Karatu wind project into commercial operations, adding 16 turbines, a 15.4 km transmission line, and a 220 kV substation to Uzbekistan’s grid under a long-term supply agreement with NEGU. The company also set up a USD 100 mn export bridge loan facility with SMBC to support the Kungrad wind program — first structure with a bank outside the Gulf.

HEADING TO AFRICA-

#4- On the African front, Acwa signed a framework agreement with IFC valued at up to USD 1 bn to support renewable and water infrastructure, capacity building, and advisory work across the continent. A second nonbinding framework will see them exploring an equity platform targeting late-stage IPPs and small-scale desalination projects.

ALSO- A cooperation agreement with the Opec Fund will see up to USD 450 mn earmarked for project finance, equity bridge loans, and equity commitments for African and priority-market projects. Acwa and Chariot Limited will also co-develop a utility-scale energy platform for Southern Africa, targeting renewables, storage, gas-to-power, and energy trading across the Southern African Power Pool.

AND- Acwa is localizing wind manufacturing, inking three agreements with Goldwind, Envision Energy, and Mingyang Smart Energy to expand wind tech manufacturing, efficiency improvements, and tech transfer across Saudi, Uzbekistan, China, and emerging markets, aligned with local-content goals.

Saudi Arabia to drive USD bns into Syria’s infrastructure in the next five years

Saudi Arabia is planning a multi-bn-USD reconstruction drive for Syria: Major Saudi companies, including Acwa Power and telecom operator STC, plan to “drive bns of USD of actual capital to Syria within the next five years,” to rebuild Syria’s energy, financial, and telecom sectors, Saudi-Syrian Business Council CEO Abdullah Mando told Reuters on the sidelines of the Future Investment Initiative (FII9) in Riyadh last week.

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

Investment-led recovery: Syria’s focus is on “reconstruction through investment” rather than aid, Syrian President Ahmed Al Sharaa addressed attendees during the Forum. The country is a trade corridor and has already attracted around USD 28 bn in investments in the first half of the year, nearly USD 7 bn of which was from Saudi companies, SPA reports him saying. The country has reformed its investment laws to favor investors and enable capital repatriation, with the framework ranked among the world’s top ten, he said.

IN CONTEXT- The World Bank estimates Syria’s reconstruction needs at USD 216 bn after 14 years of civil war.

Sharaa spotlighted investment prospects in real estate, tourism, agriculture, and energy, noting that Syria’s reconstruction needs have opened many windows for foreign investors. The country also holds significant gas reserves and strong logistics infrastructure.

Getting over the sanctions hump: Mando noted that despite strong investor interest, US Caesar sanctions currently block capital flows, leaving actual spending at “zero.” This comes after Saudi Arabia announced more than USD 6 bn in investment pledges for Syria in July. Both Saudi and Syrian officials expressed confidence that the sanctions will be lifted, with a US congressional decision expected by year-end following President Trump’s pledge to repeal them at the US-Saudi Investment Summit in May.

REMEMBER- Some USD 6.4 bn in agreements were activated during a joint investment roundtable in Damascus last week, focused on exploring new potential investments in priority sectors, including energy, communications, banking, real estate development, mining, and digital transformation. This built on a July Saudi-Syrian Investment Forum in Damascus produced 47 agreements worth over SAR 24 bn (USD 6.4 bn), with the real estate sector securing over SAR 7.2 bn.

Beyond infrastructure, Diriyah Gate Company is eyeing restoring Syria’s historic and cultural sites, while new talks cover potential cooperation in civil aviation, education, healthcare, and even a proposed rail link via Jordan.

PIF’s HPDC, Brazil-based MBRF to build global Halal powerhouse with USD 2.1 bn Sadia Halal purchase

HPDC to buy Sadia Halal: PIF-owned Halal Products Development Company (HPDC) inked a strategic agreement with Brazil-based MBRF to acquire its poultry business across the Gulf, Middle East, and North Africa — excluding Turkey — MBRF said on LinkedIn last week. HPDC will fully own the newly formed company, Sadia Halal, for USD 2.1 bn (SAR 8 bn), marking one of the largest transactions in the global halal industry. The agreement is still pending regulatory approvals.

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

What’s included: The acquisition covers all of MBRF’s regional assets, including production plants, logistics networks, and distribution hubs across the Kingdom, the UAE, Qatar, Kuwait, and Oman. It also extends to direct export operations from Brazil to MENA and other Islamic markets. As part of the transaction, Sadia Halal’s regional headquarters will relocate to the Kingdom — a move that underscores the Kingdom’s growing appeal as a regional business hub.

Building a global halal powerhouse: The agreement will create a major player in the halal poultry market, with operations in over 17 countries and a consumer base exceeding 500 mn people. Annual production capacity is expected to reach around 800k tons, while expected annual sales could surpass SAR 10 bn, HPDC CEO Fahad Alnuhait told Al Arabiya (watch, runtime: 2:24) on Thursday.

Looking ahead: HPDC plans to list the new entity on the Saudi Exchange in the coming years, Alnuhait added.

Saudi Water reaches SAR 8.5 bn financial close for Jubail-Buraidah water pipeline

Al Jomaih Consortium secures SAR 8.5 bn for Jubail-Buraydah water pipeline: The Saudi Water Partnership Company (SWPC) reached financial close on the SAR 8.5 bn Jubail–Buraydah independent water transmission pipeline (IWTP) project, SWPC said in a statement on Thursday. The project was announced last March with a consortium of Al Jomaih Energy and Water, Buhur for Investment, and Nesma Group

The deets: Developed under a 35-year build-own-operate-transfer (BOOT) model, the project will transport 650k cubic meters of desalinated water daily across 587 km between the Eastern Province and Qassim Region, with commercial operation expected to begin in 1Q 2029 — pushed from 1Q 2028. Once operational, the project will serve more than 2 mn people, supported by 1.6 mn cbm of storage capacity and an availability rate of up to 98%. It also targets 45% local content during construction and up to 70% during operations.

Who owns what? The project will be developed by Stream Water Transmission Company, with Al Jomaih holding a 45% stake, Buhur with 35%, and Nesma with 20%.

ICYMI- The consortium was named the preferred bidder in November of last year, securing a levelized water transmission cost (LWTC) of SAR 3.6 per cubic meter.

Altwijri Trading could rake in SAR 25 mn from Nomu IPO

Abdulaziz Ahmad Altwijri Trading is guiding on a SAR 22-25 price range for its 20% stake IPO on Tadawul’s parallel market Nomu, financial advisor Yaqeen Capital said in a disclosure to Tadawul. At the top of the range, the pricing would give it a market cap of SAR 125 mn at listing and should see it raise some SAR 25 mn in IPO proceeds.

Qualified investors have until Sunday, 9 November to subscribe to the offering, after the window opened today. Each investor can subscribe to a minimum of 10 shares, and a maximum of 250k. The final allocation of shares is slated for 12 November, while refunds (if any) will take place on 16 November.

REFRESHER- The company will use the fresh funds to back its growth plans, including forging M&A agreements, purchasing a depot in Riyadh, and boosting its logistics. Mohammed and Khaled Altwijri will each retain over 1.2 mn shares, with their individual stakes decreasing to 24.4% from 30.5%. Abdullah Altwijri’s holding will similarly be reduced to 4.07% from 5.08%. These shares will be subject to a 12-month lock-up period starting from the first day of trading.

ADVISORS- The company tapped Yaqeen Capital as the sole financial advisor and lead manager of the transaction, while appointing RSM Global to provide counsel.

Receiving agents include Alistithmar Capital, Alinma Capital, SNB Capital, AlJazira Capital, Riyad Capital, ANB Capital, AlRajhi Capital, Albilad Capital, Derayah Financial, BSF Capital, Sab Invest, Alkhabeer Capital, GIB Capital, Sahm Capital, Musharaka Capital, EFG Hermes, and Awaed Alosool Capital.

Tawuniya’s net income drops 12% in 3Q

TAWUNIYA-

The Company for Cooperative Ins. (Tawuniya) reported a 12.3% y-o-y drop in net income to SAR 173.3 mn in 3Q 2025, weighed down by higher operating expenses linked to business growth and subsidiary expansion, it said in a disclosure to Tadawul on Thursday. Meanwhile, the company’s ins. revenues rose 15.1% y-o-y to SAR 5.4 bn on new client additions and growth across core segments.

On a 9M basis, Tawuniya’s net income grew 5.7% y-o-y to SAR 902.4 mn, while ins. revenues climbed 16.7% y-o-y to SAR 15.8 bn.

MOUWASAT MEDICAL SERVICES-

Mouwasat Medical Services’ net income jumped 33.4% y-o-y to SAR 199.7 mn in 3Q 2025, supported by higher medical services revenue and lower zakat expenses and impairment losses on receivables, it said in a disclosure to Tadawul on Thursday. Meanwhile, revenue increased 9.4% y-o-y to SAR 777.3 mn during the quarter, supported by more outpatient visits and higher inpatient occupancy.

On a 9M basis, the company’s net income grew 23.2% y-o-y to SAR 583.7 mn, while revenue increased 10.1% y-o-y to SAR 2.3 bn.

Parsons to design Diriyah’s Phase 2 public spaces under SAR 210 mn contract

GIGAPROJECTS-

Parsons awarded SAR 210 mn Diriyah Phase 2 contract: Parsons Corporation secured a SAR 210 mn (USD 56 mn) contract by PIF-owned Diriyah Company to support the design and delivery of the second phase of the Diriyah development, it said in a press release last week. The five-year contract covers works on parks, open spaces, and more than 55 km of streetscape, along with construction supervision for the public realm including streets, footpaths, civic buildings, and facilities.

REFRESHER- The US-based tech-focused construction firm has previously worked with the PIF on developments including Neom The Line, Oxagon, Soudah Peaks, and Rua Al Madina, King Salman International Airport, and AlWadi.

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

DEBT WATCH-

Perfect Presentation for Commercial Services (2P) secured an additional SAR 426.3 mn shariah-compliant credit facility from Saudi Awwal Bank, it said in a Tadawul disclosure on Thursday. The one-year facility — secured by promissory notes — will fund new awarded projects through the issuance of letters of guarantees, letters of credit and invoice financing.

ECOMMERCE-

Jahez teams up with noon: Jahez International Company for Information System Technology forged a strategic partnership with ecommerce solution provider Noon to integrate services across both platforms in Saudi Arabia, it said in a press release (pdf) on Thursday. Under the deal, Jahez app will provide access to noon’s fast delivery, while noon will feature Jahez for food delivery from over 50k restaurants across 100 cities.

EXPANSION-

New York-based media firm Fortune set up its debut Middle East office in Riyadh, according to a press release published last week. The move — which was unveiled during the opening day of Fortune Global Forum — will contribute to boosting partnerships in the region. Meanwhile, Fortune eyes a debut of a regional Saudi Arabia Fortune 500 list, to shed light on the Kingdom’s leading companies.

Saudi IPOs drive MENA’s strongest run since the financial crisis — EY

The MENA IPO market recorded its strongest performance since the global financial crisis during 9M 2025, according to EY Global’s latest IPO Trends report (pdf). The region (including Israel) saw 54 IPOs in the first three quarters of the year, raising USD 6.3 bn. The surge reflected continued diversification across sovereign wealth investment, energy, and technology-driven sectors as well as ongoing regulatory reform and active listing pipelines across the GCC.

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

3Q 2025 saw 17 IPOs, generating a combined USD 1.1 bn in proceeds — up 38% in transaction count and 19% in value compared with the same quarter last year. Saudi Arabia continued to lead the region, accounting for nine listings — six on Nomu and three on main market Tadawul — with total proceeds reaching USD 646.5 mn. The largest of these was Dar Al Majed Real Estate, which raised USD 335.8 mn on the main market Tadawul. Saudi’s market capitalization stood at USD 2.7 tn.

Saudi IPOs this year are concentrated in real estate, industrials, retail, hospitality, and construction, compared to 2024 when healthcare, transport, and mobility were in the lead, EY MENA IPO Leader Gregory Hughes said.

Looking ahead: Despite macro headwinds, several IPOs are expected to come to market in the next six months, signaling an active pipeline, EY said. On Saudi, Hughes added that despite KSA’s weakened fiscal position, we can still expect a healthy pipeline in 4Q 2025.

Global IPOs rebound: Worldwide, IPO activity rose to 914 listings in 9M 2025, raising USD 110.1 bn, up 41% y-o-y in proceeds. 3Q alone saw 370 IPOs raising USD 48.2 bn, an 89% increase y-o-y. The US, India and China remain the three largest markets by volume and proceeds, EY said. The report described the rest of 2025 and early 2026 as “a period of gradual re-opening rather than a straight-line rebound,” adding that well-prepared issuers with solid fundamentals and transparent business cases are most likely to perform well.

TASI	11,656	-0.8% (YTD: -3.2%)
MSCI Tadawul 30	1,517	-1.0% (YTD: +0.5%)
NomuC	25,017	0.0% (YTD: -20.5%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.5% repo	4.0% reverse repo
EGX30	38,268	+0.1% (YTD: +28.7%)
ADX	10,100	-1.1% (YTD: +7.2%)
DFM	6,059	-0.8% (YTD: +17.5%)
S&P 500	6,840	+0.3% (YTD: +16.3%)
FTSE 100	9,717	-0.4% (YTD: +18.9%)
Euro Stoxx 50	5,662	-0.7% (YTD: +15.7%)
Brent crude	USD 64.77	+0.6%
Natural gas (Nymex)	USD 4.12	+4.3%
Gold	USD 3,997	-0.5%
BTC	USD 110,065	0.0% (YTD: +17.8%)
Sukuk/bond market index	918.98	-0.1% (YTD: +1.9%)
S&P MENA bond & sukuk	152.05	-0.2% (YTD: +8.7%)
VIX (Volatility Index)	17.44	+3.13% (YTD: +0.52%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.8% on Thursday on turnover of SAR 7.9 bn. The index is down 3.2% YTD.

In the green: Arabian Drilling (+10.0%), Alistithmar Reit (+7.8%) and Bupa Arabia (+7.8%).

In the red: Alrajhi (-3.9%), DWF (-3.0%) and Nama Chemicals (-3.0%).

THE CLOSING BELL: NOMU-

The NomuC closed flaton Thursday on turnover of SAR 32.4 mn. The index is down 20.5% YTD.

In the green: Future Vision (+22.3%), Amwaj International (+10.0%) and Apico (+8.8%).

In the red: Sure (-7.7%), Meyar (-7.0%) and Taqat (-5.9%).

CORPORATE ACTIONS-

Anaam International Holding Group submitted a request to the Capital Market Authority to raise its capital by SAR 105 mn through a rights issue, it said in a disclosure to Tadawul. The plan would increase the company’s capital from SAR 315 mn to SAR 420 mn by issuing 10.5 mn shares at SAR 10 each.

Asas Makeen Real Estate’s board recommended raising its capital from SAR 100 mn to SAR 300 mn by issuing bonus shares, it said in a disclosure to Tadawul. Shareholders will receive two new shares for every existing share, with the SAR 200 mn increase funded from retained earnings.

CALENDAR

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.

3-5 December (Wednesday-Friday): Beyond Profit Forum, Ritz-Carlton Hotel, Riyadh.

7-9 December (Sunday-Tuesday): CoMotion Global 2025, Riyadh.

8-9 December (Monday-Tuesday): Digital Acceleration and Transformation Expo (DATE), JW Marriott hotel, Riyadh.

8-9 December (Monday-Tuesday): Climate Action and Renewable Energy (CARE), JW Marriott hotel, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

11 December (Thursday): Deadline for title deed registration for 214.2k properties across Riyadh and the Eastern Province.

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

19 December (Friday): The 2025 Saudi Toyota Championship wraps up.

25 December (Thursday): Title title deed registration deadline for 64.4k properties across neighborhoods in Madinah, Makkah, Riyadh, and the Eastern Province.

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

31 December (Wednesday): Zatca 22nd E-invoicing integration wave deadline.

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh

2026

JANUARY

1 January (Thursday): Title deed registration deadline for 54k properties in 77 neighborhoods across Riyadh, Makkah, and the Eastern Province.

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

15 January (Thursday): Title deed registration deadline for 31.7k properties in 14 neighborhoods in the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 157.3k properties in 78 neighborhoods across the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province.

20 January (Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

26-28 (Monday-Wednesday): IFAT Saudi Arabia, Riyadh Front Exhibition & Conference Center, Riyadh,

27-28 (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

2-13 (Monday-Friday): 2026 Asian Road Cycling Championship and Paralympic Cycling, Qassim.

3-4 (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh International Convention and Exhibition Center, Riyadh.

9-14 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.

Sections

About

Privacy & Support

Get EnterpriseAM daily