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Wednesday, 10 Jun 2026

What We’re Tracking Today
The Big Story Today
Economy
Logistics
Tech
Also On Our Radar
Planet Finance
Calendar

Hold that IPO

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Today at a glance

1

THE BIG STORY TODAY

Saudi companies shelve IPO plans amid geopolitical jitters.
2

ECONOMY

Saudi Arabia’s economy slows in 1Q, hampered by oil activities.
3

LOGISTICS

Eastern Province set to see bns of SAR in logistics projects.
4

Tech

Zoom opens its Saudi data center.
5

WHAT WE’RE TRACKING TODAY

Rackspace launches its Regional headquarters.
6

ALSO ON OUR RADAR

Alramz, Assayel to launch SAR 370 mn property fund, Saudi + Turkey ink rail infrastructure pact.
7

PLANET FINANCE

The new AI gainers.

Wednesday, 10 Jun 2026

What We’re Tracking Today
The Big Story Today
Economy
Logistics
Tech
Also On Our Radar
Planet Finance
Calendar
1

WHAT WE’RE TRACKING TODAY

Rackspace opens Riyadh office

Good morning, ladies and gents. We lead with a sudden cooling in the listing pipeline, where cross-border tensions have pushed MGC and Arabian Dyar to pull the plug on their highly anticipated IPOs. We’re digging into what this new “wait-and-see” dynamic and what it means for institutional investor demand, just as final 1Q GDP data confirms the economy slowed to its weakest expansion in two years.

Rackspace opens Riyadh HQ

US cloud computing company Rackspace Technology has launched its regional headquarters in Riyadh to serve as a hub for its operations and customer engagement across Saudi Arabia, according to a press release. The office will be led by Shakeel Mohammed (LinkedIn) and will focus on expanding enterprise cloud adoption across the GCC, developing sovereign and regulated cloud offerings, and supporting AI-related digital transformation projects.

The move could help turn earlier MoUs into commercial projects. Rackspace and the Saudi Data and Artificial Intelligence Authority had previously signed an MoU to explore collaboration on cloud computing and AI, including a potential regional center of excellence, cloud infrastructure expansion, and digital skill training initiatives. With the headquarters’ launch, Rackspace now fulfills the Kingdom’s prerequisite for public-sector agreements under RHQ rules.

Opec fund taps LSE bond market

Opec Fund taps London market for EUR 500 mn bond: The Vienna-based Opec Fund for International Development (OFIDEV) — backed by Saudi Arabia, the UAE, and Kuwait — is looking to raise EUR 500 mn through a five-year fixed-rate bond under its Global Medium Term Note Program, Zawya reports. Early pricing suggests a spread of around 29 basis points above the market benchmark rate. The issuance will be listed on the London Stock Exchange and is “no-grow,” with the size fixed at EUR 500 mn.

Our take: The issuance is a channel for deploying Gulf-backed capital into developing markets. Because OFIDEV is structurally barred from investing inside its own member states, proceeds are directed to non-Opec developing economies. Under its 2030 strategic framework, allocations are likely to focus on Africa, food security, and climate-related financing.

ADVISORS- The fund tapped BofA Securities, Credit Agricole CIB, Deutsche Bank, and Goldman Sachs Bank Europe SE as joint lead managers.

Jet fuel exports shake off Hormuz closure

Our jet fuel exports to Europe are on track to surpass pre-war levels, with exports from Yanbu to the EU and UK hitting 118k bb / d in the first week of June, quantities not seen since mid-2025, according to Kpler and Vortexa data cited by Reuters. Our monthly high this year was the 77k bb / d seen in January.

Europe needs our jet fuel exports, with the continent currently experiencing an import gap triggered by the closure of the Strait of Hormuz.

Data point

55.6 points — that’s where Saudi Arabia’s Business ConfidenceIndex (BCI)(pdf) stood in May, up from 54.5 points in April. Sectoral level readings also showed monthly increases, with industry at 54.3 points (up 0.8 points), services at 54.6 points (up 0.7 points), and construction at 56.7 points (up 1 point).

You’ve spent decades building wealth, and the question now isn’t how to make money — it’s how to make sure it survives you, works across borders, and doesn’t quietly erode while you’re not looking. The rules have changed. Egyptian real estate, once a near-guaranteed store of value, is competing with markets in Greece, Spain, and Dubai.

Whether it’s art as an asset, crowdfunding or the tax implications quietly stacking up behind that second passport, the toolkit for serious capital deployment has expanded faster than most conventional advice — or most advisors— have.

In Issue 3 of EnterpriseAM Money Matters, we cover the decisions that matter most when you’re at the stage where capital preservation is just as important as capital growth — and where getting it wrong is no longer something you can simply recover from.

Tap or click here to subscribe to the Egypt edition, delivered to your inbox today, 11 AM Egypt & KSA.

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The big story abroad

Geopolitical tensions are escalating once again after the US launched retaliatory airstrikes against Iran. The strikes follow Tehran shooting down a US helicopter over the Strait of Hormuz, with US forces targeting Iranian air defense and radar sites near the strait. “The mission is a proportional response to unjustified Iranian aggression,” the US Central Command said in a statement. The exchange threatens the stability of the already-fragile ceasefire and complicates negotiations for a peace agreement.

Everyone wants a piece of SpaceX: The IPO has so far attracted over USD 250 bn in orders, with investors lining up to get a piece of what is expected to be the largest-ever IPO. The figure is expected to rise further as the company continues its marketing push. The artificial intelligence and spaceflight player was looking to raise USD 75 bn from the offering.

The tech jitters are back: The S&P 500 and Nasdaq Composite closed lower on Tuesday, dragged down by a sector-wide tech selloff as investors shift their focus to defensive sectors. Some think SpaceX has something to do with it, noting that investors are repositioning ahead of the historic USD 1.75 tn listing, further worsening the pressure on mega-cap tech stocks.

Also worth reading this morning: The Wall Street Journal is out with a piece diving into The Future of Work and AI. With insight from 16 economists, the piece looks at what AI means for the economy, employees, and the workplace.

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2

THE BIG STORY TODAY

Hold that IPO

Saudi companies are shelving IPO plans due to concerns over market volatility and geopolitical tensions. Firms are worried that volatility and uncertain demand raise the risk of underwhelming subscriptions and marked-down pricing — worries that were further fueled by recent strikes on neighboring countries.

What happened? Mutlaq Al Ghowairi Contracting (MGC) is holding off on its IPO for now, according to a statement. The company was supposed to roll out this year’s first big IPO in the Gulf since the Iran war, aiming to raise up to SAR 3 bn (c.USD 800 mn) through the sale of a 30% stake. The pause means MGC’s CMA approval will expire without listing.

Behind the move: “The [agreement] was pulled due to market conditions,” Riyadh-based investment banker Mustafa Fahim tells EnterpriseAM. “Launching into that environment, when institutional investors are still finding their footing, was always going to be a tough ask.”

Reports are pointing in the same direction: Unnamed sources told Bloomberg that shareholders grew concerned that ongoing geopolitical instability would weigh on post-listing performance, despite institutional orders exceeding the shares on offer, with worries reportedly intensifying after some investors scaled back orders following last week’s strikes in Kuwait and Bahrain.

Not just MGC? Arabian Dyar is also pulling the plug on its planned IPO due to weak market sentiment weighing on investor appetite, Zawya reports, citing a source it says is familiar with the matter. The company was reportedly gunning for a SAR 16 bn valuation, higher than what some banks are pitching.

Why it matters

The delay “creates a wait-and-see dynamic,” Fahim tells us, adding that “when an [agreement] of this size pulls back, other issuers and their advisors take note.” Valuations on IPOs in the pipeline are already being stress-tested, and “there’s greater reluctance to push ahead unless the secondary market gives clear signals,” Fahim says.

Expect spillover effects across Saudi’s IPO pipeline, SICO BSC’s Chiro Ghosh told Bloomberg. MGC’s listing was supposed to serve as a bellwether for investors’ confidence in the infrastructure sector’s resilience amid project reshuffling and geopolitical headwinds. It was also a key test for new Saudi guidance encouraging issuers to allocate up to 30% of shares to retail investors — a move bankers warned could risk an over-allocation, according to the business information service.

The picture isn’t entirely bleak: Newly listed companies are displaying steady performance, signaling that some investors still have a strong appetite for the local market. Shares in IT services firm Dar Albalad for Business Solutions climbed 28.21% on their Tadawul debut and currently trade at around 41% above that price, while mining firm Saleh Abdulaziz Al Rashed & Sons is trading roughly flat at its IPO price of SAR 45 per share. Tadawul has already proven to be a more resilient market than its neighbors, remaining in the green throughout the thick of the war.

What’s next?

“The key variable is the conflict,” Fahim says. “Investment tied to state-backed contracts or large infrastructure programs is generally more resilient. MGC fits the former, which is exactly why this is likely a timing call, not a permanent retreat. [...] Once visibility improves, particularly on oil prices and regional stability, expect issuers to come back, possibly with repriced expectations.”

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3

ECONOMY

Economy slows in 1Q, hampered by oil activities

Saudi Arabia’s economy grew 3% y-o-y in 1Q 2026, according to Gastat’s final estimate (pdf). The reading marks a slight uptick from the 2.8% penciled in the state statistics agency’s flash estimates, but it’s still the slowest expansion since 2Q 2024 as the US-Israeli war with Iran and the closure of the Strait of Hormuz curtailed crude output.

Oil activities remained the primary drag on performance, expanding just 2.9% y-o-y during the quarter, down from 10.8% in 4Q 2025. Meanwhile, the upward revision came from the non-oil economy, which rose 2.9% y-o-y — the single largest contributor to annual growth at 1.7 percentage points.

The war’s impact was softened by infrastructure. Growth numbers are “not as bad” as they could have been, and we have the East-West pipeline to thank for that, MENA economist Hamzeh Al Gaaod tells EnterpriseAM.

On a quarterly basis, GDP shrank 1.2% q-o-q, a slight improvement from the 1.5% recorded in earlier flash estimates. Oil activities fell 6.8% q-o-q, lopping 1.6 percentage points off the quarterly figure, while non-oil and government activities each added 0.2 percentage points.

Standout sectors: The private sector, finance, ins., and business services booked the highest annual momentum, rising 5.4% y-o-y, followed by manufacturing — excluding petroleum refining — expanding 4.0% y-o-y. Crude petroleum and natural gas activities came in third, recording 3.6% y-o-y growth.

The outlook

The non-oil economy is showing signs of recovery but remains depressed. The Kingdom’s PMI rose to 52.8 in May, still weak by historic standards and consistent with non-oil GDP contracting again in 2Q, Capital Economics’ Jason Tuvey said in a note. Headline inflation held steady at 1.7-1.8% y-o-y, with few signs that supply-chain disruptions have triggered major shortages.

Forecasters diverge sharply on the full year. Tuvey is the most pessimistic, projecting a 4.5-5.0% contraction in 2026 even if the strait reopens soon — which would be the Kingdom's worst outturn since the 1980s. But he reckons the economy may now be past the worst, with 1Q coming in firmer than he had expected.

Al Gaaod is more optimistic, but with a caveat: “Expect similar growth numbers for the rest of the year, with an asterisk depending on when the strait opens,” Al Gaaod says, estimating that each month the strait remains closed shaves off some 0.2-0.6% off growth.

REMEMBER- The IMF recently lowered the Kingdom’s 2026 GDP growth forecast to 2%, down from the 3.1% projected in April. The revision assumes the persistent conflicts will continue to damage infrastructure, hamper trade routes, and fuel financial sector volatility.

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4

LOGISTICS

Eastern Province set to see SAR bns in logistics projects

A logistics investment wave hits the Eastern Province: Developers are committing more than SAR 3.2 bn to new ports, logistics, and rail projects in the Eastern Province.

At sea

SGP takes over Jubail container terminal: The largest ticket saw Saudi Global Ports Group secure a contract from Mawani to operate the container terminal at Jubail commercial port, backed by more than SAR 2 bn in private sector investment. The project will raise the terminal’s annual capacity to 2.4 mn TEUs through a series of upgrades, including extending the berth length to 1.4 km, deepening the berth to 18 meters, and expanding the fleet of ship-to-shore and rubber-tyred gantry cranes to 39 units.

On land

New truck services hub for Dammam port: At King Abdulaziz Port in Dammam, Mawani signed an agreement with Q Saudi to develop an integrated truck services center with SAR 180 mn in investment. The 97.7k sqm facility will include truck staging and waiting areas, driver rest facilities, and commercial services aimed at improving traffic flow and reducing waiting times.

Agility to expand Dammam logistics footprint: Mawani also partnered with Agility Logistics Parks to develop an integrated logistics zone covering nearly 400k sqm at King Abdulaziz Port, it said on X.

Two new logistics centers come online: King Abdulaziz Port also saw the launch of two new logistics centers worth a combined SAR 70 mn. Aldrees opened a SAR 40 mn, 14.6k sqm facility, while United Electronics Company (eXtra) launched a SAR 30 mn logistics center spanning more than 32k sqm. eXtra said the facility will increase its handling capacity by 30% and improve cargo flows through the port.

On the tracks

AND- A rail link to connect Dammam’s industrial base: Separately, Hassan Allam Construction Saudi and OHL Arabia were awarded a contract by Saudi Arabia Railways to build the Dammam 2nd Industrial City Railway Connection, according to a press release (pdf). The project includes a 22.7 km single-track freight railway linking the industrial city to the Kingdom’s 556 km Dammam-Riyadh freight line, along with associated civil works, signaling, telecommunications, and utility integration infrastructure. Neither the contract value nor the timeline was disclosed.

Why it matters

Connecting the logistics dots: These investments are tightening the links between Saudi Arabia’s ports, industrial zones, and the transport network backbone. By expanding capacity at Jubail, adding logistics zones, improving truck handling at Dammam, and connecting industrial areas to the national rail network, the Kingdom is boosting throughput across sea, road, and rail. The result is a more coordinated freight system that reduces bottlenecks, speeds up turnaround times, and lowers logistics costs for manufacturers.

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5

Tech

Zooming in

Zoom Communications opened a new data center in Saudi Arabia, leaving the door open to further investment in the Kingdom. The new facility is a co-location arrangement with STC’s data center arm Center3.

Moving quickly: Zoom committed to investing USD 75 mn in the Kingdom, according to an announcement made during Leap 2025, covering infrastructure, talent, and local operations. Most of it is already deployed, Zoom's Vice President for the Middle East Mohannad Al Kalash tells EnterpriseAM. The remainder is expected to be invested before 2030, with the company open to additional investment “if the return on our investment is reasonable,” Al Kalash says.

Why it matters: The Kingdom is ramping up investment in AI, cloud computing, and digital infrastructure. Demand for data centers is expected to rise sharply as AI adoption increases and government entities, regulated industries, and enterprises seek local data residency capabilities. Center3 is developing AI-ready infrastructure through partnerships, including its recently announced collaboration with PIF’s Humain.

Saudi was a priority market when Al Kalash joined Zoom in 2024 to lead the company's regional expansion. The company currently employs more than 25 people in the Kingdom with an 84% Saudization rate, Al Kalash says.

What’s next?

The immediate focus remains on serving the Saudi market for now, with new packages targeting SMEs expected in the near term. A regional opening could come “a year from now,” with no local M&A on the cards, Al Kalash tells us.

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6

ALSO ON OUR RADAR

Alramz, Assayel to launch SAR 370 mn property fund

Alramz Real Estate and Assayel Arabia are setting up a SAR 370 mn shariah-compliant real estate investment fund, according to a Tadawul disclosure. The Alahli Alramz Assayel Residential Fund will finance the development of the Ramz Al Raed 2 residential project in Riyadh’s Al Raed district, which is expected to include around 290 apartments built on a 15k sqm plot.

Who does what? Ownership of the fund will be split evenly between the two companies, with SNB Capital acting as fund manager and Alramz as developer and exclusive marketer.

A growing pipeline: In April, Alramz revealed plans to set up a SAR 650 mn real estate fund for its Al Ramz Front residential project in Jeddah. In February, it secured a SAR 91 mn 36-month contract with PIF-backed developer Roshn Group to design and build 240 units.

Three years to go for our rail link with Turkey

When will our rail link with Turkey be ready? According to Turkish Transport MinisterAbdulkadir Uraloğlu within three years. The minister expects the link to expand into Europe. The Kingdom is set to wrap up a study on the proposed rail link by year-end to create an integrated transport network for goods and services.

Riyadh and Ankara to expand rail cooperation: Saudi Arabia Railways and the Turkish State Railways plan to boost cooperation on railway maintenance, infrastructure development, capacity management, training, and consulting under a newly-signed MoU, according to state news agency SPA.

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7

PLANET FINANCE

The new AI gainers

A growing number of firms are riding AI’s coattails: More than 200 industrial, utility, and mining companies linked to data centers or semiconductor supply chains outperformed the MSCI World Index over the past year, the Financial Times reports. The gainers include everyone from Caterpillar and Hochtief to steel producer Nucor and power-management company Eaton.

“[A]nything that can spin an engine is going to end up in a data center,” Dell’Oro’s Alex Cordovil said. Investors are increasingly wagering on the infrastructure behind AI — companies supplying the power, cooling, wiring, and equipment — rather than the companies building the models themselves.

This comes as spending on data center infrastructure is hitting record levels: Alphabet, Microsoft, Amazon, Meta, and Oracle are projected to spend a combined USD 700 bn on AI infrastructure this year alone, helping push US data-center construction spending to a record USD 50 bn this past April. Global data-center capacity is expected to double by 2030.

The biggest winners aren’t always obvious: Corning — the 175-year-old company behind Pyrex glass — has seen its shares rise more than 270% after signing optical-fiber agreements with Meta and Nvidia. Eaton reported data-center orders were up 240% in 1Q, while gas turbines once considered obsolete now carry backlogs of up to seven years as AI companies scramble for power.

Gulf investors are also putting their money into these enterprises: The Abu Dhabi Investment Authority (Adia) has recently capitalized on the USD 2.4 bn IPO of German gas-engine maker Innio, whose equipment helps power AI-era data centers. The stock jumped 23% on its Nasdaq debut, underscoring investor appetite for the infrastructure underpinning the AI boom.

The catch: Bain estimates the tech industry would need to generate USD 2 tn in annual AI revenue to justify the spending trends we’re currently seeing. The OECD has also warned of a potential repricing of AI assets if geopolitical tensions keep energy prices elevated. For now, though, investors seem happy backing the businesses building the AI boom.

MARKETS THIS MORNING-

Asia-Pacific markets fell in early trading this morning as flaring geopolitical tensions and Wall Street's tech selloff rattle investors. South Korea’s Kospi is leading losses, down 2.6%, and Japan’s Nikkei is down 0.9%. The Shanghai Composite and Hang Seng also opened lower. In the US, equities are expected to open in the red, with futures down.

TASI

11,115

+1.3% (YTD: +6.0%)

MSCI Tadawul 30

1,486

+1.6% (YTD: +7.1%)

NomuC

22,888

+0.6% (YTD: -1.8%)

USD : SAR (SAMA)

USD 3.75 Sell

USD 3.75 Buy

Interest rates

4.25% repo

3.75% reverse repo

EGX30

52,375

+1.0% (YTD: +25.2%)

ADX

9,561

+0.8% (YTD: -4.3%)

DFM

5,785

+0.9% (YTD: -4.3%)

S&P 500

7,387

-0.3% (YTD: +7.9%)

FTSE 100

10,227

-1.4% (YTD: +3.0%)

Euro Stoxx 50

6,050

-0.2% (YTD: +4.4%)

Brent crude

USD 91.88

+0.5%

Natural gas (Nymex)

USD 3.13

-0.3%

Gold

USD 4,224

-1.5%

BTC

USD 61,752

-1.7% (YTD: -29.5%)

Sukuk/bond market index

912.64

+0.4% (YTD: -0.7%)

S&P MENA Bond & Sukuk

151.25

-0.2% (YTD: -0.4%)

VIX (Volatility Index)

19.74

+4.3% (YTD: 32.2%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.3% yesterday on turnover of SAR 7.6 bn. The index is up 6.0% YTD.

In the green: United Cooperative Assurance (+9.9%), Acwa Power (+7.7%), and Gulf General (+6.4%).

In the red: Petro Rabigh (-5.9%), Dar Albalad (-5.7%), and Talco (-5.3%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.6% yesterday on turnover of SAR 17.2 mn. The index is down 1.8% YTD.

In the green: Altwijri Trading (+9.1%), National Building and Marketing (+8.9%), and Arabica Star (+6.8%).

In the red: Almujtama Medical (-10.0%), Albattal Factory (-9.3%), and Jamjoom Fashion (-7.1%).

CORPORATE ACTIONS-

Ades Holding’s board proposed doubling the firm’s capital to SAR 2.26 bn through a 1-for-1 bonus share issuance, according to a Tadawul disclosure. The increase will be funded by capitalizing SAR 1.13 bn from the oil and gas driller’s share premium account, aiming to strengthen its capital base to back its expansion plans. The move is pending regulatory and shareholder approvals.

The Company for Cooperative Ins. (Tawuniya) will move forward with a SAR 750 mn capital hike to SAR 2.25 bn via a bonus share issuance after it secured thegreen light from the CMA. The increase will be funded by transferring SAR 750 mn from the insurer’s retained earnings, with shareholders receiving one bonus share for every two shares held.

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CALENDAR

JUNE

11 June (Thursday): The Effie Awards Saudi Arabia, Riyadh

21-24 June (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh Front Expo.

21-24 June (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

22-24 June (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

AUGUST

30 August-1 September (Sunday-Tuesday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

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

SEPTEMBER

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

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

23 September (Wednesday): Saudi National Day.

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

OCTOBER

12-15 October (Monday-Thursday): World Energy Congress, Riyadh.

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

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

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

NOVEMBER

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

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

25-29 November (Wednesday-Sunday): Aero Middle East and Sand & Fun, Thumamah Airport, Riyadh.

Signposted to happen sometime in 2026:

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;
  • Capital Markets Forum takes place in March in Riyadh.

Signposted to happen sometime in 2Q 2027:

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

2027

FEBRUARY

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

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