Inflation eases to 2.2% in September

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Aramco Trading eyes copper as it pushes into metals markets

Good morning. We wrap up the week with a mixed bag of news, leading with September’s inflation figures from Gastat. Inflation eased to 2.2% last month, but rent increases are still not letting up just yet. Meanwhile, the PIF unveiled a mixed-use project next to Makkah’s Grand Mosque, spanning 12 mn sqm.

ALSO- The Kingdom led MENA with 173 VC funding rounds in the first nine months of 2025, per Magnitt’s tally, and Knight Frank is out with its 1H report on the industrial and logistics sector. Let’s dive in.

HAPPENING TODAY-

#1- The Joy Forum kicks off today at the SEF Arena in Blvd City, bringing together leaders from the entertainment, technology, media, and policy sectors. The two-day event will feature keynotes, panels, workshops, and an expo showcasing brands and innovations while also serving as a platform for partnerships and networking. It is set to host over 40 speakers, 20 exhibitors, and more than 20 sessions, with participants from over 30 countries.

#2- Aviation Impact Middle East takes place today at Hyatt Regency Riyadh Olaya, bringing together senior leaders from airlines, airports, and OEMs, as well as government officials. The summit — organized by Aviation Business Middle East and powered by GE Aerospace — will feature panel discussions on airport development, aerospace clusters, fleet modernization, and sustainable aviation fuels.

WEATHER- Storm watch: Thunderstorms, hail, and gusty winds are set to hit Jazan, Asir, Al Baha, Makkah, the Eastern Region, and Najran today, with fog likely blanketing these areas and parts of Madinah and Hail.

Riyadh: 34°C high / 20°C low,
Jeddah: 35°C high / 27°C low
Makkah: 39°C high / 28°C low.

PSAs-

Public consultation on the classification of violations of landlord-tenant relationship regulations is now open on the Istitlaa platform, open until Wednesday, 29 October 2025. The proposed rules (pdf) introduce penalties ranging from warnings to a 12-month rent for landlords who raise rent in Riyadh or force evictions beyond the agreed terms. This follows the new approved law to freeze rent hikes for five years.

WATCH THIS SPACE-

#1- Aramco Trading is reportedly hiring copper traders amid plans to push into metals markets, as major energy firms expand their footprint in the metals market, Bloomberg reported yesterday, citing sources it said are in the know. The company hired copper trader Jack Gebler (Linkedin) and is looking to hire metal traders in Jedddah, and could resort to prepaying mines and smelters as it seeks to establish itself in the market, two sources claimed.

A growing trend: Energy trading firms have been entering the metals market since last year, including Mercuria Energy Group, Vitol Group, Gunvor Group, and PetroChina Company, according to Bloomberg.

#2- JP Morgan Chase and Co. received a license to set up a regional headquarters in the Kingdom, joining international financial giants like Goldman Sachs, Citigroup, Morgan Stanley, and BlackRock, Bloomberg reported yesterday. The Middle East and North Africa operations will continue to report into its London hub, an unnamed source told Bloomberg.

IN CONTEXT- The Regional Headquarters Program requires foreign firms to set up hubs in the Kingdom by 2026 to be eligible for government contracts.

#3- Nomu-listed Atlas Elevators General Trading is planning to issue SAR-denominated sukuk at an initial value of SAR 40 mn, each at a par value of 1k, it said in a bourse filing. The offering will kick off on Sunday, 19 October and run through July 2027. There’s no publicly available information about whether this will be a fixed-rate or a floating issuance.

Where will the money go? Proceeds from the sukuk will fund the expansion and relocation of Atlas’s affiliated manufacturing unit to Riyadh’s Second Industrial City, where the company plans to establish what it says will be the first automated escalator and conveyor belt plant in the Middle East.

IN CONTEXT- The move underscores a growing trend of Nomu-listed small and mid-cap firms turning to shariah-compliant debt as an alternative funding route. Just last month, fragrance maker Intelligent Oud (iOud) announced plans to launch a SAR-denominated Sukuk program to issue fixed-rate senior unsecured debt to fund expansion across its segments. Earlier in June, Leen Alkhair launched a SAR 20 mn sukuk issuance, following Aictec ’s SAR 6 mn offering, while Al Qemam for Computer Systems wrapped up a SAR 4 mn issuance.

OIL WATCH-

Oil to continue to account for around 30% of total energy demand by 2050, with primary energy demand projected to rise 23% by that year, Reuters quoted Opec’s Secretary General Haitham Al Ghais as saying during the Russian Energy Week. Growing populations, economic expansion, and rapid urbanization all indicate that global energy demand will continue to climb well beyond current levels, Al Ghais.

Opec has repeatedly argued that oil demand will remain strong for decades, diverging from projections like that of the International Energy Agency, which expects consumption to peak within the next few years.

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THE BIG STORY ABROAD-

The tenuous Israel-Hamas peace agreement is still dominating headlines, as Hamas returns more bodies of captives and says it has now returned all the bodies it is able to reach, and needs more time and specialized equipment to recover others. Meanwhile, Israel has threatened to return to war and “defeat Hamas” if it does not uphold its side of the agreement, which also includes Hamas’’ total disarmament. Some 19 bodies have yet to be returned. (Bloomberg | BBC | Financial Times)

Meanwhile, sources said work has already begun on an international stabilization force that would go to Gaza and stabilize security amid tensions between Hamas and Israeli militants in the strip. The US is in talks with officials from Indonesia, the UAE, Egypt, Qatar and Azerbaijan, on their involvement as part of the force. (Reuters)

ALSO GETTING ATTENTION- US President Donald Trump is threatening to launch military strikes in Venezuela, after authorizing the Central Intelligence Agency to conduct covert strikes there as part of a campaign against drug trafficking. (Wall Street Journal | Guardian | New York Times)

PLUS- Levels of carbon dioxide surged at record levels in 2024, as record additions of renewable energy capacity failed to put the world on track to meet its climate targets for 2030, a report by the International Renewable Energy Agency said. The ongoing burning of fossil fuels, along with a surge in wildfires, are to blame, IRENA said. (Reuters | Guardian)

Annual inflation eases to 2.2% in September

Annual inflation recorded 2.2% y-o-y in September, down by 0.1 percentage points from August’s two-year high, according to the General Authority for Statistics’ (Gastat) latest consumer price index (pdf). The uptick was driven by a 5.2% increase in prices of housing, water, electricity, gas, and other fuels.

Rent would not let up yet: Housing, water, electricity, gas, and other fuels saw a 5.2% y-o-y increase during the month, triggered primarily by a 6.7% y-o-y increase in rents paid for housing.

Food and beverage prices also inched up 1.1% y-o-y, supported by a 0.6% rise in fresh or chilled meat prices. Restaurants and accommodation services prices climbed 1.5% y-o-y, mainly due to a 1.9% rise in accommodation service prices.

ALSO- Transport prices rose 1.6% y-o-y, driven by a 6.9% increase in passenger transport prices. Ins. and financial services prices climbed 7.7% y-o-y, stemming from a 12.7% surge in the prices of ins. services.

On the decline: Furnishings, household equipment, and routine household maintenance prices fell 0.6% y-o-y, largely due to a 3.2% drop in furniture, furnishings, and carpet prices. Meanwhile, information and communication prices decreased by 0.4%, weighed down by a 6.4% decline in information and communication equipment prices.

On a monthly basis, consumer prices fell 0.1% in September, primarily due to a 0.4% decrease in the transport division, according to Gastat’s full report (pdf) on September’s average prices of goods and services.

Also driving the decline: Restaurants and accommodation services prices fell 0.9% m-o-m, with the prices of furnished apartments down 9.2% and hotel accommodation dipping 5.8% during the month. Furnishings, household equipment, and routine household maintenance along with entertainment, sports and culture, clothing and shoes, and insurance and financial services divisions fell 0.3% m-o-m. Meanwhile, information and communication prices decreased by 0.1%.

ICYMI- Gastat updated the index’s methodology last month, setting 2023 as the new reference year and revising the basket’s items and weights based on the 2023 household income and expenditure survey. The update expanded the number of items from 490 to 582, widened coverage from 16 to 23 cities, and cut the weight of housing, water, electricity, gas, and other fuels from 25.5% to 19.5%, while raising the weight of food and beverages from 18.8% to 22%, making it the heaviest component in the index.

WHOLESALE PRICE INDEX-

Producer prices rose 2.1% y-o-y in September, unchanged from the past two previous months, according to Gastat’s wholesale price index (pdf). This was driven by a 4.0% increase in other transportable goods, except metal products, machinery, and equipment, as well as a 4.7% rise in agricultural and fishery products.

Wholesale prices inched up 0.3% m-o-m in September, supported by a 0.7% increase in prices of other transportable goods.

LOOKING AHEAD- The World Bank recently revised up its inflation forecast to 2.3% this year, in line with FinMin’s projections. The international lender expects inflation to take a modest downward trajectory to reach 2.2% in 2026, slightly above the ministry which sees inflation easing to 2% next year. “Looking ahead, we think that Saudi Arabia’s headline inflation rate will fall back over the remainder of this year to just below 2% y-o-y and disinflation will persist through 2026,” Capital Economics’ James Swanston wrote in a note seen by EnterpriseAM.

King Salman Gate to transform Makkah’s Grand Mosque district

Crown Prince Mohammed bin Salman launched the King Salman Gate project in Makkah, a mixed-use development next to the Grand Mosque, aimed at improving services for pilgrims and residents, the Public Investment Fund said in a statement yesterday. The project will be developed by PIF-owned Rua Al Haram Al Makki Company. No details about the investment ticket or the completion timeline were announced.

The deets: The project will span about 12 mn sqm and will include residential, hospitality, commercial, and cultural facilities, with capacity for around 900k indoor and outdoor praying spaces. It will enhance access to the Grand Mosque through upgraded infrastructure and transport links, while preserving the city’s heritage by restoring and developing 19k sqm of historic sites. The project will also create more than 300k jobs by 2036.

More details: The project will reportedly include 50k branded residential units, 16k hotel rooms, around 39k parking spaces, and 200k sqm of retail spaces, Asharq reported. Ownership rights will be granted to all Muslims, according to the recently issued property ownership law for non-Saudis. Development timeline and sales and lease details will be announced at a later stage during the project progression.

Makkah’s newest large-scale project: King Salman Gate joins Masar Destination project, which spans 1.2 mn sqm strip in Makkah leading to the Grand Mosque all set with hotels, retail, residential and office space.

Saudi leads MENA VC with 173 transactions in 9M 2025 -Magnitt

Saudi Arabia became the most active venture capital market in the MENA region by agreement volume for the first time, recording 173 transactions in the first nine months of 2025, up 38% y-o-y, according to Magnitt’s 3Q 2025 Emerging Venture Markets report seen by EnterpriseAM. The Kingdom raised USD 1.3 bn during the period, a 158% increase compared to the same period last year.

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Behind the surge: The rise in venture activity in the Kingdom was fueled by government-backed entities like SVC, Jada, and NTDP, Magnitt’s CEO Philip Bahoshy told EnterpriseAM. “Sovereign catalysts de-risked early stages and improved the regulatory environment needed for international investors,” Bahoshy said. This helped draw significant foreign interest, with non-Saudi investor participation rising to a record 55% in 9M 2025 — evidence of growing private and international momentum alongside public anchors, he said.

Early-stage is still king: Only three of the 173 total were mega rounds (over USD 100 mn), including Hala’s USD 157 mn and Tabby’s USD 160 mn. Meanwhile, early-stage investments continued to dominate, accounting for 87% of all agreements, with pre-seed and seed agreements jumping 53% y-o-y to 110 transactions. Fintech remained the Kingdom’s most active sector, recording 40 agreements, up 90% y-o-y, and accounting for 23% of the total volume, Bahoshy added.

A record year for the region: MENA startups raised over USD 3 bn across 469 transactions by September’s end. That’s more than double last year’s total and, for the first time, surpassing the longtime emerging market leader Southeast Asia, which trailed with USD 2.5 bn, according to Magnitt’s press release (pdf). The third quarter was MENA’s strongest on record, with USD 1.2 bn raised, up 121% y-o-y. This suggests a “potential shift in global capital allocation,” though a longer period is needed to confirm a permanent trend, Bahoshi told us.

The UAE commanded the top spot for total funding, rising 188% y-o-y to USD 1.43 bn across 164 transactions. The Kingdom and the UAE together accounted for more than 90% of total regional funding. Meanwhile, Turkey’s funding grew 50% to USD 428 mn, and Egypt saw a 37% decline to USD 202 mn across 53 agreements.

Growth across the board: Mega rounds — over USD 100 mn — drove more than half the total value in the third quarter, led by the UAE’s XPANCEO (USD 250 mn), Airalo (USD 220 mn), and Saudi Arabia’s Hala (USD 157 mn). Still, non-mega activity has been showing sustained quarterly growth since 3Q 2024, signaling “a deepening pipeline rather than short-term concentration,” Bahoshy told us. This was underscored by a maturing mid-stage, with Series A and B funding jumping 205% y-o-y to USD 1.4 bn in the first nine months of the year. The early-stage pipeline also remains robust, with pre-seed transactions rising 30% y-o-y, signaling a healthy influx of new founders.

The fintech sector remained in the lead, attracting USD 965 mn, up 97% y-o-y, and representing over a quarter of all transactions. Growth was supported by open banking frameworks, major regional events, and large Saudi tickets. Enterprise software also gained momentum, rising to USD 320 mn across 52 transactions, up from USD 70 mn across 44 rounds in the same period last year.

Rising exits and liquidity: Mergers and acquisitions activity doubled to 40 transactions in the first nine months of 2025 — a three-year high and a sign of a “healthier, more liquid ecosystem,” Bahoshy said. Exits were concentrated in the UAE (15) and Egypt (13) due to their mature buyer bases and ecosystems. However, “the exit challenge is more acute in the UAE and Egypt than it is in Saudi Arabia,” as the more mature startups in both countries are searching for liquidity to survive the global extension of the average seven-year path to an exit, according to Bahoshi.

Momentum is expected to keep going in 4Q: Magnitt expects the remaining months of 2025 to see “sustained momentum and measured optimism,” bolstered by continued public-private collaboration and institutional capital flowing into emerging markets.

Bucking the global trend: Emerging venture markets saw a 6% y-o-y decline in funding to USD 6.56 bn. Southeast Asia was hit hard with a 48% decline to USD 2.5 bn, logging its weakest quarter in seven years.

Saudi wraps up SAR 7.5 bn sukuk issuance in October

The Finance Ministry closed its SAR 7.5 bn local sukuk offering for October, according to a statement from the National Debt Management Center on Tuesday. The issuance comes under the government’s Saudi SAR-dominated sukuk program.

The issuance was structured in four tranches:

A four-year tranche, valued at SAR 538 mn;
A seven-year tranche, valued at SAR 493 mn;
An 11-year tranche, valued at SAR 2.45 bn;
A 14-year tranche, valued at SAR 4.07 bn.

The debt status: The Kingdom’s total public debt stood at SAR 1.47 tn at the end of 3Q 2025, with domestic debt amounting to SAR 930.1 bn and external debt hitting SAR 536.5 bn. EFG Hermes is expecting total public debt to close the year at around 30% of GDP, it said in a research note seen by EnterpriseAM in August.

Industrial sector sees double-digit rent growth and near-full occupancy in 1H 2025 -Knight Frank

Saudi Arabia’s industrial and logistics sector expanded in the first half of 2025, adding over 1.3 mn sqm of new warehouse space, according to Knight Frank’s Saudi Arabia Industrial and Logistics Market Review for Autumn 2025. Despite this influx of supply, demand remained robust, sustaining double-digit rent growth and keeping occupancy levels high across the Kingdom’s major logistics hubs.

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Riyadh leads with double-digit rental growth: The capital continued to anchor the sector’s performance, with warehouse stock rising by 3.5% in 1H 2025 to reach 28.9 mn sqm, while industrial and manufacturing facilities grew by 1.4% to 16.2 mn sqm. Average industrial rents in Riyadh climbed 16% y-o-y to SAR 208 per sqm, supported by a robust 98% occupancy rate — indicating tenants' demand for quality space.

Jeddah’s growth is underpinned by port expansion: In Jeddah, total warehouse supply grew by 1.4% to 20.1 mn sqm, while average rents increased by 8% and the occupancy rate stood at 97%. Al Kawthar submarket recorded the fastest rental growth in Jeddah, up 18%, followed by Al Nakheel submarkets with 16% growth. Jeddah’s performance was further buoyed by DP World’s SAR 3 bn investment in the South Container Terminal of the Jeddah Islamic Port, which doubled its capacity and enhanced freight flows, reinforcing the city’s strategic importance in regional trade.

Dammam faces tight supply and rising rents: In the Dammam Metropolitan Area, warehouse stock edged up by 0.7% to 8 mn sqm. Limited new supply pushed average lease rates up by 9% y-o-y to SAR 231 per sqm, with occupancy rate at a tight 96%. Although short-term constraints are expected to persist, the long-term development pipeline remains promising, with 2.4 mn sqm of land, including an 850k sqm logistics zone set to deliver 900 light industrial units by year-end.

Behind the numbers: Rent increases have consistently outpaced new supply due to “persistent growth in demand, especially for high-quality, modern facilities,” Knight Frank’s Faisal Durrani said. A “substantial pipeline” of serviced land and ample zoned land availability indicate “significant capacity for future growth” in the sector, he added.

Where demand is flowing: Much of the current demand is shifting toward specialized and tech-driven facilities. Cold storage spaces catering to pharma and food supply chains are in high demand, while the expansion of global technology players like Google, Oracle, and Huawei is fueling interest in large-scale data centers. The 3 mn sqm Special Integrated Logistics Zone at King Salman International Airport has already attracted major tenants like Apple and Shein, while areas like Taibah are expected to grow by 50% over the next three years.

The government’s guiding hand: To advance its Vision 2030 goals, the government is driving industrial expansion through targeted reforms, including the extension of the White Land Tax to undeveloped industrial plots. This effort resulted in 585 new industrial licenses worth SAR 13.5 bn issued in 1H 2025, bringing the total number of factories to over 12.8k. The broader strategy aims to triple industrial GDP, increase the factory count to 36k by 2035, and raise the logistics sector's contribution to 10% of the national GDP from its current 6%.

Foreign direct investment is increasingly concentrated in industrial clusters and digital platforms as multinational tech companies like Google, Oracle, and Huawei deepen their commitments beyond simple market entry. Global partnerships are now focused on developing advanced technology ecosystems and specialized infrastructure — an evolution that aligns with the Kingdom’s ambition to position itself as a leading logistics and industrial powerhouse.

Looking ahead: The sector is entering a defining phase of growth, with record demand for modern warehousing — especially in Riyadh, where tight supply is driving up rents, according to Knight Frank’s Adam Wynne. Although 2024 saw limited new completions, development activity is set to accelerate over the next four years as developers respond to rising occupier requirements and the Saudi logistics market's increasing sophistication.

Nobel laureate Omar Yaghi urges Saudi youth to seize investments in education

Nobel laureate Omar Yaghi was featured in a special interview on Al Arabiya English (watch, runtime: 15:49) on Tuesday. Chemist Yaghi received last Wednesday a Nobel Prize in the sciences, after being awarded the 2025 Nobel Prize in Chemistry alongside Japan’s Susumu Kitagawa and Australia’s Richard Robson for pioneering metal-organic frameworks (MOFs) — materials that can trap, store, and release gases such as carbon dioxide and hydrogen.

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Yaghi explained his revolutionary approach to MOFs by comparing it to building with Legos. His model was to “take molecules like building blocks and put them together to make different forms... Once you build materials, and in this case, we have basically opened a gold mine where any molecule could be stitched together to make a new material,” he said.

Looking ahead, Yaghi unveiled ambitions to create “MOFs that operate like DNA, meaning that they have sequences of information that code for very specific properties.” With the rapid development of AI tools, “we have preliminary results that show that we can speed up the discovery of new materials…50-fold faster than what we have been doing,” he revealed.

The Jordan-born scientist urged the Saudi youth to seize the Kingdom’s investments in education, take risks, and innovate, saying that “experiment is paramount to discovery.” He also extended gratitude to King Abdulaziz City of Science and Technology for their "scientific collaboration over the last many years.”

Dammam Airports inks SAR 500 mn in agreements to upgrade airport infrastructure

AVIATION-

Dammam Airports signed agreements and contracts worth over SAR 500 mn to upgrade airport infrastructure, it said on X yesterday. The contracts cover projects for infrastructure development, passenger facilities, and technology upgrades as part of efforts to raise operational efficiency.

ICYMI- General Authority for Civil Aviation launched a SAR 1.6 bn Dammam airports strategy in July, which includes 77 infrastructure projects aimed at bolstering passenger experience and operational efficiency.

REAL ESTATE-

Retal Urban’s subsidiary partners with Roshn to develop buildings in Sedra: Retal Urban Development ’s subsidiary Building Construction Company (BCC) signed a SAR 461.9 mn contract with Public Investment Fund’s Roshn Group to develop six residential buildings within the Sedra community in Riyadh City, it said in a Tadawul disclosure yesterday. The 28-month agreement tasks BCC with the design and execution of the project’s infrastructure, landscaping, and electromechanical works.

Not BCC’s first Sedra contract: Retal Urban Development signed a SAR 493 mn, 30-month contract with BCC to build 371 residential units and develop infrastructure in Riyadh’s Sidra district back in March.

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LOGISTICS-

Madinah plugs SAR 445 mn into its industrial city: Madinah’s Governor Prince Salman bin Sultan bin Abdulaziz broke ground on new industrial and logistics projects valued at SAR 445 mn (USD 121.3 mn), SPA reports. The projects — carried out in cooperation with the Industrial Cities and Technology Zones Authority (Modon) — include 16 smart warehouses and 20 ready-built factories.

INFRASTRUCTURE-

The Saudi Water Authority is now tasked with operating, maintaining, and reconstructing dams and groundwater facilities with daily production of less than 5k cubic meters under a new cabinet directive issued during a meeting held in Riyadh on Tuesday, state news agency SPA reports.

CAPITAL MARKETS-

Tradeweb received regulatory approval to operate alternative trading activities for sukuk and debt instruments, after fulfilling all the requirements, the Capital Market Authority said in a Tadawul statement on Tuesday. The New York-based fintech firm received a license back in July 2024 to carry out securities exchange as an alternative trading system for sukuk and debt instruments.

EXPANSION-

Bait Al Batterjee Brings GYMGUYZ to the Middle East: Bait Al Batterjee Group signed a master franchise agreement with US-based in-home personal training platform GYMGUYZ to bring the brand to the Kingdom, the UAE, Egypt, and Morocco, according to the press release published yesterday. The agreement includes plans to open at least 80 locations across the Kingdom and the UAE starting in 2026, with further expansion to follow.

About GYMGUYZ: Founded in 2008 in New York, the platform offers clients customized and personalized workout plans. Its fast-growing fitness concept pushed it to be the largest in-home personal training company globally, with a presence in thousands of cities in the US, the UK, and Canada, among others, according to the press release.

Powell signals October rate cut as US labor market concerns grow

The Federal Reserve could move ahead with another interest rate cut later this month, Fed Chair Jay Powell signaled on Tuesday at the National Association for Business Economics annual meeting. He warned that the US labor market is showing further signs of distress, and that “downside risks to employment have risen,” marking his clearest indication yet that Fed officials see enough evidence to justify another quarter-point reduction in borrowing costs, the Financial Times reports.

The remarks solidified market expectations, with investors in federal funds futures now pricing in a nearly 100% chance of a cut at the Fed’s upcoming 28-29 October meeting, according to Bloomberg. “A rate cut in October is done,” former Fed economist and MacroPolicy Perspectives founder Julia Coronado told the business information service..

The Fed is now prioritizing risks to the job market over inflation. Despite delayed official data from the US government shutdown, private indicators and Fed research show a cooling labor market, as “both layoffs and hiring remain low,” Powell said. Powell noted few signs of broader or lasting price pressures, adding that long-term inflation expectations remain aligned with the Fed’s 2% goal. “There really isn’t a risk-free path now… but now the labor market has demonstrated pretty significant downside risks,” the Wall Street Journal quotes him as saying.

Feeling through the dark: The Fed remains divided, as 19 policymakers are seeing two more rate cuts this year, while nine others see one or fewer cuts as appropriate, Bloomberg wrote. This internal division, coupled with the lack of official economic data, increases the risk of policy mistakes. “If this goes on for a while... it could become more challenging,” Powell admitted regarding the data blackout.

REMEMBER- The Fed’s rate cut in September to 4%-4.25% was its first since last December, prompted by a sharp summer slowdown in hiring. However, the unemployment rate remained relatively low at 4.3% in August. The September jobs report is currently delayed due to the government shutdown, but Consumer Price Index data is still scheduled for release later this month.

AND- No more shrinking balance sheet? The Fed could also end its three-year quantitative tightening policy in the “coming months” to keep funding markets liquid, Powell said. However, the balance sheet is unlikely to return to pre-pandemic levels, with USD 1.1 bn higher liabilities and greater reserve demand, he said, adding the Fed’s pandemic-era quantitative easing “could have — and perhaps should have — stopped” earlier, though it likely wouldn’t have changed the economy’s course.

MARKETS THIS MORNING-

Asian markets are in the green this morning, with Japan’s Nikkei up 0.8%, while Hong Kong’s Hang Seng and the Shanghai Composite are hovering around the 0.3% mark. Wall Street futures are virtually unchanged amid blockbuster 2Q earnings for Bank of America and Morgan Stanley.

TASI	11,682	+0.7% (YTD: -2.9%)
MSCI Tadawul 30	1,520	+0.6% (YTD: +0.7%)
NomuC	25,637	-0.2% (YTD: -18.6%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.75% repo	4.25% reverse repo
EGX30	37,654	+0.5% (YTD: +26.6%)
ADX	10,120	+0.1% (YTD: +7.5%)
DFM	6,039	+0.1% (YTD: +17.1%)
S&P 500	6,671	+0.4% (YTD: +13.4%)
FTSE 100	9,425	-0.3% (YTD: +15.3%)
Euro Stoxx 50	5,605	+1.0% (YTD: +14.5%)
Brent crude	USD 62.62	+1.2%
Natural gas (Nymex)	USD 3.04	+0.7%
Gold	USD 4,231	+0.7%
BTC	USD 110,782	-2.0% (YTD: +18.3%)
Sukuk/bond market index	921.51	-0.1% (YTD: +2.2%)
S&P MENA Bond & Sukuk	151.17	+0.1% (YTD: +8.0%)
VIX (Volatility Index)	20.64	-0.8% (YTD: +19.0%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.7% yesterday on turnover of SAR 6.7 bn. The index is down 2.9% YTD.

In the green: Petro Rabigh (+8.4%), Acwa Power (+6.0%) and TCC (+5.9%).

In the red: Alaseel (-6.2%), First Mills (-4.5%) and 2P (-4.3%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% yesterday on turnover of SAR 32.2 mn. The index is down 18.6% YTD.

In the green: CMCER (+8.5%), Apico (+7.8%) and Aldawliah (+6.2%).

In the red: NGDC (-9.3%), Lamasat (-5.5%) and Mobi Industry (-5.4%).

CORPORATE ACTIONS-

First Avenue For Real Estate Development’s board recommended a SAR 95 mn capital increase to SAR 300 mn, the firm said in a Tadawul disclosure yesterday. The move will be carried out via issuing nine bonus shares for each 20 existing ones and allocating up to 2.8 mn treasury shares for the employee stock incentive program. The company shares will rise to 300 mn shares after the boost. The move, which is subject to regulatory and shareholder approval, will be financed from the share premium account.

The Capital Market Authority approved Tihama Advertising and PublicRelationsCompany’s request to reduce its capital from SAR 400 mn to SAR 229.2 mn, cutting the number of shares from 40 mn to about 22.9 mn, it said in a statement yesterday. The move remains subject to shareholder approval at an extraordinary general assembly and completion of regulatory procedures.

CALENDAR

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

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

OCTOBER

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

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

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

16 October (Thursday): Aviation Impact Middle East, Hyatt Regency Riyadh Olaya .

16-17 October (Thursday-Friday): Joy Forum 2025, SEF Arena, Blvd City, Riyadh.

17 October (Friday): Saudization for private healthcare roles enters its second phase.

19 October (Sunday): Canadian Medical Center Company’s (CMCER) shares will halt for the transfer.

19-20 October (Sunday-Monday): Saudi Rail International, Riyadh Front Exhibition and Conference Center.

21 October (Tuesday): The Visual Arts Commission will hold a public talk and a live performance in Paris through Asia NOW under its Art & Ideas program.

21-22 October (Tuesday-Wednesday): Saudi Festival of Creativity (Athar), JAX District, Riyadh.

21-23 October (Tuesday-Thursday): Global Internet of Things Congress 2025 (GIoTC 2025), the Arena Venue, Riyadh.

22 October (Wednesday): Construction Technology ConFex KSA (CTF KSA), Crowne Plaza Riyadh RDC Hotel, Riyadh.

22 October (Wednesday): Data Centre Technology ConFex (DCTC), Crowne Plaza Riyadh RDC Hotel, Riyadh.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

23-25 October (Thursday-Saturday): Zenos Wellness Summit, Bab Samhan Hotel, Riyadh.

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

26-27 October (Sunday-Monday): The Global Proptech Summit 2025, Mandarin Oriental Al Faisaliah, Riyadh.

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

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

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

28 October (Tuesday): The Middle East Industry Congress – HVACR Next Generation, InterContinental Durrat Al Riyadh Resort & Spa in 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.

5-8 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.

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:

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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