Inflation falls slightly to 2.2% in May

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Asas Makeen to hit Nomu today + World Bank lifts ban on nuclear funding

Good morning. The air is rife with fear and anticipation all across the region, as hostilities between Israel and Iran keep escalating. Ramped up attacks on military, civilian and energy infrastructure in both countries loomed large over MENA equities yesterday, almost all in the red, with efforts to bring Te Aviv and Tehran back to the negotiating table not yielding much success as of this time.

It’s a calmer day on the domestic front, though, with the inflation rate slightly inching down in May. Meanwhile, Almarai is moving to acquire a full stake in Pure Beverages, and Acwa is eyeing Kahrabel assets in Kuwait. Let’s dive in.

HAPPENING TODAY-

Property developer Asas Makeen’s shares are due to hit Tadawul’s parallel market Nomu today, according to a Tadawul statement. The company’s shares will be allowed to fluctuate within a 30% band, with a static fluctuation band of 10% on the first three trading days. Starting from the fourth day, shares will be allowed to trade at a 10% volatility as circuit breakers take effect.

REFRESHER: The firm floated a 10% stake in a secondary offering that was 19.5%oversubscribed. Some c. 500k new shares were up for grabs at SAR 80 apiece, giving Asas Makeen a market cap of SAR 800 mn at listing.

⚠️WEATHER- Don’t forget to hydrate: Scorching weather will continue across several regions in the Kingdom till Wednesday, the National Center of Meteorology warned in a post on X. warned. Riyadh is expected to see a high of 46°C and a low of 30°C today, while Jeddah’s mercury will go as high as 38°C and as low as 28°C. Makkah will see a 45°C high and 34°C low.

HAPPENING TOMORROW-

Event organizer Time Entertainment Company will make its debut in the Nomu parallel market tomorrow, according to a disclosure to Tadawul. The company’s IPO was 1.4x oversubscribed, driving the firm to price its offering at SAR 80 per share, with the four selling shareholders raking in SAR 16 mn in proceeds from offering a 20% stake.

Shares will be allowed to trade within a 30% range for the first three days, before being capped at no more than 10% up or down when circuit breakers kick in.

PSAs-

#1- All companies whose fiscal year ended on 31 December 2024 must file their financial statements by 30 June through the Qawaem platform, the Ministry of Commerce said in a post on X. Failure to submit financial statements within 6 months from the FY’s end will result in financial penalties under the New Companies Law.

#2- Midday work ban now in effect: The three-month midday work ban for private sector employees officially began yesterday and will remain in effect until Monday, 15 September. The yearly three-hour daily ban (12pm-3pm) is a part of a broader policy to reduce occupational injuries and promote worker health amid rising temperatures.

WATCH THIS SPACE-

#1- World Bank lifts ban on nuclear funding: The World Bank will resume funding nuclear energy projects for the first time since 1959, the Financial Times reports, citing a note by World Bank’s President Ajay Banga. The bank will work in partnership with the International Atomic Energy Agency, the UN’s nuclear watchdog, to support nuclear projects in developing countries.

Initial efforts will focus on extending the lifespan of existing nuclear reactors in countries that already operate them, alongside upgrading power grids and supporting related infrastructure, supporting a projected surge in electricity demand across the developing world, FT said. Banga said annual investment in generation, grid, and storage infrastructure must rise to USD 630 bn, from USD 280 bn currently, to meet demand.

The bank also plans to back emerging nuclear tech, particularly small modular reactors (SMRs), to make them viable for wider development. SMRs are a flexible and potentially more affordable nuclear alternative, but they remain in early stages of commercialization.

Nuclear needs a lot of backing: Private sector capital will be key, but the World Bank will need to back it with tools like guarantees and equity, the FT added. The nuclear industry also needs a domino effect, where other multilaterals, including the Asian Development Bank, follow suit with funding. Government-backed, low-cost financing is essential to getting large-scale projects off the ground, given their high cost and risk.

More US involvement? The US — the World Bank’s largest shareholder — and other Western nations have been lobbying for the ban lift as it looks to level the playing field for Western firms competing with state-backed nuclear giants from Russia and China, which are developing nuclear infrastructure in developing countries.

Saudi wants in on the nuclear game: The US and Saudi Arabia are set to sign a broad energy cooperation agreement soon, expected to pave the way for a nuclear cooperation agreement, US Energy Secretary Chris Wright confirmed during a visit to Riyadh in April . Negotiations have been slow as Riyadh reportedly held back from promising that it would not enrich uranium or reprocess spent fuel, two key steps for countries that wish to start building their own nuclear weapons.

End goal? The Kingdom’s plans include building two 1.4 GWe nuclear reactors, with a long-term goal of expanding nuclear capacity to 17 GWe by 2040.

#2- Armah Sports’ board of directors approved the transition to the main market Tadawul, and appointed Saudi Fransi Capital as a financial advisor, according to a disclosure to Tadawul. The transition is pending approval from the Saudi Exchange.

REFRESHER- Armah Sports made its SAR 137 mn debut on the parallel market Nomu in December 2023, with its shares closing up 1.8% at SAR 28.5 a piece on the first day of trading. The company listed nearly 5 mn shares, representing a 15% stake.

DATA POINTS-

#1- Foreign assets hit nine-month high in May: The Saudi Central Bank’s (Sama) net foreign assets increased 4.7% m-o-m in May to SAR 1.6 tn (USD 435.5 bn), up from SAR 1.6 tn (USD 415.9 bn) in April, marking its highest level since August 2024, Mubasher reports, citing the central bank’s May survey.

On a y-o-y basis, Sama’s net foreign assets dropped 2.1%, down from SAR 1.7 tn (USD 444.7 bn) in May 2024.

ALSO- Sama’s monetary base grew 7.5% y-o-y to SAR 431.3 bn (USD 115 bn) during the month, while net claims on the government fell 12% y-o-y to SAR 464.2 bn (USD 123.8 bn).

#2- Omani industrial exports to Saudi Arabia rose 28.3% y-o-y in 1Q 2025 to OMR 259 mn (c. SAR 2.5 bn), Al Arabiya reported on Saturday, citing data from the Omani National Center for Statistics. The Kingdom became Oman’s second-largest GCC trading partner.

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THE BIG STORY ABROAD-

Once again, the international press is zeroing in our part of the world as Israel’s war with Iran enters its fourth day, with reports coming out overnight about the US vetoing Israeli plans to kill Iran’s supreme leader and continuing strikes that have now pushed the death toll to at least 244 in Iran and 10 in Israel.

US President Donald Trump allegedly vetoed Israel’s plan to kill Iranian Supreme Leader Ayatollah Ali Khamenei, which it presented to the US in recent days amid the ongoing escalations between Iran and Israel. The Trump administration reportedly rejected the plan as it saw it as “as a move that would enflame the conflict and potentially destabilize the region,” an unnamed US official said. Israeli Prime Minister Benjamin Netanyahu in response to the news seemed to refuse to put regime change off the table, telling Fox News that “we do what we need to do.” (Associated Press | Reuters | Financial Times | Guardian | New York Times)

The war is also expected to top the agenda of the G7 Leaders Summit kicking off in Canada. Differences between the US and the six other nations over trade tariffs and Russia’s war on Ukraine are also being painted as potential flashpoints. (Reuters | Financial Times | Bloomberg)

While over in the business papers, Renault CEO Luca de Meo has stepped down to pursue a new position as CEO of French luxury group and Gucci owner Kering. Kering shareholders will be hoping that de Meo will be able to turn around the company like he did with the previously struggling French automaker, with shares in the luxury brand having lost 60% of their value in the last two years. (Financial TimesT | Reuters | Bloomberg)

Inflation falls slightly to 2.2% y-o-y in May

Inflation fell slightly to 2.2% y-o-y in May, down 0.1 percentage points from April, according to the General Authority for Statistics’ (Gastat) latest consumer price index (pdf). This is the second time inflation logs a decline since last August, settling in just shy of its peak in nearly two years.

On a monthly basis, consumer prices rose just 0.1%, down 0.2 percentage points from the previous month on the back of an 0.3% price uptick in the housing, water, electricity, gas, and other fuels category, an 0.1% rise in food and beverage prices, and an 0.4% increase in actual housing rent prices.

The usual culprit was at it again: Housing, water, electricity, gas, and other fuels — the heaviest component in the consumer basket — saw a 6.8% increase y-o-y, mostly driven by an 8.1% increase in rents paid for housing in May. This was caused by a 7.1% increase in villa rental prices.

Food and beverage prices were also up 1.6% y-o-y during the month, lifted by a 2.8% rise in meat and poultry prices. Personal goods and services prices also increased by 4.0%, driven by a 24.4% rise in the prices of jewelry, watches, and precious antiques.

ALSO- Restaurant and hotel prices inched up by 1.8%, which was attributed to a 1.6% rise in catering service prices. Finally, education prices also edged up in May by 1.3% y-o-y, primarily due to an increase of 5.6% y-o-y in non-university post-secondary education.

Meanwhile, on the decline: Furnishing and home equipment prices decreased by 2.5% y-o-y, driven by a 4.0% decline in furniture, carpets, and flooring prices. Clothing and footwear prices also fell by 0.9%, affected by a 2.7% drop in footwear prices. Meanwhile, transportation costs fell by 0.8%, which was attributed to a 1.9% decrease in vehicle purchase prices.

LOOKING AHEAD- Riyad Capital sees inflation rising to 2.5% in 2025, before easing slightly to 2.3% in 2026, up from an inflation reading of 1.7% in 2024. This is a less optimistic view on inflation than some others, with the IMF having recently cut its inflation forecasts to 2% for both 2025 and 2026, while Capital Economics expects inflation to hover around 2-2.5% this year, before slowing to 2% in 2026.

WHOLESALE PRICE INDEX-

Producer prices increased by 2% y-o-y in May, driven by a 4.4% rise in the prices of agriculture and fishery products, as well as a 4.3% increase in the prices of transportable goods — excluding metal products, machinery, and equipment, according to Gastat’s wholesale price index (pdf).

Wholesale prices remained stable on a monthly basis, with prices seeing minimal increases during the month. The prices of transportable goods except metal products, machinery, and equipment increased by 0.1%.

Almarai to acquire full stake in Pure Beverages for SAR 1 bn. PLUS: Acwa eyes Kahrabel assets in Kuwait

Almarai plans Pure Beverages buyout: Tadawul-listed F&B giant Almarai inked a share purchase agreement to acquire 100% of water bottling firm Pure Beverages Industry Company (PBIC) for SAR 1.04 bn, according to a disclosure to Tadawul published yesterday. The move will see Almarai buy out PBIC’s sole owner Ajlan & Bros Group.

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Where things currently at: Almarai is set to tap its own coffers to finance the takeover, which is pending regulatory approvals and the fulfillment of contractual conditions. Further developments will be announced at a later stage, the dairy company said.

The rationale: The acquisition plays into Almarai’s plans to grow its beverage portfolio, boost consumer offerings and maximize shareholder value as part of the firm’s growth strategy, the filing read. It also places the dairy giant among the Kingdom’s top four players in the fast-growing water bottling market alongside Nova, Safa Makkah Water and Aquafina, according to Aleqtisadiah analysts.

About PBIC: The Riyadh-based water bottling company runs production facilities in Riyadh, Jeddah, and Dammam, supplying a portfolio of packaged water products across the Kingdom, including the Ival and Oska Water brands.

Almarai has been on the move recently: Almarai closed a SAR 182 mn acquisition of Etmama Logistics in May of last year to accelerate its poultry business growth. This came two months after the firm unveiled plans to invest SAR 18 bn through 2028 to boost sales. The F&B player also said it is looking to expand in North Africa and Iraq as it looks to diversify outside the Kingdom.

IN OTHER M&A NEWS- Acwa aims to expand in Kuwait: Homegrown renewables giant Acwa Power submitted an application to Kuwait’s Competition Protection Agency to acquire full stakes in AZN Dutch Holdco No. 1 and AZN Dutch Holdco No. 2 and a 50% share in AZN O&M, all owned by Engie ’s electrical energy and water desalination subsidiary Kahrabel, the Kuwaiti watchdog said in a post on X.

ICYMI- Acwa Power used its own funds and debt to acquire Kahrabel's stakes in the Az-Zour North, Al Ezzel, Al Dur, and Al Hidd power plants in Kuwait and Bahrain last February. The agreement was worth SAR 2.6 bn and marked the company’s entry into Kuwait and expansion in Bahrain.

Citystars Properties to develop tourism project on Egypt’s Red Sea alongside Emaar Misr. PLUS: Madinet Masr inks Saudi expansion MoU, Saudi investor eyes piece of Dreamlandinvestor eyes piece of Dreamland

It seems Saudi investors are increasingly looking to team up with Egyptian real estate players, as yesterday’s newscycle saw reports of a number of Saudi investors either involved or looking to get involved in fresh real estate projects in Egypt's real estate market or in collaborating with Egyptian partners in the Kingdom.

EMAAR MISR IS DEVELOPING A RED SEA PROJECT-

Emaar is setting up a Red Sea project: Egypt’s Emaar Misr Properties is developing a 10 mn sqm integrated tourism project on Egypt’s Red Sea in collaboration with real estate developer Citystars Properties, three anonymous sources told Asharq Business. Emaar will develop the project on a Citystars-owned land plot in exchange for a percentage of the revenues.

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The details: The project will be rolled out in six phases, with the first covering 2 mn sqm and including residential units, four- and five-star hotels, a commercial complex, and entertainment facilities. The project is expected to generate over EGP 500 bn in revenues once it is completed.

MADINET MASR TO PURSUE KSA EXPANSION WITH WAHEEJ REAL ESTATE-

Egypt’s Madinet Masr also inked an MoU with Waheej Real Estate to help it expand regionally and explore new investment opportunities,” according to a statement (pdf) from the real estate developer. The two will work towards collaborating on residential, commercial, and administrative projects in the Kingdom, potentially under a joint real estate company based in Saudi Arabia, according to the statement.

What they said: “This partnership marks an important milestone in our expansion strategy across regional markets — particularly in Saudi Arabia, which is witnessing remarkable urban and economic growth. We are proud to collaborate with Waheej for Real Estate and look forward to turning this agreement into tangible, successful projects on the ground,” said Madinet Masr CEO Abdallah Sallam.

SAUDI INVESTOR WANTS A PIECE OF DREAMLAND-

A Saudi investor is reportedly vying for a piece of Dreamland: Egypt’s State-owned lenders National Bank of Egypt and Banque Misr have received an offer from a Saudi investor to acquire 48 feddans in Sixth of October’s urban development Dreamland to set up a residential and entertainment development, unnamed sources told Al Shorouk. The offer is currently under review by the two banks, which took ownership of the 4 mn sqm plot following a decade-long legal dispute with the Bahgat Group.

What’s next? NBE and Banque Misr may opt to split the plot into two or three plots, or proceed with a unified development plan, depending on the financial and technical terms of incoming offers, according to the sources speaking to the outlet.

Competing bids have been circling the land for some time: Around 16 Egyptian and Gulf developers had reportedly submitted offers back in February to acquire an 800-feddan plot near Dreamland.

Retail market rebounds in 2024 -Knight Frank

The Kingdom’s retail market saw a strong recovery in 2024, with consumer spending increasing by 7% y-o-y to SAR 1.4 tn (USD 376 bn), according to Knight Frank’s Spring 2025 Saudi Arabia Retail Market Overview (pdf).

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The drivers: Growth was spurred by a 9% rise in PoS transactions, reaching SAR 668 bn, while e-commerce activity increased 26% y-o-y, reaching SAR 197.4 bn, indicating a dynamic shift toward digital purchasing.

Riyadh is leading the retail expansion, with the city’s total retail supply space hitting 4 mn sqm in 1Q 2025, bolstered by major openings like the 65k sqm upscale Solitaire Riyadh. An additional 540k sqm of retail space is expected in 2025, projected to bring the total stock to 5.2 mn sqm by 2026 — a 20% increase in two years. The capital city has 2.2 mn sqm of planned retail developments by 2030, accounting for the largest share among 4.9 mn sqm of developments in the Kingdom’s five largest cities.

Driving the boom: Riyadh’s retail boom, driven by population growth and rising disposable incomes, saw food and beverage lead the retail activity, representing 29.7% of all PoS transactions at SAR 198.6 bn. The city’s retail boom is spurring developers to focus on experiential retail, with over half of new projects integrating entertainment zones, dining, and cinemas. This growth is also fueling luxury retail expansion as global brands up their presence in Riyadh, making omnichannel strategies vital due to e-commerce and digital payment growth.

The retail boom is pushing rents up, with average rental rates increasing by 4% y-o-y over the year ending March 2025 to SAR 2.8k per sqm for regional and international malls. Meanwhile, occupancy rates climbed 5% y-o-y to 92% in 1Q 2025.

Things are slower but steady in Jeddah and Dammam: Jeddah’s retail market expanded by an additional 225k sqm of space in 2024, bringing the city’s total retail stock to 2.9 mn sqm. Despite the new supply, rents in regional malls rose 2% y-o-y to SAR 2.5k per sqm, while occupancy rates inched down 1% y-o-y to 86%. Meanwhile, Dammam added 31k sqm of new supply in 2024, bringing its total retail space to 1.4 mn sqm. Occupancy in the city was steady at 90%, with slight rent increases in regional malls of 0.4% y-o-y to SAR 2.3k per sqm.

Looking ahead: By 2026, Knight Frank expects Jeddah’s retail footprint to grow by 245.5k sqm, while Dammam is projected to expand by 484.4k sqm, which could place downward pressure on rents and occupancy rates in the Dammam Metropolitan Area.

Projects in the spotlight: Projects like Qiddiya, the Avenues Riyadh, and Jawharat Riyadh are expected to further transform the urban retail scene with lifestyle-focused spaces. Major destinations like Riyadh Park and Al Nakheel Mall continue to thrive due to strong tenant interest and foot traffic, enhanced by integrated entertainment options.

SRMG grabs exclusive Saudi Pro League broadcast rights

SPORTS-

SRMG subsidiary secures exclusive broadcast rights for the SPL: Thmanyah Publishing and Distribution, an SRMG subsidiary, acquired the exclusive broadcast rights for all major Saudi Professional League (SPL) tournaments in the Middle East and North Africa, according to a disclosure to Tadawul published yesterday.

The agreement covers six seasons — from 2025-2026 to 2030-2031 and includes the Roshen Saudi League, the Custodian of the Two Holy Mosques Cup, the Saudi Super Cup, and the Yellow Professional League.

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Market reax: SRMG’s shares jumped 9.9% to close at SAR 155.60 apiece on the news, marking the stock’s biggest increase since July of last year.

LOGISTICS-

The Saudi Ports Authority (Mawani) added MSC’s Chinook Clanga shipping service to King Abdulaziz Port in Dammam and Jubail Commercial Port, it said in a statement yesterday. The new 14k TEUs service will connect the two ports to 16 major regional and global ports, including Khalifa Bin Salman in Bahrain, Hamad in Qatar, Nhava Sheva in India, Colombo in Sri Lanka, Port of Singapore, Vung Tau and Haiphong in Vietnam, Nansha, Yantian, Ningbo, Shanghai, and Qingdao in China, Busan in South Korea, Seattle in the US, and Vancouver and Prince Rupert in Canada.

PHARMA-

ProMedEx + Zhende + MedSurg to set up a new factory: Professional Medical Expertise Company (ProMedEx) signed a three-year non-binding MoU with China’s Zhende Medical and MedSurg to establish a joint factory and manufacture medical supplies in the Kingdom for the local, GCC, and wider Middle Eastern markets, it said in a disclosure to Tadawul.

The details: Zhende will hold a 51% stake, while ProMedEx will hold 35%, and MedSurg will get the remaining 14%, with the total capital to be determined at a later stage. The venture may grant ProMedEx local priority distribution rights, pending a separate agreement.

MENA equities dive on war fears

Markets reel as Israel-Iran conflict escalates: Stock markets across the region tumbled yesterday as the deepening conflict between Israel and Iran triggered a regional sell-off and fresh fears over energy supply, Bloomberg reports.

Egypt’s EGX 30 led the losses, falling as much as 7.7% in intraday trading on Sunday — its steepest decline in five years — before trimming losses to 4.6% at market close. The plunge came after Israel halted gas production from its largest offshore field, cutting off supplies to Egypt and stoking fears of a near-term energy crunch in the import-dependent economy. The EGP also weakened further on the parallel market, with local-bank quotes showing trades at around 50.7 per USD yesterday down from roughly 49.8 last week.

Oil cushions the blow for Aramco as TASI slides: In Saudi Arabia, the Tadawul All Share Index (TASI) plunged 3.6% at the open, with 243 of 253 stocks in the red, though losses were pared by state-owned oil giant Aramco, which gained 1.7% on the back of sharp rally in oil. TASI ended the day down 1% yesterday. Brent crude prices spiked by more than 7% to settle near USD 73 on Friday, as market prices in the risk of further disruption to Iranian exports.

UAE markets also priced in the risk on Friday: The UAE markets, which reopen today, had already closed down on Friday, with the DFM falling 1.9% and the ADX losing 1.3%, in anticipation of a wider fallout.

Also from the region: Kuwait’s main index closed down 3.9%, while the Muscat Stock Exchange lost 0.9% and Bahrain’s benchmark dropped 0.8%, respectively. In Tel Aviv, large-cap stocks opened 1.5% lower, though losses were partially offset by a rally in defense contractor Elbit Systems to close 0.5% higher.

Airlines and lenders were among the hardest hit across the Gulf, Reuters reports, with Qatar National Bank (QNB) opening down 3.3% on the Qatar Exchange yesterday, and Jazeera Airways shedding as much as 10% on the Boursa Kuwait amid widespread regional airspace avoidance. In the UAE, real estate companies were also impacted, with developers Emaar Properties and Union Properties closing down 3.5% and 6.9%, while Abu Dhabi's Aldar also dropped 3.9%.

Zooming out: The latest wave of volatility comes as MENA equities continue to underperform global peers this year, pressured by geopolitical overhang, oil-price swings, and mixed fiscal signals in large economies like Saudi Arabia.

MARKETS THIS MORNING-

Asian markets are bucking the trend today, with most of them in the green as investors await data out of China. Japan’s Nikkei is up 0.9%, while South Korea’s Kospi is up nearly 0.6%. Hong Kong’s Hang Seng futures indicate a weaker open. Over on Wall Street, futures point to a slightly stronger open after yesterday’s Iran-Israel conflict-triggered sell-off.

TASI	10,732	-1.0% (YTD: -10.8%)
MSCI Tadawul 30	1,380	-0.8% (YTD: -8.5%)
NomuC	26,404	-1.5% (YTD: -16.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	31,016	-4.6% (YTD: + 4.3%)
ADX	9,564	-1.3% (YTD: +1.5%)
DFM	5,365	-1.9% (YTD: +4.0%)
S&P 500	5977	-1.1% (YTD: +1.6%)
FTSE 100	8851	-0.4% (YTD: +8.3%)
Euro Stoxx 50	5290	-1.3% (YTD: +8.1%)
Brent crude	USD 74.23	+7.0%
Natural gas (Nymex)	USD 3.58	+2.6%
Gold	USD 3452.80	+1.5%
BTC	USD 104,792.80	-0.5% (YTD: +12.0%)
Sukuk/bond market index	911	0.0% (YTD: +1.0%)
S&P MENA Bond & Sukuk	144.23	-0.1% (YTD: +3.1%)
VIX (Volatility Index)	15.54	+15.5% (YTD: +20.0%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.0% yesterday on turnover of SAR 5.2 bn. The index is down 10.8% YTD.

In the green: SRMG (+9.9%), Sulaiman Alhabib (+3.8%) and Jazadco (+3.3%).

In the red: MBC Group (-10.0%), Modern Mills (-6.7%) and Wafrah (-6.3%).

THE CLOSING BELL: NOMU-

The NomuC fell 1.5% yesterday on turnover of SAR 39.5 mn. The index is down 16.1% YTD.

In the green:Anmat (+9.5%), First Avenue (+9.5%) and Mulkia (+6.2%).

In the red: Tam Development (-17.0%), Fadeco (-9.9%) and Naas Petrol (-9.8%).

Crown Prince, FM discuss Iran-Israel conflict with world leaders

Crown Prince Mohammed bin Salman held a direct call with Iranian President Masoud Pezeshkian on Saturday, offering condolences and condemned the Israeli assault as a violation of sovereignty and international law that undermines ongoing diplomatic efforts, state news agency SPA reports.

MbS also spoke with US President Donald Trump on Friday, where they agreed on the critical need for restraint and diplomacy to safeguard stability across the Middle East region, SPA reported separately.

ALSO- Calls with UK Prime Minister Keir Starmer, French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, and Turkish President Recep Tayyip Erdoğan saw the Crown Prince reiterate the importance of engaging in diplomatic efforts to de-escalate the conflict, Al Arabiya reports (here and here).

Foreign Minister Faisal bin Farhan held a call with his Iranian counterpart Abbas Araqchi on Friday, reiterating the Kingdom’s condemnation of the “blatant Israeli aggression” and stating that the attack undermined diplomatic efforts to de-escalate regional tensions, SPA reported.

A busy couple of days: Bin Farhan also spoke with Qatari FM Sheikh Mohammed bin Abdulrahman Al Thani, Iraqi FM Fuad Hussein, Kuwaiti FM Abdullah Ali Al Yahya, Palestinian FM Mohammad Mustafa, and US Special Envoy to Syria Tom Barrack, emphasizing the Kingdom’s condemnation of Israeli actions and its negative repercussions on regional security and safety, while stressing the urgent need for de-escalation efforts.

ICYMI- Defense Minister Khalid bin Salman had met with Iran's Supreme Leader Ayatollah Ali Khamenei and President Masoud Pezeshkian back in April, in the first Saudi-Khamenei high-level encounter in nearly two decades, in a move that was seen by some as an attempt to reassure Tehran that the Kingdom it will not be a conduit towards an attack on Iran.

REMEMBER- The Kingdom’s relations with Iran — historically marred with regional rivalry — shifted towards rapprochement after Iraqi mediation and a China-brokered agreement in March 2023 led to restoration of bilateral ties and diplomatic missions.

What the pundits said: Saudi Arabia’s wide condemnation of Israeli attacks could be seen as an effort to influence Washington to curb Israeli aggression and build regional consensus to deter “unbridled” Israeli aggression, International Institute for Iranian Studies Research Director Ahmed Al Maimouni told Al Arabiya. Riyadh publicly tied the prospect of ties with Israel to the cessation of hostilities in Gaza and the establishment of a Palestinian state, leading to a deadlock with Tel Aviv.

CALENDAR

JUNE

17-18 June (Tuesday-Wednesday): US Federal Reserve Open Market Committee meeting and Summary of Economic Projections.

24-25 June (Tuesday-Wednesday): Tech-ecO-System Summit (ToSS), Riyadh.

30 June (Monday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

JULY

July (Second week): World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

29-30 July (Tuesday-Wednesday): US Federal Reserve Open Market Committee meeting.

31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022/2023 revenues to integrate e-invoicing solutions with Fatoora.

AUGUST

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

5-17 August (Tuesday-Sunday): 2025 Fiba Asia Cup, Jeddah.

SEPTEMBER

15-17 September (Monday-Wednesday): Money 20/20 Middle East, Riyadh.

17-18 September (Wednesday-Thursday): US Federal Reserve Open Market Committee meeting and Summary of Economic Projections.

23 September (Tuesday): Saudi National Day.

OCTOBER

1-3 October (Wednesday-Friday): Saudi Green Building Forum, Riyadh.

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

15 October (Wednesday): Russian-Arab Summit.

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

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

28-30 October (Tuesday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

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

NOVEMBER

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

11-13 November (Tuesday-Thursday): TouriseSummit, Riyadh.

17-20 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre, Riyadh.

23-26 November (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh.

24-26 November (Monday-Wednesday) The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh.

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

30 November (Sunday): Zatca 21st E-invocing integration wave deadline.

DECEMBER

1-4 December (Monday-Thursday): International Conference on Nuclear and Radiological Emergencies, Riyadh.

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

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

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

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

2026

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

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.

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