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Monday, 16 Feb 2026

What We’re Tracking Today
The Big Story Today
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Also On Our Radar
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Inflation rate hits 11-month low in January

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Today at a glance

1

THE BIG STORY TODAY

Inflation rate hits 11-month low in January.
2

M&A WATCH

Retal to fully acquire Ajdan.
3

EARNINGS WATCH

Sulaiman Al Habib, eXtra bottomline up in 2025 + Tanmiah Food slips.
4

WHAT WE’RE TRACKING TODAY

Savvy Games on brink of record Moonton buy?
5

ALSO ON OUR RADAR

Sabic to supply Pirelli’s tire factory with raw materials.
6

PLANET FINANCE

The greenback is breaking up with economic reality.

Monday, 16 Feb 2026

What We’re Tracking Today
The Big Story Today
M&a Watch
Earnings Watch
Also On Our Radar
Planet Finance
Calendar
1

WHAT WE’RE TRACKING TODAY

Savvy Games on brink of record Moonton buy?

Good morning, ladies and gents. Only two days remain before we start the annual search for Ramadan’s crescent in the sky. The run-up to the holy month is as calm as it can get.

In today’s brisk issue: Inflation slowed down in January to its lowest level in 11 months, Retal is moving to swallow its parent company’s real estate arm, and 2025 earnings from Sulaiman, eXtra, and more.

WEATHER-

  • Riyadh: 26°C high / 15°C low;
  • Jeddah: 31°C high / 24°C low;
  • Makkah: 33°C high / 23°C low;
  • Dammam: 25°C high / 15°C low.

Watch this space

GAMING — Savvy Games on brink of record Moonton buy? PIF-owned Savvy Games is in advanced negotiations to acquire Shanghai-based Moonton Technology from Chinese giant ByteDance in a transaction valued between USD 6-7 bn, Reuters reports, citing sources it says are in the know. The companies have reportedly agreed on broad terms, with an agreement potentially signed as soon as this quarter.

The background: ByteDance snapped up the gaming studio in 2021 at a valuation of USD 4 bn, and later shelved plans to sell the Mobile Legends developer in 2024, amid a wider step back from gaming as it failed to grab market share from gaming giant Tencent Holdings.

Gotta catch ‘em all: Moonton would join a Savvy portfolio that already includes Scopely, the Monopoly Go maker acquired for USD 4.9 bn in 2023, Niantic’s gaming division — maker of Pokemon Go — which Scopely acquired for USD 3.5 bn last year, and ESL faceit, the esports tournament giant bought for USD 1.5 bn three years ago.

IPO WATCH — GFH is taking its healthcare exit to Riyadh: Bahraini investment bank GFH is looking to IPO its healthcare investment arm Healian on Tadawul over the next 12-18 months, CEO Hisham Alrayes told Bloomberg (watch: runtime: 5:41). This comes as the Kingdom’s healthcare multiples are “very, very attractive” and continue to trade at a premium even as broader valuations cool, he added.

This has been in the works for a while: Alrayes previously confirmed that GFH, which is listed in Abu Dhabi, Dubai, Bahrain, and Kuwait, was weighing an IPO here at home after earlier plans to list a real estate fund on Tadawul stalled.

Defensive appetite runs deep on Tadawul: While Saudi equities have seen some compression over the past year, the exchange remains the logical regional venue for a healthcare name to list, given its liquidity depth and investor appetite for defensive growth plays, a financial market strategist told EnterpriseAM.

About Healian: The company expanded in November 2021 when GFH acquired a majority stake in UAE-based Multi-Specialty Healthcare Partner Holding, which operates over 30 clinics and pharmacies across Abu Dhabi, Al Ain, and other emirates, spanning dental, cosmetic, and dermatology services, primary care, women’s health, and pediatric rehabilitation.

The planned listing comes as Saudi’s IPO pipeline heats up for premium assets. Earlier this week, PIF majority-owned Richard Attias & Associates — the organizer of the Future Investment Initiative — reportedly tapped banks for a Riyadh IPO that could value the firm at USD 1 bn.

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The big story abroad

The Netflix-Paramount-Warner Bros dance is back in the news after Bloomberg broke the news that Warner Bros Discovery is mulling a renewed hostile bid from Paramount Skydance which could potentially nix a prior agreement with Netflix. Paramount has vowed to pay the termination fee — at USD 2.8 bn — owed to Netflix if the streaming giant’s bid is turned down, as well as backstop Warner Bros’ debt refinancing. Netflix’s bid of USD 27.75 per share for Warner Bros’ namesake studio and HBO Max streaming business was accepted late last year.

ALSO WORTH NOTING THIS MORNING- The automotive industry is reeling from a USD 65 bnhit following a sweeping reversal of US climate policy. The downturn has disproportionately affected the companies that wagered the most on EVs, with global automotive player Stellantis being hit the hardest after suffering a USD 26 bn write down.

AND- The CHF has appreciated recently — driven by geopolitical turmoil and the greenback’s recent dip — against the EUR and USD and is undermining the competitiveness of Swiss exporters. The haven currency has already recorded a 3% rise in 2026 and has especially pressured small and medium-sized companies, trade associations have said. Switzerland’s exported goods and services make up more than 70% of its GDP.

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2

THE BIG STORY TODAY

Inflation rate hits 11-month low in January

Annual inflation cooled to 1.8% in January 2026 — its lowest level since February 2025, down from 2.1% in December, according to Gastat data (pdf). On a monthly basis, prices crept up just 0.2% compared to December.

Food and beverage prices — the heaviest component in the index — inched up slightly by 0.2% y-o-y, slower than December’s 1.3%, with the cereals category shrinking 0.4% from a 0.2% rise in December. The live animals and meat segment stood at 1.5%, while meat (fresh, chilled, or frozen) stood at 1.7%.

The rental squeeze isn’t going anywhere: Housing, water, and electricity costs rose 4.2% y-o-y, almost entirely propelled by a 5.2% jump in actual rentals for housing, as the impact of sweeping real estate reforms — including the rent freeze in Riyadh — still has not materialized in the data.

Luxury and personal care remain outliers: Prices for personal care and miscellaneous goods spiked 7.9%, driven by a 28.1% surge in jewelry and watches. This suggests that despite the moderate headline inflation, high-end discretionary spending among the Kingdom’s consumer base remains resilient.

Transport + travel still in the green: Transport costs rose 1.5% y-o-y, largely due to a 6.0% increase in passenger transport services. The recreation sector saw a 2.3% bump, with package holiday prices rising 3.7%.

ALSO- Wholesale pressure is building: The wholesale price index (WPI) hit 2.9% in January, driven by an 18.4% surge in basic chemicals and a 3.9% rise in refined petroleum products, according to Gastat’s latest WPI (pdf). A sharp 9.5% m-o-m jump in chemical prices suggests acute margin pressure for industrial operators and manufacturers heading further into this quarter.

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3

M&A WATCH

Retal moves to swallow parent company’s real estate arm

Retal pushes for 100% buyout of Ajdan: Tadawul-listed Retal Urban Development is moving to take full control of Ajdan Real Estate Development in a cashless all-share acquisition that values the target at SAR 1.86 bn.

The transaction is a two-step maneuver: Retal first signed a share swap agreement to acquire a 47.5% stake — valued at SAR 881.7 mn — from its own majority owner, Al Fozan Holding. Within an hour, it followed up with identical offers to Ajdan’s remaining shareholders: Al Muhaidib & Sons (47.5%) and Sumou (5%).

The fine print

A capital hike: If all parties accept the offers, Retal will execute a capital hike to fund the buyout at a swap ratio of 3.8596 Retal shares for every Ajdan share. Retal’s capital is set to grow 11% to SAR 555 mn — from SAR 500 mn — to cover the Al Fozan portion.

This is a textbook related-party transaction. Retal was incubated by Al Fozan, and the two companies share a chairman, Abdullah Al Fozan. If the transaction goes through, Al Fozan Holding’s grip on the listed developer will tighten as its stake climbs to 57.6% from approximately 53%. Current Retal shareholders excluding Al Fozan will see their ownership diluted to 42.4% from 47.0%, even as the total number of shares they own remains unchanged.

ًWhy it matters

Retal expects its tie-up with Ajdan to grant it immediate exposure to a low-risk, diversified mixed-use portfolio, CEO Abdullah Albraikan told Asharq Business. The combined entity is expected to capture an over 10% market share, supporting bids for government and Public Investment Fund projects, its CFO Ammar Al Ghoul said. The transaction would also broaden income streams to include brokerage, facilities management, and development fees, as well as maintain balance sheet flexibility through equity financing over debt, Al Ghoul added.

What’s next

Ajdan’s remaining shareholders have until 28 February to accept the offers. The acquisition still requires the green light from the CMA, the Saudi Exchange, and the General Authority for Competition. If these conditions are not met by August 2026, the agreement may be terminated.

ADVISORS- GIB Capital is acting as financial advisor, with Baker McKenzie as counsel.

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4

EARNINGS WATCH

Sulaiman Al Habib, eXtra bottomline up in 2025 + Tanmiah Food slips

Sulaiman Al Habib

Sulaiman Al Habib Medical Services Group’s net income increased 3.7% y-o-y to SAR 2.4 bn in 2025, missing Bloomberg analyst expectations by SAR 30 mn, while revenues climbed 22.4% y-o-y to SAR 13.7 bn, it said in a disclosure to Tadawul. Growth was supported by stronger hospital and pharmacy performance, higher patient volumes, improved occupancy, and the rollout of new hospitals across Jeddah, Riyadh, and Al Kharj, which are still ramping up and expected to contribute more over time.

Dividends: Shareholders will receive SAR 458.5 mn in dividends (or SAR 1.31 per share) for 4Q 2025, according to a separate disclosure to Tadawul. Dividends will be paid on 9 March.

eXtra

United Electronics Company (eXtra) reported a 6.3% y-o-y rise in adjusted net income to SAR 497 mn in 2025, it said in a disclosure to Tadawul. The adjusted performance accounts for structural changes following the December 2024 IPO of its subsidiary, United International Holding Company (UIHC). Meanwhile, revenue rose 9.8% y-o-y to SAR 7.4 bn, driven by sales growth across all retail channels and a 27% expansion in its consumer finance portfolio.

ALSO- UIHC — a subsidiary of eXtra which owns and operates Tas’heel Finance — saw its net income increase 23.1% y-o-y to SAR 273.6 mn in 2025, it said in a disclosure to Tadawul. Revenue climbed 23.4% y-o-y to SAR 769.5 mn, supported by a 27% expansion in its financing portfolio over the year.

Tanmiah Food

Tanmiah Food slipped into the red in 2025, posting a net loss of SAR 18.8 mn versus net income of SAR 95.8 mn a year earlier, as pricing pressure in the fresh poultry sector and higher fuel, utility, and financing costs squeezed margins, according to an earnings release (pdf). Revenue edged up 3.5% y-o-y to SAR 2.7 bn on a 41.8% rise in restaurant operations and a 12.4% increase in fresh poultry volumes.

In 4Q 2025, Tanmiah posted a net loss of SAR 22.4 mn compared to net income of SAR 26.8 mn a year earlier, while revenue rose 4.1% y-o-y to SAR 712.7 mn.

Arabian Cement Company

Arabian Cement Company’s net income rose 3.1% y-o-y to SAR 165 mn in 2025, which management attributed to larger sales volumes and lower finance costs, it said in a disclosure to Tadawul yesterday. Revenues rose 23.8% y-o-y to SAR 1.1 bn during the 12-month period. The company’s topline rose on account of higher sales volumes, bolstered by higher local demand and a jump in export sales by the company’s subsidiary.

ALSO– Arabian Cement’s board greenlit a SAR 100 mn dividend payout for 2H 2025 at SAR 1 per share, it said in a separate disclosure. The distribution date is yet to be disclosed.

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5

ALSO ON OUR RADAR

Sabic to supply Pirelli’s tire factory with raw materials

The Kingdom’s automotive vertical starts to connect

Sabic is supplying the Kingdom’s local tire push: Saudi Basic Industries Corp. (Sabic) will supply the raw materials (polybutadiene rubber and carbon black) to the PIF-Pirelli domestic tire joint venture, according to a statement.

Why it matters: By sourcing feedstock from Sabic rather than importing synthetic rubber, the PIF is delivering on the local-for-local strategy it promised when it first inked the Pirelli agreement in 2023.

BACKGROUND- InSeptember, Mena Tyre Company awarded a SAR 628 mn (USD 167 mn) contract to Saudi Amana — the local arm of UAE-based Group Amana — to build the Pirelli tire manufacturing plant in the King Salman Automotive Cluster at King Abdullah Economic City. The facility is set to begin production this year.

Alramz to develop 240 units under SAR 91 mn contract

Alramz Real Estate will purchase and develop two residential land plots under a SAR 91 mn contract with PIF-backed Roshn Group, it said in a disclosure to Tadawul. The 36-month contract entails the design and construction of 240 units over an area of 14.1k sqm.

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6

PLANET FINANCE

The greenback is breaking up with economic reality

It appears that the greenback has decoupled from economic fundamentals, morphing from a currency driven by growth and interest rates into one reacting to the volatility of the Trump administration, the Financial Times ’ Katie Martin argues in an opinion piece. A strange new economic reality for the world’s reserve currency is starting to appear, as while US growth forecasts climbed and bond yields remained elevated this year — all data points that should under normal circumstances point to a stronger USD — the greenback is down nearly 2% YTD against a basket of its peers.

Why it matters: For the UAE, Saudi Arabia, and the rest of the GCC, this is a direct threat to the stability of the USD peg. Because of their currencies being tethered to the greenback, they are effectively importing US political risk into the heart of their finances. As global asset managers now shift to maintain US stock holdings, while selling the USD, the Gulf could see its local purchasing power and fiscal reserves eroded by political drama all the way in Washington that has nothing to do with the economic health of the region.

Recently released US job data added to suspicions that macroeconomic reality and the currency are disconnected in a way never seen before. Despite expectations of a soaring USD following January job creation numbers that were double what they expected, the greenback remained flat. Summarizing this broader disconnect, Brookings Institution Senior Fellow proclaimed on his Substack that “We’re entering a new era. US growth will boom this year. But the USD will fall.”

But a weak USD is seen as a good thing by some in the White House, potentially including Trump himself, who described the USD reaching its lowest point in four years last month as “doing great” in comments to reporters. Some in the Trump administration, including Trade Policy Advisor Robert Lighthizer and to a lesser extent Vice President JD Vance, argue that a strong greenback has long dampened local manufacturing and export potential in the states.

MARKETS THIS MORNING-

Asia-Pacific markets are starting off the week in the red, reacting to the Japanese economy missing growth expectations during the fourth quarter of 2025. The economy grew 0.1% during the three-month period, well below expectations of 0.4%, marking a reversal from the contraction recorded during the previous quarter.

TASI

11,229

-0.2% (YTD: +7.0%)

MSCI Tadawul 30

1,511

-0.4% (YTD: +8.9%)

NomuC

24,093

+1.9% (YTD: +3.4%)

USD : SAR (SAMA)

USD 3.75 Sell

USD 3.75 Buy

Interest rates

4.25% repo

3.75% reverse repo

EGX30

52,308

+3.6% (YTD: +25.1%)

ADX

10,636

-0.5% (YTD: +6.4%)

DFM

6,730

+0.2% (YTD: +11.3%)

S&P 500

6,836

+0.1% (YTD: -0.1%)

FTSE 100

10,446

+0.4% (YTD: +5.2%)

Euro Stoxx 50

5,985

-0.4% (YTD: +3.4%)

Brent crude

USD 67.75

+0.3%

Natural gas (Nymex)

USD 3.24

+0.8%

Gold

USD 5,046

+2.0%

BTC

USD 68,918

-1.5% (YTD: -21.4%)

Sukuk/bond market index

922.92

+0.2% (YTD: +0.4%)

S&P MENA Bond & Sukuk

152.28

+0.3% (YTD: +0.9%)

VIX (Volatility Index)

20.60

-1.1% (YTD: +37.8%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% yesterday on turnover of SAR 3.0 bn. The index is up 7.0% YTD.

In the green: OGC (+7.5%), Alamar (+6.8%), and Saudi Kayan (+6.8%).

In the red: Saib (-3.2%), Jahez (-3.2%), and Petro Rabigh (-2.8%).

THE CLOSING BELL: NOMU-

The NomuC rose 1.9% yesterday on turnover of SAR 16.5 mn. The index is up 3.4% YTD.

In the green: Naba Alsaha (+20.9%), Mulkia (+19.5%), and Clean Life (+9.7%).

In the red: Amwaj International (-11.1%), Bena (-10.1%), and Adeer (-8.4%).

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CALENDAR

FEBRUARY

15-17 February (Sunday-Tuesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front Exhibition & Conference Center.

16 February (Monday): King Salman Stadium design-and-build contract prequalification submission deadline.

18 February (Wednesday): First day of Ramadan (TBC).

22 February (Sunday): Founding Day.

26 February (Thursday): Title deed registration deadline for 142.8k properties across 104 neighborhoods in Hail.

MARCH

12 March (Thursday): Deadline for real estate registration for 253.2k properties in 499 neighborhoods across Riyadh, Qassim, Makkah, and Hail.

18-23 March (Tuesday-Monday): Eid Al-Fitr holiday (TBC).

21 March (Saturday): Fanatics Flag Football Classic, Kingdom Arena, Riyadh.

25-27 March (Wednesday-Friday): Future Investment Initiative Institute, Faena Hotel, Miami Beach.

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, Mandarin Oriental 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 Hotel, Riyadh.

20-22 April (Monday-Wednesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh

22-23 April (Wednesday-Thursday): The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah.

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

28 April (Tuesday): GC Summit Saudi Arabia, Riyadh.

MAY

3-9 May (Sunday-Sunday): The Global Sustainability Expo, The Arena Riyadh Venue.

5-6 May (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

24-28 May (Sunday-Thursday): Eid al-Adha holiday.

JUNE

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

SEPTEMBER

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

23 September (Wednesday): Saudi National Day.

OCTOBER

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

Signposted to happen sometime in 2026:

  • 2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
  • November: The 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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