Inflation stable in June

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WHAT WE’RE TRACKING TODAY

Yanbu takes the strain

Good morning, friends. Inflation held steady at 1.8% in June — below 2% for another month — but read the fine print on the timing: the survey window closed before the fresh US-Iran strikes and the US naval blockade on Iranian shipping through Hormuz. So the calm reading is real, but it's a snapshot of the calm before. Next month’s inflation figure is the one to watch.

The bigger picture is holding up better than you might expect. BMI’s Abdallah Saleh told a webinar we sat in on that the Kingdom has come through the conflict relatively well so far, with growth set to strengthen in the second half after a 2Q contraction, around 1% for the year as business activity recovers. And on the corporate side, Jarir posted a 19.5% jump in 2Q net income. Let’s dive in.

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Yanbu takes the strain

Our Red Sea oil getaway is running close to full capacity: Crude exports through Yanbu reached nearly 4.7 mn bbl / d this week, up from 3.36 mn bbl / d a few days earlier, as regional tensions continue, according to Signal Ocean data picked up by Asharq Al Awsat.

Why it matters: Yanbu has become the kingdom’s key export outlet to global markets, allowing crude to bypass the Strait of Hormuz via the East-West pipeline. Export volumes have averaged more than 4 mn bbl / d since June, compared to 973k bbl / d during the same period last year.

REMEMBER- The pipeline already carries up to 7 mn bbl / d, including some 2 mn bbl / d to domestic refineries, and the remainder for exports. A capacity increase could allow the kingdom, and potentially neighbors, to ship more crude to global markets without relying on the Strait of Hormuz.

US approves potential military sale to KSA

The US State Department approved a potential foreign military sale to Saudi Arabia, valued at USD 1.96 bn for up to 20k Advanced Precision Kill Weapon Systems and related equipment, according to a statement. The sale also includes rocket launchers, explosive warheads, rocket motors, practice warheads, and other support equipment.

Data point

SAR 1.85 tn — that was the value of Saudi Arabia’s reserve assets at the end of June, up 8% y-o-y, according to data from Sama (pdf). Foreign currency reserves, which account for around 95% of the total, rose 9% y-o-y to SAR 1.76 tn. IMF reserve position assets edged down 0.4% to SAR 13.2 bn, Special Drawing Rights fell 3% to SAR 78.6 bn, and gold reserves held flat at SAR 1.6 bn.

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The big story abroad

The US continued to strike Iran yesterday in efforts to force the reopening of the Strait of Hormuz. US officials say that US President Donald Trump is considering a significant expansion of military operations in the Islamic Republic that could include escalating airstrikes, deploying ground forces to seize strategic Iranian islands near the strait, and bombing a heavily fortified site that could host covert nuclear development.

That being said, Trump said yesterday that Tehran wants to return to the negotiating table and make a deal. Trump claimed that Iranian leaders “want to settle so badly,” yet defense analysts speaking to CNBC say they see no realistic path toward settlement.

Oil markets are already reacting to the closure of Hormuz, with traders warning that the latest flare up threatens a fresh crude supply crunch. The market now lacks the reserves that helped absorb price shocks earlier in the war — “we’ve burned through all of the buffers we had. Everything,” the FT quotes one trader as saying. “All of that’s now gone.”

IN OTHER NEWS- Anthropic is moving ahead with its planned IPO and plans to begin meeting with prospective investors over the coming weeks, according to people with knowledge of the matter. The Claude developer is looking to make its market debut as soon as October, joining a growing list of AI players going public.

PLUS- Argentina and Spain will face off in the 2026 World Cup final on Sunday, after Argentina secured its spot following a dramatic 2-1 comeback victory against England last night. England will take on France hours earlier in the third place play-off.

Saudi inflation held steady at 1.8% in June — The real test lies ahead

Saudi inflation stayed calm in June — but the reading closed before the fighting did. Headline prices held at 1.8%, unchanged from May, according to the latest data (pdf) from Gastat, keeping the rate below 2% for another month. What it doesn’t capture is the fresh US-Iran strikes and the US naval blockade on Iranian shipping through the Strait of Hormuz, both of which landed after the survey window.

How contained is our inflation? Set against the rest of the world, remarkably well. The IMF projects global inflation climbing toward 4.7% in 2026, which leaves Saudi’s sub-2% rate among the most stable environments anywhere, Senior Economist at MT Trading Ahmed Chreim tells EnterpriseAM. He credits the SAR’s USD peg and government subsidies for the insulation.

REMEMBER- The IMF forecast that Saudi’s inflation will reach 2.3% this year, with high shipping and ins. costs to add some price pressures.

The next few readings are the real test. “The inflation print itself is a good-news story of stability, but it was taken before this week’s escalation fully played out,” Chreim tells us. Higher shipping ins., freight costs, and potential import disruption — given that Saudi imports a large share of its food and consumer goods — could push non-oil inflation up if the crisis drags on, he adds. Justin Alexander, director of Khalij Economics and GCC analyst at GlobalSource Partners, expects the lag to show, telling us inflation is likely to accelerate in the second half as the crisis feeds through to global prices.

Saudi is more cushioned than its neighbors. The Kingdom can reroute a meaningful share of crude through the East-West Pipeline to the Red Sea, leaving it less exposed to a Hormuz shutdown than Iraq, Kuwait, Qatar, and the UAE, Chreim says. He puts combined Saudi-UAE pipeline capacity at roughly 2.6 mn bbl / d — well short of the c. 20 mn bbl / d that normally transits the strait, so a prolonged closure would still cut export volumes. Its Red Sea ports and land links to Oman and Jordan add further insulation from the war’s hit to import prices, says Alexander, with fuel subsidies adding a further layer of protection — at a fiscal cost.

The breakdown

Housing is still the primary cause of inflation, contributing 0.7 percentage points to the 1.8% headline reading. The housing, water, electricity, gas, and other fuels division rose 3.5% y-o-y, led by a 4.4% increase in actual rents.

Elsewhere, personal care and miscellaneous goods climbed 3.8%, driven by a 14.7% jump in jewellery and watch prices. Entertainment, sports, and culture costs rose 2.5% on the back of a 4.2% increase in holiday package prices. Ins. and financial services rose 2.1% y-o-y. Transport costs increased 1.7%, restaurant and hotel services 1.5%, and food and beverages 1.4%.

Two divisions continued to pull the other way: Furnishings and household equipment fell 0.6% y-o-y, while clothing and footwear declined 0.4%.

ALSO- Wholesale prices edged up. The wholesale price index (pdf) rose 4.8% y-o-y in June, up from 4.6% in May. The increase came mainly from a 9.3% rise in other transportable goods — including a 62% jump in basic chemicals and a 3.9% increase in petroleum products — and a 1.6% rise in metal products, machinery, and equipment.

MEANWHILE- Manufacturing costs slowed their climb. The producer price index (pdf) rose 7.5% y-o-y in June, down from 9.1% in May. The uptick was driven by an 8% increase in manufacturing prices, an 8.3% rise in water supply, sewerage, and waste management, and a 2% increase in electricity, gas, steam, and air conditioning supply.

Saudi growth to strengthen in 2H -BMI

Rebounding from the conflict: The Kingdom is emerging as one of the Gulf economies that held up well amid the regional conflict, with growth expected to strengthen in 2H after contracting in 2Q. “Saudi Arabia is one of those GCC economies that has come through the conflict relatively well so far,” BMI senior analyst for MENA country risk Abdallah Saleh said in a webinar attended by EnterpriseAM. Growth is forecasted at some 1% in 2026, as business activity recovers from the wartime disruptions earlier this year.

Signs of recovery: Business surveys have improved, companies have reported stronger demand, while rising wages and resilient labor market conditions continue to support household spending.

REMEMBER- The IMF recently lowered its 2026 Saudi GDP growth forecast to 1.7% from 2% projected in June, while raising its 2027 forecast by one percentage point to 5.5%, while Fitch Ratings affirmed Saudi Arabia’s long-term foreign-currency issuer default rating at A+ with a stable outlook, delivering a vote of confidence in the Kingdom’s balance sheets despite the economic fallouts of the US-Iran war.

Inflation remains under control: BMI expects consumer price growth to edge higher as demand improves in 2H, but staying around low levels. Inflation is forecast to remain modest at around 2% this year, suggesting price pressures will stay contained.

A sharp round is expected: GDP growth is expected to accelerate to 6.8% in 2027, according to Saleh, driven by higher oil production as supply constraints ease. Stronger investments, exports, and consumer spending are also expected to support growth as regional conditions stabilize.

Government spending is widening the deficit — for now: The kingdom is expected to post a fiscal deficit of around 6% of GDP in 2026, despite higher oil prices and uninterrupted crude exports through the Red Sea. The shortfall reflects elevated current and capital spending, including higher military expenditure.

But public finances remain sound: Rising oil production and more normalized government spending will narrow the fiscal deficit to 4.2% of GDP in 2027. Public debt is projected to rise from 30% of GDP currently to just under 40% by 2030, remaining low by both regional and international standards.

Sizable financial buffers: Authorities have already secured most of their financing needs in 2026, while substantial foreign exchange reserves and the Public Investment Fund’s assets continue to provide a strong external cushion. The current account is expected to remain balanced this year before slipping into only small deficits in 2027.

Diversification cushions the oil drag: “Lower oil prices will create some headwinds, but these are going to be partly offset by higher oil production, stronger non-oil exports, and continued growth in tourism, logistics, and other services sectors,” Salah said. Rather than slowing reforms, the conflict appears to be sharpening the kingdom’s investment priorities, as some projects generate stronger economic returns, boost exports, and create jobs, with sectors such as AI, rare earths, and advanced manufacturing becoming more important.

Beyond prolonged disruption in the Strait of Hormuz, the main downside risk is possible threats to Saudi oil exports through the Red Sea, especially amid rising tensions with the Houthis, who have increased pressure to seek economic concessions. “The Houthis are increasing the pressure because they are feeling the pressure internally to get more economic concessions from Riyadh, especially the resumption of oil exports in Yemen, and to have a share of these revenues,” head of country risk Remona Mubarak says.

Even so, diplomacy is expected to prevail: Both sides have strong incentives to avoid broader escalation. “Saudi Arabia does not want another front at its border. And this is especially to preserve its access to the Red Sea and all the oil that has been flowing in that region,” Mubarak says.

Fewer discounts and richer product mix lift Jarir’s 2Q earnings by 19.5%

Jarir’s higher-margin mix lifts its bottom line: Jarir Marketing Company posted a 19.5% y-o-y rise in net income in 2Q 2026 to SAR 235.6 mn, outpacing a 7.2% increase in revenue to SAR 2.8 bn, it said in a Tadawul filing.

The 1H figures tell a similar story: Net income rose 18% y-o-y in 1H 2026 to SAR 489 mn on revenue of SAR 5.8 bn, up 10.8%.

What lifted the books: Net income grew faster than sales because the gross margin widened. Supply scarcity let Jarir hold back on promotional price cuts, and the sales mix tilted toward higher-margin lines, with school supplies and books pulling their weight. Smartphones led the top-line growth.

The sequential picture is softer: Against 1Q, revenue fell 8.7% and net income slipped 7.1%, as smartphone sales came off their prior-quarter peak.

Almoosa Health secures fresh financing

Almoosa Health lined up a SAR 500 mn shariah-compliant credit facility with Banque Saudi Fransi, geared toward funding the company’s identified projects and expansion plans, according to a Tadawul disclosure. The seven-year facility is secured by a promissory note.

Building out the war chest: Almoosa Health has been steadily raising financing for its expansion. In November, it secured a SAR 1.34 bn, 10-year shariah-compliant loan from Saudi Awwal Bank to fund the construction of its new specialist hospital in Al Khobar. Last August, it also obtained a SAR 650 mn, seven-year shariah-compliant facility from Banque Saudi Fransi to support its broader expansion pipeline.

Green light for Saudi Re’s AdA buy

Saudi Re gets regulatory nod for AdA acquisition: Saudi Reins. Company (Saudi Re) received the Ins. authority’s non-objection to acquire a 22.5% fully diluted stake in UK-based AdA Risk Holding Co. for GBP 8.95 mn, according to a Tadawul filing. AdA Risk Holding owns AdA Underwriters, which operates Syndicate 2024, an independent marine and specialty ins. syndicate operating in the Lloyd’s of London market.

The rationale: Saudi Re said the acquisition is intended to expand its presence in the Lloyd’s market and broaden its underwriting portfolio. It will be funded from Saudi Re’s own resources and is still subject to a related buyback transaction and remaining regulatory approvals.

ADVISORS- PwC and Willkie Farr & Gallagher advised Saudi Re. Howden Capital Markets & Advisory acted as AdA’s financial advisor, while Clyde & Co. served as its counsel.

SpaceX closes below IPO prices, less than a month later

The biggest IPO ever just went underwater: SpaceX shares broke below their USD 135 IPO price for the first time yesterday, falling as much as 2.9% to USD 132.15, a month after the rocket, satellite, and AI company raised a record USD 86 bn in its June debut, Bloomberg reports. The stock is now down some 40% from its 16 June peak of USD 225.64, after surging nearly 50% in its first three days of trading and then shedding a quarter of its value over the next three sessions.

Some of the early froth was mechanical, not fundamental: A Nasdaq rule change let SpaceX join the Nasdaq-100 just 15 trading days after listing, pulling in an estimated USD 5.4 bn of forced index-fund buying, per Bloomberg Intelligence. Strip that out, and what remains is a market growing wary of a SpaceX focused on its xAI ambitions, with returns “too far removed from immediate cashflow,” as SLC Management's Dec Mullarkey put it.

The knock-on for the AI listings queue: OpenAI and Anthropic have both confidentially filed, CNBC reported. The three listings were estimated back in June at a whopping USD 3.6 tn to US exchanges. A listing this size trading below issue complicates pricing for everyone behind it, though it could equally push capital-hungry AI labs to sprint for the window before it narrows, Reuters noted.

The sell side is still bullish: More than 80% of analysts rate the stock a buy, with an average target near USD 238, roughly 78% above current levels. Much of that coverage landed only after the quiet period ended for banks that worked on the IPO.

Why this matters for us

Gulf sovereign capital was all over this book. The Public Investment Fund and the Kuwait Investment Authority each reportedly placed orders of USD 1-5 bn, with the Qatar Investment Authority also in for a sizable allocation. All in all, the book ran roughly 4x oversubscribed at some USD 250 bn in orders.

The Gulf’s pre-IPO exposure runs deeper still: PIF-backed Humain put USD 3 bn into xAI’s Series E in February, a stake that converted into SpaceX shares after the merger. Kingdom Holding’s rolled-over X position became SpaceX stock the same way, while Abu Dhabi’s MGX, Alpha Dhabi, IHC, and the Oman Investment Authority all hold direct or indirect positions.

What’s next

Starship Flight 13 launches today, and a successful flight could be a catalyst, UBS said, holding a USD 210 target for SpaceX. The bigger date is SpaceX’s first earnings report in the coming weeks, which triggers the first lockup expiries. That’s when the Gulf’s pre-IPO holders — Humain, Kingdom Holding, and the rest — face their first real decision: hold, or take what’s left of the gain.

MARKETS THIS MORNING-

Asian stock markets opened lower as renewed regional hostilities and a selloff in semiconductor shares pushed equities lower. South Korea’s Kospi is down over 6.5%, and Japan’s Nikkei is trailing behind (-3.1%). Investor sentiment could shift after South Korea’s central bank raised rates for the first time in over three years this morning in an effort to fight inflationary pressures — we’ll be closely watching to see how regional markets react to the news.

TASI	10,705	-0.1% (YTD: +2.0%)
MSCI Tadawul 30	1,424	-0.1% (YTD: +2.7%)
NomuC	22,582	+0.2% (YTD: -3.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	52,558	+0.5% (YTD: +25.7%)
ADX	9,831	-0.2% (YTD: -1.6%)
DFM	5,911	+0.4% (YTD: -2.2%)
S&P 500	7,572	+0.4% (YTD: +10.6%)
FTSE 100	10,516	-0.1% (YTD: +5.9%)
Euro Stoxx 50	6,266	-0.2% (YTD: +8.1%)
Brent crude	USD 84.95	+0.3%
Natural gas (Nymex)	USD 2.92	-0.2%
Gold	USD 4,067	+0.4%
BTC	USD 64,816	-0.1% (YTD: -26.0%)
Sukuk/bond market index	909.55	0.0% (YTD: -1.1%)
S&P MENA Bond & Sukuk	151.53	+0.1% (YTD: -0.2%)
VIX (Volatility Index)	15.67	-5.0% (YTD: +4.8%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.1% yesterday on turnover of SAR 3.9 bn. The index is up 2.0% YTD.

In the green: Saudi Real Estate (+5.6%), Saudi Chemical (+3.7%), and Alwasail Industrial (+2.8%).

In the red: Entaj (-6.4%), SRMG (-6.3%), and Aldawaa Medical (-4.2%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.2% yesterday on turnover of SAR 8.5 mn. The index is down 3.1% YTD.

In the green: Keir (+9.8%), Al Rasheed (+8.1%), and Mulkia (+7.8%).

In the red: Bena Steel (-9.7%), Molan Steel (-7.6%), and Shmoh Almadi (-7.5%).

My Morning Routine: Mohammed Alfraihi, co-founder and CTO of Rize

Rize started as a real estate crowdfunding idea and grew to become Saudi Arabia’s first rental operator, helping tenants pay rent in monthly installments while expanding into rental infrastructure services as the Kingdom’s proptech sector matures alongside a wave of regulatory reforms.

My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. This week, we sat down with Mohammed Alfraihi (LinkedIn), Rize’s co-founder and CTO, to discuss Rize’s evolution from crowdfunding to rental infrastructure, the regulatory changes reshaping proptech, and why he plans his weeks one problem at a time. Edited excerpts from our conversation:

E: How did your career progress to founding Rize?

Mohammed Alfraihi: I have always seen myself as a problem solver and a builder — that’s what drew me to study computer science for both my undergraduate and graduate degrees. After finishing my studies in the US, I started in healthtech before moving back to Saudi Arabia to join Site. From there, I wanted to build something of my own and use technology to solve real-world problems, which led me to co-found WalaPlus. We saw a gap in the loyalty market, started by helping companies build employee loyalty programs, and eventually expanded to provide loyalty solutions for both firms and their customers. I led the product vision and technology teams, and we were fortunate to grow into one of the leading loyalty firms in Saudi Arabia.

After WalaPlus, it was time to start solving another problem in another domain. PropTech was still in its early stages in Saudi Arabia — a promising sector, but with a handful of clear challenges facing residents. That’s what pushed us toward the rental market, and we founded Rize as the Kingdom’s first rental operator.

E: How has Rize evolved since its launch in 2021?

MA: When we started Rize, we focused on the real estate market because it is massive and growing at double-digit rates in Saudi Arabia, yet largely untapped from a technology perspective. We initially explored real estate crowdfunding and spent several months testing the space but concluded that the model was ahead of local regulations. Rather than wait for the market to catch up, we decided to look for a problem we could solve sooner.

Finding the real problem: Our search led us to the rental market, and after studying the ecosystem, it quickly became clear that tenants faced the biggest challenge. Landlords would always find someone who would pay one year upfront — that’s where the problem remained. Tenants, on the other hand, were more open and flexible to paying in monthly installments. We launched a pilot around monthly rent installments, tested the model with our first customers, and refined the product as we went. In less than a year, we had found product-market fit and were seeing strong demand.

E: What are your plans for an expansion in the upcoming years?

MA: Our plan is to acquire more market share and continue providing flexible payment options while transitioning into a rental infrastructure company. This means expanding our product suite to address challenges that tenants, brokers, and landlords face across the entire rental journey. We recently launched our second product, matchmaking, which addresses supply and demand at the discovery phase, using our broker network to match verified tenants with available properties. Meanwhile, we are actively studying neighboring markets, their regulations, and the specific challenges they face to expand when the timing is right.

E: Where do the proptech and broader real estate sectors stand today?

MA: The real estate market is not only expanding but also undergoing regulatory shifts that are steering it in the right direction. We saw several important regulatory changes in 2025 that were aimed at making the market more balanced. The rent freeze helped improve affordability for tenants by balancing supply and demand, while the white land fees encouraged developers to move ahead with projects instead of holding on to undeveloped land, which is expected to boost supply in the coming years.

These shifts are opening up real prospects for proptech. The sector is still relatively young, and the Real Estate General Authority itself was only established a few years ago. We have seen, since launching Rize, how these regulations have supported companies and unlocked new ways to deliver value to customers.

E: Looking ahead, where do you see the greatest potential over the next few years?

MA: Renting a home is a process that can be improved across all its stages, including discovering a property, negotiating, contracting, and the move-in and move-out experience. Most of property discovery, for example, happens online today, but tenants still have to arrange individual viewings with brokers and visit properties one by one, which is a step that can be heavily innovated. Post-move-in services are also lacking, with tenants often struggling to find reliable solutions for things like furniture and ongoing maintenance after they move in.

E: Walk us through your day, start to finish.

MA: My day actually starts the evening before, when I plan out the upcoming day. I start early in the morning and look at my schedule from a weekly perspective rather than taking it strictly day-by-day. I pick a problem or two that I would like to work on with the relevant team. I work closely with our teams — from the front-line sales teams all the way to the collections team — ensuring they have the necessary resources to succeed.

Alfraihi’s recommendations

What he does in his free time: Outside of work, I am a very active person and spend most of my free time doing sports. Sports is my getaway. I enjoy working out at the gym, playing golf, and diving in the Red Sea whenever I have the chance to travel.

A piece of advice that stuck: As an entrepreneur, I always remind myself of one core belief: that there will inevitably be ups and downs on this journey. Whenever you face a down period or a difficult challenge, stay positive and focus on doing your part to resolve it. Any problem or challenge is solvable in the end, and things always get better from there.

CALENDAR

AUGUST

30 August-1 September (Sunday-Tuesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

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

SEPTEMBER

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

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

23 September (Wednesday): Saudi National Day.

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

OCTOBER

25-26 October (Sunday-Monday): The Global Proptech Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

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

26-29 October (Monday-Thursday): The Future Investment Initiative, King Abdulaziz International Conference Center, Riyadh.

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

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

30 October-1 November (Friday-Sunday): The New Global Sport Conference, Sofitel Hotel & Convention Centre, Riyadh.

NOVEMBER

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

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

29 November-1 December (Sunday-Tuesday): The UN Trade and Development Global Supply Chain Forum, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;

2027

FEBRUARY

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

MARCH

21-25 March (Sunday-Thursday):The World Water Forum, Riyadh.

22–24 March (Monday-Wednesday): Capital Markets Forum, Four Seasons Hotel, Riyadh

APRIL

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

JUNE

1-3 June (Tuesday-Thursday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

Signposted to happen sometime in 2027:

The Ocean Race finishes in Amaala on the Red Sea;
Riyadh-Kudmi transmission line to be completed;
Aero Middle East and Sand & Fun takes place in Thumamah Airport, Riyadh.

Signposted to happen sometime in 2Q 2027:

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

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