Maaden adds 7.8 mn ounces of gold

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WHAT WE’RE TRACKING TODAY

THIS MORNING: PIF transfers USD 12 bn of stakes in gaming companies to Savvy Games

Good morning, ladies and gentlemen. As we close in on the weekend — and the halfway mark for January — we’re continuing to see debt taking a leading role in the news cycle as SEC secured a USD 1.5 bn loan and SAL Saudi Logistics and Waja are the latest to take sukuk issuances to market.

Maaden is in the spotlight this morning as it announced adding some 7.8 mn ounces of gold to its mineral resources, led by the Kingdom’s largest gold mine, Mansourah Massarah, in Makkah Province and the new Wadi Al Jaww discovery in the Arabian Shield.

WEATHER- Light rain is expected in parts of Tabuk, Al Jouf, and the Northern Borders, while dust and sand storms will affect the Eastern Province, Northern Borders, Al Jouf, and Riyadh, significantly reducing visibility in these areas.

Riyadh: 19°C high / 8°C low.
Jeddah: 29°C high / 21°C low.
Makkah: 31°C high / 24°C low.
Dammam: 25°C high / 12°C low.

Watch this space

DIPLOMACY — Saudi Arabia, along with Qatar and Oman, are pushing the US to refrain from attacking Iran, after the White House “warned them to be prepared for such an attack,” the Wall Street Journal reports, citing unnamed Gulf officials. The three countries — led by Saudi Arabia — are appealing to US President Donald Trump by stressing on the potential repercussions an attack on Iran would have on oil markets, and by extension the US economy, according to the officials.

MACRO — The World Bank has revised downward its forecast for Saudi Arabia’s GDP growth this year to 4.3% in its latest Global Economic Prospects report (pdf). We’ll dive into the broader forecast for the region and what could be behind the downgrade in tomorrow’s issue.

GAMING — PIF subsidiary Savvy Games is getting some USD 12 bn worth of the sovereign fund’s stakes in gaming companies, Bloomberg reports, citing a document it has seen. The transferrals include shares in Nintendo, Bandai Namco Holdings, Koei Tecmo Holdings, NCSoft, and others. The move is part of an investment plan to put Savvy in control of PIF’s investments in games, “given Savvy is a leading games organization for the PIF and a core component of the National Gaming and Esports Strategy,” Bloomberg quotes a Savvy spokesperson as saying.

Data point

5.6k — that's the number of licensed hospitality facilities in the Kingdom as of 3Q 2025, up 40.6% y-o-y, according to a General Authority for Statistics report (pdf). Hotel room occupancy reached 49.1% over the same period, up 2.9 percentage points y-o-y, while occupancy for serviced apartments and other facilities saw a slight drop to 57.4%.

Room rates: The average daily hotel room rate fell 3.6% y-o-y to SAR 341 over the same period, with an average stay of 4.1 nights, whereas serviced apartments saw rates increase 4.1% to SAR 208 a day, with an average stay of 2.1 nights.

Sports

Portuguese defender João Cancelo rejoined FC Barcelona from Al Hilal on a loan agreement until the end of the season, FC Barcelona said in a statement yesterday. The move marks the 30-year-old’s second spell at Barca, having previously played for the Catalan side during the 2023-2024 season, when he featured in 42 matches across La Liga and the Champions League.

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The big story abroad

There’s two big business stories making the rounds this morning: US-based luxury retailer Saks plans to file for bankruptcy, but is finalizing a USD 1.75 bn financing agreement that would keep its stores open. Plus: Netflix is considering turning its takeover bid for Warner Bros into an all-cash offer, a move that would help solidify it as the stronger suitor after Paramount Skydance (along with Gulf investors and Larry Ellison) made an all-cash, USD 108.4 bn hostile takeover bid for the company.

Meanwhile, US President Donald Trump has ramped up his threats of US interference in Iran, telling protesters that “help is on its way” on Truth Social. White House officials have been meeting to discuss the situation in Iran, where the death toll has reached 2k, according to the US-based Human Rights Activists News Agency.

Maaden strikes gold as drilling delivers 7.8 mn ounces

Saudi Arabian Mining Company (Maaden) added 7.8 mn ounces to its gold mineral resources, powered by targeted drilling at four key sites, the company said in a statement (pdf) to Tadawul earlier this week. The growth was led by the Kingdom’s largest gold mine, Mansourah Massarah, in Makkah Province and the new Wadi Al Jaww discovery in the Arabian Shield.

The breakdown: Mansourah Massarah added 3 mn ounces y-o-y, bringing its total mineral resource estimate to 10.4 mn ounces. The deposit remains “open at depth,” with studies underway to evaluate underground mining as a complement to the existing open-pit operations. Meanwhile, at Wadi Al Jaww, the company defined 3.1 mn ounces of gold after completing around 55 km of drilling over a year.

A potential regional processing hub is coming into focus. Satellite deposits Uruq 20/21 and Umm As Salam added 1.7 mn ounces combined, all within trucking distance of Mansourah Massarah, raising the prospect of expanding the mine into a broader regional processing hub.

Looking for even more gold

The latest additions reflect the payoff from an aggressive exploration push. Maaden completed 221 km of advanced drilling in the Central Arabian Gold Region, uncovering new mineralized zones, while near-mine drilling at the historic Mahd mine extended its known resource potential. The company also reported a new gold discovery at Ar Rjum North, while early results from Jabal Shayban and Jabal Al Wakil indicate promising potential for copper, nickel, and platinum group elements.

Exploration will continue through 2026, with Maaden highlighting the largely underexplored Arabian Shield as a key source of future upside.

A long game

The exploration drive is part of a “strategy refresh” to unlock the Kingdom’s untapped mineral wealth. Maaden aims to double gold production by 2030 while also laying the groundwork for a domestic rare earths supply chain in a program Maaden CEO Bob Wilt said in September would “blow people’s hair back.”

The company plans to invest around USD 2.5 bn annually over five years in copper, gold, and rare earth projects, drawing on Saudi Aramco’s geological data to identify new exploration targets.

What they said: “The results leave no doubt that the company’s long-term strategy is working on the ground. This is exactly why we continue to invest heavily in Saudi Arabia’s gold endowment,” Wilt said in the statement. “The addition of more than 7 [mn] ounces […] demonstrates the scale and ongoing potential of Maaden’s gold portfolio,” he added.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Saudi Electricity Company secures USD 1.5 bn bank loan

PIF majority-owned Saudi Electricity Company (SEC) clinched a five-year loan of up to USD 1.5 bn, marking its third loan in less than six months as the state-backed utility continues to tap bank debt to fund its ongoing operations and expansion, Zawya reports.

The new term loan has a base size of USD 1 bn with a greenshoe to USD 1.5 bn and carries all-in pricing of about 100 bps. Proceeds are earmarked for general corporate needs. The Tadawul-listed utility saw its net income drop 22.7% to SAR 5.3 bn in 3Q 2025, weighed down by higher operating costs.

ICYMI- SEC has been an active borrower recently, securing a USD 2.85 bn facility in October to fund power generation and network expansion across the Kingdom, after completing a USD 1 bn five-year syndicated loan in September.

Who’s buying? Sumitomo Mitsui Banking Corp quarterbacked the transaction as lead underwriter, arranger, and bookrunner.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

SAL Saudi Logistics, Waja issue fresh sukuk

Local companies continued to tap the debt market, with two listed companies announcing fresh SAR-denominated sukuk.

#1- Tadawul-listed SAL Saudi Logistics is out with a fresh SAR-denominated sukuk issuance, offered through a private placement that has a minimum subscription value of SAR 1 mn, it said in a disclosure to the bourse. The company appointed JPMorgan Saudi Arabia and SNB Capital to manage the offering, which wraps up on 29 January.

#2- Nomu-listed Waja also kicked off the issuance of SAR-denominated sukuk, with the first tranche offered in two issuances with a total value of SAR 2.5 mn and at a minimum subscription value of SAR 1k, according to a disclosure to the bourse.

The big picture: Bond sales in the MENA region are off to a strong start to the year, with 14 borrowers raising almost USD 30 bn in international markets in just the first week — more than the region raised in the whole of January last year, International Financing Review (IFR) reports. Investors had plenty to choose from last week, with offerings from Saudi Arabia, the UAE, Kuwait, and Israel across government, bank, and corporate bonds. Many were keen on higher-yielding, lower-ranking bonds as tight pricing on top-quality debt pushed them to look for better returns.

This rush to debt markets is driven by the fact that “funding needs are elevated given lower oil prices as well as sustained growth in the non-energy sector, which is creating strong demand and profitable opportunities for borrowers,” Azimut Senior Portfolio Manager Faisal Ali is quoted as saying. Issuance is expected to rise by 25%–30% this year compared with last year’s record USD 172 bn, according to LSEG data cited by IFR.

Sisco acquires 51% acquisition of PSS + Parsons secures key role in New Murabba project

Sisco Holding is now a majority shareholder in PSS

Sustainable Infrastructure Holding Company (Sisco Holding) completed its SAR 132.6 mn, 51% stake acquisition of Port Services and Storage Company (PSS), according to a Tadawul disclosure. The acquisition was fully financed in banknotes. The port and storage services firm is set to be fully consolidated into Sisco’s financial statements — effective from 1Q 2026, the disclosure adds.

BACKGROUND- The transaction consisted of an initial payment of SAR 91.8 mn and performance-based earn-out payments of up to SAR 40.8 mn — pegged to specific financial targets to be met over the next two years.

Why does this matter to Sisco? It completes the East–West corridor. Sisco’s portfolio has been skewed toward the west, anchored by Jeddah-based Red Sea Gateway Terminal (RSGT) and LogiPoint. PSS adds the missing node in Dammam — enabling a single, asset-backed contract for cross-Kingdom transport. The move internalizes inland margins previously lost to third parties and links RSGT’s port throughput with LogiPoint’s bonded zones and PSS’s eastern warehousing — creating a private landbridge that competes with global integrators.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Parsons secures key role in New Murabba project

New Murabba Development awarded the US-based Parsons Corporation a 60-month contract for the first phase of the New Murabba project, according to a statement on LinkedIn yesterday. Parsons will act as infrastructure lead design consultant to deliver design and engineering services across infrastructure, public buildings, landscaping, and the public realm for the 14 mn sqm mixed-use development, anchored by the Mukaab, Parsons said in a press release.

Why it matters: The contract marks the transition of New Murabba from planning to engineering reality. By locking in a Tier-1 firm for the infrastructure phase, New Murabba is inching closer to achieving its goal of building “one of the world’s leading tourism, cultural, and human-centered destinations,” as expressed by CEO Michael Dyke.

Arabian Drilling secures three land rig extensions

Arabian Drilling landed SAR 1.4 bn in contract extensions for three land rigs, adding 25 rig-years to its backlog, it said in a disclosure to Tadawul (pdf). One rig is currently operational, another is expected to come online by the end of this month, and a suspended rig is scheduled to resume operations during 2026.

Why it matters: This is the second major W for Arabian Drilling in the past three months — following SAR 2 bn in renewals in November, securing a total of seven contract extensions valued at SAR 3.4 bn and covering 55 rig-years of work. Overall rig utilization is expected to climb to 80% by the start of 2Q 2026 — up from 73% in November — with the higher-margin offshore segment set to hit 100% capacity, CEO Ghassan Mirdad told Asharq Business.

Foreign reserve assets dip in December

Saudi Arabia’s foreign reserve assets dipped 1% m-o-m in December to SAR 1.72 bn, Argaam reports, citing Saudi central bank data. The Kingdom’s gold reserves remained unchanged at SAR 1.62 bn.

Corporates drive GCC debt to records as sovereigns tap the brakes

GCC fixed income hit a record USD 207.1 bn in 2025, fueled primarily by private sector issuances, according to data from Kamco Invest (pdf). The record is just 0.1% above the previous all-time high set in 2024, but the composition of debt issuers changed significantly between the two years. Sovereign borrowing in the GCC actually fell by more than 20% y-o-y in 2025, but that dip was offset by a sharp rise in private sector issuances.

Behind the sovereign issuance drop: Total bond issuance across the GCC rose 18% y-o-y to USD 125.4 bn last year, but sukuk issuances fell 18.8% y-o-y to USD 81.7 bn during the year. Saudi Arabia, the region's heavyweight, slashed its sovereign sukuk issuance from USD 48.6 bn in 2024 to just USD 10.5 bn in 2025.

The split: The GCC fixed income issuer market moved closer to a 55% sovereign, 45% corporate split. In Saudi Arabia, corporate sukuk issuance rose to USD 31.7 bn in 2025 from USD 21.0 bn the year before.

Kuwait and Egypt were the outliers

While the UAE saw bond issuances drop by USD 5.6 bn to USD 44.4 bn, other regional players went on a borrowing spree. Kuwait saw the most dramatic spike, with bond issuances jumping to USD 17.6 bn in 2025 from just USD 800 mn the year prior. Saudi Arabia ramped up bond issuance by some 30.8% to USD 40.1 bn, even as its sukuk issuances fell 39.4% y-o-y. Egypt also tapped the market aggressively, with bond issuances rising more to USD 7.6 bn.

Despite Egypt’s increased activity, total bond issuance from non-GCC MENA countries declined overall in 2025.

What to expect in 2026: Cheaper money and deficit financing

Kamco expects issuances to remain “elevated” this year, supported by expectations that GCC will cut interest rates in line with the US Federal Reserve. Kamco estimates that around USD 85.4 bn of issuance in 2026 will be driven by maturity refinancing, with a further USD 60 bn linked to deficit financing, even as headline fiscal gaps narrow.

Expect Saudi Arabia and Kuwait to lead sovereign issuance volumes as they fund projected budget deficits. Saudi Arabia’s overall financing needs are projected to drop significantly to USD 58 bn in 2026, down from USD 107 bn in 2025. The Kingdom has already tested investor appetite early, raising USD 11.5 bn in the first week of 2026 after attracting more than USD 29 bn in orders — eventually pricing inside initial spread guidance.

MARKETS THIS MORNING-

Stronger expectations of a snap election in Japan pushed the Nikkei to fresh highs, with the index up 1.6% in early trading. Other Asia-Pacific markets are also broadly in the green, with the exception of South Korea’s Kospi, which is just below the flatline. Wall Street futures are also marginally in the red this morning, after financial stocks pulled the S&P 500, Dow Jones, and Nasdaq back from this week’s records. Investors will be keeping an eye out for more earnings results today from Bank of America, Wells Fargo, and Citigroup.

TASI	10,894	+1.4% (YTD: +3.8%)
MSCI Tadawul 30	1,461	+1.7% (YTD: +5.3%)
NomuC	23,668	+0.3% (YTD: +1.6%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	43,684	+0.7% (YTD: +4.4%)
ADX	10,090	+0.8% (YTD: +1.0%)
DFM	6,319	+0.8% (YTD: +4.5%)
S&P 500	6,964	-0.2% (YTD: +1.7%)
FTSE 100	10,137	0.0% (YTD: +2.1%)
Euro Stoxx 50	6,030	+0.2% (YTD: +4.1%)
Brent crude	USD 65.47	+2.5%
Natural gas (Nymex)	USD 3.39	-0.8%
Gold	USD 4,613	+0.3%
BTC	USD 95,423	+4.3% (YTD: +9.0%)
Sukuk/bond market index	923.87	0.0% (YTD: +0.5%)
S&P MENA Bond & Sukuk	151.60	-0.1% (YTD: -0.2%)
VIX (Volatility Index)	15.98	+5.7% (YTD: +6.9%)

THE CLOSING BELL: TADAWUL-

The TASI rose 1.4% yesterday on turnover of SAR 6.1 bn. The index is up 3.8% YTD.

In the green: Oasis (+10.0%), Chubb (+8.3%) and Abo Moati (+6.2%).

In the red: Naseej (-9.9%), Thimar (-3.6%) and Ataa (-2.7%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.3% yesterday on turnover of SAR 22.3 mn. The index is up 1.6% YTD.

In the green: Axelerated Solutions (+9.8%), Edarat (+7.1%) and Balsm Medical (+4.6%).

In the red: Knowledge Tower (-6.1%), Sign World (-6.0%) and Service Equipment (-5.9%).

CALENDAR

JANUARY

10-18 January (Saturday-Sunday): Public school mid-year break.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

15 January (Thursday): Title deed registration deadline for 31.7k properties in 14 neighborhoods in the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 157.3k properties in 78 neighborhoods across the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 January (Monday-Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

26-27 January (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 January (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

26-28 January (Monday-Wednesday): IFAT Saudi Arabia, Riyadh Front Exhibition & Conference Center, Riyadh,

27-28 January (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 January (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 January (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 February (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 February (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

2-13 February (Monday-Friday): 2026 Asian Road Cycling Championship and Paralympic Cycling, Qassim.

3-4 February (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

4 February (Wednesday): Michelin Guide’s Restaurant Celebration, Four Seasons Hotel, Riyadh.

5 February (Thursday): Deadline to submit bids for EPC contract for Ras Mohaisen-Baha-Makkah Independent Water Transmission System.

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.

8-9 February (Sunday-Monday): AlUla Conference on Emerging Market Economies (ACEME), Maraya Hall, AlUla.

9-10 February (Monday-Tuesday): Global Games Show Riyadh 2026, Malf Hall, Riyadh.

9-14 February (Monday-Saturday): Asian Racing Conference, Crowne Plaza Riyadh RDC Hotel & Convention Centre, Riyadh.

11 February (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 February (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

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

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

16 February (Monday): 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.

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.

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

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

26-29 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 in 2026.
November: 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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