Good morning, ladies and gents, and welcome to a meaty issue with which we’re rounding out the week — and the last days of summer vacation for many students. Public across 11 regions will be back in session next Sunday, while kids in Makkah, Madinah, and Jeddah will follow suit the following Sunday. Some schools already began their academic year earlier this week.

Leading our news well this morning is the latest from Dar Al Majed’s IPO, which closed its retail offering with a 2.8x oversubscription rate, following blockbuster demand for its institutional tranche.

WEATHER- Thunderstorms and heavy rain are forecast to persist over Jazan, Asir, Al Baha, and Makkah through next Monday, with light to moderate showers expected in Madinah, Najran, Riyadh, and the Eastern Province by mid-week. Riyadh will see a high of 43°C and a low of 32°C today, and Jeddah’s mercury will go as high as 37°C and as low as 33°C. Makkah will see a 39°C high and 32°C low, while Madinah will see a 43°C high and 30°C low.

PSAs-

#1- Businesses subject to VAT with more than SAR 40 mn in annual revenues have until Sunday, 31 August to file their July tax returns, the Zakat, Tax, and Customs Authority said in a statement yesterday. Late submissions may incur fines ranging from 5-25% of the declared taxes.

#2- Pilgrims from outside the Kingdom can now apply for Umrah visas and book related services online through the new Nusuk Umrah platform, state news agency SPA reported yesterday. The service allows applicants to choose full packages or individual options such as accommodation, transport, and enrichment tours — all available in seven languages with multiple payment methods.

WATCH THIS SPACE-

#1- Investors have until Wednesday, 17 September to file expressions of interest and requests for qualification to buy Al Najma and Al Okhdood clubs, according to a post on X. The tender is being managed by the Sports Ministry and the National Center for Privatization & PPP.

Background: This offering is part of the second phase of a football privatization program which was announced in December 2023 in a bid to drum up investment in the industry. Al Najma was expected to be part of the second batch of this wave, but now seems to have joined the first round of offerings. The Sports Ministry was said to be looking to raise some SAR 1.8 bn (c. USD 480 mn) annually from this wave of privatization, which includes 14 clubs in total.

#2- Mutlaq Al Ghowairi mulls 2026 IPO: Riyadh-based contractor Mutlaq Al GhowairiContracting is considering a Tadawul IPO as early as next year, seeking to capitalize on the Kingdom’s busy pipeline of water and infrastructure projects, Bloomberg reports, citing people it says are familiar with the matter. The potential listing could value the company at SAR 12-15 bn. Moelis & Co. is said to act as the financial advisor on the potential transaction, while Al Rajhi Capital will arrange, with more banks expected to be lined up, the business news service said.

Adding to an already crowded pipeline: Marketing Home Group’s retail subscription closed yesterday, while Dar Al Majed Real Estate (Almajdiah) kicked off its retail tranche a week ago after its institutional book was 107x oversubscribed.

Zooming out: Riyadh continued to dominate the regional IPO charts, accounting for 13 of the14 IPOs inthe region in 2Q 2025. Proceeds from Saudi IPOs accounted for USD 1.9 bn of the total USD 2.5 bn raised across the region during the quarter. Leading the pack in KSA and the region in terms of amount raised was Flynas ’ entrance to Tadawul, which saw it raise USD 1.1 bn — accounting for 44.2% of 2Q proceeds for the whole region.

#3- Egypt Kuwait Holding plans Saudi gas expansion: EGX-listed investment firm EgyptKuwait Holding is gearing up to kick off a SAR 60 mn project to supply gas to the Dammam Third Industrial Zone after it secured the required license, Managing Director John Rokk told Asharq Business on Tuesday (watch, runtime: 7:49). The project, which was first announced in March, is expected to serve around 30 clients by year-end and expand into more zones in the future, Rokk said.

#4- The National Water Company (NWC) is expected to award the EPC contract for phase one of the Al Sar Main Water Pipeline project in Taif in 4Q 2025, Zawya reported yesterday, citing a source it said is in the know. The company issued its tender on 10 July and received bids until 4 August, with the project scheduled for completion in 3Q 2027, the source said. The project covers installing main transmission lines and pumping stations from the City Gate reservoir to the operational reservoir in Al Sar.

DATA POINTS-

#1- The Industry and Mineral Resources Ministry issued over 234.6k certificates of origin in 1H 2025, it said on X. This included 42k certificates issued in January, 38.8k in February, 37.7k in March, 38.2k in April, 40.8k in May, and 37.1k in June.

#2- The Human Resources Development Fund helped employ 267k Saudi citizens in the private sector during 1H 2025, up 74% y-o-y, it reported on X. The fund allocated SAR 3.8 bn in its training, empowerment, and guidance programs over the period, which benefited some 1.5 mn people. Meanwhile, more than 136k establishments benefited from the fund’s services, with a growth rate of 36% — 94% of which is small, medium, and micro enterprises.

#3- The SaudiFund for Development (SFD) poured over SAR 3.7 bn in 17 development loan agreements with 13 countries during FY 2024, state news agency SPA reported on Tuesday, citing the SFD 2024 Annual Report.

The breakdown: The financing includes SAR 337.5 mn for two loans in Africa, over SAR 1.1 bn for five loans in Asia and the Pacific, SAR 821.8 mn for four loans in Europe, and SAR 1.4 bn for six loans in Latin America and the Caribbean. The 2024 agreements saw the SDF expand into five new countries, including Saint Kitts and Nevis, El Salvador, Nicaragua, Dominica, and Serbia.

By sector: The social infrastructure sector took the lion’s share, amounting to SAR 1.2 bn of total funding, followed by energy (SAR 1.1 bn), transportation and communication (SAR 994.3 mn), healthcare (SAR 705 mn), and education (SAR 450 mn).

OIL WATCH-

Saudi Arabia’s crude exports dipped to 6.14 mn bbl / d in June, down from 6.19 mn bbl / d in May and marking the lowest in three months, Reuters reports, citing Joint Organizations Data Initiative (JODI) figures. Crude exports for June were previously estimated to be around 6.36 mn bbl / d.

The drop in shipments came despite higher crude output, which rose to 9.75 mn bbl / d in June from 9.18 mn bbl / d in May. Domestic refinery intake edged down slightly to 2.7 mn bbl / d from 2.72 mn bbl / d a month earlier, while direct crude burning jumped by 185k bbl / d to 674k bbl / d.

REMEMBER- Opec+ members have been steadily raising production since April, starting with 138k bbl / d increase, followed by larger-than-planned hikes of 411k bbl / d in May, June, and July. The group raised output by 548k bbl / d in August and has set a 547k bbl / d increase for September.

SPORTS-

Al Ahli defeats Al Qadsiah and qualifies for Saudi Super Cup final: Al Ahli FC cruised into the Saudi Super Cup final with a 5-1 victory over Al Qadsiah FC 5-1 in Hong Kong yesterday, Saudi Gazette reported yesterday. Down to 10 after Al Qadsiah’s Christopher Bonsu Baah received a red card in the 42nd minute, the match dynamics changed with a brace from Franck Kessié, a penalty from Ivan Toney, a goal from French winger Enzo Millot, and an own goal from Al Qadsiah’s captain Nacho Fernández sealed the win.

Keep an eye out for the champion, as Al Ahli is set to play against Al Nassr FC on Saturday, 23 August, competing for the title. Al Nassr secured a place in the final after beating Al Ittihad on Tuesday.

Al Ahli is in talks to sign Argentine midfielder Exequiel Palacios from Bayer Leverkusen for around EUR 45 mn, Asharq Alawsat reported on Tuesday. Palacios — a key player for his club and Argentina’s 2022 World Cup team — would boost Al Ahli’s midfield as advised by coach Matthias Jaissle ahead of upcoming competitions.

Al Diriyah FC is reportedly aiming to sign Moroccan Amine Harit under the leadership of its French coach Sabri Lamouchi in the next few days, Asharq Alawsat reports. The 27-year-old permanently joined Ligue 1 side Olympique de Marseille in 2023, after he had joined the club in 2021 under a loan contract from German club Schalke 04.

ICYMI- Last month, Al Diriyah FC signed French former Nice striker Gaëtan Laborde, a move supporting the club’s goals for the upcoming season.

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THE BIG STORY ABROAD-

The international business press has a small handful of stories that are leading the conversation this morning, including a rundown of the minutes from the US Federal Reserve’s last Federal Open Market Committee meeting.

Federal Reserve policymakers are equally concerned about the twin risks of rising inflation and falling employment levels, but ultimately decided that inflation is the greater risk of the two, the minutes from its July meeting indicate. The meeting came two days before the Labor Department released data showing the unemployment rate rose in July, followed by a revision to employment estimates that has undermined the notion that the US’ job market remains strong. (CNBC | Reuters | Bloomberg)

Meta is reportedly freezing hiring in its AI division as the company reorganizes the division’s structure, the Wall Street Journal reports. The freeze, which came into effect last week, comes after Meta hired more than 50 employees for its AI efforts, fueling some concern over the cost of its superintelligence buildout.

REGIONALLY- Israel is stepping up its offensive in Gaza, confirming yesterday that it has “begun the preliminary operations and the first stages of the attack on Gaza City.” The Israeli army is now “holding the outskirts of Gaza City,” marking a step towards implementing a widely criticized plan to take over the city. This came as Israel called on 60k reserve troops to join the war, even as it is considering its response to the latest ceasefire proposal. (Reuters | Bloomberg)

CIRCLE YOUR CALENDAR-

Franchise Go Forum will be held between 26-28 August in Riyadh’s Siraj Convention Center to support entrepreneurs entering the franchising sector. The event will feature panel discussions with local and international experts, an exhibition connecting participants with franchisors, training workshops, and one-on-one advisory sessions.