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Wednesday, 26 Nov 2025

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Non-oil exports slightly inch down in 3Q + Trade surplus in September reaches 17-month high

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Today at a glance

1

ECONOMY

Non-oil exports slightly inch down in 3Q + Trade surplus in September reaches 17-month high.
2

ECONOMY

ICAEW sees Saudi Arabia's GDP growth slowing from 4.5% in 2025 to 4.3% in 2026.
3

Investment Watch

Akdital Holding to invest USD 1.6 bn to expand into Saudi, UAE.
4

IPO WATCH

Almasar Education wraps up Tadawul IPO, with retail portion 1.2x oversubscribed.
5

IPO WATCH

EFSIM Facilities Management is coming to Tadawul.
6

DEBT WATCH

Cenomi Centers raises USD 500 mn in latest debt sale.
7

DEVELOPMENT WATCH

SFD + Fifa to support sports infrastructure in developing nations with USD 1 bn.
8

STARTUP WATCH

Mnzil secures over SAR 44 mn in a Series A funding round.
9

PLANET FINANCE

Global growth to hold steady in 2026, but risks are rising -Oxford Economics.

Wednesday, 26 Nov 2025

What We’re Tracking Today
Economy
Economy
Investment Watch
Ipo Watch
Ipo Watch
Debt Watch
Development Watch
Startup Watch
Also On Our Radar
Planet Finance
Calendar
1

WHAT WE’RE TRACKING TODAY

THIS MORNING: BlackRock to double down in Saudi and the region

Good morning, ladies and gents. Our packed issue today is heavy on macro data, as we dive into Gastat’s latest international trade figures. Non-oil exports slightly declined in 3Q, while our trade surplus hit a 17-month high in September. We also look at ICAEW’s forecasts for Saudi’s GDP growth this year and the next.

Also in this morning’s news well: Morocco’s Akdital is planning a USD 1.6 bn expansion in Saudi and the UAE, Almasar Education wrapped up its Tadawul IPO with the retail portion oversubscribed, and Cenomi Centers closed a USD 500 mn sukuk issuance. Let’s dive in.

WATCH THIS SPACE-

BlackRock plans to significantly ramp up its investments in the Kingdom and the Middle East over the next few years, with areas like infrastructure and AI creating strong room for growth, Managing Director of Financial Markets Advisory Kashif Riaz told Bloomberg. The firm has already funneled more than USD 35 bn into the Kingdom across equities, fixed income, and infrastructure, and has four investment teams based in Riyadh, he said.

The region is still at the beginning of its growth as an investment destination, and estimated future Saudi investments could “double to triple,” he noted. He also expects the role of private capital and financial markets to grow as the Kingdom seeks more external financing for its economic transformation projects.

Looking ahead: BlackRock is preparing new mutual funds, while working with Saudi authorities on developing market for a residential mortgage-backed securities.

ICYMI- BlackRock Saudi Arabia and the PIF unveiled new mutual funds during the FII9, offering them to local and global investors through the BlackRock Riyadh Investment Management platform. The funds focus on Saudi systematic active equities and MENA fixed income.

Real estate company Ajdan sent a delegation to Syria to discuss potential investments in tourism and housing, focusing on developing the Ebla Hotel and the Conference Palace, Syrian state news agency Sana reports. Ajdan is looking at how to upgrade these sites to meet both tourism demand and housing needs while also studying practical solutions for addressing the wider housing gap. Syrian Investment Authority head Talal Al Hilali said the country needs about 100k new housing units.

MEANWHILE- Syria needs around 25k hotel rooms, yet it currently has only about 4k rooms, Syrian Deputy Tourism Minister Ghiath Al Farrah noted, highlighting the scale of potential development. The Conference Palace can host up to 2.4k guests, he said.

Boosting ties: Syrian-Saudi investment ties are advancing from MoUs to implementation, with some USD 6.4 bn in agreements activated during a joint investment roundtable held last month in Damascus. The roundtable focused on exploring new potential investments in priority sectors, including energy, communications, banking, real estate development, mining, and digital transformation.

The Kingdom and Italy signed 22 investment agreements during the Saudi-Italian Investment and Business Forum, the Saudi Gazette reports. The event brought together more than 1.6k participants and 600 Italian companies, covering sectors like telecommunications, IT, trade, tourism, healthcare, agriculture, water, culture, and sports. Details on the agreements were not disclosed.

ICYMI- Italy and Saudi Arabia inked a raft of agreements worth USD 10 bn during Italian Prime Minister Giorgia Meloni’s trip to the Kingdom earlier this year. The two sides signed 26 MoUs across several sectors — including construction, renewable energy, cultural exchange, and digital technologies — at a roundtable meeting attended by government officials and private sector players.

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THE BIG STORY ABROAD-

Markets extended their rally yesterday, after new US economic data — including soft retail sales and lower consumer confidence in September — strengthened the case for a third rate cut next month. The Dow closed up 1.43%, while the S&P 500 was up 0.91%. Meanwhile, Nasdaq’s gains were limited to 0.67% on a 2.6% decline in Nvidia over Google competition fears. (Reuters | Financial Times | CNN | Semafor)

OVER IN GEOPOLITICS- A-US backed peace framework won Ukraine’s backing after a few days of intense negotiations, with "only a few remaining points of disagreement," according to US President Trump. The amended proposal is unlikely to appeal to Moscow who seems uncompromising on its goals to solidify territorial gains and slash Ukraine’s military within an inch of its life. (CNN | Reuters | CNBC)

ALSO WORTH NOTING-

  • Trump’s Genesis Mission will build a digital platform to concentrate scientific data and pave the way for using AI in engineering, energy and national security. (Associated Press)
  • An Ethiopian volcano eruption sent ashes all the way to Delhi. (BBC)
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2

ECONOMY

Non-oil exports slightly inch down in 3Q + Trade surplus in September reaches 17-month high

Non-oil merchandise exports inched down 0.4% to over SAR 57 bn in 3Q 2025, according to preliminary data (pdf) from the General Authority for Statistics (Gastat). Total non-oil merchandise exports, including re-exports, increased 19.4% y-o-y in the same period, as re-exports inched up 69.6% to hit SAR 38.5 bn.

The trade balance soared 17.2% y-o-y in 3Q into a surplus of SAR 66.1 bn. Total exports inched up 9.5% y-o-y to SAR 303.3 bn, while total imports increased 7.5% y-o-y to SAR 237.2 bn during the period.

Oil exports also surged 5.5% y-o-y in 3Q 2025 to SAR 207.8 bn. Meanwhile, the share of oil exports out of total exports rose decreased to 68.5% of total exports over the same period.

BREAKING DOWN NON-OIL EXPORTS-

Machinery, electrical equipment and parts were the Kingdom’s top non-oil exports, accounting for 26.9% of total non-oil exports at SAR 25.7 bn, up 120.4% y-o-y. Chemical products came in second place, accounting for 21.4% of non-oil exports, despite declining 0.7% over the period to reach SAR 20.4 bn.

On the import side, machinery and electrical equipment were the most imported goods during the quarter, accounting for 30% of all imports at SAR 71.1 bn, a 23.1% y-o-y increase. Transportation equipment and parts came in second with SAR 33.4 bn, marking a 0.7% y-o-y increase and representing 14.1% of imports.

“This pattern points to the growing role of the Kingdom as a regional logistics and distribution hub, supported by stronger port throughput and more efficient supply-chain operations, rather than signalling a broad-based jump in domestic industrial output,” Argaam Investments’ Head of Specialized Research Ahmed Ramzy told EnterpriseAM.

OUR TRADING PARTNERS-

China still wears the crown: China remained the main destination for the Kingdom’s exports, receiving 14.9% of total exports at SAR 45.2 bn, a 6.7% y-o-y increase. The UAE came in second place with 10.8% of total exports, followed by India (9.5%). South Korea, Japan, the US, Egypt, Poland, Malta, and Bahrain rounded out the top 10 export markets.

China also held first place for the Kingdom’s imports, accounting for 27.6% of our imports at SAR 65.5 bn, followed by the US (8.1%) and the UAE (5.6%). Germany, India, Japan, Italy, France, Egypt and Switzerland rounded out the top 10.

The main ports: Dammam’s King Abdulaziz Port received 26.9% of the Kingdom’s total imports in 3Q, followed by Jeddah Islamic Port (21.5%) and Riyadh’s King Khalid International Airport (13.4%).

ON A MONTHLY BASIS-

Non-oil merchandise exports surged to SAR 19.7 bn, increasing 2.8% y-o-y, according to Gastat’s September figures (pdf), while total non-oil exports, including re-exports, inched up 21.7% y-o-y in September, driven by a 72.2% increase in re-exports to hit SAR 12.3 bn. Total merchandise exports rose 14% y-o-y, leading to a 66.3% y-o-y rise in our trade balance to a surplus of SAR 26 bn, the highest level since May 2024.

“These numbers largely mirror global price dynamics and cost pressures on imported inputs,” according to Ramzy. Growth with subdued due to a weak global demand environment — particularly in chemicals — rather than a slowdown in Saudi manufacturing, Ramzy added.

MEANWHILE- Oil exports inched up for the second month in a row to hit SAR 69.3 bn in September, marking a 10.7% y-o-y increase. Oil exports’ share of total exports declined 2 percentage points y-o-y to 68.4% y-o-y during the month.

Looking ahead: Saudi’s role as a regional trade and logistics hub is expected to remain a major driver of trade flows in the medium term. Conversely, the outlook for domestically produced non-oil exports will depend more heavily on global industrial cycles, cost competitiveness, and continued investment in manufacturing value chains. While the recent surge in re-exports is anticipated to normalize in the coming months, the underlying direction remains positive, Ramzy told us.

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3

ECONOMY

ICAEW sees Saudi Arabia's GDP growth slowing from 4.5% in 2025 to 4.3% in 2026

Saudi Arabia's GDP growth is expected to slow slightly to 4.3% in 2026 from 4.5% this year, according to the latest ICAEW Economic Update Quarterly report prepared by Oxford Economics. The slower pace of growth will largely be a result of Opec+’s decision to halt oil production increases in 1Q 2026. However, that pause is expected to unwind in 2027, which will in turn help GDP growth accelerate again to 4.5% in 2027.

Growth in the Kingdom’s non-oil economy is expected to pick up pace from 4.6% this year to 5% in 2026, and 5.3% in 2027, according to the report. Non-oil exports grew 17% y-o-y during the first eight months of the year, fueled by machinery and electrical equipment exports, with ICAEW seeing more room for growth as the government looks to boost industry.

Oil sector growth is projected at 4.5% in 2026, before slowing down to 4.1% in 2027. Oil production is expected to pick up from the 10 mn bbl / d recorded in September until the end of the year, before the production hikes come to a halt in 1Q 2026 and possibly throughout 2Q as well. ICAEW sees Saudi oil production regaining its peak levels of 11 mn bbl / d by 2Q 2028.

As for our budget deficit, Oxford economics revised up its deficit estimates by 0.4 percentage points to 5.3% of GDP for 2025, with that figure expected to widen further to 5.6% in 2026 due to the pause in oil production hikes and the subdued oil prices expected next year.

How this compares to other forecasts: BMI sees Saudi’s GDP growing 3.8% in 2025 and accelerating to 4.1% in 2026. The IMF revised its forecasts to pencil in 4% growth in 2025 and 2026, while the World Bank has a more dispersed forecast of 2.8% for 2025 and 4.5% in 2026.

The government tells a different story: The Finance Ministry sees Saudi Arabia’s GDP growing 4.6% in 2026 backed by stronger non-oil activities, and the budget deficit narrowing to 3.3% of GDP in 2026 from the 5.3% estimate for 2025.

The kingdom is benefiting from lower borrowing costs as “the near-term expenditure on interest rates will continue to grow, albeit at a slowing rate, as the effective rate on external debt continues to decline,” ICAEW says. Fitch Ratings’ recent affirmation of an A+ credit rating for the Kingdom along with the government’s measures to ease restrictions on foreign investment is anticipated to attract more investments and maintain the lowered borrowing rates, according to ICAEW.

ICAEW sees inflation averaging at 2.2% in 2025, with a slight increase to 2.7% in 2026, as the government took measures to stabilize the household market with the introduction of a five-year rent freeze in Riyadh. The government sees inflation nearing 2.3% in 2025 before easing to 2% in 2026.

THE GCC AT LARGE-

ICAEW revised down its outlook for overall GCC GDP growth in 2026 to 4.4%, down 0.2 percentage points from its previous forecast for the year, while maintaining its 2025 forecast at 4.1%, The downward revision is attributed to the pause in oil production increases at the beginning of next year.

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4

Investment Watch

Akdital Holding to invest USD 1.6 bn to expand into Saudi, UAE

Morocco’s largest private healthcare provider Akdital Holding will raise USD 1.6 bn to fund expansion into Saudi Arabia and the UAE, as well as domestic expansion, likely through a mix of debt and equity, Bloomberg quotes CEO Rochdi Talib as saying in an interview. The firm plans to open eight new hospitals in the two countries by 2030, with Dubai and Mecca cited as key locations, after kickstarting its international expansion in July with a contract to lease and manage Al Mishari hospital in Riyadh.

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

We knew this was in the works: The company previously said it plans to invest MAD 1 bn (c. USD 104.8 mn) to expand into the two countries, as part of its 2025-2030 roadmap. The plan included opening two hospitals in the UAE — in Dubai and another unspecified emirate — and two in Riyadh and Jeddah, with operations slated to begin in 2027. At the time, the operator was aiming to have the new facilities account for 20% of its revenues by 2030. Talib is now quoted as saying he aims to generate between 40-50% of the firm’s revenues from foreign operations.

The fundraising plan: The firm will use its property unit, Tazak, to raise USD 700 mn of the total and buy property and construct hospitals in the GCC region and in Morocco. Tazak will look to family offices in the UAE, Saudi Arabia, Morocco, and other Arab countries for funds for the rest of the targeted amount, and plans to raise MAD 800 mn (USD 86 mn) from a domestic bond sale next year, and may seek further financing from private equity investors.

What’s next? Akdital plans to convert Tazak into a real estate investment trust, which will be publicly listed on the Moroccan bourse by 2027, Talib said. It also aims to use about USD 200 mn of the funding to establish Gulf diagnosis centers. “By 2030, we will generate between 40% and 50% of our revenues from foreign operations,” he added.

About Akdital: Founded in 2011, Aktidal is listed on the Casablanca Stock Exchange and has a market capitalization of MAD 18.1 bn (c. USD 1.9 bn), according to the stock exchange’s website. The firm secured MAD 1.2 bn (c. USD 130 mn) from a domestic bond issuance in 2025, and previously raised USD 112 mn in a local IPO in 2022. It currently has a portfolio of 40+ hospitals covering over half of Morocco’s provinces.

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5

IPO WATCH

Almasar Education wraps up Tadawul IPO, with retail portion 1.2x oversubscribed

Amanat Holding’s Riyadh-based education arm, Almasar Education, wrapped up its SAR 599 mn (USD 159.7 mn) main market Tadawul IPO, with the retail portion 1.21x oversubscribed, the company said in a statement (pdf). The retail pool accounted for 30% of the total offer, and wraps up the second leg of the IPO after the institutional tranche, priced earlier this month at SAR 19.50 per share, closed 102.9x oversubscribed, setting the company up for a SAR 2 bn market cap at listing.

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

Refresher: Almasar is floating a 30% stake via a secondary offering. Amanat, the sole owner, will be subject to a six-month lockup from the first day of trading. Amanat had carved out its Saudi and UAE education assets as part of a restructuring process in 2024 before formally launching the Almasar brand this March. The company has been scaling quickly in the Kingdom, doubling its special-needs daycare centers to 39 since 2022, expanding its school network to 14 campuses, and earmarking SAR 115 mn in capex for further growth.

The debut also comes against a tougher backdrop for Saudi equities: Tadawul remains the worst-performing major emerging-market exchange YTD, with only a handful of this year’s IPOs trading above their offering price, underscoring how stretched valuations have been across the 2025 pipeline. The benchmark is down 11.2% YTD despite a two-month rebound in September (+7.5%) and October (+1.3%), leaving it lagging regional peers that have spent most of the year in positive territory, including Dubai (+12.8%), and Egypt (+34.2%).

Almasar Education’s IPO ranks ninth by proceeds among main-market listings this year, with its SAR 599 mn offering placing it just behind United Carton Industries (SAR 600 mn) and ahead of Marketing Home Group (SAR 408 mn) in a year dominated by bigger raises such as Flynas (SAR 4.1 bn), Umm Al Qura (SAR 2 bn), and Specialized Medical Company (SAR 1.9 bn). The company is listing as Tadawul comes off a cooler 3Q, with the main market seeing three IPOs — the same as previous quarters this year — signaling a consistent but selective issuance pace.

Not the only Amanat IPO in the cards: Earlier in 2023, Amanat was said to have tapped EFG Hermes and First Abu Dhabi Bank to prepare a potential listing of its healthcare arm, which could see it raise about USD 200 mn in IPO proceeds.

ADVISORS- Our friends at EFG Hermes managed bookbuilding alongside SNB Capital. SNB Capital is also quarterbacking the transaction as the financial advisor, bookrunner, and underwriter. Clifford Chance is providing counsel to the issuer, while Baker Mackenzie is advising the bookrunner. PwC is handling financial and tax due diligence, Euromonitor International is providing market research, and Deloitte is acting as the auditor.

Receiving agents include EFG Hermes, SNB Capital, Riyadh Capital, Saudi Fransi Capital, AlJazira Capital, Yaqeen Capital, AlBilad Capital, ANB Capital, Derayah Financial, AlRajhi Capital, Alistithmar Capital, Alinma Investment, Sab Invest, Alkhabeer Capital, Sahm Capital, GIB Capital, Musharaka Capital, and Awaed Al Osool Capital.

ALSO IN THE PIPELINE-

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6

IPO WATCH

EFSIM Facilities Management issues Tadawul IPO prospectus

One more Tadawul IPO: Riyadh-based EFSIM Facilities Management is offering a 30% stake (post capital increase), good for 16.8 mn shares, in a combined primary and secondary sale on Tadawul’s main market, according to its prospectus (pdf). The listing includes 11 mn new shares and 5.8 mn secondary shares sold by existing shareholders EFS Group, AlKhafrah, Lama, Career First and Khaled AlKuwaiz whose combined interest will fall to 70%.

Only the primary portion of the offering will flow to the company, after some SAR 21 mn in IPO-related expenses are deducted. EFSIM plans to allocate its share of the net proceeds mainly to strengthen working capital, its largest bucket at 35-40%, to support rising activity and liquidity needs. A further 25-30% is earmarked for new worker accommodation and fleet expansion, while 5-10% will go toward technology and equipment upgrades. The remaining 15-20% is allocated to general corporate purposes, with spending expected to roll out from early 2026 through 2030.

Meanwhile, selling shareholders will only pocket the proceeds from the secondary sale of 5.8 mn shares. Their shares will be in lockup for six months from the first day of trading, while EFS Group voluntarily committed to a two-year lockup.

Subscriptions open next month: The IPO will initially be open to institutional investors, with up to 30% clawback for retail subscribers. The institutional bookbuilding period will run 1-7 December, followed by the retail window from 18-22 December. Institutions can apply for a minimum of 50k shares and up to 2.8 mn shares each, while individual investors can subscribe for a minimum of 10 shares and up to 750k shares. Final allocations should take place by 25 December.

EFSIM is an integrated facilities management provider established in 2009, offering more than 75 services across sectors including giga-projects, aviation, oil and gas, education, commercial, and events. The company's net income more than tripled in 1Q 2025 to SAR 13.2 mn, up from SAR 4.3 mn a year earlier. Revenues rose 29% y-o-y over the same period to SAR 219.1 mn, compared with SAR 169.1 mn in 1Q 2024.

ADVISORS- Our friends at EFG Hermes KSA are acting as financial advisor, lead manager, underwriter and bookrunner. Zeyad Sameer Khoshaim (K&A) is legal counsel to the issuer, while White & Case is the underwriter counsel. PwC handled financial and tax due diligence. Deloitte is auditor. Arthur D. Little provided market research.

Receiving agents include EFG Hermes KSA, SNB Capital, Riyadh Capital, Saudi Fransi Capital, AlJazira Capital, AlBilad Capital, ANB Capital, Derayah Financial, AlRajhi Capital, Alistithmar Capital, Alinma Investment, Yaqeen Capital, AlKhabeer Capital, SAB Invest, Sahm Capital, GIB Capital, Musharaka Capital, and Awaed Al Osool Capital.

EDITOR'S NOTE- This story was updated on 26 November 2025. An earlier version of the story incorrectly identified the IPO's advisors.

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7

DEBT WATCH

Cenomi Centers raises USD 500 mn in latest debt sale

Cenomi Centers wrapped up the offering of its USD-denominated sukuk, raising USD 500 mn, according to a bourse disclosure. The five-year notes carry a fixed 8.875% return and were sold in 2.5k certificates at USD 200k par value each. Settlement is slated for 4 December, with the Reg S certificates to be listed on The International Stock Exchange (TISE). The debt sale, announced late last week, opened on Monday to institutional and retail buyers, with minimum orders set at USD 200k, and closed yesterday.

What the money is for: Proceeds will go toward refinancing Cenomi’s existing 2021 sukuk, which mature in October 2026, leaving the transaction debt-neutral, the company said.

Part of a broader refinancing play: The mall operator wrapped a SAR 2.05 bn local issuance less than a week ago, marking its first drawdown under a SAR 4.5 bn sukuk program approved by the CMA earlier this year. The company also launched an any-and-all tender offer and consent solicitation last week for its USD 875 mn sukuk due next year, with the tender window running until 1 December and consent due by 8 December.

IN CONTEXT- S&P Global sees Saudi corporates would increasingly turn to FCY debt as Vision 2030 capex overwhelms internal cash flows. With Tadawul-listed companies’ investment needs set to hit USD 85-95 bn a year through 2027 and USD 45-55 bn in maturities coming due in the next 12 months, S&P said borrowers would have little choice but to refinance aggressively and lean on cross-border sukuk and bond markets.

ADVISORS- Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital, Goldman Sachs International, and Mashreq (Islamic division) acted as joint global coordinators and joint bookrunners. Arqaam Capital, Dubai Islamic Bank, First Abu Dhabi Bank, J.P. Morgan, RAKBank, and Sharjah Islamic Bank joined as joint lead managers and bookrunners.

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8

DEVELOPMENT WATCH

SFD + Fifa to support sports infrastructure in developing nations with USD 1 bn

SFD, Fifa plans to boost sports infrastructure in developing nations: The Saudi Fund for Development (SFD) partnered with Fifa to provide up to USD 1 bn in concessional loans for the construction and rehabilitation of sports stadiums and infrastructure in developing countries, according to a press release.

The details: The initiative aims to support national governments in designing, financing, and building modern multi-sport venues, giving priority to developing nations and their respective Fifa Member Associations. It will also act as seed financing to attract other development institutions, private-sector partners, and regional organizations, Fifa said.

DATA POINT- The SFD funneled over SAR 3.7 bn into 17 development loan agreements with 13 countries during FY 2024. The financing included 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.

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9

STARTUP WATCH

Mnzil secures over SAR 44 mn in a Series A funding round

Riyadh-based real estate firm Mnzil raised over SAR 44 mn in a Series A funding round, according to a LinkedIn announcement. The round was led by the US-based venture capital firm Founders Fund, marking its first-ever investment in Saudi Arabia, with participation from COTU Ventures.

What they said: “With the new investment, Mnzil will continue scaling its operational footprint, including the development of a 22k sqm site slated for six new worker-housing buildings, in partnership with local landowners to strengthen Saudi Arabia’s labour-accommodation infrastructure.”

About Mnzil: Founded by Majeed Albabtain (LinkedIn) and Abdulrahman Alshaya (LinkedIn) in 2024, the company specializes in workforce housing solutions. The firm expanded into more than 13 cities across the Kingdom, securing over 100 clients through an operational network that manages more than 60 fully equipped buildings.

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10

ALSO ON OUR RADAR

Amak strikes 11 mn tons of copper, zinc, gold, silver in Najran

MINING-

Al Masane Al Kobra Mining Company (Amak) discovered an estimated 11 mn tons of copper, zinc, gold, and silver within an exploration concession in Najran, it said in a disclosure to Tadawul. This followed the drilling of more than 27k meters since February 2025, accounting for less than 10% of the licensed land.

More in the pipeline: Amak plans to continue geophysical studies, carry out additional drilling, and turn its exploration license into a mining license next year. It also aims to release its first JORC-compliant resource estimate in 1H 2026.

ICYMI- Amak received three exploration licenses in May, granting it rights to search for base and precious metals in Jabal Ad Dimah, Jabal Al Klah North, and Jabal Al Klah South until 2030.

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

M&A WATCH-

Gas to acquire minority stakes in EagleBurgmann, TCR Arabia: Gas Arabian Services signed binding agreements to buy from its major shareholder, Future Prospects for Operation and Maintenance, a 12.9% stake in EagleBurgmann Saudi Arabia for SAR 48.7 mn and a 40% stake in TCR Arabia for SAR 17.1 mn, it said in a disclosure to Tadawul (pdf). Both stakes will be purchased at a 15% discount to their valuations.

Gas will fund the agreements internally and make the payments within 90 working days following the transfer of shares and all regulatory approvals.

LOGISTICS-

Home furnishing company Abyat inaugurated a regional logistics center at King Abdulaziz Port in Dammam with over SAR 100 mn in investment, according to a statement from the Saudi Ports Authority (Mawani). The facility spans more than 110k sqm and includes a 40k sqm customs deposit area designed to speed up clearance, improve cargo flow, reduce transit times, and lower costs.

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11

PLANET FINANCE

Global growth to hold steady in 2026, but risks are rising -Oxford Economics

Global growth proved more resilient than expected in 2025, holding steady at around 2.8% despite political and trade uncertainty following Donald Trump’s return to the White House, according to Oxford Economics’ 2026 global outlook. Looking ahead, the global economy faces a set of intertwined challenges — from shifting trade dynamics to the uncertain path of AI investment and fiscal policy.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Trade tensions are entering a new phase: After a year dominated by tariff hikes, the focus in 2026 is shifting toward their long-term ripple effects. The US economy is likely to remain relatively insulated, supported by strong household spending and looser fiscal policy. But higher tariffs are expected to weigh on imports, limiting the extent to which US demand can lift global trade. China, on the other hand, is doubling down on manufacturing-led growth and boosting exports even under heavy tariff pressure — a trend that’s driving down global prices and increasing competition in advanced economies. As Chinese exporters move further up the value chain, deflationary pressures are set to hit manufacturers in Europe and North Asia hardest.

AI could either steady or shake global growth: AI investment has been one of the biggest drivers of growth over the past year, cushioning the US economy and fueling demand across Asia’s semiconductor and tech sectors. But 2026 could be more volatile, as analysts see room for another surge in AI-related capital spending that could push US GDP growth as high as 3%, compared to a baseline forecast of 2.3%. Still, the boom is entering a riskier phase as financing shifts from banknotes to debt. A sudden correction could slow the US growth to below 1%, with global spillovers to follow.

Fiscal policy takes center stage: While interest rate cuts will continue at a measured pace, they’re unlikely to have a major impact on global growth in 2026. Fiscal policy, not monetary easing, will be the key driver. Despite concerns about debt sustainability in the US, UK, and parts of Europe, governments are expected to keep spending relatively loose, with a slightly positive global fiscal impulse led by China. The bigger risk is not tightening, but rather fiscal expansion — particularly if major economies opt to support growth through higher spending.

Global GDP growth is expected to remain around 2.7% next year — steady overall but uneven across regions. The US is set to remain the outlier, supported by fiscal spending and AI investment. China’s growth is expected to stabilize, though at the cost of intensifying competition for manufacturers elsewhere. Europe and Japan will continue to lag as long-term structural challenges persist. Behind the stable headline numbers, 2026 will see deeper global imbalances and different paths for major economies.

MARKETS THIS MORNING-

Asian markets are firmly in the green this morning with indices riding the tech-driven rally on Wall Street. Japan’s Nikkei is leading gains, up 2.0%, with the Kospi trailing behind, up 1.9%. The Shanghai Composite and Hang Seng are looking at more modest gains.

TASI

10,687

-1.5% (YTD: -11.2%)

MSCI Tadawul 30

1,398

-1.3% (YTD: -111.7%)

NomuC

24,054

-0.2% (YTD: -23.6%)

USD : SAR (SAMA)

USD 3.75 Sell

USD 3.75 Buy

Interest rates

4.5% repo

4.0% reverse repo

EGX30

39,903

+0.5% (YTD: +34.2%)

ADX

9,761

-0.1% (YTD: +3.7%)

DFM

5,823

-0.1% (YTD: +13.0%)

S&P 500

6,766

+0.9% (YTD: +15.0%)

FTSE 100

9,610

+0.8% (YTD: +17.6%)

Euro Stoxx 50

5,574

+0.8% (YTD: +13.9%)

Brent crude

USD 62.48

-1.4%

Natural gas (Nymex)

USD 4.48

+0.1%

Gold

USD 4,171

-0.1%

BTC

USD 87,366

-1.1% (YTD: -6.5%)

Sukuk/bond market index

919.28

+0.1% (YTD: +1.9%)

S&P MENA Bond & Sukuk

152.23

0.0% (YTD: +8.8%)

VIX (Volatility Index)

18.56

-9.6% (YTD: +7.0%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.5% yesterday on turnover of SAR 4.0 bn. The index is down 11.2% YTD.

In the green: Amak (+7.7%), Bonyan Reit (+3.0%) and Taiba (+2.3%).

In the red: AZM (-6.1%), Alrajhi Takaful (-5.7%) and ELM (-5.7%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% yesterday on turnover of SAR 19.3 mn. The index is down 23.6% YTD.

In the green: Naba Alsaha (+9.9%), Horizon Educational (+8.0%) and Service Equipment (+7.1%).

In the red: NAF (-10.0%), Alrasheed (-9.9%) and NGDC (-6.6%).

CORPORATE ACTIONS-

Saudi Industrial Development Company’s shareholders subscribed to 11.1 mn of the 16.5 mn shares offered under the firm’s rights issue, equivalent to 67.15% of the offering and valued at SAR 110.8 mn, it said in a disclosure to Tadawul. The remaining rump shares (5.4 mn) will be offered to institutional investors from 27 to 30 November. Allocation will be based on the highest offers at or above the offer price, with any unsubscribed shares then being transferred to the underwriter, Alinma Capital.

Tags:

CALENDAR

NOVEMBER

20-29 November (Thursday-Saturday): Public school holiday.

23-27 November (Sunday-Thursday): Global Industry Summit by United Nations Industrial Development Organization, King Abdulaziz International Conference Center, Riyadh.

23-27 November (Sunday-Thursday): The UNIDO General Conference, King Abdulaziz International Conference Center, Riyadh.

30 November -11 December (Sunday-Thursday): The Absher Tuwaiq Hakathon (remote).

24-26 November (Monday-Wednesday): Metropolis Madinah Conference for civilizational capitals, King Salman International Convention Centre (KSICC), Al Madinah.

25-29 November (Tuesday-Saturday): General Aviation Airshow 2025 - Sand & Fun, Thumamah Airport, Riyadh.

26-29 November (Wednesday-Saturday): World Rally Championship Saudi Arabia 2025, Jeddah.

27 November (Thursday): Deadline for title deed registration for 8.7k properties in Jeddah’s Al Sheraa and Al Amwaj neighborhoods.

27-29 November (Thursday-Saturday): F1H2O UIM World Championship, Grand Prix of Jeddah.

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

30 November-1 December (Sunday-Monday): FII Priority Asia, Fairmont Tokyo.

DECEMBER

1-3 December (Monday-Wednesday): Industrial Transformation Saudi Arabia, Riyadh International Convention & Exhibition Center.

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

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

2-4 December (Tuesday-Thursday): Black Hat MEA, Riyadh Exhibition and Convention Center, Malham.

3-5 December (Wednesday-Friday): Beyond Profit Forum, Ritz-Carlton Hotel, Riyadh.

7-9 December (Sunday-Tuesday): CoMotion Global 2025, Riyadh.

8-9 December (Monday-Tuesday): Digital Acceleration and Transformation Expo (DATE), JW Marriott hotel, Riyadh.

8-9 December (Monday-Tuesday): Climate Action and Renewable Energy (CARE), JW Marriott hotel, Riyadh.

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

11 December (Thursday): Deadline for title deed registration for 214.2k properties across Riyadh and the Eastern Province.

11 December (Thursday): Public school holiday.

11-13 December (Thursday - Saturday): The Absher Tuwaiq Hakathon (in-person).

15-17 December (Monday-Wednesday): Host Arabia, Riyadh Front Exhibition and Conference Center.

15-17 December (Monday-Wednesday): Saudi HORECA, Riyadh Front Exhibition and Conference Center.

16-17 December (Tuesday-Wednesday): Global Airports Forum (GAF) 2025, Riyadh International Convention and Exhibition Center, Riyadh.

19 December (Friday): The 2025 Saudi Toyota Championship wraps up.

25 December (Thursday): Title title deed registration deadline for 64.4k properties across neighborhoods in Madinah, Makkah, Riyadh, and the Eastern Province.

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

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh

2026

JANUARY

1 January (Thursday): Title deed registration deadline for 54k properties in 77 neighborhoods across Riyadh, Makkah, and the Eastern Province.

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

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 (Monday-Tuesday): GPRC Summit, Riyadh.

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

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

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

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

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

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

FEBRUARY

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

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

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

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

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.

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

11-14 (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.

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

MARCH

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.

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.

OCTOBER

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

Signposted to happen sometime 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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