Non-oil growth to remain strong over the next 5-10 years - Moody’s

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi national Omar Yaghi gets a Nobel in Chemistry + Gaza agreement reached

Good morning, everyone, and happy THURSDAY. We head into the weekend with a mixed bag of updates on growth prospects, gigaprojects, capital markets, and more.

BUT FIRST- Omar Yaghi has become the first Saudi citizen to receive a Nobel Prize in the sciences, after being awarded the 2025 Nobel Prize in Chemistry alongside Japan’s Susumu Kitagawa and Australia’s Richard Robson for pioneering metal-organic frameworks (MOFs) — materials that can trap, store, and release gases such as carbon dioxide and hydrogen. Their discovery has laid the groundwork for tackling climate and energy challenges, including carbon capture and water harvesting in dry regions.

The Berkeley professor is widely regarded as a pioneer in “reticular chemistry,” the field behind MOFs and related materials that are being used in clean energy and environmental technologies.

Yaghi was born in Jordan to Palestinian refugee parents in 1965. "I grew up in a very humble home. We were a dozen of us in one small room, sharing it with the cattle that we used to raise," he told the Nobel Foundation in an interview. He moved into the US for the first time at the age of 15, and became a Saudi citizen in 2021 under a royal decree granting nationality to leading scientists and innovators.

"Science is the greatest equalizing force in the world," he added, urging that his journey is a testament to the fact that talents can thrive anywhere under the right conditions.

HAPPENING TODAY-

#1- The General Authority for Statistics rolls out the Industrial Production Index for August 2025 today. The index rose 6.5% y-o-y in July, supported by growth across the manufacturing, mining and quarrying sectors.

#2- The Riyadh International Book Fair is on its eighth day today at Princess Nourah Bint Abdul Rahman University. The event, which runs through next Saturday, features some 2k publishing houses from over 25 countries, with book signings, children’s programs, and new business zones for publishers and literary agents also on the agenda.

WEATHER- Stormy skies ahead: Thunderstorms, hail, and strong winds are expected today across Jazan, Asir, Al Baha, Makkah, and Hail, with fog likely forming over these regions and parts of the Eastern Region. Dust-laden winds will persist in Madinah and Tabuk, while the southern Red Sea may see rough seas and rain-bearing thunderclouds.

Riyadh: 35°C high / 22°C low,
Jeddah: 36°C high / 26°C low
Makkah: 40°C high / 29°C low.

WATCH THIS SPACE-

#1- The Kingdom is in talks to secure up to USD 10 bn through a loan arrangement, Bloomberg reported yesterday, citing people it said are familiar with the matter. The Finance Ministry is reportedly discussing the potential loan with several banks, including major Wall Street lenders, though no final decisions have been made.

Won’t be a first: The Kingdom completed at least two sovereign loans of USD 10 bn or more since 2016, but it primarily relied on bond sales, raising some USD 20 bn so far this year, according to data from Bloomberg.

The proposed loan comes as the Kingdom faces a deep budget deficit and lower oil prices, with Brent crude down nearly 12% this year to below USD 67 a barrel, well below the levels needed to balance the budget. The Finance Ministry expects to record a budget deficit of SAR 245 bn (5.3% of GDP) in 2025, compared to a SAR 101 deficit in its approved budget for the year, and more than doubling from 2024’s SAR 115.6 bn deficit.

#2- PIF lines up advisors for Site IPO: The Public Investment Fund (PIF) reportedly tapped Morgan Stanley and Riyad Capital to quarterback the planned IPO of its wholly-owned cybersecurity firm Saudi Information Technology (Site), Semafor reports, citing people it says are familiar with the matter. The listing, which is due to take place next year, plays into the PIF’s strategy to monetize mature portfolio companies and deepen Tadawul’s sector diversity. The sovereign wealth fund reportedly invited lenders to pitch for roles on the IPO earlier in June.

About Site: Founded in 2017, Site provides cybersecurity, cloud, and digital solutions to government and private-sector clients. The PIF-owned firm is currently developing the some of the first Saudi-made cybersecurity products — Rakeen and Metras — aimed at protecting devices and networks from cyberattacks, as part of a push to reduce reliance on foreign software providers and to build local expertise.

IN CONTEXT- The Kingdom’s finances are pressured by lower oil prices, driving the PIF to turn to asset sales — including planned IPOs for medical procurement firm Nupco, port operator Saudi Global Ports, and Tabreed District Cooling — as well as tapping debt markets to support Vision 2030.

#3- Riyadh Air to hit the skies this month: Saudi’s highly-anticipated PIF-backed airline Riyadh Air is on track to launch its first regular flight effective 26 October — landing first in London Heathrow Airport, CEO Tony Douglas told the Financial Times. The carrier will debut tickets to airline and PIF staff family members — relying on launching the first flight on the airline’s technical spare jets as it awaits the delivery of its first fully commissioned Boeing aircraft. After the new aircraft is integrated into the London route, a second route to Dubai is slated to be launched about a month later, Douglas said.

REMEMBER- Despite global supply chain snags, the airline “remains confident that [its] launch will stay on schedule, with aircraft deliveries and operations progressing as planned,” a representative told EnterpriseAM last month. Riyadh Air expects to uptake one new plane a month from Boeing over the next year – with some 182 aircraft on order from Boeing and Airbus.

Big plans ahead: The airline voiced plans back in June to serve 100 cities by 2030, aiming to add a destination every two months once it’s operational. “Our connectivity today isn’t good enough,” Douglas told the news outlet. The new route order hasn’t been published as of yet, but the carrier will have to wait until it uptakes Airbus A350 — due for delivery in 2027 — to launch the longest flights.

#4- A new Saudi-Peru mining collab? Saudi Arabia and Peru are gearing up to sign an MoU in November to develop lithium and strategic minerals projects, Peru’s Energy and Mines Minister Jorge Luis Montero told Reuters. The Kingdom is also exploring investment in desalination infrastructure to support mining operations, Montero said, adding that he will travel to Saudi Arabia with the Peruvian foreign minister Elmer Schialer next month to finalize the agreement.

Not the first this year: Aramco reportedly acquired Peru’s downstream fuel distributor Primax, in a transaction that included a payment of USD 3.5 bn last March. The oil giant also holds a 17.2% indirect stake in Peru LNG after increasing its ownership in EIG’s MidOcean Energy to 49% in September of last year.

Big lithium plans: Aramco wants to ramp up its investments in lithium production, and signed a non-binding heads of agreement with Ma’aden to form a lithium extraction JV by 2027.

DATA POINTS-

#1- Consumer spending via point-of-sale (PoS) transactions in the Kingdom jumped 26.4% w-o-w in the week ending 4 October, reaching SAR 16.1 bn, the highest level in about 26 weeks, according to Saudi Central Bank’s latest weekly report (pdf). The number of transactions also rose 14.3% w-o-w to 253 mn during the week.

The details: Food and beverage accounted for the largest share of spending, rising 44.5% w-o-w to just under SAR 2.7 bn, followed by restaurants and cafes, which grew 12.1% w-o-w to just under SAR 1.8 bn. Education spending more than doubled, surging 110.0% w-o-w to SAR 238.2 mn.

Riyadh recorded the highest value of PoS transactions at SAR 5.5 bn, followed by Jeddah at SAR 2.1 bn.

#2- The Kingdom’s total cement sales rose 14% y-o-y to 4.8 mn tons in September 2025, supported by a 13% increase to 4.7 mn tons in domestic sales, according to data from Yamama Cement. Meanwhile, cement exports jumped 47% to 137k tons.

By the numbers: Yamama Cement saw the steepest y-o-y growth in domestic sales at 87% over the month, followed by Hail Cement at 44% and Saudi Cement at 34%, while Al Jouf Cement (-35%) and City Cement (-20%) recorded the largest declines. Saudi cement led exports with 109k tons, followed by Najran Cement with 27k tons.

ALSO- Clinker production fell 3% y-o-y to 4.7 mn tons, while inventories slipped 2% to 44.2 mn tons. Yanbu Cement led in clinker exports with 382k tons, followed by Saudi Cement with 143k tons, while Southern Province Cement reported the largest clinker inventory at 7.2 mn tons.

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THE BIG STORY ABROAD-

Israel and Hamas have reached an agreement on the first phase of US President Donald Trump’s peace plan, paving the way for a ceasefire and for hostages and prisoners to be exchanged within 72 hours. The breakthrough in talks — which took place over three days in Sharm El Sheikh in Egypt, and were brokered by the US and Qatar — should also see Israel withdraw its troops to an “agreed upon area,” and the resumption of humanitarian aid to Gaza.

Hamas confirmed the agreement had taken place, and thanked the brokers, including Trump, in a massive shift in tone, while Israel is set to convene its government today to ratify the agreement. Trump could also be coming to the region to celebrate the breakthrough, sources said.

The caveats are still there: Earlier ceasefires have broken down due to Israel’s ongoing attacks in Gaza, so Hamas will be looking for clearer timelines and assurances of Israel’s withdrawal. The question of Hamas’ disarmament — which was one key point in Trump’s plan — and the interim government of technocrats, chaired by Trump, are still contentious, and will need time to iron out.

CIRCLE YOUR CALENDAR-

The Forbes Middle East Women’s Summit returns to Riyadh on 2-3 November at the Fairmont Riyadh Hotel. The two-day event will gather 90 female leaders from the Kingdom and beyond for panels on diplomacy, leadership, innovation, entrepreneurship, and AI, featuring executives from Visa, Oracle, Cenomi Centers, and the University of Manchester, Dubai. The summit will conclude with an awards ceremony celebrating women driving transformation across the region.

Saudi Arabia to maintain 4.5-5.5% non-oil growth amid rising credit risks - Moody’s

Saudi Arabia is projected to sustain non-oil sector growth of 4.5-5.5% annually over the next 5-10 years, Al Arabyia reports, citing a Moody's report. The forecast follows strong performance in 2024, where a 4.5% non-oil GDP growth offset a 4.4% contraction in the oil sector from production cuts, resulting in an overall growth of 2%.

Spending-fueled growth to widen the budget deficit: Moody’s expects the kingdom’s fiscal deficit to widen to 5% of GDP in 2025, before narrowing to 3-4% over 2026-2027, the agency said in a report seen by EnterpriseAM. The increase is spurred by lower revenues, along with the government’s decision to maintain its high-spending strategy on Vision 2030 initiatives. “While it estimates 2025 expenditure to be 4% higher than its budget for the year, spending will likely be 3% lower than in 2024,” the report read. Moody’s estimates are broadly in-line with the Finance Ministry’s forecasts of a 5.3% deficit in 2025 and a 3.3% deficit in 2026.

Lower oil prices and slashed Aramco dividends add pressure, with Moody’s assuming an average oil price of USD 65 per barrel in 2026-2027, roughly 20% below the USD 81 average in 2024. These headwinds are expected to be partly offset by higher non-oil revenue and a faster unwinding of oil production cuts.

Debt to rise, but balance sheet remains “solid”: Government debt is projected to reach 36% of GDP by 2029, up from 26% in 2024, placing the Kingdom’s debt burden above the median for its A-rated peers, Moody’s said. Still, the agency described Saudi Arabia’s balance sheet as “relatively solid,” supported by a 40% debt ceiling and financial assets equivalent to about 20% of GDP at the end of 2024.

Meanwhile, in the banking sector: The Kingdom’s non-oil expansion has driven credit growth that is outpacing deposits, prompting banks to tap capital markets and syndicated loans for funding, according to the report. However, rapid growth in lending and the ins. sector could pose management risks for financial institutions. To mitigate volatility, the Saudi Central Bank (SAMA) will introduce a 1% countercyclical capital buffer starting in May 2026.

Shifting to the private sector: While the Public Investment Fund (PIF) has led early investment phases, the rating agency highlighted a growing role for private investors and expanded public-private partnerships, expected to enhance sustainability and strengthen the Kingdom’s credit profile.

Al Majal + Man Enterprise to build Diriyah Grand Mosque for SAR 917 mn

Al Majal + Man Enterprise to build Diriyah Grand Mosque: Diriyah Company awarded a SAR 917 mn (USD 244 mn) joint venture contract to construction conglomerate Al Majal El Arabi Group and Beirut-based engineering contractor Man Enterprise for the construction of the Grand Mosque in the second phase of the Diriyah masterplan, it said in a press release yesterday. The timeline for the construction was not disclosed.

The deets: The mosque, which spans a total floor area of 12.3k sqm, will accommodate 11.4k worshippers — 5.2k indoors and 6.2k in outdoor courtyards. The Najdi-inspired mosque will feature intricate facades, a central plaza for communal prayers during Eid and Ramadan, and dedicated spaces for cultural events such as book fairs and local markets. The building will include separate prayer halls for men and women, ablution area, a library overlooking Wadi Hanifah, and facility management offices.

Green design in mind: The project aims for LEED Gold and Mostadam Gold Certifications, using smart energy and water systems and a 3D mesh structure that maximizes natural light while minimizing heat, according to the press release. Fully integrated with Diriyah’s smart city systems, the mosque will connect water, power, irrigation, safety, and security operations to the central Diriyah Operations Center.

Diriyah has been on a development spree, partnering with Majid Al Futtaim this week to bring a VOX Cinemas multiplex and seven international lifestyle brands to Diriyah Square. Last week, it launched Jabal AlQurain Avenue, a mixed-use hub for retail and F&B businesses and introduced Faena Residences, a branded residential project in Wadi Safar. It also awarded WeBuild’s subsidiary Salini Saudi Arabia a new contract worth SAR 2.3 bn in July to carry out the next phase of the square’s development in Riyadh, followed by a SAR 5.8 bn contract to China Harbour Engineering Company for the construction of the Arena Block district.

IN OTHER CONSTRUCTION NEWS-

Finland-based elevator and excavator maker Kone Corporation has been awarded the contract to supply 67 elevators and escalators for Jeddah Tower, it said in a press release yesterday. The order includes high-speed MiniSpace and DoubleDeck elevators, JumpLift construction elevators, MonoSpace models, and TravelMaster escalators, along with digital monitoring and maintenance services. The value of the contract was not disclosed.

ICYMI- The Kingdom Holding Company officially resumed construction of the 1k-meter Jeddah Tower earlier this year, set to become the world’s tallest building. As for the start of the year, some 63 floors have been completed out of a total of 157, before work on the project was stalled in January 2018.

CMA to roll out Simplified Investment Funds to draw global capital onshore

A new class of investment vehicles may soon hit the market: The Capital Market Authority (CMA) published draft regulations (pdf) proposing to roll out Simplified Investment Funds (SIFs) in a bid to deepen and draw capital into the asset management industry. The proposed rules, part of the CMA’s broader push to diversify the Kingdom’s capital markets, will be open for public consultation on Istitlaa until Thursday, 6 November.

The pitch: SIFs will allow fund managers and unitholders to set their own contractual terms, including liquidation rules, unit classes, and reporting policies. The new fund structure is designed to cut costs and boost flexibility, explicitly modeled after Limited Partnership structures used globally, the regulator said in a separate statement.

Locally licensed managers will be allowed to offer SIF units only to institutional clients, while those holding an offshore securities business license may market them to non-resident foreigners, government entities, local banks, ins. firms and other qualified investors. Funds formed as special purpose entities would also be exempt from appointing a custodian.

The framework also introduces a new investor-protection mechanism, requiring managers to keep detailed registers of unitholders, maintain records for 10 years, and ensure independent audits of annual financial statements. Real estate exposure would be allowed only for funds run by offshore-licensed managers.

IN CONTEXT- The move builds on the CMA’s broader plan to align local regulation with global fund standards. The new regime complements the Offshore Securities Business License the CMA rolled out for consultation in June, which allows capital market institutions to offer securities services abroad and manage Saudi assets for international clients, cutting through red tape with lighter capital and operational requirements.

DATA POINT- The domestic asset management sector surpassed SAR 1 tn (USD 267 bn) in 2024, up nearly 21% y-o-y, with investment funds accounting for the bulk of the total, the press release said. S&P Global expects the industry’s AUM to climb to about USD 500 bn by 2030, up from USD 295 bn as of March, driven by regulatory reforms, broader product diversity, and easier market access.

! Air carrier, airport complaints climb over 50% in August

Air carrier complaints jumped 54% y-o-y to 2.3k in August, according to our calculations based on data shared by the General Authority of Civil Aviation (Gaca) on X. Airport complaints also soared up by 119% to reach 140 during this month, up from 64 the year prior.

Saudia recorded the fewest complaints per 100k passengers in August, receiving 37 complaints, followed by Flynas with 42, and Flyadeal with 43. Flynas and flyadeal achieved a 100% on-time complaint resolution rate, while Saudia resolved 98% of its complaints on time.

Among international airports serving over 6 mn passengers annually, King Khalid International Airport had the lowest complaint rate at 0.1 complaints per 100k passengers. King Fahd International Airport and Prince Mohamed bin Abdulaziz International Airport recorded the highest complaint rates in this category, with 2 complaints per 100k passengers each.

For airports serving fewer than 6 mn passengers annually, six airports achieved the lowest possible complaint rate of zero per 100k passengers: King Abdullah Bin Abdulaziz, Taif, Prince Sultan bin Abdulaziz, Hail, Al Qaisumah, and Al Ula. Al Ula International Airport had the highest number of complaints in this category with 48.

High resolution rates: Almost all domestic and international airports achieved a 100% on-time complaint resolution rate, with the notable exception of King Fahd International Airport, which resolved 92% of complaints on time.

Homegrown Nuxera AI locks in USD 2.5 mn in pre-seed funding

Homegrown health-tech Nuxera AI raised USD 2.5 mn in a pre-seed funding round led by Sanabil Venture Studio by Redesign health, according to a press release published yesterday.

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Where’s the money going? The company will allocate the proceeds to boost engineering teams and accelerate hospital deployment, as well as improving the AI models via forging clinical partnerships. Nuxera AI will also dedicate a portion of the fresh funds to advance its AI bot for Arabic-speaking providers.

About Nuxera AI: Founded in 2024 by a trio of CEO Amin Elhemaily (LinkedIn), CTO Asad Khan (LinkedIn), and CCO Nada Hassan (LinkedIn), the health-tech startup provides solutions like medical records documentation and over 28 Arabic dialects for health clusters and private hospitals with scalable and Arabic-first solutions.

Ronaldo is the world’s first b’naire footballer thanks to Al Nassr contract

Al Nassr superstar Cristiano Ronaldo’s new title as the world’s first b’naire footballer has drawn global media attention, with Bloomberg pointing at his record contract with the club. Bloomberg B’naire Index valued the 40-year-old’s fortune at USD 1.4 bn, following his June contract renewal with the Saudi Pro League Club — reportedly valued at more than USD 400 mn.

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Ronaldo’s fortune is primarily driven by his salary, setting him apart from other b’naire athletes like Roger Federer and Michael Jordan, whose fortunes mainly came from brand stakes and endorsements. Al Nassr contract reportedly nets the player around USD 200 mn annually in tax-free pay and bonuses, a USD 30 mn signing bonus, and a 15% stake in the Riyadh-based club. Ronaldo had earned over USD 550 mn in salary between 2002 and 2023, with a decade-long Nike agreement worth nearly USD 18 mn a year and additional endorsements with brands like Armani and Castrol that generated another USD 175 mn.

Messi next to join the club? Bloomberg also noted that Lionel Messi could soon join his long-time rival in the b’naire ranks, mainly through a post-retirement ownership stake linked to his Inter Miami agreement. Although Messi’s guaranteed salary since 2023 stands at about USD 20 mn a year — roughly one-tenth of Ronaldo’s recent income — his commercial agreements, including a revenue-sharing agreement with Apple, continue to elevate his wealth.

The story also got ink from The Telegraph, BBC, and Reuters.

University of New Haven to open Riyadh branch in Fall 2026

EDUCATION-

The US-based University of New Haven announced it will open a Riyadh branch by Fall 2026 set to serve 13k students, after the Cabinet approved the move during its Tuesday meeting in Riyadh, it said in a statement yesterday. The new campus — the first foreign higher education entity in the Kingdom — will offer programs in different professions like Business and Digital Innovation, Engineering and Advanced Manufacturing, Arts and Applied Sciences.

REMEMBER- The Education and Investment Ministries, along with the Royal Commission for Riyadh, inked an MoU with the university in April, paving the way for setting up a branch campus in Riyadh.

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M&A WATCH-

#1- Cultural Assets Group’ subsidiary Haal acquired the fashion brand The PopUp during the Cultural Investment Conference in Riyadh, aiming to strengthen its presence in the cultural retail and fashion sector, it said in a press release last week. The acquisition — financed by the Cultural Fund — is part of the group’s SAR 850 mn investment fund aimed at boosting the cultural economy via the acquisition of specialized international companies.

About The Pop Up: Founded in 2018, The Pop Up supports local designers and brands, having hosted over 120 Saudi brands and helped more than 30 grow to full market presence, selling over half a mn items.

#2- Alkhabeer Capital inked a subscription agreement to acquire SAR 18 mn in shares of Sindbad.tech’s owner Automated Economy Holding Company, it said in a press release yesterday. Sindbad.tech is the first Saudi fintech firm with a Capital Market Authority experimental permit to test AI-powered robo-advisory services, and will allow Alkhabeer Capital to develop new investment products, funds, and personalized portfolio management solutions.

ESPORTS-

The Communication and Information Technology Ministry launched a nationwide university-level esports hackathon dubbed the PUBG Mobile Wow, bringing together creative students to design new PUBG Mobile maps inspired by the Kingdom’s heritage and culture, it said on X on Tuesday.

IN CONTEXT- As part of diversification efforts and expanding its cultural footprint, the Kingdom hosted the Esports World Cup recently and announced plans to host a Nations Cup for national teams. The Public Investment Fund’s gaming and esports unit, Savvy Games Group, acquired US-based Scopely in 2023 for USD 4.9 bn, which subsequently purchased rights to Pokémon Go and several other titles from Niantic in a USD 3.5 bn transaction that closed in March.

Gold shatters USD 4k barrier on US gov’t shutdown, Fed policy, and weak USD

Spot gold shattered the USD 4k an ounce barrier the first time on Wednesday, hitting a record of USD 4,059 as the US government shutdown pushed its rally to a peak. The precious metal is up more than 50% this year, and 20% since July with its returns now outperforming equities since the start of the century, Bloomberg reported yesterday.

The current US government shutdown is seen as the immediate catalyst, compounding market anxiety from tariffs and geopolitical risks, UBS Global Wealth Management’s commodity analyst Giovanni Staunovo told The Associated Press. The metal’s appeal is also fueled by Federal Reserve interest rate cuts, a weakening USD, and strong, long-term purchasing from central banks worldwide. The US and Western allies’ move in 2022 to freeze about USD 300 bn in Russian foreign assets was the “trigger point” for the gold rally, Staunovo added.

The metal’s rise also reflects growing concerns over government debt, geopolitical risks, and declining confidence in national currencies, Bridgewater Associates founder Ray Dalio told Bloomberg.

Gold-backed ETFs saw their largest inflows in over three years in September, signaling a shift away from overvalued equities toward diversification, Saxo strategist Charu Chanana told Bloomberg. “Gold breaking USD 4k isn’t just about fear — it’s about reallocation,” she said, noting that easing real yields and stretched AI-heavy stocks are fueling renewed investor interest. Dalio echoed this sentiment, describing gold as “a very excellent diversifier” and advising that an optimal portfolio should include around 15%.

Forecasts remain bullish, with strategists at Goldman Sachs raising their 2026 price target to USD 4.9k an ounce from USD 4.5k, citing a “structural shift in reserve management behavior.” Dalio declared gold as “certainly” more of a safe haven than the USD, comparing its recent record-setting rally to the 1970s, when the metal surged amid high inflation and economic instability.

While gold is widely viewed as a hedge against inflation, some analysts urge caution. Staunovo noted that despite its safe-haven reputation, gold remains highly volatile, with price swings of 10-15%. The Commodity Futures Trading Commission also warned that during periods of economic uncertainty, sellers tend to benefit more than buyers.

MARKETS THIS MORNING-

Japan’s Nikkei is leading the gains this morning among Asian markets, inching up 1.3% in early trading after SoftBank’s stock soared on sealing the agreement to buy ABB robotics for USD 5.4 bn. The Shanghai Composite is also inching up 0.6%, while Hong Kong’s Hang Seng is going in the other direction, down 0.3%. Meanwhile, Wall Street futures are unchanged after S&P 500 logged another all-time high yesterday.

TASI	11,559	-0.2% (YTD: -4.0%)
MSCI Tadawul 30	1,508	-0.1% (YTD: -0.1%)
NomuC	25,693	+0.7% (YTD: -18.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.75% repo	4.25% reverse repo
EGX30	37,377	+0.8% (YTD: +25.7%)
ADX	10,130	+0.5% (YTD: 7.6%)
DFM	5,960	+0.3% (YTD: +15.5%)
S&P 500	6,754	+0.6% (YTD: +14.8%)
FTSE 100	9,549	+0.7% (YTD: +16.9%)
Euro Stoxx 50	5,650	+0.6% (YTD: +15.4%)
Brent crude	USD 65.68	-0.9%
Natural gas (Nymex)	USD 3.32	-0.4%
Gold	USD 4,046.20	-0.6%
BTC	USD 123,134	+1% (YTD: +30.4%)
Sukuk/bond market index	922.82	-0.1% (YTD: +2.3%)
S&P MENA Bond & Sukuk	150.67	-0.1% (YTD: +7.7%)
VIX (Volatility Index)	16.3	-5.5% (YTD: -6.1%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.2% yesterday on turnover of SAR 7.6 bn. The index is down 4.0% YTD.

In the green: SPM (+3.0%), Naqi (+2.7%) and Albabtain (+2.5%).

In the red: Chubb (-3.9%), SPPC (-3.7%) and Emaar EC (-3.6%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.7% yesterday on turnover of SAR 50.2 mn. The index is down 18.4% YTD.

In the green: Knowledgenet (+11.4%), Dar Almarkabah (+9.7%) and Alrasheed (+9.7%).

In the red: Leaf (-7.7%), Shalfa (-6.4%) and Alashghal Almoysra (-4.9%).

CORPORATE ACTIONS-

Al Moammar information Systems Company’s board greenlit a SAR 24 mn dividend payout for 3Q 2025 at SAR 0.80 apiece, it said in a disclosure to Tadawul yesterday. The distribution date is set for 25 November.

ALSO- Al Moammar’s board approved a SAR 24 mn dividend payout for 2Q 2025 at SAR 0.80 per share, it said in a separate disclosure. The distribution date is set for Sunday, 26 October.

Farah Tamer, Senior Director of Strategy at the Esports World Cup Foundation

Farah Tamer, Senior Director of Strategy, Esports World Cup Foundation: Every week, 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. We spoke to Senior Director of Strategy and PMO at the Esports World Cup Foundation, Farah Tamer (LinkedIn). Edited excerpts from our conversation:

I am Farah Tamer, a Lebanese industrial and systems engineer by training who grew up between Los Angeles and the UAE. I spent my first eight years working in metals and mining for a sovereign wealth fund in Abu Dhabi. I wanted a change, so I completed my MBA at INSEAD in 2017 and went right into consulting at BCG for almost five years. There, I discovered my passion for gaming and esports. I became a key part of the team there for gaming and esports platforms, working on very interesting projects with local stakeholders in Saudi, before I left BCG in 2022.

I moved into SRMG for about two years. I got exposed to a lot of different things within the media sector from the industry’s perspective, whereas I come from professional services. I made the jump and joined the Esports World Cup Foundation in November of last year as Senior Director of Strategy and PMO.

I joke and tell everyone now that my mom was wrong. She used to complain about all those hours I spent sitting in front of video games. It wasn't all for nothing: I understand the industry as a consumer in a very deep way. It was easy to make that transition to apply my business acumen to something which I considered a passion since forever.

My job as director of strategy and PMO at the EWCF is really about being the glue in the foundation between the different streams. We are an entertainment entity at our core. We do the tournaments, the events, and the many moving parts around that, from distribution to game licensing to marketing. My main objective is to break down the silos and create bridges between them.

The foundation is quite young as an organization. We’re building out the new processes, building out the governance structure, reporting lines, and so forth. My consulting hat comes back then and I take a little bit more of a coordinating role on how we structure things and how we operate on a day-to-day basis.

Esports feels like it's going through an inflection point. It has been nurtured and incubated by the core community for decades, and now it's at a point where it's going to go mainstream. What I'm really excited about is that, in the near future, people will be speaking about esports in the same breath as they do mixed martial arts or even basketball. It has always been a tightly-knit community, but now it's a community that has relevance to the wider world.

My strategy for keeping up with the market had to change. I used to just play all the video games out there, but now I simply don't have the time. Instead, I rely on the nature of the tightly-knit esports community. Because everyone knows one another, information flows easily through excellent resources like newsletters and industry platforms. I also learn a great deal through the relationships I've built over the years.

My mornings are consistently for a workout. It gives me a good base for each day before I start going. My day changes dramatically depending on the time of year. Normally I get up, read emails, finish calls, then switch into content mode to review everything that comes across my desk. It's coordination meetings, long-term planning, and operational deep dives. As we get closer to July and August — when the Esports World Cup takes place — my typical day is probably three times more intense. It's an unusual experience coming from my background to be in this business now because it's truly cyclical.

There is this really toxic saying in consulting: work comes first, life comes second, and balance comes third. The risk there is that if you have a very ambitious, motivated personality, you can become a workaholic. Now, almost two decades into my career, I listen to people close to me when they say, “Maybe this weekend we take off and we go somewhere else and you're away from that laptop.” They've all been very patient with me, and they tend to be my safety net when it comes to work-life balance.

To wind down at the end of the day, I turn to gaming and play a quick round of whatever is the game of the day. It's about going back and reconnecting with why I'm so obsessed with this whole sector, to remind myself of why it matters. I'm playing the Hades 2 early release and just wrapped up the latest Prince of Persia from Ubisoft. I regularly play every Assassin's Creed title whenever it comes out, and have been on the Call of Duty train since the early 2000s. Street Fighter is my origin story, as a child in the 80s and early 90s, and I still enjoy it.

I also try to inform myself about the future, so I read quite a bit on AI ethics. I finished a great book called Robot Ethics 2.0. As for cinema, I think we're past the golden age, but I like what A24 is producing, and I rewatch a lot of old stuff from the late 90s and early 2000s. My music mood board is also a little bit all over the place: hip-hop, rap, heavy metal, electronic. I'll be 40 this year, and I still have my music collection from when I was 14 — including CDs, MP3s, cassette tapes.

The best piece of advice I received is to not take anything personally. I grew up near Hollywood, so the idea of storytelling and captivating narratives has directly influenced how I conduct myself on a day-to-day basis. I can become emotionally attached to things sometimes. But when things doesn't go your way, it's usually not a big deal outside of the context. That has helped me maintain a good amount of balance in the thick of it by detangling emotions facts.

ALSO- You can never be 100% sure. Mark Twain has a great quote: “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” I've learned this lesson over and over through my professional career. You can seek precision and certainty if you work as an engineer, but in the business world, you will have to accept that 95% is as good as you're going to get.

CALENDAR

25 September-19 December (Thursday - Friday) 2025 Saudi Toyota Championship.

28 September-1 January: Title deed registration for 54k properties in 77 neighborhoods across Riyadh, Makkah, and the Eastern Province.

OCTOBER

2-11 October (Thursday-Saturday): Riyadh International Book Fair 2025, Princess Nourah Bint Abdul Rahman University.

12 October-15 January 2026: Title deed registration for 31.7k properties in 14 neighborhoods in the Eastern Province.

12 October-15 January 2026: Title deed registration for about 157.3k properties in 78 neighborhoods across the Eastern Province.

12 October-15 January 2026: Title deed registration for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province.

15 October (Wednesday): Russian-Arab Summit.

16 October (Thursday): Aviation Impact Middle East, Hyatt Regency Riyadh Olaya .

17 October (Friday): Saudization for private healthcare roles enters its second phase.

19 October (Sunday): Canadian Medical Center Company’s (CMCER) shares will halt for the transfer.

19-20 October (Sunday-Monday): Saudi Rail International, Riyadh Front Exhibition and Conference Center.

21 October (Tuesday): The Visual Arts Commission will hold a public talk and a live performance in Paris through Asia NOW under its Art & Ideas program.

21-22 October (Tuesday-Wednesday): Saudi Festival of Creativity (Athar), JAX District, Riyadh.

21-23 October (Tuesday-Thursday): Global Internet of Things Congress 2025 (GIoTC 2025), the Arena Venue, Riyadh.

22-23 October (Wednesday-Thursday): Private Capital Forum, Riyadh.

23-25 October (Thursday-Saturday): Zenos Wellness Summit, Bab Samhan Hotel, Riyadh.

24 October-1 November (Friday-Saturday): AlUla Wellness Festival.

26-27 October (Sunday-Monday): The Global Proptech Summit 2025, Mandarin Oriental Al Faisaliah, Riyadh.

27-30 October (Monday-Thursday): Global Health Exhibition, Riyadh Exhibition and Convention Center, Riyadh.

27-30 October (Monday-Thursday): Future Investment Initiative (FII9), King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh.

28-29 October (Tuesday-Wednesday): US Federal Reserve Open Market Committee meeting.

NOVEMBER

2 November (Sunday): Naming ASICS Innovation Pitch competition’s six finalists.

2-3 November (Sunday-Monday): The Forbes Middle East Women’s Summit, Fairmont Riyadh Hotel.

3-9 November (Monday- Sunday): WTA Tour Finals, Riyadh.

5-8 November (Wednesday-Saturday): Binam Forum 2025, Riyadh Front Exhibition and Conference Center.

5-9 November (Wednesday-Sunday): Jewellery Salon Expo, Riyadh.

7-8 November (Sunday-Monday): The Visual Arts Commission will conclude its Art & Ideas program with a two-day symposium in Riyadh.

8-9 November (Saturday-Sunday): Del Monte Superleague Supercup, Jeddah.

9 November (Sunday): The deadline for applications for the second batch of the Standard Incentives for the Industrial sector deadline.

10-12 November (Monday-Wednesday): BioFach Saudi Arabia, Riyadh International Convention & Exhibition Center.

11-13 November (Tuesday-Thursday): TouriseSummit, Riyadh.

16-17 November (Sunday-Monday): Jeddah Fintech Week 2025, Jeddah Hilton, Jeddah.

17-20 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre, Riyadh.

19-22 November (Wednesday-Saturday): PIF Saudi International Golf Championship, Riyadh Gold Club.

20 November (Thursday): Deadline for title deed registration for 14.6k properties across 21 neighborhoods in Qassim.

22 November (Saturday): The Ring IV, ANB arena, Riyadh.

23-26 November (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh.

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

24-26 November (Monday-Wednesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh.

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

25-26 November (Thursday-Saturday): The Global Sustainability Expo, The Arena Riyadh Venue, Ghirnatah.

25-29 November (Thursday-Monday): General Aviation Airshow 2025 - Sand & Fun, Riyadh.

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

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

28-30 November (Friday-Sunday): UIM F1H2O World Championship, Jeddah.

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

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

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.

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

25-27 December (Saturday-Monday): The Fortune Global Forum 2025, Riyadh.

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

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

20 January (Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

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

9-14 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.

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.

OCTOBER

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

Signposted to happen sometime in 2026:

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.

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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