Good morning. We have a brisk issue for you today as we approach Ramadan’s last workday, bringing you the latest from the energy, debt and agriculture markets.

In this morning’s news well: A JV between Egypt’s Orascom Construction and Spanish contractor Tecnicas inked a USD 2.6 bn EPC contract for the 3 GW Qurayyah IPP Expansion. We also have Umm Al Qura’s first day performance on Tadawul (and first post-IPO earnings), and Aramco acquiring a 50% stake in Blue Hydrogen Industrial Gases.

^^ We have the details on all these stories, and more, below. Let’s dive in.

🕡 When do we eat? Maghrib is at 6:06pm today in Riyadh. You’ll have until fajr prayers at 4:32am tomorrow to enjoy suhoor.

WEATHER- ⚠️ Most regions of the Kingdom are expected to see thunderstorms through next Friday, the National Center of Meteorology warned.

• Riyadh: 23°C daytime / 12°C overnight
• Makkah: 39°C daytime / 26°C overnight
• Madinah: 29°C daytime / 18°C overnight

WATCH THIS SPACE-

Aramco is actively exploring additional investment prospects in China, focusing on energy, chemicals, and technology, as part of its new global energy strategy, Asharq Business quotes CEO Amin Nasser’s speech at the China Development Forum in Beijing. Along with existing investments in Fujian, Liaoning, Zhejiang, and Tianjin, the oil giant aims to add refining, chemicals, and marketing to its portfolio in China, Nasser said.

The rationale: Nasser predicts a shift in China’s oil demand away from transportation fuel to petrochemicals, driven by growing needs in sectors like energy, automotive, and construction. Consequently, Aramco has invested in multiple China-based chemical-producing oil refineries, while aiming to secure long-term demand to supply these facilities with 60% of their oil needs, Nasser said at Davos.

Aramco’s latest moves in China: Aramco has been in talks to acquire 10% stakes in Chinesepetrochemical firms Hengli, Shandong Yulong, and Jiangsu Shenghong, as well as an undisclosed stake in Rongsheng Petrochemical. The oil giant also began construction in November on the Fujian Guli Phase II petrochemical project with Sinopec and Fujian Petrochemical.

Abdullah Al Othaim Investment Company is planning to debut on the stock market this year, having tapped financial advisor Saudi Fransi Capital, CEO Bandar Al Buhairi told Asharq Business (watch, runtime: 9:20). Proceeds will fund three ongoing projects and 14 new projects.

Where do things stand? "We are currently in the process of updating the plan and meeting the requirements, and we expect approval to be issued this year,” said Buhairi.

The Kingdom is mulling the removal of ins. approvals for health services to prevent delays in healthcare treatment, Saudi Ins. Authority CEO Naji Al Tamimi told Al Riyadh. While the change could speed up treatment, there are concerns it might lead to higher healthcare costs and ins. prices, Al Tamimi said, adding the authority is working with experts to find a balanced solution.

Bupa Arabia already took the initiative? Ins. provider Bupa Arabia became the first in the Kingdom to allow members to receive outpatient treatment directly at select hospitals without needing prior medical approvals, the company said in a press release. The initiative currently involves over seven hospitals across three regions and serves more than 200k members.

CMA greenlights two more Nomu IPOs: The Capital Market Authority (CMA) approved the offering of a 6.45% stake (1 mn shares) by Rawabi Marketing International on the parallel market Nomu. The authority also approved a request by Afaq Al Arabiya for Transportation and Storage to offer a 10% stake on Nomu, good for 900k shares. Both offerings will be limited to qualified investors.

REMEMBER- The regulator’s approval for an IPO offering is valid for six months, pending the publication of a prospectus before going public.

DATA POINTS-

King Khaled, King Abdulaziz top airports performance in February: King Khaled International Airport and King Abdulaziz International Airport recorded an 82% compliance rate in February 2025, leading international airports handling more than 15 mn passengers per year, said the General Authority of Civil Aviation (Gaca) on X.

For international airports handling between 5-15 mn passengers per year, King Fahd International Airport scored a 91% compliance rate, while Prince Mohammed bin Abdulaziz International Airport scored 82%. Meanwhile, all airports handling less than 5 mn passengers scored a 100% compliance rate, except for Al Jouf International Airport (91%).

How is compliance measured? Gaca evaluates airports using a composite index with 10 indicators, including accessibility, average journey duration, check-ins, security control, passport control, customs control, asset availability, PRM assistance services, and delays caused by the airport operator.

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THE BIG STORY ABROAD-

Trump tariffs are back on the front pages: US President Donald Trump said auto tariffs will land “in the next few days,” with additional duties on pharma, lumber, and semiconductors set to follow “down the road.” Speaking to reporters at the White House yesterday, Trump said many of these levies will take effect on 2 April, which he framed as a “Liberation Day” for the US economy, though some duties may be phased in later and certain allies could receive exemptions. “We’ve been ripped off by every country,” Trump told reporters, arguing the tariffs will help shrink America’s trade deficit.

Trump also confirmed a new 25% “secondary tariff” on any country purchasing oil or gas from Venezuela, which will also take effect 2 April, the US President said on his social media platform Truth.

Markets reax: Wall Street closed higher on Monday on hopes that Trump’s long-threatened tariff package may end up being narrower in scope than initially feared. The S&P 500 gained nearly 1.8%, hitting a two-week high. But one White House official told Reuters that people “should not expect a reprieve,” saying the president is still “determined to implement reciprocal tariffs that are very strong.” (Reuters | Bloomberg | CNN | BBC | CNBC | New York Times)

AND- Egypt continues its diplomatic push for a Gaza ceasefire, proposing a one-week pause in return for the release of five hostages and the delivery of humanitarian aid — a proposal reportedly welcomed by Hamas. (AP | Reuters)

MARKET WATCH-

Global energy demand grew 2.2% last year, faster than the average rate, largely driven by emerging and developing economies which accounted for 80% of the uptick, according to the International Energy Agency ’s (IEA) 2025 Global Energy Review (pdf). Electricity demand led the rise, growing 4.3% at its highest level yet. Country-wise, China and India saw the largest uptick in demand for energy, with extreme weather patterns triggering increased energy needs. The Middle East saw a 2.2% uptick in energy demand.

Demand for oil slowed to 0.8% in 2024, after a 1.9% increase in 2023, and made up less than 30% of total energy demand on the back of slower industrial growth, increased electric vehicle use, and a slowdown in the road transportation sector. Natural gas, however, saw a 2.7% uptick in demand, largely driven by China, while global gas demand hit a new all-time high.

Also growing to a record high: Renewables capacity rose by 700 GW in 2024 to another all-time high, accounting for 80% of global growth alongside nuclear energy. Renewables also made up nearly three-quarters of the growth in power generation.