PIF invests in USD 1 bn NYC tower with US-based Related Cos

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Alinma Bank is gearing up for USD-denominated sukuk issuance

Good morning. The news cycle grounded to a near-halt this morning, with uncertainty back to being the name of the game in regional and global markets after renewed US tariff threats and Houthi attacks in the Red Sea.

In today’s issue: The PIF is reportedly investing in a USD 1 bn NYC tower with US-based Related Cos, Sab Invest is targeting USD 266 mn for its first MENA-focused private credit fund, and a deep-dive in Tadawul’s 1H performance as well as progress on the Kingdom’s Liquid Fuel Displacement Program. Let’s dive in.

HAPPENING TODAY-

The subscription window for Riyad Bank’s USD-denominated tier 2 trust certificates wraps up today, the lender said in a disclosure to Tadawul. The offering kicked off yesterday, with a minimum subscription of USD 200k per investor and additional increments of USD 1k, targeting to raise funds from local and international investors for “general banking purposes.”

The details: The trust certificates — set to be listed on the International Securities Market of the London Stock Exchange — have a maturity of 10 years, with a call option after five years. Price per unit and returns will be determined at a later stage.

ADVISORS: The bank tapped Standard Chartered, HSBC, Merrill Lynch International, JP Morgan Securities, SMBC Group, Mizuho International, DBS Bank, and Riyad Capital as joint lead managers.

WATCH THIS SPACE-

Alinma Bank is gearing up to issue USD-denominated sukuk to local and international investors under its Trust Certificate Issuance Program, it said in a disclosure to Tadawul. The price and terms of the paper will be subject to market conditions, with the potential proceeds earmarked for general banking purposes.

ADVISORS- The lender enlisted Abu Dhabi Islamic Bank, Alinma Capital Company, Dubai Islamic Bank, Emirates NBD Bank, Goldman Sachs International, JP Morgan Securities, and Standard Chartered Bank as joint lead managers on the transaction.

Saudi-Moroccan shipping line could slash transport time by more than a quarter: The proposed Saudi-Moroccan shipping line — which would operate between Jeddah and Tangier — aims to reduce the time it takes to transport goods between Morocco and the Kingdom from four weeks to five days, head of the Moroccan-Saudi Business Council Khaled Benjelloun told Asharq Business. While trade between the two countries is improving on an annual basis, it faces several challenges, “most notably the absence of a direct sea line,” Benjelloun added.

What’s next? The activation of the direct shipping link hinges on the findings of a feasibility study — with the respective transport authorities expected to deliver the final sign-off. Several businessmen from each country stressed the need for government backing to launch the line, as “it will be unprofitable at first,” Benjelloun said.

ICYMI- Saudi and Moroccan officials agreed to look into launching a maritime link connecting the two kingdoms as part of an effort to boost bilateral trade and investment in the food, renewables, and tourism sectors last month. The new link comes as the pair look to boost their trade from USD 1.6 bn in 2024 to USD 5 bn.

Twenty-two people onboard a commercial vessel have been rescued by an AD Ports-operated ship following a distress call, after it came under attack by the Houthis in the Red Sea, UAE’s state news agency Wam reports. The vessel — Magic Seas — was attacked by gunfire, rockets, and explosive-laden remote-controlled boats, and the Houthis claimed it had sunk following the attack, Reuters reports.

The incident marks the end of a period of calm, following a series of Houthi attacks that had disrupted shipping last year.

DATA POINTS-

#1- Saudi Arabia welcomed 18.5 mn international pilgrims in 2024, including 1.6 mn for hajj and 16.9 mn for umrah, double the number of umrah performers in 2022, according to the Pilgrim Experience Program’s annual report (pdf).

#2- Saudi investors’ total transactions in the US stock market increased 164% y-o-y in 1Q 2025, to hit a record high of SAR 164.3 bn, Argaam reports, citing data from the Capital Market Authority.

OIL WATCH-

Goldman Sachs expects eight Opec+ members to increase oil production quotas by 550k bbl / d in September, completing the reversal of the 2.2 mn bbl / d voluntary cuts, Reuters reports, citing a note from the bank. The move would bring the group’s production to some 33 mn bbl / d by September.

The bank kept its Brent crude forecast unchanged at USD 59 / bbl for 4Q this year and USD 56 / bbl for next year. The forecast reflects a balancing act between lower-than-expected supply from producers like Russia and shrinking spare capacity — both supportive of prices — against downside pressures from a potential rollback of the 1.65 mn bbl / d Opec+ post-pandemic cuts and a 30% probability of a US recession.

Goldman also flagged upside risks to demand, projecting global oil consumption to increase by 600k bbl / d this year and by 1 mn bbl / d next year. Key drivers include strong demand from China, sustained global economic momentum, and further depreciation of the greenback.

REMEMBER- Opec+ agreed to raise production by 548k bbl / d in August, accelerating its plan to return supply to the market and exceeding analyst expectations

SPORTS-

#1-Messi on Al Ahli’s radar? Al Ahli embarked on talks to sign Lionel Messi as a free agent once his contract with Inter Miami ends in December, L’Equipe reported. This is the second time a Saudi-based club has attempted to sign the eight-time Ballon d’Or holder and Fifa World Cup champion, following a USD 1.76 bn offer by Al Hilal Saudi Club in 2023. No further details were shared.

#2- Al Riyadh gets new head coach: Al Riyadh SC tapped Javier Calleja as its new head coach as it gears up for the upcoming Saudi Pro League season, replacing Bandar Al Kubaishan. The 47-year-old Spaniard had a prolific career in his native country, leading Villarreal CF, Deportivo Alavés, Levante UD, and most recently Real Oviedo.

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THE BIG STORY ABROAD-

Most of the attention has returned to the revival of US President Donald Trump’s trade war, as the US began sending countries letters, including Japan and South Korea — two of the US’ biggest trade partners — with their reciprocal tariffs, with the two Asian countries getting hit with a 25% tariff as of 1 August. Others like Kazakhstan, Myanmar, and Laos were slapped with a 40% tariff.

The letters reportedly hinted at the potential for trade talks to resume, possibly even beyond the 1 August deadline, but also threatened a tariff hike in case tariffs are raised on US exports. (Reuters | Bloomberg | Financial Times | CNN)

ALSO- Trump threatens 10% tariff on Brics-aligned nations: Trump said that countries aligned with the “anti-American policies of Brics” will face an extra 10% in tariffs with “no exceptions” in a post on Truth Social. The warning followed a joint statement (pdf) by Brics leaders criticizing tariff hikes, deeming them a threat to global trade and inconsistent with World Trade Organization regulations. A source familiar with the matter later downplayed the threat, saying it’s not a blanket threat against Brics nations, but on any of the countries agreeing policies deemed “anti-American.” (Reuters)

Meanwhile, Israeli Prime Minister Benjamin Netanyahu was hosted by Trump at the White House, with talks focusing on the potential ceasefire Trump hinted could be reached this week. (Reuters)

AND- The death toll from the floods in Texas — now deemed one of the deadliest in the country’s history — has exceeded 100 as search efforts continue. (Guardian | Wall Street Journal | New York Times)

PIF invests in USD 1 bn NYC tower with US-based Related Cos.

The Public Investment Fund (PIF) is partnering with New York developer Related Cos. to build a skyscraper in Manhattan, one block away from Central Park, unnamed sources told the Wall Street Journal. The planned 1.2k-ft tower is expected to cost more than USD 1 bn to develop, with the PIF contributing roughly USD 200 mn so far to secure a two-thirds stake in the site.

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Office or… something else? While the original blueprint envisioned a mix of residential, hotel, and retail uses, Related is now leaning toward developing the tower primarily as an office space, driven by renewed demand for premium commercial real estate in the city, the sources said.

New York’s property market is on the rebound: NYC rents have hit record highs and foreign investor activity has picked up sharply. Overseas buyers acquired more than USD 2.1 bn in Manhattan commercial real estate between 4Q 2024 and 1Q 2025 — 5x the level from the same stretch two years ago.

Interesting timing: The investment comes amid a broader strategy by the sovereign fund to dial back its international exposure to 18-20%, down from 30%. Local investments made up 40% of the PIF’s total deployments in 1H 2025, with the total assets under management rising 18% y-o-y to SAR 4.3 tn in 2024.

The PIF has history with Related, having made a convertible debt investment in 2020 that could give it a 15% equity stake. The two have also partnered on multiple US real estate projects since then.

Sab Invest targets USD 266 mn for its first MENA-focused private credit fund

Saudi Awwal Bank’s investment arm Sab Invest is looking to raise SAR 1 bn (USD 266 mn) for its first MENA-focused private credit fund, the company’s Chief Investment Officer Osama Alowedi told Bloomberg. The firm has already raised some USD 100 mn from regional wealth managers and family offices and plans to raise the remainder over the next year.

Where will the money go? The shariah-compliant fund will invest in debt financing instruments, including sukuk issued by SMEs, venture debt, and debt instruments for infrastructure projects. Sab Invest is targeting an annual yield of 10-11%, with 60% of the fund’s capital earmarked for domestic investments.

REMEMBER- Sab Invest has been actively diversifying its offerings this year, launching the Kingdom’s first quantitative ETF in May, which tracks the S&P Saudi Domestic Shariah Index. It also closed a USD 100 mn VC fund in partnership with Saudi Technology Ventures that same month.

What’s next? The firm is preparing to launch additional quant funds with varying risk profiles in the near future, Alowedi said.

The market is gaining momentum: The Public Investment Fund partnered with Goldman Sachs in March to anchor new regional private credit and public equity strategies. Hassana Investment Company also signed a USD 150 mn MoU with Franklin Templeton to explore further investments in the space.

DATA POINT- The private credit market in the GCC and Egypt is projected to grow at a 15-30% CAGR over the next 5-6 years, according to a PwC report.

TASI slips in 1H as geopolitics, oil volatility weigh on sentiment

Tadawul’s benchmark index TASI closed 1H in the red, shedding 7.2% in the first six months of the year, according to Tadawul’s semi-annual report for 1H 2025 (pdf). The drop bucked a positive trend seen in some of the most relevant regional peers like Abu Dhabi’s ADX and Dubai’s DFM.

The culprits: The sharp fall was driven by regional geopolitical tensions, oil price fluctuations, and declining investor appetite for small- and medium-sized enterprise stocks, Ashraf Jarrar, international broker at United Securities, told EnterpriseAM.

Utilities, media, and financials led the selloff: Out of 22 sector indices on the Saudi exchange, 17 ended 1H in the red. Utilities logged the biggest losses during the period, shedding 32%, followed by media and entertainment (-29.6%), and financial services (-17.7%).

Only five sectors managed to post YTD gains during the first half of the year, led by telecoms with a 7.3% increase. Personal and household products came second with 1.4% growth, followed by real estate management and development (0.43%), consumer discretionary retail (0.3%), and banks, which eked out a marginal gain of 0.1%.

Metrics took a hit on a yearly basis: TASI’s total market cap fell 9.25% y-o-y to SAR 9.1 tn at the end of June. Turnover also took a hit, falling 32.8% y-o-y to SAR 688.1 bn.

The outlook: TASI is still expected to gradually rebound in the second half of the year, supported by improving oil prices, steady IPO momentum, and a potential Fed pivot, Muhammad Al Laithy, head of financial reporting at Argaam Investments, told us.

The regional picture: Abu Dhabi’s ADX gained 5.7% in the first six months, while Dubai’s DFM added 10.6%, and Qatar’s QSE rose 1.7%, according to a Kamco Invest report (pdf). Meanwhile, the Bahraini stock exchange closed 1H down 2.1% YTD, while the Omani bourse dropped 1.7%.

The kingdom’s Liquid Fuel Displacement Program is making progress

Saudi Arabia is working to displace over 1 mn bbl / d of oil used across several sectors under Vision 2030’s Liquid Fuel Displacement Program (LFDP), including electricity, desalination, manufacturing, and agriculture. The program is part of the Kingdom’s strategy to free the power sector from oil, with the target of bringing natural gas and renewable energy to account for 50% each in the energy mix by 2030.

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The rationale: Saudi Arabia has relied heavily on crude oil and refined products — like diesel and heavy fuel oil — to keep the lights on for the past decade. The Kingdom burnt an average 589k bbl / d of oil for electricity by February this year, according to Mees data. The figure is the lowest in a decade, and much lower than the 900k bbl / d recorded in the summer of 2015, but it remains substantial.

Every barrel of oil saved domestically is a barrel available for export or for refining into higher-value products. The full target of 1 mn bbl / d displaced will free the kingdom to export those barrels for revenue. With oil prices hovering around USD 65-7 0, that’s about USD 65-70 mn per day of potential additional income, or nearly USD 23.7-25.5 bn a year in additional oil exports, according to our calculations.

AND- The economics favor natgas: Domestic gas was priced at just USD 2-2.5 per MMBtu in April, when Arab Light crude was trading north of USD 70 a barrel, according to RystadEnergy. Gas-fired combined-cycle plants can hit efficiency rates of up to 60%, compared to just 30% for crude-fired units. Natural gas currently fuels around 65% of Saudi Arabia’s electricity generation, while oil makes up roughly 32% — down from roughly half in a decade — and renewables account for just 3% of the mix.

Aramco is now investing heavily in non-associated (standalone) gas fields to supply power plants with cleaner-burning fuel. The flagship project is the USD 100 bn Jafurah shale gas development, the largest unconventional gas initiative outside the US, estimated to hold a whopping 229 tn cubic feet of gas (tcf) of gas. Initial production is expected by 3Q this year, slated to reach full output of 2 bcf/d by around 2030, along with volumes of ethane, natural gas liquids, and condensates. This alone would provide enough gas to displace around 500k bbl / d of oil equivalent at power plants.

On the processing front, Aramco is adding new gas plants and expanding existing ones (like the Hawiyah and Haradh plants), as well as constructing a natural gas liquids fractionation center at Jubail to handle Jafurah’s output. These include combined-cycle gas turbine (CCGT) megaprojects, some of which are independent power producers (IPP) projects being developed by international consortia. The Qurayyah IPP expansion, one of the flagship projects, will see the development of a 3.01 GW CCGT power plant with readiness for carbon capture and a 380 kV electrical substation.

More and more companies pulling the plug on liquid fuel: State-owned Marafiq tapped South Korean energy solutions firm Doosan Enerbility last December to convert its liquid fuel-powered Yanbu 2 plant to run on natural gas. City Cement Company also tapped Aramco earlier this year to convert its facilities, while Tabuk Agricultural Development Company is getting an electrical transmission station for its farm in Tabuk, switching to the main electrical grid.

Expansion of transmission infrastructure is also underway to accommodate the new gas supply. Aramco’s Master Gas System — the nationwide pipeline network that distributes gas — is undergoing a USD 8.8 bn phase three expansion to add 3.15 bcf/d of capacity by 2028. This involves laying about 4k km of new pipelines and building 17 gas compressor stations, ensuring that power plants across the kingdom can receive gas instead of liquid fuel, even in remote areas.

Renewables are another pillar: Renewable power generation more than doubled last year to 11 TWh, according to Mees data. The kingdom is targeting an additional 6.16 GW in 2025, which would bring its total installed renewables capacity to 12.7 GW, boosting generation capacity to 19 TWh annually and rising to 36 TWh once the full capacity comes online by year-end.

Substantial impact: Clean energy helped displace an estimated 51k bbl / d of oil from the energy mix last year, up from under 10k bbl / d in 2023. If the 12.7 GW capacity is installed as planned, renewables could displace as much as 167k bbl / d from the power sector.

The Kingdom is also shifting from old oil-fueled thermal desalination to electric-powered reverse osmosis plants, which use far less energy and can be powered by gas or renewable energy. Acwa Power kicked off operations at the Shuaibah 3 seawater reverse osmosis desalination plant, replacing the decommissioned oil-fired Shuaibah 2 Independent Project– Saudi Arabia’s oldest. The USD 821 mn facility is powered by 65 MW of solar energy and aims to offset the use of 22 mn barrels of oil and 9 mn tons of CO2 annually.

Side benefits: Excess gas capacity and renewables could be leveraged to produce blue hydrogen or green hydrogen, turning former oil-burn into exportable ammonia or other fuels — which Aramco has been eyeing for a while. The integration of carbon capture technology (CCS) also means the Kingdom is heavily cutting emissions further while capitalizing on the offset gases, as many gas plants are built CCS-ready.

Saudi Parts Center names Adriano Alberto Luz as acting CEO

Saudi PartsCenter Company (SPC) appointed Adriano Alberto Luz (LinkedIn) as acting CEO, effective 6 July, according to a disclosure to Tadawul. Luz brings 30 years of international executive experience across South America, Europe, the Middle East, and Africa, earning a reputation as a proven business strategist capable of delivering growth.

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PIF’s Expo 2030 Company tenders first construction contract

CONSTRUCTION-

ERC launches tender for first Expo 2030 contract: Expo 2030 Riyadh Company (ERC), a wholly-owned subsidiary of the Public Investment Fund, has started receiving bids for a contract to build site offices for the first phase of construction at the Expo 2030 venue in Riyadh, Meed reported yesterday. The tender was issued on 29 May, with bids expected in early July.

IN CONTEXT- The PIF launched the ERC last month to manage the construction and operation of the Expo 2030 facilities, which is forecast to contribute approximately USD 64 bn to the Kingdom’s GDP during its development and another USD 5.6 bn while operational.

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M&A WATCH-

STC invests in Tarmeez: The Saudi Telecom Company’s (STC) venture capital arm Tali Ventures acquired an undisclosed minority stake in the Riyadh-based debt investment platform Tarmeez Capital, Tarmeez’s CEO Nasser Alsaadoun told Bloomberg reported yesterday.

Looking ahead: Tarmeez aims to grow its portfolio to SAR 16 bn within two years and plans to raise up to SAR 1 bn for its first private credit fund, Alsaadoun added. It is also considering a stock market listing within three years.

About Tarmeez: Founded in 2022, the company mainly arranges Islamic sukuk agreements, with around SAR 2.3 bn in financing arranged so far.

FINANCIAL SERVICES-

Osool & Bakheet Investment received the green light from the Capital Market Authority to offer arranging services in the securities sector, it said in a disclosure to Tadawul yesterday. This expands the licensed services offered by the company, which include trading in securities, managing investments and funds, and providing custodial services.

AVIATION-

Flynas will launch three direct weekly flights between Riyadh and Moscow starting 1 August, it said in a statement on Sunday. Flights will operate on Mondays, Wednesdays, and Fridays between King Khalid International Airport and Moscow’s Vnukovo International Airport.

Brics reaffirms commitment to payment system despite slow progress

Progress on Brics’ cross-border payments system has stalled, despite a decade of discussions, Bloomberg reported yesterday. Leaders reaffirmed their commitment to continue talks on the initiative during the Brics summit in Brazil, but acknowledged the slow pace amid the challenges of a rapidly changing global trade environment.

SOUND SMART- Brics Pay is a financial system that, if developed, would allow Brics nations to trade directly with one another using their own local currencies, instead of relying on the USD. The system’s goal is to create an independent financial network that is separate from the US-dominated Swift system.

A window of opportunity: The USD has its worst start to a year since 1973, pressured by US President Donald Trump’s trade policies and critiques of the Federal Reserve, creating a potential opening for alternatives.

So, what’s the hold-up? For one, the technical execution is complex, involving decisions on payment mechanisms, currencies, infrastructure, and cost-sharing. This is compounded by the unpreparedness of some member nations’ central banks to integrate, alongside serious security concerns over a unified system. Some members have also questioned if the substantial setup and maintenance costs of this unified system are justified when compared to existing bilateral trade arrangements.

Political realities aren’t helping as well, with the bloc’s recent expansion to 10 members complicating decision-making. Existing international sanctions on members like Russia and Iran, coupled with the use of several non-convertible currencies within the bloc also present additional obstacles.

Parallel discussions on investment and finance are taking place: Brics is also working on expanding local currency financing to reduce trade financing costs, Tatiana Rosito, secretary for international relations at Brazil’s Finance Ministry, told Bloomberg. However, discussions around a new investment platform — reducing dependence on hard currency financing — have also stalled due to the complexity of the proposals and the need for further technical dialogue.

The US hangs more tariffs over the bloc: Trump threatened an additional 10% tariff on any country aligning with what he calls “Anti-American” Brics policies, rattling global trade with even more uncertainty. This follows his December threat of 100% tariffs if Brics nations ditched the USD in bilateral trade, a move that paradoxically spurred the bloc’s interest in developing alternative local payment systems.

MARKETS THIS MORNING-

Asian markets are modestly inching up in early trading, despite Trump’s new tariff announcements. The Shanghai Composite and Hong Kong’s Hang Seng are both up 0.2%, while Japan’s Nikkei remained virtually unchanged. Meanwhile, Wall Street futures are mostly in the red.

TASI	11,345	+0.3% (YTD: -5.9%)
MSCI Tadawul 30	1,454	+0.2% (YTD: -3.6%)
NomuC	27,462	+0.8% (YTD: -12.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	33,038	+0.4% (YTD: +11.1%)
ADX	10,007	+0.3% (YTD: +6.2%)
DFM	5,803	+0.9% (YTD: +12.5%)
S&P 500	6,230	-0.8% (YTD: +5.9%)
FTSE 100	8,807	-0.2% (YTD: +7.8%)
Euro Stoxx 50	5,342	+1.0% (YTD: +9.1%)
Brent crude	USD 69.58	+1.9%
Natural gas (Nymex)	USD 3.41	+0.1%
Gold	USD 3,343	0.0%
BTC	USD 109,044	-1.1% (YTD: +15.6%)
Sukuk/bond market index	912	+0.02% (YTD: +1.1%)
S&P MENA Bond & Sukuk	145.82	-0.1% (YTD: +4.2%)
VIX (Volatility Index)	17.79	+1.8% (YTD: +2.5%)

THE CLOSING BELL: TADAWUL-

The TASI closed up 0.3% yesterday on turnover of SAR 5.6 bn. The index is down 5.9% YTD.

In the green: Tourism Enterprise (+9.6%), Ayyan Investment (+4.3%) and Sumou Real Estate (+4.2%).

In the red: Miahona (-3.4%), Umm Al-Qura Cement (-3.2%) and Saudi Kayan (-2.3%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.8% yesterday on turnover of SAR 24 mn. The index is down 12.8% YTD.

In the green: Al Rasheed (+10.5%), Almohafaza (+10%) and Natural Gas Distribution (+9.1%).

In the red: Ghida Alsultan (-8%), Dkhoun (-5.0%) and Tam Development (-3.6%).

CALENDAR

JULY

July (Second week): World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

8 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

17 July (Thursday): Deadline to register for the Kingdom’s first civil aviation hackathon

Avithon.

29-30 July (Tuesday-Wednesday): US Federal Reserve Open Market Committee meeting.

31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022/2023 revenues to integrate e-invoicing solutions with Fatoora.

AUGUST

7 July-24 August (Monday-Sunday): Esports World Cup, Riyadh.

5-17 August (Tuesday-Sunday): 2025 Fiba Asia Cup, Jeddah.

3Q 2025

The National Water Company is expected to award a construction contract for the Hail Region Water Networks project.

SEPTEMBER

3-4 September (Wednesday-Thursday): Sustainable Maritime Industry Conference (SMIC), Ritz-Cartlon, Jeddah.

15-17 September (Monday-Wednesday): Money 20/20 Middle East, Riyadh.

17-18 September (Wednesday-Thursday): US Federal Reserve Open Market Committee meeting and Summary of Economic Projections.

23 September (Tuesday): Saudi National Day.

OCTOBER

1 October (Wednesday): Electronic salary transfer via the Musaned platform to include employers with two or more domestic workers.

1-3 October (Wednesday-Friday): Saudi Green Building Forum, Riyadh.

7-8 October (Tuesday-Wednesday): Global EV & Mobility Technology (GEMTECH) Forum, Riyadh.

15 October (Wednesday): Russian-Arab Summit.

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

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

28-30 October (Tuesday-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

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

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

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

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

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

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

DECEMBER

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

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

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

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.

2026

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.

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

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

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

31 March (Tuesday): Zatca’s 23rd E-invoicing integration wave deadline.

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

26-29 October (Monday-Thursday): World Energy Congress, 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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PIF invests in USD 1 bn NYC tower with US-based Related Cos

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THIS MORNING: Alinma Bank is gearing up for USD-denominated sukuk issuance

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PIF invests in USD 1 bn NYC tower with US-based Related Cos.

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Sab Invest targets USD 266 mn for its first MENA-focused private credit fund

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TASI slips in 1H as geopolitics, oil volatility weigh on sentiment

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The kingdom’s Liquid Fuel Displacement Program is making progress

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Saudi Parts Center names Adriano Alberto Luz as acting CEO

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PIF’s Expo 2030 Company tenders first construction contract

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Brics reaffirms commitment to payment system despite slow progress

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