PIF offloads stakes in US companies

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Thunderstorm warning is now in effect

Good morning, wonderful people. We have a busy Sunday issue with which to kick off the week, leading with the latest inflation readings from Gastat showing inflation decelerating to its slowest pace in five months.

Also in this morning’s news well: Filings with the US’ Securities and Exchange Commission showed the PIF divested stakes in several large US companies, including Meta, PayPal, and FedEx, while Aramco signed a USD 11 bn lease and leaseback agreement for its Jafurah gas facilities with a BlackRock-led consortium.

WEATHER WARNING- A Civil Defense thunderstorm warning is in effect across Saudi Arabia until Wednesday, 20 August. Heavy rain is forecast for the Makkah, Jazan, Asir, Al Baha, and Najran regions, with lighter showers in Riyadh and Madinah, it said on X. Residents are urged to avoid valleys and flood-prone areas. Riyadh is expected to see a high of 43°C and a low of 34°C today, while Jeddah’s mercury will go as high as 40°C and as low as 32°C. Makkah will see a 40°C high and 33°C low.

HAPPENING TODAY-

It’s the first day of trading for new units in Wasatah Capital’s Al Waha REIT Fund, according to a Tadawul statement. Fund manager Wasatah Capital raised SAR 24.9 mn in an offering last month, with additional units offered at SAR 10 apiece. The offering was 1.1x oversubscribed.

PSAs-

#1- Non-Saudi, non-resident foreigners will be able to use a digital ID to purchase property in the Kingdom, after the Cabinet approved the decision last week, according to the official gazette. The General Real Estate Authority, the Interior Ministry, Saudi Data and Artificial Intelligence, and the National Information Center will set up the infrastructure to operate the IDs ahead of the new foreign property ownership law taking effect in January 2026. The Cabinet also approved governance measures for foreign property ownership and usufruct rights, including setting up a committee within the authority’s board to oversee them.

#2- Title deed registration for 14.6k properties across 21 neighborhoods in Qassim will begin today and run until 20 November, the Real Estate General Authority said in a statement on Thursday. Another 8.7k properties in Jeddah’s Al Sheraa and Al Amwaj neighborhoods will be covered from 24 August to 27 November. Owners can register through the Real Estate Registry platform or service centers, with each property issued a unique number and title deed once registered.

#3- Saudi nationals will soon be able to apply for media scholarships for training programs and higher education degrees in “high-demand media specializations,” after the media and education ministries launched the initiative under the Custodian of the Two Holy Mosques Scholarship Program, according to state news agency SPA. The scholarships — which will give students access to programs across 15 countries — aim to train and qualify local talents in digital media, AI in media, content production, and digital journalism.

WATCH THIS SPACE-

#1- Kuwait-based financial firm Kamco Invest is looking at expanding its footprint in the Kingdom, which is considered a “major” market for the company, CEO Faisal Sarkhou told Asharq Business (watch, runtime: 13:48). This follows a period of growth as Saudi assets under management (AUM) account for nearly a double-digit share of Kamco’s overall AUM portfolio, along with a solid performance from Kamco Freestyle Saudi Equity Fund and Kamco SAR Murabaha Fund during 1H 2025.

#2- National flag carrier Saudia is reportedly in advanced talks with SpaceX to bring Starlink internet service to the carrier’s fleet of more than 140 planes, Asharq Business reported on Thursday, citing unnamed sources it says are familiar with the matter. The discussions come as Saudia updates its services and modernizes its operations, and follow regional approvals allowing Starlink use for aviation, including in the Kingdom, Qatar, Bahrain, and Jordan. SpaceX is also in talks with Emirates, Flydubai, and Gulf Air, though no agreements have been finalized.

MEANWHILE- Saudi’s newest airline Riyadh Air — set to launch in 3Q 2025 — signed with Viasat to provide in-flight internet to its fleet.

#3- Dar Global is in the “final stages” of awarding the main construction contract for the Trump Tower in Jeddah, with a decision expected within weeks, Meed reports, citing sources it says are close to the project. The 47-floor, 350-unit tower, developed in partnership with the US-based Trump Organization, is valued at SAR 2 bn (USD 532 mn) and scheduled for completion by December 2029, according to Dar Global’s website.

ICYMI- Preliminary enabling works are already underway by Jeddah-based Specialized Italian Foundation Company, after the contract was awarded in February.

#4- Mitsubishi Power Saudi Arabia plans to increase its investments in the Kingdom, focusing on clean energy, data center infrastructure, hydrogen-ready turbines, and carbon capture technologies, CEO Adel Al Juraid told Asharq Alawsat yesterday.

REMEMBER- Last year, the company was tapped to supply a hydrogen-ready combined cycle gas turbine (CCGT) to a 475 MW cogeneration power plant in Jubail. Mitsubishi Power also secured a contract last April alongside Doosan Enerbility to supply six M501JAC gas turbines and related equipment for the Rumah-1 and Al-Nairyah-1 independent power plant (IPP) projects that will be assembled locally in Mitsubishi’s Dammam factory.

DATA POINTS-

#1- Our professional football league is now ranked fourth globally in player salaries for the 2025-2026 season, according to Capology. Total wages in the league reached about USD 1.2 bn, surpassing Germany’s Bundesliga at USD 1.1 bn and trailing only the English Premier League (USD 2.5 bn), Italy’s Serie A (USD 1.3 bn), and Spain’s La Liga (USD 1.3 bn).

Player breakdown: Cristiano Ronaldo tops the earnings charts at EUR 208.4 mn per year, followed by Riyad Mahrez (EUR 52 mn), Karim Benzema (EUR 50 mn), Sadio Mané (EUR 40 mn), and Kalidou Koulibaly (EUR 34.7 mn).

#2- The Education Ministry unveiled more than 500 potential investments in the education sector across 63 cities this year, with projects expected to draw around SAR 50 bn over the next five years, Education Minister Yousef Al Benyan said in a presser (watch, runtime: 42:16).

New builds, big revamps: Al Benyan outlined plans for 75 new construction projects worth SAR 920 mn, alongside renovation and rehabilitation of over 1.4k educational buildings for SAR 782 mn. He also pointed out the consolidation of all education departments into 16 bodies and the state-owned Tatweer Education Holding Company ’s takeover of all operations, maintenance, and school environment management.

The Kingdom is developing its own education model, with the National CurriculumCenter leading the redesign of school curricula. The minister launched a governance initiative for the technical and vocational training system, aimed at making education more flexible and better aligned with the skills and specializations needed in the labor market.

SPORTS-

Everton midfielder Abdoulaye Doucoure has signed with Neom SC, the club said on X. This follows last week’s report from Fabrizio Romano that Doucoure was signed on a freetransfer under a two-year contract.

The football club is looking to sign Inter Milan defender Benjamin Pavard and has approached the French footballer for talks, sports journalist Fabrizio Romano reported on X. Depending on Pavard’s decision on whether or not to move to Saudi, Neom and Inter will hash out the details.

French forward Kingsley Coman has left Bayern Munich after a decade to join Al Nassr on a three-year contract running until 2028, Al Nassr said in a statement. The 29-year-old is reportedly set to receive an annual salary of EUR 20-25 mn. During his time at Bayern, Coman claimed nine Bundesliga titles, the Champions League, and the Club World Cup, scoring the decisive goal in the 2020 Champions League final against PSG. The transfer got ink in Reuters and the Associated Press.

ALSO FROM AL NASSR- The club raised its offer to Al Taawoun to SAR 30 mn to sign left-back Saad Al Nasser, dropping striker Mohammed Maran from the proposal, Asharq Al Awsat reported on Thursday, citing unnamed sources it says are familiar with the matter. Al Taawoun had previously requested Maran plus cash but later shifted to seeking only a higher payment. Al Qadsia is also interested in Al Nasser, though the player’s preference to join Al Nassr could tip the balance in favor of the Riyadh club.

Al Nassr reportedly reached an agreement with Al Etiffaq to transfer Bassam Hazazi back to his former club on a three-year contract, just months after signing him in the winter window, Asharq Al Awsat reported on Wednesday, citing unnamed sources it says are familiar with the matter.

MEANWHILE-The club has also started talks to re-sign defender Abdullah Madu — a former academy graduate who left Al Etiffaq last season — as coach Jorge Jesus looks to strengthen the team’s defense following recent departures.

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THE BIG STORY ABROAD-

There’s only one story leading the conversation in the international press this morning: Russia and the US’ summit on Ukraine in Alaska yesterday, which ended with no ceasefire agreement — but with Russian President Vladimir Putin reportedly demanding more land in Ukraine. The meeting is being framed as a “triumph” for Putin, who was met with a red carpet in Anchorage and left without evidence of coming under real pressure from the US’ Donald Trump to reach a ceasefire agreement. After previously stating that he and Putin would not leave their meeting without a ceasefire agreement, Trump later said on Truth Social that the best path forward would be “to go directly to a peace agreement.” Ukraine’s Volodymyr Zelensky is now scheduled to meet with Trump tomorrow. Reuters, BBC, Bloomberg, and CNBC have the story, while the Financial Times, Politico, and the Wall Street Journal have analytical takes on how Trump failed to negotiate a victory.

CIRCLE YOUR CALENDAR-

The Visual Arts Commission will hold its Art & Ideas program in Seoul, Paris, and Riyadh, state news agency SPA reports. The event will kick off with two public dialogues on 5 September in Seoul during Frieze Seoul Week. This will be followed by a public talk and a live performance on 21 October during Asia NOW in Paris, before concluding with a two-day symposium in Riyadh on 7-8 November. The program will connect leading Saudi, Korean, and French artists and curators to discuss the rise of their cities as major cultural hubs.

Inflation cools to its lowest in five months in July

Annual inflation slowed to 2.1% y-o-y in July, down 0.2 percentage points from June, marking its lowest reading in five months. The slowdown was primarily driven by a softer 5.6% growth in prices of housing, water, electricity, gas, and other fuels — the heaviest component in the consumer basket — according to the General Authority for Statistics’ (Gastat) latest consumer price index (pdf).

For more on the inflation trends in Saudi Arabia, read our previous coverage here.

July’s inflation is the “weakest pace since February,” Capital Economics’ James Swanston wrote in a recent research note seen by EnterpriseAM. July’s reading was softer than Capital Economics’ earlier forecast of 2.7% y-o-y and the consensus estimate of 2.3% y-o-y. “On a seasonally-adjusted annualized basis, prices declined by 0.9% — this was the first negative reading since March 2024 and the weakest pace in over two years,” Swanston noted.

On a monthly basis, consumer prices were essentially unchanged last month from June, with prices for transportation, restaurants, hotels, clothing and footwear, health, telecommunications, and tobacco showing “no significant relative change.” However, the cost of housing, water, electricity, gas, and fuel inched up 0.2% m-o-m, as did prices for entertainment and culture. In contrast, prices for food and beverages and home furnishings each fell 0.2%, while miscellaneous personal goods and services and education both inched down 0.1%.

Housing, water, electricity, gas, and other fuels saw a 5.6% increase y-o-y during the month, easing from 6.5% y-o-y in June. A 6.6% y-o-y increase in rents paid for housing was the key driver of the increase, with a 6.4% rise in villa rentals being attributed as the main trigger.

Food and beverage prices inched up 1.6% y-o-y, pushed by a 2.6% y-o-y price growth in meat and poultry. Personal goods and services rose 4.3% y-o-y, thanks to a 24.7% jump in the prices of jewelry, watches, and precious antiques.

ALSO- Restaurant and hotel prices went up 1.4% y-o-y due to a 1.5% rise in restaurant and cafe prices, as well as garment costs. Finally, education prices were up 1.1% y-o-y, mainly led by a 3.8% rise in tertiary education fees.

Declines in other sectors: Furnishing and home equipment prices fell 2.0% y-o-y, largely due to a 3.9% drop in prices of furniture, carpets, and flooring. Meanwhile, clothing and footwear prices inched down 0.4% y-o-y, affected by a 1.3% drop in garment prices. Transportation prices also fell 0.3% y-o-y, driven by a 1.6% decline in vehicle purchase prices.

Looking ahead: Capital Economics expects inflation in the Kingdom to continue on a downward trajectory over the rest of the year, likely approaching 1% y-o-y by early 2026. “Energy inflation will remain contained with the fuel price cap staying in place and lower global food prices will push down food inflation,” the agency noted, adding that it also foresees further easing of price pressures related to housing.

Where this stands versus other projections: Riyad Capital sees inflation rising to 2.5% this year, before easing slightly to 2.3% in 2026. The IMF said in June that inflation in Saudi Arabia will remain around 2% this year, supported by the currency’s peg to the USD, domestic subsidies, and a flexible labor supply.

WHOLESALE PRICE INDEX-

Producer prices rose 2.1% y-o-y in July, unchanged from the previous month. This was driven by a 4.1% increase in other transportable goods, except metal products, machinery, and equipment, as well as a 4.4% rise in the prices of agricultural and fishery products, according to Gastat’s wholesale price index (pdf).

Wholesale prices inched down 0.1% m-o-m during the month, also attributed to a 0.4% m-o-m drop in the prices of other transportable goods, except metal products, machinery, and equipment. The decline was largely influenced by a 3.0% decrease in the prices of basic chemicals and a 0.1% drop in the prices of rubber and plastic products.

Aramco inks USD 11 bn leaseback with BlackRock-led group for Jafurah gas facilities

Aramco signed an USD 11 bn lease and leaseback agreement for its Jafurah gas processing facilities with a consortium led by BlackRock’s Global Infrastructure Partners (GIP), it said in a press release on Thursday.

The details: The agreement covers the Jafurah Field Gas Plant and the Riyas NGL Fractionation facility, which will be leased to a newly created subsidiary, Jafurah Midstream Gas Company (JMGC), and then leased back to Aramco for 20 years. Under the agreement, Aramco will pay a tariff to JMGC in return for exclusive rights to process and treat gas from Jafurah, with Aramco receiving USD 11 bn in upfront proceeds without limiting its production volumes.

Aramco will hold a 51% stake in JMGC, while the GIP-led consortium will own the remaining 49%. The transaction is expected to close “as soon as is practicable,” Aramco said, without providing further details on the expected timeline.

Background: News reports last month indicated that Aramco was nearing an agreement to raise some USD 10 bn from a BlackRock-led consortium to fund infrastructure for the project, replicating the structure of two 2021 transactions, where Aramco raised nearly USD 28 bn through two lease and leaseback agreements with investor groups including BlackRock and EIG.

IN CONTEXT- Aramco is heavily investing in standalone gas fields to supply power plants with cleaner-burning fuel, with the USD 100 bn Jafurah shale gas development being its flagship project — the largest unconventional gas initiative outside the US — estimated to hold a whopping 229 tn cubic feet (tcf) of gas. Initial production is expected by 3Q this year, slated to reach its full capacity of 2 bcf/d by around 2030. We have more details in our deep dive into the Liquid Fuel Displacement Program.

The story also got ink from Bloomberg, Reuters, and the Financial Times.

PIF sells its stake in Meta, Shopify, PayPal, Alibaba, Nu Holdings, FedEx

Tariff-induced market volatility drove the Public Investment Fund (PIF) to divest all its shares in some US-listed companies during 2Q 2025, including Meta, Shopify, PayPal, Alibaba, Nu Holdings, and FedEx, Bloomberg reports. A 13F filing to the US Securities and Exchange Commission shows that the PIF no longer has shares in these companies.

The breakdown: The PIF sold off about 668k class A shares in Meta, 1.3 mn class A shares in Shopify, 1.8 mn shares in PayPal, 6.8 mn class A shares in Nu Holdings, 1.61 mn in Alibaba sponsored ADS, and 498.2k common shares in FedEx.

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The PIF’s US portfolio stood at USD 23.8 bn at the end of the second quarter, compared to USD 25.5 bn in 1Q, according to Reuters.

REMEMBER- The PIF’s AUM rose 19.3% y-o-y to SAR 3.4 tn by the end of 2024, with 82% deployed locally, 17% internationally, and 2% in treasuries. Saudi equity holdings accounted for 36% of AUM, or SAR 1.2 tn, up 11 percentage points y-o-y, making it the only portfolio segment to increase its share of total assets. That aligns with PIF’s strategy to trim overseas exposure from 30% to the 18-20% range while doubling down on domestic diversification projects and attracting co-investment from foreign firms in the Kingdom.

Contracts awarded, timelines set for Saudi Arabia’s Fifa World Cup stadiums

The Kingdom’s construction industry is gearing up to prepare our stadiums for the 2034 Fifa World Cup, with eight new stadiums in the “planned” stage and most scheduled for completion in 2032, Meed reported on Friday. Four existing stadiums are undergoing major refurbishment, and three stadiums are already under construction with completion dates set between 2026 and 2027.

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REMEMBER- Last October, officials released the Kingdom’s bid book for the World Cup, highlighting 15 stadiums, including 11 new builds spanning five cities, with Riyadh hosting eight, Jeddah four, and one in each of Al Khobar, Abha, and Neom.

The biggest venues: The largest World Cup venues will include Riyadh’s 92k-seat King Salman International Stadium (set to host the opening match and the final), the 70k-seat King Fahad Sports City Stadium (set to host the semi-finals), Jeddah’s 58k-seat King Abdullah Sports City Stadium, and the 46k-seat Neom Stadium (both designated for Quarter-finals).

Awarded contracts include the expansion of the 70k-seat King Fahd Sports City to Saudi Binladin Group, the USD 1.8 bn Jeddah Central Development Stadium to a Chinese-Saudi consortium, the USD 1 bn Aramco Stadium in Al Khobar to Besix-Al Bawani JV, and the USD 1 bn Prince Mohammed Bin Salman Stadium in Qiddiya to FCC-Nesma & Partners JV.

Up next: The flagship 92k-seat King Salman Stadium in the north of Riyadh is expected to be tendered by year-end and completed by 2029, alongside other stadiums in the pipeline, including New Murabba, Roshn, South Riyadh, Qiddiya Coast, King Abdullah Economic City, and Neom.

AND- The Sports Ministry issued an EOI and RFQ for developing the Prince Faisal Bin Fahad Sports City in Riyadh, Meed reported separately. The 47k-seat stadium, among the Kingdom’s World Cup portfolio, is the first to be delivered through a public-private partnership (PPP) model, with a contract duration of 20-30 years.

IN CONTEXT- The Kingdom is recalibrating its spending to prioritize time-sensitive international events like the 2029 Asian Winter Games, the 2034 Fifa World Cup, and Expo 2030, while expanding the use of PPPs to draw private and foreign investment. PPP concession contracts hit USD 28.2 bn in 2023 (23% of project awards) and stayed high at 18.3% in 2024, well above a 15.6% average from 2019 to 2022 and 3.5% in 2018.

New CMA rules define eligible foreign investors, set ownership limits

New rules regulating foreign investment in the main market are now in effect, allowing foreign individuals and companies to invest in Saudi securities, debt, and funds, according to new Capital Market Authority (CMA) regulations (pdf) published in the official gazette on Friday. The new regs, which generally exempt GCC citizens, amend a host of old regulations, including the Authorised Persons Regulations, Qualified Foreign Financial Institutions Investment rules, and Investment Accounts Instructions.

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The new rules allow six categories of non-resident foreigners to invest: Qualified foreign investors with at least SAR c.1.87 bn in assets, foreign strategic investors, ultimate beneficiaries under swap agreements, clients of licensed asset managers with full discretion, individuals residing in a GCC country, and former residents of Saudi Arabia or a GCC country who opened investment accounts during their residency.

Restrictions: The rules place a 10% ownership cap per non-resident foreign investor (excluding strategic investors) and a 49% aggregate cap for all foreign investors in any single listed company. Foreign strategic investors are also barred from selling shares for two years after acquisition.

Tighter investment account rules: Financial institutions must update client information periodically, conducting a full review at least once every five years. Clients must receive 90 days’ notice and a one-month warning before document expiry, and accounts will be frozen if information is not updated during that period. The new rules also outline procedures for sensitive cases, such as a client’s death, to ensure secure and orderly asset liquidation for heirs.

This joins a sweep of capital market reforms: The CMA has overhauled fund regulations to open the market to foreign funds and fintech distributors while strengthening risk rules, and it is also making it easier for GCC retail investors to invest directly in the main market. Meanwhile, Tadawul is proposing amendments to its Nomu parallel market to expand investor eligibility and is launching Saudi depositary receipts (SDRs) to allow local trading of foreign company shares. The CMA is also studying the creation of a new platform for mortgage-backed securities.

Group Five Pipe Saudi and Dar Al Majed report their earnings

GROUP FIVE PIPE SAUDI-

Group Five Pipe Saudi saw its net income jump 1,259.7% y-o-y in 1H 2025 to SAR 125.2 mn, up from SAR 9.2 mn, on the back of strong volume growth and a decrease in production costs, it said in a disclosure to Tadawul on Thursday. Revenue grew 145.3% y-o-y to SAR 922.3 mn over the same period, thanks to a surge in sales volumes.

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DAR AL MAJED-

Dar Al Majed Real Estate Company (Al Majdiah) posted a 103.7% y-o-y rise in net income to SAR 110.3 mn in 2Q 2025, Argaam reported on Thursday. Revenue jumped 53.3% y-o-y to SAR 424.6 mn during the same quarter.

On a 1H basis, the company’s net income increased 106.9 y-o-y to SAR 212.2 mn, while its revenue inched up 1.5% y-o-y to SAR 693.1 mn.

Qassim Cement awards Sinoma two contracts worth SAR 1.1 bn

MANUFACTURING-

Qassim Cement awarded a USD 298 mn (SAR 1.1 bn) contract with Sinoma International to build a fourth production line at Qassim’s Buraydah facility, according to a disclosure to Tadawul. Sinoma will build the production line under an EPC contract within two years. The new production line is expected to have a capacity of 10k tons of cement per day.

Qassim also signed a separate USD 12 mn (SAR 45 mn) EPC agreement with Sinoma to displace liquid fuel and convert it to natural gas, the company said in another disclosure. The 15-month agreement will cover existing production lines at the Buraydah facility.

REMEMBER- The Kingdom’s Liquid Fuel Displacement Program looks to displace over 1 mn bbl / d of oil in the electricity, desalination, manufacturing, and agriculture sectors, among others. The program — which is part of Vision 2030 — aims to bring natural gas and renewable energy’s share of the energy mix to 50% by the end of the decade.

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M&A WATCH-

Naseej gets regulatory thumbs-up for Etmam acquisition: Naseej International Trading Company received clearance from the General Authority for Competition to move ahead with its plan to acquire 100% of Etmam Arabian Real Estate Development Company, it said in a disclosure to Tadawul on Thursday. The agreement — valued at SAR 552 mn — will be completed through a capital increase, with new shares issued to Etmam’s owners.

We knew this was coming: Naseej International Trading inked a sale and purchase agreement (SPA) in February to fully take over Etmam Arabian Real Estate Development.

DEBT WATCH-

Saudi Printing and Packaging Company (SPPC) sealed a SAR 75 mn financing agreement with major shareholder Saudi Research and Media Group to finance its working capital needs, it said in a Tadawul disclosure on Thursday. The amount will be repaid lump sum upon maturity on 31 December 2028 or via shares conversion.

IN CONTEXT- In May, SPPC’s board recommended a capital reduction to absorb accumulated losses to below 50%. This follows the company’s request last December to the Capital Market Authority to convert SAR 73.7 mn in debts owed to Alinma Bank into capital — which is still under review by the regulator.

AVIATION-

Saudia Cargo partnered with Ireland-based aircraft leasing operator ASL AviationHoldings to add two new A330-300P2F aircraft to its fleet to increase cargo capacity and global operations, it said on X on Thursday.

More details: The planes — scheduled for delivery in 4Q 2025 — will be operated by ASL under a comprehensive lease covering crew, maintenance, and ins. The A330-300P2F can carry up to 62 tons and 32 LD3 containers, making it suitable for fast and heavy cargo while being fuel-efficient.

Flynas will launch three weekly direct flights between Riyadh’s King Khalid International Airport and Nairobi’s Jomo Kenyatta International Airport starting 2 October, the carrier said in a statement last week.

TRADE-

The Kingdom will resume poultry imports from Brazil’s state Rio Grande do Sul, after the Saudi Food and Drug Authority (SFDA) lifted a temporary ban last Wednesday following news that a bird flu outbreak in the state was contained, the SFDA said in a statement.

GCC’s assets under management rose 9% y-o-y in 2024, with the UAE and KSA leading growth

The GCC’s asset management industry grew its assets under management (AUM) to USD 2.2 tn in 2024, up 9% from the previous year, according to a statement from Boston Consulting Group (BCG). Retail mutual fund growth was led by Saudi Arabia and the UAE, while sovereign wealth funds in Kuwait and Abu Dhabi accounted for the largest institutional volumes.

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It’s a good time to be an asset manager in the region: “With Saudi Arabia and the UAE anchoring regional momentum, the GCC’s strategic diversification and SWF dominance signal a future where local asset managers could rival global giants,” said Lukasz Rey, Middle East head of financial institutions at BCG. “Recent market volatility offers a chance for change, prompting asset managers to move from recovery to innovation — reimagining value delivery, client engagement, and business operations,” he added.

How can GCC asset managers become the next industry giants? By being at the forefront of the shift towards more client-centric, technologically advanced, and leaner business models, Mohammad Khan, managing director and partner at BCG, said.

Globally, the asset management industry’s total AUM hit USD 128 tn in 2024, up 12% y-o-y, extending the rebound from the 2022 downturn, according to BCG’s latest Global Asset Management report (pdf). Global revenues rose USD 58 bn in 2024, with USD 42 bn from market performance and USD 16 bn from net inflows. More than 70% of global revenue growth came from market performance, as major indices like the S&P 500 and Nasdaq rallied, but half of the growth was offset by fee compression and the shift to lower-cost products.

Active funds saw USD 0.1 tn in global outflows in 2024, while passive products drew USD 1.6 tn in inflows, as passive funds continue to gain popularity. Heavy redemptions from North America — USD 337 bn — were large enough to push worldwide active fund flows into negative territory despite inflows in every other region.

Fixed-income funds attracted USD 700 bn globally, while active ETFs booked USD 325 bn in inflows, nearly USD 300 bn of which came from North America. Active ETF AUM has expanded at a 39% CAGR over the past decade, with actively managed products accounting for 44% of all ETF launches in 2024.

TASI	10,834	+0.7% (YTD: -10.0%)
MSCI Tadawul 30	1,402	+0.7% (YTD: -7.1%)
NomuC	26,616	+1.1% (YTD: -15.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	3,619	-0.4% (YTD: +17.3%)
ADX	10,222	-0.3% (YTD: +8.5%)
DFM	6,126	+0.5% (YTD: +18.8%)
S&P 500	6,450	-0.3% (YTD: +9.7%)
FTSE 100	9,139	-0.4% (YTD: +11.8%)
Euro Stoxx 50	5,449	+0.3% (YTD: +11.3%)
Brent crude	USD 65.85	-1.5%
Natural gas (Nymex)	USD 2.92	+2.6%
Gold	USD 3,383	0.0%
BTC	USD 117,333	-0.4% (YTD: +25.4%)
Sukuk/bond market index	910.53	+0.1% (YTD: +0.9%)
S&P MENA Bond & Sukuk	148.24	-0.1% (YTD: +5.9%)
VIX (Volatility Index)	15.09	+1.8% (YTD: -13.0%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.7% last Thursday on turnover of SAR 4.4 bn. The index is down 10.0% YTD.

In the green: Thimar (+10.0%), Sidc (+10.0%) and SPPC (+5.6%).

In the red: Elm (-3.4%), Theeb (-3.0%) and Nice One (-2.6%).

THE CLOSING BELL: NOMU-

The NomuC rose 1.1% last Thursday on turnover of SAR 54.5 mn. The index is down 15.4% YTD.

In the green: Group Five (+30.0%), Future Care (+17.6%) and Osool and Bakheet (+13.8%).

In the red: Riyal (-15.4%), Balady (-9.8%) and Mayar (-8.2%).

CORPORATE ACTIONS-

#1- Tihama Advertising, Public Relations and Marketing Company’s board approved a 42.7% capital reduction to SAR 229.2 mn, down from SAR 400 mn, through the cancellation of 17.1 mn shares, it said in a Tadawul disclosure on Thursday. The move comes after the board greenlit a separate 43.49% capital reduction in March.

#2- Arabian Plastic Industrial Company’s board recommended the distribution of SAR 7.5 mn in interim dividends for 1H 2025 at SAR 1 apiece, it said in a disclosure to Tadawul on Thursday. The distribution date is yet to be determined, following shareholders’ approval.

#3- Qassim Cement Company’s board approved a SAR 87.8 mn dividend payout for 2Q 2025 at SAR 0.8 apiece, it said in a disclosure to Tadawul on Thursday. The payout is set to be distributed on 22 September.

CALENDAR

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

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

19-20 August (Tuesday-Wednesday): Marketing Home Group IPO retail subscription period for investors to request 10k-250k shares each.

24 August (Sunday): Final allocations are due for Marketing Home Group IPO.

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.

5 September (Friday): The Visual Arts Commission will hold two public dialogues in Seoul during Frieze Seoul Week under its Art & Ideas program.

9-11 September (Tuesday-Thursday): International Beauty Expo 2025, Jeddah Superdome.

9-11 September (Tuesday-Thursday): Seredo Real Estate Development and Ownership Exhibition, Jeddah Superdome,

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

15-17 September (Monday-Wednesday): Global Infrastructure Forum, Riyadh International Convention and Exhibition Center.

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

23 September (Tuesday): Saudi National Day.

29 September-1 October (Monday-Wednesday): Intersec Saudi Arabia, Riyadh International Convention and Exhibition Centre, Riyadh.

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.

1-3 October (Wednesday-Friday): FIBO Arabia 2025, Riyadh Front Exhibition & Conference Center.

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.

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.

21-23 October (Tuesday-Thurday): 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.

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

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

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

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

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

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

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

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

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.

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.

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

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

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

APRIL

27-29 April (Monday-Wednesday): Aluminum Arabia, The Arena, 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.
5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, 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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