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Thursday, 27 Nov 2025

What We’re Tracking Today
M&a Watch
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M&a Watch
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Also On Our Radar
Planet Finance
My Morning Routine
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PIF raises SAR 950 mn in Masar share sale

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Today at a glance

1

M&A WATCH

PIF raises SAR 950 mn in Masar share sale.
2

ECONOMY

Riyad Capital upgrades 2026 GDP growth to 4.4%.
3

LOGISTICS

Modon signs SAR 8.8 bn in industrial, logistics agreements at Unido.
4

M&A WATCH

Ades wraps up Shelf Drilling acquisition.
5

STARTUP WATCH

Geothermal tech Strataphyn bags USD 6 mn in seed funding.
6

ALSO ON OUR RADAR

Dar Global awards main contract for Trump Tower Jeddah to ACC.
7

PLANET FINANCE

JPMorgan sees oil prices dipping as low as USD 30 per barrel in 2027.
8

My morning routine

My Morning Routine: Baraa Tamer, founder and CEO of Abwab.ai.

Thursday, 27 Nov 2025

What We’re Tracking Today
M&a Watch
Economy
Logistics
M&a Watch
Startup Watch
Also On Our Radar
Planet Finance
My Morning Routine
Calendar
1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Savvy Games gunning for TikTok owner’s gaming studio?

Good morning. We round out the last workweek in November with a mixed bag of news, from M&A transactions by the PIF and Ades Holding, to Riyad Capital’s updated growth forecasts for this year and the next, to JPMorgan’s outlook for oil prices in 2027 (spoiler: the slippery slope could lead to USD 30 per barrel).

PSA- Whether you want to watch yourself or you’re forced to by your spawn: It’s Stranger Things day. We haven’t seen them yet, but the first four episodes of what its producers are calling Volume 1 of the final season dropped on Netflix last night. Three more (Volume 2) drop on 25 December, and the finale will stream on 31 December. Each episode will be well north of an hour long.

WORTH READING- The NYTimes on how vintage pop-culture references helped make the show a huge hit —- and define “the era of the algorithm.”

HAPPENING TODAY-

The UIM F1H2O World Championship, the Grand Prix of Jeddah, kicks off today as part of the Jeddah Season. The three-day event will feature high-speed races with elite international drivers competing in 47-foot single-seater powerboats that can reach speeds of up to 261 km/h, alongside sprint races that determine starting positions and award additional points.

WEATHER- Brace for thunder, hail, and strong winds today that could lead to flash floods in the Asir, Al-Baha, and Makkah regions.

  • Riyadh: 26°C high / 15°C low.
  • Jeddah: 33°C high / 26°C low.
  • Makkah: 33°C high / 24°C low.
  • Dammam: 28°C high / 16°C low.

PSAs-

Real estate registration for 253.2k properties in 499 neighborhoods across Riyadh, Qassim, Makkah, and Hail will begin on Sunday, 7 December and run until Thursday, 12 March 2026, the Real Estate General Authority said in a statement. This round of registration includes 70.2k plots in 146 neighborhoods in Riyadh, 55.9k plots in 139 neighborhoods in Qassim, 41.3k plots in 41 neighborhoods in Makkah, and 86.7k plots in 173 neighborhoods in Hail. Owners can register through the Real Estate Registry platform or at service centers.

WATCH THIS SPACE-

#1- Savvy Games gunning for TikTok owner’s gaming studio? Chinese giant ByteDance is reportedly in talks with PIF’s Savvy Games Group for a potential sale of Shanghai Moonton Technology, Bloomberg reports, citing people it says are in the know. Nothing is set in stone yet as the negotiations are still ongoing, the sources said.

ByteDance snapped up the gaming studio in 2021 at a valuation of USD 4 bn, and later shelved plans to sell the Mobile Legends developer last year, amid a wider step back from gaming as it failed to grab market share from gaming giant Tencent Holdings.

#2- Aramco reportedly tapped Citigroup to advise on its potential multi-bn USD asset sale, following a pitching process that involved several Wall Street names, Bloomberg reports, citing people it says are familiar with the matter. The state-owned oil giant was said to be mulling the sale of a range of its assets including its oil export and storage terminals along with parts of its real estate portfolio, which could fetch over USD 10 bn in proceeds. The moves come as Aramco looks to free up capital amid softer oil prices and project delays.

ALSO FROM ARAMCO- Global venture arm Aramco Ventures is opening an office in Paris to capitalize to run European AI investments, expected to reach hundreds of mns of EUR, CEO Mahdi Aladel told Reuters on the sidelines of the Adopt AI conference in the French capital. The company aims to focus on investments in AI, cybersecurity and quantum computing, targeting a few French startups or French funds in the beginning, with the intention for its strategy to cover all of Europe.

The rationale: Europe has been slow to ease permits and regulations to compete with the US and China’s rapid rise in the world of AI, but French AI startups — such as Mistral — still managed to make a splash. That alongside the continent’s talent pool, and government pledges to invest in AI, directed Aramco Ventures to France, Aladel said.

#3- Crown Prince Mohammed bin Salman reportedly turned down a US proposal to join the Abraham Accords during a closed-door meeting with President Donald Trump, Axios reports, citing an unnamed source it says is familiar with the matter.

Painting a picture: The discussion allegedly became tense as Trump pressed for progress after the Gaza war, but the Crown Prince pushed back, saying the Kingdom cannot move toward normalization while public opinion remains strongly opposed.

  • Saudi’s stance: Any step toward formal ties with Israel must be tied to a credible, irreversible, and time-bound plan for a Palestinian state, the Crown Prince told Trump, reiterating Riyadh’s long-known public take on the matter.

Could the issue cast a shadow over US-Saudi defense ties? Although Trump said Saudi Arabia would receive the same F-35 model used by Israel, US and Israeli officials reportedly told Axios that Secretary of State Rubio later assured Israeli Prime Minister Netanyahu that Riyadh would get a downgraded version to preserve Israel’s qualitative military edge.

#4- King Salman Airport’s 70-year masterplan envisions six runways capable of handling 225 mn passengers, acting CEO Marco Mejia told Asharq Business (watch, runtime: 3:35). By 2030, the facility is expected to serve 100 mn passengers.

The timeline: Preliminary runway site preparation is underway, with main construction works starting at the end of 2025 and continuing through 2027, Mejia said. The new runways will be Category III, allowing landings in zero visibility from day one. Terminal 6 foundations will begin in 2Q 2026, with the superstructure starting at the end of 2026, and full completion and operations expected by the end of 2029.

The airport is also developing its private aviation sector, with an apron under construction to accommodate more hangars and general aviation. Six VVIP villas, designed for premium passenger and family experiences, are scheduled to open in 2027.

#5- Saudi Cable lines up local sukuk sale: Saudi Cable Company plans to issue SAR 300 mn in SAR-denominated sukuk as part of its ongoing financial and strategic restructuring, it said in a bourse disclosure. The non-convertible sukuk will be structured under Murabaha-Mudaraba arrangements and is intended to help the company refinance existing obligations while supporting operational stability and future growth. The issuance is still subject to regulatory approvals.

CABINET WATCH- The Cabinet signed off on a collection of regulatory reforms on Tuesday, including the Sports Law, the Financial Control Law, the National Privatization Strategy, and amendments to the Real Estate Registration System, state news agency SPA reports.

DATA POINTS-

#1- Consumer spending via point-of-sale (PoS) transactions in the Kingdom declined 4.4% w-o-w in the week ending 22 November, reaching SAR 12.5 bn, according to the Saudi Central Bank’s latest weekly report (pdf). The number of transactions also went down by 5.4% w-o-w to 220.1 mn.

The details: Food and beverages accounted for the largest share of spending during the week, despite dipping 8.6% w-o-w to just under SAR 1.8 bn, followed by restaurants and cafes, which fell 3.8% w-o-w to SAR 1.6 bn. Spending on apparel, clothing, and accessories dropped 4% w-o-w to SAR 1.1 bn. Education spending saw the biggest decline as it fell 17.6% w-o-w to SAR 104.5 mn

Few activities saw an increase, including hotels, which soared 19.8% w-o-w to just under SAR 382 mn, and auto & equipment rentals, which jumped 10.8% w-o-w to SAR 78.2 mn. Personal care also rose 4.8% w-o-w to hit SAR 126.3 mn, while books and stationery increased 4.5% w-o-w to SAR 112.4 mn, and jewelry spending inched up 3.2% w-o-w to SAR 335.8 mn.

Riyadh recorded the highest value of PoS transactions at SAR 4.5 bn, followed by Jeddah at SAR 1.7 bn.

#2- Saudi households consumed 161.2k GWh of electricity in 2024, data (pdf) from the General Authority for Statistics (Gastat) showed. The Riyadh Region had the highest consumption at 45.2k GWh, followed by the Makkah Region at 41.3k GWh. The lowest consumption was in the Al Baha Region at 1.4k GWh and the Northern Borders at 1.7k GWh.

Cooking fuel usage: Gas remains the primary cooking fuel for 86.4% of households, while 13.4% use electricity. Most rely on gas cylinders (97%) over tanks (2.7%), with iron cylinders used by 93.9% of households and fiber cylinders by 5.6%.

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***

THE BIG STORY ABROAD-

Two tragedies are dominating front pages this morning, a residential mega-fire in Hong Kong and a shooting near the White House.

Hong Kong’s worst residential fire in decades killed 44 and left hundreds more missing. Efforts are ongoing to stop the blaze, and the police arrested three people from a construction company that was carrying out maintenance work on the building. (Reuters | CNN | Financial Times)

MEANWHILE- Washington, DC is on high alert, after a gunman shot and critically wounded two National Guard members, a few blocks from the White House. The shooting — a day before Thanksgiving — sent shockwaves through the US, with more National Guard units deployed to the capital. The suspect is said to be an Afghan man who came into the country fleeing Taliban rule in 2021. (NYTimes | Washington Post)

ALSO WORTH READING-

  • Apple’s iPhone shipments could beat Samsung this year for the first time in 14 years. (CNBC)
  • Army officers announced a coup in Guinea-Bissau, a day before presidential election results were due out. (Reuters)

CORRECTION- We incorrectly reported advisors for EFSIM’s IPO in yesterday’s issue. The story has since been amended.

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2

M&A WATCH

PIF raises SAR 950 mn in Masar share sale

PIF wraps Masar follow-on offering: The Public Investment Fund (PIF) floated an additional 3.3% stake in Umm Al Qura for Development and Construction Company (Masar) through an accelerated bookbuild on Tadawul, raising more than SAR 950 mn (USD 253 mn), according to a press release. The 48 mn shares on offer were priced at SAR 19.80 apiece, a 9.9% discount to the property developer’s last close, according to our calculations.

Who bought in: Both local and international institutional investors participated in the offering, which PIF said was oversubscribed, though the exact coverage rate was not disclosed. The PIF’s stake in Masar will drop to 16.3%, subject to a 90-day lockup.

A still-hot stock: The latest offer price represents a 32% premium to Masar’s final IPO price ofSAR 15. The stock has climbed 47% YTD on investor interest in the kingdom’s push to expand religious tourism, making it one of Tadawul’s strongest performers this year amid an otherwise muted market. The company is currently developing a USD 27 bn project in Mecca.

ICYMI- Masar took a 9.1% stake to market in a SAR 2 bn primary IPO eight months ago, a sale that drew 241x institutional and 20x retail demand, while the PIF kept its interest intact at the time.

The rationale? PIF said the sale props up Masar’s free-float and broadens its institutional investor base. We think it also nudges the company closer to meeting the liquidity and ownership criteria used by global index providers — think MSCI inclusion.

IN CONTEXT- This is the sovereign fund’s first sell-down in over a year, following its roughly USD 1 bn disposal in STC. The sale also lands in a mixed market for Saudi equities. While the Kingdom was the busiest IPO market in MENA this year raising nearly USD 4 bn, only two of the ten largest listings traded above offer levels, according to Bloomberg data. TASI also lagged EM peers as weaker oil prices weighed on sentiment and raised questions over government spending.

A broader playbook: The fund has traditionally used secondary selldowns to deepen market liquidity and recycle capital into domestic projects, but planned flotations slowed as market conditions softened, including the potential IPO of Saudi Global Ports, Bloomberg reports.

ADVISORS- Our friends at EFG Hermes quarterbacked the block trade alongside SNB Capital and Citigroup, according to Bloomberg.

The story was also picked up by Bloomberg and Reuters.

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3

ECONOMY

Riyad Capital upgrades 2026 GDP growth to 4.4%

Riyad Capital upgraded its forecast for the Kingdom’s GDP growth in 2026 to 4.4%, marking a 0.2 percentage point increase from its earlier forecast, according to the Saudi Economic Chartbook report for 4Q 2025 (pdf). The investment bank kept its outlook for 2025 unchanged at 4.3%.

More optimistic than most: BMI sees Saudi’s GDP growing 3.8% in 2025 before accelerating to 4.1% in 2026. The IMF upgraded its growth forecast to 4% in 2025 and 2026, while the World Bank has a more dispersed forecast of 2.8% for 2025 and 4.5% in 2026.

Unpacking the drivers: Riyad Capital maintained its non-oil sector expansion rate projection of 4.6% this year, slowing down to 4.3% in 2026. This would mark the sector’s sixth consecutive year of growth above 4%. Oil sector growth was also maintained at 5.3% in 2025, while the forecast for 2026 was upgraded by one percentage point to 6.4%.

Oil production increases expected to halt: Amid an anticipated oil oversupply production for the next year, Opec+ decided to limit oil production hikes during 1Q of 2026 through 2Q. The sector has expanded significantly in 2025, following the accelerated reversal of the 2023 production limit decision, leading to an increase of some 1 mn bbl / d.

Fiscal deficit to widen: Riyad Capital now anticipates that fiscal spending for this year will fall by about 3% instead of its previous forecast of 4%. The upgraded projection will result in a fiscal deficit of 5.2% of GDP, up from 4.3% in the previous forecast. The shortfall will then narrow to 3.5% next year, down from 3.4% in the precious forecast.

  • A policy of fiscal consolidation is widely in the cards, after a period of rapid fiscal expansion saw expenditure rise by a cumulative 32% between 2021 and 2024.

Current account shortfall is expected to widen from 0.5% of GDP in 2024 to 3.5% of GDP this year — a 0.2 percentage point improvement from the bank’s previous forecast — primarily due to “lower oil exports and continued strong import growth.” However, the deficit is expected to gradually narrow to 2.9% in 2026, marking a 0.4 percentage point improvement from its previous estimate, largely underpinned by a rebound in oil exports and greater improvement in travel and tourism revenues.

ICYMI- The country’s non-oil merchandise exports inched down 0.4% to over SAR 57 bn in 3Q 2025. Total non-oil merchandise exports — including re-exports — increased 19.4% y-o-y in the same period, as re-exports inched up 69.6% to hit SAR 38.5 bn.

Inflation is expected to remain restrained, with an annual average of 2.1% this year, before easing to 1.9% in 2026, amid rental inflation declines. This represents a downward shift from previous forecasts, when the firm expected inflation to record 2.3% in 2025, before cooling to 2.2% next year. Annual inflation held steady at 2.2% y-o-y in October, marking a contained inflation environment averaging 2-2.5%.

ALSO- Riyad Capital expects the Saudi Central Bank to cut interest rates by 75 bps in total until the end of 2026, following in the footsteps of the US Federal Reserve.

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4

LOGISTICS

Modon signs SAR 8.8 bn in industrial, logistics agreements at Unido

Modon lands multi-bn MoUs at Unido: The Saudi Authority for Industrial Cities and Technology Zones (Modon) inked SAR 8.8 bn (USD 2.3 bn) worth of agreements with Chinese firms to develop industrial and logistics projects across over 3.3 mn sqm of space, according to a statement. The contracts were inked during the United Nations Industrial Development Organization’s (Unido) General Conference in Riyadh.

The agreements include:

Modon is showing no sign of slowing down: Modon attracted over SAR 24 bn in new investments in 2024 — up 38% y-o-y — including SAR 18 bn in local and SAR 6 bn in foreign investments. The 2024 figures brought investments across Modon’s portfolio of industrial cities to SAR 440 bn.

  • Modon now boasts 40 industrial cities, with more than 240 mn sqm of developed areas, featuring over 9k industrial, logistical, and investment facilities.
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5

M&A WATCH

Ades wraps up Shelf Drilling acquisition

Ades now owns all of Shelf Drilling: Ades International Holding, a subsidiary of Tadawul-listed Ades Holding, along with its Cayman-based arm BidCo, completed the takeover of Dubai-based and Oslo-listed Shelf Drilling, according to a press release (pdf). This finalizes the cashmerger transaction offered by Ades in September when it raised its bid to NOK 18.50 per share, up from NOK 14.

What’s next? Ades already kicked off its post-merger consolidation process, setting full integration in motion, which will see Shelf Drilling delisted from Oslo to become a wholly-owned private subsidiary of Ades.

REFRESHER- Ades’s revised bid valued Shelf at around USD 1.7 bn, up from USD 1.6 bn under the initial terms. The company already held 17.9% of Shelf ahead of the offer. Annual cost synergies were estimated at USD 50-60 mn, up from an earlier USD 40-50 mn range, with Ades saying it would tap its existing credit lines to fund the acquisition.

The acquisition folds Shelf’s fleet into Ades’s platform, creating a combined group with 123 rigs, 83 offshore units, and 40 onshore rigs and expanding Ades’s footprint to 19 countries. The combined platform, which now carries a contracted backlog of more than SAR 34 bn, will also operate with a wider commercial footprint and greater room to shift rigs between markets.

A debt cleanup is also underway: Ades said it will move ahead with plans to refinance Shelf Drilling’s outstanding USD notes due 2029 and Nordic bonds due 2028 instead before year-end, a step it expects will save more than USD 30 mn in annual interest payments once the legacy debt is replaced.

ADVISORS- SpareBank 1 Markets is quarterbacking the transaction as Ades’s sole financial advisor, with Schjødt and Maples Group providing counsel. Meanwhile, Evercore is advising Shelf Drilling, with Advokatfirmaet Thommessen, Conyers, and Latham & Watkins providing counsel.

About Shelf Drilling: Founded in 2012, Shelf Drilling operates across the Middle East, Southeast Asia, India, West Africa, the Mediterranean, and the North Sea. The company returned to profitability in 2024, posting USD 52.6 mn in net income after two years of losses, with revenues rising 8.5% y-o-y to USD 985.2 mn.

Market Reax: Ades’ share prices rose 1.6% to SAR 16.51 on market close.

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6

STARTUP WATCH

Geothermal tech Strataphyn bags USD 6 mn in seed funding

Khobar-based geothermal tech company Strataphyn secured USD 6 mn in seed funding, according to a press release (pdf). The round was led by Outliers VC and joined by Shorooq, with participation from PlusVC (+VC).

Where will the money go: The company will channel the new funding into advancing its technology, expanding its end-to-end service stack, and scaling its engineering and operations teams to support upcoming deployments across gigaprojects, industrial sites, and hyperscale data centers in the MENA region.

About Strataphyn: Founded by Ammar Alali (LinkedIn) and Ahmed Alhani (LinkedIn), Strataphy is a deep-tech company developing subsurface-powered cooling for large-scale infrastructure. The company designs and operates proprietary geothermal cooling systems that lower energy consumption and costs for data centers, giga-projects, and cities. Its Cooling-as-a-Service model enables clients to use the technology without upfront capital investment.

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7

ALSO ON OUR RADAR

Dar Global awards main contract for Trump Tower Jeddah to ACC

REAL ESTATE-

Dar Global awarded the main construction contract for Trump Tower Jeddah to Arabian Construction Company (ACC) after completing the enabling and foundation works, according to a press release.

About the tower: The SAR 2 bn (USD 531 mn) project — unveiled last December — will feature a 47-floor, 350-unit tower, scheduled for completion by December 2029. The project’s preliminary enabling works have already been underway by Jeddah-based Specialized Italian Foundation since February. The development will also include the Kingdom’s first Trump Club, a members-only social hub.

M&A WATCH-

Miahona shareholder sells 10% stake in private trades: Miahona said that major shareholder Vision International Investment Company sold 16.1 mn shares (equivalent to 10% of Miahona’s share capital) to multiple investors through private negotiated trades on Tadawul on Tuesday, according to a pressrelease(pdf). Vision Invest now retains a 60% stake in the company after the sale.

REAL ESTATE-

Real estate company Ajdan signed an MoU with the Syrian Investment Authority to develop a tourism project in Damascus, the authority said in a statement. The agreement includes conducting a feasibility study for a multi-use project covering nearly 800k sqm. The move follows discussions between Syrian officials and Ajdan’s delegation on potential investments in the tourism and housing sectors, particularly involving the Ebla Hotel and the Conference Palace.

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8

PLANET FINANCE

JPMorgan sees oil prices dipping as low as USD 30 per barrel in 2027

Oil prices could crash over the coming couple of years: Global oil markets are entering a phase of oversupply, particularly as production from non‑OPEC producers continues to rise, while demand growth remains sluggish, JPMorgan analyst Natasha Kaneva wrote. Brent crude could average USD 57 per barrel in 2027 and West Texas Intermediate (WTI) could average USD 53. If oversupply persists, prices face further downside risk.

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

Non‑OPEC+ producers, led by the US, Brazil, Canada, and Guyana, are expected to drive robust growth that outpaces demand, according to outlooks from the International Energy Agency and the Energy Information Administration. Global consumption remains sluggish due to increased efficiency, the rise of EVs, and weaker macroeconomic conditions.

If a more bearish scenario plays out, oil could fall into the USD 30s by 2027, Kaneva wrote.

Things are likely to play out somewhere in the middle: “The magnitude suggested by market imbalances is unlikely to fully materialize in practice. Adjustments are expected on both the supply and demand sides; however, the greatest burden of rebalancing will almost certainly fall on supply,” she wrote.

IN CONTEXT- Brent crude sat at around USD 63.13 per barrel yesterday, rising 1% from one-month lows following Russia-Ukraine peace talks.

For major producers like Saudi Arabia, higher oil prices are critical to fiscal stability and economic planning as a 1 mn bbl / d increase in output could improve the Kingdom’s fiscal and current-account balances by about 2.3% to 2.7% GDP, Bloomberg noted. Saudi Arabia’s fiscal break‑even oil price is estimated at USD 94 a barrel, rising to USD 111 once domestic spending by the Public Investment Fund is accounted for.

For the UAE, higher oil output will drive a growth in the sector to 5.8% next year, up from 4.9% this year, according to Fitch Solutions’ research unit BMI. “Against this backdrop, narrower net exports deficit and stronger fixed investment will be the main drivers of the growth acceleration in 2026,” BMI wrote. The looming oil glut, however, could drag prices down, forcing OPEC+ to halt output increases while weaker global growth could curb non‑oil activity.

Lower prices could be good for Egypt: Lower global oil prices will benefit Egypt’s external balances given its position as a net importer in recent months, EFG Hermes’ Head of Research Ahmed Shams El Din told us earlier this year.

MARKETS THIS MORNING-

Asian markets are up in early trading this morning driven by growing expectations of rate cuts in the US. Japan’s Nikkei is up 1.3% and the Kospi is up 1.2%, while the Shanghai Composite and Hang Seng are looking at more modest gains.

TASI

10,635

-0.5% (YTD: -11.6%)

MSCI Tadawul 30

1,394

-0.3% (YTD: -7.7%)

NomuC

23,899

-0.6% (YTD: -24.1%)

USD : SAR (SAMA)

USD 3.75 Sell

USD 3.75 Buy

Interest rates

4.5% repo

4.0% reverse repo

EGX30

39,537

-0.9% (YTD: +32.9%)

ADX

9,736

-0.3% (YTD: +3.4%)

DFM

5,809

-0.3% (YTD: +12.5%)

S&P 500

6,813

+0.7% (YTD: +15.8%)

FTSE 100

9,692

+0.9% (YTD: +18.6%)

Euro Stoxx 50

5,656

+1.5% (YTD: +15.5%)

Brent crude

USD 63.13

+1.0%

Natural gas (Nymex)

USD 4.61

+1.2%

Gold

USD 4,184

-0.4%

BTC

USD 90,553

+3.6% (YTD: -3.4%)

Sukuk/bond market index

919.77

+0.1% (YTD: +2.0%)

S&P MENA Bond & Sukuk

152.38

+0.1% (YTD: +8.9%)

VIX (Volatility Index)

17.19

-7.4% (YTD: -0.9%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.5% yesterday on turnover of SAR 5.5 bn. The index is down 11.6% YTD.

In the green: Naqi (+4.7%), Saudi Cable (+4.3%) and Rasan (+3.8%).

In the red: Masar (-9.1%), Abo Moati (-4.1%) and Naseej (-3.7%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.6% yesterday on turnover of SAR 13.6 mn. The index is down 24.1% YTD.

In the green: Leen Alkhair (+12.2%), Altwijri (+5.5%) and Neft Alsharq (+4.5%).

In the red: Leaf (-7.9%), Alshehili Metal (-7.8%) and Multi Business (-7.3%).

CORPORATE ACTIONS-

Sahara International Petrochemical Company (Sipchem) will distribute a SAR 362.6 mn dividend payout for 2H 2025 at SAR 0.5 apiece, it said in a disclosure to Tadawul. The distribution date is set for Monday, 15 December.

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9

My morning routine

My Morning Routine: Baraa Koshak, founder and CEO of Abwab.ai

Baraa Koshak, Founder and CEO of Abwab.ai: 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 the founder and CEO of Abwab.ai Baraa Koshak (LinkedIn). Edited excerpts from our conversation:

I am Baraa Koshak. I come from a technical background, with a degree in electrical engineering and computer science from Boston University. I launched my first startup in 2016, which focused on music education. I was trying to learn how to play the lute; it was a mission impossible. So, I built an audio signal processing algorithm that listens to you, analyzes the sound, gives you performance feedback, and gamifies the whole process.

I worked for McKinsey to get some commercial experience before I continued building. I soon left the job because I am a builder: I like to create something meaningful and impactful with my own hands.

I got to know Essam Alnahdi, and we decided to build Hala, where I was part of the founding team and the chief product officer. We took it from a company with no license and no product to one having 500k individual customers and over 80k business accounts. I kept learning from the get-go, as there were a lot of mistakes. At the time, there was almost no product talent in the region, so I had to build that knowledge, base, and capability from the ground up.

I was headhunted by London-based digital bank Revolut. There, I gained extensive experience in building products at a global scale. I also learned how to utilize data for behavioral insights and credit analysis, which gave me food for thought about what’s next.

At this point I wondered: Why not build something significant and impactful starting in my home, Saudi Arabia, and the region? I moved back to Riyadh and started Abwab.ai three years ago. We offer the infrastructure and technology that automates the whole process of SME funding — from collecting documents to doing the due diligence, which takes up to 6-8 weeks. The platform reduced the cost by 70% and the processing time by 90%.

I don’t have a consistent routine. I’m known among my friends to be “addicted to novelty,” and I think that's true. Being a founder suits me well, because every six months, my role changes. I wake up two hours before going to the office, then I work out. If you work out, you connect to your body, which means less noise, more movement, and more clarity. If I'm physically strained, I do some breathing or journaling, just to get my mind straight. After that, I start the working day.

Unwinding from work lies in having healthy boundaries, and life-work balance actually pays off quite well. If your nervous system is regulated and you're feeling confident and safe, you'll make much better decisions. Also, not giving things more than they matter is key.

I’m a very curious person, reading quenches my thirst. I recommend two essential books to read if it is your first time building a company: Zero to One, and Running Agile. Meanwhile, The Mom Test book tells you how to get insights from customers and helps with the journey of discovering clients.

My advice is always to have a forward-looking mindset, and nothing will be able to stop you. It's not about dismissing challenges, but rather giving them the space, acknowledging them, and then moving on. My motto in life is “be curious, and have fun.”

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CALENDAR

NOVEMBER

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

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

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

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

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

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

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

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

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

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

DECEMBER

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

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

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

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

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

7 December (Sunday): Beginning of real estate registration for 253.2k properties in 499 neighborhoods across Riyadh, Qassim, Makkah, and Hail.

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

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

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

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

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

11 December (Thursday): Public school holiday.

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

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

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

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

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

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

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

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

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

2026

JANUARY

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

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

10-18 January (Saturday-Sunday): Public school mid-year break.

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

15 January (Thursday): Title deed registration deadline for 31.7k properties in 14 neighborhoods in the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 157.3k properties in 78 neighborhoods across the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province.

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

26-27 January (Monday-Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

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

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

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

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

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

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

FEBRUARY

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

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

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

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

5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh International Convention and Exhibition Center, Riyadh.

9-10 February (Monday-Tuesday): Global Games Show Riyadh 2026, Malf Hall, Riyadh.

9-14 February (Monday-Saturday): Asian Racing Conference, Crowne Plaza Riyadh RDC Hotel & Convention Centre, Riyadh.

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

11-14 (Wednesday-Saturday): JeddaDerm, Jeddah.

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

15-17 February (Sunday-Tuesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front & Exhibition Center.

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

MARCH

12 March (Thursday): Deadline for real estate registration for 253.2k properties in 499 neighborhoods across Riyadh, Qassim, Makkah, and Hail.

21 March (Saturday): Fanatics Flag Football Classic, Kingdom Arena, Riyadh.

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

APRIL

6 April (Monday): Procurement and Supply Chain Futures Forum, Al Faisaliah Hotel, Riyadh.

6-7 April (Monday-Tuesday): Real Estate Supply Chain Forum, Al Faisaliah Hotel, Riyadh.

12-15 April (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

20-22 April (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Al Faisaliah Hotel, Riyadh.

20-22 April (Monday-Wednesday): Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center.

21 April (Tuesday): GC Summit Saudi Arabia 2026, Saudi Arabia.

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

MAY

3-5 May (Sunday-Tuesday): Sports Investment Forum (SIF), Riyadh.

3-9 May (Sunday-Sunday): The Global Sustainability Expo, The Arena Riyadh Venue.

JUNE

21-24 June (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh Front Expo.

SEPTEMBER

15-17 September (Tuesday-Thursday) The Global AI Summit, King Abdulaziz International Convention Center, Riyadh.

OCTOBER

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

Signposted to happen sometime in 2026:

  • November: UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.
  • November: The Esports Nations Cup, Riyadh.
  • The Intervision international music competition will take place in Saudi Arabia.
  • 6 July-23 August (Monday-Sunday): Esports World Cup, Riyadh.

Signposted to happen sometime in 2027:

  • The World Water Forum takes place in Riyadh.
  • The Ocean Race finishes in Amaala on the Red Sea.
  • Riyadh-Kudmi transmission line to be completed.

Signposted to happen sometime in 2Q 2027:

  • The Hail Region Water Networks Project is expected to be completed.
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