PIF’s Surj to launch new ATP tennis tournament

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Riyadh gears up for star-studded FII9

Good morning, wonderful people. All eyes are on Riyadh as it gears up for hosting FII9, set to kick off its four-day run tomorrow under King Abdul Aziz Conference Center’s golden domes. The gathering in Riyadh has been a platform to showcase the Kingdom’s diversification plans and attract foreign investments from big players all over the world.

The list of expected speakers and attendees goes into the hundreds. More than 20 state leaders are expected to attend, including Syrian President Ahmed Al Sharaa, Pakistan’s Shehbaz Sharif, Colombia’s Gustavo Petro, as well as China’s Vice President Han Zheng. There will be no shortage of finance heavyweights as well — from BlackRock’s CEO Larry Fink to JPMorgan’s Jamie Dimon, Citi’s Jane Fraser, and HSBC’s Georges Elhedery. Representatives of energy and tech giants are to include Intel’s Lip-Bu Tan and OpenAI’s CFO Sarah Friar, among many others.

Things may be different at the conference’s ninth year. The Kingdom is reportedly shifting the focus of the summit from big construction projects to high-ticket investments in AI, gaming, and high-tech manufacturing, unnamed sources told Bloomberg. Tareq Amin, CEO of PIF’s AI champion Humain and one of the featured speakers, has already teased major announcements from the company at FII9, coming weeks after a PIF-led consortium sealed a whopping USD 55 bn take-private agreement for US-based gaming giant Electronic Arts.

The shift seems to make sense, as some elements of gigaprojects — including Neom’s ski resort Trojena — are facing delays amid budget pressures and lower oil prices. Neom as a whole is facing some serious revisions against the Kingdom’s other projects and priorities, the sources added, and the numbers are telling the same story: less than 1% of gigaproject awards this year have gone into Neom, compared to over half in 2024, according to MEED Projects data cited by Bloomberg.

Saudi is not shying away from the possibility of rethinking its diversification trajectory. Finance Minister Mohammed Al Jadaan said earlier this month that the kingdom “will not have any hesitation of actually changing” any strategy or project that does not prove useful to its goals.

DATA POINT- The Kingdom is targeting USD 100 bn in annual FDI by 2030. Summits like FII and high-profile visits such as President Trump’s visit back in May bring us closer, but reaching this figure seems increasingly unlikely.

HAPPENING TODAY-

The Global Proptech Summit 2025 kicks off today in Mandarin Oriental Al Faisaliah, Riyadh. The two-day event explores the intersection between technology and the real estate sector, featuring over 100 speakers from 85 countries, with participation from global real estate companies, proptech firms, and investment platforms. The event includes a dedicated exhibition showcasing the latest innovations in property technology.

WEATHER– Winds are still whipping up dust and sand across parts of Makkah, Madinah, and Hail, keeping skies hazy. Thunder clouds might gather on parts of Jazan and Asir highlands.

Riyadh: 33°C high / 22°C low,
Jeddah: 33°C high / 26°C low
Makkah: 37°C high / 28°C low
Dammam: 34°C high / 23°C low.

PSAs-

Real estate registration opens for properties in Riyadh, Eastern Province, and Qassim: Title deed registration for 18.6k properties in 32 neighborhoods in Riyadh, 13.4k properties in 11 neighborhoods in the Eastern Province, and 15.2k properties in 28 neighborhoods in Qassim kicks off on 9 November and runs until 12 February, state news agency SPA reported. Owners can register through the Real Estate Registry platform or at service centers.

WATCH THIS SPACE-

#1- Saudi Venture Capital (SVC) plans to grow its investment portfolio to USD 3 bn by 2030, CEO Nabeel Koshak told Al Arabiya last Wednesday on the sidelines of the Private Capital Forum in Riyadh. Over 13 portfolio companies are preparing for IPOs on the Saudi market, Koshak added.

The focus of investments is now shifting toward health tech, education, and deep technologies such as AI. Koshak attributed this evolution — especially in FinTech — to regulatory sandboxes introduced by the Capital Market Authority and the central bank.

ALSO- Three e-commerce companies in Nuwa Capital’s portfolio plan to list on Tadawul within 18–24 months, Managing Partner Khaled Talhouni told Al Arabiya during the forum. The firm manages venture funds focused on early-stage startups with potential for later-stage rounds and has invested around USD 250 mn in Saudi Arabia — its primary market — with additional exposure across the Gulf. Its investments target high-growth sectors including FinTech, e-commerce, and healthcare.

The market outlook: Despite abundant prospects, capital remains scarce, Talhouni said, though rising allocations from sovereign wealth funds like PIF could lift annual VC investments from USD 2-3 bn to USD 7-8 bn in the near future.

#2- US-based real estate developer Hines plans to expand into Saudi Arabia next year, establishing a Riyadh office as part of its Middle East growth strategy, the company told Bloomberg in a statement. The Houston-based firm, which manages USD 92 bn in assets, is hiring locally and relocating executives to the Kingdom.

The game plan: Hines will target industrial, office, and mixed-use projects, capitalizing on government measures aimed at cooling property prices, increasing supply, and creating more room for investments. The expansion follows the company’s 2020 Dubai entry and will be led regionally by its global head of real estate Steve Luthman, with CIO David Steinbach overseeing investments.

#3- The National Bank of Egypt (NBE) is mulling expanding its footprint in the Kingdom with more branches to better serve its Saudi and Egyptian expatriate customers, CEO Mohamed Eletreby told Asharq Business (watch, runtime: 01:08). The bank’s board is in talks to decide on launching a digital bank and whether it will be part of the bank or an independent venture, Eletreby said, noting that NBE has already been providing digital services for about six years.

REFRESHER- The bank inaugurated its first branch in Riyadh earlier this month after obtaining the Saudi Central Bank’s approval to operate in the kingdom, focusing on corporate banking and trade finance services for companies operating in Saudi Arabia.

#4- Bankers are eyeing the Gulf as the next testing ground for private equity-backed listings, marking a shift that could reshape how buyout firms exit their regional investments, Bloomberg reports. Barclays and Emirates NBD Capital say early discussions are already underway with private equity owners exploring exits through the UAE and Saudi markets, as IPO markets deepen beyond state-linked and family-run firms into sectors such as healthcare, retail and services, though limited liquidity and valuation discipline still pose a threat.

What the pundits are saying: “There are now more discussions happening with a broader range of owners who see the region, especially the United Arab Emirates, as a viable listing destination […]. While the number of private equity-owned businesses here is still smaller than in more mature markets, activity has clearly increased,” said Nikita Turkin, head of Central and Eastern Europe, Middle East and Africa equity capital markets at Barclays.

Yes, but: One anticipated IPO was recently delayed, underscoring challenges for PE investors. Dubizzle’s IPO was meant to allow Bain Capital and Kingsway Capital to offload their stakes, but was delayed earlier this week. IPOs here also usually offer smaller 20-30% stakes, which compared to private equity firms’ controlling stakes of 50-57% limit how much they’ll be able to lock in from the exit, Emirates NBD Capital’s Hitesh Asarpota — who is less convinced a major wave of PE-backed IPOs is likely in the next 12-18 months — said. As a result, many funds are assessing alternative exit routes — such as accelerated book-builds — to unlock liquidity and reduce exposure.

#5- King Salman appointed Sheikh Saleh bin Fawzan Al Fawzan as the Grand Mufti of the Kingdom, succeeding Sheikh Abdulaziz bin Abdullah Al Al Sheikh, who had held the post since 1999 until his passing last month, state news agency SPA reported on Thursday. Sheikh Al Fawzan was also named as chairman of the Council of Senior Scholars and president of the General Presidency of Scholarly Research and Ifta, with the rank of minister.

SPORTS-

Liv Golf 2026 new signees will face new responsibilities other than the league’s 14 annual events, fan media outlet Flushing It reported on X last week. Starting next year, new players will reportedly be required to participate in at least two International Series tournaments on the Asian Tour, in a move that aims to boost the partnership between the two entities.

What’s in it for players? The International Series offers a pathway for promotion to Liv Golf, and paves the way for Liv players to earn Official World Golf Ranking points, Reuters reported. Not less than six roster spots remain vacant for Liv Golf 2026 season, which Riyadh will host from 5 to 7 February.

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THE BIG STORY ABROAD-

Trump announces higher tariffs on Canadians goods: US President Donald Trump announced a 10% increase in tariffs on Canada — imports from the country are currently subject to a baseline 35% tariff — in response to a television ad sponsored by Canada’s Ontario province, featuring former Republican US president Ronald Reagan criticizing tariffs as harmful to the economy. “Their Advertisement was to be taken down, IMMEDIATELY, but they let it run last night during the World Series, knowing that it was a FRAUD,” Trump said in a post on Truth Social. A day earlier, the US president had ended all trade negotiations with Canada because of the ad, which he referred to as “fraud” and “hostile”.(Reuters | AP | WSJ | NYT | Bloomberg | The Guardian)

ALSO IN THE US- Former US Vice President Kamala Harris may run for president once again, telling the BBC that a woman will likely become president in the coming years — “possibly” her. She added that she hadn’t decided yet whether to run for the 2028 presidential elections, but told the Associated Press a week earlier that running again in 2028 is “still on the table.”

CIRCLE YOUR CALENDAR-

The BibanForum will take place between 5-8 November at the Riyadh Front Exhibition and Conference Center. The four-day event, organized by Monsha’at, is expected to attract visitors from 150 countries, featuring discussion panels with 200 speakers, interactive workshops, and up to 1k exhibitions of breakthrough innovations targeting startups and SMEs.

PIF’s Surj to launch new ATP Masters 1000 tennis tournament in Saudi

The Kingdom will host its first-ever ATP Masters 1000 as early as 2028, PIF’s Surj Sports Investment said in a statement on Thursday. After talks initiated in May, Saudi Arabia will become the tenth host for the 35-year-old tennis tournament, joining existing locations such as Indian Wells, Miami, Monte Carlo, Madrid, Rome, Toronto/Montreal, Cincinnati, Shanghai, and Paris.

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What we know: The event is set to be a one-week, non-mandatory tournament featuring a 56-player draw on outdoor hard courts, Reuters reports. Meanwhile, Surj and the ATP are planning to develop “a world-class stadium” expected to be announced within months, Surj Sports CEO Danny Townsend told the newswire, adding that Riyadh is “likely to be the place.”

Timeline expectations: The tournament might be scheduled for the early months of 2028, in the window after the Australian Open and before the Sunshine Double events in March, avoiding the intense Saudi summer. “There is a goal to try to align with the WTA’s events in February,” ATP Chairman Andrea Gaudenzi told Bloomberg, adding that the calendar could be reset to accommodate the Saudi-held event. The ATP will announce the date by the end of 2027.

In pursuit of investors: “We’re working with gigaprojects operators to determine who can invest alongside us in infrastructure,” Townsend told Reuters. Meanwhile, ATP will use the partnership’s funds to optimize the calendar and increase the Masters bonus pool to boost top-player participation.

PIF + ATP go way back: In February 2024, the PIF forged a multi-year strategic partnership with ATP Tour to be the official naming partner of ATP rankings and partner in ATP Tour events, including Indian Wells, Miami, Madrid, Beijing, and Italy’s Nitto ATP Finals. It also includes the Next Gen ATP Finals, which Jeddah will host until 2027.

ICYMI- The Kingdom is doubling down on its investments in the sport, as Riyadh is set to host the Women Tennis Association’s (WTA) Finals from 1 to 8 November with prizes totaling USD 15.5 mn at King Saud University Indoor Arena. This follows becoming the WTA’s first-ever naming partner of the WTA Rankings under a multi-year partnership in May 2024, just weeks after Riyadh was named host of the WTA tennis finals during 2024-2026 in April.

The story also got ink in the Associated Press.

Sisco-backed GDI to fully acquire Transcorp International for SAR 229.8 mn

GDI to be the sole owner of Transcorp: Dubai-based Green Dome Investments (GDI) — in which Sisco Holding owns a 31.7% equity stake — will take full ownership of Transcorp International, a cold-chain logistics operator active in the Kingdom, the UAE, and Qatar, after signing a SAR 229.8 mn sale and purchase agreement, Sisco said in a Tadawul disclosure (pdf) on Thursday. The transaction — expected to close by year-end — will be financed through GDI’s equity contributions, giving Sisco an effective SAR 76.6 mn stake.

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The transaction also marks the exit of Crescent Enterprises’ CE-Ventures, which had invested in Transcorp in 2018, it said on LinkedIn on Friday.

REMEMBER- Sisco Holding originally acquired its stake in GDI in March 2022 from its subsidiary the Saudi Trade & Export Development Company (LogiPoint) for SAR 44.5 mn.

What’s next? Transcorp will merge its UAE and Qatar operations into GDI’s logistics arm Elite Co., expanding its presence in Saudi Arabia as the Kingdom’s logistics sector gears up for expansion under Vision 2030, according to a press release published on Thursday. Elite Co. and Transcorp will operate across five GCC markets, managing 1.5k vehicles, 27 warehouses, and serving 800 clients.

The acquisition is GDI’s fourth since 2017, bringing its total deployed capital to more than USD 120 mn. Backed by Sisco Holding, GDI plans further acquisitions in 2026 as it works toward building a fully integrated regional logistics platform covering express, e-commerce, and cold-chain services.

ADVISORS- Transcorp tapped PwC as its financial advisor and Addleshaw Goddard for counsel. Meanwhile, Elite Co. appointed FTI to serve as its financial advisor and Support Legal to provide counsel.

IN OTHER M&A NEWS-

#1- The Saudi Electricity Company (SEC) acquired a 30% stake in the National AdditiveManufacturing and Innovation Company (Nami), a 3D printing firm, for an undisclosed amount, it said on LinkedIn on Thursday. SEC will boost efficiency by lowering the costs and time of the manufacturing process by localizing the supply chain, while Nami — the JV between state-owned Dussur and US-based 3D systems — will forge agreements with international players, targeting to create more jobs in the Kingdom and upskill the local talent.

#2- Shariah-compliant investment firm Sedco Holding took over a 25% stake in Al BlaghaGroup-owned Tamasuk Holding, marking Sedco’s first-ever investment in the Kingdom’s infrastructure sector, it said in a press release on Thursday, without disclosing the financial details. Tamasuk currently runs a portfolio of SAR 4 bn involving diversified infrastructure projects, with a focus on social and transportation infrastructure, along with renewables and utilities projects. The firm eyes further expansion through Sedco’s partnership.

Sabco, Bechtel Australia lands SAR 391 mn contract for Maaden’s Al Rjum mine project

Maaden taps Bechtel companies for Al Rjum gold mine contract: Saudi Arabian Bechtel Company (Sabco) and Bechtel Australia secured a SAR 391.1 mn (USD 104.3 mn) engineering, procurement, and construction management (EPCM) contract from Saudi Arabian Mining Company (Maaden) for the Al Rjum gold mine project in the Central Arabian Gold Region, Maaden said in a disclosure to Tadawul.

The details: The project is expected to produce around 3.6 mn ounces of gold over its 12-year life, with an expected annual output of 300k ounces. The 39-month contract follows Maaden’s board approval of the final investment decision to develop the mine in August.

A new gold strategy: Maaden is launching a “strategy refresh” aimed at doubling its gold output by 2030 and building a rare earths supply chain, CEO Bob Wilt said last month. The company plans to spend around USD 2.5 bn annually over the next five years on copper, gold, and rare earth projects, using Saudi Aramco’s geological data for exploration. It is also pursuing partnerships with global miners like Barrick and Ivanhoe Electric and making overseas investments through its Manara arm.

Riyadh’s “metro premium” lifts residential prices by up to 78% -Knight Frank

A “metro premium” is lifting villa prices in Riyadh, according to a Knight Frank Whitepaper (pdf). The study, comparing data from 2Q 2023 and 2Q 2025, found that homes within a 15-minute walk of metro stations in Tuwaiq, Al Yarmuk, and Al Malqa are commanding higher prices than those located farther away in the same districts.

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Al Yarmuk led the price surge, where villa prices near stations increased 78%, compared to 22% growth in more peripheral areas. In Tuwaiq, home prices near the metro rose 20%, twice the pace of those further out. However, the metro’s effect was more muted in the established district of Al Malqa, where prices near stations climbed 20% — six percentage points lower than properties farther away. Across the capital, average residential villa prices increased 44% over the same period.

Proximity now carries a measurable premium: Each additional 100 m from the nearest station lowers residential values by around SAR 19 per sqm. That means two identical 250 sqm apartments just 500 meters apart in proximity would see the farther one priced about SAR 24k lower.

IN CONTEXT- The six-line, 85-station network was delivered last year and has already transported over 100 mn passengers in its first nine months of operation. Knight Frank estimates that around 1.5 mn residents — roughly 18% of Riyadh’s population — live within a 15-minute walking distance of a metro station. This level of accessibility is rarely seen in new systems, surpassing Dubai’s 13%.

The premiums could expand further as new lines come online, including the planned Line 7 — an USD 8 bn, 65-km corridor with 19 stations set to link Qiddiya, King Salman Park, Diriyah Gate, New Murabba, and King Khalid International Airport. Line 2 will also be extended westward to Diriyah.

International trends mirror Riyadh’s experience: Cities like London, Dubai, and Istanbul have long seen a “transit premium,” where proximity to mass-transit systems consistently boosts property values. In London, the Elizabeth Line (Crossrail) drove up nearby home prices by an average of 7% between 2008 and 2016, with premiums reaching as high as 40% in central neighborhoods. Similar uplifts have been observed along Dubai’s metro corridor and in Istanbul.

BUT- Unlocking the metro’s full potential depends on seamless connectivity: The report notes that the metro’s long-term success will rely on integrating transit-oriented development around stations and strengthening last-mile links. This includes boosting pedestrian traffic to support retail, spurring new residential projects, and driving demand for transit-accessible neighborhoods. The metro cannot function in isolation, as it must be complemented by reliable feeder buses and improved pedestrian networks to pave the way for new developments in previously remote areas, the consultancy said.

Wa’ed Ventures leads USD 10 mn funding for US biotech firm Kure Cells

Aramco-backed VC fund Wa’ed Ventures led a USD 10 mn pre-Series A funding round for US biotechnology firm Kure Cells, with participation from the Saudi healthcare firm Qomel, US pharma company NantBio, and US93, according to a press release published on Thursday.

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Where will the money go? Kure Cells will allocate the fresh funds to expand its footprint in the Kingdom via upscaling its local team in R&D and manufacturing, with a focus on advanced cell therapy development. The US firm will work with Saudi researchers and clinicians to adapt its proprietary rapid-manufacturing platform to local regulatory and clinical environments.

About Kure Cells: The US company develops a rapid-manufacturing platform for CAR-T therapies, an advanced cancer treatment that modifies immune cells to recognize and destroy cancer cells, and other cell-based oncology therapies.

Saudi Awwal Bank, Electrical Industries post 3Q earnings

SAUDI AWWAL BANK-

Saudi Awwal Bank (Sab) reported a 13.9% y-o-y rise in net income to SAR 2.1 bn in 3Q 2025 — surpassing Bloomberg analyst expectations of SAR 2.03 bn — according to a disclosure to Tadawul. The growth was driven by lower credit loss provisions and higher operating income, which offset increased operating expenses and reduced earnings from an associate.

MEANWHILE- The lender’s Income from financing activities grew 8.5% y-o-y to SAR 4.5 bn during the quarter, while its income from investments rose 10.6% to SAR 1.2 bn.

In 9M, Sab saw its net income rise 7.6% y-o-y to SAR 6.4 bn. Total income from financing reached SAR 13 bn, up 9.8% y-o-y, while total income from investments increased 3.9% y-o-y to SAR 3.6 bn.

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ELECTRICAL INDUSTRIES CO.-

Electrical Industries Company’s net income rose 32.7% y-o-y to SAR 161.1 mn in 3Q 2025, buoyed by sales increases and product diversification, which offset the impact of high selling and distribution expenses, it said in a Tadawul disclosure on Thursday. Revenue went up 10.7% y-o-y to over SAR 560 mn during the same period, driven by growing demand across all sectors, especially high-voltage projects, along with increased exports to regional and European markets.

On a 9M basis, the company’s bottom line climbed 14.7% y-o-y to SAR 421.2 mn, while its top line rose 3.6% y-o-y to SAR 1.6 bn.

Uber, WeRide launch Saudi’s first Robotaxi service in Riyadh

TRANSPORT-

Uber riders in Riyadh can now book driverless cars for their trips between Roshn Front and Princess Noura University, with the ride-hailing platform launching self-driving vehicles in partnership with WeRide for the first time, according to statements from Uber and the Transport General Authority. The service uses the WeRide Robotaxi GXR model, with designated pick-up and drop-off points across the route. Each vehicle currently includes a human safety operator, with plans to transition to fully driverless operations.

IN CONTEXT- The initiative is part of Uber’s partnership with the TGA and follows the Initial Operational Phase of the Autonomous Vehicles project in July. WeRide holds Saudi Arabia’s first Robotaxi permit and completed the TGA’s Regulatory Sandbox for AV piloting and had launched a similar service on Uber’s platform in Abu Dhabi in late 2024. To date, the service has been used by more than 1k beneficiaries.

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REGULATION WATCH-

The Tourism Ministry raised fines for unlicensed hospitality operators under new regulations that went into effect Wednesday, classifying Saudi cities into two tiers based on their tourism status, the Saudi Gazette reported on Thursday.

First-tier cities and gigaprojects: In Makkah, Madinah, Riyadh, Jeddah, Alkhobar, Neom, The Red Sea, Diriyah, Amaala, and Qiddiya, operating a hospitality facility without a valid license now carries a fine of SAR 250k — up from SAR 50k — with noncompliant facilities facing permanent closure until violations are corrected. The penalty for allowing others to use a tourism license now stands at SAR 60k, while fines for obstructing tourism inspectors were doubled to SAR 10k.

Second-tier cities: In Taif, Dammam, Abha, Jazan, Tabuk, Hail, Buraidah, Khamis Mushait, Jubail, Najran, Yanbu, Hafar Al Batin, Al Baha, Al Hofuf, and Sakaka, the fine of operating without a license has increased to SAR 150k. Facilities found sharing their tourism license will face a SAR 55k fine, and obstructing inspectors will result in a SAR 7k penalty.

Other hikes: All facilities are now required to respond to tourists in both Arabic and English. Persistent violations beyond seven days carry fines of SAR 6k for five-star and luxury hotels, SAR 5k for four-star hotels, and SAR 2k for lower-rated serviced apartments.

CAPITAL MARKETS-

Three funds receive regulatory approval for public offering: The Capital Market Authority greenlit the public offering of Tam Freestyle Saudi Equity Fund, Sadara Freestyle Saudi Equity Fund, and Sadara Liquidity Fund, the authority said on Thursday.

M&A on track for its best year since 2021 amid sovereign wealth fund push

Sovereign wealth funds (SWFs) are pushing global M&A activity to new highs, with volumes already surpassing the USD 3.5 tn mark this year, up 34% y-o-y, according to data compiled by Bloomberg. This puts us on track for the best M&A year since 2021, the business news information service said.

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More than USD 1.3 tn in transactions were logged in 3Q, driven by a series of high-value mega plays. Much of that momentum came from our part of the world, where MENA-involved M&As brought in USD 157.3 bn in 9M across 963 transactions, up 166% y-o-y, driven by the UAE (USD 45 bn) and Saudi Arabia (USD 5.6 bn), according to LSEG data.

ICYMI- Some of the biggest plays YTD were SWF-backed: The Public Investment Fund (PIF) led a USD 55 bn leveraged buyout of video-game maker Electronic Arts last month, marking the largest global transaction so far this year. Mubadala’s AI arm, MGX, followed with a USD 40 bn partnership with BlackRock to acquire Texas-based Aligned Data Centers. Rounding out the list, Abu Dhabi’s ADIA and Singapore’s GIC most recently took minority stakes in Blackstone and TPG’s USD 18.3 bn acquisition of medical-device maker Hologic.

SWFs also ❤️ AI: Abu Dhabi’s ADIA backed Thoma Bravo’s USD 12 bn takeover of HR software firm Dayforce in August, while Mubadala’s MGX invested in OpenAI, xAI, and plans to join the Stargate venture. Meanwhile, Singapore’s GIC and Qatar’s QIA invested in rival AI firm Anthropic.

Cutting out the middle-men: Gulf SWFs are increasingly taking matters into their own hands, expanding in-house investment teams to execute transactions directly rather than relying on Wall Street intermediaries, Bloomberg wrote. The shift gives them greater control, lower fees, and access to co-investment rights alongside major private equity players.

The award for the most active sector for M&A in the region goes to: materials, which remained the top-performing sector in MENA M&A in terms of value, contributing USD 32.6 bn, or 57% of total regional transaction value. Momentum came largely from heavyweight corporates rather than sovereign funds, including ADNOC and OMV’s planned merger of Borouge and Borealis into a USD 60 bn chemicals giant, which also includes a USD 13.4 bn acquisition of NOVA Chemicals still pending completion. It was followed by energy and financials at USD 4.6 bn each.

Outlook is rosy for next year: Bankers expect the M&A rally to carry into 2026 as sovereign funds and corporates continue to deploy record dry powder, with both already scouting new targets. Goldman Sachs sees dealmaking momentum accelerating into year-end, with next year potentially setting a new global record.

TASI	11,612	+0.2% (YTD: -3.5%)
MSCI Tadawul 30	1,513	+0.2% (YTD: +0.3%)
NomuC	25,049	+0.1% (YTD: -20.4%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.75% repo	4.25% reverse repo
EGX30	37,687	+0.3% (YTD: +26.7%)
ADX	10,202	+0.1% (YTD: +8.3%)
DFM	6,066	+0.8% (YTD: +17.6%)
S&P 500	6,792	+0.8% (YTD: +15.5%)
FTSE 100	9,646	+0.7% (YTD: +18.0%)
Euro Stoxx 50	5,674	+0.1%(YTD: +15.9%)
Brent crude	USD 65.94	-0.1%
Natural gas (Nymex)	USD 3.30	-1.2%
Gold	USD 4,137	-0.2%
BTC	USD 111,854	+0.9% (YTD: +19.6%)
Sukuk/bond market index	917.76	+0.3% (YTD: +1.7%)
S&P MENA Bond & Sukuk	152.49	0.0% (YTD: +9.0%)
VIX (Volatility Index)	16.37	-5.4% (YTD: -5.7%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.2% on Thursday on turnover of SAR 4.9 bn. The index is down 3.5% YTD.

In the green: Teco (+8.2%), Alkhaleej TRNG (+5.7%) and Ayyan (+5.3%).

In the red: Jamjoom Pharma (-4.3%), Chubb (-3.1%) and Saico (-2.4%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.1% on Thursday on turnover of SAR 30.4 mn. The index is down 20.4% YTD.

In the green: HKC (+9.9%), Alqemam (+7.1%) and Naas Petrol (+6.6%).

In the red: Wajd Life (-7.9%), NBM (-7.6%) and Balsm Medical (-6.4%).

CORPORATE ACTIONS-

Naseej International Trading Company’s board proposed a SAR 163.5 mn capital increase through a rights issuance, it said in a Tadawul disclosure on Thursday. The capital hike will fund the company’s growth strategy and settle financial obligations. Naseej has not yet appointed a financial advisor for the offering, which is still pending shareholder and regulatory approvals.

Theeb Rent a Car Company received Capital Market Authority approval to boost its capital by 53.4% to SAR 659.7 mn via a bonus share issuance, according to a Tadawul statement. The SAR 229.7 mn capital increase will be funded from the company’s statutory reserve (SAR 68 mn) and retained earnings (SAR 161.7 mn), with shareholders receiving one bonus share for every two existing shares.

CALENDAR

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

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

OCTOBER

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

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

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

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

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

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

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

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

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

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

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

28 October (Tuesday): The Middle East Industry Congress – HVACR Next Generation, InterContinental Durrat Al Riyadh Resort & Spa in Riyadh.

NOVEMBER

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

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

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

5-6 November (Wednesday-Thursday): The Digital Government Forum, JW Marriott Hotel in Riyadh

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

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

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

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

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

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

13 November (Thursday): Crown Prince Mohammed bin Salman’s visit to Washington.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

DECEMBER

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2026

JANUARY

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

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

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

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

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

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

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

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

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

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

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

FEBRUARY

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

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

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

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

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

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

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

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

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

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

MARCH

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

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

APRIL

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

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

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

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

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

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

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

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

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

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

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

MAY

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

OCTOBER

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

Signposted to happen sometime in 2026:

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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