Playing the field

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Red Sea Film Festival canceled

Good morning, friends. We’re ending our abridged week with another light issue ahead of the National Day holiday.

PIF is reportedly ready to share one of its marquee clubs with private money for the first time since it took over the Big Four in 2023. The buyer at the head of the table already owns AC Milan, and Cristiano Ronaldo is looking to get in on the action, which could make him a part-owner of the team that pays him.

Meanwhile, IQ Robotics is making a more telling bet. A company that sells warehouse robots only starts running the warehouse itself when it expects the space to stay full, and it has made that call about Saudi e-commerce volumes this month, of all months.

**A quick programming note before we dive in: EnterpriseAM KSA won’t be landing in your inbox tomorrow or Thursday — we’re taking the next two days off in observance of Saudi National Day. Enjoy the long weekend, and we will be back in your inboxes bright and early on Sunday.

With the EnterpriseAM Egypt Forum two weeks away, here's what's shaping up on the agenda:

Where does AI fit on the list of topics keeping CEOs awake at night as they plan their strategies for 2027 and beyond?
Is there really an AI opportunity for Egypt?
An industry insider warns that your company is about to get attacked.
What does AI mean for your company, your team, and your job?
What does AI mean for your family — from what your kids should be studying to how to protect aging parents from scams and disinformation

Join us on 5 October in Cairo. Attendance is by invitation only, and seats are filling up quickly. Request your invitation here.

RSIFF 2026 cancelled

This year’s edition of the Red Sea International Film Festival has been canceled, according to a statement by the Red Sea Film Foundation. The event will return to Historic Jeddah in 4Q 2027 at a yet-to-be-determined date. The announcement — which did not mention the ongoing war — attributed the decision to a review of the timing and extensive logistical needs required for an event of this scale.

Ceer to begin its EV line with Exobot

Ceer’s first two cars are out, with production due to start next quarter. The national EV brand’s flagship sedan and Exobot SUV will be the first of seven models Ceer plans to roll out over the next five years across midsize and compact segments, according to a press release. Both will be manufactured at the Ceer Manufacturing Complex, which the company designed for stamping, body construction, painting, and final assembly.

Revving up Gulf expansion: The carmaker plans to expand to other GCC countries in 2028, followed by a gradual rollout across the broader MENA region that is expected to run through 2034, Ceer CEO James DeLuca told Asharq Business (watch, runtime: 4:29).

Ceer expects to contribute SAR 30 bn (USD 8 bn) to GDP and improve the trade balance by around SAR 80 bn (USD 21 bn) by 2034. The company is also targeting 45% local content by 2034 and expects to create about 30k jobs.

War watch

The Houthis want to keep their conflict with Saudi Arabia a two-party fight. The group warned countries against joining the Kingdom in its war, Mohamed Al Boukhati, a member of the group’s political bureau, told the Associated Press (watch, runtime: 1:15). The group has no intention of targeting US cargoes or those of any country other than Saudi Arabia, which is in line with what the group told US officials in Oman. Al Boukhati cast the campaign against the Kingdom as retaliation for Riyadh’s attempts to open internal Yemeni fronts against the Houthis.

No signs of backing down: The group is fighting on three fronts — Bab Al Mandab, the regional fight against Saudi Arabia, and Yemen’s internal conflict — and has no intention of retreating, Al Boukhati said.

REMEMBER- There hasn’t been any direct intervention by regional or international powers, except for mediation efforts by China and Pakistan. Riyadh previously asked the US for military support, but Washington declined and offered intelligence-sharing and targeting support instead.

London to aid Riyadh in Houthi conflict: UK Prime Minister Andy Burnham has agreed to provide Saudi Arabia with air-to-air refueling to support Saudi defensive operations against Houthi attacks, Bloomberg reports. UK support for Saudi aircraft during defensive operations will commence within days and is slated to run for several weeks.

UK will rally allies: London will also lobby international allies to bolster the Kingdom’s defense, unnamed sources told the outlet. The Burnham government reportedly believes assisting Saudi Arabia in countering Houthi aggression will restore regional stability and safeguard critical shipping lanes in the Bab Al Mandab Strait, one source said.

A settlement of Paramount importance

Paramount has settled the US antitrust lawsuit threatening its USD 110 bn Warner Bros. Discovery takeover, clearing the way for the Gulf-backed merger, Bloomberg reports. The media giant agreed to commit to an annual 30-film requirement, spend an extra USD 1.5 bn on US production over the next five years, and enter distribution agreements for its cable arms. These are among several terms agreed upon with the California-led group of US states.

PIF clinches US media foothold: The merger is backed by nearly USD 24 bn in commitments from Saudi Arabia’s Public Investment Fund, Abu Dhabi’s L’imad, and the Qatar Investment Authority. The Gulf funds are set to hold minority, non-voting stakes in the combined company.

International soda, local touch

PepsiCo has cut the ribbon on a USD 10 mn regional R&D hub in Riyadh, which will create localized flavor profiles and packaging concepts tailored to regional consumer tastes, the company said in a press release. Saudi scientists and engineers will staff the facility, collaborating with PepsiCo’s broader R&D network across centers in Brazil, China, Germany, Mexico, and the US.

Deepening its local presence: The F&B giant announced the investment last year with the inauguration of its expanded regional headquarters in Riyadh’s King Abdullah Financial District. PepsiCo has invested more than SAR 9 bn in Saudi Arabia over the past eight years, including a SAR 199 mn Dammam plant expansion in 2023 and a SAR 9.5 mn land lease in Riyadh last year.

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The big story abroad

In the absence of a single story dominating the international press, several developments have taken the spotlight. Here are the most pressing updates making the rounds this morning.

JP Morgan Asset Management has signed an agreement with the Qatar Investment Authority (QIA) to establish a USD 20 bn multi-asset strategic partnership, which will span public and private equities and credit. The effort includes a USD 15 bn long-term public equities mandate for QIA and a USD 5 bn private markets initiative targeting established US middle-market companies.

US bases on Greenland? The Trump administration is reportedly looking to open two military bases in Greenland as per a trilateral agreement expected to be signed with Denmark and the Greenlandic government today. The locations include a former Cold War-era base in southern Greenland and a facility on the east coast.

AI will reshape credit ratings + ins., S&P says: Variations in how quickly financial institutions adopt AI, manage governance, and prepare operationally mean the technology will play a growing role in either bolstering or eroding their credit standing in the coming years, S&P Ratings said in a report. Ins. players are also expected to be swept up in the new AI-powered status quo, with many of the largest multiline insurers and reinsurers already transitioning to formal AI integration.

A RedBird-led consortium is in talks to buy into Al Nassr, PIF’s next club up for sale

A consortium that includes Cristiano Ronaldo and RedBird Capital Partners is in talks to buy a stake in Al Nassr from the Public Investment Fund, Portugal’s A Bola reports. The paper put the group at five — Ronaldo, RedBird CEO Gerry Cardinale, former club president Ibrahim Al Muhaidib, Saudi Media Company (SMC) Chairman Mohammed Al Khuraiji, and Hozon Holding Chairman and CEO Sharaf Al Hariri — each committing at least USD 100 mn, for some USD 500 mn it described as a capital injection into the club.

Ronaldo wants in as a co-owner. Asharq Business, which also reported the talks, cited a source close to the negotiations saying Ronaldo is invoking a clause in his contract that gives him priority on 20% of Al Nassr should it open to private investment, and that the buyers are aiming to close before the season ends.

He’s already in business with one of the named investors. Ronaldo owns 25% of Spain’s UD Almeria through his CR7 Sports vehicle; Almeria is controlled by Al Khuraiji’s SMC Group. Seen that way, the consortium looks like the same Saudi-media network extending its football holdings, with its most famous employee turned shareholder.

Why it matters: Al Nassr is the next test of PIF’s plan to hand its football clubs to private capital. The fund took 75% of the Big Four clubs in 2023, spent two years importing stars, and has since pulled back. Sport is absent from its 2026-2030 priorities, LIV Golf funding is gone, and league-wide summer transfer spend fell to c. USD 57 mn from the USD 957 mn Deloitte counted in 2023.

PIF cleared the runway in August, when the Sports Ministry moved the 25% held by Al Nassr’s nonprofit foundation to the fund, taking it to 100%. That collapses the cap table to a single seller, the same tidy-up that preceded the sale of 70% of Al Hilal to Kingdom Holding for USD 320 mn.

But Al Nassr isn’t in the best spot. Compared to Al Hilal, which generated record revenue of USD 340 mn, Al Nassr is a harder sell with debt north of SAR 800 mn from last season’s spending, and a summer spent under a league-imposed transfer freeze after net outlays of EUR 434 mn over five years, the tenth-highest in world football. Against that, the USD 500 mn could be a recapitalization — money going into the club to cover the hole — as much as a price paid to PIF for equity.

Mind the gap (between the headlines). Italy’s Sportitalia describes RedBird’s approach as preliminary and indirect with no binding agreement and says Cardinale is weighing Al Nassr as one option in a multi-club model built around Milan.

UAE's IQ Robotics sets up Saudi HQ to launch robotic fulfillment operations

IQ Robotics is moving from selling warehouse robots in Saudi Arabia to running fulfillment here itself. The UAE-founded automation company set up a Saudi headquarters this month and is preparing to launch robotic fulfillment operations in the city, founder and CEO Fadi Amoudi tells EnterpriseAM. The operations will include storing, picking, packing, and delivering orders for e-commerce companies. “We’re here on the ground with a team that will also transform other warehouses by providing them [with] robotics solutions,” Amoudi says.

The Saudi buildout: The Riyadh headquarters is still in its early stages. Amoudi says the local team could initially grow to 20 people and later to 50, out of around 150 staff company-wide. IQ Robotics already serves Saudi clients in Riyadh, Jeddah, and the Eastern Province, and has deployed more than 1k robots across the region, around 400 of which are in Riyadh.

The company will also sell its warehouse-management software, which handles inventory, orders, and deliveries, and install robots and automation systems for companies running their own facilities. The software is developed in-house, while the physical hardware is sourced from overseas suppliers. Its sister business, IQ Fulfillment, launched what the company says was the MENA region’s first robotics fulfillment hub in Dubai in 2019.

The automation side reaches well beyond e-commerce into automotive and spare parts, oil and gas, fashion, retail, pharma, and local manufacturing. “If you have an asset and an infrastructure and a warehouse, we come in and transform that warehouse,” Amoudi says.

“Saudi is the biggest logistics hub currently in the region that is undergoing a tremendous transformation,” Amoudi says, and “can also be the pathway and the gateway in order to expand into other markets from here.” The company was founded in the UAE around the turn of 2020, but was doing business in Saudi Arabia from the start, and has since expanded to Kuwait, Qatar, Oman, and Bahrain. It ships to more than 150 countries.

Growth is holding up, even as it comes in below target: IQ Robotics had been projecting around 2.2x growth this year, but Amoudi says current market challenges have weighed on that target. “We’re still maintaining a positive 40 to 45% growth, which is very optimistic and very good in regards to what’s happening,” he tells us.

Where the money comes from: IQ Robotics is self-funded but has previously taken strategic investment, Amoudi says, declining to disclose how much capital has been invested in the business. The company could consider bringing in additional outside investment in the future, he says.

Saudi Exchange clears Albilad Capital as market maker for three ETFs

Albilad will quote its own ETFs

Albilad Capital has been cleared to make markets in three of its ETFs. The Saudi Exchange approved Albilad Capital as a market maker, under its exchange-traded fund market-making framework, for the Albilad Saudi Sovereign Sukuk ETF, the Albilad MSCI Saudi Growth ETF, and the Albilad MSCI Saudi Equity ETF, according to a Tadawul statement. Across all three, the firm must keep orders present at least 80% of the time, post a minimum size of SAR 50k, and hold spreads within 2%.

2P tops up its BSF credit line

Perfect Presentation for Commercial Services (2P) renewed and increased a shariah-compliant credit facility with Banque Saudi Fransi to SAR 376.2 mn, valid until September 2027, according to a Tadawul disclosure. The facility is secured against promissory notes and will fund newly awarded projects through letters of guarantee, letters of credit, and invoice financing.

Abwab bags seed funding to expand its products and operations

Saudi fintech Abwab.ai raised SAR 15 mn in a seed round, led by Austrian VC Speedinvest and joined by Middle East Venture Partners (MEVP), according to a company announcement. The funds will be used to expand the company’s AI-powered lending infrastructure for small and medium-sized businesses, alongside providing more products, growing their engineering team in Riyadh, and entering new GCC markets.

About the company: Founded in 2023 by Baraa Koshak (LinkedIn), the fintech provides AI-powered lending infrastructure for banks, finance companies, and other lenders. Its platform automates the SME lending cycle, covering onboarding, origination, credit assessment, disbursement, servicing, billing, collections, and recovery.

Masar sells SAR 603.8 mn worth of land to Al-Diyar to develop four towers

Umm Al Qura for Development and Construction (Masar) sold four plots in its Masar Destination project in Makkah. Masar, together with an SPV of its Al Inma Makkah Development Fund II, signed four agreements to sell the land to Al-Diyar Al-Arabia for Real Estate Development for SAR 603.76 mn, according to a Tadawul disclosure.

About the land: The plots sit in Zone 3 of Masar Destination, are all non-boulevard-facing, and cover 12.2k sqm. Al-Diyar plans to build three residential towers and one hospitality tower on the plots. The land carries a book value of SAR 259.47 mn, and Masar will use the proceeds to fund working capital and ongoing projects.

REMEMBER- Masar has a solid pipeline. A tie-up with Al Rajhi United Real Estate will develop the Hindawiya West and South sites in Makkah at an initial SAR 6 bn, while seven hotels and two shopping hubs are due in under three years under construction contracts worth around SAR 4.1 bn.

Akdital makes its second hospital acquisition in Saudi Arabia

Moroccan healthcare group Akdital has completed the acquisition of a majority stake in Al Bishri Hospital in Makkah, Asharq Business reports, citing a company statement. The hospital will operate as Akdital Makkah, serving as the company’s second expansion step in Saudi Arabia after opening its first medical facility in Riyadh’s Al Olaya district.

Akdital has already begun upgrading the hospital’s infrastructure, expanding its capacity to 126 beds, with plans to upgrade its technical and medical equipment. It also plans to improve operational efficiency and strengthen emergency, intensive care, cardiology, surgery, and maternal and child health services.

REMEMBER- The Arab Investment Company (Taic) acquired a 15% stake in Akdital last month to help fund its expansion, with Saudi Arabia a key focus of the growth plan. The Moroccan company previously earmarked USD 350 mn to develop 11 hospitals across Saudi Arabia, the UAE, and Tunisia by 2030. It also plans to offer investment funds up to a 30% stake as it looks to spread its funding across bonds, bank loans, and internal resources.

GCC sukuk issuance falls 23% in 1H, but Moody’s sees 2H recovery on the horizon

Gulf sukuk issuers have some lost ground to make up in 2H: GCC issuance fell 23% y-o-y to USD 51.1 bn in 1H 2026, down from USD 66 bn, as the regional conflict disrupted borrowing plans and issuers adjusted the timing of sovereign funding and liability management operations, according to a Moody’s report cited by Arab News. The ratings agency expects a gradual recovery in 2H, provided the ceasefire broadly holds and market conditions remain stable.

Saudi Arabia remained the region’s biggest issuer, but sovereigns and banks pulled back: Saudi Arabia’s sukuk issuance fell 18% to USD 34.2 bn, with sovereign issuance down 29% to USD 18.4 bn and bank issuance falling 30% to USD 6.9 bn. Corporates bucked the trend, ramping up issuance 59% to USD 8.8 bn and partly cushioning the decline elsewhere.

The UAE had a steeper fall, with issuance dropping 67% to USD 4.6 bn from USD 13.9 bn a year earlier as sovereigns, banks, and corporates all scaled back activity. Sovereign issuance alone fell to USD 1 bn from USD 3.9 bn, partly because Sharjah did not tap the sukuk market during the period. Kuwait’s issuance also fell to USD 1 bn from USD 4.5 bn, largely on lower bank activity, while Bahrain slipped to USD 2.9 bn from USD 3.8 bn.

Oman bucked the trend, with issuance rising to around USD 1.2 bn from a low base, driven largely by Energy Development Oman’s USD 850 mn offering.

BACKGROUND- The Gulf’s borrowing window effectively slammed shut in March. We reported at the time that new USD bond and sukuk sales had largely frozen after the conflict with Iran broke out. We reported in August that USD sukuk issuance was down 48% in 1H, according to Fitch, which pointed to sukuk’s more complex structuring and longer time-to-market relative to conventional bonds as borrowers rushed to secure funding during limited issuance windows.

Saudi Arabia is already testing the reopening: Saudi returned to international debt markets earlier this month with a USD 3.25 bn, two-tranche sukuk issuance that drew more than USD 16.5 bn in orders, despite signaling in May that it had largely completed its borrowing for the year. The Kingdom had reserved the option to return to international markets when conditions became favorable.

Liquidity is recovering too — but it isn’t back to pre-war levels: More than 75% of Fitch-rated sukuk had a liquidity score above 50 as of 4 August, up from 64% in March but still below January’s 81%. The median score rose to 64 from a March trough of 55, against a pre-war level of 68. The improvement points to a gradual recovery in secondary-market trading conditions, even as new issuance remains uneven.

Globally, the Gulf’s retreat was offset elsewhere: Sukuk issuance rose 2% y-o-y to around USD 130 bn in 1H, supported by a sharp increase in short-term issuance and stronger corporate activity. Southeast Asia led the market, with issuance jumping 26% to USD 61.9 bn. Malaysia alone accounted for USD 49.2 bn, up 39%, as local-currency markets became an increasingly important source of supply.

Green sukuk took a much bigger hit: Global green and sustainable sukuk issuance dipped 53% to USD 2.4 bn in 1H from USD 5.1 bn a year earlier. Saudi Arabia accounted for USD 2.1 bn and Indonesia for another USD 300 mn, while the UAE recorded no issuance after contributing USD 1.7 bn in 1H 2025. Moody’s attributed the decline largely to the market’s concentration in Saudi Arabia and the UAE, where conflict-related uncertainty and weaker international investor participation weighed on activity.

The outlook: Moody’s expects global sukuk issuance of USD 140-150 bn in 2H, bringing the full-year total to around USD 280 bn — broadly in line with 2025. Sovereign financing needs tied to economic diversification, banks’ efforts to broaden their funding sources, and growing demand for shariah-compliant products are expected to support issuance.

MARKETS THIS MORNING-

Asian markets opened higher earlier today, with South Korea’s Kospi gaining around 1.6% and Japan’s Nikkei rising 1.4%. The gains tracked broad surges across Wall Street equities, with Nasdaq rising to a record high lifted by boosts from AI heavyweights.

TASI	10,682	-0.6% (YTD: +1.8%)
MSCI Tadawul 30	1,436	-0.6% (YTD: +3.5%)
NomuC	21,473	-0.2% (YTD: -7.8%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	54,994	-0.7% (YTD: +31.5%)
ADX	10,106	-1.6% (YTD: +1.1%)
DFM	5,960	+0.1% (YTD: -1.4%)
S&P 500	7,765	+1.5% (YTD: +13.3%)
FTSE 100	10,739	+0.8% (YTD: +8.1%)
Euro Stoxx 50	6,318	+1.3% (YTD: +9.0%)
Brent crude	USD 100.34	-3.4%
Natural gas (Nymex)	USD 2.83	-0.2%
Gold	USD 4,405	+0.5%
BTC	USD 86,499	+6.7% (YTD: -1.2%)
Sukuk/bond market index	904.03	+0.7% (YTD: -1.7%)
S&P MENA Bond & Sukuk	149.31	+0.2% (YTD: -1.7%)
VIX (Fear gauge)	14.87	+0.4% (YTD: -0.5%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.6% yesterday on turnover of SAR 3.6 bn. The index is up 1.8% YTD.

In the green: AYYAN Investment (+8.8%), Scientific and Medical Equipment House (+5.8%), and Arabian Company for Agricultural and Industrial Investment (+5.2%).

In the red: Perfect Presentation for Commercial Services (-5.9%), Arabian Centres (-5.8%), and Arabian Contracting Services (-5.1%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% yesterday on turnover of SAR 21.2 mn. The index is down 7.8% YTD.

In the green: Alfakhera for Mens Tailoring (+19.3%), Shalfa Facilities Management (+9.8%), and Ghida Alsultan for Fast Food (+8.6%).

In the red: Time Entertainment (-10.8%), MSGA Investment (-8.8%), and Rimath Hospitality (-6.9%).

CORPORATE ACTIONS-

Keir International plans 72% capital cut to wipe out losses: Keir International’s board has recommended cutting its capital by 72% to SAR 33.6 mn from SAR 120 mn to write off SAR 86.4 mn in accumulated losses, according to a Tadawul disclosure. The reduction would cancel 86.42 mn shares, or 0.7202 shares for every share held, subject to regulatory and shareholder approval.

Scientific & Medical Equipment House’s board has recommended buying back up to 3 mn shares, or 10% of the total, to hold as treasury shares, the company said in a Tadawul filing. The firm said it considers its shares undervalued and will fund the buyback from its own resources.

CALENDAR

23 September (Wednesday): Saudi National Day.

28 September-1 October (Monday-Thursday): The International Conference on Theory and Practice of Electronic Governance (ICEGOV), Prince Sultan University, Riyadh.

OCTOBER

25-26 October (Sunday-Monday): The Global Proptech Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

26-28 October (Monday-Wednesday): ACHEMA Middle East, Riyadh International Convention & Exhibition Center.

26-29 October (Monday-Thursday): The Future Investment Initiative, King Abdulaziz International Conference Center, Riyadh.

28-29 October (Wednesday-Thursday): Procurement and Supply Chain Futures Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

28-29 October (Wednesday-Thursday): Real Estate Supply Chain Forum, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

30 October-1 November (Friday-Sunday): The New Global Sport Conference, Sofitel Hotel & Convention Centre, Riyadh.

NOVEMBER

11-12 November (Wednesday-Thursday): Aluminum Arabia, The Arena, Riyadh.

16-19 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre (Malham), Riyadh.

29 November-1 December (Sunday-Tuesday): The UN Trade and Development Global Supply Chain Forum, Riyadh.

29 November-1 December (Sunday-Tuesday): The Global Logistics Forum, King Abdulaziz International Convention Centre, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;

2027

FEBRUARY

1-3 February (Monday-Wednesday): Energy Regulators Regional Association annual conference, Riyadh.

MARCH

21-25 March (Sunday-Thursday):The World Water Forum, Riyadh.

22–24 March (Monday-Wednesday): Capital Markets Forum, Four Seasons Hotel, Riyadh

APRIL

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

JUNE

1-3 June (Tuesday-Thursday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

Signposted to happen sometime in 2027:

The Ocean Race finishes in Amaala on the Red Sea;
Riyadh-Kudmi transmission line to be completed;
Aero Middle East and Sand & Fun takes place in Thumamah Airport, Riyadh.

Signposted to happen sometime in 2Q 2027:

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

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