Good morning. The sukuk market is the star of today’s issue, with updates on three separate issuances by Riyad Bank, Alinma Bank and Saudi Awwal Bank. Banks issued over half the volume of sukuk issuances globally in the first half of the year, and we have more details on this in today’s Planet Finance.

Also in the morning’s news well: eXtra and Tas’heel reported double-digit net income growth in 2Q and 1H, and Rekaz raised USD 5 mn in a seed funding round.

BUT FIRST- Foreign Minister Faisal bin Farhan represented the Kingdom on the second day of the Brics summit in Rio de Janeiro, emphasizing the importance of peace and security to advance economic growth and development in his speech to the summit on Monday. The address expressed Saudi’s aspiration to foster cooperation across multilateral platforms.

The situation in Gaza was also at the forefront of the FM’s address, describing it as a catastrophic humanitarian crisis that “cannot be ignored,” the Saudi Gazette reported. Bin Farhan accused Israel of “grave violations of international humanitarian law,” calling its actions a direct challenge to the international order and urging the international community to take decisive steps to end the crisis through a two-state solution.

ALSO- Bin Farhan met with Brazilian counterpart Mauro Vieira on the sidelines of the summit to review bilateral relations and other topics of mutual interest, state news agency SPA reports.

AND- The FM received Iranian Foreign Minister Abbas Araqchi in Makkah yesterday, the first visit since the Iran-Israel escalation in June. The two ministers — both shortly back from the Brics summit — held “fruitful” discussions on bilateral relations and the latest regional developments.

WEATHER- Riyadh is expected to see a high of 40°C and a low of 21°C, while Jeddah’s mercury will go as high as 34°C and as low as 28°C. Makkah will see a 42°C high and 27°C low.

PSAs-

#1- Proposed controls for violations and penalties for infrastructure projects are up for public consultation on Istitlaa until 22 July. The regulation (pdf) — drafted by the Riyadh Infrastructure Projects Center — classifies some 117 violations into “serious” or “not serious” categories, resulting in warnings or fines ranging from SAR 1k to SAR 50k, depending on gravity and repetition.

ALSO- Proposed regs for street vendors drafted by the Municipalities and Housing Ministry are up for public consultation on Istitlaa until 23 July. The regulation (pdf) proposes issuance of permits, identifies commercial areas, and establishes food safety guidelines.

#2- Last call for registering properties in Eastern Province: Property owners in the Eastern Province and Marat Governorate have until tomorrow to wrap up the online registration of their properties via the Real Estate Registry platform, the Real Estate General Authority said in a statement. This registration phase covers 139 districts in Al Ahsa, 80 districts in Al Qatif, and 11 districts in Al Jubail.

#3- Investors have until 28 July to submit Expressions of Interest (EOI) for the One-Stop Station PPP project, the National Center for Privatization and PPP (NCP) said on LinkedIn. The 30-year Design-Build-Finance-Operate-Maintain (DBFOM) project will add roadside service hubs across the Kingdom’s intercity road network and will be tendered in three waves. EOIs can be submitted via the NCP website.

WATCH THIS SPACE-

PIF majority-owned events and advisory outfit Richard Attias & Associates (RA&A) is weighing a potential IPO as early as next year, founder and chairman Richard Attias told Bloomberg in an emailed statement. The firm is 75% owned by the PIF’s investment arm Sanabil, while Attias holds the balance. RA&A tapped US-listed investment bank Evercore as an advisor.

What we don’t know: Attias stopped short of disclosing the listing avenues the New York-headquartered company is looking at or the size of the potential offering.

Attias has reportedly been considering a full exit, the business news information service said, citing sources it says are familiar with the matter.

About the IPO hopeful: Founded in 2010, RA&A has produced every edition of the Kingdom’s star-studded Future Investment Initiative (FII) summit, dubbed “Davos in the Desert,” since 2017. The firm employs over 100 people and operates in sports and public affairs consulting.

Radisson Hotel Group aims to own some 100 properties in the Kingdom by 2030, representing two-thirds of all its investments across the MENA region, the company’s Managing Director for Saudi Arabia, Kuwait, and the Levant Basel Talal told Zawya. The group has started implementing a “Saudization roadmap” aimed at ensuring that 35% of its leadership roles are occupied by Saudi nationals by 2028.

Sounds familiar? That the group is targeting the Kingdom to make up around 70% of its total MENA portfolio, Radisson’s VP for Development Elie Milky said in May 2024. The group also partnered with Knowledge Economic City in February to develop two new Park Inn properties in Madinah.

DATA POINTS-

King Abdulaziz Airport sees over 25 mn travelers in 1H: Passenger traffic at Jeddah’s King Abdulaziz International Airport rose 6.8% y-o-y to 25.5 mn travelers during the first half of the year, state news agency SPA reported yesterday. The airport logged more than 150k flights over the same period, up 6.3% y-o-y.

OIL WATCH-

The latest output boost from Opec+ could tip global oil markets into surplus later this year, Bloomberg reports, after the group blindsided traders with a decision to accelerate the return of more crude to the market. The hike of 548k barrels per day in August will benefit consumers, who could see lower fuel costs in the short-term, but could weigh on producers in the long term.

Even before the new barrels were announced, the International Energy Agency was already forecasting a 1.5% global supply surplus for 4Q. The market was already looking shaky, with Brent futures down 11% over the past two weeks and big banks like Goldman and JPMorgan forecasting a drop toward USD 60/bbl largely due to weak Chinese demand and economic hits from tariffs.

Yes, but: Some analysts believe the real supply impact will be more muted. “The official return of barrels is one thing, but actual new supply versus the headline numbers is another,” RCMA Capital CEO Doug King told Bloomberg. Diesel premiums suggest persistent market tightness and unless inventories visibly rise, crude prices may hold.

SPORTS-

The Ring IV will take place on 22 November at ANB Arena in Riyadh, featuring four world title fights as part of the Riyadh Season, Arab News reports. Headlining the card, Devin Haney (33-32-0) and Brian Norman Jr. (30-28-0) will fight for the WBO welterweight title.

Completing the card: David Benavidez will defend his WBC light heavyweight title against Britain’s Anthony Yarde, while Abdullah Mason will face Sam Noakes for the vacant WBO lightweight belt, and Jesse Rodriguez will test Fernando Martinez in a super flyweight title bout.

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THE BIG STORY ABROAD-

US President Donald Trump’s latest tariff threats are getting top billing in the foreign press. The latest victim: Copper, which could see a 50% tariff on all US imports. US copper prices soared to a record high on the news, with futures trading at USD 5.69 a pound. Commerce Secretary Howard Lutnick said the tariffs could go into effect as soon as at the end of the month or early August.

Plus: Trump said tariffs on pharma products could reach 200%, though he would give manufacturers at least a year or a year and a half to get things in order.

Oh, and the 1 August deadline for reciprocal tariffs? That’s a firm deadline, Trump said, backtracking on earlier comments that suggested he could offer some leeway for talks over trade agreements to resume beyond the deadline. (Bloomberg | CNBC | Reuters | Financial Times | CNN | Guardian)

ALSO- Trump is set to meet with Israeli Prime Minister Benjamin Netanyahu again today with talks focused “exclusively” on Gaza, the US president said, according to Bloomberg. A proposal for a 60-day ceasefire in Gaza has been on the table since last week, with Trump suggesting this week could see an agreement from both sides.

AND- The US Supreme Court cleared the way for Trump to pull the trigger on mass government layoffs after lifting a lower court order that had frozen them earlier. The layoffs — potentially set to reach hundreds of thousands — will affect the departments of agriculture, commerce, health and human services, state, treasury, veterans affairs and other agencies. (Wall Street Journal | Bloomberg | Guardian | Reuters)