Saudi dominates GCC corporate VC

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WHAT WE’RE TRACKING TODAY

Retaliation

Good morning. We have a brisk issue for you this morning as the double whammy of US-Iran uncertainty and Hajj preparations is still putting a dampener on the Kingdom’s business scene.

BUT FIRST- The US media is claiming Saudi didn’t entirely sit out the war, after all. Unnamed Western and Iranian officials told Reuters the Saudi Air Force launched a number of retaliatory strikes on Iranian targets, estimated to have taken place sometime in late March.

Iranian strikes had targeted US military bases as well as civilian and energy infrastructure, not just in Saudi but in all GCC states as well as Jordan. The Saudi retaliation was reportedly followed by diplomatic efforts that led to an “understanding” between Riyadh and Tehran to de-escalate, shortly before the ceasefire on 7 April.

Watch this space

IPO — The machine is warming up: Saudi Arabia’s IPO pipeline is showing signs of life again, with a wave of companies across sectors reportedly pushing ahead with listing plans as Tadawul outperforms regional peers amid the ongoing regional conflict. This activity could help revive Riyadh’s equity market after its slowest start to listings in years.

Banks line up for mandates: Olayan-backed Health Water Bottling is reportedly working with Lazard on a potential IPO, while Etihad Salam Telecom is seeking junior banking advisers for its float, unnamed sources told Bloomberg. Meanwhile, PIF-backed ArcelorMittal Tubular Products Jubail has hired JPMorgan Chase and HSBC Holdings, while Alkhorayef Petroleum is preparing to seek regulatory approval.

ALSO- Ejada Systems is reportedly renewing its IPO approval, and quick-commerce firm Ninja has selected banks for a potential USD 1 bn listing.

Driving a limited recovery: The Kingdom’s IPO pipeline is being buoyed by higher oil prices, which are lifting exchange heavyweights like Saudi Aramco, and by relatively lower geopolitical exposure versus with neighbors, while UAE listings lag as Dubai and Abu Dhabi trail Tadawul since the conflict began.

LOGISTICS — SAR launches tender for GCC rail: Saudi Arabia Railways (SAR) has launched a tender for design consultancy services for its portion of the GCC railway project, MEED reports. The services include the design of a 672-km rail corridor extending from Khafji in the Eastern Province to Al Batha on the UAE border, with bids due by 30 June.

REFRESHER: The GCC railway project is a 2.1k km railway that aims to link the six GCC member states. Numerous delays have long stalled the project, which was projected to cost some USD 15 bn back in 2023.

CABINET WATCH — The capital is getting a new university: The cabinet gave the green light to setting up a new public higher education institution, named “the Kingdom University,” in Riyadh at its weekly meeting held yesterday. No further details were disclosed.

Data point

SAR 67.7 bn — that is the value of dividends paid to the PIF in 2025 from its equity investments in 29 listed companies, according to an analysis by Aleqtisadia based on Tadawul data. The figure represents a 25% decline compared to 2024, driven by lower dividends from Aramco and exceptional dividends provided by STC.

The breakdown: Aramco remained the largest contributor, accounting for SAR 51.3 bn, followed by STC with SAR 6.8 bn, Saudi National Bank with SAR 4.8 bn, and Saudi Energy with SAR 2.2 bn.

Sports

Al Hilal vs. Al Nassr ends in a draw: Yesterday’s showdown between Al Hilal and rival Al Nassr ended in a draw despite a strong start by Al Nassr, whose Mohamed Simakan scored in the first half. An own goal during overtime handed Al Hilal a point they needed to avoid a loss. If Al Nassr had held on for the win, they likely would have mathematically secured the Saudi Pro League title.

Up next: Al Nassr has a final chance to secure the win when it faces Damac on 21 May. Al Hilal, currently in second place, still has two matches to go — it will face Neom Sports Club on Saturday and Al Feiha on 21 May.

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The big story abroad

Today’s papers are buzzing with business updates. US inflation hit a three-year high in April, coming in at 3.8% thanks to the war-triggered rise in energy prices.

Wall Street is unsettled by these figures. Investors are wagering on continued inflation growth, expecting average annual inflation to level out at 2.7% over the next five years. Investors are hedging against this risk by trading standard US treasuries alongside treasury inflation-protected securities.

But US stock markets don’t seem rattled by the (seemingly endless) conflict. The S&P 500 has been hitting fresh high after fresh high, most recently crossing the 7.4k mark for the very first time at Monday’s close, even as oil prices stayed elevated. Some suggest the US market remains resilient against the Hormuz blockade due to oil independence and strong tech earnings as key drivers of investor confidence.

Markets will be closely watching the Trump-Xi summit. US President Donald Trump is kicking off his visit to Beijing today, during which he will meet Chinese President Xi Jinping to discuss trade relations and the ongoing crisis in the Strait of Hormuz.

GameStop’s eBay takeover is a no go: Online marketplace eBay turned down GameStop’s USD 56 bn acquisition bid, expressing concerns over financing and leverage, the video game retailer’s governance, and operational risks of the combined entity. GameStop CEO Ryan Cohen has been courting GCC sovereign wealth funds to bridge the equity gap for the transaction.

In the AI world, Anthropic is in early negotiations to raise over USD 30 bn in new funding, paving the way for its largest funding round yet. The round is expected to wrap up by the end of May, one source told Bloomberg.

JPMorgan Chase has pushed further into the crypto world, submitting paperwork to set up its second tokenized money market fund. The entity plans to issue digital tokens on the ETH blockchain to represent shares in its portfolio of treasuries and repurchase agreements.

Saudi leads the regional corporate VC race

Corporate venture capital (CVC) in MENA is increasingly a Gulf-led story, with Saudi Arabia firmly at the center of activity and the UAE close behind. Together, Saudi Arabia and the UAE accounted for 86% of the region’s corporate funding activity — VC’s more steady and consistent funding source — over the past five years, according to a Magnitt report seen by EnterpriseAM. Some 70% of active corporate investors in MENA are headquartered in one of the two Gulf markets.

Saudi Arabia made up the lion’s share, contributing 57% of the total corporate capital deployed and 41% of transaction volume over the past five years. That amounts to SAR 1.1 bn in corporate-backed funding across 170 transactions.

This places us well ahead of runner-up UAE, which followed with USD 544 mn across 107 transactions, while Egypt ranked third with USD 151 mn across 66 transactions.

Corporate venture capital has quietly become a backbone of MENA’s VC ecosystem, maintaining a steady pace of 70-100 transactions annually over the past five years despite market volatility. Corporate investors have deployed roughly USD 200-500 mn each year, often sticking to long-term strategy rather than reacting to valuation swings or higher interest rates.

Trends of the sector

2025 snapshot: MENA’s corporate venture funding reached USD 381 mn in 2025 across 73 transactions, equal to 10% of the total VC funding of USD 3.8 bn.

Investment models are maturing: Direct investments led with 45% of activity last year, followed by corporate VC funds at 29% and corporate venture arms at 23%. Over the past five years, direct transactions and funds made up nearly two-thirds of deployments, showing a shift toward longer-term, institutional CVC models rather than one-off wagers.

And capital is flowing to the home team’s sectors: In the past five years, fintech captured the largest share of corporate funding at USD 576 mn across 103 transactions, followed by e-commerce (USD 488 mn), logistics (USD 182 mn), enterprise software (USD 107 mn), and food and beverage (USD 105 mn). CVCs tend to back companies in sectors adjacent to their own, using investments as a hedge against disruption or as a pipeline for future acquisitions.

Room for improvement

Despite steady activity, MENA’s corporate investors still have some catching up to do on the world stage. CVCs took part in around 12% of capital deployed across the region over five years, below the global range of 15-17%, leaving room for deeper participation.

Some structural kinks need ironing out: The regions’ exit pathways remain underdeveloped, and growth-stage capital remains scarce between the pre-seed funding and pre-IPO scale-up phases, SC Ventures CEO Alex Manson said in the report. Corporate venture investors will need to focus on either becoming long-term strategic holders, effectively “buying back” assets, or building portfolios with credible paths to liquidity.

What to watch

The VC space has been going local: Geopolitical headwinds and tighter global liquidity have led to greater caution among global and regional investors. Meanwhile, local VCs — Khwarizmi Ventures, Sharaka Capital, and Sadu — are using the vacuum as a window, continuing to raise and deploy funds, with more investments expected in 2026.

April surge

Madinah's hospitality build-out drove April contract awards: Contractors picked up 23 project awards in April worth more than SAR 11.8 bn, with Madinah province accounting for nearly two-thirds of the project count and over 70% of total value, according to the Saudi Contractors Authority’s (SCA) latest monthly report (pdf). April was the busiest month so far this year by project count.

One developer drove the headline number: Building and construction was the busiest sector by a large margin, capturing 12 of the 23 awards and SAR 7.7 bn in value. Infrastructure came second with five projects worth SAR 2.3 bn. Rua Al Madinah Holding, the PIF-owned developer behind the hospitality megaproject east of the Prophet’s Mosque, was the single biggest project owner in April, with 12 awards collectively valued at over SAR 7.7 bn.

The standout: The five-star hotel component of Superblock 5, part of a wider scheme aimed at building out enough room capacity to help the holy city handle 30 mn annual visitors by 2030.

Expo 2030 is also feeding the order book: Expo 2030 Riyadh Company (ERC) accounted for two awards worth SAR 1.5 bn, ranking it second among project owners for the month. That includes Lot 3 of the infrastructure works package at the 6 mn sqm Expo site north of the capital, which is being readied for site-wide utilities, road networks, and EV charging ahead of the 2030 event. ERC has been moving these packages out the door early in a phased approach intended to push major construction through 2026 and into 2027.

The rest of the top five owners: Al Madinah Region Development Authority awarded three projects worth SAR 788 mn, including the third route of the city’s bus rapid transit network. Saudi Energy came next with three projects worth SAR 750 mn, and the Saudi Water Partnership Company awarded the SAR 750 mn second phase of the Jubail-Buraydah independent water transmission pipeline.

Where the spending is landing: Madinah province led by value with SAR 8.5 bn, followed by Riyadh (SAR 2 bn), the Eastern Province (SAR 1.2 bn), and Tabuk (SAR 101 mn).

Ades, Lazurde, Tasheel and Seera post 1Q earnings

Ades’ global expansion and acquisitions cushion rig suspensions

Ades Holding’s net income increased by 21.8% y-o-y to SAR 236.4 mn in 1Q 2026, according to its Tadawul disclosure. Revenue climbed by 62.6% y-o-y to SAR 2.4 bn during the same period, according to its press release (pdf).

The results were fueled by Shelf Drilling’s acquisition and strong performance across offshore and onshore operations, following the deployment of new rigs, awards, and high utilization across the global platform. Ades aims to boost its earnings through expansion into new markets, redeploying rigs internationally, and diversifying revenue streams, CEO Mohamed Farouk said.

The company ramped up its exposure in Africa and Asia in 2026: Ades partnered with Seplat Energy to provide offshore drilling services in Nigeria for SAR 347.6 mn (USD 92.7 mn), after agreeing to deploy premium rigs for the West African Exploration for SAR 2.73 bn. It will also provide similar services in Thailand for Valeura Energy under a SAR 345 mn contract.

The regional conflict and related rig suspensions are expected to continue weighing on 2Q performance. The company, however, views these disruptions as short-term, event-driven rather than demand-driven, with the underlying regional fundamentals and long-term demand intact.

Soaring gold prices are a double-edged sword for Lazurde

Lazurde saw a 72.9% drop in net income to SAR 3.6 mn in 1Q 2026, according to a Tadawul disclosure. The decline comes as a 69% spike in gold prices pushed financing costs to a high end, despite management successfully thinning its gold working capital to 3.6 tons.

Still, revenue inched up by 43.4% y-o-y to SAR 1.03 bn, driven by higher performance amid increased global gold prices, which rose by 6.4% during the quarter, as well as a 7% surge in wholesale operating revenues and 6% growth in retail expansion.

Tasheel grows via financing

A pickup in lending activity drove a double-digit earnings increase for our friends at United International Holding Company (Tasheel). Net income expanded 11.4% y-o-y to SAR 64.4 mn in 1Q 2026, supported by a 17.5% y-o-y increase in revenue to SAR 205.3 mn, it said in a Tadawul disclosure. The company’s financing book was up 21.7% to SAR 3.2 bn during the quarter.

PLUS- A capital boost: Shareholders approved a 200% capital hike to SAR 750 mn via a bonus share issue, according to a separate disclosure (pdf). The SAR 500 mn increase will be funded by SAR 43.9 mn from statutory reserves and SAR 456.1 mn from retained earnings, with shareholders receiving 1.88 shares per existing share. The issuance includes 47 mn bonus shares for shareholders and 3 mn shares for an employee incentive plan.

Seera Group Holding

UK-led gains helped offset regional travel softness at Seera Group Holding in 1Q 2026, with net income rising 13.5% y-o-y to SAR 42 mn during the quarter, according to its latest earnings release (pdf) and Tadawul disclosure. The group’s revenues, however, saw a marginal 1.4% y-o-y dip to SAR 1.1 bn as the geopolitical stifling of tourism hit its core segments.

Who dragged and who carried: Revenues from the group’s tourism company Almosafer fell 8%, from car rental Lumi fell 11%, and from its hospitality business took a 15% plunge. Meanwhile, its UK-based travel investment firm Portman Travel Group saw revenues jump 12%.

IPOs and divestments are undeterred: Despite continued regional volatility, the company remains committed to its plans to list Almosafer and divest Portman, CEO Al Waleed Al Nasser said.

Almarai gets a new CFO from within its ranks

Almarai tapped Ikram Ulhaque (LinkedIn) as its Chief Financial Officer, according to a Tadawul disclosure. Ulhaque will take over from Danko Maras, who is stepping down for family reasons.

Ulhaque brings nearly 20 years of experience at Almarai, having held multiple senior roles across commercial, operational and corporate functions, most recently serving as Head of Finance for the group.

SRMG doubles down in Thmanyah, Al Akaria awards Porta Jeddah contract

SRMG subsidiary to raise stake in Thmanyah to 75%

Arab Media to snap up more of Thmanyah: Saudi Research and Media Group’s (SRMG) Arab Media Company will up its stake in digital publisher Thmanyah Company for Publishing and Distribution to 75% from 51%, according to a Tadawul statement.

Transaction mechanics: Under the arrangement, Thmanyah will raise its capital by tapping SAR 52.4 mn in accumulated funding provided by Arab Media, alongside a SAR 45 mn payment to minority partners. Beyond the immediate buyout, Arab Media committed up to SAR 200 mn in additional funding over the next four years on non-preferential terms to scale Thmanyah’s businesses.

Al Akaria awards SAR 463 mn Porta Jeddah construction contract

Al Akaria assigns Porta Jeddah package to Mobco: Saudi Real Estate Company (Al Akaria) awarded the mixed-use Porta Jeddah ’s SAR 463.1 mn execution package to Mounes Mohamed Alshayeb for Civil Construction (Mobco), according to a Tadawul disclosure. The scope includes structural works across all components (including the hotel), external facades, electromechanical works (excluding the hotel), and public and landscaped areas.

Al Akaria is in its delivery era: Al Akaria has a heavy project backlog it needs to deliver, including early works for the Expo 2030 Riyadh site, Fai Sedra complex, and Al Narjis Business Park. As of last month, the PIF-backed firm placed former Riyadh Mayor's advisor Abdullah Abudawood at the helm of this push as its new CEO.

FinMin’s May sukuk issuance raises over SAR 2.4 bn

The Finance Ministry wrapped up a SAR 2.42 bn local sukuk offering for May 2026, according to a statement from the National Debt Management Center. The issuance is under the government’s SAR-denominated sukuk program.

The issuance was structured in five tranches:

A five-year tranche valued at SAR 348 mn;
A seven-year tranche valued at SAR 35 mn;
A 10-year tranche valued at SAR 1.01 bn;
A 13-year tranche valued at SAR 1.015 bn;
A 15-year tranche valued at SAR 10 mn.

The black box of private credit valuations

A proper turf war is brewing between Pimco and Apollo over a simple question with big implications for the LPs of the world, GCC sovereign wealth funds — is the USD 1.8 tn private credit space essentially marking its own homework? Pimco strategist Lotfi Karoui says yes in a note to clients, arguing that the push toward more frequent marks does little to “address the market’s inherent structural constraints, including a lack of true price discovery.”

Apollo is all for standardizing the opaque: This comes a week after Apollo CEO Marc Rowan committed on a 1Q earnings call (pdf) to provide daily mark-to-market valuations across roughly USD 830 bn of its credit assets by the end of September. “We have never seen a market where enhanced liquidity and enhanced transparency does not result in tremendous growth for the asset class,” Rowan said, framing it as a land grab dressed as reform.

What’s daily marking again? It updates the estimated value of private loans every day rather than quarterly. Because these assets don’t trade, the marks come from internal models, comparable transactions, company performance, and credit spreads — and those valuations flow directly into the portfolio values investors see.

That’s where Pimco says the cracks start to show. Karoui’s point is that if three different managers are holding the exact same loan and arriving at three different valuations — averaging five points apart by year-end 2025 — then the issue isn’t how often you refresh the number. It’s that there’s no real price discovery underneath it in the first place. “They only increase the perception of liquidity without truly improving liquidity,” he wrote, adding that “at best, [daily marks] add marginal transparency and some reputational pressure that may rein in the most extreme mark outliers.”

Why we think Apollo still comes out ahead: Private credit didn’t grow into a USD 1.8 tn market because investors demanded perfect price discovery, it grew because LPs were willing to tolerate imperfect marks in exchange for yield and illiquidity premium. As the asset class grows, daily pricing can start to look less like a transparency exercise and more like the infrastructure layer needed to institutionalize the market — which naturally favors firms like Apollo who have the scale to make daily marks the industry norm, and the consolidation that follows.

Regional SWFs have real skin in the game here. Some of the world’s largest sovereign allocators (think PIF, Mubadala, Adia, QIA, and ADQ) are heavily exposed to the same private credit complex now debating how these assets should actually be valued, making this more than a technical fight between two US asset managers. The methodology Apollo and Pimco are arguing over today will ultimately shape how Gulf LPs measure returns and assess risk tied to some of the largest private credit plays in the market.

REMEMBER- PIF’s revised 2026-2030 strategy cuts international allocations to 20% from 30%, which means Gulf SWFs are simultaneously reducing international exposure and concentrating their remaining exposure into fewer mega-managers — at exactly the moment those managers’ valuation methodology is being publicly contested.

MARKETS THIS MORNING-

Asian stocks opened in the red this morning, mirroring losses on Wall Street after hotter-than-expected US inflation data. Analysts are bracing for a volatile couple of days as the market awaits ceasefire developments and the outcome of US President Donald Trump’s summit with his Chinese counterpart.

TASI	11,039	-1.1% (YTD: +5.2%)
MSCI Tadawul 30	1,477	-1.0% (YTD: +6.5%)
NomuC	22,795	+0.7% (YTD: -2.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	54,059	-0.8% (YTD: +29.2%)
ADX	9,699	-0.9% (YTD: -2.9%)
DFM	5,783	-0.6% (YTD: -4.4%)
S&P 500	7,401	-0.2% (YTD: +8.1%)
FTSE 100	10,265	0.0% (YTD: +3.4%)
Euro Stoxx 50	5,808	-1.5% (YTD: +0.2%)
Brent crude	USD 107.27	-0.5%
Natural gas (Nymex)	USD 2.83	-0.5%
Gold	USD 4,724	+0.8%
BTC	USD 80,666	-1.4% (YTD: -7.9%)
Sukuk/bond market index	937.90	+1.7% (YTD: +2.0%)
S&P MENA Bond & Sukuk	151.19	-0.3% (YTD: -0.5%)
VIX (Volatility Index)	17.99	-2.1% (YTD: +20.3%)

THE CLOSING BELL: TADAWUL-

The TASI fell 1.1% yesterday on turnover of SAR 6.7 bn. The index is up 5.2% YTD.

In the green: Saudi Real Estate (+6.3%), Middle East Specialized Cables (+6.0%), and Al Masar Al Shamil Education (+5.6%).

In the red: Saudi Automotive Services (-10.0%), Saleh Abdulaziz Al Rashed (-9.9%), and Obeikan Glass (-8.9%).

THE CLOSING BELL: NOMU-

The NomuC rose 0.7% yesterday on turnover of SAR 529 mn. The index is down 2.2% YTD.

In the green: ASG Plastic Factory (+12.6%), National Signage Industrial (+11.3%), and Naba Alsaha Medical Services (+10.0%).

In the red: Alqemam for Computer Systems (-9.8%), Arabian Plastic Industrial (-9.4%), and Arabica Star (-8.8%).

CORPORATE ACTIONS-

Tabuk Agricultural Development’s board proposed a further capital reduction to offset accumulated losses, now at 80.5% of share capital, according to a Tadawul disclosure. The move would cut share capital to SAR 76.5 mn from SAR 391.8 mn by cancelling 31.52 mn shares — 0.8047 shares for each share held — aiming to write off SAR 315.2 mn in accumulated losses.

REMEMBER- The board previously proposed a 77.4% capital cut to write off SAR 303.3 mn in accumulated losses, reducing capital from SAR 391.8 mn to SAR 88.5 mn. However, the rise in accumulated losses reflected in 1Q results prompted a revised reduction plan.

CALENDAR

MAY

24-28 May (Sunday-Thursday): Eid Al Adha holiday.

JUNE

15-17 June (Monday-Wednesday): Aluminum Arabia, The Arena, Riyadh.

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

21-24 June (Sunday-Wednesday): Saudi Print & Pack, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Riyadh International Industry Week, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Saudi Plastics & Petrochem, Riyadh International Convention & Exhibition Center.

21-24 June (Sunday-Wednesday): Saudi Smart Logistics, Riyadh International Convention & Exhibition Center.

22-24 June (Monday-Wednesday): The Future Hospitality Summit, Mandarin Oriental Al Faisaliah Hotel, Riyadh.

JULY

6 July-23 August (Monday-Sunday): Esports World Cup, Riyadh.

AUGUST

30 August-1 September (Sunday-Tuesday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

31 August-3 September (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.

SEPTEMBER

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

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

12-15 October (Monday-Thursday): World Energy Congress, Riyadh.

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

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.

NOVEMBER

25-29 November (Wednesday-Sunday): Aero Middle East and Sand & Fun, Thumamah Airport, Riyadh.

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
September: Saudi Paper and Packaging Expo, Riyadh International Convention & Exhibition Center;
November: The UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia;
November: The Esports Nations Cup, Riyadh;
The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah;
SkyMove Air Cargo MENA, Riyadh;
The Intervision international music competition will take place in Saudi Arabia.

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;
Capital Markets Forum takes place in March in Riyadh.

Signposted to happen sometime in 2Q 2027:

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

2027

FEBRUARY

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

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