UK AI startup at the heart of Humain’s sports push

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WHAT WE’RE TRACKING TODAY

Moody’s now has a regional headquarters in Riyadh

🌙 Good morning, everyone, and Ramadan Kareem to all those who observe. We hope you were better prepared than we were and had the chance to hydrate and caffeinate ahead of your first Ramadan workday.

Our big story today: We talked to Richard Felton-Thomas, COO of UK tech startup Ai.io, at the heart of Humain’s sports push. The company — which has recently sold a controlling stake to Humain — is getting access to the Saudi AI infrastructure and offering integrated AI platforms designed to support the full sports ecosystem through Humain Sport.

WEATHER- Dust and fog on the move: Active winds will lift sand and dust across the Northern Borders, Al Jouf, Tabuk, Hail, and the eastern parts of Madinah and Makkah today, while nighttime and early morning fog is expected along the coasts of Makkah, Aseer, and Jazan, as well as the southern Eastern Province. Light rain may also touch northern areas.

Riyadh: 28°C high / 15°C low;
Jeddah: 31°C high / 24°C low;
Makkah: 33°C high / 25°C low;
Dammam: 27°C high / 14°C low.

Watch this space

RHQ — Ratings agency Moody’s opened a regional headquarters in Riyadh, according to a press release. The new hub is led by General Manager Mahmoud Totonji, who previously oversaw the launch of Moody’s Ratings in the Kingdom. Moody’s has operated locally since opening its first office in 2018.

IN CONTEXT- The last tally from former investment minister Khalid Al Falih put the number of multinational companies that have established their regional headquarters in the capital at 675, including Citigroup, Goldman Sachs, Mizuho, BlackRock, and Morgan Stanley.

AVIATION — Flyadeal is edging closer to its 50-aircraft 2026 milestone, as it is set to receive its first new aircraft delivery of the year, CEO Steven Greenway said in a post on LinkedIn. The new Airbus A320neo arrival — which brings the carrier’s fleet to 45 narrow-body jets — comes as the airline plans to triple its network to over 100 destinations and nearly double its fleet to 100 aircraft by 2030.

We have an exclusive insight into LCCs: Low-cost carriers’ (LCC) share of the region’s aviation market doubled over the past decade, increasing at an average annual rate of 11.5%. EnterpriseAM sat down with logistics specialist Khaled Nour El Din from Egypt’s leading budget airline Air Cairo to explain how airlines are capitalizing on this trend.

DEBT — Sustainable bond issuance in the MENA region is projected to hit USD 20-25 bn this year, picking up momentum from last year, when regional appetite rose 3% y-o-y, and holding up against a global slump as issuance fell 21%, according to S&P Global. The Gulf in particular — namely Saudi Arabia and the UAE — dominated the market, accounting for 80% of all issuance by value and offsetting a significant decline in issuance from Turkey. While banks led the charge in Saudi, the UAE and Turkey are seeing corporates take the wheel.

Sustainable sukuk issuance hit a record USD 11.4 bn in 2025, up 44% y-o-y, and accounted for 45% of all regional sustainable bond value, up from 33% a year earlier.

Adding another layer to the funding mix, Islamic syndicated financing is also gaining traction. Fitch says outstanding global Islamic syndications rose about 16% last year to roughly USD 215 bn, lifting their share of total syndicated financing in core markets to 27.6%. Activity remains heavily concentrated in Saudi Arabia (34% of global outstanding) and the UAE (33%), with Egypt trailing at 8%.

GAMING — The Public Investment Fund moved its stake in Take-Two Interactive to its esports arm Savvy Games Group. The stake is valued at just shy of USD 3 bn, according to LSEG data. Savvy could soon further expand its portfolio, with the company currently in advanced negotiations to acquire Shanghai-based Moonton Technology from Chinese giant ByteDance for up to USD 7 bn.

Not the first time: Last month, the fund moved some USD 12 bn worth of video game equity to its subsidiary, transferring shares of Nintendo, Bandai Namco, Koei Tecmo, and others.

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The big story abroad

The Netflix-Paramount-Warner Bros saga is making waves once again, after Warner Bros Discovery gave Paramount a seven-day window to propose its final bid, giving the suitor one last chance to counter rival Netflix’s offer. This came after Warner Bros rejected Paramount’s USD 30-per-share offer, but gave it a chance to put in its “best and final” offer. Investors have hinted that they will accept no less than 33 a share to consider a competing offer to Netflix’s current bid.

Social media giant Meta will buy mns of Nvidia chips under a multiyear agreement worth tens of bns of USD. The move potentially gives the chipmaker a leg up in maintaining its dominance as it faces intense competition from AMD and even from its own pool of Big Tech clients. Meta framed the move as an infrastructure agreement, whereby it will use the hardware for its AI-optimized data centers.

ALSO- A few software companies released their latest earnings early to quell the recent equity selloff prompted by fears over AI overtaking the tech sector. Speaking of the selloff, it showed signs of abating with the S&P 500 information technology sector rebounding from previous losses, closing in the green yesterday. The upswing was bolstered by gains in Apple and Nvidia stocks.

Ai.io is at the heart of Humain’s sports push

PIF’s AI champion Humain acquired a controlling stake in UK-based sports technology firm Ai.io, a move that integrates a massive consumer of data processing into the Kingdom’s emerging AI infrastructure. The transaction value is still under wraps.

The acquisition formally launches Humain Sport, a new vertical led by Ai.io’s founder and CEO Darren Peries. The company plans to establish an office in the Kingdom in the upcoming months and has a team already operating out of Humain’s offices, Ai.io’s COO Richard Felton-Thomas tells EnterpriseAM.

Ai.io?

Ai.io is the company behind AI Scout, used by the likes of Chelsea FC and Burnley to address a fundamental inefficiency in professional sports: the physical limitations of human scouts. “We know each professional scout in the Premier League sees about 2k players per year. But mns play the game[…] It just doesn’t cut it,” Felton-Thomas said, adding that scouts go to the same places and miss vast swathes of talent.

AI Scout gives players a tool to record drills remotely, allowing clubs to review “5k% higher [volume] than what currently gets reviewed with the same staff members they have today.” To date, the platform has already resulted in “just over 750 players who have been trialed or signed by pro clubs.”

Beyond scouting, 3DAT (3D Athlete Tracking) technology captures motion data without wearable sensors for performance analysis and injury prevention. The company is in talks to deploy its solutions to the Mahd Academy, the Saudi Olympic Training Center, and a number of Saudi Pro League clubs, Felton-Thomas tells us.

The Saudi advantage

Successfully deploying Ai.io’s solutions is a test case for the Saudi advantage in AI. The acquisition is a wager that the Kingdom’s sovereign infrastructure and its promised low costs of inference can fix the unit economics of consumer AI.

Using computer vision to analyze athletes via smartphone video requires a lot of inference power. “Some people can scale and be validated, but then it costs too much so no one can use it. Having cheap inference [using Saudi’s infrastructure] is going to go a long way,” Felton-Thomas said.

The long-term play is to migrate this workload to Humain’s sovereign infrastructure to subsidize the cost of global expansion. Migration is “still in the works,” but engineering teams are building toward a future where the heavy lifting happens in the Kingdom. “We want to do that with Humain and in Saudi. Where we don’t have to [use other providers for sponsorship reasons], it will be with Humain.”

Felton-Thomas dismisses concerns regarding the availability of local technical talent to support AI infrastructure. The company participated in a recent hackathon with SCAI (the Saudi Company for Artificial Intelligence, now folded into Humain), and the output from local developers was “very impressive.” The cost of Saudi talent also remains “a lot lower than some of those talent hubs” in the US and elsewhere, which can be a competitive advantage when building platform backends, he argues.

What’s next?

The company is preparing “Phase 2” of announcements, with Felton-Thomas hinting at major agreements currently in the pipeline, both in Saudi Arabia and globally.

Sudair City gets a boost

Sudair is getting SAR 3 bn worth of industrial projects after Mineral Resources Minister Bandar Alkhorayef inaugurated a package of infrastructure, utilities, and ready-built factory projects in Sudair City for Industry and Business, state news agency SPA reports.

Infrastructure expansion underway: The rollout includes SAR 1.8 bn allocated to infrastructure works spanning road, water, and sewage networks, a 12.5k cbm water reservoir, and the fourth phase of the city’s expansion across 6 mn sqm of land. A 200 MVA electrical substation and 44 ready-built factories are also under development to support incoming industrial investment.

Not just bricks and mortar: The Saudi Authority for Industrial Cities and Technology Zones (Modon) inked six industrial and investment contracts and an MoU with public- and private-sector entities, totaling SAR 1 bn for Sudair. The authority also inked a SAR 16 mn agreement with Al Majmaah Chamber to establish a training center and on-site childcare facility. An MoU with Ajex will also introduce shared logistics transport services aimed at improving supply chain efficiency for investors.

Why it matters

Sudair is being positioned as the release valve for Riyadh’s industrial core. As the capital’s primary zones reach capacity, Sudair is moving away from a land-only play toward a service-led model. Modon is attempting to lower the capex floor for mid-market players by providing pre-built sheds and shared logistics.

Arab Energy Fund finances Iraqi oil field with USD 346 mn

The Arab Energy Fund closed USD 346 mn in reserve-backed financing for Kuwait Energy Basra, the operator of the Faihaa oil field in Iraq (Block 9), according to a statement. The facility — secured against oil and gas reserves — is earmarked for the next development phase at Faihaa, including drilling, infrastructure upgrades, and output growth.

The structure tells the story: The Saudi-headquartered multilateral acted as the initial mandated lead arranger and structuring bank, running the process from early structuring through financial close since 2024, with Kuwait Finance House and Trafigura joining as lead coordinators.

Why this matters: The backing of Iraq’s expansion plans comes at a moment when Opec politics and production ceilings are tightening. Reserve-based financing moves projects without waiting for budget relief.

STC’s net income drops in 2025

Saudi Telecom Company

Saudi Telecom Company (STC) reported a 40% y-o-y decline in net income to SAR 14.8 bn in 2025 — in line with Bloomberg analysts’ expectations — the company said in a disclosure to Tadawul. The drop was largely due to the absence of last year’s one-off gain from the sale of its stakes in Tawal and Digital Infrastructure Company.

Revenue rose 2.5% y-o-y to SAR 77.8 bn last year, supported by a 3.4% increase in commercial unit revenues and a 10.8% rise in carriers and wholesale.

ALSO- STC’s board will distribute a SAR 2.74 bn dividend payout for 4Q 2025 at SAR 0.55 apiece, it said in a separate disclosure. The distribution date is set for 12 March.

Extra, Tas’heel undergo top leadership changes

United Electronics Company (Extra) appointed Ali Mansour (LinkedIn) as its new CEO, the company said in a Tadawul disclosure. Mansour will take over on 1 March from Mohamed Galal (LinkedIn), who will transition to the role of managing director for United International Holding Company (Tas’heel) on the same day, according to a separate disclosure.

Mansour has been with Extra since 2004 and has led the retail sector since 2019. He brings over 20 years of experience in retail and consumer electronics. Meanwhile, Galal — who has been serving as vice chairman and acting CEO of Extra since December 2024 — sits on multiple boards across diverse industries, including Procco Financial Services, Halwani Brothers Egypt, and Nawah Holding.

Higher bar for local content, road and traffic upgrades in Riyadh, and Frimax’s play for neonatal care in Saudi

New thresholds push manufacturers toward deeper localization

LCGPA raises bar for local content: The Local Content and Government Procurement Authority (LCGPA) introduced minimum local content thresholds for establishments to qualify for the mandatory list of national products in government procurement, state news agency SPA reports. The rules cover 233 items, starting with tiles in August 2026, before including other products — such as certain appliances and medical devices — in August 2027.

Why it matters: The LCGPA is shifting from a binary local-versus-foreign approach to a performance-based model, effectively deepening domestic manufacturing rather than basic assembly to retain access to government demand. Manufacturers that fall short of the new percentages risk losing bid preference from 2026 to 2027 unless they invest in local supply chains. Meanwhile, contractors will face tighter sourcing constraints, as only suppliers meeting the thresholds will qualify.

Riyadh rolls out SAR 1.6 bn road and drainage upgrades

Riyadh Municipality is putting SAR 1.6 bn into fixing the city’s friction points through road and traffic upgrades to ease congestion across the capital, Saudi Gazette reports. Works include the 15.5-km expansion of Prince Faisal bin Bandar Road, intersection redesigns, asphalt paving, neighborhood upgrades, and drainage networks in flood-prone areas. The municipality will also improve pedestrian paths, cycling tracks, lighting, public spaces, stormwater culverts, parking, and urban landscaping.

Frimex expands into Saudi healthcare with GNC acquisition

Frimex International Investment — the GCC investment arm of Yemeni conglomerate HayelSaeed Anam & Co. — acquired 60% of Riyadh-based Gulf Neo Care (GNC), which specializes in neonatal care, pharma, medical devices, and healthcare products, according to a press release. The value of the transaction was not disclosed.

Ayyan moves Al Janadriyah land into institutional fund play

Riyadh’s Al Janadriyah set for new mixed-use real estate fund: Ayyan Investment signed a non-binding MoU with Al Rajhi Capital and Sumou Holding to establish a mixed-use real estate private fund in Riyadh’s Al Janadriyah, it said in a disclosure to Tadawul. The SAR 600 mn, 83.4k sqm project will feature residential and commercial spaces, with Ayyan contributing land, Al Rajhi Capital managing the fund, and Sumou Holding acting as developer.

MENA’s M&A surge is about buying global supply chains and tech dominance

M&A activity across the MENA region jumped in 2025, with value climbing 15% to USD 106.1 bn across 884 transactions, according to a report from EY. While domestic consolidation remained healthy, the real engine was cross-border activity, which accounted for 61% of value. The UAE and Saudi Arabia continue to dominate the landscape, capturing 59% of all regional investment and 66% of total investor activity.

Why it matters: We are seeing a shift from defensive domestic merging toward aggressive, strategic international expansion. Domestic transactions accounted for 46% of total volume at USD 41.6 bn. Outbound capital is no longer just parked in safe havens — 64% of outbound value was driven by government-related entities and sovereign wealth funds like Adia, Mubadala, and PIF, which are now using M&A to buy into global supply chains.

The sector play: Technology and diversified industrial products led the way, making up 38% of total volume. Meanwhile, the banking sector is aggressively eyeing the India-MENA corridor, evidenced by Emirates NBD’s USD 4.4 bn play for RBL Bank.

What’s next: Expect the surgical use of M&A to continue as companies look to acquire AI and tech capabilities to offset global trade uncertainties. The UAE remains the primary entry point for foreign capital, accounting for a massive 92% of total inbound value into the region.

MARKETS THIS MORNING-

Asia-Pacific markets are mixed in early trading this morning, with most of them reopening after taking yesterday off in observance of the Lunar New Year. Over on Wall Street, futures suggest that markets are in for another volatile trading day, despite hopes that the tech selloff will soon be over.

TASI	11,098	-0.8% (YTD: +5.8%)
MSCI Tadawul 30	1,495	-0.6% (YTD: +7.8%)
NomuC	23,549	-0.9% (YTD: +1.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	51,834	+0.7% (YTD: +23.9%)
ADX	10,624	0.0% (YTD: +6.3%)
DFM	6,684	-0.3% (YTD: +10.5%)
S&P 500	6,843	+0.1% (YTD: 0.0%)
FTSE 100	10,556	+0.8% (YTD: +6.3%)
Euro Stoxx 50	6,022	+0.7% (YTD: +4.0%)
Brent crude	USD 67.39	-1.8%
Natural gas (Nymex)	USD 3.05	-6.1%
Gold	USD 4,899	-2.9%
BTC	USD 67,652	-1.8% (YTD: -22.8%)
Sukuk/bond market index	924.19	+0.1% (YTD: +0.5%)
S&P MENA Bond & Sukuk	153.40	+0.1% (YTD: +1.0%)
VIX (Volatility Index)	20.45	-3.4% (YTD: +48.0%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.8% yesterday on turnover of SAR 4.6 bn. The index is down 5.8% YTD.

In the green: Teco (+9.4%), SHL (+4.5%), and Al Masar Al Shamil (+3.5%).

In the red: Amak (-6.6%), MIS (-5.1%), and NCLE (-4.6%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.9% yesterday on turnover of SAR 18.5 mn. The index is up 1.1% YTD.

In the green: Amwaj International (+7.1%), Horizon Food (+6.4%), and Mulkia (+6.2%).

In the red: Multi Business (-11.7%), NBM (-8.5%), and Naseej Tech (-8.3%).

CALENDAR

FEBRUARY

18 February (Wednesday): First day of Ramadan.

22 February (Sunday): Founding Day.

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

MARCH

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

18-23 March (Tuesday-Monday): Eid Al-Fitr holiday (TBC).

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

25-27 March (Wednesday-Friday): Future Investment Initiative Institute, Faena Hotel, Miami Beach.

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, Mandarin Oriental 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 Hotel, Riyadh.

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

20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh

22-23 April (Wednesday-Thursday): The World Economic Forum’s Global Collaboration and Growth Meeting, Jeddah.

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

28 April (Tuesday): GC Summit Saudi Arabia, Riyadh.

MAY

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

5-6 May (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

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

JUNE

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

SEPTEMBER

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

23 September (Wednesday): Saudi National Day.

OCTOBER

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

Signposted to happen sometime in 2026:

2H: Sabic’s USD 6.4 bn Fujian project in China to start production;
November: The 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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