US embassy in Riyadh hit by drones

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WHAT WE’RE TRACKING TODAY

Fire at US embassy in Riyadh after attack

Good morning, all. It’s another morning with missiles and drones flying over the Gulf and smoke taking over the capital after the latest round of attacks targeting the Kingdom.

The most significant development overnight is the drone attack on the US embassy in Riyadh, which resulted in a “limited fire and minor material damage.” The embassy then told American citizens in Jeddah, Riyadh, and Dhahran to “shelter in place.” More blasts were heard near the capital’s diplomatic quarter until 3am.

Wait for the US response: A White House correspondent said Trump told her “you’ll find soon what the retaliation will be for the attack on the embassy and the US service members killed.”

This came shortly after the US State Department urged Americans to depart over a dozen countries in the region, including Saudi Arabia, the UAE, Egypt, Jordan, Qatar, and Oman, citing “serious safety risks.” But with airspace closed and flights restricted, it may prove difficult for Americans to leave the region.

Speaking of flight restriction: Several Riyadh-bound flights are either in a holding position or on their way back to their origin following the attack on the embassy.

The embassy wasn’t the only facility targeted in the Kingdom over the past 24 hours: Two Iranian drones targeted the Ras Tanura refinery, halting operations after interception debris fell near the facility, causing a fire.

Further from home: The US embassy in Kuwait, too, was struck by drones; Iran officially announced it has closed the Strait of Hormuz; and the US says its “hardest hits are yet to come,” promising that the “next phase will be even more punishing on Iran than it is right now.”

WEATHER-

Riyadh: 23°C high / 13°C low;

Jeddah: 28°C high / 19°C low;
Makkah: 28°C high / 18°C low;
Dammam: 24°C high / 15°C low.

Watch this space

The UK is preparing to evacuate thousands of Britons from the Gulf via Riyadh, after Iran’s strikes shuttered regional airspace. The UK Foreign Office is coordinating with Saudi authorities for overland evacuations from the UAE, Bahrain, Kuwait, and Qatar, with possible support from regional airlines. Some 94k Britons have registered for assistance as of yesterday.

IPO — Rukn Alkessay Medical pulls the plug on Nomu IPO: Riyadh-based Rukn Alkessay Medical scrapped its plans to list on the Parallel Market, according to a bourse filing from its financial advisor Estidamah Capital, which framed the withdrawal as a move to safeguard investor interests. The company was looking to raise SAR 30 mn.

Rukn Alkessay’s exit is the first casualty of the current regional geopolitical flare-up, which sent the TASI down 2.2% on Sunday. TASI remained basically unchanged at yesterday’s close (+0.13%).

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The big story abroad

The world’s front pages are all about the widening regional war for the third day running. Two updates are topping headlines this morning:

#1- US President Donald Trump vowed to do “whatever it takes” in Iran, saying that US-Israeli attacks on the country could go on for over a month.

#2- Iran officially closed the Strait of Hormuz, threatening to fire at any ship trying to pass through — effectively halting 20% of the world’s oil supply.

THE HOMETOWN ANGLE- We dive into what this all means for us at home in the news well, below.

Circle your calendar

Interested investors have until Wednesday, 8 April to submit their bids to construct, operate, and maintain a cable car project in Al Safa Park, according to state news agency SPA. The investment contract will have a period of up to 25 years.

Tehran plays the energy card

Iran is bringing the big guns on the third day of the conflict, announcing the dreaded closure of the Strait of Hormuz and threatening to “set on fire” any ships that insist on crossing the strait.

Hostilities had already severely undercut passage through the corridor, paralyzing regional energy logistics and threatening a total production shut-in within weeks. With the world’s most vital oil artery blocked, the logistical challenge has shifted from delays to a question of physical storage capacity. The conflict is spilling across the region, threatening the 21 mn barrels of oil from Iran, Iraq, Kuwait, Saudi Arabia, and the UAE that pass through the strait daily.

Iran also waged limited strikes on an oil refinery in Saudi and LNG export facilities in Qatar. Attacking core energy infrastructure is the nightmare scenario traders fear, forcing the market to price not only geopolitical risk but also potential physical disruption at the heart of export capacities.

Hormuz closure can send oil flying

Oil touching the psychologically important USD 100 per-barrel mark is looking more possible with each passing day, with JPMorgan Chase & Co analysts warning in a note that Gulf producers only have 25 days before they run out of storage space. Wood Mackenzie said in a note that prices could exceed the USD 100 mark “if tanker flows are not quickly restored,” while Bernstein sees Brent crude reaching USD 150 in the event of a prolonged conflict.

The situation “has already moved from geopolitical noise to actual impact,” Rabobank Energy Strategist Florence Schmit tells EnterpriseAM, as energy infrastructure across the region has been targeted and Israel has already curtailed gas production as a precaution.

With the Hormuz Strait effectively closed, there are few other options to get output to global markets, with the Saudi East-West pipeline moving 5 mn bbl / d — equivalent to just a quarter of what usually passes through the strait.

The cost of LNG and our reliance on it could also soon become a serious issue, with QatarEnergy announcing yesterday that it has stopped producing LNG. The decision came following an Iranian drone that hit Ras Laffan, the world’s largest export facility, which produces some 20% of global supply.

As disruptions continue, the mismatch between demand and supply will rise along with prices. “It’s a matter of the duration of this crisis,” Wideangle LNG Consulting Director Jean-Christian Heintz tells us. “As a rule of thumb, if we are talking about one week of shortage, you see that this already translates into 2% of annual LNG production.”

LNG flow disruptions are expected to “reignite competition between Asia and Europe for available cargoes,” according to Wood Mackenzie Gas and LNG Research Vice President Massimo Di Odoardo.

Shipping rates for all types of goods and the end-cost for consumers are likewise set to rise, with shipping lines facing higher fuel costs — which usually account for 40% of total costs — and war-risk premiums doubling to 0.5% coming on top of a 15-20 days longer transit around the Cape of Good Hope while lines avoid the Suez Canal. There are also limited overland corridors able to handle anywhere near the amount of TEU capacity and diverted traffic.

Oil refinery under attack

Aramco halted operations at some units of the Ras Tanura refinery following a drone strike in the area. Debris from two intercepted drones fell near the facility, causing a fire that was contained, unnamed Energy Ministry sources told state news agency SPA, adding that oil supplies to local markets remain unaffected.

This is the first confirmed direct strike on oil infrastructure since hostilities began on Saturday. The 550k bbl / d facility — one of the Kingdom’s largest — sits on the Arabian Gulf, directly exposed as maritime traffic through Hormuz Strait grinds to a near-halt.

This could be the final straw for Saudi: Pundits are thinking the attacks could push Saudi and GCC states closer to joining military operations against Iran. Still, Tehran is sending signals that oil facilities are not being intentionally targeted across the region, and yesterday’s attacks could be an attempt to raise uncertainty about the war’s costs rather than a scorched-earth scenario.

Aramco installations have been attacked before, also by Iran-affiliated forces. Houthis — Yemen’s Iran-backed rebel group — struck the Abqaiq processing facility and the Khurais oil field in 2019, putting in jeopardy some 5% of global oil supply at the time, and targeted an oil depot in Jeddah in 2022. Saudi restored output from Abqaiq and Khurais within days to weeks the first time, but the incident exposed vulnerabilities in Gulf energy infrastructure and briefly rattled global supply confidence, pushing Brent crude to log its steepest single-day surge since the 1990s.

LNG is hit, too

QatarEnergy shut down LNG production after an Iranian drone hit Ras Laffan — the world’s largest export facility, sending European gas prices soaring by more than 50%. The company, which supplies about a fifth of global LNG, has declared force majeure on its LNG contracts.

Why it matters: While Asian buyers dominate Middle Eastern LNG demand, the disruption is expected to intensify global competition for supplies, driving prices higher across markets and, if the price hike continues long enough, resulting in inflationary waves hitting Europe and as far as the US.

It’s a big issue… “Stopping production means you implicitly believe that you will have a tank-top problem, so you will have an issue of not being able to off-take all the production because you have obviously a limited amount of storage,” Heintz tells us. “It also means that you are ready to undergo a very long and potentially costly restart process. [...] Those plants are not designed for being shut down. It’s quite a big move.”

… and definitely out of character: QatarEnergy is “very careful about the reputation and the reliability of their supplies. They don’t want to be in that gray zone where [buyers] don’t know exactly when [supplies] will be loaded and when they will be delivered,” Heintz notes.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Data is the new oil — and it’s under fire too

If you’ve had a hard time opening a favorite website, placing an order online, or getting into your bank accounts the past couple of days, odds are you can thank the ongoing regional war — two major regional data centers experienced outages, with one appearing to have come after it was hit by falling debris from a drone or missile interception.

Abu Dhabi Commercial Bank confirmed yesterday that “regional IT disruptions” were behind problems clients were having accessing its mobile banking and contact center services. We were also impacted: EnterpriseAM.com is one of the many services hosted on AWS out of the UAE, and our site was down for more than a day after the incident, forcing us to use a backup in another jurisdiction.

Why it matters: Data center outages in the UAE and Bahrain were a wake-up call for the digital economy, exposing centralized data centers as a critical infrastructure vulnerability that businesses across MENA had previously ignored. The attacks on data centers will also challenge the Gulf’s image as a secure hub for AI infrastructure — and could yet force a reassessment of physical security risks amid multi-bn-USD data center investments in both the UAE and Saudi Arabia.

What happened?

An Amazon Web Services (AWS) data center in Dubai caught fire on Sunday morning after being struck by unspecified “objects,” prompting the local fire department to cut power to the facility, including backup generators. The incident occurred on the same day Iranian ballistic missiles struck targets across the GCC, including the UAE and Bahrain.

Is it really that simple? AWS services are designed to withstand a single data center failure, but the outage spread to a second group of data centers, triggering a double failure that bypassed standard redundancies.

At the same time, a power failure in Bahrain knocked out a single zone, taking other racks offline.

As of Monday night, we understand that full restoration of the two damaged data center zones will take at least another day, with both physical cooling and power systems undergoing repairs.

Who else was affected?

AWS, businesses, and banks love to talk about their infrastructure when they ink contracts, flooding journalists’ inboxes with press releases. (They’re not alone — we’re looking at you, Microsoft.) They’re quieter about details of setups, citing infrastructure security concerns.

Still, we know the division of Amazon is a partner of choice for multiple banks, financial institutions, digital platforms, local government agencies, and logistics companies across the region, with many relying heavily on key AWS services. The outage in Dubai and Bahrain is causing many to report that key services are offline, while others are seeing service quality degraded.

Why it matters

Data centers and their supporting energy infrastructure are now targets of war on par with oil and gas facilities. Taking them down is a fast way to disrupt government services, businesses, and financial institutions, raising the cost of the conflict — something Tehran seems keen to do.

Hindsight is 20/20: Companies should now be acutely aware of the importance of multi-region deployment of their apps and services to avoid impact in the future, Engagesoft CTO Tareq Tahboub tells us. Case in point: Enterprises and government entities that have backup services on AWS infrastructure in multiple regions were unaffected by the outage.

The data center landscape is highly centralized, Saudi semiconductor design company Rimal’s CEO Houssam Salem tells EnterpriseAM, adding that a handful of companies control most on-the-ground capacity.

Regulations (and quiet pressure) on data sovereignty help keep things that way. Governments across the region have a host of reasons for wanting data about their country (and their residents and businesses) to stay within borders. In our corner of the world, the big issue of the day isn’t “data privacy” as it is in the west, but where data lives and who has access.

Simple economics also mean that clusters of data centers make good sense — until they don’t. The economics of hyperscale AI “push states toward establishing AI hubs which concentrate massive power supply, cooling capacity, and fiber connectivity co-located in a single campus to maximize efficiency,” Rihla Research & Advisory CEO Jesse Marks said in a note. While this is more economically viable, a single strike can take down an entire AI stack, as is evident by the AWS outage, calling into question how builders of AI clusters currently under construction will help harden infrastructure and design fallbacks.

Salem argues this centralization is going to change in the near future as more data centers come online across the region. Gulf states could also resort to embedding frameworks in their existing contracts with hyperscalers, allowing critical systems to be shifted to secure facilities in allied countries within minutes of a disruption, Marks suggests.

The context

Considering security risks to AI infrastructure is now a pressing priority if the UAE and Saudi want to become global hubs of compute. The GCC data center market is projected to hit USD 9.5 bn by 2030, buoyed by sovereign capital flows into hyperscale, AI-native infrastructure by the UAE’s G42 and Saudi PIF’s Humain. Humain’s data centers — currently under construction — were set to come online this year.

Regional stability is among the top selling points for those looking to attract AI investment to our part of the world. “The challenge now is to ensure that the digital infrastructure [countries in MENA] are building commands the same strategic protection they have long afforded their energy assets,” says Marks.

Tasnee exits its plastic conversion unit

Tasnee exits its plastic conversion arm in SAR 700 mn sale: National Industrialization Company (Tasnee) has agreed to sell 100% of its subsidiary, Al‑Rowad Industrial Transformation Company, to Saudi Holding Company for Conversion Industries (Tahweel Holding) for an enterprise value of SAR 700 mn, according to a Tadawul disclosure. The allcash share purchase agreement will see Tasnee fully exit the plastic conversion business, a sector it once viewed as a key downstream play.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Priced just below book value: The SAR 700 mn enterprise value is slightly below the asset’s SAR 714 mn book value, suggesting Tasnee was motivated to close the transaction quickly to redirect capital. The agreement is pending clearance from the General Authority for Competition.

Al‑Rowad’s portfolio: The company operates a group of specialized plastic conversion firms, including Al-Rowad Global Packaging, Taldeen Plastic Solutions, Al-Rowad National Plastic, Al-Rowad International Industrial Films, and Al-Rowad United Marketing. Together, they produce packaging films, polyethylene pipes, agricultural plastics, geomembrane liners, and other industrial products, while also managing a retail distribution network across the Kingdom.

Why it matters

Tasnee is going back to basics: Tasnee can now focus on its core role as a Tier‑1 upstream petrochemical producer, using proceeds from the sale to reduce debt and strengthen its balance sheet, prioritizing liquidity and a simpler corporate structure over vertical integration.

ADVISORS- Trussbridge is financial advisor and Kings & Spalding is providing counsel to Tasnee, while Tahweel tapped Deloitte for financial advisory and Dentons for counsel.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Tadawul bottom line down on lower trading volumes

Tadawul Group

Saudi Tadawul Group’s net income fell 36.4% y-o-y to SAR 395.6 mn in 2025, it said in a bourse filing (pdf). The decline came on the back of lower trading and post-trade revenues, despite a 13.3% rise in data and technology services revenue. Meanwhile, revenue dropped 12.8% y-o-y to SAR 1.26 bn, weighed down by a 30.6% fall in average daily trading values, partly offset by growth in listing, registry, and co-location services.

Dividends: The board recommended distributing a SAR 276 mn dividend payout for 2025 at SAR 2.30 per share, it said in a separate disclosure.

Electrical Industries

Electrical Industries Company posted a 56.8% y-o-y increase to SAR 629.9 mn in 2025, driven by higher revenues and improved gross margins from a more diversified, higher-margin product mix, it said in a disclosure to Tadawul. Meanwhile, revenue grew 15.6% y-o-y to SAR 2.3 bn, supported by stronger demand across the Kingdom, particularly in high-voltage substation projects, infrastructure works, and new industrial and oil and gas developments.

Wataniya Ins.

Wataniya Ins. Company’s net income fell 64.0% y-o-y to SAR 37.1 mn in 2025, as ins. service results declined and operating expenses rose, the company said in a disclosure to Tadawul. Meanwhile, revenue grew 2.3% y-o-y to SAR 1.8 bn during the year, supported by overall business growth across the company’s ins. operations.

Catrion completes Al Khalejiah acquisition + Another logistics park is on the way

Catrion fast-tracks 55% AKCC acquisition ahead of schedule

Catrion Catering Holding completed its acquisition of a 55% stake in Al Khalejiah Catering (AKCC) earlier than expected, according to a Tadawul disclosure. The agreement — originally slated for completion in 2Q — was finalized following regulatory clearance from the General Authority for Competition.

The details: Valued at SAR 440.9 mn, the transaction includes an initial payment of SAR 315.2 mn and performance-based earnouts of up to SAR 125.7 mn tied to financial targets through 2027. Catrion also holds a call option to acquire an additional 15% of AKCC within the next three years.

Another logistics park on the way:

Saudi Ports Authority (Mawani) signed an SAR 250 mn lease agreement with Sultan Logistics to set up a logistics park at Al Khumrah’s Jeddah Islamic Port, according to a statement. The 200k sqm project is expected to “enhance operational efficiency and further develop the logistics services ecosystem provided.” It will feature warehouses, yards for the storage and maintenance of containers, and re-export areas.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Global investors turn sour on EMs after record-setting rally amid regional war

Emerging market currencies and stocks have taken a beating as the war in the region prompts a sell-off of riskier assets, snapping a record-setting rally that had taken hold amid fears of an AI bubble in the West and a desire to diversify from the USD, Bloomberg reports. Haven trades are back in charge, with investors rotating toward Treasuries, the CHF, and investment-grade emerging markets, excluding the Gulf, as we wrote yesterday.

By the numbers: A gauge of developing-nation FX fell 0.9% after touching all-time highs last week as the USD strengthened. Meanwhile, EM stocks dropped as much as 1.9% — the steepest slide in a month, led by tech and consumer discretionary names. Pakistan’s market plunged enough to trigger an hour-long halt, marking its biggest drop on record.

Local-currency bonds of net oil-importing countries saw yields rise as Brent crude jumped 8.6% to around USD 79 / bbl — its highest in more than a year — while gold rallied alongside the greenback.

JPMorgan also slashed its overweight recommendation on EM currencies and local bonds by half on the back of the sell-off.

Central banks moved fast: Indonesia and India intervened in FX markets, while Turkish lenders reportedly sold about USD 5 bn to steady the TRY. “There’s panic selling at first, then normalization,” said Osmanli Portfoy CEO Mehmet Gerz.

The bigger risk is inflation: Barclays warned that sustained higher oil prices could delay rate cuts across easing-cycle economies like South Africa, Poland, Turkey, and Hungary. Bloomberg Economics sees crude potentially climbing as high as USD 108 / bbl if tensions intensify.

MARKETS THIS MORNING-

Asia-Pacific markets opened in the red this morning as the escalating regional war enters its fourth day. South Korea’s Kospi is down over 3.6% — despite defensive sector gains — and Japan’s Nikkei is down 2.2%. Over on Wall Street, indices are set to open in the red today, with futures down across the board.

TASI	10,489	+0.1% (YTD: 0.0%)
MSCI Tadawul 30	1,423	+0.3% (YTD: +2.6%)
NomuC	22,533	-0.3% (YTD: -3.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	47,692	-0.6% (YTD: +14.0%)
ADX	10,454	-1.3% (YTD: +4.6%)
DFM	6,504	-1.8% (YTD: +7.6%)
S&P 500	6,882	0.0% (YTD: +0.5%)
FTSE 100	10,780	-1.2% (YTD: +8.5%)
Euro Stoxx 50	5,987	-2.5% (YTD: +3.4%)
Brent crude	USD 77.76	+6.7%
Natural gas (Nymex)	USD 2.96	+3.5%
Gold	USD 5,312	+1.2%
BTC	USD 69,349	+6.3% (YTD: -20.8%)
Sukuk/bond market index	923.14	-0.1% (YTD: +0.4%)
S&P MENA Bond & Sukuk	153.89	+0.1% (YTD: +1.3%)
VIX (Volatility Index)	21.42	+8.0% (YTD: +55.0%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.1% yesterday on turnover of SAR 7.2 bn. The index is down 0.02% YTD.

In the green: Thimar (+5.6%), AlRajhi Takaful (+5.5%), and Bahri (+5.2%).

In the red: SHL (-6.4%), Flynas (-6.3%), and Cenomi Centers (-6.1%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.3% yesterday on turnover of SAR 13.3 mn. The index is down 3.3% YTD.

In the green: Academy of Learning (+9.2%), Alfakhera (+7.0%), and AlJouf Water (+6.5%).

In the red: AlKuzama (-9.9%), Knowledge Tower (-8.2%), and Rawasi (-7.0%).

CALENDAR

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.

19-21 May (Tuesday-Thursday): The Saudi Entertainment and Amusement Expo, Riyadh Front Exhibition and Conference Center.

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.

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

NOVEMBER

24-28 November (Tuesday-Saturday): 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;
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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US embassy in Riyadh hit by drones

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Fire at US embassy in Riyadh after attack