US-Saudi Investment Forum sees USD 267 bn in new agreements, AI steals the spotlight

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Humain secures approval for Nvidia’s high-end AI chips

Good morning, everyone, and happy THURSDAY. Our issue wraps up an incredibly busy week for the Kingdom, led by the flurry of agreements signed at the high-profile US-Saudi Investment Forum in Washington. Over USD 260 bn in new agreements were signed yesterday, with a heavy focus on the AI sector.

Things were also busy in Riyadh with more real estate agreements signed, including at Cityscape’s third day, as well as strong demand for Cherry Trading’s retail offering, and an SAR 2 bn sukuk issuance wrapped up from Cenomi Centers. Let’s dive in.

HAPPENING TODAY-

#1- Subscription for Lavenco Aluminum Systems’ IPO on Tadawul’s parallel market Nomu will run until Tuesday, 25 November, after it was extended from 18 November, the company said in a supplementary prospectus (pdf). Qualified investors can each subscribe for a minimum of 10 shares and a maximum of 75k over the ten-working-day subscription window. The final share allocation was also pushed for five working days to be announced on Sunday, 30 November.

#2- Public schools start their autumn break today, kicking off the longest holiday of the first semester. The ten-day break applies to students, teachers, and administrative staff, ending Saturday, 29 November.

WATCH THIS SPACE-

Chips are finally here: The US Commerce Department approved sales of advanced AI semiconductors to Saudi and the UAE in a long-anticipated decision coinciding with the Crown Prince’s visit to Washington.

The approval authorizes PIF’s AI champion Humain and UAE’s G42 to purchase up to 35k GB300 processors from Nvidia, provided they meet “rigorous security and reporting requirements,” according to the department’s post on X.

AI has been a big theme of the visit. Humain swept up a flurry of partnerships with top US companies to deploy data centers and compute power. We have the details in today’s lead story.

Does Paramount’s Ellison want Saudi backing for Warner Bros. bid? David Ellison, who acquired Paramount this year for USD 8 bn, has reportedly held preliminary and “active” talks with the Public Investment Fund (PIF) and other Gulf investors to secure financing for a potential bid to buy Warner Bros. Discovery (WBD), the Financial Times reports, citing anonymous sources.

Discussions have not reached a final agreement, and the potential Gulf backers are not expected to be named in Paramount’s initial non-binding offer due today, the salmon-colored paper reported.

Rumors, rumors: A Variety report claiming the Ellison family was forming a USD 71 bn consortium with the PIF, Qatar’s Investment Authority, and the Abu Dhabi Investment Authority was denied by Paramount Skydance, which called the report “categorically inaccurate.” The company is reportedly considering increasing its offer from USD 23.5 per share to around USD 30, valuing WBD at about USD 74.3 bn, with 80% in banknotes and 20% in stocks, Axios and Reuters report.

Why it matters: The acquisition of WBD, which owns significant assets including its flagship movie studio, HBO, CNN, and franchises like Harry Potter and Batman, would position Paramount to better compete against rivals such as Netflix and Comcast.

Not for lack of interest in entertainment: The PIF voiced plans to increase its total annual deployment to USD 70 bn after 2025, with international investments potentially increasing and becoming more strategic, like the USD 55 bn Electronic Arts (EA) acquisition to boost Saudi’s gaming industry.

DATA POINTS-

#1- Saudi Arabia’s holdings of US treasuries inched up 0.9% m-o-m for the fourth consecutive month in September to USD 134.3 bn, according to data from the US Treasury Department. These included USD 106.1 bn in long-term bonds, comprising 79% of the total, and USD 28.2 bn in short-term bonds, accounting for 21%, according to Argaam.

On an annual basis, September’s reading marked a 6.7% y-o-y decline from the USD 143.9 bn recorded in the same month last year. Despite the annual decline, the Kingdom maintained the 18th spot among the largest investors in US treasuries in September. Japan topped the investors list with USD 1.19 tn, followed by the UK with USD 865 bn.

#2- Consumer spending via point-of-sale (PoS) transactions in the Kingdom fell 4.6% w-o-w in the week ending 15 November, reaching just under SAR 13.1 bn, according to the Saudi Central Bank’s latest weekly report (pdf). The number of transactions also went down by 1.2% w-o-w to 232.7 mn.

The details: Food and beverages accounted for the largest share of spending during the week, despite dropping 5.3% w-o-w to just under SAR 2.0 bn, followed by restaurants and cafes, which slipped 1.6% w-o-w to SAR 1.6 bn. Spending on apparel, clothing, and accessories dropped 4.1% to SAR 1.2 bn, and education spending fell 29.5% w-o-w to record SAR 126.8 mn.

Few activities saw an increase, including hotels, which rose 1.9% w-o-w to 318.8 mn, and trade of vehicles and spare parts, which inched up 0.6 % to SAR 513.7 mn. Saudi spending on gas stations saw a marginal uptick of 0.1% to SAR 981.4 mn.

Riyadh recorded the highest value of PoS transactions at SAR 4.7 bn, followed by Jeddah at SAR 1.8 bn.

OIL WATCH-

Saudi Arabia’s crude oil exports climbed to their highest level since February in September, hitting 6.46 mn bbl / d, up from 6.41 mn bpd in August, Reuters reports, citing data from the Joint Organizations Data Initiative. The figure is higher than the 6.42 mn bbl / d Bloomberg estimated last month.

All up: Crude production in the kingdom also rose to 9.97 mn bbl / d in September, the highest since April 2023, and refinery throughput jumped to 2.94 mn bbl / d, the newswire added. Direct crude burn dropped to 485k bbl / d.

SPORTS-

Liv Golf kicks off offseason signings by adding Victor Perez to Cleeks GC, Reuters reported on Tuesday. Perez replaces Frederik Kjettrup and joins Martin Kaymer, Richard Bland, and Adrian Meronk. The Frenchman, finishing 108th in the PGA Tour Fall standings, was removed from this week’s RSM Classic following the move.

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THE BIG STORY ABROAD-

The international press is dominated by Nvidia’s stronger-than-expected earnings, which helped lift the S&P 500 after four straight days of losses. In Washington, US President Trump ended months of resistance by signing a bill requiring the release of the Epstein files.

Nvidia reported stronger-than-expected earnings, reporting 3Q revenue up 62% to USD 57 bn and net income of USD 31.9 bn, and lifting its outlook for 4Q to about USD 65 bn — comfortably above analyst estimates. CEO Jensen Huang pushed back on talk of an AI bubble, saying “There’s been a lot of talk about an AI bubble. From our vantage point, we see something very different.” (Reuters | CNBC | The Financial Times | The New York Times | Bloomberg)

Nvidia’s earnings offered a temporary reprieve to investors after days of mounting anxiety over whether AI trade had overheated, with the S&P 500 breaking a four-day run of declines, though down more than 1% for the week. (CNBC | Reuters)

Across the Atlantic, the EU moved to dial back its long-running crackdown on Big Tech, unveiling a “digital package of simplification” aimed at easing rules on AI and privacy and potentially eliminating cookie-consent pop-ups (Semafor)

AND- US President Donald Trump signed a bill to release the files related to Jeffrey Epstein — a sharp reversal after months of a fight that exposed deep rifts within his own party. (The Associated Press | CNBC | Reuters | CNN | The New York Times | Bloomberg)

Closer to home, Israel intensified airstrikes across southern Lebanon, killing at least one person as it continues near-daily operations to prevent Hezbollah from rearming. This coincides with escalating violence in Gaza, where Israeli bombardments killed at least 25 Palestinians, threatening the fragile truce could unravel. (Reuters | CNN | The New York Times | Bloomberg)

US-Saudi Investment Forum pushes USD 267 bn in new agreements

The US-Saudi Investment Forum held in Washington saw USD 267 bn in new agreements signed on Wednesday, according to a statement. The agreements add to USD 307 bn signed during US President Donald Trump’s visit to Riyadh in May and finalized during the forum yesterday.

President Trump spoke at the summit attended by Crown Prince Mohammed bin Salman, hailing US-Saudi ties and investment potential and saying defense sales to the Kingdom are sure to get all the necessary approvals from Congress.

Trump also said the Crown Prince urged him to get involved in seeking a resolution ot the devastating military conflict in Sudan, and touted the Board of Peace set to be established for resolving Middle East conflicts, hinting its role will not be limited to Gaza.

TECH-

PIF’s AI champion Humain stole the show at the forum, partnering with big names in the US tech sector to power the delivery of both AI infrastructure and software in Saudi and abroad. The partnerships build on the Commerce Department’s approval yesterday to sell highly advanced Nvidia chips to Humain.

#1- An AI infrastructure JV with Cisco, AMD: Humain is partnering up with AMD and Cisco to form a JV that builds data centers in the Middle East, according to a statement from Cisco. AMD and Cisco will be exclusive suppliers of products and services to the JV, targeting to deliver 1 GW of AI infrastructure by 2030.

What we know: AMD and Cisco are minority shareholders and will share in gains and losses, CEOs of the three companies told Reuters without disclosing additional financial details. "We will together really have responsibility for ensuring that it's successful," AMD CEO Lisa Su said.

Already landed the first client: The unnamed JV will start with delivering a 100 MW data center in Saudi Arabia to supply video startup Luma AI, Humain CEO Tareq Amin told the newswire. Cisco will provide networking equipment and infrastructure while AMD will provide its MI450 AI chips. Cisco will also push capacity sales for future data centers, CEO Chuck Robbins said.

Construction of the first stage is slated to begin in 2026, using renewable energy entirely, Amin added.

#2- Humain led a USD 900 mn Series C funding round in Luma AI, which saw participation from AMD, and existing investors Andreessen Horowitz, Amplify Partners, and Matrix Partners, according to a press release. The round values Luma at USD 4 bn.

Luma will be the anchor customer for Project Halo, an AI data center cluster in Saudi that is planned to eventually reach 2 GW of capacity, the statement said. The first GW is targeted to be online by 2030, Humain’s Tareq Amin told Bloomberg.

Luma’s partnership with Humain dates back to June, when the two announced that the AI startup will be powering the entertainment division Humain Create.

ALSO- Humain is partnering up with Elon Musk’s xAI to build a network of data centers, according to a statement. The two companies will start with a 500 MW facility in Saudi, and will cooperate to deploy xAI’s Grok models across the Kingdom.

… and Amazon: The PIF company is expanding its partnership with Amazon Web Services to deploy and manage up to 150k AI accelerators in a specialized data center facility called an “AI Zone,” according to a statement. The zone is set to serve both Saudi and global customers with compute capabilities.

Qualcomm and Adobe, too: Qualcomm is planning to open an AI engineering center in Riyadh to support Humain’s rollout of 200 MW in data center capacity,. Meanwhile, Adobe is collaborating with Humain on building Arab world-focused AI models and applications for creative use cases, including advertising, film, education and e-gaming.

ALSO SIGNED AT THE SUMMIT

ENERGY- Aramco inked 17 MoUs and agreements potentially worth USD 30 bn, it said in a press release. The agreements cover cover LNG, financial services, advanced materials manufacturing and more.

An MoU With MidOcean Energy for the potential investment in the Lake Charles LNG Project;
An MoU with Commonwealth LNG is related to a liquefaction project in Louisiana, US, as well as Aramco Trading’s potential purchase of LNG and gas;
Agreements with suppliers will provide materials and professional services, including SLB, Baker Hughes, McDermott, Halliburton, NESR, KBR, Flowserve, NOV, Worley, and Fluor;
Extending the MoU with Syensqo to explore localization of carbon fiber and advanced composites for industrial applications;
Wisayah asset management and investment agreements with Loomis Sayles, Blackstone, and PGIM;
An agreement with JP Morgan for account management.

ICYMI- The agreements build on USD 90 bn in MoUs signed back in May during the Riyadh forum.

MINERALS- Mining giant Maaden inked an agreement with US-based MP Materials and the US Department of War to establish a rare earth refinery in the Kingdom, according to a statement. Rare earth feedstock will be sourced from Saudi and abroad, and used at the refinery to produce heavy rare earth oxides essential for manufacturing and defense sectors in the Kingdom, the US and allies, according to the statement.

Maaden will hold at least 51% of the JV, while MP and the US government will jointly hold 49%.

AVIATION- Saudi inked a strategic agreement with GE Aerospace for GEnx-1B engines to power its Boeing 787-9 and 787-10 fleet, according to a statement. The agreement includes the supply of engines, a multi-year maintenance, repair, and overhaul (MRO) program, as well as and spare engines and training programs delivered through Saudia Technic.

ON THE NUCLEAR FRONT- Saudi Arabia and the US have completed negotiations on a long-sought pact to share nuclear technology, potentially allowing US companies to build reactors in the Kingdom and opening the Saudi market for reactor construction and technology sales, Bloomberg reports, citing an Energy Department spokesman. The pact is part of a joint declaration establishing a framework for a “decades-long, multi-bn-USD nuclear energy partnership” that positions US firms as Saudi Arabia’s preferred civil nuclear partners.

What about non-proliferation? The formal 123 Atomic Energy Act agreement, which governs nuclear transfers and typically includes non-proliferation provisions, has not yet been signed. It remains unclear whether the signed agreement includes the “gold standard” barring spent uranium enrichment and reprocessing.

A flurry of real estate agreements at Cityscape’s third day

The real estate sector is showing no signs of slowing as Cityscape enters its fourth and final day today.

Dallah Healthcare launched the Wahet Al Nakheel Fund, a SAR 1.2 bn real estate fund to develop a mixed-use project on King Fahd Road in Riyadh, featuring medical, commercial, office, and hospitality facilities, it said in a disclosure to Tadawul.

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

A team effort: The fund is owned by Dallah Healthcare, Dallah Real Estate, and Tatweer via a strategic partnership between the three, with AlJazira Capital serving as the fund manager. Tatweer will act as the project’s real estate developer under a SAR 741 mn agreement that covers the design, construction, and obtaining the required regulatory approvals, all within a 51-month timeframe.

NHC signs agreement to establish concrete plants in Khuzam: The National Housing Company (NHC) signed a strategic agreement with Asas Al Mohileb to establish ready-mix concrete plants in Khuzam Development, SPA reports. The plants will supply cement and concrete for NHC projects and sub-developer partners for more timely delivery and stable costs.

The company also signed an investment agreement worth over SAR 1 bn with Turkey’s Emlak Konut to develop new residential communities within the Makkah Gate project in Makkah, Meed reported. The Turkish developer will build 1k villas across 255k sqm.

Ladun Investment awarded a SAR 317.1 mn construction contract for the Al Mashriqya Villas project in Riyadh to its subsidiary Built Industrial Company, it said in a filing to the exchange yesterday. The contract covers the construction of 416 residential villas within the Afyaa Al Mashriqya development in partnership with the National Housing Company (NHC).

REMEMBER- In September, Ladun was awarded a SAR 446 mn contract from the NHC to build over 400 villas in Riyadh’s Al Mashriqya across 100.4k sqm. The 42-month construction project is expected to begin in 2026.

Ladun also signed Cheval Collection to operate Riyadh its residential and commercial complex in Al Sulaimania, Riyadh, it said in a disclosure to Tadawul. Spanning 10k sqm, Cheval Maison Al Sulaimania, will feature over 150 serviced Deluxe units with implementation set to begin in early 2026, and operations expected to start in early 2028. The project’s construction costs are expected to come in at SAR 150 mn. Ladun had purchased the complex in November 2024 for SAR 83.9 mn.

ALSO- Ladun Investment plans to submit its application to transition to the Saudi Exchange’s main market before year-end, after meeting the requirement of a 30% free float, CEO Hassan Alhazmi told Asharq.

Dar wa Emaar signed three strategic agreements for its Riyadh East development, a major upcoming masterplan project in the capital, it said on LinkedIn. The agreements were signed with Osool as anchor investor and strategic partner, SEDCO Capital as fund manager, and global design firm Benoy. The project is being developed through a CMA-regulated real estate fund with a total investment of SAR 1 bn.

Umm Al Qura’s Makkah Masar Destination secures multi-plot land sales: Umm Al Qura for Development and Construction announced two reservation agreements, valued at a combined SAR 216.9 mn, within Makkah Masar Destination, it said in a Tadawul disclosure. The agreements involve the sale of a total of 6.8k sqm land plots to Buyot Al Khomasiah, the SPV of a real estate fund managed by BLME Capital. The sellers are SPVs Al Inma First Development Company and Al Inma Second Development Company — both fully owned by Umm Al Qura.

Separately, Umm Al Qura signed a SAR 210.8 mn reservation agreement with BlomInvest and Heyazah Real Estate Development for a 4.5k sqm plot, the company said in a filing to the bourse. Owned by Umm Al Qura’s Al Inma Second Development Company, the plot is earmarked for hospitality development. Reservation security deposits have been paid, with the final sale agreement expected during the reservation period, which runs until 18 May 2026.

During Cityscape, Umm Al Qura closed more than nine agreements, including seven residential plots and two hotel plots, representing over 1.7k residential keys and 1.2k hotel keys, CIO Tariq Sharaf told Al Arabiya. Total investments committed to the Masar destination project have exceeded SAR 63 bn to date, out of a planned SAR 100 bn, including SAR 10 bn for land acquisition and SAR 23 for infrastructure, Sharaf added.

ALSO FROM CITYSCAPE-

ThePIF unveils five-year real estate and infrastructure plan: The Public Investment Fund (PIF) will add 90k hotel rooms, 200k housing units, and expand King Salman International Airport’s capacity to 90 mn passengers annually over the next five years, the fund’s head of local real estate Saad Alkroud told Al Arabiya yesterday.

So far, the PIF has invested SAR 1.3 tn in the real estate sector, including SAR 400 bn for infrastructure. Ongoing projects include eight coastal resorts at the Red Sea destination (set to rise to 16 early next year), King Salman Gate, and Rua Al Madinah, as well as Roshn.

ALSO-The Real Estate General Authority (Rega) launched an instant licensing service for off-plan project sales, cutting licensing requirements by about 90% and reducing issuance time from 30 days to immediate approval once conditions are met, it said in a statement. The new automated system connects directly with government and financing entities, enabling faster compliance checks and funding procedures.

Rega has also begun integrating with local banks to automatically open escrow accounts, with full integration expected soon.

Cherry Trading’s retail offering 6.5x oversubscribed

Cherry Trading’s retail offering was 647% covered, booking orders of SAR 326 mn, Argaam reported, citing a statement from lead managers BSF Capital and EFG Hermes KSA. The retail subscription received interest from over 81k subscribers in 1.8 mn shares. Each retail subscriber will receive a minimum of ten shares, while the remaining shares will be distributed on a pro rata basis at an average rate of 9.1%.

REFRESHER- The car rental company is floating a 30% stake — good for 9 mn shares — on Tadawul’s main market. Cherry Trading priced its shares at SAR 28 each after its institutional offering was nearly 85.6x covered. Shares allocated to institutional investors were scaled back to 7.2 mn or 80% of the total offered shares, following the strong demand from retail.

ADVISORS- Our friends at EFG Hermes KSA, along with BSF Capital, are quarterbacking the transaction as the financial advisors, bookrunners, and underwriters. Other advisors include Stat Law Firm, Zeyad Sameer Khoshaim Law Firm, PwC, Euromonitor International, and KPMG.

Receiving agents include Alinma Investment, Al Rajhi Capital, SNB Capital, Riyad Capital, Al Bilad Investment, Al Jazira Capital, Alistithmar Capital, Derayah Financial, ANB Capital, Yaqeen Capital, Al Khabeer Capital, Sab Invest, Saham Capital, GIB Capital, Musharaka Capital, and Awaed Alosool Capital.

Cenomi Centers wraps up SAR 2 bn sukuk issuance

Cenomi Centers wraps up sukuk issuance: Arabian Centres Company (Cenomi Centers) raised SAR 2.05 bn through a six-year SAR-denominated Sukuk, callable after three years, it said in a disclosure to Tadawul.

The deets: The notes carry an 8.5% fixed annual return payable quarterly, issued in 2.05 mn certificates at a par value of SAR 1k each. Settlement is slated for 23 November 2025, with listing planned on the Saudi Exchange.

ICYMI- The issuance — kicked off earlier this month — marks the first drawdown under its SAR 4.5 bn sukuk program approved by the CMA earlier this year. Al Rajhi Capital is acting as financial advisor, sole arranger, and trader. The launch follows Cenomi’s October announcement teeing up the program to refinance existing debt, including an USD 875 mn sukuk maturing in October 2026.

SahmAlgo closes USD 1 mn seed round + Shatib bags SAR 2.8 mn in pre-seed round

Riyadh-based financial analytics platform SahmAlgo secured USD 1 mn via a seed funding round led by Gharesah Investment, according to a statement. The funding aims to accelerate the firm’s AI research, expand its data assets, and enhance system reliability. It will also support the launch of institutional-grade products with direct broker and asset manager integrations, strengthen compliance and governance, and drive talent acquisition.

About SahmAlgo: Owned by Saudi-registered Al-Khwarizmiah for Information Technology and licensed by the Saudi Exchange Tadawul, SahmAlgo is an advanced financial information platform designed for both retail and institutional investors. It offers data insights, including short-term price forecasts, technical stock analysis, financial news analytics, and real-time market monitoring via its Algo Radar.

ALSO- Riyadh-based building materials marketplace Shatib secured SAR 2.8 mn in a pre-seed round from an undisclosed strategic angel investor, it said on LinkedIn on Tuesday. The funds will be allocated to support the firm’s growth.

About Shatib: Founded in 2024 by Abdulaziz AlMasoud (LinkedIn), Shatib aims to roll out technology solutions that streamline building materials procurement and reduce costs across the broader construction ecosystem, according to Wamda. It also helps real estate developers and contractors secure better pricing by aggregating demand across multiple projects.

The Helicopter Company acquires 76% stake in rotary-wing services provider Heliconia

M&A WATCH-

PIF-owned commercial helicopter operator The Helicopter Company (THC) acquired a 76% stake in African rotary-wing aviation services provider Heliconia, it said in a press release on Monday. The acquisition, signed at the Dubai Airshow, allows THC to expand into North and West Africa, enter the offshore sector, and broaden Saudi Arabia’s global aviation footprint. For Heliconia’s part, the transaction gives it access to THC’s strategic growth prospects.

Also from the airshow: THC signed a strategic MoU with Riyadh Air to provide helicopter transfers between King Khalid International Airport and key destinations in Riyadh and nationwide, it said in a separate press release. The service will offer fast, comfortable, and personalized transfers, mirroring premium offerings in major global cities.

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

IPO WATCH-

Al Ramz Real Estate secured binding commitments from three cornerstone investors for 2.7 mn shares in its 30% Tadawul IPO, representing 6.3% of the company’s post-offering capital, it said in a supplementary prospectus (pdf). The move will see Bin Jarallah Construction subscribe to a 2.7% share, AWJ Holding to 2.5%, and Abdullah Abunayyan Investment Holding to 1.1%.

The updated prospectus also adds a clawback mechanism for institutional investors, allowing their allocation to be reduced from 12.8 mn shares to a minimum of 10.3 mn shares (80% of the total offering) if retail demand is strong, while the cornerstone allocations remain intact.

ADVISORS- SNB Capital is quarterbacking the transaction as the financial advisor, lead manager, bookrunner, and underwriter.

Receiving agents include SNB Capital, BSF Capital, Al Rajhi Capital, Sab Invest, Alinma Capital, Riyad Capital, AlJazira Capital, Alistithmar Capital, AlBilad Investment, ANB Capital, Derayah Financial, Yaqeen Capital, AlKhabeer Capital, Sahm Capital, GIB Capital, Musharaka Financial, EFG Hermes KSA, and Awaed Financial Assets.

OIL & GAS-

Aramco, JOGMEC renew three-year crude oil storage agreement in Japan: Japan’s Organization for Metals and Energy Security (JOGMEC) and Saudi Aramco have renewed their crude oil storage, throughput, and tank lease agreement for three years, following a framework agreement with Japan’s Ministry of Economy, Trade and Industry (METI), according to a press release. Under the agreement, Aramco will lease 13 national stockpiling tanks at Okinawa CTS, allowing storage of approximately 1.3 mn kiloliters (8.2 mn barrels) of crude oil. In emergencies, Japan will have preferential access to the stock.

IN CONTEXT- The Okinawa base serves as a strategic supply hub for Aramco in Asia, supporting growing regional demand and enabling faster response to customers. This agreement was originally established in 2010 and has been renewed every three years.

AAOIFI delays Standard 62 rollout amid growing concerns over its appeal to markets

The planned overhaul to sukuk Standard 62 has been put on ice after investors warned the move could disrupt a USD 1 tn market, Bloomberg reports, citing Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Secretary General Omar Mustafa Ansari. “A strict implementation would materially change the nature of sukuk from being bond-like to becoming more akin to asset-backed securities,” Amol Shitole, head of fixed income at Mashreq Capital, told Bloomberg.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Back to the drawing board: “We have put it on hold,” Ansari said, adding that at least one more consultation round with central banks, major issuers, rating firms, and lawyers will take place before a final decision on Standard 62 is made.

SOUND SMART- Standard 62 would require sukuk issuers to formally transfer ownership of underlying assets to investors — a shift AAOIFI scholars say is needed to ensure structures reflect true Shariah-compliant asset ownership, rather than the bond-like cash flows common in today’s market. “Sukuk can never be a conventional bond,” Ansari said, adding that “anybody who wants a pure bond should go to the conventional market.”

The possible update would safeguard against default: AAOIFI argues that in a truly asset-backed structure, investors would be able to take over or liquidate assets more swiftly in the event of default — a central question in the ongoing debate. Discussions are now focused on structuring sukuk so that regular cashflows resemble debt-like instruments, while default situations trigger equity-like characteristics.

Industry concerns remain significant. “This shift could have significant consequences,” Shitole said, citing variable income, greater complexity, and reduced liquidity that could weigh on demand. Rating agencies and investors also warn that such a move would complicate risk assessment and could mean that sukuk may no longer qualify for fixed-income portfolios.

Not likely to sit well with sovereign issuers: Mehdi Popotte, senior sukuk portfolio manager at Arqaam Capital, pointed to three challenges. First, that some issuers — particularly sovereigns — may be unwilling to transfer assets. Second, that investors might shift toward non-AAOIFI-compliant sukuk, creating a fragmented market. Third, that AAOIFI does not maintain official records of which sukuk meet its standards.

MARKETS THIS MORNING-

Asian markets are trading higher this morning after Nvidia’s earnings eased concerns about the AI bubble bursting. The Nikkei is up 3.2%, with the Kospi trailing behind, up 2.7%. The Shanghai Composite is looking at more moderate gains, while the Hang Seng is flat.

TASI	10,999	-0.9% (YTD: -8.6%)
MSCI Tadawul 30	1,433	-1.0% (YTD: -5.1%)
NomuC	23,892	-0.2% (YTD: -24.1%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.5% repo	4.0% reverse repo
EGX30	4,293	+0.4% (YTD: +39.1%)
ADX	9,858	-0.2% (YTD: +4.7%)
DFM	5,862	-0.6% (YTD: +13.6%)
S&P 500	6,642	+0.4% (YTD: +12.9%)
FTSE 100	9,507	-0.5% (YTD: +16.3%)
Euro Stoxx 50	5,542	+0.1% (YTD: +13.2%)
Brent crude	USD 63.72	+0.3%
Natural gas (Nymex)	USD 4.54	-0.2%
Gold	USD 4,096	+0.3%
BTC	USD 91,327	-1.2% (YTD: -2.3%)
Sukuk/bond market index	915.20	-0.1% (YTD: +1.5%)
S&P MENA Bond & Sukuk	152.03	+0.1% (YTD: +8.6%)
VIX (Volatility Index)	23.66	-4.2% (YTD: +36.4%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.9% yesterday on turnover of SAR 3.6 bn. The index is down 8.6% YTD.

In the green: Oasis (+5.3%), Alarabia (+4.8%) and MIS (+4.5%).

In the red: Taprco (-5.5%), Taiba (-5.2%) and Retal (-4.8%).

THE CLOSING BELL: NOMU-

The NomuC fell 0.2% yesterday on turnover of SAR 16.0 mn. The index is down 24.1% YTD.

In the green: SPC (+7.1%), Almuneef (+5.2%), and Riyal (+4.9%).

In the red: Horizon Food (-13.2%), Bena (-9.2%), and Food Gate (-8.7%).

CORPORATE ACTIONS-

Qassim Cement Company's board greenlit a SAR 87.8 mn dividend distribution at SAR 0.8 per share for 3Q 2025, the firm said in a disclosure to Tadawul yesterday. The distribution date is set for Sunday, 28 December.

United Carton Industries’ board approved the distribution of SAR 40 mn in dividends for 9M 2025 at SAR 1 per share, the firm said in a disclosure to Tadawul yesterday. The distribution is scheduled for Tuesday, 16 December.

CALENDAR

NOVEMBER

17-20 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Centre, Riyadh.

19-22 November (Wednesday-Saturday): PIF Saudi International Golf Championship, Riyadh Gold Club.

20 November (Thursday): Deadline for title deed registration for 14.6k properties across 21 neighborhoods in Qassim.

20-29 November (Thursday-Saturday): Public school holiday.

22 November (Saturday): The Ring IV, ANB arena, Riyadh.

23-26 November (Sunday-Wednesday): Saudi Food Exhibition and Conference, Riyadh.

23 November-26 February 2026:Title deed registration for 142.8k properties across 104 neighborhoods in Hail.

23-27 November (Sunday-Thursday): Global Industry Summit by United Nations Industrial Development Organization, Riyadh.

23-27 November (Sunday-Thursday): The UNIDO General Conference, King Abdulaziz International Conference Center, Riyadh.

23 November - 10 December (Sunday- Wednesday): The Absher Tuwaiq Hakathon (remote).

24-26 November (Monday-Wednesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh.

24-26 November (Monday-Wednesday): Metropolis Madinah Conference for civilizational capitals, King Salman International Convention Centre (KSICC), Al Madinah.

25-26 November (Tuesday-Wednesday): The Global Sustainability Expo, The Arena Riyadh Venue, Ghirnatah.

25-29 November (Tuesday-Saturday): General Aviation Airshow 2025 - Sand & Fun, Riyadh.

27 November (Thursday): Deadline for title deed registration for 8.7k properties in Jeddah’s Al Sheraa and Al Amwaj neighborhoods.

27-30 November (Thursday-Sunday): World Rally Championship Saudi Arabia 2025, Jeddah.

27-29 November (Thursday-Saturday): UIM F1H2O World Championship, Jeddah.

30 November (Sunday): Zatca 21st E-invoicing integration wave deadline.

30 November-1 December (Sunday-Monday): FII Priority Asia Summit, Tokyo.

DECEMBER

1-3 December (Monday-Wednesday): Industrial Transformation Saudi Arabia, Riyadh International Convention & Exhibition Center.

1-4 December (Monday-Thursday): International Conference on Nuclear and Radiological Emergencies, Riyadh.

1-4 December (Monday-Thursday): 61st ISOCARP World Planning Congress, Riyadh.

2-4 December (Tuesday-Thursday): Black Hat MEA, Riyadh Exhibition and Convention Center, Malham.

3-5 December (Wednesday-Friday): Beyond Profit Forum, Ritz-Carlton Hotel, Riyadh.

7-9 December (Sunday-Tuesday): CoMotion Global 2025, Riyadh.

8-9 December (Monday-Tuesday): Digital Acceleration and Transformation Expo (DATE), JW Marriott hotel, Riyadh.

8-9 December (Monday-Tuesday): Climate Action and Renewable Energy (CARE), JW Marriott hotel, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

11 December (Thursday): Deadline for title deed registration for 214.2k properties across Riyadh and the Eastern Province.

11 December (Thursday): Public school holiday.

11-13 December (Thursday - Saturday): The Absher Tuwaiq Hakathon (in-person).

15-17 December (Monday-Wednesday): Host Arabia, Riyadh Front Exhibition and Conference Center.

15-17 December (Monday-Wednesday): Saudi HORECA, Riyadh Front Exhibition and Conference Center.

16-17 December (Tuesday-Wednesday): Global Airports Forum (GAF) 2025, Riyadh International Convention and Exhibition Center, Riyadh.

19 December (Friday): The 2025 Saudi Toyota Championship wraps up.

25 December (Thursday): Title title deed registration deadline for 64.4k properties across neighborhoods in Madinah, Makkah, Riyadh, and the Eastern Province.

31 December (Wednesday): Zatca 22nd E-invoicing integration wave deadline.

31 December (Wednesday): Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca) deadline.

December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh

2026

JANUARY

1 January (Thursday): Title deed registration deadline for 54k properties in 77 neighborhoods across Riyadh, Makkah, and the Eastern Province.

1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.

10-18 January (Saturday-Sunday): Public school mid-year break.

13-15 January (Tuesday-Thursday): Future Minerals Forum, King Abdul Aziz International Conference Center, Riyadh.

15 January (Thursday): Title deed registration deadline for 31.7k properties in 14 neighborhoods in the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 157.3k properties in 78 neighborhoods across the Eastern Province.

15 January (Thursday): Title deed registration deadline for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province.

18-21 January (Sunday-Wednesday): Saudi Hospital Design and Build Expo, Riyadh.

26-27 January (Monday-Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.

26-27 (Monday-Tuesday): GPRC Summit, Riyadh.

26-28 (Monday-Wednesday): Saudi Franchise Expo (SFE), Riyadh Exhibition and Convention Centre, Riyadh.

26-28 (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

26-28 (Monday-Wednesday): IFAT Saudi Arabia, Riyadh Front Exhibition & Conference Center, Riyadh,

27-28 (Tuesday-Wednesday): SkyMove Air Cargo MENA, Riyadh.

28 (Wednesday): Data Center Nation Riyadh, Riyadh.

28-30 (Wednesday-Friday): Jeddah International Travel and Tourism Exhibition (JTTX), Jeddah.

FEBRUARY

2-4 (Monday-Wednesday): Saudi Media Forum, Riyadh.

2-4 (Monday-Wednesday): Women Leaders Summit and Awards KSA, Riyadh.

2-13 (Monday-Friday): 2026 Asian Road Cycling Championship and Paralympic Cycling, Qassim.

3-4 (Tuesday-Wednesday): RLC Global Forum Annual Meeting, Riyadh.

5-7 February (Thursday-Saturday): LIV Golf 2026 season opener, Riyadh Golf Club, Riyadh.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh International Convention and Exhibition Center, Riyadh.

9-10 February (Monday-Tuesday): Global Games Show Riyadh 2026, Malf Hall, Riyadh.

9-14 February (Monday-Saturday): Asian Racing Conference, Crowne Plaza Riyadh RDC Hotel & Convention Centre, Riyadh.

11 (Wednesday) Digital Transformation Summit Saudi Arabia (DTS), Riyadh.

11-14 (Wednesday-Saturday): JeddaDerm, Jeddah.

13-14 February (Friday-Saturday): Jeddah E-Prix 2026, Jeddah.

MARCH

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

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, 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 Al Faisaliah Hotel, Riyadh.

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

21 April (Tuesday): GC Summit Saudi Arabia 2026, Saudi Arabia.

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

MAY

3-5 May (Sunday-Tuesday): Sports Investment Forum (SIF), Riyadh.

SEPTEMBER

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

OCTOBER

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

Signposted to happen sometime in 2026:

November: 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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