What to expect from the national ins. strategy

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Real Estate Price Index declines for the first time in five years

Happy THURSDAY, friends. We’re sliding into the weekend with a packed issue, starting with the lowdown on the National Ins. Sector Strategy, which received Cabinet’s blessing earlier this week.

We also have news of the Public Investment Fund moving forward with its first sukuk issuance of 2026, as well as the latest investment in Humain and what it means for the landscape in Saudi Arabia.

SIGN OF THE TIMES? The Real Estate Price Index declined — albeit marginally — for the first time in five years in 4Q 2025, with the index recording a 0.7% y-o-y decrease during the quarter, according to the latest report (pdf) from the General Authority of Statistics. This may be an early signal that aggressive real estate reforms by the government last year are paying off.

The drivers: Although prices in the commercial (up 3.6% y-o-y) and agricultural (up 4.3% y-o-y) sectors continued to grow, the residential sector — which carries the largest weight in the index — dipped 2.2% y-o-y. All residential segments dropped, with land prices falling by 2.4%, apartments by 2.5%, villas by 1.3%, and full-floor units by 0.2%.

Regionally, Hail saw the steepest decline at 8.9% y-o-y, followed by Northern Borders (down 6.8%) and Madinah (down 6.1%), with Riyadh posting a 3% y-o-y decrease. However, some regions reversed the trend and recorded price increases, including the Eastern province, which jumped 4% y-o-y, Makkah (up 2.5%), Tabuk and Jazan (both up 1.1%), and Al Jawf (up 0.4%).

In memoriam

The Royal Court announced yesterday the passing of former Prince Faisal bin Turki bin Abdullah Al Saud bin Faisal Al Saud, state news agency SPA reported. The funeral prayer will be held at the Grand Mosque in Makkah today after Maghrib.

WEATHER– Regions across the Kingdom are seeing temperatures in the single digits, with parts of the Northern Borders region recording below-zero temperatures with frost blanketing the area. Meanwhile, medium to heavy showers are expected across the Kingdom over the weekend.

Riyadh: 14°C high / 3°C low.
Jeddah: 33°C high / 22°C low.
Makkah: 34°C high / 23°C low.
Dammam: 17°C high / 6°C low.

Watch this space

DIPLOMACY — Saudi Arabia and the UAE will reach an agreement to de-escalate tensions in the region, Finance Minister Mohammed Al Jadaan told CNBC (watch, runtime: 16:32). Aside from matters of Saudi national security, any disagreements between the two nations can be discussed and resolved, Al Jadaan said. Al Jadaan’s comments come after weeks of Saudi-UAE tensions over Yemen and other geopolitical issues in the region.

Economic competition between the two nations is very healthy, strengthening both markets and upping the challenge, Al Jadaan said, emphasizing that “there [are] no issues in relation to investors investing in both nations […] and we will continue to try to cool things down and bring to a solution.”

IN OTHER DIPLOMACY NEWS — Prince William is reportedly coming to the Kingdom next month, Reuters reports, citing a statement from Kensington Palace. The Prince will visit the Kingdom from 9-11 February to spotlight deepening trade, energy and investment ties. The trip marks his first to Saudi Arabia and comes as the two countries edge toward a century of diplomatic relations.

DEBT WATCH — The Arab Energy Fund (TAEF) is planning to issue USD 1.4 bn-worth of RMB-denominated Panda bonds in China’s onshore market, after landing regulatory approval in China, the fund said in a statement yesterday. The approval puts the Saudi-headquartered multilateral as the first MFI in the region to tap China’s domestic bond market.

Why this matters: The size of the program — which TAEF will be cleared to issue over two years in multiple tranches — signals that the fund is looking at a permanent liquidity bridge to Beijing. With China’s 10-year yields sitting at record lows (around 1.6%-2.0%), TAEF can potentially secure funding significantly cheaper than in the USD eurobond market. With MENA energy projects increasingly sourcing technology contractors from China, having a direct pool of RMB allows TAEF to fund these projects without the friction and risk of currency conversion.

What to watch for: The first tranche is expected to be issued later this year, with the pricing likely to be seen as a test of how Chinese appetite for Saudi-linked risk has evolved.

RAIL — Where does the KSA landbridge project currently stand? The USD 7 bn Riyadh-Jeddah Landbridge rail project is now slated for completion in 2034 rather than 2030, after the government failed to reach an agreement with the tapped Chinese partner over local content requirements, Saudi Arabia Railways (SAR) CEO Bashar bin Khalid Al Malik said. SAR said it will now advance the project via “new mechanism” and a phase-based delivery model, Malik added.

Who was involved? The Saudi China Landbridge consortium — led by SAR, China Civil Engineering Construction Company, and Al Ayuni as a local partner — signed an MoU to implement the project in October 2018. US-based construction management firm Hill International, Italian consulting firm Italferr, and Spanish engineering firm Sener were also tapped in 2023 to manage construction.

DEBT — Middle East bonds have not been immune to this week’s bond rout. A rapid sell-off in Japanese and US government bonds earlier this week has left regional markets momentarily oversupplied as global yields spike, with yields on UAE 2034 USD-denominated government bonds rising 5 bps to 4.385% overnight, according to an Emirates NBD research note (pdf). Saudi and Turkish bonds also saw yields rise, while a GCC-wide index tracking regional credit is down 0.4% YTD, exceeding the 0.3% drop seen in broader emerging markets.

The underperformance is primarily a supply story rather than a signal of deteriorating credit health, Emirates NBD explains. The GCC primary market has been exceptionally active, issuing USD 28.4 bn in new debt in the first three weeks of 2026 — which already represents 15% of the total volume issued in 2025.

Strong fundamentals mean that the overall credit position of countries like the UAE and Saudi Arabia remains a buffer against further dips, with investors expected to pivot back to the GCC’s high yields and strong credit, keeping spreads near record lows as conditions normalize.

Plus: Yields on US debt are already falling as geopolitical tensions seem to be easing, with US President Donald Trump saying he’s reached a framework agreement on Greenland (read more below).

The International Energy Agency (IEA) sees global oil demand rising further this year to 930k bbl / d, up from 850k bbl / d in 2025, with growth coming from non-OECD markets as global economic conditions normalize following last year’s tariff-induced volatility, according to its monthly oil report. The pickup reflects normalization after last year’s tariff shock. On the supply side, the IEA projects a 2.5 mn bbl / d rise to 108.7 mn bbl / d in 2026, down from the 3 mn bbl / d increase seen in 2025. Non-Opec+ delivers 1.3 mn bbl / d of this year’s growth.

The gap: The IEA now expects global supply to exceed demand by 4.25 mn bbl / d in 1Q, when refinery maintenance curbs crude runs and seasonal demand softens, according to Reuters ’ calculations. For the full year, the agency sees an implied surplus of 3.69 mn bbl / d, slightly narrower than the 3.84 bbl / d penciled in last month’s report.

Opec still holds its no surplus argument: Opec expects global oil demand to rise by 1.39 mn bbl / d this year, while demand for Opec crude looks stable at 43 mn bbl / d. If Opec holds this rate through 2026, supply would sit some 170k bbl / d below demand.

IEA has not published its 2027 forecast yet — it will do so in April’s edition, per the agency’s timetable.

Data point

SAR 14 bn — that’s the total value of consumer spending via point-of-sale (PoS) in the Kingdom in the week ending 17 January, which is down by 1.4% w-o-w, according to the Saudi Central Bank’s latest weekly report (pdf). Following the significant surge seen at the start of the year, spending levels have stabilized, with the total number of transactions remaining virtually flat at 236.5 mn, down 0.1% w-o-w.

The breakdown:

Hospitality surge: The hotels sector saw the most significant growth this week, with transaction values jumping 14.0% w-o-w to SAR 455.7 mn.
Sector stabilization: Most major categories saw slight pullbacks after the holiday peak. Food and beverages and restaurants & cafés remained the highest by volume, where the former inched down 1.2% in value, while the latter jumped 4.7% w-o-w.
Education cool-off: Following the previous “back-to-school” spike, education spending saw the sharpest decline, dropping 33.7% w-o-w in value.

Riyadh continued to record the highest value of PoS transactions at SAR 4.7 bn, followed by Jeddah at SAR 2.0 bn.

Sports

Al Hilal reported a record SAR 1.2 bn (USD 338 mn) in revenues during the 2024-25 season, rising 17% y-o-y, the club said in its annual report (pdf). The club’s bottom line was also up 13% y-o-y to SAR 37.8 mn.

So far, Al Hilal is the only one out of the Saudi Pro League’s “Big Four” to generate positive net income. The three other major clubs — Al Nassr, Al Ittihad, and Al Ahli — have yet to release 2024-25 financials, but the previous year showed all three with much lower revenue figures, and all three were in the red. While Al Nassr has the “Ronaldo premium” in sponsorship, Al Hilal has built a more robust operational machine that generates twice the total revenue of their closest rival.

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The big story abroad

US President Donald Trump’s about-turn on Greenland and a potential detente between the US and the EU is dominating headlines everywhere, after he said the US has agreed on a framework for a future deal on the Danish country after meeting with NATO Secretary General Mark Rutte. Trump had earlier threatened to impose tariffs on eight European countries who had opposed his plans to take over Greenland, and the EU bloc was mulling ways to retaliate.

Market reax: US stocks rallied on the news, while the USD recovered from an earlier slump this week.

ALSO- More Middle East countries have joined the US’ Board of Peace, following the lead of the UAE, including Saudi Arabia, Egypt, Turkey, Jordan, Kuwait, and Qatar. The board is set to begin executing Trump’s 20-step Gaza peace plan, and then reportedly address other global conflicts. (Reuters)

In AI news, OpenAI CEO Sam Altman has been meeting with investors in the Middle East, including state-backed funds in Abu Dhabi, ahead of a new investment round that could see the ChatGPT maker raise up to USD 50 bn, Bloomberg reports.

ALSO- Siri is set to be revamped and turned into an AI chatbot as Apple looks to move ahead in the AI race. (Bloomberg)

Newly-approved national strategy puts Saudi’s ins. sector on a growth + consolidation path

The Kingdom’s ins. sector is being set on a path of growth and consolidation, with expanded coverage and higher risk-based capital requirements, after the Cabinet signed off on the National Ins. Sector Strategy this week. The strategy mandates the Ins. Authority (IA) to turn a SAR 76 bn industry into a SAR 150 bn one by 2030, IA Chairman Abdulaziz Al Boug said.

What’s in the details: The strategy includes a roadmap of programs and initiatives aimed at nearly doubling the sector’s contribution to the non-oil economy to bring it to 3.6% of non-oil GDP by 2030. The IA is also taking the lead on expanding mandatory coverage across the Kingdom, as well as managing what the Cabinet statement refers to as “national-level risks.”

These initiatives are designed to fundamentally re-engineer how core ins. lines operate. For motor ins., the focus shifts to data-driven “fair pricing” via telematics and AI, effectively ending the era of blanket premiums. In healthcare, the IA is moving to expand the beneficiary pool to 25 mn by introducing mandatory covers for domestic workers and tourists.

Perhaps most critical for the Vision 2030 timeline is the push into property and casualty; the initiatives mandate a higher level of local risk retention for gigaprojects, forcing ins. providers to move beyond simple brokerage and into sophisticated risk management for the Kingdom’s infrastructure.

Why this matters

The Saudi ins. sector has long been dominated by health and motor coverage, accounting for some 80% of premiums. The new strategy is designed to break that dependency by forcing ins. providers into sophisticated lines like property, casualty, and life ins.

What to look for

Regulations + mandates: The IA is expected to roll out new fair pricing rules and data mandates that will ultimately favor larger, tech-heavy operators. With a target of reaching 23-25 mn health ins. beneficiaries, the authority is also likely to introduce new mandatory coverage in tourism, construction, and domestic labor.

A wave of consolidation? By raising the capital bar — and putting a large handful of listed ins. providers under pressure to shore up their balance sheets — the regulator is essentially creating the conditions for consolidation in the sector. This push could kick off an open hunting season on small-cap ins. providers, which could be up for a flurry of M&A announcements as they struggle to meet the new capital benchmarks.

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PIF sets price guidance for its 10-sukuk issuance

The Public Investment Fund (PIF) set the initial price guidance for a USD-denominated 10-year sukuk issuance, marking its first debt sale of 2026, according to a Reuters report picked up by local media. The indicative spread is positioned at 120 bps over US Treasuries.

Where will the money go? The proceeds are critical for maintaining the momentum of high-intensity developments like NEOM and Diriyah Gate.

Why it matters: The PIF is the primary engine behind the Kingdom’s drive to diversify away from hydrocarbons. As the fund scales its domestic capital injection target to USD 70 bn annually starting in 2026, consistent access to global debt markets is essential for maintaining liquidity without over-relying on direct government capital injections. This issuance follows a robust start for Saudi debt in 2026, including the government’s USD 1.5 bn bond sale earlier this month.

Advisors: PIF tapped Citi, JPMorgan, and Standard Chartered as global coordinators. ADCB, ADIB, Bank of China, Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank (FAB), GIB Capital, HSBC, ICBC, Mashreq, and Sharjah Islamic Bank (SIB) were all joint lead managers and bookrunners.

Credit profile: PIF maintains high-grade ratings — Aa3 from Moody’s (with a stable outlook) and A+ from Fitch — reflecting its creditworthiness and its role as a key driver of economic diversification and the realization of Saudi Vision 2030.

Expect the PIF to remain a frequent issuer throughout 2026 as it bridges the funding gap for projects like NEOM and Diriyah Gate, particularly if the Federal Reserve begins its anticipated monetary easing cycle later this year. Saudi banks and corporates have already been heavily tapping debt markets this month, with international debt issuances surpassing USD 20 bn since the start of 2026.

In other debt news

The Finance Ministry closed its first local sukuk issuance of the year, raising SAR 2.3 bn for January, according to a statement from the National Debt Management Center. This follows the approval of the Kingdom’s 2026 annual borrowing plan, which targets approximately SAR 217 bn in total funding to cover a projected budget deficit of SAR 165 bn and principal debt repayments.

The issuance was structured in five tranches:

A five-year tranche, valued at SAR 410 mn
A seven- year tranche, valued at SAR 338 mn
A 10-year tranche, valued at SAR 101 mn
A 13-year tranche, valued at SAR 523k
A 15-year tranche, valued at SAR 1.42

Saudi Arabia to fund more of its digital ambitions as Humain nears capacity target

Humain and the National Infrastructure Fund (Infra) inked a financing agreement of up to USD 1.2 bn to expand AI and digital infrastructure in Saudi Arabia, according to a press release. The funding will support the development of up to 250 MW of data center capacity, the deployment of GPUs for AI training and inference, and services for Humain’s customers.

The agreement marks a shift from focusing on signing international MoUs to the Kingdom mobilizing domestic institutional capital to bankroll its own digital backbone. The transaction is one of the first steps towards Humain’s longer-term target of 6 GW of capacity. It also underscores an expansion of Infra’s mandate by focusing on digital infrastructure alongside transport and utilities.

REMEMBER- Humain is a central pillar in the Public Investment Fund’s 2026-2030 investment strategy to turn some portfolio companies into global champions with a focus on AI and digital infrastructure. It partnered with AirTrunk and Blackstone to develop USD 3 bn worth of data centers and joined forces with AMD, Cisco, Blackstone, and Elon Musk’s xAI to build data centers in the Kingdom.

What’s next? The two partners will also explore establishing an AI data center investment platform — in which they will serve as the anchor investors — to enable global and local institutional investors to back the expansion of Humain’s AI strategy.

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NowPay lands in Saudi with USD 20 mn JV with Tas’heel

Cairo-based payroll-focused fintech NowPay is launching in Saudi Arabia through NowAccess, a joint venture with our friends at United International Holding Company — better known as Tas’heel — according to a joint statement (pdf). The move has been in the works since at least January of last year, when the two first signed an MoU for the venture. Partnering with Tas’heel gives NowPay immediate access to a shariah-compliant balance sheet and deep regulatory expertise.

Saudi has “accelerating demand for modern payroll, HR, and fintech infrastructure,” and NowAccess is in a prime position to take advantage, NowPay CEO Mostafa Ashour tells EnterpriseAM. NowAccess has an edge that sets it apart from traditional HR and payroll vendors because of its “operating experience building employee wellness products at scale across MENA” and its partnership with local Tas’heel which provides “operational depth and local expertise,” he said.

The move is backed by a USD 20 mn investment from Tas’heel, which will hold a 75% stake in the new entity, while NowPay holds 25%. They’ll use the cash to build a Saudi engineering and operations team as well as for product localization, and to support their launch in the kingdom. The injection brings NowPay’s total fundraising to USD 31 mn to date.

What’s next? NowAccess is currently in its market-entry phase, focusing on Saudi-specific market requirements and integrations. Employer partnerships for the Saudi market will be announced as part of the formal rollout.

OpenCX raises USD 7 mn round co-led by Saudi fund

UAE-based customer communication platform OpenCX raised USD 7 mn in a funding round led by US-based Y Combinator and Saudi Arabia’s X by Unifonic, with participation from Abu Dhabi’s Shorooq Partners, according to a press release. The capital will support the firm’s GCC-focused expansion plans, which include opening an office in Saudi Arabia within the next few months.

About the company: Founded in 2022 by Mohammad Gharbat (LinkedIn) and Mohammad Tabaza (LinkedIn), OpenCX uses AI agents to provide automated solutions for customer support operations, serving sectors like fintech and healthcare.

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HSBC tops MENA DCM leagues

Sovereign + PIF transactions give HSBC biggest DCM market share-

HSBC topped the MENA debt capital market leagues in 2025 for the second consecutive year, snapping up an 11% market share of bond bookrunning for the year, Zawya reports, citing LSEG data. The performance was anchored by the bank’s role in sovereign, Public Investment Fund, and corporate transactions during a year in which Saudi Arabia emerged as the world’s most active jurisdiction for international G3 currency bond issuance.

What to look for this year: Saudi Arabia is expected to continue driving demand in DCM, particularly as banks and sovereign institutions are front-loading debt issuances, with some USD 20 bn in international debt sales going to market in the first three weeks of January. HSBC also expected Abu Dhabi and Sharjah to drive the 2026 pipeline. “Dubai appears to be focused on deleveraging and is unlikely to tap the market in the near term unless it shifts its capex program toward a more expansionary stance,” Samer Deghaili, HSBC co-head of Capital Markets and Advisory in MENAT, was quoted as saying.

Riyadh Air debuts cargo division-

Riyadh Air formally launched its cargo segment — which the carrier said will primarily leverage belly capacity on its 120 on-order wide-body jets, according to a statement. The new division will anchor its ground operations at King Khalid International Airport in Riyadh, King Abdulaziz International Airport in Jeddah, and King Fahd International Airport in Dammam, the new carrier said.

The pitch is built on digitization: Riyadh Cargo will deploy a cloud-based operating system and use Bluetooth-enabled containers to offer real-time tracking for high-value shipments.

Our take: For now, this is a software launch waiting for the metal to arrive. With the bulk of its fleet delayed by Boeing’s supply chain struggles, Riyadh Cargo’s actual capacity is strictly limited and will take years to materialize as deliveries trickle in.

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GCC debt markets to hit USD 1.25 tn this year

GCC debt markets are on track to break the USD 1.25 tn mark in 2026 as the region leans into borrowing to fund growth, up from USD 1.1 tn last year, according to Fitch Ratings’ GCC Debt Capital Markets MENA Monitor 2026 report (pdf). Issuers are borrowing to refinance maturing debt, fund deficits, and bankroll large projects at home, the report said. “Continued investor diversification, a wider range of funding tools and a potentially more supportive global rate environment should help sustain momentum,” Sarah Alyasiri, capital markets analyst at CF Trade, told EnterpriseAM, pointing to “a positive outlook for 2026 and beyond.”

Why it matters: In addition to a larger issuance volume, the flashing signal is the funding mix for the region’s massive infrastructure pipeline. With Fitch forecasting oil prices to stay range bound around USD 63/bbl in 2026, governments and corporates are pivoting to debt to plug funding deficits and keep giga-projects moving. The expected US Federal Reserve rate cuts (forecasted at 3.25% for 2026) will lower borrowing costs just as oil revenues soften, making the bond and sukuk markets the most attractive route for capital.

Saudi Arabia and the UAE are expected to be the primary engines, holding a combined 75% of the region’s outstanding debt (Saudi at 46%, UAE at 29%). Qatar comes at a distant third, with 12%, followed by Bahrain at 5%, and Kuwait, and Oman at 4% each. Sukuk now make up a record 41% of the total market, with USD-denominated sukuk issuance surging 72% last year, significantly outpacing the 26.1% growth seen in conventional bonds. The GCC accounted for 35% of emerging markets (ex China) USD issuance last year.

Who’s buying: As global portfolios branch out, Asian money has emerged as a steady source of support for GCC debt, Alyasiri added. Gulf bonds and sukuk offer “an attractive combination of relatively higher yields, strong credit quality and economic stability,” she said, helping position the region as a competitive alternative to comparable debt in both Asian and developed markets. Quality remains high, with 84% of Fitch-rated sukuk sitting in the investment-grade category, Fitch said.

Kuwait is back: After an eight-year hiatus, Kuwait re-entered the chat with USD 11.25 bn in sovereign bonds, signaling a broader regional return to international markets.

Downside risks: Fitch flagged that local-currency issuance is uneven and largely sovereign-driven, with limited participation from banks and corporates. Outside Saudi Arabia — where SAR issuance is more active — most issuers remain reliant on USD markets, leaving funding strategies exposed to global liquidity and rate cycles. The ratings agency also highlighted widening gaps in market sophistication, with Saudi Arabia and the UAE pushing ahead with structural reforms, including fixed-income market-making in Saudi and a broader Islamic finance strategy in the UAE. Qatar expanded its primarydealer framework and, alongside the UAE, issued digitally native notes.

What’s next

Watch for a rise in alternative funding: While public markets are growing, Fitch notes that Saudi issuers are increasingly utilizing private credit and syndicated financing to diversify their toolkit.

Also expect a surge in capital instruments: “If economic growth continues north of 4%, [Saudi] banks need to expand their capitalization and revisit their risk matrix so it fits better with what’s going on in the economy, which is very serious,” Ihsan Buhulaiga, a Saudi economist, told the Financial Times. “You cannot just sit pretty and say ‘OK, we’ll continue as usual as we used to do in 2010.’ No, things are different now.” Saudi banks’ loan-to-deposit ratio climbed to around 106.2% by 9M 2025, well above UAE peers at roughly 75%, according to a report by Alvarez & Marsal, reflecting how credit growth has outpaced deposit inflows and pushed banks toward external funding sources.

MARKETS THIS MORNING-

Markets are rebounding from this week’s bout of volatility, riding the high of US President Donald Trump walking back on previous threats to impose tariffs on EU countries over Greenland. Asia-Pacific markets are uniformly in the green in early trading, led by South Korea’s Kospi, buoyed by Samsung SDI, Samsung Electronics, and Doosan. US markets are also on track to open in the green later today on the same tailwinds.

TASI	10,948	+0.3% (YTD: +4.4%)
MSCI Tadawul 30	1,470	+0.2% (YTD: +6.0%)
NomuC	23,368	0.0% (YTD: +0.3%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	4.25% repo	3.75% reverse repo
EGX30	46,049	+0.3% (YTD: +10.1%)
ADX	10,206	+0.1% (YTD: +2.1%)
DFM	6,397	+0.4% (YTD: +5.8%)
S&P 500	6,876	+1.2% (YTD: +0.4%)
FTSE 100	10,138	+0.1% (YTD: +2.1%)
Euro Stoxx 50	5,883	-0.2% (YTD: +1.6%)
Brent crude	USD 65.28	+0.1%
Natural gas (Nymex)	USD 5.04	+3.3%
Gold	USD 4,787	-1.1%
BTC	USD 89,988	+1.8% (YTD: +2.7%)
Sukuk/bond market index	921.45	0.0% (YTD: +0.2%)
S&P MENA Bond & Sukuk	515.17	-0.3% (YTD: -0.5%)
VIX (Volatility Index)	16.90	-15.9% (YTD: +13.0%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.3% yesterday on turnover of SAR 4.7 bn. The index is up 4.4% YTD.

In the green: Malath Insurance (+10.0%), Walaa (+10.0%), and UCA (+10.0%).

In the red: Nofoth (-3.0%), Sieco (-2.7%), and Amak (-2.3%).

THE CLOSING BELL: NOMU-

The NomuC remained unchanged yesterday on turnover of SAR 13.7 mn. The index is up 0.3% YTD.

In the green: Alhasoob (+7.7%), United Mining (+7.0%), and Alshehili Metal (+5.4%).

In the red: NGDC (-9.7%), Amwaj International (-7.1%), and Paper Home (-6.2%).

Corporate actions

United International Transportation Company’s (Budget Saudi) board recommended a 33.7% capital increase to SAR 1 bn to support its growth plans and shore up its balance sheet, according to a filing to the bourse (pdf). The capital hike will be funded by capitalizing SAR 263.8 mn of retained earnings and will raise the company’s share count from 78.2 mn to 104.5 mn. Shareholders will receive one bonus share for every three existing shares held. The move needs shareholders approval when they meet on 19 February.

CALENDAR

JANUARY

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

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

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

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

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

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

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

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

FEBRUARY

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

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

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

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

4 February (Wednesday): Michelin Guide’s Restaurant Celebration, Four Seasons Hotel, Riyadh.

5 February (Thursday): Deadline to submit bids for EPC contract for Ras Mohaisen-Baha-Makkah Independent Water Transmission System.

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.

8-9 February (Sunday-Monday): AlUla Conference on Emerging Market Economies (ACEME), Maraya Hall, AlUla.

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

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

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

15-17 February (Sunday-Tuesday): The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front & Exhibition Center.

16 February (Monday): King Salman Stadium design-and-build contract prequalification submission deadline.

16 February (Monday): First day of Ramadan (TBC).

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.

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.

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

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

26-29 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 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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