{"id":103201,"date":"2025-12-10T00:00:00","date_gmt":"2025-12-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?post_type=issue&#038;p=103201"},"modified":"2025-12-14T22:48:20","modified_gmt":"2025-12-14T22:48:20","slug":"diverging-views-on-2026-budget-deficit","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/ksa\/issues\/diverging-views-on-2026-budget-deficit\/","title":{"rendered":"Diverging views on 2026 budget deficit"},"content":{"rendered":"<section id=\"103203\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"103203\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING TODAY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/railways-galore\/\">\r\n                            THIS MORNING: Plenty of rail projects in the pipeline + BlackRock looks to GCC sovereign wealth funds to unlock Asia growth                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/railways-galore\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The outlook comes as the banks see a year of heavy spending and record bond issuance to fund major infrastructure projects weighing on the Kingdom\u2019s fiscal position next year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- We had a chat with Yusef Alyusef, managing director and partner at Alvarez & <\/strong><strong>Marsal in Saudi Arabia<\/strong>, about the drivers behind Saudi Arabia\u2019s tax reforms, the impact of Vision 2030 on the regulatory environment, and how businesses can navigate the complexities of compliance and zakat in a diversifying economy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have these stories and more in this morning\u2019s newswell, below.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUNDBITE OF THE MORNING- Globalization has ended, giving way to a phase of <\/strong><strong>fragmentation<\/strong>, and countries must reposition themselves to enhance resilience and adaptability amid geopolitical and technological shifts, economist and markets sage Mohamed El Erian was quoted as saying by <a target=\"_blank\" href=\"https:\/\/www.mubasher.info\/news\/4534050\/%D9%85%D8%AD%D9%85%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D9%8A%D8%A7%D9%86-%D8%A7%D9%84%D8%B9%D9%88%D9%84%D9%85%D8%A9-%D8%A7%D9%86%D8%AA%D9%87%D8%AA-%D9%88%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85-%D9%8A%D8%AF%D8%AE%D9%84-%D9%85%D8%B1%D8%AD%D9%84%D8%A9-%D8%A7%D9%84%D8%AA%D8%AC%D8%B2%D8%A6%D8%A9-\/\" style=\"\" rel=\"noopener\">Mubasher<\/a> at a conference in Riyadh yesterday. AI, advanced sciences, and quantum computing will transform economies over the next five to 10 years, requiring policies to evolve, El Erian said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Erian sees two major economic trends:<\/strong> Locally, economies must liberalize legislation and facilitate investment rather than follow US directives. Globally, trade and investment are increasingly used as pressure tools, marking a shift to \u201cmanageable globalization.\u201d Success in this environment demands resilience, rapid recovery, and strategic innovation, essential for local economies to implement reforms and navigate a fragmented world, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FOR THE RECORD- The Riyadh-Doha high-speed electric rail link announced <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3e5fa899-ae5a-4483-a161-7cd505bb8606\/a-riyadh-doha-high-speed-rail-will-cut-travel-time-to-two-hours\" style=\"\" rel=\"noopener\">earlier this<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3e5fa899-ae5a-4483-a161-7cd505bb8606\/a-riyadh-doha-high-speed-rail-will-cut-travel-time-to-two-hours\" style=\"\" rel=\"noopener\">week<\/a><\/strong><strong> is a separate project from the Gulf Railway<\/strong>, Transport and Logistics Minister Saleh Al Jasser told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2025\/12\/09\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D9%86%D9%82%D9%84-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A-%D8%A7%D9%84%D9%82%D8%B7%D8%A7%D8%B1-%D8%A8%D9%8A%D9%86-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D9%88%D9%82%D8%B7%D8%B1-%D9%85%D8%AE%D8%AA%D9%84%D9%81-%D8%B9%D9%86-%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D8%A7%D9%84%D8%B1%D8%A8%D8%B7-%D8%A7%D9%84%D8%AE%D9%84%D9%8A%D8%AC%D9%8A\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> yesterday. The high-speed train between the two capitals is dedicated to passengers and runs completely on green energy, while the Gulf Railway is set for transporting goods on traditional trains.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> The project will span a 785-km route, linking King Salman International Airport with Hamad International Airport. Once operational, it will cut travel time between the two capitals to roughly two hours, handle more than 10 mn passengers a year, and open a corridor for medium and light goods to move more efficiently, bolstering trade flow. The project is expected to take six years to complete, creating over 30k new jobs and adding SAR 115 bn to Saudi and Qatar\u2019s combined GDP in the process.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s another stormy day<\/strong>, with heavy rain and thunderstorms expected from Asir and Al Baha up to Makkah, Madinah, Tabuk, Hail, Qassim, Jazan, Al Jouf, the Northern Borders, Riyadh, and the Eastern Province. Many areas may face bouts of dust, hail, and sudden drops in visibility, while flash floods remain a real threat across valleys and low-lying areas.<\/p>\n<ul>\n<li>Riyadh: 26\u00b0C high \/ 17\u00b0C low,<\/li>\n<li>Jeddah: 28\u00b0C high \/ 23\u00b0C low<\/li>\n<li>Makkah: 29\u00b0C high \/ 23\u00b0C low<\/li>\n<li>Dammam: 28\u00b0C high \/ 19\u00b0C low.<\/li>\n<\/ul>\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- <\/strong><strong>BlackRock is open to partnerships with GCC sovereign wealth funds to <\/strong><strong>expand its<\/strong><strong> investment footprint in Asia<\/strong>, BlackRock\u2019s Chief Strategist for the Middle East and Asia Pacific Ben Powell told <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/special-coverage\/focus-global-wealth-funds\/blackrock-ready-to-partner-with-gcc-wealth-funds-to-tap-asian-markets-xjm409i0\" style=\"\" rel=\"noopener\">Zawya<\/a> yesterday. \u201cWe are very open minded about increasing our focus in Asian markets,\u201d Powell said, referring to the \u201cIndia bull story\u201d in which the firm wants to be a part of, \u201cbe it through co-investments or JVs from the region.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The firm\u2019s 2026 GCC outlook <\/strong><strong>highlights<\/strong> <strong>AI and infrastructure<\/strong><strong> as key investment windows<\/strong>, as well as a growing potential in tech companies tapping capital markets to fund the next phase of AI expansion. \u201cThis is where the money is flowing and will build up to be a mainstream asset class over the next few years,\u201d Powell added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> BlackRock plans to double its investments in Saudi by 2030 after funneling more than <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3f458652-ac69-4a49-a6e4-5b97cbf0845d\/%253cmark%253eblackrock%253c%2Fmark%253e-to-double-down-in-saudi-and-the-region\" style=\"\" rel=\"noopener\">USD 35 bn<\/a> into the Kingdom so far. It is currently preparing new <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/12eda168-6719-4815-a431-478f2a4e9dc4\/fii9%25e2%2580%2599s-day-two-keeps-the-momentum-going\" style=\"\" rel=\"noopener\">mutual funds<\/a> while working with Saudi authorities on developing a market for residential mortgage-backed securities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF AI- Saudi Arabia is already reaping rewards from early AI adoptio<\/strong><strong>n<\/strong> <strong>across<\/strong><strong> manufacturing, energy, tourism, and crowd management<\/strong>, <a target=\"_blank\" href=\"https:\/\/fikrventures.com\/\" style=\"\" rel=\"noopener\">Fikr Ventures<\/a> \u2019 Founding Partner Mohamad Khawaja told <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/technology\/110128\/%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AA%D8%AC%D9%86%D9%8A-%D9%85%D9%83%D8%A7%D8%B3%D8%A8-%D9%85%D8%A8%D9%83%D8%B1%D8%A9-%D9%85%D9%86-%D8%A7%D9%84%D8%B0%D9%83%D8%A7%D8%A1-%D8%A7%D9%84%D8%A7%D8%B5%D8%B7%D9%86%D8%A7%D8%B9%D9%8A\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> on Monday. Businesses in these sectors are benefiting from more efficiency, improved customer service, and new economic solutions, with most public- and private-sector institutions now integrating the technology, Khawaja said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riding the wave:<\/strong> The Kingdom ranks third globally in AI job growth, after India and Brazil, according to the Stanford AI Index. The vast majority of Saudi organizations\u2019 leaders (91%) surveyed by <a target=\"_blank\" href=\"https:\/\/www.kyndryl.com\/au\/en\/insights\/readiness-report-2025\" style=\"\" rel=\"noopener\">Kyndryl\u2019s AI Readiness 2025 report<\/a> expect AI-driven labor-market restructuring within a year, with 41% saying they are prepared for AI-related external business risks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Potential risks: <\/strong>Some 53% of executives cite legacy systems and weak integration as key challenges for AI adoption. Regarding external risks, cyberattacks are the top concern at 61%, with 44% saying they feel prepared. Competitive disruptions followed at 54%, with 43% reporting readiness. This comes as 76% of Saudi leaders reported a cyber-related outage this year, with human error cited as the top driver at 36%, followed by network issues and hardware\/software failures at 29% each.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Skills gap persists:<\/strong> Although Saudi companies, universities, and national programs are developing talent in data engineering, cybersecurity, and cloud infrastructure, 94% of organizations struggle to keep pace with rapid technological change, and 35% of leaders report skills shortages.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>S&P Global sees the Kingdom\u2019s private credit financing as having substantial room for<\/strong><strong> growth<\/strong>, thanks to a steady increase in lending activity across both the public and private sectors, the agency said in a note seen by EnterpriseAM. This positive outlook is driven by the significant financing needs linked to Vision 2030\u2019s economic and social development goals, in addition to anticipated SME growth.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Total public and private sector debt in the Kingdom rose at a compound annual rate of<\/strong><strong> 12% during 2021-2024.<\/strong> This growth spans a diverse range of funding sources, including bond and sukuk issuances, gradual increases in bank lending, and the rising use of private capital financing. Private capital financing \u2014 still relatively new in the Saudi market \u2014 relies on non-bank lenders providing direct loans to borrowers, with credit instruments distributed among a limited number of investors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Still a tiny portion of domestic lending:<\/strong> Private credit financing accounts for only about 2% of the Kingdom's overall lending, although it has grown almost tenfold since 2020 to reach USD 3.7 bn in 2024, according to S&P data.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT- <\/strong><strong>Gulf allocators are stepping up exposure: <\/strong>The Gulf\u2019s younger demographic profile is giving pension and institutional investors longer compounding horizons, making the region\u2019s private credit market increasingly attractive, Monroe Capital CEO Ted Koenig tells Asharq Business (<a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/videos\/110150\/%D8%A7%D9%84%D8%B4%D8%B1%D9%82-%D8%A7%D9%84%D8%A3%D9%88%D8%B3%D8%B7-%D9%8A%D8%AA%D8%AC%D9%87-%D9%84%D9%8A%D8%B5%D8%A8%D8%AD-%D9%85%D9%86-%D8%A3%D9%83%D8%A8%D8%B1-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D8%AB%D9%85%D8%B1%D9%8A%D9%86-%D8%A8%D8%A7%D9%84%D8%A3%D8%B5%D9%88%D9%84-%D8%A7%D9%84%D8%AE%D8%A7%D8%B5%D8%A9\/\" style=\"\" rel=\"noopener\">watch: runtime: 1:39<\/a>). The asset class can deliver \u201cdouble-digit returns\u201d that \u201crival private equity,\u201d he said, positioning it as a growing component of long-dated portfolios, particularly as liquidity builds and demand for yield stays high. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Kingdom is likely to emerge as \u201cone of the giants\u201d in the asset class<\/strong>, he said, calling it the \u201cnext frontier\u201d for private-credit allocations. Private credit interest has risen significantly across Abu Dhabi, Dubai, Kuwait City, Doha and Riyadh over the past five years.\u201cThe region was a sleeping giant, and it\u2019s not sleeping anymore,\u201d Koenig said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>Riyad<\/strong><strong> Capital lined up approval from the Capital Market Authority (CMA) for the public <\/strong><strong>offering of its Riyad Healthcare Equity Fu<\/strong><strong>nd<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/cma.gov.sa\/en\/MediaCenter\/NEWS\/Pages\/CMA_N_3948.aspx\" style=\"\" rel=\"noopener\">statement<\/a> from the authority. The sign-off allows the manager to begin marketing the vehicle once its terms and conditions are formally published.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT-<\/strong> Equity fund AUM in the Kingdom reached SAR 48.9 bn in 3Q 2025, up nearly 11.8% y-o-y, underscoring continued appetite for sector-focused public funds, CMA\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/11\/1378.pdf\" style=\"\" rel=\"noopener\">latest quarterly bulletin (pdf)<\/a> showed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#1- Saudi Arabia holds two-thirds of the Middle East\u2019s green finance market<\/strong>, with USD 12 bn in sustainable finance issuances this year, Investment Minister Khalid Al Falih was quoted as saying by <a target=\"_blank\" href=\"https:\/\/www.aleqt.com\/%D8%A7%D9%84%D8%A3%D8%B3%D9%88%D8%A7%D9%82\/%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D8%AA%D9%86%D9%85%D9%8A%D8%A9-%D8%A7%D9%84%D9%88%D8%B7%D9%86%D9%8A-%D9%82%D8%AF%D9%85%D9%86%D8%A7-%D8%AA%D9%85%D9%88%D9%8A%D9%84%D8%A7%D8%AA-%D8%A8%D8%A3%D9%83%D8%AB%D8%B1-%D9%85%D9%86-52-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%B1%D9%8A%D8%A7%D9%84-%D8%AE%D9%84%D8%A7%D9%84-%D8%B9%D8%A7%D9%85-4533\" style=\"\" rel=\"noopener\">Aleqtisadiah<\/a>. The Kingdom is accelerating emissions reductions toward carbon neutrality by 2060 while targeting to invest USD 1\u202ftn in infrastructure by 2030, with nearly half financed by the private sector, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> The Kingdom has introduced a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/2f55b237-0708-4ab8-882a-d8007b37541a\/government-unveils%253cmark%253e-green%253c%2Fmark%253e-financing-framework-to-boost-sustainability\" style=\"\" rel=\"noopener\">green financing framework<\/a>, a sustainable debt guide, and a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/bb1e7f83-61db-4b65-ba72-f163edc79250\/saudi-launches%253cmark%253e-carbon%253c%2Fmark%253e-trading-platform-on-sidelines-of-cop29\" style=\"\" rel=\"noopener\">digital platform for carbon credit trading<\/a>, including the world\u2019s largest carbon credit auction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The Saudi Export-Import Bank (Saudi Exim) expects to close out the year having provided more than SAR 40 <\/strong><strong>bn in financing<\/strong>, bringing the total financing it has provided since its 2020 launch to around SAR 100 bn, CEO Saad Al Khalab told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2025\/12\/09\/%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%AA%D8%B5%D8%AF%D9%8A%D8%B1-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D9%82%D8%AF%D9%85%D9%86%D8%A7-%D8%AA%D8%B3%D9%87%D9%8A%D9%84%D8%A7%D8%AA-%D8%A8%D9%82%D9%8A%D9%85%D8%A9-40-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%B1%D9%8A%D8%A7%D9%84-%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D8%A7%D9%84%D8%AD%D8%A7%D9%84%D9%8A\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. About 40% of these facilities cover financing, while 60% pertain to ins. supporting exporters, financial institutions, and foreign importers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By sector: <\/strong>60% of the bank\u2019s financing goes to manufacturing, over 20% to mining, and the remainder to services, technology, and agriculture. The bank has also extended revolving credit exceeding USD 1.5 bn to eight global exporters, facilitating trade with more than 150 countries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- The National Development Fund has, through 12 development banks and funds, <\/strong><strong>contributed SAR 52 bn in one year<\/strong>, added SAR 47 bn to non-oil GDP, and supported thousands of projects that diversify the economy and create sustainable jobs, Vice Chairman Mohammed Al Tuwaijri was quoted by <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/economy\/2025\/12\/09\/%D8%A7%D9%84%D8%AA%D9%88%D9%8A%D8%AC%D8%B1%D9%8A-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%A7%D9%84%D8%AA%D9%86%D9%85%D9%88%D9%8A-%D8%A7%D8%B6%D8%A7%D9%81-47-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%B1%D9%8A%D8%A7%D9%84-%D9%84%D9%84%D9%86%D8%A7%D8%AA%D8%AC-%D8%A7%D9%84%D9%85%D8%AD%D9%84%D9%8A-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A-%D8%BA%D9%8A%D8%B1-%D8%A7%D9%84%D9%86%D9%81%D8%B7%D9%8A\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> as saying. He noted that the fund has financed over 800 projects worth more than USD 21\u202fbn in 100 countries. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>Saudi ports had a good November:<\/strong> Transshipment containers handled at Saudi ports increased 8.2% y-o-y to over 162k containers in November, with total goods handled rising by 0.21% y-o-y to 17.8 mn tons, according to a <a target=\"_blank\" href=\"https:\/\/x.com\/MawaniKSA\/status\/1998302910124577151\" style=\"\" rel=\"noopener\">statement<\/a>. The Kingdom\u2019s ports saw shipping traffic jump up by 6.81% y-o-y to 1.02k vessels, while containers handled hit 649.3k. Total vehicles handled at Saudi\u2019s ports stood at 77.1k, while around 722.1k heads of livestock transited its ports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">OIL WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>Saudi crude flows to China are set to climb in January<\/strong>, with allocations to Chinese refiners expected to reach 49.5 mn barrels, after Aramco cut its official selling prices for Asia, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/ar\/business\/UMY6B24X2JPKFFTSYYIV6GV6CU-2025-12-09\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing industry sources. The volumes \u2014 roughly 1.6 mn bbl \/ d \u2014 mark a jump from the past two months, when allocations remained below 40 mn bbl. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> Aramco <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/5aa58028-bb12-453b-a996-964ee1ad415c\/\" style=\"\" rel=\"noopener\">lowered<\/a> January\u2019s official selling price (OSP) for its main Arab Light crude to Asia to USD 1.50 \/ bbl, a USD 0.6 premium over the Oman-Dubai benchmark, marking its lowest level since January 2021. Lower Saudi prices are <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f613a81e-3ee8-4e2b-9d43-f18e0ab68f61\/\" style=\"\" rel=\"noopener\">expected<\/a> to boost term demand from China, whose independent refiners have recently received new 2026 import quotas.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cause and effect: <\/strong>The deeper price cut made the grade more attractive, while OSPs falling below spot prices further boosted demand, two sources told Reuters. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s lifting?<\/strong> PetroChina, Rongsheng Petrochemical, and Shenghong Petrochemical are planning to lift more Saudi barrels next month, while CNOOC and Hengli Petrochemical will lift less than in the prior month, <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/business\/energy\/saudi-january-crude-oil-supply-to-china-set-to-hit-three-month-high-after-price-falls-ew7nlojl\" style=\"\" rel=\"noopener\">Reuters<\/a> said, citing sources in the know.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- India\u2019s Reliance Industries upped Middle Eastern crude uptake to at least<\/strong><strong> 10 mn bbl in January<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-12-09\/china-boosts-buying-of-cheaper-saudi-crude-as-surplus-expands\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing traders. Thai and Malaysian refiners also increased their purchases from the region.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>Aramco is looking to kick off exports of condensates from the Jafurah gas<\/strong><strong> plant in <\/strong><strong>February<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/ar\/business\/SWWMZUNTZNJH7PPWWIA2PB2NMI-2025-12-09\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing two anonymous sources. Aramco could move four to six condensate cargoes a month \u2014 each holding 500k barrels \u2014 though no fixed schedule has been set, one of the sources said. The volumes will be marketed through private negotiations and buyers may receive samples before the end of December, other sources said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A key uncertainty is how much supply Aramco will release over the next six to twelve months<\/strong>, Global Head of LNGs at consultancy FGE Armaan Ashraf told Reuters, noting that the Jafurah grade is shaping up to compete with heavier condensates and very light crude. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Aramco <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f797e777-7342-4a9a-ae40-cd69e891f1e5\/\" style=\"\" rel=\"noopener\">started production<\/a> from its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3643bb47-adf1-422d-8e77-38f48217bc62\" style=\"\" rel=\"noopener\">USD 100 bn<\/a> Jafurah gas plant last week\u2014 which holds an estimated 230 tn cubic feet (tcf) of gas, 75 bn barrels of oil, and abundant ethane for petrochemical production. The first phase came online with 450 mcf \/ d of capacity, with the plant\u2019s output expected to reach 2 bcf \/ d by 2030.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">SPORTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Liv Golf\u2019s shift fr<\/strong><strong>om 54- to 72-hole tournaments is boosting hopes the PIF-backed league<\/strong><strong> could earn Official World Golf Ranking (OWGR) points<\/strong> before the February 2026 season, CEO Scott O\u2019Neil told <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/athletic\/6865674\/2025\/12\/08\/liv-golf-world-ranking-points\/\" style=\"\" rel=\"noopener\">The Athletic<\/a>. The change aims to satisfy OWGR standards and player demand, with O\u2019Neil noting, \u201cThe better players want more golf. Period, end of sentence.\u201d Since its 2022 debut, the league has operated without ranking points, limiting major championship access for stars like Jon Rahm and Brooks Koepka.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Financial snapshot: <\/strong>Despite investing some USD 5 bn over four years, Liv reported a USD 1.4 bn non-US loss. While 2024 revenue jumped 75% to GBP 64.9 mn, it remained dwarfed by GBP 553 mn in costs. O\u2019Neil called the year \u201cextraordinary\u201d relative to previous seasons and cited \u201cstrong\u201d board support, but acknowledged the business still has \u201cwood to chop, and some hill to climb\u201d to meet long-term expectations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/b73a18bb-6ec5-45bf-93ab-896747af99f0\/pif-ups%253cmark%253e-liv%253c%2Fmark%253e-capital-to-usd-5-bn-as-operating-losses-mount\" style=\"\" rel=\"noopener\">Earlier this month<\/a>, the Public Investment Fund approved a USD 113 mn capital increase for Liv Golf, bringing total funding in 2025 to USD 1.1 bn and overall capital to over USD 5 bn. The increase addresses estimated operating losses of USD 100 mn per month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Recruitment strategy: <\/strong>For the second consecutive offseason, Liv avoided blockbuster signings, opting instead for a youth-focused strategy \u2014 taking on Joaquin Niemann and David Puig. O\u2019Neil emphasized finding players with \u201ctrajectory\u201d to deepen a field that currently lacks strength beyond its top 25 stars.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><strong>You\u2019re reading EnterpriseAM Saudi<\/strong>, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We\u2019re out Sunday through Thursday by 7am Riyadh time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM Saudi is available without charge <\/strong>thanks to the generous support of our friends at Tas\u2019heel and Hassan Allam Properties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\" rel=\"noopener\">saudi@enterpriseAM.com<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW <\/strong>that we also cover <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\" rel=\"noopener\">Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">the UAE<\/a>, the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">logistics<\/a> industry, and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\" rel=\"noopener\">MENA <> India<\/a> corridor?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday.<br \/><strong>***<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Trump clears path for Nvidia chip sales to China:<\/strong> The Trump administration will allow Nvidia to sell its advanced H200 AI chips to approved customers in China, easing export restrictions imposed during the Biden administration. Under the new deal, the US government will take a 25% cut of proceeds \u2014 up from 15% in a prior agreement \u2014 with similar arrangements expected for AMD and Intel. The decision follows months of lobbying by Nvidia CEO Jensen Huang, who pledged USD 500 bn in US AI investments. The move has drawn criticism from lawmakers, who warned it could aid China\u2019s military and surveillance capabilities. (<a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/technology\/2025\/dec\/08\/trump-nvidia-ai-chips-china\" style=\"\" rel=\"noopener\">Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/china\/us-china-hawks-say-trump-approved-nvidia-chip-sales-china-will-supercharge-its-2025-12-09\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/12\/08\/trump-nvidia-h200-sales-china.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2025\/12\/09\/business\/china-gains-trump-nvidia-chips.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-12-08\/nvidia-set-to-win-us-approval-to-export-h200-ai-chips-to-china\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/ckg9q635q6po\" style=\"\" rel=\"noopener\">BBC<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND IN BUSINESS NEWS- <\/strong>The European Commission has launched an investigation into whether Google uses content from websites and YouTube videos to power its AI-generated summaries and other tools without compensating creators or offering opt-outs, the commission said in a <a target=\"_blank\" href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_25_2964\" style=\"\" rel=\"noopener\">statement<\/a>. Regulators are also examining if Google\u2019s AI Mode reduces traffic to publishers\u2019 sites. The investigation follows complaints from media groups and campaigners who say Google\u2019s AI Overviews divert readers and threaten journalism revenues. (<a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/crl95eg33k1o\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/12\/09\/google-hit-with-eu-antitrust-probe-over-use-of-online-content-for-ai.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/eu-launches-antitrust-probe-into-googles-use-online-content-ai-purposes-2025-12-09\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/technology\/2025\/nov\/13\/eu-investigates-google-search-over-demoting-commercial-content-from-news-media\" style=\"\" rel=\"noopener\">Guardian<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- Investors brace for a divided Fed: <\/strong>Markets expect the US Federal Reserve to cut interest rates by 25 bps today to a 3.50-3.75% range, but analysts warn of deep divisions within the policy committee \u2014 possibly the most dissent seen in years, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/investors-warm-up-long-spell-discordant-fed-2025-12-09\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. As many as five of the 12 voting members could oppose the move, raising concerns about growing politicization under President Trump, who has pushed for lower rates ahead of next year\u2019s midterms. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO MAKING HEADLINES- <\/strong>Ukraine and its European allies are preparing a revised peace proposal to end the war with Russia that includes a 20-point framework, security guarantees, and a reconstruction plan, which will soon be presented to Washington. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/europe\/zelenskiy-says-refined-documents-peace-plan-will-soon-be-sent-us-2025-12-09\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/cg7vdd115vjo\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nbcnews.com\/world\/ukraine\/ukraine-zelenskyy-pope-leo-russia-peace-proposals-us-trump-rcna248155\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nbcnews.com\/world\/ukraine\/ukraine-zelenskyy-pope-leo-russia-peace-proposals-us-trump-rcna248155\" style=\"\" rel=\"noopener\">Guardian<\/a>)<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/finance\/\">FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/what-were-tracking-today\/\">WHAT WE\u2019RE TRACKING TODAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"103205\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n      <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n        <span 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class=\"\r\n                story-section            \"\r\n            id=\"103206\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/wall-street-analysts-see-wider-saudi-budget-deficit-in-2026\/\">\r\n                            Wall Street expects Saudi fiscal gap to stay wide despite spending adjustments                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n 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class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/624.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"103207\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/wall-street-analysts-see-wider-saudi-budget-deficit-in-2026\/624-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/624.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"624.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/624.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/624.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-103206\" class=\"content-area-description single-story post-103206 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-budget-watch tag-economy tag-enterpriseam-ksa tag-gdp tag-non-oil-economy wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/12\/.69a71f1c-9a99-4b17-9d32-6fb4db3e50f9.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Wall Street banks expect Saudi Arabia\u2019s budget deficit to remain wider than its expected<\/strong> <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/2f51d636-9078-4f86-b2d2-e7bbab8e8861\/fy2026-budget-unveiled-ahead-of-a-new-vision-2030-phase\" style=\"\" rel=\"noopener\">3.3% of GDP<\/a><\/strong><strong> in 2026<\/strong>, after a year of heavy spending and record bond issuance to fund major infrastructure projects, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-12-09\/wall-street-and-saudi-arabia-differ-on-kingdom-s-deficit-target\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing analysts at Goldman Sachs and Bank of America. Goldman Sachs projects the deficit at 6% next year \u2014 even higher than 2025\u2019s estimated 5.3% \u2014 implying another USD 25 bn in international borrowing, while Bank of America puts the shortfall at around 5%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Government banks on revenue recovery:<\/strong> The government says revenues will rebound on the back of a strong non-oil economy and higher oil output following Opec+ agreements, and it has already slowed some Vision 2030 megaproject spending to prevent overheating.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But analysts flag oil price constraints:<\/strong> Foreign analysts remain unconvinced, pointing to Brent crude near USD 63 \/ bbl \u2014 far below the roughly USD 100 price that Bloomberg Economics says Saudi Arabia needs to balance its budget.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Borrowing set to stay elevated:<\/strong> Riyadh has issued about USD 20 bn in foreign currency bonds this year \u2014 just shy of a record \u2014 and Finance Minister Mohammed Al Jadaan signaled the Kingdom will continue to borrow rather than draw down reserves during the unveiling of the 2026 Budget. With debt at roughly 30% of GDP, Saudi Arabia plans to diversify funding through syndicated loans and Asian investors to avoid higher borrowing costs.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/budget-watch\/\">budget watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/economy\/\">ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/non-oil-economy\/\">Non-oil economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"103208\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"103208\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/cgs-ekes-out-0-8-gain-on-first-day-of-tadawul-trading\/\">\r\n                            CGS ekes out 0.8% gain on first day of Tadawul trading                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/cgs-ekes-out-0-8-gain-on-first-day-of-tadawul-trading\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The stock swung between a high of SAR 10.79 and a low of SAR 9.70, with around 19.2 mn shares changing hands across 16.7k trades worth SAR 192.5 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>The gain, modest as it is, puts CGS alongside <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/dca4c745-c57e-4100-ac2a-0f964836698a\/%253cmark%253ealmasar%253c%2Fmark%253e-education-bucks-a-bruising-year-for-saudi-ipos\" style=\"\" rel=\"noopener\">Almasar Education<\/a> as one of the rare IPOs to post a positive first day performance in 3Q, defying a broader run of weaker debuts (think <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ce8e31e5-6a81-489c-b46e-06b3958effc2\/%253cmark%253echerry-trading%253c%2Fmark%253e-dips-on-tadawul-debut\" style=\"\" rel=\"noopener\">Cherry Trading<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/50728e48-eae3-40d8-91fa-7cce655077ff\/marketing-home-group-stumbles-on%253cmark%253e-debut%253c%2Fmark%253e-despite-robust-ipo-demand\" style=\"\" rel=\"noopener\">Marketing Home Group<\/a>) amid liquidity strains. \u201cEveryone will adjust to the idea that not all IPOs will perform 30-40% on day one,\u201d Mostafa Gad, EFG Hermes\u2019 head of investment banking, told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-12-09\/middle-east-ipo-boom-fades-amid-competition-from-global-markets\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. \u201cWe\u2019re becoming a mature market,\u201d he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CGS\u2019s SAR 300 mn debut ranks in the lower tier of 2025 offerings <\/strong>and ahead only of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/0ce734f3-c216-4a75-ab59-e8d3df692397\" style=\"\" rel=\"noopener\">Sport Clubs Company (SAR 257 mn)<\/a> and Cherry Trading <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ce8e31e5-6a81-489c-b46e-06b3958effc2\/%253cmark%253echerry-trading%253c%2Fmark%253e-dips-on-tadawul-debut\" style=\"\" rel=\"noopener\">(SAR 252 mn)<\/a>. With the benchmark down roughly 12% YTD, TASI is headed for its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/a57176cb-8cc3-486b-bcb3-6f5a79c0887a\/november-unwinds-tasi%25e2%2580%2599s-october,-september-gains-with-9%2525-drop\" style=\"\" rel=\"noopener\">worst year since 2015<\/a>, weighing on a number of newly-listed stocks, with some IPO hopefuls <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/2afce5d0-7800-47a8-b2d0-c4cb1df8a6e9\/pif-is-backing-paramount%25e2%2580%2599s-hostile-takeover-of-wb\" style=\"\" rel=\"noopener\">not even making it to market<\/a>. Average listing gains in Saudi dipped into negative territory this year, only two of the kingdom\u2019s larger debuts now trade above offer, and institutional books \u2014 which once drew triple-digit coverage \u2014 are coming in more measured, Bloomberg notes. IPO sizes also tightened as investors lean toward simpler, mid-market names rather than SAR bn raises. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER-<\/strong> The cold-chain manufacturer, which holds around 41% of the Kingdom\u2019s automotive refrigeration and vehicle-body solutions market, took <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1f2afdb8-837d-46b8-8dff-efa7bd468697\/%253cmark%253ecgs%253c%2Fmark%253e-holding%25e2%2580%2599s-tadawul-ipo-is-live\" style=\"\" rel=\"noopener\">a 30% stake to market<\/a> in a secondary offering. Shares were priced at SAR 10 apiece, valuing the company at around SAR 1 bn at listing and handing selling shareholders some SAR 300 mn in gross IPO proceeds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Aljazira Capital acted as financial advisor, lead manager, underwriter, and joint bookrunner alongside Arqaam Capital, Himmah Capital was advisor to the selling shareholders, Latham & Watkins provided counsel to the company, PwC was financial due diligence advisor, Ernst & Young was auditor, and Euromonitor International acted as market consultant.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO IN THE PIPELINE- <\/strong><\/p>\n<ul>\n<li><strong>The Capital Market Authority (CMA)<\/strong> most recently signed off on <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f613a81e-3ee8-4e2b-9d43-f18e0ab68f61\/opec%2B-to-keep-oil-output-levels-unchanged-today%3F\" style=\"\" rel=\"noopener\">Al Andalus Educational<\/a> \u2019s plan to float a 30% stake on Tadawul;<\/li>\n<li><strong>Nomu-listed Qomel<\/strong>\u2019s board approved its transition to the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f613a81e-3ee8-4e2b-9d43-f18e0ab68f61\/opec%2B-to-keep-oil-output-levels-unchanged-today%3F\" style=\"\" rel=\"noopener\">Tadawul\u2019s main market<\/a> appointing Estidamah Capital as its financial advisor for the move<\/li>\n<li><strong>IT firm <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/818c5d9d-7cee-447d-bd35-c9f1d1e15fca\/this-morning:-specialized-medical-company-lands-on-tadawul-today-%2B-jadwa-to-fully-divest-from-unipharma%3F\" style=\"\" rel=\"noopener\">Ejada Systems<\/a><\/strong>, which missed its six-month IPO window, is set to resubmit an IPO application to the CMA;<\/li>\n<li><strong>PIF-backed<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d0a3467a-abf0-4f2c-8d69-2b65e3040ff1\/pif%25e2%2580%2599s%253cmark%253e-saudi-global-ports%253c%2Fmark%253e-taps-banks-for-potential-ipo\" style=\"\" rel=\"noopener\">Saudi Global Ports<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/8a3c56cc-ebf9-417c-8382-0816af5b9a75\/real-madrid-vs-barcelona-at-king-abdullah-sports-city-today\" style=\"\" rel=\"noopener\">Tabreed District Cooling<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1c55c7a4-ce77-4a0c-a7bd-1ad23a8256e0\" style=\"\" rel=\"noopener\">Medical procurement firm Nupco<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e94781b0-45da-48a8-afe3-89c2b6a7897a\/future-minerals-forum-kicks-off-today\" style=\"\" rel=\"noopener\">Riyad Capital<\/a>, and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/2b55cbd6-eb2f-4596-8f56-69fabca00764\/%253cmark%253etabby%253c%2Fmark%253e-taps-advisors-for-potential-ipo-%2B-phytome-mulls-move-to-saudi\" style=\"\" rel=\"noopener\">BNPL platform Tabby<\/a> are among companies that tapped banks for potential IPOs;<\/li>\n<li><strong>F&B players Barns, Half Mn, Deemah, and Hashi Bashi <\/strong>were said to be <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/03e87751-b8eb-41af-9041-b9414c742b39\/neom-to-confirm-aiman-al-mudaifer-as-ceo%3F\" style=\"\" rel=\"noopener\">sounding out banks<\/a> for potential debuts on the main market;<\/li>\n<li><strong>Almosafer <\/strong>is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/6e69fe20-d984-43b1-9a85-3103ab156bcb\/non-oil-sector-in-the-kingdom-remains-resilient--fitch\" style=\"\" rel=\"noopener\">preparing<\/a> for a public listing on Tadawul by late 2025 or early 2026;<\/li>\n<li><strong>Alternative hospitality platform<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/a7d951d5-f621-42fa-bbd0-97e4b7b478fc\/gathern-readies-for-2028%253cmark%253e-ipo%253c%2Fmark%253e-%2B-riyadh-integrated-plans-for-next-phase\" style=\"\" rel=\"noopener\">Gathern<\/a>, local contractor <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/85a67ebc-88c3-41ee-a01c-fce1d105d51b\/sports-ministry-kicks-off-tender-process-for-al-najma-%2B-al-okhdood\" style=\"\" rel=\"noopener\">Mutlaq Al Ghowairi Contracting (MGC)<\/a>, PIF-backed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/6e69fe20-d984-43b1-9a85-3103ab156bcb\/non-oil-sector-in-the-kingdom-remains-resilient--fitch\" style=\"\" rel=\"noopener\">CloudKitchens<\/a>, fast delivery app <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3e0b9f69-53e0-44dd-a53c-802e087bd002\/savvy-games-is-lining-up-multi-bn-usd-acquisitions-in-asia-%2B-ninja-is-gearing-up-for-a-2026-ipo%3F\" style=\"\" rel=\"noopener\">Ninja<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f6ab4e19-978b-4a59-9c3d-1bbaa1fddac1\/%253cmark%253ecalo%253c%2Fmark%253e-steps-into-uk-with-fresh-fitness-food,-detox-kitchen-acquisition.-plus:-cma-approves-al-rajhi%25e2%2580%2599s-sar-10-bn-debt-issuance\" style=\"\" rel=\"noopener\">Meal subscription startup Calo<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/68e1b4bc-2436-4b73-9c57-4be80511b48a\/opec%2B-accelerates-output-hikes-for-august\" style=\"\" rel=\"noopener\">Emkan Finance, and Tamweel Aloula<\/a> are all said to be considering Tadawul IPOs.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/cgs\/\">CGS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"103210 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"103210\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a 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class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"103211\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">ENERGY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/acwa-bapco-to-develop-2-8-gw-cross-border-solar-project\/\">\r\n                            Acwa + Bapco to develop 2.8 GW cross-border solar project                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        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<\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/acwa-bapco-to-develop-2-8-gw-cross-border-solar-project\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/622.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"103212\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/acwa-bapco-to-develop-2-8-gw-cross-border-solar-project\/622-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/622.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"622.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/622.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/622.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-103211\" class=\"content-area-description single-story post-103211 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-acwa-power tag-bapco-energies tag-energy tag-enterpriseam-ksa wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/12\/.15330e8f-bee8-427c-96d9-3dbfc824777c.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>C<\/strong><strong>ross-border solar buildout coming to the Eastern Province:<\/strong> Acwa Power and Bahrain\u2019s Bapco Energies signed a joint development agreement to build a multi-phase solar power project in Saudi Arabia\u2019s Eastern Province with a capacity of up to 2.8 GW, according to a <a target=\"_blank\" href=\"https:\/\/www.acwapower.com\/news\/acwa-power-and-bapco-energies-announce-joint-development-agreement-to-strengthen-energy-sector-cooperation-between-saudi-arabia--and-the-kingdom-of-bahrain\/\" style=\"\" rel=\"noopener\">press release<\/a>. The facility will be paired with large-scale battery storage. No financial details or timeline were disclosed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All project output will be transmitted to Bapco Energies\u2019 load center in Bahrain<\/strong>, making the development a cross-border supply arrangement from day one.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The project lands as the GCC Interconnection Authority pushes more than <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/098bb5d5-1e58-4b78-8c9f-b3295c6f7860\/\" style=\"\" rel=\"noopener\">USD 3.5 bn<\/a><\/strong><strong> over the next decade<\/strong> to strengthen its regional interconnection power grid, boost its capacity to integrate renewables, and export electricity to neighboring countries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other green regional expansions:<\/strong> Acwa signed an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/edc4c4d1-314b-4041-b294-633a9cb430f5\/\" style=\"\" rel=\"noopener\">agreement<\/a> with the Syrian Energy Ministry in August to conduct studies for up to 1 GW of solar and storage projects and 1.5 GW of wind projects. Acwa\u2019s consortium is among the shortlisted bidders to develop a 500 MW solar plant in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f6eeb2a0-0d0b-4482-a7b5-f08dc58ef00a\/\" style=\"\" rel=\"noopener\">Kuwait<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> Acwa reached <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/99f00df5-e2b2-4647-a773-3c48f5768a70\/\" style=\"\" rel=\"noopener\">financial close<\/a> late last month on five solar plants and two wind farms, all located across the Kingdom, valued at a total of SAR 22.3 bn. Acwa also inked <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/35f561cf-90d8-4158-b249-523a43028e04\/\" style=\"\" rel=\"noopener\">USD 10 bn<\/a> agreements at FII9, locking in financing, renewable energy, storage, and technology collaboration pacts across the GCC, Central Asia, Africa, and China.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/acwa-power\/\">ACWA power<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/bapco-energies\/\">Bapco Energies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/energy\/\">ENERGY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"103213\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"103213\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Tech<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/dubai-based-khazna-data-centers-lands-in-ksa\/\">\r\n                            Dubai-based Khazna Data Centers lands in KSA                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/dubai-based-khazna-data-centers-lands-in-ksa\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The company has been looking to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/428aaf94-cf15-442c-8a86-2f464f632f46\/riyadh-air-on-track-to-receive-its-first-aircraft-in-3q\" style=\"\" rel=\"noopener\">capture at least 25% of Saudi\u2019s data center market<\/a>, and had previously scouted several pieces of land where it sees a lack of capacity that would accommodate US hyperscalers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Khazna also appointed a new country head for its Saudi division<\/strong>, Mohammed bin Hassan (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/mohammed-bin-hassan-97037254\/?originalSubdomain=sa\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/khazna-data-centers-names-new-country-head-and-advances-expansion-plans-in-saudi-arabia-xfqegqn4\" style=\"\" rel=\"noopener\">statement<\/a>. Bin Hassan brings to the position over two decades of experience in digital transformation and national tech strategies across the Kingdom, with his most recent stint being as PIF\u2019s chief digital officer, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/khazna-data-centers-names-new-country-head-and-advances-expansion-plans-in-saudi-arabia-xfqegqn4\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> The firm had picked two sites for expansion where it thinks local Saudi firms don\u2019t have the capacity required by the increasing number of US hyperscalers \u2014 large cloud service and data center providers \u2014 that are looking to the Gulf\u2019s cheap energy and real estate for expansion.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s more to come:<\/strong> Khazna Data Centers announced plans <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/c7a76d1d-18fe-43db-9905-a2210428b0c4\/mohammed-bin-salman,-el-sisi-move-investment-talks-forward-in-cairo\" style=\"\" rel=\"noopener\">last year<\/a> to expand further into the Middle East and Asia. It is closing in on the location for a USD 250 mn data center in Egypt (set for completion in 2026), with Turkey and Southeast Asia also on its radar.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT-<\/strong> Khazna controls about 71% of the UAE\u2019s existing data center capacity, and, in addition to European expansion plans, its 12 data centers under construction include sites in Turkey and Kenya.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/data-centers\/\">data centers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/tech\/\">tech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"103215 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"103215\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/103215\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-103215\" class=\"content-area-description single-story post-103215 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.facebook.com\/HassanAllamProperties?_rdc=1&amp;_rdr#\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/236.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"103216\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"103216\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">COFFEE WITH\u2026<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/coffee-with-yusef-alyusef-managing-director-at-alvarez-marsal-saudi-arabia\/\">\r\n                            Coffee With: Yusef Alyusef, managing director at Alvarez &amp; Marsal Saudi Arabia                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/coffee-with-yusef-alyusef-managing-director-at-alvarez-marsal-saudi-arabia\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/coffee-with-yusef-alyusef-managing-director-at-alvarez-marsal-saudi-arabia\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/coffee-with-yusef-alyusef-managing-director-at-alvarez-marsal-saudi-arabia\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Coffee With: Yusef Alyusef, managing director at Alvarez &#038; 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These were driven by two main principles \u2014 economic diversification, which led to the modernization of the tax regimes, and alignment with global international policies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>In Saudi Arabia, the decision to reduce reliance on oil revenues under Vision 2030 has<\/strong><strong> driven significant changes.<\/strong> We saw the introduction of VAT in 2018, followed by transfer pricing rules in 2019, the VAT rate increasing to 15% in 2020, and the establishment of e-invoicing in 2021. Most recently, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ae680035-2681-4562-ac23-f9d9b66bea7c\/\" style=\"\" rel=\"noopener\">in April 2025<\/a>, Zatca amended the VAT implementing regulations, tightening rules related to group eligibility and other treatments. These changes have created a steep learning curve for businesses, though the authority has balanced this by introducing amnesty programs to help companies fix past errors without hefty penalties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM: How do these reforms impact foreign investment flows and companies setting up regional headquarters?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>YA:<\/strong> Understanding the legislative framework is crucial for FDI. Investors coming into the region often partner with local businesses or government-owned entities for gigaprojects. For these firms, understanding the tax exposure \u2014 and conducting proper tax and financial due diligence \u2014 is essential for successful mergers and acquisitions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>To attract FDI, Saudi Arabia has introduced programs like the Regional Headquarters<\/strong><strong> (RHQ) initiative<\/strong>, which offers tax and customs incentives. Special zones have also been established to provide incentives for specific industries. Simultaneously, global policies like the OECD\u2019s Base Erosion and Profit Shifting (BEPS) initiative \u2014 specifically Pillar Two\u2019s 15% global minimum tax \u2014 mean multinational enterprises must adapt their tax functions to remain compliant both locally and globally.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM: What are the major compliance risks businesses face right now?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>YA:<\/strong> The biggest risk is simply being unaware of or unprepared for legislative changes. If business owners, CEOs, and CFOs aren\u2019t up to speed, they could face audits and scrutiny. For example, the April amendments to VAT regulations introduced \u201cmarketplace provisions\u201d for online platforms, clarifying how they must collect tax. This requires businesses to adjust their internal compliance and ERP logic to mirror these changes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>On the positive side, the feedback loop from dispute resolutions has helped clarify<\/strong><strong> regulations, creating a clearer tax environment.<\/strong> The tax authority has also resolved past ambiguities regarding permanent establishment and tax residency, providing greater certainty for cross-border businesses.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM: Are there any specific sectors that have been particularly impacted?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>YA:<\/strong> I believe all sectors are equally impacted, especially those providing services that require collecting indirect taxes. While specific sectors like real estate have seen targeted changes \u2014 such as <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/012d5675-1627-4c3d-85e7-d4e54469b091\" style=\"\" rel=\"noopener\">white land fees<\/a> \u2014 the broader changes to VAT and transfer pricing touch everyone.<\/p>\n<p id=\"h.baff2v36qkel\" style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>Notably, transfer pricing rules, which were introduced in 2019, have become mandatory<\/strong><strong> for some <\/strong><strong>zakat<\/strong><strong> payers as of 2024.<\/strong> Previously, these rules primarily applied to taxpayers (filing returns on or after 1 January 2018), but now zakat payers must also observe them, regardless of their sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM: What is one thing people often misunderstand about the Saudi tax regime?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>YA:<\/strong> For foreign investors or practitioners unfamiliar with Saudi Arabia, the application of zakat is a common point of confusion. Saudi Arabia is one of the few countries that applies zakat. The misconception arises because the rate is 2.5%, but it is calculated on net worth, not on profit or loss.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>Some look at it and assume it translates to a very low effective tax rate, which isn't<\/strong><strong> always accurate.<\/strong> The effective rate can be in line with major economies, or sometimes higher or lower, depending on the base. Bridging this understanding gap is critical to avoiding misalignment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM: How does Alvarez & Marsal help clients navigate this environment?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.1500000000000001;orphans:2;widows:2;text-align:left\"><strong>YA:<\/strong> We help clients by diagnosing their situation, delivering solutions, and providing ongoing support to ensure they stay on track. We don't just resolve issues; we look backward to understand the root causes and forward to ensure compliance is integrated by design. We achieve this by combining global expertise from our network with local execution delivered by predominantly Saudi subject matter experts.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/alvarez-marsal\/\">Alvarez &amp; Marsal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/coffee-with\/\">COFFEE WITH\u2026<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"103218\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"103218\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">MOVES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/visa-taps-ali-bailoun-to-lead-its-newest-region\/\">\r\n                            Visa taps Ali Bailoun to lead Saudi-Bahrain-Oman region                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/visa-taps-ali-bailoun-to-lead-its-newest-region\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/visa-taps-ali-bailoun-to-lead-its-newest-region\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/visa-taps-ali-bailoun-to-lead-its-newest-region\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Visa taps Ali Bailoun to lead its newest region&url=https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/visa-taps-ali-bailoun-to-lead-its-newest-region\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/visa-taps-ali-bailoun-to-lead-its-newest-region\/&title=Visa taps Ali Bailoun to lead its newest region\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Visa+taps+Ali+Bailoun+to+lead+its+newest+region+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2025%2F12%2F10%2Fvisa-taps-ali-bailoun-to-lead-its-newest-region%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/visa-taps-ali-bailoun-to-lead-its-newest-region\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/611.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"103219\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/visa-taps-ali-bailoun-to-lead-its-newest-region\/611-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/611.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"611.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/611.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/611.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-103218\" class=\"content-area-description single-story post-103218 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-enterpriseam-ksa tag-moves tag-visa wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/12\/.b7d53d3d-8350-473b-a045-40161495557d.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Digital payment giant Visa appointed Ali Bailoun (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/alibailoun\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a><\/strong><strong>) as group country manager<\/strong> to lead the firm\u2019s footprint in Saudi Arabia, Bahrain, and Oman, it said in a <a target=\"_blank\" href=\"https:\/\/sa.review.visa.com\/en_SA\/about-visa\/newsroom\/press-releases\/prl-09122025.html\" style=\"\" rel=\"noopener\">press release<\/a> yesterday. Bailoun has over 20 years of experience in banking, payments, and management, including 13 years in Visa in managerial roles.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/moves\/\">MOVES<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/visa\/\">Visa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"103220\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"103220\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/cgs-awarded-two-contracts-from-aramco-and-almarai\/\">\r\n                            CGS awarded SAR 195.5 mn contracts from Aramco and Almarai                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/cgs-awarded-two-contracts-from-aramco-and-almarai\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/cgs-awarded-two-contracts-from-aramco-and-almarai\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/cgs-awarded-two-contracts-from-aramco-and-almarai\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=CGS awarded two contracts from Aramco and Almarai&url=https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/cgs-awarded-two-contracts-from-aramco-and-almarai\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/cgs-awarded-two-contracts-from-aramco-and-almarai\/&title=CGS awarded two contracts from Aramco and Almarai\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=CGS+awarded+two+contracts+from+Aramco+and+Almarai+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2025%2F12%2F10%2Fcgs-awarded-two-contracts-from-aramco-and-almarai%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/cgs-awarded-two-contracts-from-aramco-and-almarai\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/1712.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"103221\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/cgs-awarded-two-contracts-from-aramco-and-almarai\/1712-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/1712.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1712.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/1712.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/1712.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-103220\" class=\"content-area-description single-story post-103220 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-almarai tag-almasane-alkobra-mining-amak tag-also-on-our-radar tag-aramco tag-cgs tag-enterpriseam-ksa tag-general-authority-of-civil-aviation-gaca tag-hsbc tag-perfect-presentation-2p tag-saudi-arabian-mining-company-maaden wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/12\/.1b6e49f6-d81f-4a93-b87d-ada62d2acb92.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong><a target=\"_blank\" href=\"https:\/\/www.cgs.com.sa\/\" style=\"\" rel=\"noopener\">Consolidated Gr\u00fcnenfelder Saady Holding<\/a><\/strong><strong> (CGS) secured two contracts worth SAR 195.5 <\/strong><strong>mn from Aramco and Almarai<\/strong>, it said in two separate disclosures to the exchange yesterday. The company inked a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=91965&anCat=1&cs=4147&locale=en\" style=\"\" rel=\"noopener\">SAR 166 mn<\/a> contract with Aramco Nabors Drilling for a customized solutions project, while signing another contract worth <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=91967&anCat=1&cs=4147&locale=en\" style=\"\" rel=\"noopener\">SAR 29.5 mn<\/a> with Almarai to provide stationary refrigeration solution for one of its food processing facilities in the Kingdom. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EXPANSION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>HSBC secured a regional headquarters (RHQ) license from the Investment Ministry, as <\/strong><strong>part of its expansion plans across the region<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/misa-awards-hsbc-rhq-license-for-capital-markets-and-advisory-business-in-saudi-arabia-fqmafl6y\" style=\"\" rel=\"noopener\">press release<\/a> published yesterday. Named HSBC Capital RHQ, the bank\u2019s new entity will serve as the Capital Markets and Advisory business regional hub for the largest investment bank in the Middle East.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DEBT WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/2p.com.sa\/\" style=\"\" rel=\"noopener\">Perfect Presentation for Commercial Services<\/a><\/strong><strong> (2P) secured a renewal of a SAR 135 mn<\/strong><strong> shariah-compliant banking facility from Gulf International Bank<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=91983&anCat=1&cs=7204&locale=en\" style=\"\" rel=\"noopener\">Tadawul disclosure<\/a> yesterday. Valid through October 2026, the facility is secured by promissory notes and will be used to issue letters of credit, letters of guarantees and invoice financing to finance newly awarded projects.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MINING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.maaden.com\/\" style=\"\" rel=\"noopener\">Saudi Arabian Mining<\/a><\/strong><strong> (Ma\u2019aden) and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/amak.com.sa\/\" style=\"\" rel=\"noopener\">Almasane Alkobra Mining<\/a><\/strong> <strong> (Amak) inked an<\/strong><strong> agreement to exchange exploration licenses<\/strong>, as part of a wider partnership, Amak said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=91959&anCat=1&cs=1322&locale=en\" style=\"\" rel=\"noopener\">filing to the bourse<\/a> yesterday. The move is still subject to a statutory withholding period and approvals from mining authorities. No further details were disclosed on the licenses or financials.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">AVIATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1-<\/strong> <strong>The General Authority of Civil Aviation (Gaca) inked an MoU with California-based<\/strong> <strong><a target=\"_blank\" href=\"https:\/\/archer.com\/\" style=\"\" rel=\"noopener\">Archer Aviation<\/a><\/strong><strong> to test and operate air taxi services across the Kingdom<\/strong>, Gaca said in a <a target=\"_blank\" href=\"https:\/\/gaca.gov.sa\/News\/gaca-archer-air-taxi-services-saudi-arabia\" style=\"\" rel=\"noopener\">statement<\/a>. Under the agreement, the electric flying car manufacturer will assist Gaca in developing the regulatory framework for vertical take-off and landing (VTOL) aircraft operations, as well as performing test flights and proof-of-concept operations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong> <strong>Filipino Carrier <\/strong><strong><a target=\"_blank\" href=\"https:\/\/t.co\/taKDgpUG24\" style=\"\" rel=\"noopener\">Cebu Pacific Air<\/a><\/strong><strong> will launch four weekly direct flights between Riyadh<\/strong><strong> and Manila starting 1 March, 2026, running through 31 October<\/strong>, it <a target=\"_blank\" href=\"https:\/\/x.com\/CebuPacificAir\/status\/1998234993001181513\" style=\"\" rel=\"noopener\">said on X<\/a> yesterday. Riyadh-to-Manila flights will run on Mondays, Tuesdays, Thursdays and Saturdays, whereas Manila-to-Riyadh flights will run on Mondays, Wednesdays, Fridays, and Sundays.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.omanair.com\/en\" style=\"\" rel=\"noopener\">Oman Air<\/a><\/strong><strong> will launch a new direct route between Muscat and Taif starting 31 January,<\/strong><strong> 2026 as the carrier\u2019s fifth Saudi destination<\/strong> alongside Riyadh, Jeddah, Dammam and Madinah, <a target=\"_blank\" href=\"https:\/\/www.muscatdaily.com\/2025\/12\/09\/taking-you-to-taif-oman-air-launches-its-5th-destination-in-saudi\/\" style=\"\" rel=\"noopener\">Muscat Daily<\/a> reported yesterday. Three weekly flights will run between the two cities on Tuesdays, Thursdays and Saturdays, on a Boeing 737 aircraft.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/almarai\/\">Almarai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/almasane-alkobra-mining-amak\/\">Almasane Alkobra Mining (AMAK)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/aramco\/\">Aramco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/cgs\/\">CGS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/general-authority-of-civil-aviation-gaca\/\">General Authority of Civil Aviation (GACA)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/perfect-presentation-2p\/\">Perfect Presentation (2P)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-arabian-mining-company-maaden\/\">Saudi Arabian Mining Company (Ma\u2019aden)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"103222\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"103222\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/bis-flags-bubble-like-conditions-in-gold-us-equities\/\">\r\n                            BIS flags bubble-like conditions in gold, US equities                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/bis-flags-bubble-like-conditions-in-gold-us-equities\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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BIS pointed to signs of exuberance \u2014 including rapid price appreciation, elevated valuations, and media hype \u2014 with gold up 60% YTD, its strongest performance since 1979, and S&P 500 seeing annual gains of 17% while Nasdaq is up 22%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Institutional pulls back, retail all in: <\/strong>Retail investors accounted for most of the inflows into gold and US equity funds over the past three months, while institutional investors either pared back or held steady \u2014 a dynamic the BIS says could heighten volatility if herd behavior triggers fire sales.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A double whammy: <\/strong>This is the first time in at least five decades that equities and gold have hit bubble indicators simultaneously, the bank noted. While gold eased to USD 4.2k this week from an October record of USD 4.4k per oz, inflows into gold ETFs are set for a record year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Central bank buying of gold \u2014 traditionally a safe haven \u2014 to hedge against a weak USD, inflation concerns, and debt worries have all given the rally a boost<\/strong>. The concern? Bullion has a history of boom-bust cycles when subsequent corrections erased gains by up to 30%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On equities<\/strong>, the bank warned that big tech-led gains \u2014 fueled by AI enthusiasm \u2014 have pushed valuations to stretched levels, heightening the risk of a disorderly correction with broader market spillovers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Still, Wall Street analysts expect the S&P 500 to extend its rally into 2026<\/strong> and gain around 10%, with big tech leading gains despite concerns over high AI spending, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/0c133aab-0e90-44d1-9709-2c1359a86758\" style=\"\" rel=\"noopener\">Financial Times<\/a> reported elsewhere. Analysts cited supportive fiscal policy, potential Fed rate cuts, and gains from AI deployment. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We dove into why the AI hype may be masking underlying risks of an AI bubble recently<\/strong>, after skeptics warned the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5091195f-e800-4795-a0bd-9a98e6ca108e\/the%253cmark%253e-big-short%253c%2Fmark%253e,-part-ii%3F\" style=\"\" rel=\"noopener\">rally rests on short-lived GPU infrastructure<\/a> and extended depreciation schedules, raising the risk that reported revenues overstate underlying economics. Investor Michael Burry has reportedly placed a USD 1.1 bn short against Nvidia and Palantir, a sign that a mass write-down could be incoming.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are a sea of red this morning<\/strong>, as Chinese inflation rose to its highest since February. Hong Kong\u2019s Hang Seng was down 0.6%, while China\u2019s CSI 300 lost 0.8%. <strong>Over on Wall Street<\/strong>, futures are hovering near the flatline after US indices logged minor changes yesterday, with the S&P down marginally and the Nasdaq up 0.1%. <\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table markets-table'>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>TASI<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,699.79<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: -11.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">1,404<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: -7.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>NomuC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">23,919<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: -24.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.75 Sell<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.75 Buy<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4.5% repo <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4.0% reverse repo<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">41,941<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +41.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,989<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +6.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6,045<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8% (YTD: +17.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&P 500 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6,841<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +16.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,642<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: +18.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,718<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +18.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 62.08<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 4.58<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 4,245<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 92,239<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+2.4% (YTD: -1.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Sukuk\/bond market index<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">916.89<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: +1.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">151.62<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +8.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">16.93<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.6% (YTD: -2.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> THE CLOSING BELL: TADAWUL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The TASI <\/strong>rose 0.7% <strong>yesterday <\/strong>on turnover of SAR 4.0 bn. The index is down 11.1% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green:<\/strong> NCLE (+8.1%), Saudi Re (+4.9%), and YC (+4.4%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Aljazira Reit (-2.4%), Derayah Reit (-1.8%), and Qacco (-1.8%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE CLOSING BELL: NOMU-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The NomuC<\/strong> closed flat <strong>yesterday <\/strong>on turnover of SAR 16.2 mn. The index is down 24.0% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green:<\/strong> Sign World (+15.7%), Time (+6.6%), and Hamad Bin Saedan Real Estate (+5.9%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> Meyar (-10.0%), Sahat Almajd (-5.5%), and Leaf (-5.1%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CORPORATE ACTIONS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/siig.com.sa\/\" style=\"\" rel=\"noopener\">Saudi Industrial Investment Group<\/a><\/strong><strong>\u2019s board greenlit a SAR 167.1 mn dividend payout<\/strong><strong> for 2H 2025 at SAR 0.25 apiece<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=91980&anCat=1&cs=2250&locale=en\" style=\"\" rel=\"noopener\">filing to the bourse<\/a> yesterday. The distribution date is set for Tuesday, 30 December.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/financial-markets\/\">Financial markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                     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class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/10\/103224\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-103224\" class=\"content-area-description single-story post-103224 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">NOVEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>30 November -11 December (Sunday-Thursday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/absher.tuwaiq.edu.sa\" style=\"\">Absher Tuwaiq Hakathon<\/a><\/span><span style=\"font-weight:400;\"> (remote).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DECEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">11 December (Thursday): Deadline for title deed registration for 214.2k properties across Riyadh and the Eastern Province.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">11 December (Thursday): Public school holiday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11-13 December (Thursday - Saturday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/absher.tuwaiq.edu.sa\" style=\"\">Absher Tuwaiq Hakathon<\/a><\/span><span style=\"font-weight:400;\"> (in-person).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 December (Monday): The Northern Borders Investment Forum 2025, Ministry of Interior Staff Club, Arar<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 December (Monday): Made in Saudi.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15-17 December (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/hostarabia.com.sa\/en\/\" style=\"\">Host Arabia<\/a><\/span><span style=\"font-weight:400;\">, Riyadh Front Exhibition and Conference Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15-17 December (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudihoreca.com\/\" style=\"\">Saudi HORECA<\/a><\/span><span style=\"font-weight:400;\">, Riyadh Front Exhibition and Conference Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16-17 December (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/globalairportsforum.com\/\" style=\"\">Global Airports Forum (GAF) 2025<\/a><\/span><span style=\"font-weight:400;\">, Riyadh International Convention and Exhibition Center, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>19 December (Friday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudi-championship.com\/t-en\/%D8%A7%D9%84%D8%AC%D8%AF%D9%88%D9%84\" style=\"\">2025 Saudi Toyota Championship<\/a><\/span><span style=\"font-weight:400;\"> wraps up. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">25 December (Thursday): Title title deed registration deadline for 64.4k properties across neighborhoods in Madinah, Makkah, Riyadh, and the Eastern Province. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>31 December (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/zatca.gov.sa\/en\/MediaCenter\/News\/Pages\/news_1353.aspx\" style=\"\">Zatca<\/a><\/span><span style=\"font-weight:400;\"> 22nd E-invoicing integration wave deadline.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>31 December (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/zatca.gov.sa\/ar\/MediaCenter\/News\/Pages\/news_1395.aspx\" style=\"\">Cancellation of Fines and Exemption of Financial Penalties Initiative<\/a><\/span><span style=\"font-weight:400;\"> by the Zakat, Tax and Customs Authority (Zatca) deadline.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">December: Made in Saudi exhibition, Riyadh International Convention and Exhibition Center, Riyadh<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2026<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JANUARY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1 January (Thursday): Title deed registration deadline for 54k properties in 77 neighborhoods across Riyadh, Makkah, and the Eastern Province. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1 January (Thursday): Electronic salary transfer via the Musaned platform becomes mandatory for all domestic workers in the Kingdom.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">10-18 January (Saturday-Sunday): Public school mid-year break. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>13-15 January (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.futuremineralsforum.com\/\" style=\"\">Future Minerals Forum<\/a><\/span><span style=\"font-weight:400;\">, King Abdul Aziz International Conference Center, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 January (Thursday): Title deed registration deadline for 31.7k properties in 14 neighborhoods in the Eastern Province. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 January (Thursday): Title deed registration deadline for about 157.3k properties in 78 neighborhoods across the Eastern Province. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 January (Thursday): Title deed registration deadline for about 41.7k properties across 115 neighborhoods in Riyadh, Qassim, and the Eastern Province. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>18-21 January (Sunday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudihospitalbuild.com\/\" style=\"\">Saudi Hospital Design and Build Expo<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26-27 January (Monday-Tuesday): SuperReturn Saudi Arabia, Hotel Fairmont, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>26-27 (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/gprcsummit.com\/riyadh\/\" style=\"\">GPRC Summit<\/a><\/span><span style=\"font-weight:400;\">, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>26-28 (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudifranchiseexpo.com\/register.php?gad_source=1&gad_campaignid=22793915983&gbraid=0AAAAA9h6tmyEONAToP6OR1QzERDhh-EXL&gclid=Cj0KCQjw-NfDBhDyARIsAD-ILeBBxf3POYPZ2rW6JYNH1FJChq0nt3g8cyk-v0HezqrKnPiQBoY6plcaAkdFEALw_wcB\" style=\"\">Saudi Franchise Expo (SFE)<\/a><\/span><span style=\"font-weight:400;\">, Riyadh Exhibition and Convention Centre, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>26-28 (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.therff.com\/new\/index_en.php\" style=\"\">Real Estate Future Forum<\/a><\/span><span style=\"font-weight:400;\">, Four Seasons Hotel, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>26-28 (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ifat-saudiarabia.com\/\" style=\"\">IFAT Saudi Arabia<\/a><\/span><span style=\"font-weight:400;\">, Riyadh Front Exhibition & Conference Center, Riyadh,<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>27-28 (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.skymovemena.com\/\" style=\"\">SkyMove Air Cargo MENA<\/a><\/span><span style=\"font-weight:400;\">, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>28 (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/datacenternation.com\/dcn-riyadh-2026\/\" style=\"\">Data Center Nation Riyadh<\/a><\/span><span style=\"font-weight:400;\">, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>28-30 (Wednesday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.jttxsa.com\/\" style=\"\">Jeddah International Travel and Tourism Exhibition (JTTX)<\/a><\/span><span style=\"font-weight:400;\">, Jeddah.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">FEBRUARY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2-4 (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudimf.sa\/en\" style=\"\">Saudi Media Forum<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2-4 (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ksawomenleaders.com\/\" style=\"\">Women Leaders Summit and Awards KSA<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2-13 (Monday-Friday): 2026 Asian Road Cycling Championship and Paralympic Cycling, Qassim. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>3-4 (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/rlcglobalforum.com\/\" style=\"\">RLC Global Forum Annual Meeting<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5-7 February (Thursday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/events.livgolf.com\/riyadh\/?_gl=1*19qe488*_gcl_au*MTU4NzcyNzgzNi4xNzU0NDg4ODYw*_ga*MTc2NzE5MTMxNi4xNzU0NDg4ODYw*_ga_CG4MZ7LYED*czE3NTQ0ODg4NTMkbzEkZzEkdDE3NTQ0ODkwMTckajU3JGwwJGgw&cp_landing_source=www.livgolf&utm_source=google&utm_medium=organic#tickets\" style=\"\">LIV Golf 2026 season opener<\/a><\/span><span style=\"font-weight:400;\">, Riyadh Golf Club, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>8-12 February (Sunday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worlddefenseshow.com\/en\" style=\"\">World Defense Show<\/a><\/span><span style=\"font-weight:400;\">, Riyadh International Convention and Exhibition Center, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9-10 February (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.globalgamesshow.com\/riyadh\/\" style=\"\">Global Games Show Riyadh 2026<\/a><\/span><span style=\"font-weight:400;\">, Malf Hall, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9-14 February (Monday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.arcriyadh2026.com\/\" style=\"\">Asian Racing Conference<\/a><\/span><span style=\"font-weight:400;\">, Crowne Plaza Riyadh RDC Hotel & Convention Centre, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11 (Wednesday) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/digitransformationsummit.com\/ksa\/register-now.html\" style=\"\">Digital Transformation Summit Saudi Arabia (DTS)<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11-14 (Wednesday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/jeddaderm.zohobackstage.com\/JeddaDerm2025\" style=\"\">JeddaDerm<\/a><\/span><span style=\"font-weight:400;\">, Jeddah.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>13-14 February (Friday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.timeoutjeddah.com\/news\/formula-e-2026-jeddah-circuit\" style=\"\">Jeddah E-Prix 2026<\/a><\/span><span style=\"font-weight:400;\">, Jeddah.<br \/><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15-17 February (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wamsaudi.com\/\" style=\"\">The World Advanced Manufacturing & Logistics Saudi Expo<\/a><\/span><span style=\"font-weight:400;\">, Riyadh Front & Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">16 February (Monday) King Salman Stadium design-and-build contract prequalification submission deadline.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">22 February (Sunday): Founding Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 February (Thursday): Title deed registration deadline for 142.8k properties across 104 neighborhoods in Hail.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MARCH<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12 March (Thursday): Deadline for <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/rega.gov.sa\/media-center\/%D8%A7%D9%84%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1\/%D8%A8%D8%AF%D8%A1-%D8%A3%D8%B9%D9%85%D8%A7%D9%84-%D8%A7%D9%84%D8%B3%D8%AC%D9%84-%D8%A7%D9%84%D8%B9%D9%82%D8%A7%D8%B1%D9%8A-%D9%81%D9%8A-499-%D8%AD%D9%8A-%D8%A7-%D8%A8%D9%85%D9%86%D8%A7%D8%B7%D9%82-%D8%A7%D9%84%D8%B1%D9%8A%D8%A7%D8%B6-%D9%88%D8%A7%D9%84%D9%82%D8%B5%D9%8A%D9%85-%D9%88%D9%85%D9%83%D8%A9-%D9%88%D8%AD%D8%A7%D8%A6%D9%84\/\" style=\"\">real estate registration<\/a><\/span><span style=\"font-weight:400;\"> for 253.2k properties in 499 neighborhoods across Riyadh, Qassim, Makkah, and Hail.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">17-23 March (Tuesday-Monday): Eid Al-Fitr holiday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>21 March (Saturday): Fanatics Flag Football Classic<\/span><span style=\"font-weight:700\">, <\/span><span style=\"font-weight:400;\">Kingdom Arena, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>31 March (Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/zatca.gov.sa\/ar\/MediaCenter\/News\/Pages\/news_1396.aspx\" style=\"\">Zatca<\/a><\/span><span>\u2019s 23rd E-invoicing integration wave deadline.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">APRIL<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 April (Monday): Procurement and Supply Chain Futures Forum, Al Faisaliah Hotel, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>6-7 April (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.rscforum.com\/\" style=\"\">Real Estate Supply Chain Forum<\/a><\/span><span style=\"font-weight:400;\">, Al Faisaliah Hotel, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12-15 April (Sunday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudi-pp.com\/\" style=\"\">Saudi Print & Pack<\/a><\/span><span style=\"font-weight:400;\">, Riyadh International Convention & Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12-15 April (Sunday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/riyadhiiw.com\/\" style=\"\">Riyadh International Industry Week<\/a><\/span><span style=\"font-weight:400;\">, Riyadh International Convention & Exhibition Center.<br \/><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12-15 April (Sunday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudipp.com\/\" style=\"\">Saudi Plastics & Petrochem<\/a><\/span><span style=\"font-weight:400;\">, Riyadh International Convention & Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12-15 April (Sunday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudi-smartlogistics.com\/\" style=\"\">Saudi Smart Logistics<\/a><\/span><span style=\"font-weight:400;\">, Riyadh International Convention & Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>13-16 April (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/onegiantleap.com\/\" style=\"\">Leap Tech Conference<\/a><\/span><span style=\"font-weight:400;\">, Riyadh Exhibition & Convention Center - Malham.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>20-22 April (Monday-Wednesday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.futurehospitality.com\/sa\" style=\"\">Future Hospitality Summit<\/a><\/span><span style=\"font-weight:400;\">, Mandarin Oriental Al Faisaliah Al Faisaliah Hotel, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>20-22 April (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudisignageexpo.com\/saudi-paper-packaging-expo-2026\/\" style=\"\">Saudi Paper and Packaging Expo<\/a><\/span><span style=\"font-weight:400;\">, Riyadh International Convention & Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>21 April (Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.legal500.com\/events\/gc-summit-saudi-arabia-2026\/\" style=\"\">GC Summit Saudi Arabia 2026<\/a><\/span><span style=\"font-weight:400;\">, Saudi Arabia.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>27-29 April (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/press-release\/events-and-conferences\/rx-announces-the-launch-of-aluminium-arabia-in-riyadh-for-2026-y7qwfljt\" style=\"\">Aluminum Arabia<\/a><\/span><span>, The Arena, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>3-5 May (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudisf.com\/en\/\" style=\"\">Sports Investment Forum<\/a><\/span><span style=\"font-weight:400;\"> (SIF), Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>3-9 May (Sunday-Sunday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/globalsustainabilityexpo.com\/\" style=\"\">Global Sustainability Expo<\/a><\/span><span style=\"font-weight:400;\">, The Arena Riyadh Venue.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">24-28 (Sunday-Thursday): Eid al-Adha holiday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>21-24 June (Sunday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudifoodexpo.com\/\" style=\"\">Saudi Food Exhibition and Conference<\/a><\/span><span style=\"font-weight:400;\">, Riyadh Front Expo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15-17 September (Tuesday-Thursday) The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/globalaisummit.org\/en\/Pages\/About.aspx\" style=\"\">Global AI Summit<\/a><\/span><span style=\"font-weight:400;\">, King Abdulaziz International Convention Center, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">23 September (Wednesday): Saudi National Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">OCTOBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>26-29 October (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.worldenergy.org\/experiences-events\/world-energy-congress\" style=\"\">World Energy Congress<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Signposted to happen sometime in 2026:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">2H: Sabic\u2019s USD 6.4 bn Fujian project in China to start production in 2026.<\/span><\/li>\n<li><span style=\"font-weight:400;\">November: UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.<\/span><\/li>\n<li><span style=\"font-weight:400;\">November: The Esports Nations Cup, Riyadh.  <\/span><\/li>\n<li><span>The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/intervision.world\/en\/\" style=\"\">Intervision<\/a><\/span><span style=\"font-weight:400;\"> international music competition will take place in Saudi Arabia.<\/span><\/li>\n<li><span>6 July-23 August (Monday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/posts\/mike-mccabe-600532_esportsworldcup-ewc2026-esports-activity-7383046360637456384-FXWl?utm_source=share&utm_medium=member_desktop&rcm=ACoAADcc9s0BqbX_KIfcdiR9Co3ThUUfykvz4-o\" style=\"\">Esports World Cup<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Signposted to happen sometime in 2027:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">The World Water Forum <\/span><span style=\"font-weight:400;\">takes place in Riyadh.<\/span><\/li>\n<li><span style=\"font-weight:700\">The Ocean Race<\/span><span style=\"font-weight:400;\"> finishes in Amaala on the Red Sea.<\/span><\/li>\n<li><span style=\"font-weight:700\">Riyadh-Kudmi transmission line<\/span><span style=\"font-weight:400;\"> to be completed.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in 2Q 2027:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">The Hail Region Water Networks Project<\/span><span style=\"font-weight:400;\"> is expected to be completed.<\/span><\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>PLUS- A now-rare positive Tadawul debut from CGS<\/p>\n","protected":false},"featured_media":103202,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-103201","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"4791a46d-f241-4555-95a6-b67883cb746f","teaser":"PLUS- A now-rare positive Tadawul debut from CGS","photo_url":"https:\/\/ent.news\/2025\/8\/1052.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Diverging views on 2026 budget deficit - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/ksa\/issues\/diverging-views-on-2026-budget-deficit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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