{"id":98534,"date":"2025-07-08T00:00:00","date_gmt":"2025-07-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?post_type=issue&#038;p=98534"},"modified":"2025-12-14T21:27:40","modified_gmt":"2025-12-14T21:27:40","slug":"pif-invests-in-usd-1-bn-nyc-tower-with-us-based-related-cos","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/ksa\/issues\/pif-invests-in-usd-1-bn-nyc-tower-with-us-based-related-cos\/","title":{"rendered":"PIF invests in USD 1 bn NYC tower with US-based Related Cos"},"content":{"rendered":"<section id=\"98536\" 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=\"98536\">\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\/07\/08\/alinma-bank-is-gearing-up-for-usd-denominated-sukuk-issuance\/\">\r\n                            THIS MORNING: Alinma Bank is gearing up for USD-denominated sukuk issuance                        <\/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\/07\/08\/alinma-bank-is-gearing-up-for-usd-denominated-sukuk-issuance\/\" 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 news cycle grounded to a near-halt this morning, with uncertainty back to being the name of the game in regional and global markets after renewed US tariff threats and Houthi attacks in the Red Sea.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>The PIF is reportedly investing in a USD 1 bn NYC tower with US-based Related Cos, Sab Invest is targeting USD 266 mn for its first MENA-focused private credit fund, and a deep-dive in Tadawul\u2019s 1H performance as well as progress on the Kingdom\u2019s Liquid Fuel Displacement Program. Let\u2019s dive in.<\/p>\n<p class=\"tag-border-left\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The subsc<\/strong><strong>ription window for Riyad Bank\u2019s <\/strong><strong>USD-denominated tier 2 trust certificates <\/strong><strong>wraps up <\/strong><strong>today<\/strong>, the lender said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=88643&anCat=1&cs=1010&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The offering kicked off yesterday, with a minimum subscription of USD 200k per investor and additional increments of USD 1k, targeting to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/68e1b4bc-2436-4b73-9c57-4be80511b48a\/this-morning:-opec%2B-accelerates-output-hikes-for-august\" style=\"\" rel=\"noopener\">raise funds from local and international investors<\/a> for \u201cgeneral banking purposes.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>The trust certificates \u2014 set to be listed on the International Securities Market of the London Stock Exchange \u2014 have a maturity of 10 years, with a call option after five years. Price per unit and returns will be determined at a later stage.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS:<\/strong> The bank tapped Standard Chartered, HSBC, Merrill Lynch International, JP Morgan Securities, SMBC Group, Mizuho International, DBS Bank, and Riyad Capital as joint lead managers.<\/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\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt1\"><\/a> <\/strong><strong>Alinma Bank is gearing up to issue USD-denominated sukuk to local and international<\/strong> <strong>investors under its Trust Certificate Issuance Program<\/strong>, it said in <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=88642&anCat=1&cs=1150&locale=en\" style=\"\" rel=\"noopener\">a disclosure<\/a> to Tadawul. The price and terms of the paper will be subject to market conditions, with the potential proceeds earmarked for general banking purposes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>The lender enlisted Abu Dhabi Islamic Bank, Alinma Capital Company, Dubai Islamic Bank, Emirates NBD Bank, Goldman Sachs International, JP Morgan Securities, and Standard Chartered Bank as joint lead managers on the transaction.<\/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><a id=\"wwtt2\"><\/a> Saudi-Moroccan shipping line could slash transport time by more than a quarter:<\/strong> The proposed Saudi-Moroccan shipping line \u2014 which would operate between Jeddah and Tangier \u2014 aims to reduce the time it takes to transport goods between Morocco and the Kingdom from four weeks to five days, head of the Moroccan-Saudi Business Council Khaled Benjelloun told <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/economics\/88887\/%D9%85%D8%A7%D8%B0%D8%A7-%D9%8A%D8%B9%D9%86%D9%8A-%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D8%A7%D9%84%D8%AE%D8%B7-%D8%A7%D9%84%D8%A8%D8%AD%D8%B1%D9%8A-%D8%A7%D9%84%D9%85%D8%A8%D8%A7%D8%B4%D8%B1-%D8%A8%D9%8A%D9%86-%D8%A7%D9%84%D9%85%D8%BA%D8%B1%D8%A8-%D9%88%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. While trade between the two countries is improving on an annual basis, it faces several challenges, \u201cmost notably the absence of a direct sea line,\u201d Benjelloun added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> The activation of the direct shipping link hinges on the findings of a feasibility study \u2014 with the respective transport authorities expected to deliver the final sign-off. Several businessmen from each country stressed the need for government backing to launch the line, as \u201cit will be unprofitable at first,\u201d Benjelloun said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> Saudi and Moroccan officials <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/b4a5e341-1bb5-455e-b5db-0b8153c9a67a\" style=\"\" rel=\"noopener\">agreed to look into<\/a> launching a maritime link connecting the two kingdoms as part of an effort to boost bilateral trade and investment in the food, renewables, and tourism sectors last month. The new link comes as the pair look to boost their trade from USD 1.6 bn in 2024 to USD 5 bn.<\/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>Twenty-two people onboard a commercial vessel have been rescued by an AD <\/strong><strong>Ports-operated ship following a distress call<\/strong>, after it came under attack by the Houthis in the Red Sea, UAE\u2019s state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/en\/article\/bkkaqcs-uae-rescues-crew-british-ship-attacked-red-sea\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The vessel \u2014 Magic Seas \u2014 was attacked by gunfire, rockets, and explosive-laden remote-controlled boats, and the Houthis claimed it had sunk following the attack, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/europe\/ship-risk-sinking-after-first-houthi-red-sea-attack-this-year-2025-07-07\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The incident marks the end of a period of calm<\/strong>, following a series of Houthi attacks that had disrupted shipping last year.<\/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\"><strong><a id=\"wwtt3\"><\/a> <\/strong><strong>#1-<\/strong> <strong>Saudi Arabia we<\/strong><strong>lcomed<\/strong><strong> 18.5 m<\/strong><strong>n international pi<\/strong><strong>lgrims in 2024<\/strong>, including 1.6 mn for hajj and 16.9 mn for umrah, double the number of umrah performers in 2022, according to the Pilgrim Experience Program\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/7\/413.pdf\" style=\"\" rel=\"noopener\">annual report (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>Saudi investors\u2019 total transactions in the US stock market increased 164% y-o-y in 1Q <\/strong><strong>2025<\/strong>, to hit a record high of SAR 164.3 bn, <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1826031\" style=\"\" rel=\"noopener\">Argaam<\/a> reports, citing data from the Capital Market Authority.<\/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\"><strong>Goldman Sachs <\/strong><strong>expects eight Opec+ members to increase oil production quotas by 550k <\/strong><strong>bbl \/ d in September<\/strong>, completing the reversal of the 2.2 mn bbl \/ d voluntary cuts, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/goldman-sachs-expects-opec-members-increase-oil-production-by-550000-bpd-2025-07-07\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing a note from the bank. The move would bring the group\u2019s production to some 33 mn bbl \/ d by September. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bank kept its Brent crude forecast unchanged at USD 59 \/ bbl for 4Q this year and <\/strong><strong>USD 56 \/ bbl for next year. <\/strong>The forecast reflects a balancing act between lower-than-expected supply from producers like Russia and shrinking spare capacity \u2014 both supportive of prices \u2014 against downside pressures from a potential rollback of the 1.65 mn bbl \/ d Opec+ post-pandemic cuts and a 30% probability of a US recession. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Goldman also flagged upside risks to demand<\/strong>, projecting global oil consumption to increase by 600k bbl \/ d this year and by 1 mn bbl \/ d next year. Key drivers include strong demand from China, sustained global economic momentum, and further depreciation of the greenback. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Opec+ agreed to raise production by <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/68e1b4bc-2436-4b73-9c57-4be80511b48a\" style=\"\" rel=\"noopener\">548k bbl \/ d in August<\/a>, accelerating its plan to return supply to the market and exceeding analyst expectations<\/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>#1-<\/strong><strong>Messi on A<\/strong><strong>l Ahli\u2019s radar<\/strong><strong>?<\/strong> Al Ahli embarked on talks to sign Lionel Messi as a free agent once his contract with Inter Miami ends in December, <a target=\"_blank\" href=\"https:\/\/www.lequipe.fr\/Football\/Actualites\/Mercato-le-club-saoudien-d-al-ahli-est-entre-en-discussions-avec-lionel-messi\/1576028\" style=\"\" rel=\"noopener\">L\u2019Equipe<\/a> reported. This is the second time a Saudi-based club has attempted to sign the eight-time Ballon d\u2019Or holder and Fifa World Cup champion, following a USD 1.76 bn offer by Al Hilal Saudi Club in 2023. No further details were shared.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>Al Riyadh <\/strong><strong>gets new head coach:<\/strong> Al Riyadh SC tapped Javier Calleja as its new head coach as it gears up for the upcoming <a target=\"_blank\" href=\"https:\/\/www.spl.com.sa\/en\/news\/753771\/al-riyadh-appoint-spaniard-javier-calleja\" style=\"\" rel=\"noopener\">Saudi Pro League<\/a> season, replacing Bandar Al Kubaishan. The 47-year-old Spaniard had a prolific career in his native country, leading Villarreal CF, Deportivo Alav\u00e9s, Levante UD, and most recently Real Oviedo.<\/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.<\/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> and  <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\" style=\"\" rel=\"noopener\">climate<\/a>  industries?<\/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>Most of the attention has returned to the revival of US President Donald Trump\u2019s tra<\/strong><strong>de war<\/strong>, as the US began sending countries letters, including Japan and South Korea \u2014 two of the US\u2019 biggest trade partners \u2014 with their reciprocal tariffs, with the two Asian countries getting hit with a 25% tariff as of 1 August. Others like Kazakhstan, Myanmar, and Laos were slapped with a 40% tariff. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The letters reportedly hinted at the potential for trade talks to resume<\/strong>, possibly even beyond the 1 August deadline, but also threatened a tariff hike in case tariffs are raised on US exports. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/eus-von-der-leyen-had-good-exchange-with-trump-over-phone-commission-says-2025-07-07\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/eus-von-der-leyen-had-good-exchange-with-trump-over-phone-commission-says-2025-07-07\/\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/613678ac-2e61-436b-9d0f-2a8f85a20dee\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnn.com\/2025\/07\/07\/economy\/trump-letters-tariffs\" style=\"\" rel=\"noopener\">CNN<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Trump threatens 10% tariff on Brics-aligned nations: <\/strong>Trump said that countries aligned with the \u201canti-American policies of Brics\u201d will face an extra 10% in tariffs with \u201cno exceptions\u201d in a <a target=\"_blank\" href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/114809574296066307\" style=\"\" rel=\"noopener\">post on Truth Social<\/a>. The warning followed a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/7\/401.pdf\" style=\"\" rel=\"noopener\">joint statement (pdf)<\/a> by Brics leaders criticizing tariff hikes, deeming them a threat to global trade and inconsistent with World Trade Organization regulations. A source familiar with the matter later downplayed the threat, saying it\u2019s not a blanket threat against Brics nations, but on any of the countries agreeing policies deemed \u201canti-American.\u201d (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/china\/leaders-growing-brics-group-gather-rio-summit-2025-07-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, Israeli Prime Minister Benjamin Netanyahu was hosted by Trump <\/strong>at the White House, with talks focusing on the potential ceasefire Trump hinted could be reached this week. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/netanyahu-meet-trump-white-house-israel-hamas-discuss-ceasefire-2025-07-07\/\" style=\"\" rel=\"noopener\">Reuters<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- The death toll from the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/29f0c837-99c9-4a5c-a51e-caee02773f9d\/this-morning:-brookfield-eyes-palm-hotel-+-no-golden-visas-for-crypto-investors\" style=\"\" rel=\"noopener\">floods in Texas<\/a><\/strong><strong> \u2014 now deemed one of the deadliest in the country\u2019s history \u2014 has exceeded 100<\/strong> as search efforts continue. (<a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/us-news\/live\/2025\/jul\/07\/texas-floods-rescue-teams-search-missing-more-heavy-rains-forecast-latest-news-updates\" style=\"\" rel=\"noopener\">Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/us-news\/climate-environment\/texas-braces-for-more-flash-floods-as-rescuers-search-for-survivors-a144ad31?mod=hp_lead_pos7\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2025\/07\/07\/us\/texas-floods\" style=\"\" rel=\"noopener\">New York Times<\/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\/alinma\/\">Alinma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                           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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/07\/08\/pif-invests-in-usd-1-bn-nyc-tower-with-us-based-related-cos\/\">\r\n                            PIF invests in USD 1 bn NYC tower with US-based Related Cos.                        <\/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 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           <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/464.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"98540\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2025\/07\/08\/pif-invests-in-usd-1-bn-nyc-tower-with-us-based-related-cos\/464-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/464.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"464.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/464.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/464.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-98539\" class=\"content-area-description single-story post-98539 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-enterpriseam-ksa tag-investment-watch tag-new-work tag-pif-watch 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\/7\/.a9575255-aa04-4167-a052-ccc66ee25d2c.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> <\/strong><strong>The Public Inves<\/strong><strong>tment Fund (<\/strong><strong>PIF) is partnering with New York developer Related Cos. <\/strong><strong>to build a skyscraper in<\/strong><strong> Manhattan<\/strong>, one block away from Central Park, unnamed sources told <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/real-estate\/commercial\/saudi-arabia-wealth-fund-nyc-midtown-tower-1b953d32?mod=commercial_news_article_pos1\" style=\"\" rel=\"noopener\">the Wall Street Journal<\/a>. The planned 1.2k-ft tower is expected to cost more than USD 1 bn to develop, with the PIF contributing roughly USD 200 mn so far to secure a two-thirds stake in the site.<\/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>Office or\u2026 something else?<\/strong> While the original blueprint envisioned a mix of residential, hotel, and retail uses, Related is now leaning toward developing the tower primarily as an office space, driven by renewed demand for premium commercial real estate in the city, the sources said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>New York\u2019s property market is on the rebound:<\/strong> NYC rents have hit record highs and foreign investor activity has picked up sharply. Overseas buyers acquired more than USD 2.1 bn in Manhattan commercial real estate between 4Q 2024 and 1Q 2025 \u2014 5x the level from the same stretch two years ago.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Interesting timing: <\/strong>The investment comes amid a broader strategy by the sovereign fund to dial back its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f86b6c50-58ae-4b6a-bbe2-62fd4b6a41ec\/everything-you-need-to-know-from-day-one-of-fii-2024\" style=\"\" rel=\"noopener\">international exposure<\/a> to 18-20%, down from 30%. Local investments made up <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4731a69b-e173-46d3-a713-64b6b2bb934e\/%253cmark%253epif%253c%2Fmark%253e-scores-perfect-100-in-2025-global-swf-gsr-rankings\" style=\"\" rel=\"noopener\">40% of the PIF\u2019s total deployments<\/a> in 1H 2025, with the total assets under management rising 18% y-o-y to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/0ffe2282-7c9d-4b02-918d-9dbe99b11622\/%253cmark%253epif%253c%2Fmark%253e%25e2%2580%2599s-net-income-falls-despite-aum-rising-in-2024\" style=\"\" rel=\"noopener\">SAR 4.3 tn<\/a> in 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The PIF <\/strong><strong>has history<\/strong><strong> with Related<\/strong>, having made a convertible debt investment in 2020 that could give it a 15% equity stake. The two have also partnered on multiple US real estate projects since then.<\/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\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/new-work\/\">New Work<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/pif-watch\/\">PIF 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=\"98541\" 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=\"98541\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/07\/08\/sab-invest-targets-usd-266-mn-for-its-first-mena-focused-private-credit-fund\/\">\r\n                            Sab Invest targets USD 266 mn for its first MENA-focused private credit fund                        <\/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\/07\/08\/sab-invest-targets-usd-266-mn-for-its-first-mena-focused-private-credit-fund\/\" 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 firm has already raised some USD 100 mn from regional wealth managers and family offices and plans to raise the remainder over the next year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where will the money go?<\/strong> The shariah-compliant fund will invest in debt financing instruments, including sukuk issued by SMEs, venture debt, and debt instruments for infrastructure projects. Sab Invest is targeting an annual yield of 10-11%, with 60% of the fund\u2019s capital earmarked for domestic investments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Sab Invest has been actively diversifying its offerings this year, launching the Kingdom\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/b5ff94c0-a8c5-4e4a-8264-d7489b44bf6a\/sab-invest-launches%253cmark%253e-saudi%253c%2Fmark%253e-arabia%25e2%2580%2599s-first-quant-etf\" style=\"\" rel=\"noopener\">first quantitative ETF<\/a> in May, which tracks the S&P Saudi Domestic Shariah Index. It also closed a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4af19dd7-1c4b-4435-89fb-0940b34bbb27\/stv-closes-usd-100-mn-shariah-compliant-investment-fund\" style=\"\" rel=\"noopener\">USD 100 mn VC fund<\/a> in partnership with Saudi Technology Ventures that same month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> The firm is preparing to launch additional quant funds with varying risk profiles in the near future, Alowedi said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The market is gaining momentum:<\/strong> The Public Investment Fund partnered with Goldman Sachs in March to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ed57f90a-b02c-4822-bc25-959fe0b60a55\/pif-agrees-to-anchor%253cmark%253e-goldman-sachs%253c%2Fmark%253e-pe-%2B-equity-funds\" style=\"\" rel=\"noopener\">anchor<\/a> new regional private credit and public equity strategies. Hassana Investment Company also signed a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d293d8a9-9071-4050-9e48-2926c9982ac8\/pif-eyes-collaboration-with-us-asset-managers\" style=\"\" rel=\"noopener\">USD 150 mn<\/a> MoU with Franklin Templeton to explore further investments in the space.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT- <\/strong>The private credit market in the GCC and Egypt is projected to grow at a 15-30% CAGR over the next 5-6 years, according to a PwC <a target=\"_blank\" href=\"https:\/\/www.pwc.com\/m1\/en\/publications\/seizing-the-moment-growth-prospects-for-private-credit-in-the-gcc-and-egypt.html\" style=\"\" rel=\"noopener\">report<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-awwal-bank\/\">Saudi Awwal Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"98543 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"98543\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/07\/08\/98543\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-98543\" class=\"content-area-description single-story post-98543 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.tasheelfinance.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1942.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"98544\" 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=\"98544\">\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\">CAPITAL MARKETS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/07\/08\/tasi-slips-in-1h-as-geopolitics-oil-volatility-weigh-on-sentiment\/\">\r\n                            TASI slips in 1H as geopolitics, oil volatility weigh on sentiment                        <\/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\/07\/08\/tasi-slips-in-1h-as-geopolitics-oil-volatility-weigh-on-sentiment\/\" 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 drop bucked a positive trend seen in some of the most relevant regional peers like Abu Dhabi\u2019s ADX and Dubai\u2019s DFM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The culprits: <\/strong>The sharp fall was driven by regional geopolitical tensions, oil price fluctuations, and declining investor appetite for small- and medium-sized enterprise stocks, Ashraf Jarrar, international broker at United Securities, told EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Utilities, media, and financials led the selloff:<\/strong> Out of 22 sector indices on the Saudi exchange, 17 ended 1H in the red. Utilities logged the biggest losses during the period, shedding 32%, followed by media and entertainment (-29.6%), and financial services (-17.7%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Only five sectors managed to post YTD gains during the first half of the year<\/strong>, led by telecoms with a 7.3% increase. Personal and household products came second with 1.4% growth, followed by real estate management and development (0.43%), consumer discretionary retail (0.3%), and banks, which eked out a marginal gain of 0.1%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Metrics took a hit on a yearly basis: <\/strong>TASI\u2019s total market cap fell 9.25% y-o-y to SAR 9.1 tn at the end of June. Turnover also took a hit, falling 32.8% y-o-y to SAR 688.1 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The outlook: <\/strong>TASI is still expected to gradually rebound in the second half of the year, supported by improving oil prices, steady IPO momentum, and a potential Fed pivot, Muhammad Al Laithy, head of financial reporting at Argaam Investments, told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The regional picture: <\/strong>Abu Dhabi\u2019s ADX gained 5.7% in the first six months, while Dubai\u2019s DFM added 10.6%, and Qatar\u2019s QSE rose 1.7%, according to a Kamco Invest <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/7\/194.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a>. Meanwhile, the Bahraini stock exchange closed 1H down 2.1% YTD, while the Omani bourse dropped 1.7%.<\/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\/capital-markets\/\">Capital Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/market-watch\/\">Market 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=\"98546\" 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=\"98546\">\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\">GOING GREEN<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/07\/08\/the-kingdoms-liquid-fuel-displacement-program-is-making-progress\/\">\r\n                            The kingdom\u2019s Liquid Fuel Displacement Program is making progress                        <\/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\/07\/08\/the-kingdoms-liquid-fuel-displacement-program-is-making-progress\/\" 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 program is part of the Kingdom\u2019s <a target=\"_blank\" href=\"https:\/\/my.gov.sa\/en\/content\/power-electricity\" style=\"\" rel=\"noopener\">strategy<\/a> to free the power sector from oil, with the target of bringing natural gas and renewable energy to account for 50% each in the energy mix by 2030.<\/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>The rationale: <\/strong>Saudi Arabia has relied heavily on crude oil and refined products \u2014 like diesel and heavy fuel oil \u2014 to keep the lights on for the past decade. The Kingdom burnt an average 589k bbl \/ d of oil for electricity by February this year, according to <a target=\"_blank\" href=\"https:\/\/www.mees.com\/2025\/4\/25\/refining-petrochemicals\/saudi-slashes-jan-feb-oil-burn-can-it-maintain-the-progress\/61f23830-21cb-11f0-925a-051097335a30#:~:text=and%20589%2C000%20b%2Fd%20for%20February%2C,desalination%20plants%20is%20fuel%20oil\" style=\"\" rel=\"noopener\">Mees<\/a> data. The figure is the lowest in a decade, and much lower than the 900k bbl \/ d recorded in <a target=\"_blank\" href=\"https:\/\/www.eia.gov\/todayinenergy\/detail.php?id=39693#:~:text=products%20and%20natural%20gas%2C%20for,5%20million%20b%2Fd\" style=\"\" rel=\"noopener\">the summer of 2015<\/a>, but it remains substantial.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Every barrel of oil saved domestically is a barrel available for export or for refining into <\/strong><strong>higher-value products.<\/strong> The full target of 1 mn bbl \/ d displaced will free the kingdom to export those barrels for revenue. With oil prices hovering <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/oil-hits-five-month-high-after-us-hits-key-iranian-nuclear-sites-2025-06-23\/\" style=\"\" rel=\"noopener\">around USD 65-7<\/a> 0, that\u2019s about USD 65-70 mn per day of potential additional income, or nearly USD 23.7-25.5 bn a year in additional oil exports, according to our calculations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- The economics favor <\/strong><strong>natgas<\/strong><strong>: <\/strong>Domestic gas was priced at just USD 2-2.5 per MMBtu in April, when Arab Light crude was trading north of USD 70 a barrel, according to <a target=\"_blank\" href=\"https:\/\/www.rystadenergy.com\/news\/saudi-arabia-slashes-crude-burn-by-2030\" style=\"\" rel=\"noopener\">RystadEnergy<\/a>. Gas-fired combined-cycle plants can hit efficiency rates of up to 60%, compared to just 30% for crude-fired units. Natural gas currently fuels around 65% of Saudi Arabia\u2019s electricity generation, while oil makes up roughly 32% \u2014 down from roughly half in a decade \u2014 and renewables account for just 3% of the mix.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aramco is now investing heavily in non-associated (standalone) gas <\/strong><strong>fields to supply power plants with cleaner-burning fuel<\/strong>. The flagship project is the USD 100 bn <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3643bb47-adf1-422d-8e77-38f48217bc62\/\" style=\"\" rel=\"noopener\">Jafurah<\/a> shale gas development, the largest unconventional gas initiative outside the US, estimated to hold a whopping 229 tn cubic feet of gas (tcf) of gas. Initial production is expected by 3Q this year, slated to reach full output of 2 bcf\/d by around 2030, along with volumes of ethane, natural gas liquids, and condensates. This alone would provide enough gas to displace around 500k bbl \/ d of oil equivalent at power plants.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the processing front<\/strong>, Aramco is adding new gas plants and expanding existing ones (like the <a target=\"_blank\" href=\"https:\/\/www.aramcolife.com\/en\/publications\/the-arabian-sun\/articles\/2024\/week-18\/haradh-and-hawiyah-gas-compression-project-feature\" style=\"\" rel=\"noopener\">Hawiyah and Haradh<\/a> plants), as well as constructing a natural gas liquids fractionation center at Jubail to handle Jafurah\u2019s output. These include combined-cycle gas turbine (CCGT) megaprojects, some of which are independent power producers (IPP) projects being developed by international consortia. The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/66c509de-daf3-43b2-ab06-68e7806b76d0\/\" style=\"\" rel=\"noopener\">Qurayyah IPP expansion<\/a>, one of the flagship projects, will see the development of a 3.01 GW CCGT power plant with readiness for carbon capture and a 380 kV electrical substation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More and more companies pulling the plug on liquid fuel: <\/strong>State-owned Marafiq <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/b7f5978b-6aa1-4ba7-a176-e9c645aca4aa\" style=\"\" rel=\"noopener\">tapped<\/a> South Korean energy solutions firm Doosan Enerbility last December to convert its liquid fuel-powered Yanbu 2 plant to run on natural gas. City Cement Company also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f029ccfd-d298-4012-8171-7bbaa4ab9746\" style=\"\" rel=\"noopener\">tapped<\/a> Aramco earlier this year to convert its facilities, while Tabuk Agricultural Development Company is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/956d8eee-fe55-4bd4-9b48-4d1c7edfcbc1\" style=\"\" rel=\"noopener\">getting<\/a> an electrical transmission station for its farm in Tabuk, switching to the main electrical grid.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expansion of transmission infrastructure is also underway to accommodate the new gas <\/strong><strong>supply. <\/strong>Aramco\u2019s Master Gas System \u2014 the nationwide pipeline network that distributes gas \u2014 is undergoing a <a target=\"_blank\" href=\"https:\/\/www.aramco.com\/en\/news-media\/news\/2024\/aramcos-strategic-gas-expansion-progresses-with-25bn-contract-awards\" style=\"\" rel=\"noopener\">USD 8.8 bn<\/a> phase three expansion to add 3.15 bcf\/d of capacity by 2028. This involves laying about 4k km of new pipelines and building 17 gas compressor stations, ensuring that power plants across the kingdom can receive gas instead of liquid fuel, even in remote areas. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Renewables are another pillar:<\/strong> Renewable power generation more than doubled last year to 11 TWh, according to <a target=\"_blank\" href=\"https:\/\/www.mees.com\/2025\/6\/20\/power-water\/saudi-renewables-surge-to-displace-direct-oil-burn\/2bb3e140-4dcc-11f0-b7c9-59b1f8689297\" style=\"\" rel=\"noopener\">Mees<\/a> data. The kingdom is targeting an additional 6.16 GW in 2025, which would bring its total installed renewables capacity to 12.7 GW, boosting generation capacity to 19 TWh annually and rising to 36 TWh once the full capacity comes online by year-end.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Substantial impact: <\/strong>Clean energy helped displace an estimated 51k bbl \/ d of oil from the energy mix last year, up from under 10k bbl \/ d in 2023. If the 12.7 GW capacity is installed as planned, renewables could displace as much as 167k bbl \/ d from the power sector. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Kingdom is also shifting from old oil-fueled thermal desalination to electric-powered <\/strong><strong>reverse osmosis plants<\/strong>, which use far less energy and can be powered by gas or renewable energy. Acwa Power <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/86aad8b3-3f14-46ad-992f-feeae5e6786e\/\" style=\"\" rel=\"noopener\">kicked off<\/a> operations at the Shuaibah 3 seawater reverse osmosis desalination plant, replacing the decommissioned oil-fired Shuaibah 2 Independent Project\u2013 Saudi Arabia\u2019s oldest. The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/725d5506-fb58-4fa5-a10e-6e5494ece33a\" style=\"\" rel=\"noopener\">USD 821<\/a> mn facility is powered by 65 MW of solar energy and aims to offset the use of 22 mn barrels of oil and 9 mn tons of CO2 annually.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Side benefits: <\/strong>Excess gas capacity and renewables could be leveraged to produce <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4708da5f-2ed9-494d-a402-c96a030ab199\/\" style=\"\" rel=\"noopener\">blue<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4708da5f-2ed9-494d-a402-c96a030ab199\/\" style=\"\" rel=\"noopener\">hydrogen<\/a> or <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/54b2d838-26f3-4b45-a17a-6772c9d23ce1\/\" style=\"\" rel=\"noopener\">green hydrogen<\/a>, turning former oil-burn into exportable ammonia or other fuels \u2014 which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/8761c2aa-85d0-4cc3-865b-f893c304af0d\/\" style=\"\" rel=\"noopener\">Aramco<\/a> has been eyeing for a while. The integration of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/77852bf2-efaf-439b-aaee-758e33f1ba2e\" style=\"\" rel=\"noopener\">carbon capture<\/a> technology (CCS) also means the Kingdom is heavily cutting emissions further while capitalizing on the offset gases, as many gas plants are built <a target=\"_blank\" href=\"https:\/\/globalflowcontrol.com\/newsroom\/saudi-arabia-set-to-tender-six-gw-of-ccs-ready-gas-power-plants-by-2025\/\" style=\"\" rel=\"noopener\">CCS-ready<\/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\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/going-green\/\">GOING GREEN<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/oil\/\">Oil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/renewable-energy\/\">renewable 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=\"98548\" 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=\"98548\">\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\">MOVES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/07\/08\/saudi-parts-center-names-adriano-alberto-luz-as-acting-ceo\/\">\r\n                            Saudi Parts Center names Adriano Alberto Luz as acting CEO                        <\/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\/07\/08\/saudi-parts-center-names-adriano-alberto-luz-as-acting-ceo\/\" 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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Luz brings 30 years of international executive experience across South America, Europe, the Middle East, and Africa, earning a reputation as a proven business strategist capable of delivering growth.<\/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\/saudi-parts-center\/\">Saudi Parts Center<\/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=\"98550\" 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=\"98550\">\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\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/07\/08\/pifs-expo-2030-company-tenders-first-construction-contract\/\">\r\n                            PIF\u2019s Expo 2030 Company tenders first construction contract                        <\/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\/07\/08\/pifs-expo-2030-company-tenders-first-construction-contract\/\" 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\/07\/08\/pifs-expo-2030-company-tenders-first-construction-contract\/')\">\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\/07\/08\/pifs-expo-2030-company-tenders-first-construction-contract\/\">\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=PIF\u2019s Expo 2030 Company tenders first construction contract&url=https:\/\/enterpriseam.com\/ksa\/2025\/07\/08\/pifs-expo-2030-company-tenders-first-construction-contract\/\">\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\/07\/08\/pifs-expo-2030-company-tenders-first-construction-contract\/&title=PIF\u2019s Expo 2030 Company tenders first construction contract\">\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=PIF%E2%80%99s+Expo+2030+Company+tenders+first+construction+contract+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2025%2F07%2F08%2Fpifs-expo-2030-company-tenders-first-construction-contract%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\/07\/08\/pifs-expo-2030-company-tenders-first-construction-contract\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/6\/1019.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"98551\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2025\/07\/08\/pifs-expo-2030-company-tenders-first-construction-contract\/1019-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/6\/1019.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1019.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/6\/1019.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/6\/1019.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-98550\" class=\"content-area-description single-story post-98550 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-divestment tag-enterpriseam-ksa tag-expo-2030-riyadh-company-erc tag-osool-and-bakheet-investment-company tag-real-estate tag-riyad-capital tag-saudi-telecom-company-stc tag-sedco-capital 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\/7\/.ce264076-902f-4e5b-b6cb-1627c18773e6.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\">CONSTRUCTION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> <\/strong><strong>ERC launc<\/strong><strong>hes tender for first Expo 2030 contract:<\/strong> Expo 2030 Riyadh Company (ERC), a wholly-owned subsidiary of the Public Investment Fund, has started receiving bids for a contract to build site offices for the first phase of construction at the Expo 2030 venue in Riyadh, <a target=\"_blank\" href=\"https:\/\/www.meed.com.\/riyadh-tenders-first-expo-2030-construction-work\" style=\"\" rel=\"noopener\">Meed<\/a> reported yesterday. The tender was issued on 29 May, with bids expected in early July.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT-<\/strong> The PIF launched the ERC <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/9ce53683-d804-446d-9eb9-faecc47dcac0\/a-new-pif%253cmark%253e-company%253c%2Fmark%253e-will-drive%253cmark%253e-expo%253c%2Fmark%253e%253cmark%253e-2030%253c%2Fmark%253e-construction.-plus:-humain-create-launched-to-provide-hollywood-quality-interactive-experiences\" style=\"\" rel=\"noopener\">last month<\/a> to manage the construction and operation of the Expo 2030 facilities, which is forecast to contribute approximately USD 64 bn to the Kingdom\u2019s GDP during its development and another USD 5.6 bn while operational.<\/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\">M&A WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>STC <\/strong><strong>invests in <\/strong><strong>Tarmeez:<\/strong> The Saudi Telecom Company\u2019s (STC) venture capital arm <a target=\"_blank\" href=\"https:\/\/tali.vc\/#\/home\" style=\"\" rel=\"noopener\">Tali<\/a><a target=\"_blank\" href=\"https:\/\/tali.vc\/#\/home\" style=\"\" rel=\"noopener\">Ventures<\/a> acquired an undisclosed minority stake in the Riyadh-based debt investment platform <a target=\"_blank\" href=\"https:\/\/tarmeez.co\/\" style=\"\" rel=\"noopener\">Tarmeez Capital<\/a>, Tarmeez\u2019s CEO Nasser Alsaadoun told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-07-07\/saudi-stc-backs-debt-trading-firm-moving-into-private-credit\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead: <\/strong>Tarmeez aims to grow its portfolio to SAR 16 bn within two years and plans to raise up to SAR 1 bn for its first private credit fund, Alsaadoun added. It is also considering a stock market listing within three years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Tarmeez: <\/strong>Founded in 2022, the company mainly arranges Islamic sukuk agreements, with around SAR 2.3 bn in financing arranged so far. <\/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\">FINANCIAL SERVICES-<\/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:\/\/obic.com.sa\/en\/home-2\/\" style=\"\" rel=\"noopener\">Osool & Bak<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/obic.com.sa\/en\/home-2\/\" style=\"\" rel=\"noopener\">heet Investment<\/a><\/strong><strong> received the green light from the Capital<\/strong><strong> Market Authority to <\/strong><strong>offer arranging services in the securities sector<\/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=88641&anCat=1&cs=9586&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> yesterday. This expands the licensed services offered by the company, which include trading in securities, managing investments and funds, and providing custodial services.<\/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>Flynas will launc<\/strong><strong>h three direct weekly flights between Riyadh and Moscow starting 1 <\/strong><strong>August<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7347612346359410688\/\" style=\"\" rel=\"noopener\">statement<\/a> on Sunday. Flights will operate on Mondays, Wednesdays, and Fridays between King Khalid International Airport and Moscow\u2019s Vnukovo International Airport.<\/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\/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\/divestment\/\">divestment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/expo-2030-riyadh-company-erc\/\">Expo 2030 Riyadh Company (ERC)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/osool-and-bakheet-investment-company\/\">Osool and Bakheet Investment Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/real-estate\/\">Real Estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/riyad-capital\/\">Riyad Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-telecom-company-stc\/\">Saudi Telecom Company (STC)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/sedco-capital\/\">Sedco Capital<\/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=\"98552\" 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=\"98552\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/07\/08\/brics-is-dragging-its-feet-on-alternative-payment-system\/\">\r\n                            Brics reaffirms commitment to payment system despite slow progress                        <\/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\/07\/08\/brics-is-dragging-its-feet-on-alternative-payment-system\/\" 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\/07\/08\/brics-is-dragging-its-feet-on-alternative-payment-system\/')\">\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\/07\/08\/brics-is-dragging-its-feet-on-alternative-payment-system\/\">\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=Brics is dragging its feet on alternative payment system&url=https:\/\/enterpriseam.com\/ksa\/2025\/07\/08\/brics-is-dragging-its-feet-on-alternative-payment-system\/\">\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\/07\/08\/brics-is-dragging-its-feet-on-alternative-payment-system\/&title=Brics is dragging its feet on alternative payment system\">\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=Brics+is+dragging+its+feet+on+alternative+payment+system+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2025%2F07%2F08%2Fbrics-is-dragging-its-feet-on-alternative-payment-system%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\/07\/08\/brics-is-dragging-its-feet-on-alternative-payment-system\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/460.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"98553\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2025\/07\/08\/brics-is-dragging-its-feet-on-alternative-payment-system\/460-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/460.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"460.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/460.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/460.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-98552\" class=\"content-area-description single-story post-98552 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-brics tag-enterpriseam-ksa tag-financial-markets tag-planet-finance 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\/7\/.29b362cd-ed40-48a7-8eba-9bee4fe2a077.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> <\/strong><strong>Progress o<\/strong><strong>n Brics\u2019 cross-border payments system<\/strong><strong> has <\/strong><strong>stalled, <\/strong>despite a decade of discussions, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-07-06\/decade-old-local-currency-push-by-brics-is-still-a-pipe-dream\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported yesterday. Leaders reaffirmed their commitment to continue talks on the initiative during the Brics summit in Brazil, but acknowledged the slow pace amid the challenges of a rapidly changing global trade environment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>Brics Pay is a financial system that, if developed, would allow Brics nations to trade directly with one another using their own local currencies, instead of relying on the USD. The system\u2019s goal is to create an independent financial network that is separate from the US-dominated Swift system.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A window of opportunity: <\/strong>The USD has its worst start to a year since 1973, pressured by US President Donald Trump\u2019s trade policies and critiques of the Federal Reserve, creating a potential opening for alternatives. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, what\u2019s the hold-up? <\/strong>For one, the technical execution is complex, involving decisions on payment mechanisms, currencies, infrastructure, and cost-sharing. This is compounded by the unpreparedness of some member nations\u2019 central banks to integrate, alongside serious security concerns over a unified system. Some members have also questioned if the substantial setup and maintenance costs of this unified system are justified when compared to existing bilateral trade arrangements.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Political realities aren\u2019t helping as well<\/strong>, with the bloc's recent expansion to 10 members complicating decision-making. Existing international sanctions on members like Russia and Iran, coupled with the use of several non-convertible currencies within the bloc also present additional obstacles.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Parallel discussions on investment and finance are taking place: <\/strong>Brics is also working on expanding local currency financing to reduce trade financing costs, Tatiana Rosito, secretary for international relations at Brazil\u2019s Finance Ministry, told Bloomberg. However, discussions around a new investment platform \u2014 reducing dependence on hard currency financing \u2014 have also stalled due to the complexity of the proposals and the need for further technical dialogue.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The US hangs more tariffs over the bloc: <\/strong>Trump threatened an additional 10% tariff on any country aligning with what he calls \u201cAnti-American\u201d Brics policies, rattling global trade with even more uncertainty. This follows his December threat of 100% tariffs if Brics nations ditched the USD in bilateral trade, a move that paradoxically spurred the bloc\u2019s interest in developing alternative local payment systems.<\/p>\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 modestly inching up in early trading<\/strong>, despite Trump\u2019s new tariff announcements. The Shanghai Composite and Hong Kong\u2019s Hang Seng are both up 0.2%, while Japan\u2019s Nikkei remained virtually unchanged. Meanwhile, Wall Street futures are mostly in the red.<\/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\">11,345<\/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\">+0.3% (YTD: -5.9%)<\/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\">1,454<\/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: -3.6%)<\/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>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\">27,462<\/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: -12.8%)<\/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\">5.0% 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\">4.5% reverse repo<\/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>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\">33,038<\/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\">+0.4% (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>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\">10,007<\/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\">+0.3% (YTD: +6.2%)<\/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>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\">5,803<\/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\">+0.9% (YTD: +12.5%)<\/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>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\">6,230<\/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: +5.9%)<\/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>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\">8,807<\/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: +7.8%)<\/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>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\">5,342<\/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\">+1.0% (YTD: +9.1%)<\/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>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 69.58<\/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\">+1.9%<\/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 3.41<\/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-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>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 3,343<\/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%<\/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>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 109,044<\/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\">-1.1% (YTD: +15.6%)<\/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>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\">912<\/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\">+0.02% (YTD: +1.1%)<\/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 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\">145.82<\/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: +4.2%)<\/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>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\">17.79<\/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\">+1.8% (YTD: +2.5%)<\/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>closed up 0.3% <strong>yesterday <\/strong>on turnover of SAR 5.6 bn. The index is down 5.9% 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> Tourism Enterprise (+9.6%), Ayyan Investment (+4.3%) and Sumou Real Estate (+4.2%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Miahona (-3.4%), Umm Al-Qura Cement (-3.2%) and Saudi Kayan (-2.3%).<\/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> rose 0.8% <strong>yesterday<\/strong> on turnover of SAR 24 mn. The index is down 12.8% 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> Al Rasheed (+10.5%), Almohafaza (+10%) and Natural Gas Distribution (+9.1%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> Ghida Alsultan (-8%), Dkhoun (-5.0%) and Tam Development (-3.6%).<\/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\/brics\/\">BRICS<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/planet-finance\/\">PLANET FINANCE<\/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=\"98554\" 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=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2025\/07\/08\/98554\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-98554\" class=\"content-area-description single-story post-98554 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\">JULY <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>July (Second week): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wipo.int\/en\/web\/awards\/global\/how-to-apply\" style=\"\">World Intellectual Property Organization (WIPO) Global Awards 2025<\/a><\/span><span style=\"font-weight:400;\"> awards ceremony, Geneva.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>8 July-24 August (Monday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/esportsworldcup.com\/en\" style=\"\">Esports World Cup<\/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;\">17 July (Thursday): Deadline to register for the Kingdom\u2019s first civil aviation hackathon<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/avithon.gaca.gov.sa\/\" style=\"\">Avithon<\/a><\/span><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>29-30 July (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomccalendars.htm\" style=\"\">US Federal Reserve Open Market Committee<\/a><\/span><span style=\"font-weight:400;\"> meeting.<\/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;\">31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022\/2023 revenues to integrate e-invoicing solutions with Fatoora.<\/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;\">AUGUST <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>7 July-24 August (Monday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/esportsworldcup.com\/en\" style=\"\">Esports World Cup<\/a><\/span><span>, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5-17 August (Tuesday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.fiba.basketball\/en\/events\/fiba-asiacup-2025-qualifiers\" style=\"\">2025 Fiba Asia Cup<\/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\">3Q 2025<\/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\">The National Water Company is expected to award a construction contract<\/span><span style=\"font-weight:400;\"> for the Hail Region Water Networks project.<\/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>3-4 September (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudi-smic.com\/\" style=\"\">Sustainable Maritime Industry Conference<\/a><\/span><span style=\"font-weight:400;\"> (SMIC), Ritz-Cartlon, Jeddah. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15-17 September (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/money2020middleeast.com\/\" style=\"\">Money 20\/20 Middle East<\/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>17-18 September (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomccalendars.htm\" style=\"\">US Federal Reserve Open Market Committee<\/a><\/span><span> 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;\">23 September (Tuesday): 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 style=\"font-weight:400;\">1 October (Wednesday): Electronic salary transfer via the Musaned platform to include employers with two or more domestic workers. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1-3 October (Wednesday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sgbf.sa\/\" style=\"\">Saudi Green Building 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>7-8 October (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/gemtechforum.com\/\" style=\"\">Global EV & Mobility Technology (GEMTECH) 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 style=\"font-weight:400;\">15 October (Wednesday): Russian-Arab Summit.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>17 October (Friday): Saudization for private healthcare roles enters its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.hrsd.gov.sa\/ar\/media-center\/news\/%D8%A8%D8%AF%D8%A1-%D8%AA%D8%B7%D8%A8%D9%8A%D9%82-%D9%82%D8%B1%D8%A7%D8%B1-%D8%B1%D9%81%D8%B9-%D9%86%D8%B3%D8%A8-%D8%A7%D9%84%D8%AA%D9%88%D8%B7%D9%8A%D9%86-%D9%84%D8%A3%D8%B1%D8%A8%D8%B9-%D9%85%D9%87%D9%86-%D8%B5%D8%AD%D9%8A%D8%A9-%D9%81%D9%8A-%D8%A7%D9%84%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%AE%D8%A7%D8%B5\" style=\"\">second phase<\/a><\/span><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>22-23 October (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.privatecapitalforum.com.sa\/\" style=\"\">Private Capital 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>28-30 October (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/fii-institute.org\/conference\/fii9-edition\" style=\"\">Future Investment Initiative (FII9)<\/a><\/span><span style=\"font-weight:400;\">, King Abdulaziz International Conference Center (KAICC) and the Ritz-Carlton, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>28-29 October (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomccalendars.htm\" style=\"\">US Federal Reserve Open Market Committee<\/a><\/span><span> meeting.<\/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;\">NOVEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>3-9 November (Monday- Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wtatennis.com\/tournament\/808\/wta-finals\/2025\/overview\" style=\"\">WTA Tour Finals<\/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>11-13 November (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.tourise.com\/en\/home\" style=\"\">Tourise<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.tourise.com\/en\/home\" style=\"\">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>17-20 November (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/cityscapeglobal.com\/\" style=\"\">Cityscape Global<\/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>23-26 November (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.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>24-26 November (Monday-Wednesday): <\/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.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>24-26 November (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/metropolismadinah.com\/?fbclid=PAQ0xDSwLMs5ZleHRuA2FlbQIxMQABp3xpeFg9m7Hz31fjVZzOp_vjNcg3Izf3gX1aPkZ5-pZKke9fFx4DBPmxO4iX_aem_DecvsJSbE5YUJoqrvW-uUg\" style=\"\">Metropolis Madinah<\/a><\/span><span style=\"font-weight:400;\"> Conference for civilizational capitals, King Salman International Convention Centre (KSICC), Al Madinah.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>27-30 November (Thursday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wrc.com\/en\/calendar\" style=\"\">World Rally Championship Saudi Arabia 2025<\/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>30 November (Sunday): <\/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;\"> 21st 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\">DECEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1-4 December (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.iaea.org\/events\/epr2025\" style=\"\">International Conference on Nuclear and Radiological Emergencies<\/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>1-4 December (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/isocarp.org\/61st-isocarp-world-planning-congress\/\" style=\"\">61st ISOCARP World Planning 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: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>25-27 December (Saturday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/fortune.com\/2024\/11\/15\/fortune-global-forum-2025-riyadh-saudi-arabia\/\" style=\"\">The Fortune Global Forum 2025<\/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>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: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\">UN Trade and Development Global Supply Chain Forum <\/span><span style=\"font-weight:400;\">to take place in Saudi Arabia.<\/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>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.<\/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>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 style=\"font-weight:400;\">\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>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 style=\"font-weight:400;\">, The Arena, Riyadh.<\/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 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>Sab Invest\u2019s MENA fund | Tadawul slips in 1H | Liquid Fuel Displacement Program | Brics\u2019 alternative payment system.<\/p>\n","protected":false},"featured_media":98535,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-98534","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"f9c74373-2bc3-4c86-8747-0e61db5d5042","teaser":"Sab Invest\u2019s MENA fund | Tadawul slips in 1H | Liquid Fuel Displacement Program | Brics\u2019 alternative payment system.","photo_url":"https:\/\/ent.news\/2025\/6\/592.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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