{"id":107836,"date":"2026-04-23T00:00:00","date_gmt":"2026-04-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?p=107836"},"modified":"2026-04-23T03:45:58","modified_gmt":"2026-04-23T03:45:58","slug":"saudi-sukuk-head-to-jpmorgan-index-next-year-a-saudi-turkish-rail-link","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2026\/04\/23\/saudi-sukuk-head-to-jpmorgan-index-next-year-a-saudi-turkish-rail-link\/","title":{"rendered":"Saudi sukuk head to JPMorgan index next year+ A Saudi-Turkish rail link?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people. <\/strong>The welcome news of the extended ceasefire brought a sigh of relief and a calm end to the week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Still, the ongoing drama around the Strait of Hormuz is keeping investors jittery<\/strong>, especially since the outlook for the next round of US-Iran talks seems murky, with Iran not yet confirming its plans to attend. Iran <a target=\"_blank\" href=\"https:\/\/apnews.com\/live\/iran-war-israel-trump-04-22-2026\" style=\"\">fired on three ships<\/a> in the Strait again yesterday, making the situation even more alarming. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The closure\u2019s effect is starting to show in the numbers: <\/strong>Construction costs inflation in March logged its highest rate in two years, as the crisis lifted energy prices and disrupted logistics. We have more on this in today\u2019s news well, below.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meet EnterpriseAM MENA+<\/strong>, our new flagship newsletter covering the flows of capital, people, and ideas across the Middle East \u2014 and beyond it. MENA+ covers AI and tech \u2014 and geopolitics, the war for talent, which BSD is on top (and who's gunning for them), the changing energy economy, new corridors to India and China, and much, much more. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s with the \u201c+\u201d in MENA+?<\/strong> We think one of the most powerful stories in the region is the *export* of ideas and capital not just to neighboring regions (Asia, the Stans) but to international financial centers. MENA countries are jockeying for position in the new global economy now taking shape, and we're going to shape that conversation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tap or click <\/strong><strong><a target=\"_blank\" href=\"https:\/\/sub.ent.news\/menaplus\/\" style=\"\">here<\/a><\/strong><strong> to get your own copy delivered to your inbox<\/strong> every Monday, Wednesday, and Friday at 12pm UAE | 11am KSA | 10am Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/sub.ent.news\/menaplus\/\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1016.jpg?ssl=1\"\/><\/a> <\/p>\n<p class=\"tag-border-left\">PSAs<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>VAT-r<\/strong><strong>egistered businesses must file their VAT returns for March and 1Q 2026 <\/strong><strong>by Thursday, 30 April<\/strong>, via Zatca\u2019s <a target=\"_blank\" href=\"https:\/\/zatca.gov.sa\/\" style=\"\">website<\/a>, the authority <a target=\"_blank\" href=\"https:\/\/x.com\/Zatca_sa\/status\/2046578408264708383\" style=\"\">said on X<\/a>. Businesses with annual revenues above SAR 40 mn are required to submit March returns, while those below that threshold must file 1Q 2026 returns. Late submissions will face a penalty of 5% to 25% of the tax due.<\/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\"><a id=\"wwtt3\"><\/a>  <strong>MARKETS \u2014 We\u2019re joining JPMorgan\u2019s EMGBI next year:<\/strong> The Kingdom\u2019s SAR-denominated sovereign sukuk will be joining JPMorgan\u2019s emerging markets government bond index (EMGBI) starting 29 January 2027, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/saudi-arabia-philippines-join-jpmorgan-emerging-market-bond-index-2027-2026-04-23\/\" style=\"\">Reuters<\/a> reports. The sukuk will be added incrementally to EMGBI, with the aim of eventually comprising 2.5% of the index. At the moment, eight Saudi sovereign sukuk \u2014 totaling nearly USD 69 bn \u2014 meet the requirements for inclusion.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We had an idea this was happening: <\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/09\/18\/saudi-could-join-jpmorgans-emgbi-in-january-2026\/\" style=\"\">Bloomberg<\/a> first reported on the news last September, saying that JPMorgan was considering giving the Kingdom a 2% weighting on the index. At the time it was said that the move could attract some USD 5 bn in foreign inflows. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a>  <strong>TRANSPORT \u2014<\/strong> <strong>The Kingdom<\/strong><strong> is expected to complete a study on the proposed <\/strong><strong>rail link with Turkey before the end of the year<\/strong>, Transport and Logistics Services Minister Saleh Al Jasser told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2026\/04\/22\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D9%86%D9%82%D9%84-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%A7%D8%B3%D8%AA%D9%83%D9%85%D8%A7%D9%84-%D8%AF%D8%B1%D8%A7%D8%B3%D8%A9-%D8%A7%D9%84%D8%B1%D8%A8%D8%B7-%D8%A7%D9%84%D8%B3%D9%83%D9%83%D9%8A-%D9%85%D8%B9-%D8%AA%D8%B1%D9%83%D9%8A%D8%A7-%D9%85%D8%B1%D9%88%D8%B1%D8%A7-%D8%A8%D8%A7%D9%84%D8%A7%D8%B1%D8%AF%D9%86-%D9%88%D8%B3%D9%88%D8%B1%D9%8A%D8%A7-%D9%82%D8%B1%D9%8A%D8%A8%D8%A7\" style=\"\">Al Arabiya<\/a>. The project aims to support the movement of goods and services through an integrated regional transport network.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Saudi Arabia and Jordan will <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/21\/red-sea-ports-land-railways-shine-as-hormuz-closure-becomes-the-new-reality\/\" style=\"\">activate<\/a> a joint committee to study a rail link through Syria, calling for route option studies and technical alignments. The line would cover Jaber (Jordan-Syria) and AL Omari (Jordan-Saudi), plugging Jordan into a north-south freight spine.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> The Kingdom aims to develop its regional supply chain and logistics network to counteract security threats created by the regional war, especially with the ongoing strait disruptions and the potential <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/12\/saudis-safety-valve-for-oil-exports-takes-a-hit\/\" style=\"\">targeting<\/a> of its ports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>MINING \u2014 <\/strong><strong>Manara Minerals<\/strong><strong> shifts gears: <\/strong>PIF-backed Manara Minerals is reportedly shifting from its global M&A agenda to pursue debt investments and JVs with global trading firms, unnamed sources told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-22\/saudi-mining-vehicle-said-to-shift-strategy-away-from-global-m-a?srnd=homepage-americas\" style=\"\">Bloomberg<\/a>. The firm is in advanced talks with top global commodity houses as it aggressively expands into the trading sector, the sources said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What will this look like? <\/strong>Manara will prioritize loans to miners in exchange for offtake rights, securing future production benefits without requiring upfront equity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We knew earlier this year that Manara <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/02\/01\/this-morning-tadawuls-main-market-is-opening-up-to-foreign-investors-today\/\" style=\"\">was in talks<\/a><\/strong><strong> to enter metals trading with a partner. <\/strong>According to Bloomberg, the state-controlled entity was in talks with a handful of commodity traders, including Glencore, Mercuria, and Trafigura.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new school of thought for Saudi investment:<\/strong> This move dovetails neatly with the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/16\/this-morning-pifs-five-year-strategy-inches-closer-to-the-light\/\" style=\"\">PIF\u2019s new<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/16\/this-morning-pifs-five-year-strategy-inches-closer-to-the-light\/\" style=\"\">strategy<\/a> to prioritize investments that directly accelerate local economic growth, which should be the hallmark of the sovereign fund\u2019s next five years.<\/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 point<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SAR 12.3 bn \u2014 that\u2019s the total value of consumer spending via points-of-sale <\/strong><strong>(PoS) <\/strong><strong>in the Kingdom in the week ending 18 April 2026<\/strong>, down 7.9% w-o-w, according to the Saudi Central Bank\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1041.pdf\" style=\"\">latest weekly report (pdf)<\/a>. The number of transactions also cooled, falling 4.5% w-o-w to 232 mn. This is another week of a dip in spending as nearly every major sector saw a decline in both volume and value.<\/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\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><strong>You\u2019re reading EnterpriseAM Saudi<\/strong>, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We\u2019re out Sunday through Thursday by 7am Riyadh time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM Saudi is available without charge <\/strong>thanks to the generous support of our friends at Tas\u2019heel and Hassan Allam Properties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\">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=\"\">Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\">the UAE<\/a>, the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\">logistics<\/a> industry, and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\">MENA <> India<\/a> corridor?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/newsletters\/\" style=\"\">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>US forces <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/us-intercepts-three-iranian-oil-tankers-asian-waters-sources-say-2026-04-22\/\" style=\"\">have attacked<\/a><\/strong><strong> at least three Iranian-flagged tankers in Asian waters<\/strong>, signaling that Washington\u2019s naval blockade is active despite its ongoing ceasefire with Tehran. Partly laden with crude, the vessels were rerouted from their locations off the coasts of India, Sri Lanka, and Malaysia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, in the Strait of Hormuz<\/strong>, traffic halted after Tehran <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/iran-war-us-ceasefire-2026\" style=\"\">attacked three ships<\/a>, escorting two of them into Iranian waters. The attacks do not constitute violations of the truce, since the vessels were not flying US or Israeli flags, White House Press Secretary Karoline Leavitt said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oil jumped in early trading amid maritime turmoil<\/strong>, with Brent crude <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2026\/04\/22\/business\/oi-gas-stocks-iran.html\" style=\"\">rising above<\/a> the USD 100 per barrel mark, reaching USD 101.91 per barrel \u2014 up 3.5% from Tuesday\u2019s closing price.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>With Hormuz still mired in conflict<\/strong>, Panama Canal transit charges have <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/05c0e794-4ed9-4e2a-a026-fb8575f789c3\" style=\"\">hit record highs<\/a> as Asian buyers scramble for oil and gas amid the regional conflict. Daily auction bids have surged fivefold.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND IN BUSINESS NEWS- <\/strong>Tesla\u2019s 1Q results <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2026\/04\/22\/tesla-tsla-q1-2026-earnings-report.html\" style=\"\">offered a mixed bag<\/a>, with income topping analysts\u2019 forecasts, despite revenues falling short of 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\"> Circle your calendar<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aramco will post its 1<\/strong><strong>Q 2026 earnings on <\/strong><strong>Monday, 11 May.<\/strong> We\u2019ll be watching for the early impact of the Iran-US war on the energy giant\u2019s bottom line, especially regarding output constraints and heightened price volatility. The alternative East-West pipeline only hit full capacity in the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/03\/29\/this-morning-east-west-pipeline-reaches-full-7mn-bbl-d-capacity\/\" style=\"\">final days<\/a> of the quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Is Manara Minerals ditching global M&#038;A for debt investments, JVs?<\/p>\n","protected":false},"author":1,"featured_media":107837,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[10,51,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-107836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam-ksa","tag-transport","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"a83d6df8-2525-4979-9bbb-a9bff598ec3a","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/12\/2605.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi sukuk head to JPMorgan index next year + A rail link with Turkey?","related_issue":[107834],"teaser":"Plus: Is Manara Minerals ditching global M&A for debt investments, JVs?"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Saudi sukuk head to JPMorgan index next year+ A Saudi-Turkish rail link? 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