{"id":109398,"date":"2026-06-01T00:00:00","date_gmt":"2026-06-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?p=109398"},"modified":"2026-06-01T03:10:22","modified_gmt":"2026-06-01T03:10:22","slug":"this-morning-spacex-hype-drives-khc-shares-to-10-year-high","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2026\/06\/01\/this-morning-spacex-hype-drives-khc-shares-to-10-year-high\/","title":{"rendered":"THIS MORNING: SpaceX hype drives KHC shares to 10-year high"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends.<\/strong> The local listing pipeline is roaring back to life this morning, as infrastructure contractor Mutlaq Al Ghowairi kicks off institutional bookbuilding for a potential SAR 3 bn Tadawul listing. It\u2019s the Gulf's first heavyweight IPO test since the conflict erupted, arriving alongside residential real estate developer MSGA\u2019s planned float on Nomu as local equity demand breaks the post-war ice.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- <\/strong>The Kingdom\u2019s multi-bn-USD football project is officially entering its next corporate era following the PIF's landmark stake sell-down of Al Hilal to Kingdom Holding. We sat down with Deloitte to unpack how the Saudi Pro League is shifting away from state checkbooks and toward sustainable, commercial balance sheets. <\/p>\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> MARKET WATCH \u2014 SpaceX fever has sent Kingdom Holding shares to a <\/strong><strong>10-year high. <\/strong>Kingdom Holding Company\u2019s (KHC) share price jumped almost 10% on Sunday to close at 13.58, its strongest level in roughly a decade, as investors piled in ahead of the long-awaited listing of SpaceX. KHC is up some 54% so far this year, outperforming the wider TASI index, which gained 5.6% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The catalyst: <\/strong>Kingdom Holding disclosed to the <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/companies\/134290\/%D8%A7%D9%84%D9%85%D9%85%D9%84%D9%83%D8%A9-%D8%A7%D9%84%D9%82%D8%A7%D8%A8%D8%B6%D8%A9-%D8%AA%D9%83%D8%B4%D9%81-%D8%AD%D8%B5%D8%A9-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A9-%D9%88%D8%A7%D9%84%D8%A3%D9%85%D9%8A%D8%B1-%D8%A7%D9%84%D9%88%D9%84%D9%8A%D8%AF-%D9%81%D9%8A-%D8%B3%D8%A8%D9%8A%D8%B3-%D8%A5%D9%83%D8%B3\/\" style=\"\">Arabic press<\/a> last week that it holds a combined 0.63% stake in Elon Musk\u2019s rocket company, owned together with Alwaleed\u2019s private office. That slice is worth some USD 8.32 bn at a USD 1.25 tn valuation, and could climb to roughly USD 10.6 bn if SpaceX prices at USD 1.75 tn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The IPO is almost here: <\/strong>SpaceX filed to list on the Nasdaq under the ticker SPCX, targeting a raise of up to USD 75 bn at a valuation north of USD 2 tn, Bloomberg reports. Marketing is expected to kick off on 4 June, with pricing as soon as 11 June.<\/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>FROM THE RUMOR MILL \u2014 Consultancy contracts and payments halted?<\/strong> The government reportedly paused approvals for new consultancy contracts and delayed some payments to Western advisory firms, unnamed consultancy executives told the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/9855a284-8109-4d66-8b3e-e08da0e97dd8?syn-25a6b1a6=1\" style=\"\">Financial Times<\/a>. Ministries and government buyers were instructed not to issue new awards without special Finance Ministry approval, while some invoice payments were pushed back until at least July, the sources said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Behind the decision:<\/strong> The pause aims to contain a widening fiscal deficit and the fallout from the US-Iran conflict, according to the sources. The deficit widened to <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/12\/saudis-fiscal-resilience-could-face-a-reality-check-when-hormuz-reopens\/\" style=\"\">SAR 125.7 bn<\/a> in 1Q, its highest quarterly level since 2018. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Finance Ministry disputed these claims<\/strong>, stating to the salmon-colored paper that 99.5% of invoices were settled within their agreed-upon timelines in 2026. The size of the present deficit is due to a liquidity lag and government spending being directed towards containing the war\u2019s impact, the ministry said, emphasizing oil revenue already exceeded estimates for 1Q.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a>  <strong>CYBERSECURITY \u2014 BinDawood the latest target of cyber attacks: <\/strong>Retail conglomerate BinDawood Holding saw a \u201climited data breach\u201d that affected customer data history on its superstores\u2019 e-commerce application<strong>,<\/strong> according to a Tadawul <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95675&anCat=1&cs=4161&locale=en\" style=\"\">disclosure<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know: <\/strong>The company says it has since patched the security loophole and brought in a government-approved cybersecurity firm to investigate. BinDawood did not disclose details about how the breach happened and who is responsible, though it clarified the breach did not include customer or company financial and banking data.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cybersecurity concerns are now on everyone\u2019s minds.<\/strong> <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/21\/civilian-digital-infrastructure-moves-to-the-front-line-dco\/\" style=\"\">Civilian digital infrastructure<\/a> is increasingly becoming a frontline security issue in an era where digital networks facilitate vital services ranging from retail and telecommunications to banking.<\/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\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1497.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Earning well is not the same as investing well \u2014 and for most mid-level executives and entrepreneurs, the gap between the two is wider than they\u2019d like to admit. The financial landscape has shifted. Regional markets are opening up, AI is rewriting how portfolios get managed, and Real Estate Investment Trusts (REITs) are entering the conversation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">And the questions that used to feel straightforward \u2014 buy or rent, fund the startup or play it safe, finance the car now or wait it out \u2014 are harder to answer than ever.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">In Issue 2 of EnterpriseAM Money Matters, we get into the decisions that don\u2019t have easy answers, because at this stage, playing it safe is the riskiest move you can make.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a target=\"_blank\" href=\"https:\/\/sub.ent.news\/eg\" style=\"\">Tap or click here to subscribe to the Egypt edition<\/a>, delivered to your inbox Wednesday, June 3. <\/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>The US-Iran diplomatic stalemate persists<\/strong>, despite both sides spending the weekend <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-31\/us-iran-trade-drafts-of-deal-as-israel-expands-lebanon-assault?srnd=homepage-middle-east\" style=\"\">exchanging revisions<\/a> to a draft pact that would keep a ceasefire in place. Regime-affiliated Iranian media has indicated that Washington and Tehran may wind up scrapping the potential resolution and that no definite result has been reached.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, on Wall Street: <\/strong>US investors seem unconvinced that an AI bubble is about to burst, <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/90dbca8c-fb63-4fa5-a5d6-e6d6d9f6d10e?syn-25a6b1a6=1\" style=\"\">wagering heavily<\/a> on AI-related equities they believe still have untapped potential. The optimism is fueled by expected AI advances and big-ticket pledges on chips and data centers \u2014 investments expected to boost tech companies\u2019 bottom lines.<\/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>Berkshire Hathaway has made a USD 6.8 bn housing play, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/transactional\/berkshire-hathaway-buy-us-homebuilder-taylor-morrison-85-billion-2026-05-31\/\" style=\"\">agreeing to acquire<\/a> US homebuilder Taylor Morrison, marking the first multi-USD-bn acquisition under the helm of newly minted CEO Greg Abel. The move deepens the firm\u2019s housing portfolio and puts it on its way to \u201cunify [its] site-built homebuilding operations into a combined platform,\u201d Abel said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And in the tech world: <\/strong>Dell <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/dell-unveils-699-xps-13-laptop-challenge-apples-macbook-neo-2026-05-31\/\" style=\"\">has premiered<\/a> the XPS 13, its new low-cost offering whose prices start at USD 699. It is expected to butt heads with Apple\u2019s MacBook Neo, another laptop marketed for its affordability. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reports of Saudi government freezing consultancy contracts met with Finance Ministry denial<\/p>\n","protected":false},"author":1,"featured_media":109399,"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":[1450,2419,10,2703,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-109398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-bindawood","tag-capital-markets","tag-enterpriseam-ksa","tag-kingdom-holding","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"3e35aace-df6f-4b59-b1dc-ec2371cb86cf","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/6\/6.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Kingdom Holding rides SpaceX IPO wave","related_issue":[109396],"teaser":"Reports of Saudi government freezing consultancy contracts met with Finance Ministry denial"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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