{"id":98829,"date":"2025-07-17T00:00:00","date_gmt":"2025-07-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/07\/17\/a-commodities-exchange-in-the-works\/"},"modified":"2025-07-17T00:00:00","modified_gmt":"2025-07-17T00:00:00","slug":"a-commodities-exchange-in-the-works","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/07\/17\/a-commodities-exchange-in-the-works\/","title":{"rendered":"A commodities exchange in the works?"},"content":{"rendered":"

Good morning<\/strong>, everyone, and congratulations on making it to Thursday. It\u2019s a calm morning here at the Kingdom, with updates on construction works of Diriyah\u2019s Arena, a syndicated loan for PIF-backed Olam Agri, and the Kingdom attracting the most net foreign inflows among GCC stock markets in the second quarter.<\/p>\n

THIS MORNING\u2019S MUST READ-<\/strong> We\u2019re launching our weekly My Morning Routine column, where we look at how a successful member of the community starts their day \u2014 while throwing in a couple of random business questions just for fun. In our first interview, we spoke to Osama Al Raee, CEO and co-founder of Lendo.<\/strong><\/p>\n

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BUT FIRST- It\u2019s a bit less calm elsewhere:<\/strong> Donald Trump rattled markets and sent the greenback down nearly 1% for a time yesterday as he stepped up his campaign against Federal Reserve chair Jay Powell. US media reported that the US president had earlier this week brandished a letter firing Powell and asked the lawmakers he was meeting with whether he should send it. <\/p>\n

BACKGROUND-<\/strong> Trump has waged a blunt campaign against Powell for months now, pressuring him to cut interest rates and suggesting he\u2019s open to firing Powell if the chairman doesn\u2019t come to heel. <\/p>\n

Where things stand now: <\/strong>\u201cWe\u2019re not planning on doing anything,\u201d Trump said overnight. \u201cI don\u2019t rule out anything, but I think it\u2019s highly unlikely, unless he has to leave for fraud, and it\u2019s possible there\u2019s fraud.\u201d<\/p>\n

Wait, fraud? Powell? <\/strong>The guy\u2019s a straight-shooter\u2019s straight-shooter, but that hasn\u2019t stopped Republicans from trying to trump-up (pun intended) charges against him. Trump\u2019s winged monkeys are angling to use an over-budget, USD 2.5 bn project to renovate the Fed\u2019s HQ against Powell. <\/p>\n

WHY IT MATTERS- The news raised fresh doubts about whether the Fed would, under the <\/strong>next Trump-appointed Fed boss, continue to set monetary policy independent of political interference.<\/strong> It's not a stretch to say the independence of the Fed is one of the cornerstones of the global financial system. An independent Fed can make politically unpopular decisions \u2014 to, say, control inflation \u2014 without pressure from elected officials seeking short-term gains in popularity. Over the long term, an independent Fed is better able to deliver price stability and drive economic growth \u2014 that\u2019s fundamentally what preserves confidence in both US financial markets and the greenback: global investors know that (today, at least) monetary policy is being set for economic reasons, not political ones. Go deeper with the Wall Street Journal here<\/a>.<\/p>\n

Can Trump really fire Powell?<\/strong> Maybe. A law on the books since 1913 gives the president the power to fire the Fed chairman, but only for \u201ccause\u201d \u2014 and what constitutes \u201ccause\u201d is largely undefined. <\/p>\n

We\u2019re going to cross the Rubicon one sooner or later: <\/strong>Powell\u2019s term is up in May 2026.<\/p>\n

Go deeper:<\/strong> The news is all over global front pages this morning, with each of the following outlets running multiple stories and explainers: Associated Press<\/a> | Reuters<\/a> | Bloomberg<\/a> | Financial Times<\/a> | Wall Street Journal<\/a>. <\/p>\n

HAPPENING TODAY-<\/p>\n

#1- <\/strong>Naf for Feed is making its Nomu debut on Sunday: <\/strong>Shares of Naf Company<\/a> for Feed for Industry will begin trading on the Nomu on Sunday, 20 July, the Saudi Exchange said<\/a>. Shares will be subject to 30% daily and 10% static price fluctuation limits.<\/p>\n

ICYMI- <\/strong>The animal feed production company is floating a 20% stake, or 400k shares, in a secondary offering on the Nomu parallel market. The three selling shareholders will rake in net proceeds from the sale, after some SAR 2.5 mn are used to cover IPO-related expenses.<\/p>\n

ADVISORS-<\/strong> Team One is quarterbacking the transaction as financial advisor, with Derayah Financial acting as lead manager. RSM served as legal accountant. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, Albilad Capital and Al Rajhi Capital among others.<\/p>\n

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#2- <\/strong>Today is the la<\/strong>st day to register for the nation\u2019s first civil aviation challenge, Avithon<\/strong>. The virtual hackathon offers a prize pool of SAR 450k to participants who develop digital solutions for improving aviation sustainability, safety and security, and passenger experience.<\/p>\n

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WEATHER- Riyadh<\/strong> is expected to see a high of 45\u00b0C and a low of 31\u00b0C, while Jeddah<\/strong>\u2019s mercury will go as high as 41\u00b0C and as low as 30\u00b0C. Makkah<\/strong> will see a 43\u00b0C and a 33\u00b0C low.<\/p>\n

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PSAs- <\/p>\n

Tuwaiq<\/a><\/strong>Academy<\/a><\/strong> has launched the <\/strong>3k Developers<\/a><\/strong> initiative in partnership with Google<\/strong> Cloud<\/strong>, according to a statement<\/a>. The six-month program will run from July until the end of 2025, offering 14 bootcamps and professional programs focused on cloud computing and AI, state news agency SPA<\/a> reports. The initiative is expected to graduate over 700 participants, with training held both in-person at the academy\u2019s Riyadh headquarters and online, while Google Cloud-accrediated certifications will be received upon completion.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>The <\/strong>Industry<\/strong> and Mineral Resources Ministry is working to <\/strong>establish a commodities exchange in Riyadh to reduce reliance on global market prices<\/strong>, Industry and Mineral Resources Vice Minister for Mining Affairs Khalid Al Mudaifer told Asharq<\/a> on the sidelines of the Egypt Mining Forum 2025<\/a> in Cairo. The move aims to pave the way for local producers to get fair prices on the basis of domestic supply and demand, therefore creating a regulated market for buyers and sellers.<\/p>\n

Not the first time we\u2019re hearing of this:<\/strong> The Shura Council made a recommendation in May 2023 to the Capital Market Authority to conduct feasibility studies for an exchange.<\/p>\n

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<\/a> #2- <\/strong>Family <\/strong>office shakeups go high-speed:<\/strong> Alexander Godwin has returned as chief investment strategist to Hasma Capital, the UK-based investment firm managing the Juffali family\u2019s USD multi-bn portfolio, Bloomberg<\/a> reports, citing UK registry filings.<\/p>\n

This comes less than 18 months after Godwin left for a similar role at London-based <\/strong>Misland Capital<\/strong>, which manages wealth for the Peter Green family. His comeback follows the quiet departure of Hasma\u2019s former CIO Jason Smith<\/a>.<\/p>\n

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<\/a> #3- <\/strong>The <\/strong>Saudi-French co-hosted two-state solu<\/strong>tion conference is expected to <\/strong>proceed without <\/strong>French President Emmanuel Macron<\/strong>, Reuters<\/a> reported. France's Foreign Minister Jean-Noel Barrot confirmed that the agenda still includes post-war plans for Gaza and the recognition of a Palestinian state by France and others, but the absence of the French president lowers expectations for major announcements. <\/p>\n

IN CONTEXT-<\/strong> France\u2019s push for recognition has reportedly faced resistance from allies like the US, Britain, and Canada. Meanwhile, Israel has not ceased military operations in Gaza and its proposal to create a \u201chumanitarian city\u201d for displaced Palestinians faces criticism.<\/p>\n

REMEMBER-<\/strong> The Saudi-French co-chaired UN conference on the two-state solution for Israel and Palestine has been rescheduled<\/a> from mid-June following Israel\u2019s military strikes on Iran.<\/p>\n

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#4- <\/strong>Nomu-listed WSM for Information Technology is teasing the idea of transferring to <\/strong>the <\/strong>main market<\/strong>, in a bid to keep up with the financing needs required for its fast-paced growth, Chairman Nowfal Al Salamah told Al Arabiya<\/a>. The company is also considering tapping the debt market, Al Salamah added.<\/p>\n

REMEMBER-<\/strong>To transition from Nomu to the main market, a company must have been listed on Nomu for at least two years and satisfy all main market listing conditions \u2014 except for market capitalization, where a lower threshold of an average SAR 200 mn over the past six months applies.<\/p>\n

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DATA POINTS-<\/p>\n

#1- <\/strong>Consumer spending via point-of-sale (PoS) transactions in the Kingdom fell 8.2% <\/strong>w-o-w <\/strong>in<\/strong> the week ending 12 July, <\/strong>reaching around SAR 13.1 bn, according to the Saudi Central Bank\u2019s weekly report (pdf)<\/a>. The number of weekly transactions also dipped 3% w-o-w to about 223.6 mn during the week.<\/p>\n

The details: <\/strong>Restaurants and caf\u00e9s made up the bulk of consumers\u2019 spending during the week in terms of value, yet they declined 1.7% w-o-w to SAR 1.9 bn. Food and beverages came in second place, decreasing 13% w-o-w to just above SAR 1.8 bn. This was followed by gas stations spending, which edged down 12.6% w-o-w to nearly SAR 949 mn, clothing and footwear, which inched down 7.3% w-o-w to SAR 827.1 mn, and healthcare, which fell 7.6% to about SAR 805.1 mn.<\/p>\n

Riyadh had the highest value of PoS transactions at about SAR 4.5 bn, <\/strong>followed by Jeddah at about SAR 1.9 bn.<\/p>\n

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#2-<\/strong> The <\/strong>Absher digital pla<\/strong>tform processed over 35.3 mn digital transactions in June<\/strong>, the Interior Ministry said in a press release<\/a>. Individuals completed some 33 mn transactions, including 26.9 mn via digital wallets, while businesses conducted 2.3 mn.<\/p>\n

#3- <\/strong>The <\/strong>General Authority for Food Security distributed SAR 457.6 mn to 1k farmers as a<\/strong> first installment in exchange for 258.5k tons of wheat this year<\/strong>, it said on X<\/a> yesterday.<\/p>\n

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OIL WATCH-<\/p>\n

Global oil demand will grow by a modest 700k bbl\/d in 2025, reaching 104.4 mn bbl\/d \u2014 <\/strong>its<\/strong> lowest rate since 2009 excluding the pandemic years<\/strong>, according to the International Energy Agency (IEA) monthly report<\/a>. The forecast follows a softer-than-expected second quarter in 2025, where annual demand growth slowed to just 550k bbl\/d, down from 1.1 mn in the first quarter. Demand is expected to jump by some 720k bbl\/d in 2026.<\/p>\n

Production rose by some 950k bbl\/d m-o-m in June to hit 105.6 mn bbl\/d<\/strong>, driven largely by increasing production from Saudi Arabia and other Opec+ producers. For the full year, world supply is expected to climb by 2.1 mn bbl\/d, reaching 105.1 mn bbl\/d. The trend is expected to persist into 2026, with another 1.3 mn bbl\/d of growth projected\u2014mostly from non-OPEC+ sources.<\/p>\n

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SPORTS-<\/p>\n

#1-<\/strong> The <\/strong>Saudi E<\/a><\/strong>sports Federation<\/a><\/strong> unveiled the Prime League, a new pilot initiative <\/strong>with an SAR 800k prize pool<\/strong>, state news agency SPA<\/a> reported yesterday. The league aims to level up amateur esports gaming in the kingdom and sharpen skills via competition.<\/p>\n

The details:<\/strong> The pathway to victory unfolds in two stages, beginning with a 30-day open league where players are ranked by skill. The top players advance to a four-day major tournament to compete for prizes. Winners across 88 tournaments in 11 games also get a chance to qualify for the professional Saudi eLeague.<\/p>\n

Featured games: <\/strong>The games include League of Legends, Valorant, PUBG Mobile, Call of Duty: Black Ops 6, Rocket League, Overwatch 2, Mobile Legends: Bang Bang, Marvel Rivals, Dota 2, Counter Strike 2, and EA FC25.<\/p>\n

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#2- <\/strong>Cristiano <\/strong>Ronaldo has won the Fans\u2019 Player of the Season title for the 2024-25 Roshn<\/strong> Saudi League<\/strong>, after being voted Man of the Match 15 times, the League said on X<\/a> yesterday.<\/p>\n

ICYMI- <\/strong>Ronaldo signed a two-year contract extension with Al Nassr last month<\/a>, keeping him at the Saudi club until 2027. He is reportedly set to earn USD 120-140 mn a year and will be prioritized for a stake in the club if that door ever opens. <\/p>\n

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\n

THE BIG STORY ABROAD- <\/p>\n

Israel ramped up its bombing campaign in Syria yesterday, attacking the m<\/strong>ilitary headquarters in Damascus<\/strong> and hitting near the presidential palace in a major escalation. The attacks killed at least three people and injured more than 30. <\/p>\n

The strikes came amid an <\/strong>intensification of violence<\/a><\/strong> in the southern city of Sweida<\/strong> in Syria between Druze militants, Bedouin groups, and Syrian security forces who were sent to quell the fighting. <\/p>\n

The Syrian Interior Ministry announced a ceasefire<\/strong> later in the evening, while US Secretary of State Marc Rubio said in an X post<\/a> that all parties have agreed on steps that will \u201cbring this troubling and horrifying situation to an end tonight.\u201d Syrian government forces were already moving out of Sweida last night. Several Arab countries later welcomed the news and condemned Israel's attacks on Damascus, including the UAE<\/a> and Qatar<\/a>. <\/p>\n

The story is getting a lot of ink: <\/strong>Reuters<\/a> | Bloomberg<\/a> | Financial Times<\/a> | Guardian<\/a> | Wall Street Journal<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Alexander Godwin returns to Hasma Capital<\/p>\n","protected":false},"author":1,"featured_media":98830,"comment_status":"","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":[10,309,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-98829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam-ksa","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"007d869c-60c4-4daa-b002-8dbc925e3480","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/7\/1149.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: A commodities exchange in the works?","related_issue":[98827],"teaser":"PLUS: Alexander Godwin returns to Hasma Capital","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.eb2bd047-d159-4077-b67f-cf9aeaaeaff2.mp3"},"yoast_head":"\nA commodities exchange in the works? 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