{"id":98903,"date":"2025-07-21T00:00:00","date_gmt":"2025-07-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/07\/21\/a-new-budget-carrier-on-the-way\/"},"modified":"2025-07-21T00:00:00","modified_gmt":"2025-07-21T00:00:00","slug":"a-new-budget-carrier-on-the-way","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/07\/21\/a-new-budget-carrier-on-the-way\/","title":{"rendered":"A new budget carrier on the way?"},"content":{"rendered":"

Good morning<\/strong>. Business seems unfazed by the scorching summer heat this morning, a flurry of agreements across the retail, transportation and energy sector signed yesterday.<\/p>\n

In today\u2019s issue: <\/strong>Al-Futtiam is taking a big stake in struggling Cenomi Retail, adding a regional heavyweight to Cenomi\u2019s shareholder base while the Dubai-based group gains access to the Kingdom\u2019s retail market. Meanwhile, an update from Riyadh Metro is topping this morning\u2019s news well, with a USD 900 mn extension project for Line 2 awarded to none other than ANM consortium.<\/p>\n

ALSO- <\/strong>Acwa Power is still at it, plotting a Saudi-Europe clean energy corridor with a slew of agreements and MoUs. We also talked with Sukna Capital CEO Fares Bardeesi on what Saudi SMEs need from the financial sector. But first..<\/p>\n

IN <\/strong>MEMORIAM- Prince Al Waleed bin Khaled bin Talal, known as Saudi Arabia\u2019s \u201cSleeping <\/strong>Prince,\u201d passed away on Saturday<\/strong>, after enduring 20 years in a coma following a car accident in 2005. The funeral prayer was held yesterday at Riyadh\u2019s Imam Turki bin Abdullah Mosque. <\/p>\n

HAPPENING TODAY-<\/p>\n

WEATHER- <\/strong>It\u2019s another blazing day with Riyadh expected to see a high of 44\u00b0C and a low of 30\u00b0C today, while Jeddah\u2019s mercury will go as high as 34 \u00b0C and as low as 28\u00b0C. Makkah will see a 41\u00b0C high and 31\u00b0C low. <\/p>\n

\u26a0\ufe0f<\/strong>A warning for the wee<\/strong>kend: <\/strong>A severe heat wave is expected to hit central and eastern Saudi Arabia starting Friday and lasting through the weekend, with temperatures predicted to reach up to 50\u00b0C. Stay safe and make sure to hydrate.<\/p>\n

\n

\n

The Media and Marketing Week<\/strong> kicked off yesterday in Riyadh<\/strong>, Jeddah, Madinah, and <\/strong>Khobar<\/strong>, assisting SMEs searching for potential investments, Monsha\u2019at said in a statement<\/a>. The week-long program includes over 45 daily meetings, 15 training workshops, and advisory sessions, with the participation of more than 65 entities from the media and marketing industries.<\/p>\n

\n

HAPPENING TOMORROW-<\/p>\n

Sport Clubs C<\/a><\/strong>ompany<\/a><\/strong> is set to debut on Tadawul\u2019s main market tomorrow<\/strong>, according to a Tadawul disclosure<\/a>. Shares will be allowed to fluctuate within a 30% range, with a static band of 10% for the first three trading days. Starting from the fourth day, shares will be allowed to trade at a 10% volatility as circuit breakers take effect.<\/p>\n

REFRESHER-<\/strong> The firm floated a 30% stake<\/a> in a hybrid offering, which saw its retail offering 5.3x oversubscribed<\/a> and its institutional tranche 44.1x oversubscribed<\/a>. The company raked in SAR 257.3 mn in proceeds, set to fund expansion and upgrades. Shares were priced at the top end of the indicative range at SAR 7.50 apiece.<\/p>\n

\n

PSAs- <\/p>\n

#1- <\/strong>Businesses s<\/strong>ubject to VAT with more than SAR 40 mn in annual revenues <\/strong>have until 31 July 2025 to file their June and 2Q tax returns<\/strong>, the Zakat, Tax, and Customs Authority (Zatca) said in a statement<\/a> yesterday. Late submissions may incur fines ranging from 5% to 25% of the declared taxes.<\/p>\n

#2- <\/strong>Private companies can now <\/strong>apply<\/a><\/strong> to join a new technical <\/strong>sandbox for the Tawakkalna <\/strong>app<\/strong>, the Saudi Data and Artificial Intelligence Authority (SDAIA) said on X<\/a>. The program allows companies to test and integrate their services onto the platform, providing access to its 34 mn users and direct technical and advisory support from SDAIA. The first phase will select up to 20 companies, holding valid licenses and offering services in Arabic.<\/p>\n

\n

\n

**AN APOLOGY FROM ENTERPRISEAM- <\/strong>Many readers yesterday accidentally received EnterpriseAM Egypt in Arabic despite not having signed up for that edition. One of us made a mistake during the dispatch process \u2014 you have our apologies. When you sign up for EnterpriseAM (whether the UAE edition, Egypt, Saudi, or Logistics or all of the foregoing) our promise is to send you emails relevant only to that vertical \u2014 in the language of your choice.<\/p>\n

MORNING MUST-READS-<\/p>\n

#1- The fall consumer and business tech launch window is opening a lot earlier than <\/strong>usual <\/strong>\u2014 just what you\u2019d expect from a year in which everything feels really, really accelerated:<\/p>\n