{"id":99026,"date":"2025-07-24T00:00:00","date_gmt":"2025-07-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/07\/24\/uaes-nmdc-energy-is-expanding-its-presence-in-the-kingdom\/"},"modified":"2025-07-24T00:00:00","modified_gmt":"2025-07-24T00:00:00","slug":"uaes-nmdc-energy-is-expanding-its-presence-in-the-kingdom","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/07\/24\/uaes-nmdc-energy-is-expanding-its-presence-in-the-kingdom\/","title":{"rendered":"UAE\u2019s NMDC Energy is expanding its presence in the Kingdom"},"content":{"rendered":"

Good morning, everyone, and happy THURSDAY<\/strong>. We have a variety of news for you this morning, from investment and tech to energy and esports, that should round up the week and get you ready for the last workweek in July.<\/p>\n

The big story here at home: <\/strong>The Kingdom is kicking relations with Syria into high gear, with a high-profile delegation led by the Investment Minister landing in Damascus yesterday. The visit is expected to yield USD 6 bn in agreements between Saudi and Syrian companies. Meanwhile, Apple opened its long-awaited online store in Saudi, and Acwa Power kicked off partial production at the Saad 2 solar plant.<\/p>\n

ALSO- <\/strong>We had coffee with Mike McCabe, chief operating officer of the Esports World Cup Foundation, to discuss the evolution of the foundation, the challenges of scaling the massive esports competition, and its broader cultural and economic impact.<\/p>\n

AND- <\/strong>Our weekly My Morning Routine column features Mohammed Altassan, CEO and Founder of AI infrastructure startup OmniOps.<\/p>\n

\n

\n

WEATHER- Riyadh<\/strong>\u2019s mercury will peak at a blistering 44\u00b0C before slipping to 33\u00b0C after sunset. Jeddah<\/strong> will reach 41\u00b0C, before dipping to a humid 31\u00b0C. Meanwhile, Makkah<\/strong> brings the heat at 42\u00b0C, cooling to a warm 35\u00b0C by evening.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> T<\/strong>he Regional Headqua<\/strong>rters (RHQ) program has had a \u201csignificant\u201d impact on the <\/strong>Kingdom\u2019s office space<\/strong>, evidenced by the bulk of the King Abdullah Financial District (KAFD) being pre-leased, Knight Frank\u2019s Head of MENA Research Faisal Durrani told CNBC<\/a> yesterday (watch, runtime: 2:48<\/a>).<\/p>\n

The residential sector\u2019s mismatch poses risk:<\/strong> Durrani flagged a disconnect in the housing market, noting that while two-thirds of Saudi households have a SAR 1.5 mn budget and prefer large family homes, most of the 1 mn units planned by 2030 are priced above USD 1 mn, creating a \u201cdisconnect between expectations and market realities.\u201d Wider use of modern methods of construction \u2014 like 3D printing and modular housing\u2014 will help cut costs and improve affordability, Durrani added.<\/p>\n

Areas to watch:<\/strong> Beyond the capital, Durrani pointed to Jeddah and the west coast as the places to keep on the radar, citing increased government and Public Investment Fund (PIF) investment and the concentration of gigaprojects along the Red Sea.<\/p>\n

\n

\n

<\/a> <\/strong>UAE-based NMDC Energy is expanding its presence in the Kingdom by moving<\/strong> into <\/strong>onshore projects and seeking local partners to support growth<\/strong>, CEO Ahmed Al Dhaheri told Asharq Business yesterday (watch, runtime: 8:35<\/a>). Around one-third of NMDC\u2019s revenue comes from outside the UAE, mostly from the Aramco. Meanwhile, its onshore business is growing and currently stands at 43% of its portfolio, up from 10% in 2023.<\/p>\n

REFRESHER-<\/strong> Aramco inked a long-term partnership with NMDC Energy in January<\/a>, allowing the firm to take part in multiple projects. The partnership was extended in April<\/a> to cover additional offshore work, including procurement, installation, and pre-commissioning support in Saudi waters.<\/p>\n

\n

\n

<\/a> Firms shortlisted<\/strong> to look for valuable metals: <\/strong>The Industry and Mineral Resources Ministry shortlisted 31 companies out of 61 applicants to compete for exploitation licenses in three new mineral-rich belts spanning 24.4k sq km across Riyadh and Madinah, it said on X<\/a> yesterday. Finalists will be announced in 3Q 2025.<\/p>\n

More details:<\/strong> The areas include Al Duwaihi \u201cNabitah\u201d belt, Al Naqrah belt, and Shukheibrah \u201cAl Safra\u201d belt, and contain valuable metals like gold, silver, zinc, and nickel. This is part of a broader plan to offer over 50k sq km of mining areas in 2025, aiming to boost exploitation and tap into the Kingdom\u2019s mineral resources valued at over SAR 9.4 tn, state news agency SPA<\/a> reported.<\/p>\n

\n

\n

Dinar Investment Company<\/strong> received the green light from The Capital Market Authority <\/strong>(CMA) to publicly offer its Dinar US Equity Fund<\/strong>, which will focus on US stocks, the authority said in a statement<\/a> yesterday. The company got the CMA\u2019s authorization for the public offering of its Dinar Saudi Equity Fund in January<\/a>.<\/p>\n

\n

DATA POINTS-<\/p>\n

#1- <\/strong>Consumer spending via point-of-sale (PoS) transactions in the Kingdom fell 7.1% w-o-w<\/strong> in the week ending 19 July<\/strong>, reaching nearly SAR 12.2 bn, according to the Saudi Central Bank\u2019s weekly report (pdf)<\/a>. The number of weekly transactions also dropped 4.8% w-o-w to around 212.7 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 6.9% w-o-w to around SAR 1.8 bn. Food and beverages came in second place, dropping 6.6% w-o-w to just above SAR 1.7 bn. This was followed by gas stations spending, which edged down 4.7% w-o-w to nearly SAR 904.2 mn, healthcare, which decreased 8.1% w-o-w to nearly SAR 740.3 mn, clothing and footwear, which was down 13% w-o-w to SAR 719.4 mn and transportation, which inched down 0.6% w-o-w to about SAR 718 mn.<\/p>\n

Riyadh had the highest value of PoS transactions at about SAR 4.2 bn, <\/strong>followed by Jeddah at nearly SAR 1.8 bn.<\/p>\n

\n

\n

#2- <\/strong>Budget airline Flyadeal led Saudi carriers in June with a 92% on-time arrival and<\/strong> the highest on-time departure rate at 93%<\/strong>, the General Authority of Civil Aviation (Gaca) said on X<\/a> yesterday. Flagship carrier Saudia matched Flyadeal in arrivals at 92%, while logging a 91% departure rate. Flynas followed with an 89% on-time arrival rate and 90% for departures during the same month.<\/p>\n

Wheels up at the terminals: <\/strong>Among international airports handling more than 15 mn passengers per year, King Khalid International Airport maintained a strong performance with an 89% on-time departure rate, followed by King Abdulaziz International Airport with an 84% departure rate.<\/p>\n

\n

\n

#3- <\/strong>Saudi films have generat<\/strong>ed SAR 100 mn at the box office so far this year<\/strong>, the Film Authority said on X<\/a> on Monday. Of that total, eight films accounted for 19% of Saudi box office sales, including Shabab Al-Bomb 2, Hobal, Al Zarfa, Is\u2019af, Fakhr Alsuwaidi, Lail Nahar, Saifi, and Tashweesh.<\/p>\n

\n

OIL WATCH-<\/p>\n

The Kingdom<\/strong> was the largest recipient of Russian seaborne fuel oil and vacuum gasoil<\/strong> (VGO) in<\/strong> June<\/strong>, driven by strong domestic demand during the summer months, Reuters<\/a> reported yesterday, citing traders and LSEG data. Russian shipments of fuel oil and VGO to Saudi ports rose 9% m-o-m to reach 800k metric tons last month.<\/p>\n

IN CONTEXT- <\/strong>The Middle East and Asia have emerged as the main market for Russia\u2019s fuel oil and VGO exports since the EU imposed a full embargo on Russian oil products back in February 2023.<\/p>\n

\n

SPORTS-<\/p>\n

Al Ah<\/a><\/strong>li Saudi FC<\/a><\/strong> will participate in the 2025-2026 Saudi Super Cup held in Hong Kong <\/strong>between 19-23 August<\/strong>, it said on X<\/a> on Tuesday. The move follows its rival Al Hilal\u2019s withdrawal<\/a> from the tournament for conflicting schedules and health-related issues after the Club World Cup.<\/p>\n

ALSO- Ready, sign, go:<\/strong> Al Ahli sealed a three-season contract with Saudi defender Abdullah Al Khaibari to join the team from Al Riyadh FC, it said in a statement<\/a>. Al Khaibari will kick off his journey with Al Ahli with the pre-season training camp.<\/p>\n

\n

\n

AND- <\/strong>Awdah Al Biladi And His Sons Contracting (<\/strong>Abas<\/a><\/strong>co<\/a><\/strong>)<\/strong> is reportedly closing in on <\/strong>purchasing Al Ansar FC<\/strong>, Asharq Al Awsat<\/a> reported yesterday, citing people it said are in the know. The club was one of six football clubs offered for privatization back in April<\/a>, with another batch of 8 clubs to be offered at a later stage.<\/p>\n

\n
\n
\n
\n

Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

***<\/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

EnterpriseAM Saudi is available without charge <\/strong>thanks to the generous support of our friends at Tas\u2019heel and Hassan Allam Properties.<\/p>\n

Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com<\/a>.<\/p>\n

DID YOU KNOW <\/strong>that we also cover Egypt<\/a>, the UAE<\/a>, and the MENA logistics<\/a> industry?<\/p>\n

Were you forwarded this email? <\/strong>Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday.***<\/strong><\/p>\n

\n

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

It\u2019s a busy morning in the foreign press<\/strong>, with more updates on tariffs and trade agreements, a handful of high-profile earnings, and updates on the Epstein files debacle in the US. <\/p>\n

US President Donald Trump seemed to indicate that reciprocal tariffs would come in at a minimum of 15%<\/strong>, higher than the 10% baseline tariff he had announced earlier, and a maximum of 50%. It\u2019s not clear whether this is Trump causing panic, or if it\u2019s true, given that the administration had announced a universal 10% tariff earlier in April and Commerce Secretary Howard Lutnick clarified earlier this week that many African countries, as well as Latin American and Caribbean countries, would be subject to a 10% tariff. (Bloomberg<\/a>)<\/p>\n

REMEMBER- Gulf countries have been subject to a blanket 10% tariff <\/strong>that the US maintained with most countries after the 9 April 90-day freeze of higher tariffs. <\/p>\n

ALSO- The US and the EU are reportedly nearing an agreement for a 15% tariff on imports from the bloc<\/strong>, mirroring the US\u2019 agreement with Japan earlier this week. (Financial Times<\/a> | Guardian<\/a> | Reuters<\/a>) <\/p>\n

American newspapers\u2019 front pages are almost all topped by news that Trump was briefed about his name being in files related to the Jeffrey Epstein case<\/strong>, making it more concerning that Trump has refused to make the files public. A House subcommittee for the first time voted to subpoena the administration for the files later last night. Sources told CNN<\/a> that the briefing was \u201croutine\u201d and revealed nothing new, since Trump was already known to be an associate of Epstein\u2019s. (New York Times<\/a> | Wall Street Journal<\/a> | Washington Post<\/a>)<\/p>\n

AND IN EARNINGS NEWS- <\/strong><\/p>\n