{"id":99956,"date":"2025-08-25T00:00:00","date_gmt":"2025-08-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/08\/25\/flying-taxis-incoming\/"},"modified":"2025-08-25T00:00:00","modified_gmt":"2025-08-25T00:00:00","slug":"flying-taxis-incoming","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/08\/25\/flying-taxis-incoming\/","title":{"rendered":"Flying taxis incoming"},"content":{"rendered":"

Good morning<\/strong>. Acwa Power is leading this morning\u2019s news well (again), after it achieved financial close for two gas-fired plants at SAR 12.8 bn. The IPO scene is also pushing ahead with updates from Marketing Home\u2019s main market and Rawabi Marketing\u2019s parallel market lisings. Meanwhile, the New Global Sport Conference saw a slew of agreements aimed at vitalizing the already-red-hot esports sector in the Kingdom.<\/p>\n

HAPPENING TODAY-<\/p>\n

International trade figures for June and 2Q 2025 are due from Gastat later today<\/strong>. Quarterly results are expected to see a sharp decrease compared to the same period last year, after Oil exports dropped to a four-year low in May<\/a>, stretching a similar downturn in April due to Trump announcing sweeping tariffs and lower oil prices.<\/p>\n

WEATHER-<\/strong> Thunderstorms and heavy rain are forecast to persist over Jazan, Asir, Al Baha, and Makkah today, with light to moderate showers expected in Madinah, Najran, Riyadh, and the Eastern Province. Riyadh <\/strong>is expected to see a high of 43\u00b0C and a low of 31\u00b0C today, while Jeddah<\/strong>\u2019s mercury will peak at 78\u00b0C and bottom out at 33\u00b0C. Makkah <\/strong>will see a 37\u00b0C high and 31\u00b0C low.<\/p>\n

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HAPPENING TOMORROW-<\/p>\n

The <\/strong>Franchise Go Forum<\/a><\/strong> kicks off tomorrow in Riyadh\u2019s Siraj Convention Center to <\/strong>support entrepreneurs entering the franchising sector.<\/strong> The event will feature panel discussions with local and international experts, an exhibition connecting participants with franchisors, training workshops, and one-on-one advisory sessions.<\/p>\n

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PSAs- <\/p>\n

Applications for the <\/strong>Industrial Hackathon<\/a><\/strong> are open until 1 October<\/strong>, with a SAR 1.7 mn prize pool spread across winners announced on 25 October. This year\u2019s competition, organized by the Saudi Industrial Development Fund in partnership with Riyad Bank and Sipchem focuses on four main tracks, including design, production, sustainability, and automation.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> <\/strong>Banqu<\/strong>e Saudi Fransi (BSF) plans to issue USD-denominated tier 2 capital bonds under <\/strong>its Medium Term Note program via a special purpose vehicle<\/strong>, BSF said in a Tadawul disclosure<\/a> yesterday. The size and terms of the issuance will be determined later, subject to regulatory approvals.<\/p>\n

ADVISORS-<\/strong> BSF tapped Abu Dhabi Commercial Bank, Citigroup Global Markets, DBS Bank, Emirates NBD Bank, HSBC Bank, Mashreqbank, Mizuho International, and Saudi Fransi Capital as joint lead managers.<\/p>\n

REMEMBER-<\/strong> The bank sold USD 650 mn in AT1 securities back in May<\/a>, with an annual yield of 6.4%.<\/p>\n

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<\/a> <\/strong>Air transport firm<\/strong> FlyNow Arabia<\/a><\/strong> will showcase its full-scale electric eCopter<\/strong> prototype at <\/strong>the <\/strong>Saudi Drone Exhibition<\/a><\/strong>, which will take place between 1-3 September at the Riyadh Front Exhibition & Conference Center, it said in a press release<\/a> on Friday. The full-model \u2014 which can carry two people or 200 kg of payload \u2014 will be displayed alongside a virtual reality demo developed with drone mapping firm FalconViz<\/a>. <\/p>\n

FlyNow will run sandbox flights later this year<\/strong> in collaboration with local and international participants to develop and demonstrate the safe integration of eVTOL operations in low-altitude airspace. The firm also has its plan to set up an eCopters production facility in the Kingdom, targeting both local and international markets.<\/p>\n

We knew this was coming: <\/strong>It was first announced in May<\/a> that FlyNow Arabia is collaborating with the Transport Ministry to launch the Kingdom\u2019s first flying taxi application for freight and passenger transportation, with a pilot phase set to launch at King Abdullah University of Science and Technology later this year.<\/p>\n

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OIL WATCH-<\/p>\n

<\/a> <\/strong>Saudi Arabia\u2019s refined products exports jumped by 148k bbl \/ d <\/strong>in 2Q 2025 <\/strong>to hit around <\/strong>1.48<\/strong> mn bbl \/ d \u2014 the highest since 2Q 2022<\/strong>, Mees<\/a> reports, citing Jodi data. Crude output averaged 9.31 mn bbl \/ d during the quarter \u2014 the highest since 2Q 2023 \u2014 while refining runs hit 2.71 mn bbl \/ d. Crude exports rose to some 6 mn bbl \/ d during the same period, bucking the usual summer dip, thanks to higher runs and supply availability. <\/p>\n

REMEMBER\u2013 <\/strong>Opec+ approved<\/a> an oil production increase of 547k bbl \/ d for September, concluding a phase of its supply restoration strategy one year ahead of schedule and bringing Saudi Arabia\u2019s quota to 9.75 mn bbl \/ d.<\/p>\n

Less burn, more exports:<\/strong> A 6% y-o-y increase in Aramco\u2019s gas output and expanded renewables capacity helped trim oil burn for power and desalination by 6.3% in 1H 2025, even as electricity demand grew 10%. Oil burn averaged 1.25 mn bbl \/ d in June \u2014 the lowest June figure since 2021 \u2014 putting the Kingdom on track for its first annual oil burn decline since 2021, and potentially its first volume dip below the 1 mn bbl \/ d mark since 2019. <\/p>\n

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SPORTS-<\/p>\n

Chinese team <\/strong>AG.AL<\/strong> landed<\/strong> the first-ever Crossfire championship at the Esports <\/strong>World <\/strong>Cup<\/strong>, defeating rivals Baisha Gaming in a close 3-2 final and securing a USD 750k prize, according to a statement<\/a>. The victory marked AG.AL\u2019s second title of the tournament after their earlier W in Honor of Kings, highlighting China\u2019s dominance as Evolution Power claimed their third place over the Philippines\u2019 Stallions, sealing a clean sweep of the podium. <\/p>\n

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

No one story is dominating the front pages this morning<\/strong>, as hotter, longer summers (yes, the summer is getting longer, the Washington Post<\/a> says) are bringing business activity into a near halt.<\/p>\n

HSBC\u2019s Swiss private bank is reportedly offloading over 1k wealthy clients in the Middle East<\/strong>, spanning Saudi Arabia, Lebanon, Qatar and Egypt, unnamed sources told the Financial Times<\/a> and Bloomberg<\/a>. The move \u2014 expected to be completed within six months \u2014 comes amid scrutiny from Swiss watchdog Finma to ensure compliance with anti-money laundering regulations. HSBC is \u201cevolving the strategic focus of our Swiss Private Bank\u201d as part of its wider plans to \u201creshape the Group,\u201d the bank said in an emailed statement to Bloomberg. This plan entails \u201cincreasing leadership and market share in the areas where we have a clear competitive advantage.\u201d<\/p>\n

ALSO- A mighty fall: <\/strong>China\u2019s Evergrande \u2014 once the biggest real estate firm in the country \u2014 saw its shares delisted<\/a> from the Hong Kong stock exchange early this morning. The giant developer, which was valued at USD 51 bn at its peak in 2018, was crushed under a pile of USD 300 bn in liabilities<\/a> amid a wider property crisis that started in 2021 and saw homebuyers and investors incur hefty losses.<\/p>\n

ALSO WORTH NOTING-<\/strong><\/p>\n