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US-based Hines is entering the Saudi market, eyeing industrial, office, and mixed-use developments as the kingdom reforms its property sector. Meanwhile, JPMorgan CEO Jamie Dimon will celebrate 90 years of operations in Riyadh and inaugurate the bank’s new regional headquarters, joined by top Saudi officials and Aramco leadership. In sports, the Public Investment Fund will launch a new ATP Masters 1000 tournament in 2028, marking the first expansion of the elite circuit in 35 years, further cementing Saudi Arabia as a global hub for world-class tennis.

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Markets

JPMorgan CEO Jamie Dimon To Celebrate 90 Years In Saudi Arabia With Star-Studded Riyadh Event

🔹 What Is It About

JPMorgan Chase CEO Jamie Dimon will host a high-profile 90th anniversary celebration in Riyadh on Sunday, Semafor reported exclusively, marking nine decades of the US bank’s presence in Saudi Arabia. The event will coincide with the opening of JPMorgan’s new regional headquarters and feature top Saudi figures including Aramco CEO Amin Nasser, Investment Minister Khalid Al-Falih, and Finance Minister Mohammed Al-Jadaan. Dimon will also speak at the Future Investment Initiative later in the week.

🔹 Why It Matters

The celebration underscores JPMorgan’s deep and longstanding relationship with Saudi Arabia, a partnership dating back to the 1930s when it helped finance early oil ventures that became Aramco. The bank continues to play a vital role in the kingdom’s modernization—advising on bond sales, major IPOs, and sovereign wealth fund transactions—cementing its position as a strategic financial ally in the Vision 2030 era.

🔹 What’s Next

Dimon’s Riyadh visit highlights JPMorgan’s growing regional ambitions as it expands its footprint in the Gulf. The new Saudi headquarters will serve as a hub for investment banking and advisory work as the kingdom accelerates economic diversification. With Dimon’s presence at FII, the visit is set to deepen ties between Wall Street and Riyadh’s fast-evolving financial landscape.

Saudi’s PIF To Launch New ATP Masters 1000 Event In 2028, Expanding Global Tennis Circuit

🔹 What Is It About

Saudi Arabia’s Public Investment Fund (PIF) will introduce a new ATP Masters 1000 tournament in 2028 — the first expansion of the elite Masters category in the ATP Tour’s 35-year history. Organized by PIF’s SURJ Sports Investment, the event will feature a 56-player draw on outdoor hard courts, with Riyadh expected to host. The move places Saudi among global tennis capitals such as Miami, Rome, and Monte Carlo.

🔹 Why It Matters

This landmark tournament underscores Saudi Arabia’s growing clout in global sports and its commitment to tennis development at both elite and grassroots levels. ATP Chairman Andrea Gaudenzi hailed the partnership as “years in the making,” with proceeds expected to enhance the ATP calendar and expand player incentives. The event builds on the kingdom’s investments in the WTA Finals, Next Gen ATP Finals, and other major sporting ventures.

🔹 What’s Next

The new Masters event will complement the PIF-backed Six Kings Slam, enhancing Saudi’s tennis portfolio while driving local participation. As part of Vision 2030, the tournament will help position the kingdom as a premier global sports hub — blending top-tier competition with long-term talent development through partnerships with the Saudi Tennis Federation.

US Property Giant Hines To Expand Into Booming Saudi Arabian Market

🔹 What Is It About

Global real estate powerhouse Hines is set to expand into Saudi Arabia next year, establishing a new office in Riyadh as part of its Middle East growth strategy, the company told Bloomberg News. The Houston-based firm, managing $92 billion in assets, will target industrial, office, and mixed-use projects, relocating senior executives and recruiting local talent to spearhead its operations in the kingdom.

🔹 Why It Matters

Saudi Arabia’s sweeping real estate reforms — including higher taxes on vacant land and a rent freeze — aim to boost housing supply and attract global developers. These measures create major opportunities for firms like Hines to contribute to the kingdom’s rapid urban transformation while advancing sustainable, high-impact developments.

🔹 What’s Next

Hines’ Saudi move builds on its success in Dubai, which saw a strong property rebound after 2020. Led by Steve Luthman for regional operations, Hines plans to leverage its global expertise in placemaking and investment to shape Riyadh’s next generation of real estate projects amid rising global interest in Gulf markets.

🦄 World of Startups

• 1001 AI, a deep-tech startup dual-headquartered in London and Dubai and founded by Bilal Abu-Ghazaleh, has raised $9 million in a seed funding round with participation from Amjad Masad (Replit), Amira Sajwani (DAMAC), Khalid Bin Bader Al Saud (Saudi RA’ED Ventures), and Hisham Al-Falih (Lean Technologies).

• The Canadian regulatory authorities granted Whish Money, Lebanon-based remittances and mobile wallet platform, financial services licenses to operate in Canada.

• KitchenomiKs, Oman-based foodtech, raised $3.2M in a funding round led by Jasoor Ventures.

• Kure Cells, US-based biotechnology company, received a $10M pre-Series A funding round led by Wa'ed Ventures (Saudi Aramco), Qomel (Saudi), and international investors.

• Neolix, China-based autonomous delivery startup, raised $600M in a funding round led by Stone Venture (UAE), and global investors.

• Uniphore, US-based business AI company, raised $260M in a Series F funding round at a $2.5B valuation from Prosperity7 Ventures (Saudi Aramco), and leading global investors.

👨‍💻From Smashi Business’ Desk

• Pavel Durov’s tweet on the Louvre heist takes an unexpected turn, blending humor with sharp criticism of French security

• UAE’s Hadban Twins Among First 25 Creators Honoured With Instagram Rings in New York

🔍In other news…

• Abu Dhabi to convene world’s largest sovereign wealth funds with over $10 trillion in assets at IFSWF annual meeting 2025 

• Dubai set for 40,000 ultra-luxury homes with launch of Dh100bn project

• Qatar Royal Builds Firm to Manage His Billions With Goldman Hire

• Damac expands into Iraq with launch of luxury residential project in Baghdad

• Dubai Overtakes Las Vegas With Surge in Hotel Rooms - 151.8k v 146k

• Reuters Exclusive: US mulls Gaza aid plan that would replace controversial GHF aid operation

• Saudi Arabia to host 100 startups in Entrepreneurship World Cup finals

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