Happy Thursday everyone!

Saudi Arabia is drawing global investor attention on multiple fronts this week. The Tadawul surged 5.1% — its biggest jump since 2020 — adding $124 billion in value as the Kingdom considers easing foreign ownership limits. Meanwhile, international buyers are snapping up homes in giga-projects like Red Sea Global and Diriyah ahead of new property laws set for January. And next month, Riyadh will host FII9, with over 600 speakers — including BlackRock’s Larry Fink and PIF’s Yasir Al-Rumayyan — exploring trade, energy, and AI.

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Markets

Saudi Stocks Soar Most Since 2020, Adds $124B, As Kingdom Weighs Easing Foreign Ownership Limits

🔹 What Is It About

Saudi Arabia’s Tadawul All Share Index surged 5.1% on Wednesday, its sharpest jump in over five years, after reports that the Capital Market Authority may soon allow majority foreign ownership in listed companies. The rally added $124 billion in market value, with bank stocks soaring a record 9.2%. Shares of Al Rajhi Bank, Saudi National Bank, and Alinma Bank led the gains.

🔹 Why It Matters

Easing the current 49% foreign ownership cap could unlock over $10 billion in passive inflows, according to JPMorgan and Franklin Templeton. The move would also boost Saudi Arabia’s weight in MSCI and FTSE benchmarks, lifting its emerging markets standing. Analysts expect banking stocks to be among the biggest beneficiaries, with Al Rajhi Bank potentially drawing $5-6 billion in fresh foreign capital.

🔹 What’s Next

While no final decision has been made, any shift beyond 50% foreign ownership would mark a historic step in opening Saudi equities to global investors. The CMA is expected to decide by year-end. Analysts caution, however, that sustaining the market’s momentum will depend on fundamentals, with oil prices, economic reforms, and geopolitical stability likely to shape longer-term performance.

Foreign Buyers Snap Up Saudi Giga-Project Homes Ahead Of Landmark Ownership Law

🔹 What Is It About

International investors are making their first property purchases in Saudi Arabia’s giga-projects — including Red Sea Global, Diriyah and AlUla — ahead of new laws set to allow foreign ownership from January. Sotheby’s International Realty says dozens of pending sales agreements are lined up, with foreign buyers now accounting for around 10% of interest in giga-project properties, a sharp increase from two years ago when there were none.

🔹 Why It Matters

The legal change marks a milestone in Saudi Arabia’s Vision 2030 strategy to diversify the economy and attract global capital. For the first time, foreigners will be able to buy property without needing a “golden visa.” Analysts expect the move to fuel demand in giga-projects, where residences can start at SAR9 million ($2.4 million). Banks, developers, and tourism authorities are counting on overseas buyers to accelerate growth in luxury real estate and hospitality.

🔹 What’s Next

Further clarity is expected before year-end on which areas foreigners can buy into, with Riyadh, Jeddah, Makkah and Madinah under consideration. Market watchers anticipate giga-projects will be included given their international positioning. With pending deals already showing 40% foreign participation at Red Sea Global, agents expect momentum to build once regulations are confirmed — potentially transforming Saudi Arabia’s real estate market into one of the Gulf’s most globally accessible.

BlackRock CEO, Aramco Chief, PIF Governor Headline FII9 Speaker Roster

🔹 What Is It About

Riyadh will host the ninth Future Investment Initiative (FII9) from Oct. 27–30, bringing together more than 600 speakers across 230 sessions at the King Abdulaziz International Conference Center. BlackRock CEO Laurence Fink, Aramco’s Amin Nasser, and PIF Governor Yasir Al-Rumayyan headline a roster that includes over 15 heads of state and top global executives. The summit, themed “The Key to Prosperity: Unlocking New Frontiers of Growth,” will explore trade, energy, technology, and AI governance.

🔹 Why It Matters

FII has become Saudi Arabia’s flagship investment summit, securing major global partnerships and investment commitments tied to Vision 2030. Last year saw the launch of Beta Lab, a SR1 billion startup fund, and partnerships spanning infrastructure, real estate, and fintech. The event is designed to align global capital with emerging priorities, guided by PIF’s annual Priority Compass survey — a barometer of public sentiment across 32 countries shaping investment strategies.

🔹 What’s Next

This year’s edition will focus on navigating global paradoxes — fostering innovation while managing risk, advancing energy transitions, and confronting economic fragmentation. With CEOs from JPMorgan, Citi, TotalEnergies, Alphabet, and Brookfield on the agenda, new cross-border deals are expected. For Saudi Arabia, FII9 represents another opportunity to channel international capital into giga-projects, technology ventures, and infrastructure, reinforcing its position as a global investment hub.

👨‍💻From Smashi Business’ Desk

• Dreamers: Shakour Abu Ghazalah, once left with nothing after a bank collapse, turned resilience into Albaik—the Middle East’s fast-food giant.

• Dubai Entrepreneur Saif Kidwai: “Avoiding Tough Calls Is Killing Middle East Company Culture”.

• Apple Unveils Latest iPhone at Dubai Mall, Starting from AED 3,399

🔍In other news…

• Gulf states bolster military spending after strikes on Qatar

• Dubai property deals jump 44.5% in Q2 as off-plan sales drive growth 

• Sunlight holds key for Gulf data center cooling, says tech giant CEO

• Israeli cycling team under pressure from sponsors 

• UAE’s Space42 Partners With Microsoft To Develop Sovereign Mobility Cloud

• Abu Dhabi-Based GSU Buys 51% Stake In Uzbekistan’s Yashil Energiya, First Emirati Renewable Deal In CIS

🏦 Crypto Corner

• Crypto data reveals UAE has mined bitcoins worth $700m

• Michael Saylor — Executive Chairman of MicroStrategy and one of Bitcoin’s most vocal corporate advocates — will make his first-ever appearance in the UAE at Bitcoin MENA in Abu Dhabi.

• Hut 8, part of a American BTC which is partially owned by Donald Trump Jr. and Eric Trump, Gets Approval to Operate in Dubai Financial Hub.

• Abu Dhabi Judicial Department now accept AE Coin.

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