PIF is back to a reawakening USD bond market

Good morning, ladies and gents. We start off the week with a debt-focused issue, led by the Public Investment Fund’s first USD bond issuance since the war broke out. We also look at what renewed Iran hostilities could mean for Saudi-US relations.

Riyadh to Mumbai. Abu Dhabi to Singapore. Dubai to London. Cairo to Shenzhen.

The most important business stories in MENA aren’t happening inside MENA anymore — they’re happening at the edges, where regional capital meets global ambition.

EnterpriseAM MENA+ is our new flagship newsletter, built to cover the flows of capital, people, and ideas across the Middle East — and beyond it. AI, geopolitics, the war for talent, sovereign wealth strategy, the changing energy economy, and the new corridors reshaping global trade.

Tap or click here to get your own copy delivered to your inbox every Monday, Wednesday, and Friday at 12 pm UAE | 11 am KSA | 11 am Egypt.

Watch this space

IPO — Ninja lines up banks: Delivery app Ninja reportedly tapped Citigroup, Goldman Sachs, Riyad Capital, and UBS to advise on a potential Tadawul IPO that could raise USD 1 bn by late 2026 or early 2027, Bloomberg reports, citing sources it says are in the know. The plans are preliminary, with the company also considering a private funding round instead of a listing, the sources said.

REMEMBER: The company has reportedly been exploring IPO options since March, despite regional tensions tied to the Iran war. Executives also met investors in London around that time, as part of early market soundings, with the focus on listing in Tadawul rather than overseas exchanges like the NYSE.

If it goes ahead, Ninja would slot into a Saudi IPO pipeline that’s still active even as Gulf listings have slowed. A few names are already moving forward, including Dar Al Balad for Business Solutions, which became the first IPO launch since the conflict began, targeting about USD 55 mn. Mutlaq Al Ghowairi Contracting and Arabian Dyar are also reportedly eyeing listings before their CMA approvals expire in late June.

There’s a reason the local market keeps coming up. Tadawul has held up relatively well through the geopolitical noise, with energy-heavy TASI index supported by stronger oil prices and heavyweight stocks like Aramco, making it a more stable exit route compared to more volatile global markets.

DEBT — KSA could be looking at bns of USD from global index inclusion: Some USD 10 bn in foreign inflows are expected after Saudi Arabia’s bonds are added next year to the JPMorgan Government Bond Index for Emerging Markets and the Bloomberg Emerging Market Local Currency Government Index, Saudi Exchange CEO Mohammed Alrumaih told Bloomberg.

ICYMI- The Kingdom’s SAR-denominated sovereign sukuk will be joining JPMorgan’s EMGBI starting 29 January 2027. The sukuk will be added incrementally to EMGBI, to eventually comprise 2.5% of the index. At the moment, eight Saudi sovereign sukuk — totaling nearly USD 69 bn — meet the requirements for inclusion.

The pace of the inflows will depend on investor sentiment and broader market conditions, with the index inclusion set to support the market, Fitch Ratings’ global head of Islamic Finance Bashar Al Natoor told the business information service. Saudi Arabia’s debt market traded just over USD 3 bn over-the-counter bonds in 1Q, with foreign investors holding about 8% of local government bond issuance, Al Natoor added.

Data point

54.5 points — that’s where Saudi Arabia’s Business Confidence Index(BCI)(pdf) stood in April, rising from 52.1 in March. Sectoral level readings also showed an increase, sitting further into the optimistic zone, with industry at 53.5 points, services at 53.9 points, and construction at 55.7 points (up 5.1% m-o-m).

Blue Wave fans are rejoicing

Al Hilal took home the 2025-2026 King’s Cup after beating Al Kholood Club 2-1 in the final at King Abdullah Sports City. Al Kholood had taken an early lead thanks to Ramiro Enrique, before Nasser Al Dawsari and Theo Hernández turned the match around for Al Hilal.

A notch in the new head coach’s belt: The victory marks Al Hilal’s first domestic title under head coach Simone Inzaghi, who joined in June 2025.

Attention now turns to the Saudi Pro League, where Al Hilal will meet Al Nassr on Tuesday. Al Hilal are five points behind the leaders but hold a game in hand, keeping the title race alive ahead of the showdown.

***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.

EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Tas’heel and Hassan Allam Properties.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.

DID YOU KNOW that we also cover Egypt, the UAE, the MENA logistics industry, and the MENA India corridor?

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.
***

The big story abroad

Global headlines are abuzz with geopolitical updates from around the world. After reports of US-Iran clashes on Friday, the situation in the Strait of Hormuz appeared to reach relative calm as of yesterday, while Washington awaits Tehran’s response to its latest proposals. A Qatari LNG vessel is attempting to transit the waterway in what sources characterize as Tehran’s bid to build confidence with mediators in Doha and Islamabad.

Meanwhile, the world’s oil inventory is shrinking, with one estimate placing the drop at roughly 4.8 mn bbl / d between March and April. As the global economy is forced to draw increasingly from its security buffers, the risk of more volatile price fluctuations and severe supply shortages rises.

Over in the UK, Prime Minister Keir Starmer declared he plans to stay in office following calls for his removal after the Labor Party’s dire performance in local elections — the worst results by a governing party in decades. Right-wing party Reform UK and Welsh nationalist party Plaid Cymru made notable gains at Labor’s expense in key areas.

Brazil’s IPO dry spell is over: Energy player Compass sold around USD 655 mn in shares in Brazil’s first landmark listing in nearly five years. The ongoing regional conflict, which shot up crude prices, prompted foreign investors to pump funds in the oil exporter, as well as other energy heavyweights.

Another virus outbreak on the brink? World Health Organization officials are working to contain a hantavirus outbreak reported on a cruise ship carrying around 150 passengers. The vessel is due to arrive at Spain’s Tenerife island today.

Related