AGP Executive Report

Saudi-Canada Partnership: Canadian PM Mark Carney’s first Saudi visit in 26 years is turning into a major business push, with Saudi and Canadian leaders in Jeddah signing energy, mining, AI and skills MoUs plus a coordination council to guide the next phase of ties. Gulf Security & Hormuz: GCC states issued their strongest condemnation of Iran’s attacks on the Saudi “Wadiyan” and Qatari “Al Rekayyat” tankers in the Strait of Hormuz, warning they endanger crews and global energy supplies. Iran-US Escalation: Iran says it struck U.S. military targets in the Gulf after U.S. strikes on Iranian sites, as the fragile ceasefire framework faces renewed strain. Shipping Disruptions: Maersk says it will restore a second route using U.S.-flagged vessels via the Suez-Red Sea corridor, aiming to cut transit times as security concerns linger. Local Traffic Notice (Kuwait): Kuwait plans a three-day closure on a Riyadh Street section starting Friday, with detours via ring roads.

Sukuk Boost: Saudi Real Estate Refinance Company (SRC), backed by PIF, priced a $2.75bn government-guaranteed sukuk and doubled its international programme to $10bn after 6.8x oversubscription. Saudi-UAE Banking Strain: Reports say Saudi banks have been blocking or delaying money transfers to UAE accounts since May, with firms citing central bank blocks. Hormuz Tensions: As the US and Iran trade strikes, Canada’s foreign minister called Iran’s attacks on commercial ships “unacceptable,” while the wider ceasefire picture remains shaky. IMF Warning: The IMF’s 3.0% global growth forecast hinges on a Strait of Hormuz reopening that is now close to its deadline, raising alarm for markets. Riyadh Finance Hub: Deutsche Bank received a licence to set up its regional HQ in Riyadh, expanding its Middle East operations. Aviation & Travel: Abha International Airport set a record with 130+ flights in one day; Riyadh Air also opened ticket sales for daily Mumbai–Riyadh service. Tourism & Culture: AlUla unveiled a family-focused summer getaway, and SEVEN Abha’s entertainment destination is set to open Aug. 5.

Strait of Hormuz Tensions: Saudi and Omani foreign ministers met to coordinate on maritime security as the US and Iran traded fresh strikes after Trump said the ceasefire was “over,” with CENTCOM saying it launched additional attacks to “further degrade” Iran’s ability to threaten freedom of navigation. Regional Condemnations: The UAE strongly condemned an Iranian attack on the Saudi-flagged tanker Wedyan, calling it a grave threat to navigation and pledging solidarity with Riyadh; Saudi also condemned Iranian attacks on Gulf shipping. Saudi Resilience & Energy Moves: Analysts pointed to Saudi “economic resiliency” and Aramco’s buffers as the kingdom weathers the Iran war, while Saudi Aramco awarded five-year consulting framework contracts to 11 global firms for major capital projects. Canada-Saudi Ties: Canada’s PM Mark Carney arrived in Saudi for talks with Crown Prince Mohammed bin Salman and an investment forum aimed at expanding economic cooperation. Tourism & Visas: Saudi launched a unified “Package Visa” pilot integrating flights, hotels and visa steps to simplify travel.

Strait of Hormuz Tensions: Saudi Arabia condemned Iran’s attacks on the Wedyan and Al Rekayyat tankers, calling them assaults on navigation and global energy supplies, as the US escalated with strikes on 80 targets and revoked an oil waiver; Maritime Disruption: Reuters reported multiple oil and LNG tankers turning back from the Strait after the attacks, while risk monitors raised the threat level to “severe” and shipping insurers warned of extreme conditions; Aviation Safety: The EU aviation watchdog EASA extended its advice to avoid Iran and Iraq airspace until Aug. 31, citing volatile security and escalation risk; Clean Energy Deal: Saudi Arabia authorized ACWA Power to exclusively export green hydrogen and renewable electricity, expanding its role in NEOM’s Green Hydrogen push; Capital Markets: ASB Capital acted as joint lead manager for Alinma Bank’s $500m sustainable AT1 sukuk, which drew strong demand; Legal Demand Spike: A study found requests for legal support in Saudi Arabia jumped 5,700% since 2024, alongside big rises in tax-related inquiries.

Strait of Hormuz Tensions: Saudi Arabia condemned Iran for targeting the Saudi tanker “Wedyan” and Qatar for the “Al Rekayyat,” as multiple tankers were hit near the waterway and the risk of disruption to global energy routes spiked. US-Iran Escalation: The US launched “powerful strikes” on Iran and revoked a license for Iranian oil sales, saying the attacks on commercial shipping were a ceasefire violation—pushing oil prices up then back toward pre-conflict levels. GCC Solidarity: The GCC secretary-general, along with Saudi, Qatar, the UAE and Bahrain, called the incidents a grave breach of international law and urged deterrent action to protect freedom of navigation. Saudi Logistics Push: Saudia Cargo ordered four Boeing 777-200 freighters to expand its dedicated fleet and boost capacity for e-commerce and exports. Regional Watch: Saudi Arabia is also weighing expansion of its Red Sea oil pipeline to reduce reliance on Hormuz. Sports: Ronaldo’s Portugal were eliminated by Spain, ending his World Cup run, while Saudi-linked football news also points to coaching changes.

World Cup Fallout: Cristiano Ronaldo left his final World Cup with tears after Portugal were knocked out by Spain in the round of 16, while FIFA defended referee Raphael Claus after Donald Trump questioned his integrity over a red card. Saudi Tourism & Travel: Saudi launched a “Package Visa” pilot that bundles visa application with flights, hotels and transport through approved providers to cut paperwork and speed approvals. Energy & Shipping Risk: Two tankers were hit in the Strait of Hormuz amid heightened regional tensions, with a Saudi crude tanker reported damaged as Iran warned of consequences for shipping. Aviation & Logistics: flyadeal began daily Riyadh–Hyderabad flights, and Saudia Cargo ordered four more Boeing 777-200Fs to expand its freighter fleet. Business & Construction: Saudi construction activity accelerated in June, and Bahri Logistics signed to build two advanced offshore support vessels for Ras Tanura operations. Sports Business: Armenia midfielder Eduard Spertsyan reportedly completed a $25m move to Saudi club Al-Ahli.

World Cup Shockwave: Cristiano Ronaldo’s World Cup career ended in tears as Portugal were knocked out 1-0 by Spain in the Round of 16, with Mikel Merino scoring late for Spain’s quarterfinal spot. Oil Market Watch: OPEC+ approved another August output hike of 188,000 barrels per day as prices eased back toward pre-Iran-war levels, while Saudi Arabia cut official selling prices for Asia and Hormuz tanker activity continued to recover. Saudi Economy & Regulation: SCBC’s Istitlaa consultation opened for 60 projects, including draft rules from the Saudi Food and Drug Authority on medicinal product naming/packaging and Hajj-season tourism hospitality penalties. Aviation & Travel: Riyadh Air expanded India service plans, with daily Mumbai–Riyadh flights set to begin from Aug 4. Sports Diplomacy: Pakistan and Saudi Arabia signed an MoU to build a new cricket stadium in Jeddah, pairing Saudi sports growth with Pakistani stadium expertise. Haj Updates: Saudi Arabia’s Haj and Umrah committee opened applications for licensed Haj operators for the 2027 season.

Aviation & Tourism: flyadeal launched nonstop Riyadh–Hyderabad daily A320 service and also began Milan Bergamo–Jeddah/Riyadh routes, boosting direct travel links for Indian workers, pilgrims and leisure passengers. Energy Markets: Oil prices slipped after OPEC+ agreed to raise August output targets by 188,000 bpd, with Saudi among the producers; markets are still watching Strait of Hormuz shipping recovery and Iran-related uncertainty. Finance: Saudi Real Estate Refinance Company (SRC), PIF-owned, mandated banks for a dual-tranche Reg S USD sukuk (5.5-year and 10-year), with investor meetings starting July 6. Real Estate & Hospitality: Marriott signed to open The Westin Abha in Saudi Arabia’s Asir region in 2031, adding 464 rooms plus villas/chalets and wellness-led amenities. Infrastructure & Industry: Worley secured a five-year Aramco deal for Saudi energy projects, covering engineering and project management with digital tools. Sports (Saudi-linked): Riyadh Air announced Mumbai flights from Aug. 4, while football coverage highlights Cristiano Ronaldo’s World Cup run and Spain’s Dani Olmo as key starters.

OPEC+ Oil Policy: Seven OPEC+ members led by Saudi Arabia agreed to raise August production quotas by 188,000 barrels per day, even as Strait of Hormuz traffic only partially recovers and prices stay under pressure. Hormuz & Markets: Oil slid as flows through Hormuz persisted and OPEC+ signaled more supply, with analysts warning prices could fall further. Anti-Concealment Crackdown: Saudi Arabia’s National Program to Combat Commercial Concealment carried out 4,500+ inspections in June, flagging 104 suspected violations for investigation. Saudi-Kenya Diplomacy: Saudi and Kenyan foreign ministers held the inaugural Saudi-Kenyan Political Consultations Committee meeting and signed three MoUs covering direct investment, customs cooperation, and Saudi export-import finance links. Saudia Recognition: Saudia won the 2026 APEX Award for Best Cabin Service in the Middle East. Regional Tensions (Yemen): Yemen’s foreign ministry warned Saudi Arabia against any “folly” after the Iranian civilian flight reopened Sana’a airport, calling it Yemen’s sovereign right. Football & Saudi Spotlight: Cristiano Ronaldo reiterated the 2026 World Cup is his last as Portugal prepare to face Spain, while Saudi club Al-Nassr’s Ange Postecoglou deal keeps Riyadh’s football momentum in focus.

Oil & OPEC+: OPEC+ ministers agreed to raise crude output quotas by 188,000 barrels per day from August, adding to earlier increases as the Strait of Hormuz gradually reopens and oil prices stay under pressure. Retail & Payments: Saudi POS spending rose 1.9% to $3.36bn in the week ending June 27, led by food and beverages, while transaction counts edged down. Business Pulse: Saudi Arabia’s non-oil private sector activity hit a four-month high in June, with output and new business improving even as export orders weakened. Local Regulation: Saudi municipalities exempted several activities from the 24-hour operating permit fee, including fuel stations and many accommodation and health-related services, with operating rules tied to midnight-to-5am. Real Estate: Alandalus plans a dual-curriculum educational complex in Riyadh under a 25-year lease deal worth SAR157m net rental value. Diplomacy & Security: Reports say the next US-Iran talks are set for July 11 in Pakistan, with Iran’s delegation timing linked to Ayatollah Khamenei’s funeral. Sports & Tech: KPMG opened applications for its Global Tech Innovator 2026 as Saudi startups seek global scale-up.

Gulf Diplomacy: Ireland’s foreign minister Helen McEntee is set to travel to Qatar, Saudi Arabia and the UAE to discuss Gulf “stability,” including the Strait of Hormuz crisis and ways the EU can help secure peace. Regional Talks: Saudi media reports the next US-Iran negotiations will be held in Pakistan on July 11, focusing on sanctions, frozen assets and Iran’s nuclear file. Yemen Tensions: Saudi Arabia’s coalition warns it will respond with “unprecedented” force to any Houthi attempt to target Saudi Arabia or violate Yemen’s sovereignty, as Yemen’s Houthis also threaten Saudi airports after an Iranian plane incident. Digital Governance: Saudi Arabia’s Shura Council recommends age verification and social media restrictions for users under 16. Public Services: Tawakkalna added 160 new services in June via 40 public and private entities. Sports & Culture: Ange Postecoglou is named coach of Al-Nassr, inheriting Cristiano Ronaldo’s squad; Riyad Mahrez leaves Al Ahli; and Saudi Pro League action continues with regional basketball qualifiers in Jeddah. Security Crackdown: Saudi authorities arrested 15,500+ residency, labor and border violators in a week.

Yemen Security: Saudi-led coalition warned the Houthis it will respond with “unprecedented force” to any attempt to target Saudi Arabia, saying Houthi claims are meant to divert attention from abuses and violations against Yemenis. Regional Tensions: The dispute over airspace and an Iranian civilian flight to Sanaa continues to escalate, with Yemen’s Presidential Leadership Council calling it a “flagrant violation” of sovereignty. Iran Funeral Diplomacy: Iran began a week of ceremonies for Supreme Leader Ali Khamenei in Tehran, drawing major public turnout and mixed foreign participation, including Gulf states such as Saudi Arabia. Saudi Domestic & Quality of Life: Asir municipalities said urban landscape maintenance projects are improving the experience for residents and visitors. Saudi Economy & Investment: IIG is set to host a “Real Estate Reception” at the House of Lords to connect Saudi and UK investors and developers. Saudi Sports & Transfers: Saudi Pro League club Al-Nassr appointed Ange Postecoglou as coach on a two-year deal, with reports also linking Mohamed Salah to Saudi after his Liverpool exit. Tourism Tech: Saudi tourism is leaning into AI to personalize travel planning and recommendations.

Al Nassr’s Big Hire: Ange Postecoglou has signed a two-year deal to coach Saudi Pro League champions Al Nassr, taking charge of Cristiano Ronaldo and a star-studded squad including Sadio Mané, João Félix and Kingsley Coman. Yemen Tensions: Yemen’s Houthis claim Saudi warplanes entered Yemeni airspace near Sanaa to stop an Iranian civilian flight carrying more than 200 sick and wounded passengers, warning of “comprehensive response” and targeting Saudi airports if violations continue. Diplomacy Watch: Saudi and Pakistan leaders reaffirmed plans to deepen ties during a Jeddah meeting, with officials also highlighting cooperation on sports, including a new Jeddah cricket stadium project. Energy Markets: Oil prices were steady with traders watching fragile US-Iran peace efforts, as Strait of Hormuz shipping hopes compete with lingering uncertainty. Security & Trade: Saudi ZATCA says it stopped an attempt to smuggle 208,836 amphetamine pills through Al Hadithah, arresting suspects after customs inspection.

Crackdown & Security: Saudi Manpower Solutions signed a $21.5m shelters contract with the Ministry to house absent and unemployed domestic workers, as the Kingdom continues tightening labor support systems. Sports & Tourism: The Saudi Arabian Cricket Federation and Pakistan Cricket Board agreed to develop an international cricket stadium in Jeddah, aiming to grow the sport and attract major events under Vision 2030. Investment Pulse: Foreign private capital poured about $5.3bn into Saudi private markets in 2025, with the Saudi Venture Capital Company saying international investors now view the Kingdom as a destination. Oil & Trade: Oil prices held near recent levels as shipping through the Strait of Hormuz improves and markets weigh cautious optimism over US-Iran diplomacy. Tech & Regulation: Saudi Arabia is weighing new rules for under-16 social media, while the Communications council reviewed telecom and tech commission reporting. Health: A Saudi cohort study found juvenile idiopathic arthritis is the leading cause of non-infectious paediatric uveitis, with biologic therapies linked to high remission rates.

US-Iran Mediation: Pakistan’s Ishaq Dar spoke by phone with Saudi FM Prince Faisal bin Farhan, saying both sides are satisfied with “positive progress” in Doha talks and want negotiations to continue soon. Regional Diplomacy: Dar and Faisal also reviewed broader regional developments as mediation efforts move forward. Anti-Corruption Drive: Saudi Arabia’s Nazaha arrested 130 citizens and expatriates in corruption-related cases after 1,585 inspections and 385 investigations. Oil & Markets: Saudi crude exports are back near pre-war levels as Ras Tanura loadings resume; Aramco is also shifting toward spot sales to Asia, while oil prices slide on supply recovery. Business & Housing: Retal signed conditional agreements with Roshn to develop 163 homes in Makkah worth SAR124m, and Al Tahaluf rebranded as HOV Global after increased ownership by K. Hovnanian. Travel Links: New direct flights connect Budapest with Riyadh, and flynas launched its first capital-to-capital route between Riyadh and Budapest. Sports: Saudi Arabia’s World Cup campaign continues amid football chatter, while Lebanon edged Saudi in World Cup qualifiers despite Saudi’s strong free-throw showing.

Gulf Security Talks: Qatar took part in the GCC Interior Ministries’ cooperation meeting in Riyadh, with ministers agreeing steps to boost coordination. Air Travel Disruptions: Cathay Pacific will restart Middle East passenger flights—daily to Dubai and four-times weekly to Riyadh—from September, while other carriers keep shifting or extending suspensions. Oil & Shipping: Saudi Aramco resumed exports from Ras Tanura; at least five supertankers left the Strait of Hormuz and Aramco is using spot pricing to move more crude to Asia. Digital Leadership: Saudi Arabia retained the No.1 spot in the 2026 ICT Development Index for a second year, citing digital infrastructure and connectivity gains. Sports & Culture: Pakistan and Saudi Arabia signed an MoU to build an international cricket stadium in Jeddah, aiming to meet ICC standards and grow cricket under Vision 2030. Local Economy & Tourism: Jazan tourism jumped 47% in 2025, and rural farms in Al-Baha and Jazan are drawing more visitors with farm stays and nature experiences. Business & Housing: Retal signed deals worth about $33m to develop 163 homes in Makkah.