Preliminary TAWAL talks, NDA only, no MoU, no financial impact yet.
An NDA is a disclosure obligation, not a deal. Note who ends up owning national infrastructure as these consolidate.
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PIF publishes its year
The Public Investment Fund's 2025 results show revenue up 9% to $120 billion and net profit more than doubling to $17 billion, with assets under management above $900 billion against $530 billion in 2021, annualised total shareholder return of 5.8% since 2017, 80% of assets held domestically and 55% in alternatives. PIF put its contribution at 11% of Saudi non-oil GDP in 2025 and $342 billion cumulatively from 2021 to 2025, with $199 billion deployed domestically over that period and international investments up 12% in 2025.
Revenue grew 9% and profit more than doubled, and the gap is portfolio companies beginning to pay out, not the fund's businesses running twice as well. The maturation of the new strategy is built on, showing up before the strategy did.
Two thousand now, thirty thousand later
Expo Riyadh 2030 has nearly 2,000 people on site, expected to rise to between 20,000 and 30,000 by the end of next year. The 6 million square metre site across 5 districts is expected to host 197 nations and 29 organisations and draw more than 42 million visits, opening on 1 October 2030 and running through March 2031. Organisers said they see no anticipated issues over the next 6 to 8 months as the war tests supply lines.
Labour and local sourcing are the main challenges, not capital. If you work with the construction sector, focus on building your domestic supply credentials before the workforce grows to 20,000 or 30,000 people.
Brussels clears the path for EA
PIF's consortium set to win EU approval for the $55bn EA take-private — history's largest LBO — merger clearance due 22 July, subsidy review closes 30 July.
The takeaway: $55bn for a games company is the clearest statement yet that entertainment is not a side bet, gaming is a Saudi strategic asset class.
