Most Important News

1. Minister Highlights PIF's Three-Pillar Industrial Strategy
2. Crown Prince Hosts William at UNESCO Site
3. Red Sea Exits Paints Business for SAR 14M
4. Musk's SpaceX Shifts Focus to Moon City

At the close of Feb. 9, 2026, the Tadawul All Shares Index(TASI.SA) decreased by 0.19%; the Parallel Market Capped Index (NomuC)(NOMUC.SA) down by 0.89%.

The S&P 500 index(SPX.US) rose on Monday, boosted by technology stocks, while the Dow Jones Industrial Average(DJI.US) reached new heights as investors awaited critical economic data and another batch of earnings reports following a volatile week that ended with the 30-stock index reaching a key milestone.

The broad-based index advanced for a second straight day, rising 0.47% and ending at 6,964.82. The blue-chip Dow eked out a 20.20-point gain, or 0.04%, and settled at 50,135.87. The Dow Industrials scored a fresh all-time intraday high and closing record. The NASDAQ(IXIC.US) jumped 0.9%, closing at 23,238.67.

NVIDIA Corporation(NVDA.US) and Broadcom Limited(AVGO.US) were standouts yet again Monday, extending their gains from the previous session with an advance of 2.5% and 3.3%, respectively. Shares of fellow artificial intelligence player Oracle Corporation(ORCL.US) were up 9.6% after receiving an upgrade to buy from neutral at D.A. Davidson due to optimism around OpenAI and its beneficiaries.

Saudi Targets SAR 150B Mortgage Refinancing

Saudi Arabia targets SAR 150B in mortgage refinancing by 2030 to sustain its financing cycle, Housing Minister Majed Al-Hogail announced at the PIF Private Sector Forum. Foreign real estate ownership regulations, covering Riyadh, Jeddah, Makkah and Madinah, took effect January 22, 2026, with geographic zoning details due in Q1 2026. Al-Hogail noted the framework aims to "avoid price pressures on citizens while ensuring fairness for foreign investors." On municipal reform, the ministry plans to privatize 21 of 29 services by 2030, with over 12 already tendered and investment opportunities exceeding SAR 130B.

Minister Highlights PIF's Three-Pillar Industrial Strategy

Saudi Arabia's unique combination of stability, clear vision and capability empowerment makes it a compelling investment hub, Industry Minister Bandar Alkhorayef stated at the PIF Private Sector Forum 2026. He outlined PIF's three-pillar strategy: direct investment in automotive, defense through Saudi Arabian Military Industries, and pharmaceuticals via Lifera, while expanding Saudi Arabian Mining Co.(1211.SA) and Saudi Basic Industries Corp.(2010.SA); developing supply chains in aluminum, phosphate and railways including the northern industrial corridor; and partnering on regulatory reforms to address sector challenges.

PIF's ROSHN Plans 1.5M sqm Development

ROSHN Group, a PIF-owned company, signed heads of terms with Agility Logistics Parks to develop a 1-1.5 million square meter Grade A logistics hub in Saudi Arabia. The project will be located within a vital national logistics corridor directly connected to a key gateway. ROSHN aims to leverage Agility's global industrial real estate expertise alongside its own development capabilities to deliver the facility, reflecting its expansion into new asset classes.

Crown Prince Hosts William at UNESCO Site

Saudi Crown Prince Mohammed bin Salman hosted Britain's Prince William at At-Turaif District, a UNESCO World Heritage Site in Diriyah, on Monday during William's first official visit to Saudi Arabia. The tour showcased Najdi architectural style including Salwa Palace, the historic government center of the first Saudi state. Prince William arrived in Riyadh Monday evening and was welcomed by Deputy Governor Prince Mohammed bin Abdulrahman bin Abdulaziz.

MS Sees Tech Rally Fueled by AI Revenue Surge

Morgan Stanley's Michael Wilson sees further tech upside as large-cap revenue growth hits decade highs from AI. The Magnificent Seven (Roundhill Magnificent Seven ETF(MAGS.US)) trade at 29x P/E, below five-year averages, while software selloff created opportunities for Microsoft Corporation(MSFT.US) and Intuit Inc.(INTU.US). AI application companies outperform infrastructure builders post-earnings; weaker dollar aids as NASDAQ-100(NDX.US) derives ~50% revenue overseas.

KSA Stocks

Abo Moati Q3 Profit Drops 38% YoY

Abdullah Saad Mohammed Abo Moati for Bookstores Co.(4191.SA) reported Q3 net profit of SAR 5.76M, down 38% YoY, as revenue fell 23% to SAR 61.09M. The decline stemmed from Saudi Arabia's shift from three to two school terms, moving the second-term back-to-school season from Q3 to Q4 and pressuring wholesale sales. For the nine-month period, revenue slipped 8.2% to SAR 200.35M, though net profit rose 1.9% to SAR 22.36M on lower sales, financing, and zakat expenses.

Red Sea Exits Paints Business for SAR 14M

Red Sea International Co.(4230.SA) completed the sale of its subsidiary's 81% stake in Premium Paints Company to Saudi Industrial Paints for SAR 14.013M on February 9. The transaction, part of Red Sea's strategy to exit the paints segment and focus on profitable investments, will enhance liquidity with proceeds allocated to general operations. Final consideration remains subject to closing account adjustments expected by end-Q1 2026; financial impact will reflect in FY2026 results.

USA Stocks

Musk's SpaceX Shifts Focus to Moon City

Elon Musk announced SpaceX is prioritizing lunar projects over Mars, targeting a "self-growing city" on the Moon within 10 years versus 20+ years for Mars landing. The shift reflects shorter timelines and strategic urgency, though Musk reaffirmed the company's mission to "expand consciousness and life to the stars."

Alphabet Raises $20B in Bond Offering

Alphabet Inc. Class A(GOOGL.US) raised $20B via bonds, exceeding the initial $15B target, with orders topping $100B. The offering includes up to seven tranches; the longest matures in 2066 at a 0.95% spread over Treasuries. The company is marketing its first Swiss and UK debt, potentially including a 100-year bond—tech's first since the late 1990s.

Credo Surge 16% on Strong Outlook

Credo Technology Group Holding Ltd.(CRDO.US) surged 16% after hours, reporting preliminary FY2026 Q3 revenue of $404M-$408M, exceeding its prior guidance range of $335M-$345M by 18%. The company projects mid-single-digit sequential growth through late FY2026 and into FY2027, driving full-year revenue growth above 200% YoY.

Hims Plunges 16% on Patent Lawsuit

FDA warned Novo Nordisk A/S Sponsored ADR Class B(NVO.US) that Wegovy ads falsely implied superiority over other GLP-1 drugs and positioned the medication for broader lifestyle issues without data support; shares pared gains from 7% to under 3%. Separately, Novo sued telehealth firm Hims & Hers Health, Inc. Class A(HIMS.US) for patent infringement over generic semaglutide, sending Hims down 16%. Hims called the lawsuit "a blatant attack on millions of Americans" and accused Big Pharma of weaponizing courts to limit consumer choice.