Most Important News

1. US and Iran Agree to Halt Attacks, Will Meet in Qatar This Week;
2. Nofoth Food Signs MOU to Acquire 70% of Al Waal;
3. SpaceX Becomes One of Fastest Companies Added to Nasdaq 100;

At the close of 28/6/2026, the Tadawul All Shares Index(TASI.SA) decreased by 0.23%, closing at 10907.67 points; the Parallel Market Capped Index (NomuC)(NOMUC.SA) rose by 0.42%, closing at 23105.57 points.

As of Friday’s close, the S&P 500 index(SPX.US) decreased by 0.05%, the NASDAQ(IXIC.US) fell by 0.24%, and the Dow Jones Industrial Average(DJI.US) decreased by 0.09%.

US and Iran Agree to Halt Attacks, Will Meet in Qatar This Week

According to Axios, the US and Iran have agreed to cease mutual attacks and will meet in Doha, Qatar this Tuesday to address tensions over the Strait of Hormuz. Despite a recent ceasefire memo, both sides had resumed strikes, with Trump threatening renewed warfare. Talks, originally planned in Switzerland to discuss Iran’s nuclear program, have shifted to Qatar and will focus on Hormuz. US official Nick Stewart is expected to attend.

Iran’s FM: Iran Will Fully Control Strait of Hormuz for 30 Days

According to Al Jazeera, Iranian Foreign Minister Aragchi stated during a visit to Iraq that Iran will supervise and manage the Strait of Hormuz exclusively for the next 30 days. He said all obstacles will be removed and full transit capacity restored, with no other parties involved. Any interference will worsen the situation and delay reopening the strait.

Saudi Arabia Leads GCC Startup Credit Boom, $4.1 Billion Raised

Private debt has surpassed venture capital as the main funding source for Gulf startups. Saudi Arabia led with $3.9 billion out of the GCC’s $4.1 billion in private debt deals for 2025. Most funding went to fintech companies, including Tamara ($2.4B) and Lendo ($740M). The shift is driven by sovereign investments and regulatory reforms, with credit now used earlier in company growth.

Saudi Water Sector Draws $16 Billion Investment

Saudi Arabia has attracted over $16 billion in water sector investments, boosting desalination and efficiency. Private partnerships and Vision 2030 reforms are strengthening water security and sustainability. Saudi Water Week highlights progress and sets the stage for the 2027 World Water Forum in Riyadh.

KSA Stocks

Umm Al Qura Sells Land for SAR 462M in Masar

Umm Al Qura for Development and Construction Co.(4325.SA) sold two land plots in Masar Destination for SAR 462 million to Madar Al-Tase’e, a real estate fund. The deals cover 6,614 sqm and proceeds will support working capital and ongoing projects, boosting the company’s liquidity.

City Cement Approves SAR 16.7M Gas Contract

City Cement Co.(3003.SA)’s shareholders approved a SAR 16.7 million gas connection contract with First Gas Company, along with board remuneration and updates to corporate governance rules. The board was also authorized to distribute interim dividends for 2026.

Nofoth Food Signs MOU to Acquire 70% of Al Waal

Nofoth Food Products Co.(2288.SA) signed a non-binding MOU to explore acquiring 70% of Al Waal Al Bari Beverages, a specialty coffee and bakery business. The 180-day agreement covers due diligence and aligns with Nofoth’s strategy to expand its food and beverage portfolio. Completion depends on due diligence and approvals.

USA Stocks

Musk Approved to Acquire Mesh Optical, Strengthening SpaceX’s Computing Power

The US FTC has approved Musk's purchase of Mesh Optical Technologies, a company founded by ex-SpaceX engineers specializing in efficient, low-latency optical communication for data centers. This follows SpaceX(SPCX.US)'s recent acquisition of AI startup Cursor and new computing partnerships with Anthropic, Google, and Reflection. These moves support SpaceX’s growth plans tied to its upcoming IPO and focus on satellite deployment and space-based AI computing.

SpaceX Becomes One of Fastest Companies Added to Nasdaq 100

SpaceX(SPCX.US) is set to join the Nasdaq 100 less than a month after its IPO, attracting passive investor buying. If it meets requirements, index funds will start buying after markets close on July 6, and SpaceX will be officially included by July 7, with an expected index weight below 1%.

Qualcomm to Bring Data Center Chip Tech to Smartphones for Better AI

QUALCOMM Incorporated(QCOM.US) plans to apply its new high-bandwidth computing chip architecture, first used in data centers, to smartphones—boosting on-device AI performance. The new chips stack memory and computing units for faster, more efficient data processing. The technology launches next year in data centers and could be in mobile devices by 2028. Qualcomm is also in talks with PC and auto makers about this tech.