THIS MORNING: Almajed Oud shares hit Tadawul today

Good morning, friends. It’s another relatively balanced news morning here in the Kingdom, with a couple of IPO and capital markets updates to go along with the latest figures on commercial registrations and startup funding.

ALSO- King Salman is undergoing medical tests for lung inflammation, state news agency SPA said yesterday, citing a statement from the Royal Court. SPA did not provide any further details on the tests, which King Salman was scheduled to begin yesterday. The king had received treatment earlier this year for lung inflammation.

HAPPENING TODAY-

Almajed Oud’s shares start trading on Tadawul’s main market today, Tadawul said on X. The perfume maker wrapped up its 30% stake offering last month at SAR 94 apiece, allowing it to raise SAR 705 mn in proceeds, and giving it a market cap of SAR 24 bn at listing. The institutional tranche of the offering was 15.6x oversubscribed and the retail tranche was 8.2x oversubscribed.

WEATHER- Riyadh is looking at a daytime high of 36°C and a nighttime low of 25°C today. Over in Madinah, the temperature will peak at 40°C before dropping to 27°C. Meanwhile, Jeddah will see a high of 36°C and a low of 28°C.

HAPPENING THIS WEEK-

The Gulf Municipal Works Conference is on its second day at the Ritz-Carlton in Riyadh and will wrap tomorrow. The event brings together officials and experts from across the GCC to explore key issues pertaining to urban development and sustainability.

PSAs-

#1- Today is the last day for property owners to register their properties in the Qurtubah neighborhood in Buraidah, according to the Real Estate General Authority. Owners can register online, and receive a real estate number and title deed with all the important details about their property. Registration requests will still be accepted in other announced areas after the deadline. Fines apply for late submissions.

#2- Investors have until tomorrow to subscribe to the Finance Ministry’s October sukuk issuance, according to a post on X. The issuance offers a 4.92% yield. The minimum subscription amount is SAR 1k, and the maximum is SAR 200k. Allocations are slated for Tuesday, 15 October.

DATA POINTS-

Trading volumes in Tadawul’s sukuk/bond market logged SAR 16 bn across 119 negotiated trades in 9M 2024, according to a survey by Argaam. July emerged as the top-performing month, with transactions worth SAR 8.5 bn.

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THE BIG STORY ABROAD-

It’s exactly one year since Hamas’ attacks on Israel triggered a deadly and ongoing campaign in Gaza that has since seen thousands of Palestinians killed — with the estimate for the exact number of deaths contested by multiple sources as many remain missing or under rubble. The UN estimates over 42 mn tons of rubble, which could take more than a decade to clear, Reuters reports.

Israel’s military marked the eve of the anniversary of the start of the war with an aerial and ground offensive in Gaza, said to be the largest in months, killing 26 people in Deir al Balah through two attacks on a school and mosque that are now shelters for the displaced, Reuters reports separately. It also struck Jabaliya in northern Gaza, dropping leaflets to tell residents they’re attacking the area. In Lebanon, Israel bombarded Beirut overnight, while Hezbollah struck a military base near Haifa in Israel, the Guardian reports.

IN THE BUSINESS PRESS- It’s relatively quiet, typical for the start of a new week, but only for a little while as earnings season kicks into gear with 3Q figures set to trickle in as of 11 October. Speculations and forecasts are already making headlines, with Reuters taking note of an expected weakening recovery in Samsung’s earnings and of UBS’ forecast of an average 4.7% growth in S&P 500 earnings this quarter.

CIRCLE YOUR CALENDAR-

The three-day 6 Kings Slam event at Riyadh’s Venue kicks off on Wednesday, 16 October, featuring all-star players competing for the largest purse in tennis history. The matches will see face offs between tennis champs Novak Djokovic, Rafael Nadal, Jannik Sinner, Carlos Alcaraz, Daniil Medvedev, and Holger Rune (watch, runtime: 5:15). The final and third-place match will be held on Saturday, 19 October. Book your tickets here.

The Professional Fighters League’s (PFL) Battle of the Giants is coming to Riyadh on Saturday, 19 October. Headlining the card, MMA superstar Francis Ngannou will face PFL heavyweight champion Renan Ferreira for the title of inaugural PFL Super Champion. Meanwhile, women’s featherweight champion Cris Cyborg will square off against Larissa Pachecho for the World Title Fight in the co-main event. Expect fireworks with additional matchups featuring Johnny Eblen vs. Fabian Edwards and A.J. McKee vs. Paul Hughes.

The two-day Multilateral Industrial Policy Forum will kick off in Riyadh on Wednesday, 23 October. The forum will address global industrial challenges, focusing on topics like industrial policy, clean energy, and advanced manufacturing tech. The forum is organized by The Industry and Mineral Resources Ministry in partnership with UNIDO. The Kingdom will also host the UNIDO General Conference in 2025.

The four-day Biban24 Forum organized by Monsha’at will run from Tuesday, 5 November to Saturday 9 November in Riyadh. It will feature over 250 speakers and 1.4k exhibitors, focusing on supporting the growth and competitiveness of SMEs, as well as promoting entrepreneurship in the Kingdom. Biban24 will also host the Entrepreneurship World Cup finals, offer 420 workshops, and focus on key sectors like e-commerce and financing.

The Saudi General Aviation Airshow Sand & Fun 2024 will run from Tuesday, 19 November to Saturday 23 at Al Thumamah Airport, Riyadh. Organized by the Saudi Aviation Club, the event will feature 100+ exhibitors and 15 airshow teams, with over 100k visitors expected. Sand & Fun is a key platform for exploring aviation tech, fostering partnerships, and driving industry growth.

The four-day Saudi Film Forum 2024 will kick off Wednesday, 9 October in Riyadh, featuring areas for agreement signings, consulting, studio simulation, film talks, cinematic arts, and a little filmmaker section for children.

The Saudi Winter festivities are back, starting October until the end of March 2025, with over 1k events spread across seven key destinations — Riyadh, Jeddah, AlUla, the Red Sea, Eastern Province, Madinah, and Hail. Expect everything from Riyadh Season’s entertainment spectacles, the Dakar Rally, and MDL Beast’s massive music festival, to hiking trails, camps and winter caravans, with special offers available through the Visit Saudi app (Google Play | App Store).