Good morning, wonderful people. Today’s news flow is dominated primarily by the Future Investment Initiative forum, which is on its second day here in Riyadh. We have a rundown on the highlights of the first day in this morning’s news well, below.

HAPPENING TODAY-

#1- Bank Albilad’s CSOP MSCI Hong Kong China ETF will start trading today on Tadawul. The lender closed the offering period for the fund earlier this week after raising SAR 4.49 bn, according to a post on Linkedin. The Shariah-compliant ETF is shaping up to become the largest in the region, with its initial size surpassing Qatar Exchange-listed Al Rayan Qatar ETF which has so far been the Middle East’s largest Islamic ETF, Reuters reported citing LSEG data.

More on the fund: The ETF tracks Hong Kong-listed Chinese stocks, with its launch reciprocating Hong Kong’s move to list a Saudi-focused ETF on the Hong Kong exchange in November of last year. Yet another HK-focused ETF is in the works, with Saudi Awwal Bank’s SAB Invest lining up CMA approval last week to list its Hang Seng Hong Kong ETF on Tadawul.

#2- Riyadh will host the Global Coalition for the Two-State Solution’s first high-level meeting today, state news agency SPA reported yesterday.

WEATHER– A rainy Riyadh is looking at a high of 29°C and a low of 18°C today. Over in Jeddah, the temperature will peak at 39°C and hit a low of 29°C amid moderate rainfall. Madinah will see heavy rainfall and winds, with a high of 33°C and a low of 23°C

PSAs-

#1- Reminder to get your licenses in order before running a tourism business: Investors and operators of tourism facilities must obtain the required licenses before running their properties, with penalties for repeat violations set to double, according to state news agency SPA. The announcement comes after recent Tourism Ministry inspections found multiple regulatory breaches, it added.

#2- Property owners in 12 Riyadh neighborhoods have until tomorrow to register their properties online for a property number and title deed through the Real Estate Registry website, the Real Estate General Authority said in a statement. The neighborhoods are Tuwaiq, parts of Uraidh, King Abdulaziz, As Sulaimaniyah, Al Wazarat, Al Fakhriya, Ulaysha, Al Sinaiyah, Al Khalidiya, Ad Dar Al Baida, Ad Difa, and parts of Dahiat Namar. Missing the deadline may result in fines.

WATCH THIS SPACE-

#1- Goldman Sachs opened a new office in Riyadh’s King Abdullah Financial District, with operations scheduled to kick off next year, Bloomberg reports.

REMEMBER- Goldman Sachs was reportedly the first international bank to receive a regional headquarters license from the Saudi Investment Ministry. The bank has advised on several recent major transactions, including Aramco’s USD 11.2 bn secondary offering.

#2- Four companies received the Capital Market Authority’s (CMA) approval to debut on Tadawul’s parallel market Nomu, Argaam reports. The companies are Itmam Consulting, which plans to put 14.3% of its capital up for grabs to qualified investors, International Unions for Trade (offering a 13% stake), Alshehili for metal industries (offering 20%), and Basma Adeem Medical (offering 20%). Approvals are valid for six months.

#3- German flight operator Eurowings received clearance for weekly flights between Jeddah and Cologne and Berlin from the General Authority for Civil Aviation, the authority said on X. The carrier will operate three weekly flights between Jeddah and the two German cities. Cologne flights will start next Tuesday, 5 November, while Berlin flights will begin the following day.

DATA POINTS-

#1- Air traffic across Saudi airports increased 15% y-o-y to 94 mn passengers in 9M 2024, the General Authority for Civil Aviation said. Flight numbers increased 10% to 671k during the same period, while air cargo traffic saw a 52% bump at 974k tons.

Jeddah’s King Abdulaziz International Airport had the highest passenger count through the first nine months of the year with a 13% y-o-y increase at 35.6 mn passengers. Riyadh’s King Khalid International Airport was next in line, with passenger numbers up 18% at 27.6 mn passengers. Dammam’s King Fahd International Airport followed, with a 16% increase at 9.5 mn passengers.

#2- The PIF’s assets under management (AUM) have risen 21% since the start of the year to SAR 3.49 tn, Aleqtisadiah reports, citing its own calculations based on statements PIF governor Yasir Al Rumayyan at the FII forum.

OIL WATCH-

More oil supply, less demand in 2025? Oil prices are expected to continue their decline into next year, with experts predicting supply will outpace demand by 500k to 1 mn barrels per day, the Associated Press reports, citing Tom Kloza, global head of energy analysis at the Oil Price Information Service. The “limited nature of Israeli strikes against Iran should diminish fears of wider war and shave some of the geopolitical premium on crude oil,” Kloza added.

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THE BIG STORY ABROAD-

It’s another mixed day in the foreign press dominated by US elections news as Kamala Harris delivered her closing remarks ahead of elections, more strikes in Gaza and a worsening humanitarian crisis, and a smattering of business news courtesy of earnings season.

#1- Less than one week from the US elections, Harris doubled down on her fight against The Donald with closing remarks at the Ellipse, where Trump had rallied his supporters on 6 January to fight against his loss in the 2020 elections, resulting in the US Capitol riot. She said Trump was “unstable, obsessed with revenge, consumed with grievance and out for unchecked power,” a day after Trump’s rally in Madison Square Garden hit a lot of nerves due to racist remarks from his allies. (Reuters | CBS | Semafor | The Guardian)

#2- At least 93 Palestinians — at least 20 of whom were children — were killed in northern Gaza yesterday in an airstrike on a residential building, an attack which the US called “horrifying,” Reuters reports. The US envoy to the United Nations also said Israel is not tackling the “catastrophic humanitarian crisis” in Gaza, as it faces a looming deadline imposed on 13 October to facilitate aid into Gaza or potentially lose US weapons support, the Guardian reports separately.

ALSO GETTING ATTENTION- Hezbollah appointed a new successor to its slain leader Hassan Nasrallah, Naim Qasem, in a move showing “continuity” and “resilience,” experts say. (Bloomberg)

#3- A handful of earnings are getting attention:

  • Google owner Alphabet reported a 34% jump in net income on the back of strong performance from its cloud division — results that help appease investors’ concerns over the payoff of Big Tech’s investments in AI. (FT | CNBC | Reuters)
  • Visa also saw its net income jump more than expected in a positive indication of consumer spending, beating market estimates. (Reuters | CNBC | FT)

ALSO- For the fellow iSheep, have you seen Apple’s new releases? The tech giant released its new Mac Mini — the tiniest desktop machine in its history — as well as the M4 iMac, and rolled out its first Apple Intelligence software capabilities across iOS, iPadOS, and macOS a day earlier.

CIRCLE YOUR CALENDAR-

WWE Raw is coming to Riyadh for the first time ever this coming Saturday and Sunday, 2-3 November, kicking off on the back of the WWE Crown Jewel event the day prior, Turki Alalshikh said in a post on X. You can book your Raw tickets here, and your Crown Jewel tickets here.

The two-day Road Safety and Sustainability Conference and Exhibition will open its doors next Sunday, 3 November, bringing global experts together to discuss technological advancements, AI applications, and sustainability in the transport sector.

The Saudi Rail Conference and Exhibition will take place on 20-21 November at the Riyadh International Convention and Exhibition Center. The event will showcase developments in the railway sector and provide insights from over 150 local and international speakers.

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