Good morning, wonderful people, and welcome to a busy Sunday to kick off a new month. We have news of another handful of agreements and announcements from the final day of the Future Investment Initiative forum, as well as positive news from the Kingdom’s GDP growth figures in 3Q 2024. Let’s jump right in.

HAPPENING TODAY-

#1- The WTA Finals are on their second day in Riyadh today and continue until next Saturday. Day one saw world no.1 Aryna Sabalenka beating China’s Zheng Qinwen 6-3, 6-4, and Italy’s Jasmine Paolini beating Kazakhstan’s Elena Rybakina 7-6, 6-4. Poland’s Iga Swiatek and Czech Barbora Krejčíková will face off at 2:30pm, while Coco Gauff and Jessica Pegula will go head-to-head in an all-American match at 5pm.

#2- The two-day Road Safety and Sustainability Conference and Exhibition kicks off today, bringing global experts together to discuss technological advancements, AI applications, and sustainability in the transport sector.

WEATHER- Riyadh is looking at a high of 31°C and a low of 20°C today. Over in Jeddah, the temperature will peak at 33°C and hit a low of 28°C amid moderate rainfall. Madinah will see heavy rainfall and thunderstorms, with a high of 32°C and a low of 22°C

PSAs-

#1- The next round of e-invoicing: Companies with more than SAR 2.5 mn in revenues subject to VAT in 2022 or 2023 will have to integrate their e-invoicing solutions with Zatca’s Fatoora platform before 31 July, 2025, Zatca said in a statement. This is the latest phase of an e-invoicing rollout that began in late 2021.

#2- The Kingdom is cracking down on counterfeit products: Traders attempting to sell counterfeit brands will be subject to a fine of up to SAR 1 mn and/or up to one year in jail, the Public Prosecution said on X.

WATCH THIS SPACE-

#1- BlackRock secured approval to establish its regional headquarters in Riyadh, a move which is expected to ramp up the company’s operations in the Middle East, Bloomberg reports, citing a statement. The world’s largest asset manager’s Saudi arm, BlackRock Saudi Arabia, was launched and authorized by the Capital Market Authority in 2018.

#2- Saudi Arabia’s Vision 2030 still requires an estimated USD 3 tn to fully materialize, Capital Market Authority Chairman Mohammed Al Quwaiz said, according to Asharq Al Awsat. Al Quwaiz highlighted the critical need to attract capital from both public and private sources, forecasting that the next major wave of private market growth will be driven by both local and international savings.

#3- Renewables giant Acwa Power could invest up to USD 5 bn in Vietnam, Vietnamese news agencies quote an unnamed Acwa executive as saying (here and here). The executive made the statement during a meeting in Riyadh between Investment Minister Khalid bin Abdulaziz Al Falih, Saudi business representatives, and Vietnamese Prime Minister Pham Minh Chinh. No details were provided on the specific sectors or timeline for the potential investments.

Saudi-Vietnamese MoU signed to boost cross-border investment, trade: Economy and Planning Minister Faisal Alibrahim and Vietnamese Industry and Trade Minister Nguyen Hong Dien signed an MoU to facilitate investment and trade between both countries by organizing joint conferences, seminars, exhibitions, and meetings, state news agency SPA reports. The agreement will also support the formation of joint ventures and economic partnerships and encourage the involvement of SMEs.

DATA POINTS-

Investment licenses increased 50% y-o-y in 1H 2024, with 184 global firms establishing regional HQs in the Kingdom during the period, Aleqtisadiah quotes Economy and Planning Minister Faisal Al Ibrahim as saying at the Future Investment Initiative forum.

BACKGROUND- The Investment Ministry raised the bar for the targeted number of international firms relocating their regional headquarters] to Saudi after surpassing the program’s 2030 objective, with a total tally of 517 international firms issued licenses for Saudi-based regional headquarters by 1H 2024.

OIL WATCH-

OPEC’s oil production rose by 370k barrels a day (bbl / d) in October to reach 29.9 mn bbl / d despite lower output from Saudi Arabia, Iraq, and Iran, according to a Bloomberg survey. The output rise came as output from Libya picked up following a temporary shutdown due to conflicts with the Tripoli-based government over control of the central bank. Libya added 500k bbl / d after the oil fields went live again, reaching a total of 1.03 mn bbl / d.

REMEMBER- Opec+ decided last month to stay the course on its planned oil production target, including plans to phase out supply cuts by December, putting it on course for a 180k bpd hike by the end of the year. The group is scheduled to convene on 1 December to decide whether to hold production steady or adjust according to market conditions.

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THE BIG STORY ABROAD-

There are two stories vying for your attention this morning in the international press, including the latest from the US presidential elections as early voting gets underway and Berkshire Hathaway’s latest earnings.

#1- Kamala Harris is three percentage points ahead of Donald Trump among likely US voters in Iowa, a traditionally Republican-leaning state where Trump secured an eight-point victory over incumbent Joe Biden in 2020. Trump had also secured Iowa’s vote in the 2016 elections. The latest Des Moines Register/Mediacom Iowa Poll released overnight indicates that women voters are driving the unexpected outcome, with 57% independent women voters likely to vote for Harris — compared to 29% in favor of Trump. Among all independent voters, Harris maintained a 13-point lead over Trump. (Wall Street Journal | Financial Times | Reuters)

#2- Berkshire Hathaway’s cashpile has grown to USD 325.5 bn, after the conglomerate moved to sell off its holdings in Apple down to USD 69.95 bn in 3Q 2024 — equivalent to around one-quarter of its shares in the company, according to Berkshire’s 3Q 2024 earnings report (pdf). The selldown of its Apple position — part of a USD 34.6 bn sale of shareholdings in the three months ending in September — also saw Warren Buffet’s firm selling some USD 36.1 bn of its position in Bank of America during the quarter. (Bloomberg | Financial Times | Reuters | CNBC)

CIRCLE YOUR CALENDAR-

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.

The two-day Impact Makers Forum (ImpaQ) is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

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