THIS MORNING: Inflation data set to be released today

Good morning, wonderful people. We’re within arm’s reach of the weekend, with a busy final day of what has shaped up to be a busy workweek.

THE BIG STORY OF THE DAY is the growing tally of investments and sales from Cityscape Global in Riyadh, which yesterday saw announcements of new real estate funds and major investment agreements.

^^ We have chapter and verse in this morning’s news well, below.

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Inflation data for October is set to be released today. Inflation accelerated to 1.7% y-o-y in September, up from 1.6% in August. September’s reading marks the highest inflation rate since February. On a monthly basis, prices inched up 0.1%, driven by a 0.8% uptick in housing rents and prices.

WEATHER- Riyadh is looking at a high of 29°C and a low of 18°C today. Over in Makkah, the mercury will peak at 36°C and hit a low of 22°C. Meanwhile, Dammam is looking at a high of 30°C and a low of 20°C.

WATCH THIS SPACE-

IPO WATCH #1- Samaco Motors is gearing up for an IPO in 2025: Samaco Motors, the exclusive agent of Audi, Bentley, Lamborghini, Porsche, and Volkswagen in Saudi Arabia, plans to go public next year, the company’s CEO Muhammad Wajeeh Sharbatly told Aleqtisadiah. The company has already tapped an investment bank for the IPO. No further information was disclosed on the size or value of the offering.

IPO WATCH #2- Saudi culinary powerhouse Hashi Basha plans to go public on Tadawul’s main market, with Yaqeen Capital — which typically advises companies listing on parallel market Nomu — tapped to manage the offering, Yaqeen said in a filing to Tadawul. Upon completing the IPO, Yaqeen will receive 5% of its 2023 revenue in proceeds, which amounts to SAR 39 mn according to EnterpriseAM KSA calculations. No details were provided on the size or value of the offering.

About Hashi Basha: Founded in 2016, the food chain now operates over 100 branches across the Kingdom.

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#3- Diriyah has an approved project pipeline worth SAR 80 bn, with another SAR 25 bn in additional projects set to be approved in the coming months, Argaam quotes CEO Mohamed Saad as saying on the sidelines of the Cityscape forum yesterday. The Ritz-Carlton Residences and the Raffles Residences projects are approved with contractors appointed, Saad confirmed, adding that both projects are set to open their doors in 2027.

DATA POINTS-

The Industry and Mineral Resources Ministry issued 35 new mining licenses in September, including 24 for exploration, seven for building materials quarry, three for reconnaissance, and one for exploitation, the ministry said in a post on X. The total active mining licenses in the Kingdom currently stand at nearly 2.3k.

SPORTS-

Saudi Arabia and Australia face off in Melbourne today with World Cup qualification on the line, according to the Associated Press. The two teams — each of which have five points — will clash at 12pm (KSA time) today. Japan currently leads Group C with a comfortable 10 points. Only the top two teams from each of the three Asian qualifying groups will secure direct spots at the 2026 World Cup, sending six teams from the AFC to the expanded 48-team tournament. Third-place teams will enter a playoff round for a shot at the inter-confederation playoffs.

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THE BIG STORY ABROAD-

Not much has changed: US president-elect Donald Trump’s cabinet choices continue to top the front pages this morning. His latest appointments — Tulsi Gabbard as director of national intelligence and Matt Gaetz as attorney general — further cement the view that Trump is relying more on loyalty than qualifications to guide his choices. Many of his picks lack a CV with clearly relevant or sufficient prior experience, while other nominations — such as Marco Rubio as secretary of state — are “sprinkled in” as “more conventional selections.” Trump is also reportedly looking at what would be an “unprecedented shakeup” at the Pentagon, after talking about purging “woke generals” as part of his campaign. (Reuters | Bloomberg | Financial Times)

ELSEWHERE- Brazil evacuated its supreme court after two bombings in Brasilia that killed the suspected bomber. The explosions come a few days before the G20 summit is scheduled to kick off in Rio de Janeiro. (Reuters | Bloomberg)

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.

TheBlack Hat MEA 2024 cybersecurity conference and exhibition will take place between 26-28 November at the Riyadh Exhibition & Conference Center in Malham. The event will gather cybersecurity professionals and technology developers. Speakers include information security leaders from Bayer, SoftBank Investment Advisors, the US Intelligence Community, the CIA, and Knostic.

The two-day Zakat, Tax and Customs Conference 2024 will kick off on 4 December at the King Abdullah Financial District. The event will bring together over 50 speakers and 10k attendees to chew over some of the solutions for the applications of zakat, tax and customs.

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.