Good morning, friends. It’s a reasonably brisk Monday morning, with fresh projections from the Institute of International Finance projecting turbocharged GDP growth for Saudi in 2025 on the back of resumed oil production and continued investments in megaprojects.

ALSO- Foreign Minister Prince Faisal bin Farhan is leading Saudi Arabia’s delegation at the G20 summit in Rio de Janeiro, according to state news agency SPA. He arrived yesterday to represent the Kingdom in place of Crown Prince and Prime Minister Mohammed bin Salman. Joining him at the summit is Finance Minister Mohammed Al Jadaan.

HAPPENING THIS WEEK-

IPO WATCH #1- The offering period for Multi Business Group’s (MBG) Nomu IPO wraps up today. The local contractor is guiding on a price range of SAR 13-15 per share for its offering of a 20% stake.

IPO WATCH #2- The two-day retail subscription to United International Holding Company’s (UIHC) Tadawul IPO kicks off tomorrow. UIHC priced its IPO at the top of its indicative range at SAR 132 apiece. The final pricing will see selling shareholders lock in SAR 990 mn in total proceeds, giving the firm a market cap of SAR 3.3 bn at listing. The institutional tranche of the offering was sold out within minutes of opening last month, with investors submitting SAR 131 bn in bids, making the offering 132x oversubscribed.

IPO WATCH #3- Qualified investors have until Thursday to subscribe to Arabica Star’s 25% stake offering on Tadawul’s parallel market Nomu. Each investor can subscribe to a minimum of 10 shares, and a maximum of 68.7k. The final allocation of shares is slated for Tuesday, 26 November, while refunds (if any) will take place on Thursday, 28 November.

The Riyadh Economic Forum kicks off today, with Governor of Riyadh Prince Faisal bin Bandar bin Abdulaziz set to inaugurate the three-day event. The forum will bring together ministers and industry experts to discuss key economic challenges and means for stimulating regional investment, leveraging AI for growth, and boosting returns from natural resources.

Other forums getting underway today:

  • The Roadshow SearchInform 2024 event will kick off in a couple of hours at Crowne Plaza Riyadh Minhal. The event focuses on information security, bringing together business executives, IT experts, and policymakers to share insights and advice on data protection;
  • The three-day regional trade exhibition Heavy Equipment and Truck Show kicks off today in Dammam;
  • The two-day Women’s Economic Forum 2024 will kick off in Dammam tomorrow.

NEWS TRIGGERS-

A handful of news triggers coming up in the next few weeks:

  • Trade balance for September (Sunday, 24 November);
  • Riyad Bank PMI for November (Tuesday, 3 December);
  • State budget approval and release (December).

WEATHER- Riyadh is looking at a high of 30°C and a low of 16°C today. Over in Makkah, the mercury will peak at 35°C and hit a low of 24°C. Meanwhile, Dammam is looking at a high of 31°C and a low of 19°C.

PSAs-

#1- Local school morning lineups for the winter semester now start between 6:45am and 8:15am, according to Al Watan. Riyadh schools start earliest at 6:45am, while Makkah, Jeddah, Al Madinah, and others will begin at 7:15am.

#2- Property owners looking to rent their spaces out to Hajj pilgrims are required to obtain permits from authorized engineering consultancy offices before the end of Rajab (30 January, 2025) with permits issued by the end of Shaaban (28 February), state news agency SPA reports. The Pilgrims Housing Committee in Makkah is now accepting applications for new and renewed permits to host pilgrims for the upcoming Hajj season.

WATCH THIS SPACE-

#1- The Ins. Authority is rolling out new reins. regulations from 1 January, 2025 in a bid to increase the ins. sector’s contribution to the local market and boost domestic players’ revenues, according to separate statements to Tadawul from Gulf Ins. Group, Walaa Cooperative Ins., and Saudi Re (here, here and here), referring to a circular from the authority. The new rules stipulate that at least 30% of all reins. treaties and facultative risks must be ceded to the local market before involving foreign reins. Firms.

#2- Amana Cooperative Ins. has gotten the Ins. Authority greenlight to launch a professional laibility ins. product tailored to engineers and architects across the Kingdom, it said in a filing to Tadawul.

#3- Riyadh will host the 2026 UN World Data Forum, the General Authority for Statistics (Gastat) said in a post on X. The event — the exact dates for which have yet to be determined — will bring together over 20k participants, including government officials, statisticians, and sector experts, to tackle global data challenges.

DATA POINTS-

#1- Riyadh Season 2024 reeled in 6 mn visitors, according to a statement from the General Entertainment Authority. This comes one week after General Entertainment Authority Chairman Turki Al Sheikh disclosed that the festival had drawn in 4 mn within less than a month of launching. Last year’s event saw a total of 20 mn visitors throughout its five-month run.

#2- Jeddah’s King Abdulaziz International Airport accounted for the largest number of complaints in 3Q 2024 at 63, or 28% of total complaints, Al Watan reports, citing figures from the General Authority of Civil Aviation (GACA). Riyadh’s King Khalid International Airport and Dammam’s King Fahd International Airport were tied for second at 30 complaints each during the period, while Madinah’s Mohammed bin Abdulaziz Airport followed at 18 complaints.

The authority has also issued 229 new licenses for air transport services this year, with licenses to foreign carriers accounting for 99, or 43% of the total.

SPORTS-

Mexican boxer Gilberto “Zurdo” Ramirez was crowned unified cruiserweight champion after defeating UK fighter Chris Billam-Smith by unanimous decision on Saturday at the Riyadh Season Latino Night event, according to Dazn.

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THE BIG STORY ABROAD-

Biden agrees to Ukraine hitting Russian targets with US long-range missiles: In a change of pace from the wall-to-wall coverage of US elections, the international press is focused this morning on reports that Washington agreed to let Ukraine use long-range US missiles to hit targets “deep” in Russian territory. The approval marks a change in Washington’s policy on Kyiv and Moscow’s ongoing war, which officials and other sources quoted in several newspapers say comes on the back of North Korea sending ground troops to support Russian forces. North Korea had sent 10k elite troops to Russia’s Kursk region near Ukraine’s northern border last week to help Russia regain control of the territory. The story is getting play in the New York Times, the Washington Post, Bloomberg, Reuters, the Wall Street Journal, and the Financial Times.

IN OUR NECK OF THE WOODS- An Israeli airstrike on a building in central Beirut yesterday killed Hezbollah’s chief spokesperson, Mohammed Afif. Israel also attacked Mar Elias in the center of the Lebanese capital, killing at least two and wounding 22. Reuters and the Financial Times have coverage.

CIRCLE YOUR CALENDAR-

The Invest in Health Forum is set to take place in Najran this Wednesday, 20 November.

The Saudi Rail Conference and Exhibition will take place this Wednesday and Thursday, 20-21 November at the Riyadh International Convention and Exhibition Center.

The Black 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 Saudi Green Initiative Forum will kick off on Tuesday, 3 December, according to a statement. The forum will coincide with COP16 of the United Nations Convention to Combat Desertification, which will be held in Riyadh between 2 and 13 December.

The two-day Zakat, Tax and Customs Conference 2024 will kick off on 4 December at the King Abdullah Financial District.

The Red Sea International Film Festival will run from 5-14 December in Jeddah.

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.

The Fortune Global Forum is coming to Riyadh in December 2025, according to a press release. The forum serves as a platform for the leaders of the world’s largest companies, policymakers, and other influential figures to discuss global economic and business trends, challenges, and opportunities.

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