Good morning, ladies and gentlemen. It’s another busy morning in the Kingdom, leading with news of a fresh private equity fund from Jadwa Investment, which hit its SAR 1 bn first close as the fund works on a handful of investments.

WEATHER- Riyadh is looking at a high of 30°C and a low of 15°C today. Over in Makkah, the mercury will peak at 33°C and hit a low of 22°C. Meanwhile, Abha is looking at a high of 21°C and a low of 12°C.

WATCH THIS SPACE-

#1- Our friends at EFG Hermes hit the halfway mark on their newly-launched USD 300 mn Saudi Education Fund (SEF), Mubasher quotes CEO Karim Moussa as saying. SEF has already secured USD 150 mn from Gulf-based institutional investors and family offices to fuel its private education push in the Kingdom, setting its sights on four additional school acquisitions beyond the seven Britus schools it recently bought from GFH Financial Group. The fund is also open to launching new schools in Riyadh and Jeddah, with plans to scale beyond its initial investment target, Moussa said.

#3- Morgan Stanley Saudi Arabia now has Tadawul approval to engage in market-making activities for Etihad Atheeb Telecom in the main market and iOud Trading in Nomu, according to a statement.

#4- Khobar-based regional Hammad & Al Mehdar law firm is partnering with Kuwait-based Meysan to serve clients across the Middle East, according to a press release. The partnership brings together over 70 lawyers in nine offices, providing expertise in cross-border disputes, corporate transactions, and regulatory matters. “The alliance may explore deeper collaboration, including a potential merger at an appropriate juncture, to further solidify their shared goals and expand capabilities.”

#5- New Zealand-based cybersecurity powerhouse Endace established its regional headquarters in Riyadh with the launch of Endace Saudi Arabia, according to a press release. Endace Arabia will support government entities, defense agencies, and businesses by safeguarding their networks against cyber threats. Its suite of monitoring and detection tools, including advanced packet capture technology, will deliver visibility into network traffic to enhance threat detection and response.

#6- Emirates Steel wants to expand its presence in Saudi Arabia, particularly through involvement in Neom projects, CEO Saeed Al Ghafri said in an interview with Bloomberg Asharq (watch, runtime: 11:36).

#7- The new Commercial Registration Law and Trade Name Law is set to boost local investment by up to 8.8%, the Saudi Gazette reports, citing figures from the Federation of Saudi Chambers of Commerce’s Center for Economic Studies. The law simplifies business operations by removing sub-registries, allowing companies to operate nationwide with one registration.

This reform is expected to save businesses up to SAR 110 mn annually and promote expansion, with a forecasted rise of up to 5.3% in the number of business branches. The domestic private sector currently contributes SAR 1.7 tn to GDP and includes 1.5 mn active commercial registrations, with increased localization and higher female workforce participation.

#8- Fresh off securing its RHQ license in Riyadh, global asset management firm BlackRock has now obtained a commercial license to operate in Abu Dhabi, marking another step in its regional expansion push, Bloomberg reports. Abu Dhabi and Riyadh each control over USD 1 tn in sovereign wealth, making them among the biggest pools of capital in the world, according to the firm’s CEO, Larry Fink.

#9- Saudi Arabia pledges to fight world hunger: The Kingdom joined the International Alliance against Hunger and Poverty, Foreign Minister Faisal bin Farhan Al Saud said during the G20 Summit in Rio de Janeiro, state news agency SPA reports.

DATA POINTS-

The Kingdom’s total unemployment dropped to 3.3% in 2Q 2024, down from 5.6% in 2Q 2019, state news agency SPA reports citing statements from the Minister of Human Resources and Social Development, Ahmed bin Suleiman Al-Rajhi at the Riyadh Economic Forum.

Unemployment among Saudi citizens dropped to 7.1% in 2Q 2024, down from 12.3% in 2Q 2019. The number of Saudi workers in the private sector surged by 35%, reaching 2.3 mn during this period.

SPORTS-

#1- Liv Golf’s Sergio Garcia is set for European circuit return, with the Spaniard having already submitted his application to return to the DP World Tour for next year’s season, Reuters reports, citing a spokesman for the Europe-based circuit. Garcia was part of the 2022 breakaway to Saudi Arabia’s Liv Golf circuit, which landed him a USD 1.1 mn fine along with a suspension — which he will need to resolve to finalize his switch back to the DP World Tour. This also got ink from BBC Sport and Sky Sports.

#2- The Green Falcons’ performance is still underwhelming despite the return of manager Hervé Renard, falling to two goals at the hand of Indonesia in yesterday’s Asian World Cup qualifier, reports Reuters. The loss moved Saudi down to fourth place with six points, following Japan’s 3-1 victory over China, while Bahrain and Australia ended with a 2-2 tie.

REMEMBER- The top two teams in the group will automatically qualify for the 2026 World Cup in North America, while the third and fourth-placed teams will move on to subsequent rounds of qualifiers.

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THE BIG STORY ABROAD-

After securing approval from US President Joe Biden earlier this week, Ukraine hit Russia with long-range US missiles, striking an ammunition storage facility without causing any casualties. Moscow views the move as an “escalation” from the West, particularly as Ukraine would be unable to launch the missiles without the US providing “direct operational support.” The attack comes on the 1,000th day of the war. (Bloomberg | Reuters | Wall Street Journal | Financial Times)

Meanwhile in Rio, the G20 issued a statement (pdf) with what’s being described as weak language, further throwing a wrench in stalled negotiations at COP29. The shortcoming is made all the more concerning as world leaders are in “disarray” before Donald Trump — who is expected to bring yet more chaos and uncertainty — enters office, Bloomberg says. The Financial Times also has the story.

AND- Tennis legend Rafael Nadal stepped off the court for the last time in his 23-year career to retire at age 38. The “king of clay” lost his last singles match 4-6, 4-6 against the Netherlands’ Botic Van De Zandschulp at the Davis Cup yesterday. (Sports Illustrated | New York Times | CNN | Vogue | Reuters)

CIRCLE YOUR CALENDAR-

Red Bull’s Les Mills is bringing the Middle East’s largest fitness festival to Riyadh on Thursday, 30 November, at The Arena. The 12-hour event features global trainers, full-day workouts, exclusive Adidas products, and a women-only “Her Zone.” You can book your tickets online.

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 begins 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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