Good morning, wonderful people. While we can’t quite say we’re entering the end-of-year slowdown — as we have a handful of year-end reports for you to sink your teeth into — the news cycle here at home is beginning to catch its breath as we slide into the final days of 2024.

IN TOMORROW’S ISSUE- The IMF released a comprehensive report (pdf) on the economic outlook and policy challenges for GCC countries. The report dives into the region’s fiscal and monetary policies, energy strategies, and banking systems, and sheds light on economic diversification efforts and key reforms that could shape the region’s future. You can find an in-depth breakdown of what the IMF had to say about the region — and Saudi Arabia specifically — in tomorrow’s issue.

HAPPENING TODAY-

#1- IPO WATCH- The retail subscription window for Almoosa Health’s IPO opens today, where the Al Ahsa-based hospital operator will offer 20% of the 30% stake on offer for two days.

REMEMBER- Almoosa Health priced its Tadawul IPO at SAR 127 apiece — the top of the range it was guiding on — after its institutional offering was 103x oversubscribed. The final pricing will see the firm locking in SAR 1.7 bn in proceeds, giving it a market cap of SAR 5.6 bn at listing. Individual investors will be able to book between 10k-250k shares each, with the final allocation of shares set to be announced no later than Sunday, 29 December.

#2- The Madinah Investment Forum wraps up today, with 200 potential investments worth over SAR 57 bn up for grabs, state news agency SPA reports. Featuring 18 speakers, over 40 entities, and four dialogue sessions, the event highlights Medina’s development projects and promising sectors including hospitality, logistics, agriculture, and real estate.

☀️WEATHER– It’s still sunny and crisp in Riyadh, with a high of 18°C and a low of 6°C. Meanwhile, Jeddah continues to get warmer temperatures at 29°C, tapering off to 24°C. Over in windy Madinah, expect a high of 24°C and a low of 12°C.

HAPPENING TOMORROW-

IPO WATCH- Nice One’s two-day retail subscription window opens tomorrow, where individual investors will be eligible for 10% of the cosmetic company’s main market IPO. They will be able to book a maximum of 250k shares, and a minimum of 10 shares each at SAR 35 apiece.

REFRESHER- The online beauty retailer is taking a 31.5% stake to Tadawul. Nice One priced its IPO at the top of the range after its institutional offering — which wrapped up last week — was 139.4x covered. The final pricing will see it raise SAR 1.2 bn in proceeds, and will give it a market cap of SAR 4 bn at listing.

PSAs-

Industrial establishments must review and update their registered customs items on the Sina’ei platform before 31 January, after the Industry and Mineral Resources Ministry upgraded customs codes to 12 digits from 10 previously, state news agency SPA reports. The update is meant to standardize the customs coding system and improve data alignment with authorities.

FACT CHECK- Health ins. will not apply to all government sector employees, Al Madina reports, debunking claims on social media. The misinterpreted announcement rather pertains to an agreement by the Expenditure and Projects Efficiency Authority, which allows specific government agencies to request health ins. services through the Etimad platform, according to Al Madina’s sources.

The agreement’s targeted groups include ministry representatives, deputy ministers hired on competency contracts, employees in government institutions applying the ins. system, and university presidents hired on competency contracts.

WATCH THIS SPACE-

#1- The Saudi-Yemeni Business Council announced the launch of three companies during its meeting in Makkah, focusing on renewable energy, telecommunications, and trade promotion, Okaz reports. These include a new energy company with an initial capital of USD 100 mn to generate solar energy for Yemen, a telecommunications company operating Starlink satellites, and a company organizing exhibitions to showcase Saudi products and support Yemen’s reconstruction.

#2- Budget carrier Flynas will launch bi-weekly direct flights from Dammam’s King Fahad International Airport to Red Sea International Airport, starting Saturday, 28 December, according to TradeArabia.

#3- The legal system is getting a facelift: The Justice Ministry and the Saudi Bar Association will collaborate to reform the Kingdom’s legal system in a bid to empower lawyers, and facilitate access to legal services, the Saudi Gazette reports, citing statements from Saudi Bar Association officials. Key initiatives include simplifying processes, including creating an automated process for lawyer license renewals with applications processed within 15 days.

#4- The Real Estate General Authority issued off-plan sales licenses for residential real estate projects in Riyadh, according to separate statements posted on X (here, here, and here).

DATA POINTS-

#1- Derayah Financial saw its assets under management grow 45% by the end of 1H 2024 to SAR 15.1 bn, compared to the end of 2023, the company’s CEO Mohammed AlShammasi told Argaam. Factoring in assets under custody, value rose 22% during the same period to SAR 40 bn.

#2- Asset manager Areeb Capital’s assets under management rose 740% y-o-y to SAR 19.69 bn by the end of 3Q 2024, the company said in a press release.

SPORTS-

FROM THE RUMOR MILL- Marcus Rashford may leave Manchester United for Saudi: As the January transfer window approaches, Saudi Pro League clubs Al Ahli, Al Ittihad, and Al Qadsiah have reportedly shown interest in English forward Marcus Rashford, according to TalkSport. Al Ahli leads the race but may need to offload Roberto Firmino to meet registration rules.

🎾 Brazil’s João Fonseca defeated the US’ Learner Tien in a four-set championship match to become the Next Generation ATP Finals champion, according to ATP Tour’s website. This wraps up Saudi Arabia’s first pro tennis event. Fonseca came out on top with a final match score of 2-4, 4-3(8), 4-0, 4-2.

ALSO- Rafael Nadal arrived in Jeddah on Friday to participate in events surrounding the tournament, including meeting Saudi Davis Cup players and connecting with rising tennis players.

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THE BIG STORY ABROAD-

It appears that the Christmas news slowdown has come early this year, with things pretty quiet in the western press this morning — among the few headlines worth noting:

US president-elect Donald Trump is once again making headlines this time for threatening to reassert US control over the Panama Canal, demanding Panama reduces the canal fees. During a speech late last night, Trump vowed he “would not let the canal fall in the wrong hands.”

Panamanian President Jose Raul Mulino rejected the comments, defending Panama’s sovereignty and the fairness of the rates. The canal has been under Panamanian control since 1999 after the US gave up control, with international law providing no basis for the US to reclaim its control over the canal. (Reuters | Wall Street Journal | AP | BBC)

CIRCLE YOUR CALENDAR-

#1- The three-day Future Minerals Forum kicks off on 14 January at Riyadh’s King Abdulaziz International Conference Center.

#2- The three-day Real Estate Future Forum kicks off on 27 January at the Four Seasons, Riyadh.

#3- The three-day Future Hospitality Forum opens its doors 11 May at the Mandarin Oriental Al Faisaliah, Riyadh.

#4- The Money 20/20 fintech conference will run from 15-17 September. As a global hub for payments, banking, and financial services innovation, Money 20/20 promises to bring together industry leaders to shape the future of fintech.

#5- Orgatec Workspace will make its debut at the Riyadh Front Exhibition & Conference Center between 16-18 September, according to a joint press release. The trade fair — which will focus office furniture and design — aims to connect manufacturers, suppliers, and distributors. The event is the brainchild of a collaboration between German-born international trade fair organiser Koelnmesse (organizer of Orgatec) and the Daily Mail’s exhibitions and publishing unit Dmg Events (organizer of Workspace).

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