Good morning, wonderful people, and a very Merry Christmas to all those who celebrate today. The news cycle is still relatively busy in the last few days of the month, leading with a handful of IPO updates including Al Battal Factory pricing its upcoming Nomu IPO.

PLUS- Don’t miss our roundup of our top picks of Riyadh spots for festive dinners in this morning’s On Your Way Out, below.

HAPPENING TODAY-

IPO WATCH- It’s the final day of Nice One’s retail subscription window, 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 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.

☀️WEATHER- It’s another sunny day in Riyadh, with a high of 22°C and a low of 11°C. Meanwhile, Dammam is looking at a partially cloudy day with a high of 23°C and a low of 12°C. Over in Makkah — the warmest of three — expect a high of 31°C and a low of 18°C.

UPCOMING NEWS TRIGGERS-

  • Saudi’s balance of payments stats are slated for release today as per Gastat’s website. The data will cover the trade balance, non-oil exports, merchandise exports, as well as imports. Non-oil exports grew 7.6% y-o-y in 3Q 2024, according to last quarter’s report.
  • Gastat will release tomorrow its 2023 data on the nonprofit and small and medium enterprises sectors data.
  • Riyad Bank’s PMI report for December is set to be released on Sunday, 5 January. The Kingdom’s PMI rose to 59.0 in November after posting its strongest performance since July 2023.

PSAs-

#1- Egyptian expats can send money back home through instant transfers: The Central Bank of Egypt launched a new service allowing instant fund transfers to Egypt using the country’s instant money transfer app InstaPay, according to a promotional video (watch, runtime: 1:15). Funds can be sent to bank accounts, bank cards, or e-wallets, with InstaPay recipients receiving instant notifications once the money arrives.

The service is currently accessible through select banks and currency exchange offices in the Kingdom.

#2- The Saudi Food and Drug Authority banned poultry and egg imports from Poland after avian influenza was detected in the Mazowieckie and Warminsko-Mazowieckie provinces, according to Gulf News. The ban applies to all poultry products, except heat-treated items processed under approved methods.

WATCH THIS SPACE-

#1- Majd Pay gets the go-ahead from Sama: Majd Saudi Payments received regulatory approval from the Saudi Central Bank (Sama) to provide payment services through an e-wallet, according to a statement. The fintech outfit provides businesses and individuals with fast, secure, and cost-effective payment solutions to reduce cash transactions.

#2- The Real Estate General Authority issued off-plan sale licenses for residential projects in Riyadh, Al Taif, and Al Khobar, according to separate statements on X (here, here, here, and here). Aknan is offering 146 apartments and townhouses in Riyadh, while Ajdan is offering 284 villas in the capital. Mada Alsharqiah is offering 30 villas in Al Khobar, and Tashyid is offering 84 land plots in Al Taif.

#3- The Najran Region Municipality is tendering 20 investment projects in Sharurah through the Foras online platform, state news agency SPA reports. Projects include setting up and operating agricultural nurseries, commercial stores, a materials and quality lab, fuel stations, and various tourism and entertainment ventures. Interested investors have until 21 January, 2025 to submit their bids.

#4- The Federation of Saudi Chambers is now working to set up the first joint Saudi-Kuwaiti Business Council in a bid to boost economic ties between the two countries, according to state news agency SPA. Trade between Kuwait and the Kingdom amounted to SAR 10 bn in 2023 (SAR 8 bn in Saudi exports and SAR 1.6 mn in Kuwaiti imports).

#5- The Interior Ministry’s Absher Platform now allows users to issue, view, and print vehicle data reports, according to the Saudi Gazette. Users can now log in, request the report under Absher Reports, pay the fee, and print the requested report. Reports can also be verified via a QR code.

DATA POINTS-

#1- The Real Estate Development fund deposited a little over SAR 1 bn in the accounts of Sakani Program beneficiaries in December, bringing the total amount deposited this year to SAR 11.9 bn, according to state news agency SPA. The program is part of a government-run housing initiative that facilitates homeownership for citizens via several financing options, including rent-to-own and mortgage loans.

#2- Tadawul saw its market capitalization drop 0.5% m-o-m in November to USD 2.7 tn, while turnover fell 13.5% to USD 33.8 bn during the month, according to the Arab Monetary Fund’s monthly analysis (pdf).

SPORTS-

National team coach Hervé Renard is confident about the Saudi team’s chances in today’s Gulf Cup showdown with Yemen, Renard said at a presser, according to state news agency SPA reports. Although Renard’s team lost to Bahrain, he remains hopeful about his chances of qualifying for the semi-finals, as well as clinching a shot at the World Cup.

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THE BIG STORY ABROAD-

Two stories are capturing the attention of the international pages this Christmas morning — a Russian cargo ship sinking and a tech glitch delaying hundreds of flights.

A Russian cargo ship sank south of Spain on Monday night after an explosion in the engine room. Two crew members are still missing, while the remaining 14 have been rescued. Russian authorities said the vessel, owned by the Russian Defense Ministry-linked shipping company Oboronlogistika, was en route to another Russian port carrying cranes for port infrastructure. Ukraine claimed the ship was heading to Syria to transport weapons and equipment amid Moscow’s reported military drawdown from the country. (CNN | BBC | Financial Times | The Guardian | Reuters)

MEANWHILE- Some 900 American Airlines US flights were delayed thanks to a tech glitch, disrupting travel for thousands. (CNBC | CNN | Washington Post)

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- LEAP 2025 will take place between 9-12 February at the Riyadh Exhibition & Convention Center in Malham. The tech event will bring together over 1.8k global tech brands, 1k experts and some 680 startups. LEAP 2025 will feature over 300 hours of content across 17 tracks, covering AI, fintech, edtech, smart cities, and more. Co-located with LEAP is DeepFest, a major AI-focused event bringing thought leaders and innovators under one roof.

#4- The eight-day Big 5 Construct Saudi will take place from 15-18 February and 24-27 February at the Riyadh Front Exhibition & Conference Center. The Kingdom’s largest construction event will feature over 2k exhibitors from more than 60 countries, showcasing innovations across the sector. The event is expected to attract over 75k participants.

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