Sign in
Good morning, friends. After a very busy week, we’re closing out this Thursday morning with a tight issue that has a nice mix of stories but is somewhat dominated by debt and financing news. But first…
USD 100 bn AI hub coming? Saudi is reportedly looking to set up a new USD 100 bn AI project to turn the Kingdom into a “technological hub to rival the neighboring United Arab Emirates,” Bloomberg reports, citing people with knowledge of the matter. The project — named Project Transcendence — is expected to pour funding into artificial intelligence-related infrastructure, including data centers, as well as relevant startups to develop the local landscape. The project “will also focus on recruiting new talent to the kingdom, developing the local ecosystem and encouraging tech companies to put resources in the country.
WEATHER- Riyadh is looking at a high of 30°C and a low of 18°C today. Over in Dammam, the mercury will peak at 32°C and hit a low of 21°C. Meanwhile, Makkah is looking at some light rainfall with a high of 36°C and a low of 24°C.
PSAs-
Residents of 24 neighborhoods in Makkah will be able to register their properties on the Real Estate Registry platform starting Sunday, 8 December, the General Authority for Real Estate said in a news release. Registration closes on 31 March, 2025.
WATCH THIS SPACE-
#1- Riyadh Air is gearing up for a major fleet expansion, with plans to place a new wide-body jet order by 1H 2025, CEO Tony Douglas tells Reuters, without disclosing details on the size of the order. The PIF-owned startup airline is eyeing the Boeing 777X and Airbus A350-1000 to meet its long-haul needs, after having purchased 39 Boeing 787s and 60 Airbus A321neos which are scheduled to arrive between 2H 2026 and 2030.
With the ultimate goal of operating more than 200 aircraft, Riyadh Air is aiming to start formal talks for the new order in the coming months, with some long-range versions likely in the mix to support new routes and optimize load factors, according to Douglas.
#2- M&A WATCH- The National Company for Glass Industries (Zoujaj) is keeping its M&A discussions with Saudi Glass on the table, extending its non-binding MoU for another six months until Thursday, 8 May 2025, it said in a filing to Tadawul. The MoU was originally set to expire this Saturday, 9 November. The two had inked an MoU late last year to “study the opportunity to conclude an acquisition or merger,” Zoujaj said in an earlier filing to the exchange without providing further details.
#3- Some 77% of Sweden’s 66 firms in Saudi are planning to ramp up investments here over the next year, Swedish Foreign Ministry official Camilla Mellander told Arab News. “Around 40% of Swedish companies currently working in Saudi Arabia have established or are looking to establish their regional office in the country,” Mellander added.
#4- Hasseef Investment is now able to manage investments in securities, after getting Capital Market Authority approval, according to a statement.
DATA POINTS-
#1- UK investors accounted for 79% of qualified foreign investor (QFI) trades on the Saudi exchange in 3Q 2024, Tadawul Group Chair Sarah Al Suhaimi said at the Saudi-UK Capital Markets Forum in London, IFR reports. Al-Suhaimi noted the rapid rise in QFIs, now surpassing 4k from just 50 in 2017, with institutional trades making up 40%.
#2- Cargo handling at Saudi ports was up 8.3% y-o-y to 27 mn tons in October, according to figures released by the Saudi Ports Authority (Mawani). The number of export containers grew 14% y-o-y to 254.8k TEUs, while imported containers rose 10% to 248.2k TEUs last month.
SPORTS-
#1- Reports that a LIV-PGA merger has been finalized are “premature,” with no agreement yet secured as key points of contention remain. The rumors, sparked by a report by The Sun which claimed that “golf’s civil war is ove,r” were debunked by Front Office Sports, citing several industry sources. Key issues, including how to secure the approval of US antitrust regulators and what to do with players which defected from the PGA to LIV still await resolution. Reuters also had the story.
Everyone involved wants an agreement ASAP: There is however “heavy internal pressure” to square away an agreement before the year-end target date to avoid complications related to scheduling next year’s tournaments, Front Office Sports said.
#2- Saudi Pro League teams have locked out the top three spots in the AFC Champions League Elite league phase at halfway point. Al Nassr’s 5-1 thrashing of title-holders Al Ain has moved it into third place in the standings, only trailing Al Ahli and Al Hilal, reports Reuters.
OIL WATCH-
State-owned oil giant Aramco lowered its oil prices for Asian customers in December, adjusting its pricing approach after Opec+ opted to postpone production hikes by one month, Bloomberg reports. The company will now price its Arab Light crude at a USD 1.70 per barrel premium over the regional benchmark, reduced from USD 2.20 in November. This reduction aligns with trader and refiner forecasts, which predicted a USD 0.45 drop in the premium.
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.
EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Cenomi.
Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.
DID YOU KNOW that we also cover Egypt, the UAE, the MENA logistics and climate industries?
Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.
***
THE BIG STORY ABROAD-
With Trump elected for another term, it’s a very politics-heavy morning in the international press. After the US presidential election results were called earlier than initially expected yesterday, Kamala Harris conceded the race to Donald Trump The current vice president’s concession is getting ink in the New York Times, Politico, CNBC, and the Wall Street Journal, among many others. The race to form the 47th US president’s cabinet is now on, with Trump vetting candidates to form his administration. The Financial Times and Politico have more.
What does a second Trump administration look like? Critically, the Republican Party looks set to secure the Congress in addition to landing the White House and the Senate, the Wall Street Journal notes. Meanwhile, the Financial Times looks at what Trump’s foreign policy will look like, as Reuters notes that the next few years is looking uncertain for some countries like Ukraine — which is unlikely to receive much support from Washington once Joe Biden’s current term in office comes to a close. The Wall Street Journal, Bloomberg, and the New York Times also get into what the second Trump presidency will likely mean for the economy and the US Federal Reserve.
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.
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 2025 Dakar Rally in Saudi is set to bring 14 days of racing to the Bisha and Shubaytah deserts, with its 12 stages taking place between 3-17 January. Scrutineering will start on the first day of the new year and close the following day, with the prologue to all the racing tacked on to the end of that on 3 January. All racing will conclude on Friday, 17 January.
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.
