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Good morning, wonderful people. We’re kicking off the week the same way we ended the last — with lots of news to keep you busy.
THE BIG STORY AT HOME- Moody’s upgraded its sovereign credit rating for Saudi to Aa3 from A1, while downgrading its outlook to stable from positive.
^^ We have the full story and plenty more in this morning’s news well, below.
HAPPENING THIS WEEK-
#1- Trade balance figures will be released today from the General Authority for Statistics.
#2- The final allocation of shares for the IPO of United International Holding Company, which operates Tas’heel, is set to take place tomorrow.
#3- Three Riyadh Metro lines will open on Wednesday as part of a pilot phase. The initial batch of lines are set to be followed by another three in mid-December, Aleqtisadiah reports, citing sources it says are in the know.
Background: Transport and Logistics Minister Saleh Al Jasser said in October that the USD 22.5 bn project is scheduled to launch within weeks.
#4- The three-day World Investment Conference will kick off tomorrow in Riyadh. The conference serves as a platform for investment promotion agencies, corporates, multilateral institutions and other stakeholders to discuss global investment trends and prospects.
WEATHER- Riyadh is looking at a high of 26°C and a low of 16°C today. Over in Madinah, the temperature will peak at 31°C, before dropping to 22°C. Meanwhile, Jeddah will see a high of 31°C, and a low of 26°C.
WATCH THIS SPACE-
#1- Aramco Digital mulls USD 1 bn stake in Mavenir: Aramco Digital, Aramco’s digital arm, is in talks to potentially invest USD 1 bn in Mavenir in exchange for a minority stake in the US-based telecom software company, Reuters reports, citing people it says are familiar with the matter. The transaction, which could value the company at USD 3 bn, could be finalized before the end of the year, the sources added.
#2- US bank Citigroup obtained a license from the Saudi Investment Ministry to set up a regional headquarters in Riyadh, Bloomberg reports, citing an internal memo it saw. This follows a flurry of global banks basing their regional operations out of Saudi Arabia, including Goldman Sachs and Japan’s Mizuho. Reuters also had the story.
#3- King Abdullah Financial District (Kafd) plans to build 3k apartments and 45k parking lots in Riyadh by 2028, a Kafd representative told Aleqtisadiah. Three five-start hotels will also be joining the district, with 630 rooms already underway.
DATA POINTS-
#1- Some 19.4% of Saudi Arabia’s military spending this year has gone to local suppliers, compared to only 4% in 2018 as the Kingdom looks to localize over 50% of its military spending by 2030, the General Authority for Military Industries Governor Ahmed Al Ohali told Aleqtisadiah. Licensed military industrial facilities in the Kingdom reached 296 by the end of 3Q 2024.
#2- Local airports saw a 13% y-o-y increase in passengers in 3Q 2024 to 4.8 mn, Argaam reports, citing local airport operator Cluster2, a subsidiary of Airports Holding. The number of flights increased 12% y-o-y to 38.8 mn during the same period.
#3- The Kingdom issued 3.8k investment licenses in 3Q 2024, up 73.7% y-o-y, according to the Investment Ministry’s 3Q bulletin (pdf). This excludes licenses issued as part of the anti-concealment law enforcement.
SPORTS-
#1- The scoreboard for Saudi Pro League matchday 11 of 34:
- Damac vs Al Kholood (Today 4:40pm)
- Al Riyadh vs Al Ettifaq (Today 5:40pm)
- Al Ittihad vs Al Fateh (Today 8pm)
- Feiha vs Al Ahli: 0-1
- Al Akhdoud vs Al Shabab: 1-1
- Al Nassr vs Al Qadisiyah: 1-2
- Al Raed vs Al Orobah: 3-1
- Al Wehda vs Al Taawoun: 1-0
- Al Khaleej vs Al Hilal: 3-2
#2- Luxembourg’s Victor Bettendorf snapped up the first place in the Longines Global Champions Super Grand Prix in Riyadh on Friday, according to the tournament’s website. Germany’s Gilles Thomas secured the second spot, followed by Ireland’s Michael Duffy in the third place.
#3- The player auction for the Indian Premier League (IPL) for cricket kicks off in Jeddah today, the Times of India reports. The auction is a precursor to the IPL season, and sees all its 10 teams finalize their rosters.
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THE BIG STORY ABROAD-
As is often the case on Sundays, there’s no single story driving the conversation in the international press this morning, although news of US president-elect Donald Trump’s pick for Treasury Secretary, along with governments’ reactions to the International Criminal Court (ICC) issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu pushed business news a bit further down the front pages.
Donald Trump named Scott Bessent as his Treasury Secretary, following a “drama-filled” process with several prominent candidates, including businessman Howard Lutnick and financier Kevin Warsh, vying for the position. Bessent would succeed Janet Yellen in running the department that manages the country’s finances, tax agency, and the Internal Revenue Service. He is currently the CEO and chief investment officer of New York-based hedge fund Key Square Capital Management. Bloomberg | Financial Times | Reuters | CBS News | Wall Street Journal
MEANWHILE FROM COPLAND- COP29 wrapped with an agreement on a USD 300 bn per year global climate finance target following two weeks of high-stress negotiations. The agreement — which will earmark the funding to help developing nations cope with climate change — triples a previous climate finance target, although the USD 100 bn goal was met two years late. Developing nations, however, are criticizing the new target as insufficient. Reuters | Bloomberg
Where Netanyahu is and isn’t welcome: Ireland’s Prime Minister Simon Harris confirmed Netanyahu would be arrested if he entered the country. Canada, Belgium, and Spain pledged to enforce the warrants. Germany said its “Nazi history” makes it “hard to imagine” that it would comply with the warrants, while Hungary, Czech Republic, and Argentina also said they would not comply. France acknowledged the warrants, but stopped short of committing to enforcement, while the UK government stated it would uphold its legal obligations under international law, though it avoided commenting on specifics. Politico | CNN | Guardian | Times of Israel | BBC
SOUND SMART- Decisions of the ICC are binding for its member states and require members to comply with arrest warrants, rulings, and sentences, as per the Rome Statute. However, the enforcement of ICC decisions, especially arrest warrants or requests for the surrender of individuals, depends on the cooperation of member states. Jordan, Palestine, and Tunisia are the only Arab state members of the ICC.
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.
