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Good morning, all. We’re kicking off this Monday on a somber note.
Please join us in extending our deepest condolences to the family of Sakhr Abdulrahman Mohammed Al-Mulhem, who passed away on Friday, 6 December.
Sakhr was not only a visionary leader, but a cherished partner of EnterpriseAM. At the time of his passing, he was the CEO of United International Holding Company (UIHC) and a driving force behind Tas’heel.
Sakhr had a distinguished career spanning Saudi Arabia, the United States, the United Kingdom, and Mexico in the banking and financial services sector. Most recently, he led UIHC’s very successful initial public offering on the Tadawul. Sakhr had a genuine passion for business and for driving performance at every organization he touched. May God rest his soul and provide solace and comfort to his family and those who were fortunate enough to know him.
HAPPENING TOMORROW-
The three-day pharma exhibition CPHI Middle East kicks off tomorrow at the Riyadh Front Exhibition and Convention Center, bringing together leading pharma companies, industry experts, and innovators to discuss advancements in pharma and healthcare. The event will host over 30k visitors, 400 exhibitors, and 150 speakers from over 100 countries. Register to attend via the link available on the event’s official website.
Meet the speakers: Saudi-based speakers at the event include Thamer Al Muhid, group CEO and managing director of the Saudi Chemical Company, Jerome Cabannes, CEO of Spimaco, and Maged ElShazly, managing director of Bayer Saudi Arabia.
PSAs-
#1- Some 22 building materials quarry licenses for gravel and sand are up for grabs in the Eastern Province and Tabuk, according to an Industry Ministry post on X. Applications can be submitted from 10-19 December via the ministry’s Taadeen platform.
#2- Property owners across 37k real estate plots in Makkah must register their properties by Thursday, 13 March 2025 via the Real Estate Registry’s online platform, state news agency SPA reports. Neighborhoods where registrations are open include Al Shamiya and parts of Al Shabika, Al Falaq, Harat Al Bab, Al Qashashiya, and Al Masial, among others.
WEATHER- Riyadh is in for one cloudy day with a high of 28°C and a low of 14°C. Dammam too has a cloudy day ahead, with temperatures peaking at 26°C and dropping to 12°C. Meanwhile, it’s a sunny day in Makkah with a high of 32°C and a low of 19°C.
WATCH THIS SPACE-
EFG Hermes eyes IPO frenzy in 2025: Our friends at EFG Hermes KSA are planning to quarterback seven IPOs on the Saudi Exchange next year, in sectors including education, healthcare, retail, and F&B, CEO Saud Al Tassan told Mubasher. The investment bank is bullish on Tadawul citing unprecedented IPO growth and higher investment activity, Al Tassan added.
ICYMI- EFG Hermes closed three IPOs on Tadawul in 2024 — Miahona, Fakeeh Care, and United International Holding. It is also currently wrapping up listings for Nice One and Almoosa Health.
DATA POINTS-
#1- The Kingdom has rehabilitated over 250k hectares of degraded land to date under the Saudi Green Initiative, state news agency SPA quotes Environment Minister Abdulrahman AlFadley as saying at COP16 of the United Nations Convention to Combat Desertification. In addition, the initiative will see over 115 mn trees planted by the end of the year, AlFadley added. The initiative aims to rehabilitate some 40 mn hectares of land — equivalent to planting 10 bn trees.
#2- Saudi commercial banks handed out SAR 2.98 tn in loans to non-financial government entities and private sector firms in October, up 13% y-o-y, Argaam reports, citing data from the central bank.
OIL WATCH-
Saudi Arabia to cut oil prices to Asia by “more than expected” as oil markets remain bearish following Opec+’ decision to extend production cuts, Bloomberg reports. State-owned Saudi Aramco is set to lower the premium on its Arab Light crude for Asian buyers in January to USD 0.90 per barrel above the regional benchmark, down from USD 1.70 in December, according to a price list seen by Bloomberg. Traders surveyed by the business information service had expected a smaller cut to USD 1. Aramco also slashed prices for Northwest Europe and the Mediterranean, while prices for North American buyers were left unchanged.
REMEMBER- Last week, Opec+ pushed back the start date of production increases by three months to April 2025, with further increases set to be rolled out piecemeal until the close of 2026.
SPORTS-
#1- Joaquin Niemann took home the USD 5 mn Saudi International title, edging out Cameron Smith and Caleb Surratt in a tense three-man playoff, according to LIV Golf. The Chilean 26-year old golfer closed with a solid 4-under 67, locking in his first win in nine months at the PIF-sponsored event. This marks his second victory on Saudi soil this year, topping off a season that had already seen him win two LIV Golf League — LIV Golf Jeddah and LIV Golf Mayakoba.
#2- The general committee for the 2024 sports federations elections released preliminary candidate lists for federation boards of the next Olympic cycle, which will run between 2024 and 2028, state news agency SPA reports. Some 29 lists were ratified, in which candidates will vie for heading 11 federations, namely volleyball, basketball, handball, cycling, athletics, karate, taekwondo, table tennis, badminton, chess, billiards and snooker. The nomination period for the Saudi Tennis Federation presidency was extended to 12 December, while that for the Swimming Federation closed yesterday.
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THE BIG STORY ABROAD-
The collapse of Bashar Al Assad’s regime reverberates across global headlines this morning, ending over five decades of autocratic rule in Syria by members of the Assad family after a rapid opposition offensive captured several key cities, including the capital Damascus yesterday. Assad and his family have fled to Moscow, where they have been granted asylum, as per Russian state media. As celebrations erupt across Syria and the diaspora across the world, the country faces the daunting task of navigating a deeply fractured political and social landscape to rebuild from the ruins of its long civil war. (Wall Street Journal | Financial Times | Bloomberg | Reuters | Associated Press | New York Times | Washington Post | Guardian)
The power vacuum left by Assad’s departure has thrust Hayat Tahrir Al Sham and its leader Abu Mohammed Al Golani into the spotlight, with numerous outlets out with pieces trying to decipher the man and his motives. The group — once an al-Qaeda affiliate — and its leader now seek to portray themselves as a stabilizing force, issuing reassurances to Syria’s minorities and pledging to preserve state institutions after transition, but questions remain as to how much the group has changed and what role it will play in a post-Assad Syria. (Bloomberg | Reuters)
While over in the states, Trump threatened to jail some of his political opponents in his first post-election TV interview, telling NBC that Liz Cheney and others on the House committee looking into the 6 January attack on the Capitol “should go to jail.”
Fed Chair Jay Powell, however, seems off to be off the hook — for now at least — with Trump saying that Powell will not be pushed out before his term ends in May 2026. (Financial Times | New York Times | Washington Post)
And in business news, Omnicom and Interpublic are currently in merger talks to form the world’s largest advertising group in a USD 30 bn merger. (Financial Times)
CIRCLE YOUR CALENDAR-
The largest online real estate auction in the Kingdom is scheduled to take place on Saturday, 14 December, offering 103 properties across Riyadh, Eastern Province, Madinah, Qassim, and Asir. The auction will be organized by Al Joud Real Estate and hosted on the Saudi Auctions platform.
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 ongoing FIFAe Finals 2024 in Riyadh will run until Thursday, 12 December at SEF Arena, BLVD Riyadh City, according to a press release. This year marks the first time the event is featuring multiple esports titles, including the FIFAe World Cup with Rocket League (5-8 December) and two FIFAe World Cups with eFootball (9-12 December) on console and mobile. With a total prize pool of USD 450k, the event showcases talent from 18 countries. Fans can attend in person or watch live on FIFAe’s Twitch channel. Register here.
The International Forum for Saudi Reef is scheduled for 16-18 December in the Intercontinental Al Ahsa, covering sustainable agriculture, rural entrepreneurship, and technology in farming, alongside a three-day exhibition of rural practices, handicrafts, and local work. Find the link to register on the event’s official website.
The Future Hospitality Summit will take place between 14-16 April, 2025 at Mandarin Oriental Al Faisaliah hotel in Riyadh. The forum will bring together top executives and decision-makers in the hospitality sector to probe potential investments and partnerships.
