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Good morning, friends. After a slowish start to the week, the news flow has picked up with the latest IPO news taking center stage.
HAPPENING TODAY-
Fifa will decide World Cup hosts for the 2030 and 2034 editions in an online congress today. The Kingdom is running unopposed to host the games in 2034 as are Spain, Morocco, and Portugal for the 2030 World Cup.
Refresher- The Kingdom received the highest rating ever at 4.2 out of 5 in Fifa’s Bid Evaluation Report. The Kingdom’s bid, which was officially released in July, could even be ratified by applause instead of an actual vote at the meeting.
WEATHER- Riyadh is in for another cool day with a high of 22°C and a low of 8°C. Jeddah has a cloudy day ahead, with temperatures peaking at 32°C and dropping to 20°C. Meanwhile, Abha will see a high of 20°C and a low of 9°C.
WATCH THIS SPACE-
#1- The Capital Market Authority greenlit three Nomu offering bids — Service Equipment Company wants to take a 30% stake to market, Saad Hussain Dajam Industrial Group wants to list 20% of its shares, and Twareat Medical Care is looking to list an undisclosed stake, according to statements (here, here, and here).
#2- The Public Investment Fund launched a new wholly-owned hospitality management firm, dubbed the Hotel Management Company (Adeera), according to a press release. The new outfit will develop and operate local hospitality brands that will complement international labels present in the Saudi market by offering experiences that emphasize authentic Saudi culture. Adeera’s offerings will cater to various segments in the local tourist market, extending from mid-range to ultra-luxury, the statement said.
#3- Watheeq Capital and Nama Portfolio Capital Company can now manage investments in securities after securing the required licenses from the Capital Market Authority, according to separate statements (here and here).
CAPITAL MARKETS-
Jahez International’s shares closed 9% down on its debut trading session on the main market yesterday to settle at SAR 34.2. The company will be subject to a price fluctuation cap of 30% during its first three trading sessions, before resetting to 10% on the fourth day.
REFRESHER- The company transferred all 209.8 mn ordinary shares to the big league. Jahez, which started trading on Nomu in 2022, secured the regulatory greenlight for the move last month.
DATA POINT-
How much did the Riyadh Metro cost? The Riyadh Metro came with a price tag of USD 25 bn, CEO of the Royal Commission for Riyadh City Ibrahim bin Mohammed Al Sultan told Rotana Khalijiah in an interview (watch: runtime: 1:42:35). At USD 166 mn per km of rail, the metro boasts one of the world’s lowest construction costs for similar transit systems.
SPORTS-
The PIF named Matteo Berrettini as its new tennis ambassador, it said in a post on X. The Italian champion — who achieved a career-high ranking of world no.6 in 2022 — will be tasked with promoting the sport to new generations of players.
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THE BIG STORY ABROAD-
Syria is once again front and center in the news this morning, with Israeli airstrikes and incursions into the country continuing to pick up after the collapse of the Assad regime earlier this week. In just the last 48 hours, Israel conducted over 350 airstrikes that hit weapons stores, missile stores, fighter jets, navy vessels, and sites it claims could be holding chemical weapons. While over in the southwest of the country, Israel also expanded its already illegal occupation of the Golan Heights to create in confunction with its airstrikes what it terms a “sterile defence zone.” (Financial Times | Bloomberg | Reuters | Associated Press | New York Times | Guardian)
The country’s delicate political transition is also getting close attention from the world’s press, with Mohammed Al Bashir appointed as interim prime minister to lead the caretaker government until 1 March. The relatively unknown figure outside Idlib — where headed a comparatively miniscule rebel-held administration — now has a monumental task ahead of him as he tries to navigate the complexities of a post-Assad Syria. (Reuters | Guardian)
While over in the US, President-elect Donald Trump is doubling down on deregulation with a pledge to fast-track permits for investors committing USD 1 bn or more to US projects. While some hail it as a boon for large-scale infrastructure and manufacturing, critics argue it sidelines smaller projects and risks undermining environmental protections. (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 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.
