Good morning, wonderful people. We hope you had a relaxing weekend. If you were hoping for signs of the end-of-year news slowdown, we have little to offer you but disappointment: It’s another busy day in the Kingdom, so we’re going to jump right in.

BUT FIRST- Apple is expanding into Saudi Arabia, with plans to open an online store in summer 2025 and and “several” flagship brick-and-mortar stores starting in 2026, the tech giant said in a statement out overnight. Look for one of those stores to open in Diriyah at some point.

By the numbers: Apple already has more than 90 points of sale across the country through its distributor network, which ranges from telecos to speciality retailers including our friends at eXtra as well as Aleph and Jarir. The company says it has spent more than SAR 10 bn in Saudi over the past five years.

AND- The Trump Organization and Dar Global will build a new tower and a golf property Riyadh, Reuters reports.

The news came just a day after the Trump Organization unveiled plans for a Trump Tower in Jeddah. Eric Trump, the president-elect’s son and a top Trump Organization official, talked up the Jeddah tower in a post on X and told Reuters the group is looking to enter Abu Dhabi “in the next year or so.” Dar Global is a London-listed, UAE-headquartered unit of Saudi’s Dar Al Arkan Real Estate Development.

What we know about the Jeddah tower: The Jeddah tower will feature 350 residential units, which are going for SAR 2-15 mn, Asharq Al Awsat reports, with Aleqtisadiah having earlier placed the value between SAR 2-10 mn. Construction should wrap by December 2029, according to Dar Global’s website.

MEANWHILE- Saudia plans to double its fleet ahead of Expo 2030 and the 2034 Fifa World Cup, adding 191 aircraft to its current fleet of 190, Gulf News reports, citing a statement from Saudia’s Spokesperson Abdullah Al Shahrani.

BACKGROUND- Saudi Arabia was officially awarded the right to host the 2034 Fifa World Cup after its bid went uncontested, receiving strong backing from the Football Association.

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INFRASTRUCTURE WATCH-

Riyadh Metro Line 2 (King Abdullah Road) and Line 5 (King AbdulAziz Road) both launch today, bringing the total number of operating lines to five. Line 2 will be operated by Capital Metro Company, while line 5 will be operated by Flow Consortium, state news agency SPA reports. This comes after a successful pilot earlier in the month, which introduced three of the network’s six lines.

What’s next? The final spur — Line 3 (Al Madinah Al Munawwarah Road) — is set to launch on 5 January. Chinese railway firms are vying for contracts to build Riyadh Metro’s seventh line, a 65 km route connecting Qiddiya City, King Salman Park, Diriyah Gate, New Murabba, and King Khaled International Airport.

ALSO- Riyadh Metro will offer rides at no charge in neighborhoods that are within a 5 km radius from metro stations starting February, Aleqtisadiah reports citing a document it has seen. The “First and Last Mile” service will be free for the first six months and half-priced for the next six months. A tender will be issued to select transport companies to operate the service.

#2- November inflation data is set to be released today by the General Authority for Statistics (Gastat). Inflation accelerated to 1.9% y-o-y in October, up from 1.7% in September. October’s readings marked the highest inflation rate seen so far this year.

EVENTS TODAY-

#1- The five-day Internet Governance Forum will open its doors today at King Abdulaziz International Conference Center in Riyadh. The agenda for the UN forum focuses on innovation and risk management in the digital space, leveraging technology for peace and sustainability, advancing inclusion and human rights, and improving digital governance. You can register here.

#2- The three-day International MICE Summit (IMS24) kicks off in Riyadh, garhtering global event leaders, government officials, and business folks to explore investment opportunities in the international and domestic hospitality and tourism sectors. Key speakers include executives from Informa PLC, RX Global, Messe Munich, Clarion Events, and Messe Dusseldorf. Register here.

#3- The two-day Supply Chain and Logistics Conference gets underway this morning at the Hilton Riyadh Hotel. On the agenda: investment in the Kingdom’s logistics sector, with key speakers including Transport Minister Saleh Al Jasser, along with the ministers of industry and mineral resources, and investment.

WEATHER– We’re in for another cool day in Riyadh, with a high of 19°C and a low of 6°C. The mercury in Jeddah mercury will peak at 30°C before dipping to a low of 20°C. Meanwhile, Madinah will see a high of 25°C and a low of 11°C.

HAPPENING TOMORROW-

IPO WATCH- Shares of Balsm Alofoq will begin trading on Nomu tomorrow at SAR 60 apiece. Trading in the first three days will be capped at ±30%, after which the daily limit will be capped at ±10.

The Buraidah-based hospital operator is taking a 25% stake to Tadawul’s parallel market. The final pricing sees the medical firm raising SAR 15 mn in proceeds, giving it a market cap of SAR 75 mn at listing.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager.

PSAs-

#1- Winter schedule for some schools: The start of the school day will be delayed to 9AM from today until Thursday in schools in Tabuk, while Al-Jouf Region will start today implementing its winter academic schedule.

DATA POINT-

Mada Cards saw a 36.7% y-o-y rise in sales transactions in October to SAR 18.3 bn, according to Sama data (pdf). Total transactions by cardholders climbed 29.3% y-o-y during the month to SAR 100.9 bn.

OIL WATCH-

The Kingdom’s crude supplies to China are set to reach a three-month high in January, as shipments rise to 46 mn barrels, up from December’s 36.5 mn barrels, Reuters reports citing unnamed trade sources. The increase comes on the back of Aramco’s decision to cut the premium on Arab Light crude for Asian buyers in January, bringing prices to their lowest in four years, the newswire said. Meanwhile, higher prices and fewer supplies out of Iran have also made Saudi crude more competitive, with both state-owned and private Chinese refineries expected to increase their uptake of Saudi crude.

LOOKING AHEAD- Global oil markets are expected to “enter a boom cycle” by 2035 fueled by sustained demand growth, particularly in China, Bloomberg reports citing Rapidan Energy Group. The consultancy sees global oil consumption growing until 2050, while gasoline is expected to see increasing demand to 2035 despite the switch to EVs. Dwindling spare capacity could drive prices to USD 150 a barrel by 2035, if there are no new investments to increase oil production.

In the meantime, oil producers are set to contend with a supply glut, as ramping productions from non-Opec+ producers push prices to as low as USD 55 a barrel. “This puts OPEC+ in an unenviable position,” Rapidan says, whereby the cartel will have to choose to either cede market share or allow prices to plummet to pressure competitors.

SPORTS-

Lee Chieh-po secured a spot in the 2025 LIV Golf season after winning the 36-hole LIV Golf Promotions event in Riyadh, according to a statement from LIV Golf. The 30-year-old became the first player from Chinese Taipei to earn full-time status in the league.

THE BIG STORY ABROAD-

Syria dominates the conversation on the global front pages this morning as business leaders the world over gird for the last really busy week ahead of what most hope will be a year-end slowdown.

IN SYRIA- Russia is backing out, but not completely, according to a Reuters exclusive, citing four Syrian officials. While the Russian military has been seen dismantling equipment at one of its Syrian bases, it will remain present at its two main bases with “no intention” of pulling out of the country.

The US is ready to recognize key opposition group Hayat Tahrir Al Sham as Syria’s government if it creates an inclusive government that represents the people of Syria, Secretary of State Antony Blinken said yesterday following his latest trip to the region.

AND- South Korea’s parliament impeached President Yoon Suk Yeol yesterday. Yoon narrowly avoided impeachment earlier this month for briefly imposing martial law. Prime Minister Han Duck-soo will serve as acting president, promising to “stabilize the situation” and “bring back normalcy for the people.” (AP | The Guardian | BBC | Financial Times)

ALSO- ABC News will pay USD 15 mn to Donald Trump’s foundation and museum as part of a settlement in a defamation lawsuit after one of its anchors claimed the president-elect had been found “liable for rape.” (Bloomberg | AP | BBC | CNN)

IN THE BUSINESS PAGES- Joe Biden looks set to block Nippon Steel’s USD 15 bn acquisition of US Steel. Tech CEOs are “bending the knee” to President-elect Donald Trump, the WSJ and CNBC note.

And the AI arms race continues to heat up, with OpenAI still set to unveil new features as part of what it had originally (and oh-so-badly) dubbed 12 Day of Shipmas while Google has unveiled a new look, additional features, and a corporate subscription to its hot NotebookLM.

CIRCLE YOUR CALENDAR-

#1- 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.

#2- 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.

#3- The two-day Forbes Middle East’s Women’s Summit will take place on 18 December at the Riyadh International Convention and Exhibition Center.

An all-star speakers lineup: Confirmed speakers include Princess Lamia Bint Majed Saud Al Saud, Princess Prof. Mashael Bint Mohammed Al Saud, Princess Doaa Bint Mohammed, and our friend Dalia Khorshid.

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