id: 2024-12-17-03:33:44:666t

Good morning, wonderful people. We have a meaty hump day issue for you, led by a handful of new and developing IPO stories, as well as an update on expected investment cooperation between the Kingdom and Egypt. Let’s jump right in.

NOMU WATCH-

IPO WATCH- Balsm Alofoq shares closed at SAR 78 apiece on their first day of trading on Nomu yesterday, closing up 30% from its debut price. The Buraidah-based hospital operator took a 25% stake to Tadawul’s parallel market. Trading in the first three days will be capped at ±30%, after which the daily limit will be capped at ±10.

ADVISORS- Yaqeen Capital acted as financial advisor and lead manager on the transaction.

EVENTS HAPPENING THIS WEEK-

It’s the penultimate day of the International Forum for Saudi Reef taking place at the Intercontinental Al Ahsa, covering sustainable agriculture, rural entrepreneurship, and technology in farming.

AND- It’s day three of five of the UN’s Internet Governance Forum in Riyadh.

MEANWHILE- The two-day Impact Makers Forum (ImpaQ) is set to open its doors tomorrow, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

ALSO- The two-day Forbes Middle East’s Women’s Summit will take place tomorrowat 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.

⚠️WEATHER- Heads up: If you’re in Tabuk, Al-Jouf, the Northern Borders, Hail, or northern parts of the Eastern Region, get ready to bundle up — temperatures are set to fall between 0°C and -3°C overnight through Thursday, according to a warning from the National Center for Meteorology.

Riyadh will stay chilly today, reaching a high of 17°C and dropping to a brisk 4°C overnight. In Jeddah, temperatures will climb to 31°C before settling at 21°C later. Over in Madinah, partly cloudy skies are expected, with a daytime high of 25°C and a nighttime low of 11°C.

[wwtt1 KUDOS- Saudia claimed the first spot globally in the on-time performance (OTP) tracker in November, achieving an OTP of 89.9% across 16.3k tracked flights, according to Cirium’s monthly report (pdf). King Khalid Airport came in fourth position with an OTP of 88.4%. Meanwhile, Flyadeal rose to second place in the low-cost carriers category, with a 90.5% OTP across 4.9k flights.

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THE BIG STORY ABROAD-

It’s a busy morning in the international pages, with a number of business and political headlines worth noting.

US forces struck Isis targets in Syria, killing 12 in a precision air raid aimed at disrupting the group’s resurgence. The strikes targeted “former Regime and Russian controlled areas ensuring pressure is maintained on Isis,” the US Centcom said following the attack. The Centcom vowed continued action to ensure Isis doesn’t exploit current instability in Syria. (Financial Times | AP)

OVER IN CANADA- Canada’s Deputy Prime Minister and Finance Minister Chrystia Freeland abruptly resigned after clashes with Prime Minister Justin Trudeau over fiscal policy and US trade threats as president-elect Donald Trump prepares to step into the White House. Freeland’s exit, framed by some as a “leadership crisis” leaves Trudeau politically vulnerable as his government faces lower approval ratings ahead of next year’s elections. Her resignation follows the departure of several other key ministers, amplifying pressure on Trudeau to step down. Trudeau has tapped close friend Dominic LeBlanc to replace Freeland. (Reuters | New York Times | Financial Times | AP | The Economist | Washington Post | WSJ)

AND- Scholz loses confidence vote: German Chancellor Olaf Scholz lost a confidence vote in the country’s parliament, putting the country on track for an early election next February. The vote follows the collapse of his coalition government after a fallout with his former finance minister. The country is now bracing for months of political uncertainty as campaigning intensifies, with the Friedrich Merz led conservative CDU leading the polls. (CNBC | Reuters | The Guardian | The Washington Post | France 24 | Bloomberg)

CIRCLE YOUR CALENDAR-

#1- The three-day Future Minerals Forum kicks off on 14 January at Riyadh’s King Abdulaziz International Conference Center.

#2- The three-day Future Hospitality Forum opens its doors 11 May at the Mandarin Oriental Al Faisaliah, Riyadh.

#3- The three-day Real Estate Future Forum kicks off on 27 January at the Four Seasons, Riyadh.

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