Sign in
Good morning, ladies and gentlemen. We have a rather busy and diverse hump day issue, leading with the latest growth projections and other economic indicators from the IMF, as well as a handful of updates on transport, infrastructure, and aviation projects.
There’s a money story in the Gulf. Take one look at the news, and you’ll see headlines about Saudi Arabia’s rapidly changing economy, Qatar’s investment in mass infrastructure, and the UAE’s transformation into a global tech hub. The geopolitical tectonic plates are shifting.
To stay up to date on the business happening in the Gulf that is impacting the world around you, check out our friends at Semafor Gulf. Each issue uncovers the economic forces shaping the region — and the world. Subscribe without charge.
HAPPENING TODAY-
IPO WATCH #1- Nice One’s two-day retail subscription window opens today, where individual investors will be eligible for 10% of the cosmetic company’s main market IPO. They will be able to book a maximum of 250k shares, and a minimum of 10 shares each at SAR 35 apiece.
REFRESHER- The online beauty retailer is taking a 31.5% stake to Tadawul. Nice One priced its IPO at the top of the range after its institutional offering was 139.4x covered. The final pricing will see it raise SAR 1.2 bn in proceeds, and will give it a market cap of SAR 4 bn at listing.
IPO WATCH #2- Today is the final day of the retail subscription window for Almoosa Health’s IPO, where the Al Ahsa-based hospital operator will put up for grabs 20% of the 30% stake on offer to retail investors.
REMEMBER- Almoosa Health priced its Tadawul IPO at SAR 127 apiece — the top of the range it was guiding on — after its institutional offering was 103x oversubscribed. The final pricing will see the firm locking in SAR 1.7 bn in proceeds, giving it a market cap of SAR 5.6 bn at listing. Individual investors will be able to book between 10k-250k shares each, with the final allocation of shares set to be announced no later than Sunday, 29 December.
The Saudi-Yemeni Business Council meeting in Makkah wraps up today. The council announced on Sunday the launch of three companies focusing on renewable energy, telecommunications, and trade promotion.
☀️WEATHER- It’s still sunny in Riyadh, with a high of 21°C and a low of 10°C. Meanwhile, Jeddah continues to get warmer temperatures at 29°C, tapering off to 23°C. Over in Madinah, expect a high of 23°C and a low of 13°C.
PSA-
Developers and operators now have more time to qualify for developing Makkah-based transport projects, after the deadlines for participation and qualification requests were extended, the Royal Commission for Makkah and the Holy Sites said on X. The deadline to submit participation requests is now set for Wednesday, 8 January, while the deadline for qualification requests is now Monday, 20 January.
WATCH THIS SPACE-
#1- Saudi Arabia “took a pause” on joining BRICS as a full member and did not complete the procedures to join the economic group, Russian presidential aide Yuri Oshakov was quoted as telling reporters by TASS and RIA. Saudi “representatives attended many events that we held within the framework of the association. But they refrained from developing documents and jointly making decisions,” Oshakov said. The Kingdom was invited to join the alliance over a year ago. Asharq Business also has the story.
To Trump’s liking: US president-elect Donald Trump is setting his sights on BRICS nations’ efforts to challenge the dominance of the greenback, threatening 100% tariffs unless they abandon plans to challenge the USD’s status as the global reserve currency. “The idea that the BRICS Countries are trying to move away from the USD while we stand by and watch is OVER.”
#2- A new sukuk fund: The Capital Market Authority (CMA) approved the offering of the Baitk Global Sukuk fund by the Saudi Kuwaiti Finance House, the authority said in a statement. The investment manager offers a minimum subscription limit for its funds at SAR 10k for retail investors, and SAR 50k for institutional investors.
Uh, Enterprise, what is a sukuk fund? It’s an investment fund that focuses on financial certificates similar to bonds, but is fully compliant with Shariah principles. Unlike conventional bonds, sukuk represent ownership in tangible assets or projects, offering returns through profits or rental income rather than interest. These funds are a popular choice for those seeking asset-backed, fixed-income investments.
#3- Two new IPOs get regulatory clearance: Ejada Systems received approval from the Capital Market Authority (CMA) to take a 45% stake to market, according to a statement. Ejada, a local tech services firm owned by Al Rajhi Bank, had reportedly hired Goldman Sachs and Al Rajhi Capital to arrange a Tadawul IPO that could see the firm valued at up to USD 1.5 bn. Meanwhile, the CMA also signed off on Al Khaldi Logistics ’ planned IPO of a 7% stake on parallel market Nomu, according to a separate statement. The approvals are valid for six months.
#4- US-born data storage company Snowflake inaugurated its regional headquarters in Riyadh, announcing its local deployment on Google Cloud after meeting the Kingdom’s data residency requirements, according to a press release. The company’s clientele includes Tadawul-listed food giant Almarai.
#5- Chinese tech giant Huawei launched its T.H.E Gold Talent program at the ICT Competition regional final in Riyadh, according to a press release. The initiative — which it developed with Unesco — aims to transform higher education and build AI-era digital skills across the Middle East and Central Asia. It also partnered with 260 ICT academies across 19 countries to train and certify a new generation of tech talent, with a focus on AI, 5G-A, and cloud technologies.
DATA POINTS-
Tadawul’s market cap rose 0.26% w-o-w in the week ending 19 December to SAR 10.37 tn, Argaam reports, citing market data. Saudi investors held 95.3% ownership in the market, while foreign investors held 4%, and GCC investors held 0.7%.
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.
EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Tas’heel.
Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.
DID YOU KNOW that we also cover Egypt, the UAE, the MENA logistics and climate industries?
Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.
***
THE BIG STORY ABROAD-
We’re well into the Christmas news slowdown with little capturing the attention of the foreign pages this morning.
IN THE US- Ex-congressman is facing [redacted] misconduct allegations: Former Florida Congressman Matt Gaetz reportedly spent tens of thousands on illicit activities, according to a report prepared by the House Ethics Committee. The committee also found evidenceGaetz violated Florida’s laws, which protect against [redacted] activities with minors. Gaetz, who resigned last month after being tapped as attorney general by president-elect Donald Trump, denied the allegations but admitted to having “partied and womanized” earlier in life. (Reuters | Financial Times | BBC | Washington Post | CNN | AP)
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 Real Estate Future Forum kicks off on 27 January at the Four Seasons, Riyadh.
#3- LEAP 2025 will take place between 9-12 February at the Riyadh Exhibition & Convention Center in Malham. The tech event will bring together over 1.8k global tech brands, 1k experts and some 680 startups. LEAP 2025 will feature over 300 hours of content across 17 tracks, covering AI, fintech, edtech, smart cities, and more. Co-located with LEAP is DeepFest, a major AI-focused event bringing thought leaders and innovators under one roof.
#4- The eight-day Big 5 Construct Saudi will take place from 15-18 February and 24-27 February at the Riyadh Front Exhibition & Conference Center. The Kingdom’s largest construction event will feature over 2k exhibitors from more than 60 countries, showcasing innovations across the sector. The event is expected to attract over 75k participants.
