THIS MORNING: Happy new year, folks

For the last time in 2024: Good morning, wonderful people. The news cycle here in the Kingdom pays no mind to the holiday season, giving the last issue of the year a healthy amount of substance and flavor.

** A QUICK PROGRAMMING NOTE- EnterpriseAM KSA will be off for the rest of the week as we take a publication holiday to gear up for 2025. We’ll be back in your inboxes at the usual time on Sunday, 5 January.

Until then: We wish you all a very happy new year and hope you enjoy ringing in 2025.

HAPPENING TODAY-

The new pay grade scheme for engineers in the public sector comes into effect today. The new system places engineers on a salary scale depending on where they fall within four categories — engineer, associate engineer, professional engineer, and consulting engineer.

Who’s eligible? The new salary scale targets engineers with bachelor’s degrees from accredited universities in the Kingdom or abroad, who are currently employed under the public employee pay grade. Accreditation from the Saudi Council of Engineers is also required.

---

WEATHER- Riyadh will see a high of 24°C and a low of 13°C today, while windy Jeddah will see a high of 27°C before tapering off to 21°C. Makkah is looking at a partly cloudy day with a 27°C high and 20°C low.

PSAs-

Taxpayers now have until 30 June, 2025 to benefit from Zatca’s fines and penalties waiving initiative after the Finance Ministry extended the initiative which was set to expire today, according to a statement from Zatca. The initiative waives penalties for late registration, payment delays, late filings, VAT corrections, and e-invoicing violations. Penalties for tax evasion and fines already paid are excluded.

WATCH THIS SPACE-

#1- PMG becomes the first Portuguese firm to establish RHQ in the Kingdom: Portuguese healthcare infrastructure company PMG is set to establish its regional headquarters in Riyadh, becoming the first Portuguese firm to set up an offshore branch in the Kingdom, according to a statement from the Federation of Saudi Chambers. The company specializes in building healthcare and research labs.

#2- European investors can now access Saudi government bonds through State Street Global Advisors’ newly-introduced ETF, the Financial Times reports. The SPDR JPMorgan Saudi Arabia Aggregate Bond Ucits ETF targets USD- and SAR-denominated liquid forms of government and quasi-government debt, including sukuk. The Ireland-domiciled ETF has been registered for sale in France, Italy, Spain, Germany, and the UK.

REMEMBER- Tokyo has a counterpart: Mizuho Financial Group launched the One ETF FTSE Saudi Arabia Index on the Tokyo Stock Exchange earlier this month. The USD 100 mn ETF allows Tokyo-based traders to invest in the Kingdom.

#3- Acwa Power secured a 1 GW renewables portfolio in China, marking the renewables giant’s first foray into the country, according to a disclosure to Tadawul. The portfolio includes both solar and wind projects. Acwa will hold full or partial ownership stakes in the portfolio assets with unnamed “leading Chinese renewable partners,” and is now “in advanced stages” to complete the investments.

REMEMBER- Acwa Power said earlier this month that it aims to secure a 1.3 GW pipeline of renewables developments in China by yearend, with plans to invest up to USD 50 bn by 2030 in renewables, green hydrogen, and desalination. The company is aiming to reach 4-6 GW of capacity by 2025 and to add 5-6 GW annually thereafter.

#4- Asas Makeen gets Nomu IPO clearance: Riyadh-based developer Asas Makeen Real Estate Development and Investment can now proceed with its plans to sell a 10% stake on Tadawul’s parallel market Nomu, after the Capital Market Authority signed off on the IPO, according to a statement. The approval is valid for six months.

#5- Syria’s newly appointed Foreign Minister Asaad Al Shaybani accepted an invitation from FM Faisal bin Farhan to visit the Kingdom, Al Shaybani said in a statement circulated by Syrian state news agency Sana. The visit — the exact timeline for which has not been disclosed — would be Shaybani’s first state visit as a representative of Syria’s post-Assad transitional government.

DATA POINTS-

#1- Tourist spending in the Kingdom grew 27.3% y-o-y in 3Q 2024 to SAR 25.1 bn, while locals traveling abroad spent 21.8% more y-o-y during the same quarter, recording SAR 26.3 bn, Arab News reports, citing central bank data.

#2- Saudi banks’ investments in treasury bonds reached SAR 586.6 bn in November, adding SAR 6.4 bn m-o-m, according to Argaam.

***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-

It’s a mixed bag in the international business press on the last morning of the year, with no single story dominating the front pages. Among the stories getting top billing this morning:

A court in South Korea approved issuing an arrest warrant for impeached President Yoon Suk Yeol for imposing martial law in the country at the beginning of the month. The warrant marks the first for an incumbent president in South Korea. (Reuters | The Guardian | Bloomberg)

Hackers breached the US Treasury and gained access to “certain unclassified documents” by remotely accessing some Treasury employees’ workstations, the Treasury Department said in a letter to Congress yesterday. The hack — which the department classified as a “major cybersecurity incident” — was carried out by a Chinese state-sponsored actor. (Bloomberg | New York Times | Financial Times)