Good morning, friends. We’ve made it through another workweek together. We hope you’re looking forward to the weekend as much as we are.

IT’S A BIG MORNING FOR: Diplomacy, after Russian President Vladimir Putin’s whistlestop tour of the Middle East, which included a visit to Riyadh for a meeting with Crown Prince and Prime Minister Mohammed bin Salman.

AND FOR THE ECONOMY as the Finance Ministry unveiled the 2024 state budget. FinMin is penciling in 4.4% GDP growth with stable spending levels and no meaningful change in the deficit, Finance Minister Mohamed Al Jadaan said at a press conference yesterday.

THE BIG QUESTION of the coming week: Will countries meeting for COP28 agree to a phase-out or a phase-down of oil production? Saudi Arabia, Russia, and China lead the ranks of the holdouts, Reuters quotes diplomats as saying. The debate comes as the US climate envoy John Kerry says the Biden administration supports “largely” phasing out fossil fuels, noting that there are no low- or zero-carbon alternatives today for industries including steel and cement.

KSA’s position is clear: It’s not about the mix of fuels that power our future, it’s about reaching zero emissions — itself a key target of the Kingdom’s economic policy, which sees us using proceeds from fossil fuels to build a diverse, green, globally competitive economy.

Energy Minister Prince Abdulaziz bin Salman drew a line in the sand earlier this week when he said the Kingdom would “absolutely not” sign onto a final agreement that calls for a phase-out of hydrocarbons. Any agreement at COP28 needs the unanimous support of all participating countries.

^^ We have the full rundown on all of this and more in this morning’s news well, below.

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HAPPENING TODAY-

#1- The Saudi Budget Forum will kick off today, one day after the Finance Ministry unveiled the 2024 state budget, to give room for discussions over the government’s performance for the year. Look for plenty of discussion not just of public investment, but of the private sector’s role in the economy. We expect the forum to stream on the Vision 2030 website and the Finance Ministry’s YouTube channel.

#2- There’s no word this morning on where bankers will price broadcaster MBC’s Tadawul IPO, though expectations are that it will be at the top of the SAR 23-25 range on which they guided in the price range announcement (pdf). Bookbuilding for the sale — which was fully covered in the first hour bankers started taking orders last week — wrapped up yesterday. Some 90% of the offering is earmarked for institutions.

Bankers will price the offering by 12 December, and individual investors can place orders between 14 and 18 December, according to the prospectus (pdf).

#3- COP28, Day 8: It’s a relatively quiet day in COP Land today. There’s a panel organized by Fertiglobe that will discuss how to promote the use of sustainable marine fuels and there are discussions elsewhere on food waste and textile circularity. There’s also a ‘mindful origami’ workshop, for those inclined.

#4- Residents of GCC countries can come to KSA on e-visas after Crown Prince Mohammed bin Salman signed off on the measure yesterday. The tourism e-visas will be valid for one year and allow multiple entries with stays of up to 90 days.

PSA- Mixed weather today. Riyadh will enjoy clear skies with a high of 26°C, while Dammamwill see a high of 27°C. Jeddah will have seasonally warm weather with the mercury peaking at 32°C, while folks in Madinah can expect fog this morning, prompting the National Center for Meteorology to issue a yellow warning for the province.

WATCH THIS SPACE-

E-visa for Fifa Club World Cup ticket holders: The Foreign Affairs Ministry said Fifa ClubWorld Cup ticket holders can apply for e-visas regardless of their country of origin, SPA reported yesterday. That’s great news for football fans looking to attend the tourney in Jennday: It kicks off on Thursday, 12 December and runs through Friday, 22 December.

Exciting matches: The tournament, which Saudi Arabia is hosting for the first time, will see Al Ittihad (aka the Tigers), England’s Manchester City, Egypt’s Al Ahly, Brazil’s Fluminense, New Zealand’s Auckland City, Japan’s Urawa Red Diamonds and Mexico’s Leon in competition.

In other visa news- Saudi Arabia and Malta will each exempt private and diplomatic passport holders from short-stay visa requirements, according to Saudi Gazette.

DATA POINTS-

#1- The economy created 13k new jobs in November, the National Labor Observatory said on X. That’s a slower pace than the 17.8k jobs recorded in October. Some 2.3 mn Saudi citizens participate in the private-sector workforce, good for a 21% share of all jobs. More than 41k citizens joined the private-sector workforce last month, a slightly lower rate of new joiners compared to 49.3k in October.

#3– Saudi startups topped the MNEA fundraising league table in November: Startups in the Kingdom raised USD 338 mn in nine transactions, accounting for more than 40% of the nearly USD 764 mn raised across the Middle East and North Africa, according to a report from Wamda and DigitalDigest. Startups in the UAE placed second with USD 284 raised in 22 transactions, while Egyptian firms raised USD 130 mn in five rounds.

Tamara, Tabby were kings: Mega-rounds are back, suggests the report, which considers both equity and debt raises. Among the standouts: a USD 250 mn debt round raised by Saudi buy now, pay later firm Tamara and a USD 200 mn series D funding by Riyadh-based BNPL firm Tabby. Egypt’s MNT-Halan, meanwhile, raised USD 130 mn with a securitized bond.

#2- The PIF invested USD 6 bn in gaming in 9M 2023— that’s about 56% more than what it had committed to the sector in the previous 24 months, Al Eqtisadiyah reports. As we noted earlier in the week, officials at PIF appear to see video games as a presently-distressed asset class with plenty of room to grow when the industry shakeup draws to a close.

THE BIG STORY ABROAD-

It’s another morning on which no single story dominates the global business headlines, but there are a handful of things you need to know:

Google has unveiled Gemini, its “most capable” AI model to date, which it claims processes more sophisticated reasoning and understanding of information. Google’s chatbot Bard will use Gemini starting some time early in 2024 to help the chatbot with advanced reasoning, planning, and understanding. (Reuters | CNBC | New York Times | CNN)

ALSO worth knowing:

CIRCLE YOUR CALENDAR-

Chinese piano wizard Lang Langwill perform today at King Abdulaziz Center for World Culture (Ithra) in Dhahran.

Calling all gearheads, The Riyadh Motor Show kicked off yesterday and will continue until Saturday at Riyadh’s Kingdom Arena.

The 2024 Saudi Games continue today:

  • Today’s finals: basketball and mixed martial arts.
  • Also today: beach volleyball, chess, futsal for the hearing impaired, handball, padel, sailing, table tennis and tennis.

The Red Sea Film Festival continues through Saturday, with Hollywood and European A-listers set to attend. Among them: Johnny Depp, Will Smith, Sharon Stone, and Alessandra Ambrosio.

The FIFA Club World Cupwill kick off for the first time in the kingdom on Tuesday, 12 December until Friday, 22 December in Jeddah. You can buy your tickets here.

The Fintech Tour will continue until Wednesday, 13 December. The fintech-focused gathering includes more than 15 events, presentations, and meetups involving key local and international speakers in eight cities across the country.

The International Arabian Horse Show kicks off on Wednesday, 13 December and continues through Saturday, 16 December at the King Abdulaziz Center for Purebred Arabian Horses’ headquarters in Riyadh.

Metallica is coming to Riyadh on Thursday, 14 December as part of the eclectic musicfestival Soundstorm. Soundstorm runs 14-16 December with a lineup that also includes Pharrell Williams, Chris Brown and Her, DJs Tiesto and David Guetta, Black Eyed Peas, and others.

Cycling fans have just eight days left until the Arab Road Cycling Championship comes to Riyadh, with the event running 15-23 December.

Riyadh will host theTurkish Super Cup finalbetween Galatasaray and Fenerbahçe on Friday, 29 December at Alawwal Park Stadium as part of the Riyadh Season.

Tickets are on sale for the 2024 Saudi Arabian Grand Prix with less than 100 days to go until the racetrack roars to life in Jeddah from 7-9 March. Grandstand, premium hospitality, and general admission tickets are now available.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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