Good morning, friends. It’s another busy Monday, leading with the latest industrial production index figures, which point to a slight slowdown in September.

WEATHER- Riyadh is looking at a high of 30°C and a low of 19°C today. Over in Jeddah, the mercury will peak at 33°C and hit a low of 28°C. Meanwhile, Madinah is looking at a high of 34°C and a low of 22°C.

HAPPENING TODAY-

Joint Arab-Islamic summit begins today: Ministerial meetings kicked off yesterday in Riyadh, laying the groundwork for today’s Joint Arab-Islamic summit, state news agency SPA reports. The event will gather leaders from the Arab League Council and the Organization of Islamic Cooperation’s member states with a focus on resolving the ongoing wars in Gaza and Lebanon. Speaking to Asharq Al Awsat, Yemeni Foreign Minister Shaye Al Zindani — whose country chairs the Arab League — said the summit aims to create a unified front that could potentially influence the UN Security Council and press Israel to adhere to international resolutions.

While specific attendance lists are not publicly available, it is anticipated that most, if not all, member states of the Arab League and OIC will be represented at the gathering. Pakistani Prime Minister Shehbaz Sharif, Lebanon's Prime Minister Najib Mikati, Bahrain’s Justice Minister Nawaf Al Maawda, and Nigerian President Bola Tinbu, among others, have confirmed their attendance.

WATCH THIS SPACE-

A Yemeni Defense Ministry employee attacked Saudi-led coalition forces in Yemen, killing two and injuring another, according to a statement by coalition spokesperson Turki Al-Maliki carried by state news agency SPA. The incident occurred during a training session at a coalition base in Seiyun. Al Maliki emphasized that this was a “lone wolf” attack, and that the perpetrator's actions are not representative of Yemen’s Defense Ministry, which coordinates with coalition forces. The story got ink from Reuters and the Associated Press.

What happens now? Saudi’s Joint Forces Command and Yemen’s Defense Ministry are coordinating efforts to arrest the perpetrator and uncover the motives for the attack, while the two deceased and one injured servicemen were repatriated to Saudi Arabia.

DATA POINTS-

#1- Jeddah’s King Abdulaziz Airport beat its one-day record for most passengers served on Wednesday 6 November, serving a total of 161.2k passengers across 817 flights in just 24 hours, it said in a post on X.

#2- The citizen account program disbursed SAR 3.4 bn to 10.7 mn beneficiaries for November, according to a statement. The beneficiaries received an average of SAR 1.5k per family. The citizen account program was created to provide financial support to vulnerable Saudi families who are impacted by economic reforms, according to its website.

#3- AI accelerating Saudi mining: The use of AI and advanced analytics has helped cut mining exploration time to nine years from 16, Ma’aden CEO Robert Wilt is quoted as saying in KPMG's Global Metals and Mining Report 2024 (pdf). “Processing geophysical data used to take two years to do manually and now takes a matter of weeks. Evaluating core samples used to take 45 days and now takes 12 minutes,” Wild said. Though one of Ma’aden’s biggest challenges is filling skilled labor vacancies, Wilt is optimistic about attracting talented Saudi nationals.

NEWS TRIGGERS-

A handful of news triggers coming up in the next few weeks:

  • Inflation rate for October (Thursday, 14 November);
  • Trade balance for September (Sunday, 24 November);
  • Riyad Bank PMI for November (Tuesday, 3 December);
  • State budget approval and release (December).

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THE BIG STORY ABROAD-

There’s no single story capturing the imagination of the international press this morning, instead giving us a smattering of stories about US president-elect Donald Trump’s plans in office and how global leaders are reacting to his upcoming term.

Trump’s policy on Russia and Ukraine is a key point of concern for Ukraine, Russia, and outgoing president Joe Biden, who is planning to lobby Trump to maintain the US’ support for Ukraine when the two meet at the Oval Office on Wednesday. Trump, meanwhile, reportedly spoke with Russian President Vladimir Putin but urged him not to escalate his war against Ukraine, Reuters reports.

MEANWHILE- BTC rallied to a record high as the crypto industry sees Trump’s election — including him securing all seven swing states — as a positive outcome that will see digital currencies facing less hostile policy. The cryptocurrency rose above USD 81k, with expectations it will break the USD 90k ceiling soon. The Financial Times and CNBC have more.

CIRCLE YOUR CALENDAR-

The Saudi Rail Conference and Exhibition will take place on 20-21 November at the Riyadh International Convention and Exhibition Center. The event will showcase developments in the railway sector and provide insights from over 150 local and international speakers.

The two-day Zakat, Tax and Customs Conference 2024 will kick off on 4 December at the King Abdullah Financial District. The event will bring together over 50 speakers and 10k attendees to chew over some of the solutions for the applications of zakat, tax and customs.

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.

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