Good morning, ladies and gentlemen, and welcome to a new — and rather busy — week. Inflation figures hit their highest levels in 2024 in October, as rent prices continued to push up consumer prices during the month. Meanwhile, the Public Investment Fund closed another partial stake offload, this time with the sale of a 2% stake in STC.

^^ We have chapter and verse on these stories and more in this morning’s news well, below.

WEATHER- A cloudy Riyadh is looking at a high of 29°C and a low of 16°C today. Over in Makkah, the mercury will peak at 34°C and hit a low of 25°C. Meanwhile, Dammam is looking at a high of 32°C and a low of 18°C.

PSA-

Commerce Minister Majid Al Kassabi issued a ban on the commercial use of state, religious, and sectarian symbols to prevent misuse, according to a statement published in Umm Al Qura. Businesses will have 90 days from 15 November to comply.

WATCH THIS SPACE-

#1- G20 SUMMIT- Crown Prince and Prime Minister Mohammed bin Salman will reportedly not attend next week’s G20 summit in Rio de Janeiro, Bloomberg reports, citing a person it says is familiar with the matter. The canceled trip could be due to a “chronic ear canal condition” that is typically aggravated by long-haul flights, the source says. Additionally, the absence of key leaders including Russian President Vladimir Putin and the looming close of Joe Biden’s presidency may have influenced the Crown Prince’s decision to skip this year’s summit, the source reportedly told the business information service.

#2- French President Emmanuel Macron is expected in Riyadh for a three-day state visit beginning on Monday 2 December, Bloomberg reports, citing a French presidential aide. The announcement comes on the heels of a phone call last Thursday between both leaders. Bilateral relations, the ongoing wars in Gaza and Lebanon, regional tensions, and security are expected to be on the visit’s agenda, the outlet cites unnamed French sources as saying.

#3- IPO WATCH- Kuwait-based Gulf Investment House (GIH) is mulling the IPO of its Riyadh-based Gulf Real Estate subsidiary on Tadawul, its CEO Mohammad Salah Al Ayoub told Asharq Business (watch, runtime: 0:35). GIH is also considering two additional listings on the Saudi bourse, without disclosing the timeframe or the advisors. GIH signed an agreement last month to raise its stake in Gulf Real Estate to 37% in a SAR 84 mn transaction, the news outlet added.

CAPITAL MARKETS-

#4- Tadawul lowers debt issuance barriers: The Tadawul slashed the minimum issuance size allowed for sukuk and bonds listings to SAR 5 mn, down from SAR 100 mn for first-time issuers and down from SAR 50 mn for return investors who already have listed debt, it said in a statement. The move, which comes under new amendments to Tadawul’s listing rules, allows smaller investors, especially SMEs, to tap the debt market.

#5- Riyad Capital received approval from the Capital Market Authority for the public offering of its Riyad Monthly Distributions Multi Asset Fund, according to a statement from the authority. No further information about the offering was provided.

!_Insertline_!

#6- M&A WATCH- Zahid Group unit eyes Barloworld buyout: A consortium including Zahid Group’s Gulf Falcon Holding and South African Entsha is in talks to take over South Africa’s Caterpillar distributor Barloworld, Bloomberg reports, citing a Barloworld statement. The Johannesburg-based construction equipment manufacturer is currently valued at USD 876 mn. The proposed transaction could see the consortium take the company private by acquiring all of its issued ordinary shares.

Zahid Group already owns a piece in Barloworld: The Jeddah-based group has been steadily upping its shares in Barloworld over the last four years through its Zahid Tractor and Heavy Machinery unit, bringing its current stake to 18.9%.

!_Insertline_!

#7- Lenovo is planning to set up new facilities here at home as part of a broader push to expand its global manufacturing footprint, Chairman Yang Yuanqing told Reuters. Just last week, Leshines — Lenovo’s supply chain arm — received a USD 50 mn package from Riyadh-based investment platform Ewpartners to localize its production in the Kingdom.

#8- Saudi Arabia will host the AlUla Conference for Emerging Market Economies in partnership with the IMF next year, according to a joint Finance Ministry and IMF statement. The annual two-day event will take place 16-17 February to address “conflicts, geoeconomic fragmentation, pandemics, climate change, food insecurity, and the digital divide,” and their impact on emerging economies.

REGIONAL HEADQUARTERS-

#1- Fitch Group is inching closer to setting up its regional shop in the Kingdom after it received a license from the Investment Ministry, it said in a statement. Fitch will gradually implement strategic direction and management functions for the RHQ over the next six months, with support services set to become operational in the subsequent six months. Fitch Ratings opened its Riyadh offices in 2017, and Fitch Learning opened its local office last year.

#2- HKEX-listed social entertainment company Newborn Town is also coming to town, after it lined up a RHQ license from the Investment Ministry, it said in a post on X.

***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, without charge.

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-

The front pages of the international press are mixed this morning, although US President Joe Biden’s meeting with China’s Xi Jinping yesterday is getting ink. The two presidents — who met in Lima on the sidelines of the APEC Summit — discussed the path forward for their countries’ ties as Donald Trump returns to the Oval Office next year. China is ready to work with Trump to maintain “a stable, healthy, and sustainable” relationship with the US, even as Trump plans to impose 60% tariffs on US imports of Chinese goods. The two countries’ relationship is also at risk of becoming fraught as Trump puts together his cabinet, nominating several figures who are known to be hawkish on China. The meeting was covered by Reuters | Bloomberg | Associated Press | Financial Times | Wall Street Journal | New York Times

ALSO WORTH READING- Bloomberg’s Weekend Essay looks at what the introduction of generative AI means for the career ladder in many white collar professions. In many sectors, “entry-level grunt work” — which is both seen as part of the process and can teach employees basic yet critical skills — is now something within genAI’s abilities, raising questions about how the “basic logic” for career progression will change.

CIRCLE YOUR CALENDAR-

The Invest in Health Forum is set to take place in Najran this Wednesday, 20 November.

The Saudi Rail Conference and Exhibition will take place this Wednesday and Thursday, 20-21 November at the Riyadh International Convention and Exhibition Center.

The Black Hat MEA 2024 cybersecurity conference and exhibition will take place between 26-28 November at the Riyadh Exhibition & Conference Center in Malham. The event will gather cybersecurity professionals and technology developers. Speakers include information security leaders from Bayer, SoftBank Investment Advisors, the US Intelligence Community, the CIA, and Knostic.

The two-day Saudi Green Initiative Forum will kick off on Tuesday, 3 December, according to a statement. The forum will coincide with COP16 of the United Nations Convention to Combat Desertification, which will be held in Riyadh between 2 and 13 December.

The two-day Zakat, Tax and Customs Conference 2024 will kick off on 4 December at the King Abdullah Financial District.

The Red Sea International Film Festival will run from 5-14 December in Jeddah.

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.

The Fortune Global Forum is coming to Riyadh in December 2025, according to a pressrelease. The forum serves as a platform for the leaders of the world’s largest companies, policymakers, and other influential figures to discuss global economic and business trends, challenges, and opportunities.

Tags: