Good morning, ladies and gentlemen. It’s another busy day in the Kingdom, starting off with the latest economic growth forecasts from the World Bank’s GCC Economic Update. Let’s jump right in.

HAPPENING TODAY-

#1- Look out for Cotam Unité flying overhead this morning: French President Emmanuel Macron was reportedly scheduled to arrive in the capital today on a three-day official visit at the invitation of the Crown Prince and Prime Minister Mohammed bin Salman. As of dispatch time, Macron’s agenda for December wasn’t yet published, and there has been no confirmation — as far as we can tell — of his arrival.

#2- It’s COP time in Riyadh: COP16 of the United Nations Convention to CombatDesertification kicks off today in Riyadh to drum up efforts to reverse land degradation and boost drought resilience via sustainability practices. The event wraps up on Friday, 13 December.

Trading on Walaa Cooperative Ins.’ SAR 467.5 mn rights offering kicks off today and wraps next Monday, 9 December, according to its updated prospectus (pdf). Shareholders can exercise their right to purchase additional shares, as offered in the rights issue until Thursday, 12 December, to maintain their shareholding percentage. Unsubscribed shares and fractions will be offered to institutional investors.

REFRESHER- The offering aims to boost Walaa’s capital by almost 50% to SAR 1.3 bn through adding 42.49 mn shares valued at SAR 11 apiece. The increase is intended to support the company’s expansion plans and to maintain its credit rating. The funds will be funneled towards investments and to increase its statutory deposit as per Sama regulations. Unsubscribed shares will be grouped into a rump offering for institutional investors.

ADVISORS- Walaa tapped Aljazira Capital as financial advisor, lead manager, and underwriter for the sale. Khaligyoun Legal Advisors is stepping in as legal advisor while Crowe Solutions and El Sayed El Ayouty will serve as auditors.

WEATHER- Riyadh will slightly warm up today with a high of 21°C, although the low will remain chilly at 11°C. Over in Madinah, the temperature will peak at 27°C and drop to 15°C. Meanwhile, Jeddah is still enjoying balmy weather with a high of 30°C and a low of 23°C.

HAPPENING THIS WEEK-

#1- Riyad Bank’s PMI report for November is set to be released tomorrow.

#2- Subscription for the December round of the government’s retail sukuk program Sah closes at 3pm tomorrow after kicking off yesterday, the National Debt Management Center said. The instruments carry a fixed yield of 4.83%. The minimum subscription amount per investor is set at SAR 1k, and the maximum is SAR 200k.

#3- Qualified investors have until this Thursday, 5 December to subscribe to Balsm Alofoq Medical’s 25% stake offering on Tadawul’s parallel market Nomu, after the window opened yesterday. Each investor can subscribe to a minimum of 10 shares and a maximum of 62.49k. The final allocation of shares is slated for Tuesday, 10 December.

#4- There are a handful of events scheduled for this week:

PSAs-

#1- New simplified permits for private aircraft owners: Private aircraft owners using their aircraft for private non-commercial use and operating their planes via foreign companies can now apply for a yearly permit from the General Authority for Civil Aviation (Gaca), eliminating the need for separate permits for each journey within and without the Kingdom, Gacasaid.

#2- Micro and small enterprises can now submit their financial statements online on the Qawaem platform using a new service launched by the Saudi Business Center, state news agency SPA reports. The service is exclusive to companies that are exempt from appointing an external auditor.

DATA POINTS-

#1- The Saudi Central Bank’s (Sama) US Treasury holdings registered their highest level since February 2020 in November, reaching USD 144 bn, according to data compiled by Bloomberg. This accounts for 35% of all foreign assets held by Sama.

#2- Japan secured 41.8% of its total oil imports for October from Saudi Arabia, receiving some 4.4 bn liters of Saudi crude oil, down 8.5% y-o-y, according to statistics (pdf) from Japan’s Agency for Natural Resources and Energy. Meanwhile, the UAE emerged as Japan’s top supplier during the month, providing 47.8% of Japan’s oil imports for October, or 5 bn liters.

SPORTS-

Former footballer Rio Ferdinand’s The Ferdinand Group snapped up a minority stake in homegrown sports news platform Koora Break in a USD multi-mn transaction, according to a statement. The exact price tag for the transaction was not disclosed. Koora Break will use the funding secured from the former Manchester United captain-owned group to support its expansion into European and Asian markets.

What they said: Koora Break is spurring the “appetite for more coverage of football and sports across Saudi Arabia and the wider region, which will grow hugely ahead of World Cup 2034,” Bloomberg quoted Ferdinand as saying.

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THE BIG STORY ABROAD-

The never ending drama that is US politics is once again topping the digital front pages of the global press, with news out in the early hours of this morning that Joe Biden has pardoned his son Hunter Biden, who had earlier been convicted on gun and tax charges. The outgoing president justified the decision — and reversal of a previous pledge not to do so — by arguing that “Hunter was singled out only because he is my son” and that “raw politics” had infected the process. (New York Times | Washington Post | Wall Street Journal | Reuters | Associated Press | Financial Times | Guardian)

Diplomats, foreign policy wonks, and journalists are continuing to try to figure out how rebel forces were able to rapidly take over Syria’s largest city Aleppo, with a growing consensus emerging that the offensive came as Iran, Hezbollah, and Russia scaled back their presence in the country to focus on conflicts of their own. All eyes are now on the Syrian Armed Forces as it regroups to launch a counterattack backed by Russian airstrikes. (Financial Times | Reuters | AP | WSJ | New York Times | BBC | Guardian | Bloomberg)

Trump’s pick for his Middle East advisor is also turning heads, with the president-elect appointing Lebanese-American businessman — and “coincidentally” his daughter’s father-in-law — Massad Boulous to the role. (Reuters | Financial Times | Washington Post)

While in business news, the CEO of automotive giant Stellantis Carlos Tavares has abruptly resigned, amid a slump in profits and sales that led to a 43% drop in share value from the start of the year. (New York Times | Financial Times | Bloomberg | Guardian)

CIRCLE YOUR CALENDAR-

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.

The FIFAe Finals 2024 returns to Riyadh from 5-12 December at SEF Arena, BLVD Riyadh City, according to a press release. This year marks the first time the event will feature multiple esports titles, including the FIFAe World Cup with Rocket League (5-8 December) and two FIFAe World Cups with eFootball (9-12 December) on console and mobile. With a total prize pool of USD 450k, the event will showcase talent from 18 countries. Fans can attend in person or watch live on FIFAe’s Twitch channel. Register here.

The International Forum for Saudi Reef is scheduled for 16-18 December in the Intercontinental Al Ahsa, covering sustainable agriculture, rural entrepreneurship, and technology in farming, alongside a three-day exhibition of rural practices, handicrafts, and local work. Register here.

The Future Hospitality Summit will take place between 14-16 April, 2025 at Mandarin Oriental Al Faisaliah hotel in Riyadh. The forum will bring together top executives and decision-makers in the hospitality sector to probe potential investments and partnerships.

The three-day XP Music Futures Conference kicks off in Riyadh’s Jax District 3 on Thursday, 5 December, bringing top music voices together for workshops, panels, and networking prospects. Tickets can be booked here.

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