Good morning, friends, and welcome to a brisk almost-THURSDAY issue. Leading the newswell this morning is Almoosa Health pricing its IPO at the top of its guidance range, implying a market cap of SAR 5.6 bn once it lists on the Tadawul.

^^ We have the details on this story and others below.

HAPPENING TODAY-

The two-day Impact Makers Forum (ImpaQ) is set to open its doors today, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

ALSO- The two-day Forbes Middle East’s Women’s Summit gets underway in a few hours at the Riyadh International Convention and Exhibition Center.

An all-star speakers lineup: Confirmed speakers include Princess Lamia Bint Majed Saud Al Saud, Princess Prof. Mashael Bint Mohammed Al Saud, Princess Doaa Bint Mohammed, and our friend Dalia Khorshid.

It’s the final day of the International Forum for Saudi Reef taking place at the Intercontinental Al Ahsa, covering sustainable agriculture, rural entrepreneurship, and technology in farming.

AND- It’s the penultimate day of the UN’s Internet Governance Forum in Riyadh.

Across the pond: It’s the second and final day of the last US Fed meeting this year. The Bank of England and the Bank of Japan will follow suit tomorrow.

Expect the Fed to sound a note of caution. The expectation since Donald Trump cruised to victory last month is now for fewer rate cuts over a longer period of time. A quarter-point today seems fairly likely (though less so than before US voters returned The Donald to office), but the swaps market is pricing in just 0.75 bps worth of cuts by next September, suggesting we could see as few as two 0.25 bps cuts next year. The FT has more on what to expect from the three meetings.

WEATHER- Bundle up in Riyadh today, where temperatures will peak at 19°C before plummeting to a crisp 6°C after sunset. Meanwhile, Jeddah will be basking in warmer temperatures at 32°C, tapering off to 23°C. Over in Madinah, expect cloudy skies with a high of 24°C by day and a low of 9°C.

PSAs-

#1- Manufacturers can now benefit from a waiver on customs duties for inputs they use in export-targeted products, according to a post on X from the Saudi Export Development Authority spokesperson.

The caveat: Companies looking to waive the duties must have a valid industrial license, and the inputs covered must be listed by the Industry and Mineral Resources Ministry. The company’s export performance for the last 12 months must also be reviewed before the waiver is granted.

#2- Companies are not permitted to send marketing material without the recipient’s consent, which is a violation of Personal Data Protection Laws, the Saudi Authority for Data and Artificial Intelligence warned in a post on X. Recipients of unsolicited marketing material have the right to ask promoting companies to delete their personal data.

WATCH THIS SPACE-

#1- Some 91 agreements worth SAR 8.3 bn were signed at the Supply Chain and Logistics Conference in Riyadh, which concluded on Monday, according to state news agency SPA. The agreements aim to enhance the operations and efficiency of supply chains in the Kingdom. Details on the companies involved and the specific agreements were not disclosed.

#2- Yamama Cement board green lights new company for mineral sector investment: Yamama Cement ’s board of directors approved the company signing an MoU with Obeikan Investment Group and Sultan Holding Company (SHC) to form a holding company to start investing in the minerals industry, according to a disclosure to Tadawul. The company will focus on lithium, graphite, and silica production, among others. The MoU will be valid from the signing date until the end of June 2025.

#3- Some 30 Polish companies are setting up shop in the Kingdom in 1Q 2025, state newsagency SPA quotes Polish Deputy Prime Minister Krzysztof Gavkowski as saying at a meeting with the Federation of Saudi Chambers. The meeting probed areas of potential cooperation in food security, and agriculture, as well as mutual access to both the Polish and Saudi markets.

#4- The Capital Market Authority signed off on two IT solutions firms debuting on the Nomu, allowing Axelerated Solutions to list a 10.7% stake, and Anmat Company to list an 11.6% stake, according to statements from the authority (here and here).

About Axelerated Solutions: Founded in 2015, the Riyadh-based company offers a wide range of IT services, including mobile app development, cloud computing, data protection, and technical support.

About Anmat: Also based in the capital, Anmat was set up in 2007 as an ICT systems integrator. The company specializes in IT infrastructure, cybersecurity, unified communications, and digital solutions. It operates across several sectors, including education, healthcare, and finance.

DATA POINTS-

Power distribution networks are now 32% automated, with plans to raise the automation level to 40% by the end of 2025, state news agency SPA quotes the Energy Minister Abdulaziz Bin Salman as saying at an industry event. The ministry also has plans to add nine advanced control centers by 2026.

SPORTS-

The Next Gen ATP Finals kicks off at King Abdullah Sports City and will see four matches played each day — two in the afternoon, and two in the evening — with the final scheduled for Sunday, 22 December. Each player will have three round-robin matches, before the top two in each group meet in the semifinals. Matches are best of five sets, with the first player to take four games taking the set. Check out the Next Gen website for more details.

***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-

No single story is capturing the attention of the foreign pages this morning. Among those worth noting:

Japan’s Nissan and Honda are in talks over a potential merger, which could help the auto giants stay resilient in the face of increased competition from EV players. The two sides are expected to ink an MoU soon to officially kick off discussions of “partnership-broadening steps, including the details of a potential merger.” The news sent Nissan’s shares soaring, rising as much as 24%, while Honda’s shares fell as much as 3.4%. (FT | Reuters | Bloomberg | NYT | BBC | The Guardian)

IN NEW YORK — The killing of UnitedHealth’s Brian Thompson stirs public opinion: Luigi Mangione has been indicted for the murder of UnitedHealthcare executive Brian Thompson, facing charges of first-degree murder and terrorism after gunning down Thompson outside a Manhattan hotel earlier this month. The killing, described as a “well planned attack meant to sow terror,” has sparked public debate about healthcare costs in the US and donations to Mangione’s legal defense fund. Mangione’s extradition hearing is set for Thursday in Pennsylvania, where he is being held on unrelated gun charges. (Reuters | CNN | NYT | AP)

CIRCLE YOUR CALENDAR-

#1- The three-day Future Minerals Forum kicks off on 14 January at Riyadh’s King Abdulaziz International Conference Center.

#2- The three-day Future Hospitality Forum opens its doors 11 May at the Mandarin Oriental Al Faisaliah, Riyadh.

#3- The three-day Real Estate Future Forum kicks off on 27 January at the Four Seasons, Riyadh.

#4- The Money 20/20 fintech conference will run from 15-17 September 2025. As a global hub for payments, banking, and financial services innovation, Money 20/20 promises to bring together industry leaders to shape the future of fintech.

Tags: