Good morning, ladies and gentlemen, and a very happy THURSDAY to us all. Much like yesterday, this morning’s news cycle is being driven largely by capital markets, with the second successful Tadawul debut of the year under our belt as Nice One’s shares closed up 30% yesterday. Meanwhile, the Capital Market Authority is out with new proposed amendments that would allow foreign issuers to list Saudi depository receipts on Tadawul.

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

HAPPENING TODAY-

#1- The local Industrial Production Index for November is due to be released today by the General Authority for Statistics, according to its calendar. October’s numbers reflected a 5% y-o-y growth, following a brief dip in the month prior.

#1- It’s the last day to submit nominations for the Saudi Capital Market Awards. The awards recognize individuals and institutions that have made significant contributions to the development and growth of Saudi Arabia’s capital markets. The awardees will be announced at the Capital Markets Forum in February.

⛅ WEATHER- Riyadh and Madinah will see a cloudy day today and you can expect average highs of 18°C and lows of 11°C. Over in Dammam, things will warm up to 20°C before cooling down to 10°C.

PSAs-

#1- Expatriate and domestic workers’ dependents can now renew their residency from abroad through the Absher or Muqeem platforms, as well as extending their exit and re-entry visas, according to a post on X from the General Directorate of Passports (Jawazat).

#2- Proptech outfits have until 31 January to apply for a new sandbox launched by the Real Estate General Authority and the Saudi Proptech Hub where they can test innovative real estate technology and services in a practical environment, the authority said in a post on X. The sandbox targets proptech companies and developers of new technologies, including both local and international firms.

WATCH THIS SPACE-

#1- Artal Capital lined up approval from the Capital Market Authority for the public offering of its Saudi Equity Freestyle Fund, according to a statement from the authority. No further details were provided on the fund. Artal Capital provides customers with investment management services, including public and private equities, fixed income, money market, and multi-asset management.

#2- Sama grants Seyola Al Oula micro-consumer finance license: Local microfinance company Seyola Al Oula received an approval from the Saudi Central Bank (Sama) for a license to exercise micro-consumer finance activities, according to a Sama statement. The move brings the total number of licensed companies for this activity to seven, out of a total of 63 licensed finance companies in the Kingdom.

DATA POINTS-

#1- Some 234k domestic workers joined the Saudi labor market during the 12 months ending in 3Q 2024 to reach a total of 3.97 mn workers by the end of the quarter, according to an Okaz survey. This includes 2.7 mn men and 1.3 mn women, working across various domestic roles.

#2- The Kingdom issued USD 54.9 bn worth of sukuk in 2024, up 48% y-o-y, accounting for the largest issuance volume in the GCC, according to a report (pdf) by Kamco Invest. In overall fixed income activity, Saudi Arabia (USD 30.8 bn) ranked second after the UAE, which led the GCC with a total of USD 49.7 bn in issuances.

Zooming out: Sukuk issuances in the GCC hit USD 82.1 bn in 2024, up 63% y-o-y. Sukuk outpaced bonds for the first time in six years, with bonds totaling USD 68.9 bn, a 14% y-o-y increase.

Sovereign vs corporate: The GCC saw sovereign issuances dominate in 2024, accounting for USD 72.1 bn, up from USD 69.6 bn in 2023, while corporate issuances were up 18% to USD 60.3 bn over the same period.

#3- The General Authority for Competition issued a record 202 no-objection certificates for M&A requests, up 17.4% y-o-y, according to a report from the authority.

The breakdown: The manufacturing sector dominated economic concentration requests with 67 applications, followed by the IT sector with 39 applications, and wholesale and retail trade and auto maintenance applications with 22 requests. Acquisition transactions accounted for the largest share of requests at 81%, followed by joint ventures at 15%, and mergers at 2%.

SPORTS-

Cristiano Ronaldo wants Casemiro at Al Nassr: Ronaldo, whose contract with Al Nassr is in its last six months, is reportedly pushing for more marquee signings to bolster his squad and mount a realistic push for titles, and has singled out Manchester United’s Casemiro, according to Spanish outlet Marca. The two earned four Champions League titles during their time together at Real Madrid. Al Nassr is currently in 4th place in the Saudi Pro League, sitting 11 points behind league leaders Al Ittihad. The Sun also had the story.

Al Hilal’s Neymar teased the idea of reuniting with his former Barcelona teammates, Lionel Messi and Luis Suárez, in an interview with CNN. The Brazilian star, who joined the Saudi Pro League side in 2023 said Saudi surprised him in the best way, echoing Christiano Ronaldo’s recent claim that the SPL is better than France’s Ligue 1.

In his words: “I’m happy at Al Hilal, I’m happy in Saudi Arabia, but who knows. Football is full of surprises,” Neymar said, adding that “the World Cup 2034 here will be incredible.”

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THE BIG STORY ABROAD-

The foreign press has its attention squarely split between the raging wildfires in Los Angeles and minutes from the US Federal Reserve’s latest meeting — plus a global bond sell-off triggered by threats of tax cuts and tariffs from US president-elect Donald Trump.

#1- More than 100k people in Los Angeles have evacuated as wildfires swept across the area, killing at least five people. The fires were spurred further on by blowing winds that impacted firefighting operations and damaged some electric infrastructure, leaving mns of houses without power. (Reuters | Guardian | FT | WSJ)

#2- The Federal Reserve is looking more likely to slow down — or completely pause — interest rate cuts, with the minutes from its latest meeting showing growing concern over rising inflation in light of Trump’s plan for tariffs and tax cuts. (FT | Reuters | CNBC)

#3- Also a result of Trumponomics: Selloffs in the global bond market are pushing yields to new highs, with the 10-year US Treasury yield reaching close to the 5% peak hit in October 2023, Bloomberg reports. Emerging markets are also seeing the busiest start of year for bond sales on record, with some USD 26 bn in bond issuances in the first week of the year, as issuers look to lock in funds before Trump takes office and implements potentially damaging trade policies, Bloomberg reports separately.

#4- Also getting attention: The Lebanese parliament looks set to elect army chief Joseph Aoun as president when it meets today in the latest bid to end an over two-year presidential vacuum. Hezbollah’s preferred candidate, Suleiman Frangieh, pulled out of the race on Wednesday and endorsed Aoun. (AP | Reuters | NYT)

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