Good morning, friends. It’s a relatively calm Monday morning here at home, although we have plenty for you to sink your teeth into as S&P Global released a report looking at the impact of the latest diesel price hikes on key companies.

PLUS- Check out this morning’s Enterprise Explains on Sama and the Capital Market Authority’s separate initiatives for fintech players to test their tools in a live environment.

NEWS TRIGGERS-

Gastat set to roll out fresh inflation data later this week: The General Authority for Statistics (Gastat) is scheduled to release December’s Consumer Price Index and Wholesale Price Index reports, among other statistics on Wednesday, 15 January, according to the state statistics agency’s calendar. The monthly data promises a detailed dive into the latest price trends shaping the domestic economy.

HAPPENING TODAY-

#1- Aramco’s iktva Forum & Exhibition kicks off today at the Dhahran Expo in Dammam. The event focuses on highlighting the Kingdom’s long-term economic growth and diversification strategies, as well as offering prospects for young Saudis, entrepreneurs, and businesses. It will also showcase the strategic partnerships between Aramco, government entities, the private sector, and National Training Centers.

#2- The four-day Hajj Conference and Exhibition (Hajj Confex) kicks off today at the Jeddah Superdome. The conference serves as a collaboration platform for stakeholders in the Hajj industry, aiming to enhance the pilgrimage experience through innovation and service improvements. Attendees can engage with over 280 exhibitors, 22 conference sessions, and 45 workshop sessions.

WEATHER- Riyadh will experience a chilly day with a high of 18°C and a low of 9°C. In Makkah, temperatures will peak at 30°C before dipping to 18°C. Meanwhile, Jeddah will have overcast skies, with a high of 33°C and a low of 22°C.

PSAs-

The General Authority for Roads has upped speed limits on the Saudi-Oman Empty Quarter road, it said in a post on X.

  • Speed on the Batha-Salwa Road intersection to Shaiba Center (356 km) has been raised to 110 km per hour up from 90 km per hour;
  • Speed from Shaiba Center to the Empty Quarter exit (10 km) has been raised to 100 km per hour up from 90 km per hour;
  • The rest of the road section, spanning 196 km, will maintain an unaltered speed limit of 90 km per hour.

WATCH THIS SPACE-

Saudi is gearing up for a chemical manufacturing localization push: The Industry Ministry is aiming to shift 8 mn tons of chemical exports to local manufacturing, particularly in plastics, Aleqtisadiah quotes Deputy Industry Minister Khalil bin Salamah as saying.

DATA POINTS-

#1- Some 571 multinational companies — mostly in the industrial sector — have set up their regional headquarters in the Kingdom, Asharq Business quotes Investment Minister Khalid Al Falih as saying. The industrial sector accounts for 30% of Saudi’s FDI, and racked up SAR 142 bn in total investments during the first nine months of 2024, Al Falih said.

Outbound FDI by Saudi-based multinationals is also at “record lows,” as companies choose to reinvest their earnings in the Kingdom, Al Falih also said.

IN CONTEXT- The Kingdom is raising the bar on its RHQ program after surpassing an initial goal to have 500 global firms set up their regional headquarters in Saudi by 2030, Al Falih said in October. The updated target for the initiative is yet to be disclosed.

ALSO- The Kingdom wants more foreign SMEs here: The Kingdom is de-risking investments for international SMEs to enter the local market, Al Falih told Arab News. “De-risking is a key component. Come to Saudi Arabia. We will de-risk the investment for you,” said Al Falih.

#2- The newly launched Standard Incentives Program could support upwards of 200 projects with up to SAR 50 bn in investments, Industry and Mineral Resources Minister Bandar Alkhorayef told Argaam. He added that the program will focus on military industries, pharma, food, housing and construction, and energy, in addition to other vital sectors that were highlighted when the program was launched earlier this week.

#3- CMA-licensed investment funds recorded their highest net purchases in six years with SAR 2.1 bn in 2024, Aleqtesadiah reports. The high demand was primarily driven by Aramco’s secondary offering in 1H 2024. Meanwhile, investment funds saw a 76% increase in transaction volume during the period to SAR 218.9 bn, accounting for 11.8% of total market turnover, up from 9.3% in 2023.

#4- The number of umrah pilgrims in 9M 2024 surpassed the 2023 full-year count, with 28.3 pilgrims during the first nine months of 2024, Argaam reports, citing data from the General Authority for Statistics. Foreigners accounted for 41% (1.5 mn pilgrims) of total pilgrims during the period, while locals accounted for 59% (16.7 mn).

#5- Fish production in the Asir Region reached over 4k tons in 2024, bringing SAR 155 mn in returns for fishermen, according to state news agency SPA. The government targets to boost annual production in the region to 6k tons over the next three years.

SPORTS-

FROM THE RUMOR MILL- Manchester City’s Kyle Walker is looking at Saudi Arabia among other potential destinations as he looks to exit his current club, Manchester City Pep Guardiola confirmed, according to Reuters.

The Kingdom had its eyes on Walker before: Walker was among three shortlisted defenders for Al Hilal to replace its right back Saud Abdulhamid back in August.

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THE BIG STORY ABROAD-

The Los Angeles wildfires are still getting top billing in the foreign press this morning, as a brief respite over the weekend is expected to give way to more destructive fires later today and tomorrow, spurred on by a fresh round of dry Santa Ana winds. Firefighters made some headway in containing the fires over the weekend, though 16 people have been reported dead and at least 16 people in the area are missing, with over 150k people in evacuation. (Bloomberg | Reuters | WSJ | France24 | FT)

As most foreign outlets look into how much of the impact of the wildfires can be attributed to climate change, new data shows that the 1.5°C global temperature benchmark was breached last year, making it the hottest year on record, and raising fears that the target is unattainable in the long term. (France24 | Reuters | Semafor)

CIRCLE YOUR CALENDAR-

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

#2- LEAP 2025 will take place between 9-12 February at the Riyadh Exhibition & Convention Center in Malham. The tech event will bring together over 1.8k global tech brands, 1k experts and some 680 startups. LEAP 2025 will feature over 300 hours of content across 17 tracks, covering AI, fintech, edtech, smart cities, and more. Co-located with LEAP is DeepFest, a major AI-focused event bringing thought leaders and innovators under one roof.

#3- The eight-day Big 5 Construct Saudi will take place from 15-18 February and 24-27 February at the Riyadh Front Exhibition & Conference Center. The Kingdom’s largest construction event will feature over 2k exhibitors from more than 60 countries, showcasing innovations across the sector. The event is expected to attract over 75k participants.

#4- The UFC returns to the Kingdom on 1 February, kicking off its 2025 collaboration with Riyadh Season, according to Forbes. The main event will see former middleweight champion Israel Adesanya face Nassourdine Imavov. Adesanya, on a two-fight losing streak, needs a win to remain in title contention, while Imavov enters with a four-fight winning streak.The co-main event will see Shara Magomedov square off with Michael “Venom” Page. The card also includes several ranked fighters, with matchups spanning multiple divisions. Full card here.

#5- The Formula One 2025 Saudi Arabian Grand Prix will kick off on 20 April, featuring 50 laps at the 6.174-km Jeddah Corniche Circuit. Tickets are available here.

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