Good morning, friends. We’re rounding out the week with another meaty issue for you to sink your teeth into as we send you off into the weekend, ranging from Elm signing a share purchase agreement for a SAR 3.4 bn takeover of Thiqah, to a rundown of everything you need to know that happened at the World Economic Forum in Davos.

IN MEMORIAM- Chairman of City Cement Company Prince Abdulaziz bin Mishal Al Saud passed away, the cement producer said in a disclosure to Tadawul. Al Saud, an independent member of the company’s board and a member of the Saudi Royal family, was known for his contributions to business and development in Saudi Arabia. The company said it will announce Al Saud’s predecessor at a later time.

WEATHER- Riyadh will see a high of 19°C and a low of 7°C today, while Makkah is in for thunderstorms and strong winds seeing a 301°C high before tapering off to 20°C. Over in windy Jeddah temperatures will go as high as 31°C high with lows of 22°C.

PSAs-

Using your phone while driving could cost you up to SAR 900: Motorists who use mobile phones while driving will be charged SAR 500-900 for violating traffic safety laws, the General Department of Traffic said in a post on X.

WATCH THIS SPACE-

#1- Is the Ukrainian president coming to Saudi? Head of the Office of the President of Ukraine Andriy Yermak confirmed preparations for a visit to Saudi by Ukrainian President Volodymyr Zelenskyy in a post on X. Yermak met with Foreign Minister Faisal bin Farhan at Davos.

#2- The Kingdom could import as much as USD 5 bn in armaments from South Korea under a medium- to long-term defense industry cooperation agreement reached between Saudi National Guards Minister Abdullah bin Bandar bin Abdulaziz Al Saud and South Korean Director of the Defense Acquisition Program Administration Seok Jong-geon, South Korean outlet ChosunBiz reports. The agreement aims to boost South Korean defense firms in modernizing Saudi Arabia’s weapons.

#3- Kingdom Holding Company would mull a potential investment in TikTok if Tesla CEO and X owner Elon Musk got involved, the company’s CEO Prince Alwaleed bin Talal told Al Arabiya on the sidelines of the World Economic Forum in Davos. “If Musk, or others, offered, we would have an interest in looking into this investment no doubt,” he said.

ICYMI- The Kingdom Holding Company made a SAR 1.5 bn equity investment in Musk’s xAI in its series C funding round in December. The company is also the second-largest shareholder in X, with Prince Alwaleed and KHC collectively holding a 4% stake in the platform.

#4- US-based AI-driven customer relationship management company Salesforce is planning to set up regional headquarters in Riyadh, according to a press release. The company will also partner with IBM to open an AI-focused Center of Excellence in the city. The announcement was made at the Saudi House in the World Economic Forum in Davos.

#5- The Riyadh Metro stretches father: Four new stations — Dharat Al Badiah, Al Jarradiyah, Al Hilla, and First Industrial City — have opened up along the Riyadh Metro’s orange line (Line 3), the network’s longest at 41 km, according to a press release from the metro’s constructor WeBuild.

#6- Hans Zimmer might be giving Saudi a new sound: General Entertainment Authority Chair Turki Al Alshiekh and German composer Hans Zimmer — known for the Lion King, Dune, Gladiator, Interstellar, and more — discussed re-arranging the Saudi national anthem, composing an Saudi-inspired original piece titled Arabia, and Zimmer’s involvement in a concert for an upcoming Riyadh Season, the Saudi Gazette reports. Al Alshiekh also introduced him to the historical film The Battle of Yarmouk, with talks about Zimmer potentially composing its score.

DATA POINTS-

Consumer spending via point-of-sale transactions in the Kingdom fell 12.1% w-o-w for the week ending 18 January at SAR 11.8 bn, according to the Saudi Central Bank’s weekly POS report (pdf). Meanwhile, the number of transactions was down 8.3% at 198.6 mn.

The breakdown: The beverages and food sector saw the highest spending during the week despite falling 9.2% w-o-w to SAR 1.74 bn. It was closely matched by restaurants and cafes at SAR 1.73 bn, which was down 18%. Meanwhile, Riyadh had the highest value of PoS transactions during the week at SAR 4.2 bn, followed by Jeddah at SAR 1.7 bn.

SPORTS-

#1- Neymar is reportedly in discussions to quit SPL’s Al Hilal — but his ask price is getting in the way, AFP reports. Brazilian club Santos — where Neymar first came to fame — is looking for him to return, with Al Hilal preferring a transfer while Neymar is inclined towards a loan arrangement. The 32-year-old winger reportedly has a USD 104 mn per year salary from SPL, but has only played in the league seven times due to an injury he sustained just two months after moving to Riyadh.

#2- Al Ittihad leveled again with Al Hilal, securing all three points in a 2-1 victory at home to Al Shabab, leaving the SPL’s top two teams level on points heading into the season’s halfway point in matchday 17 next weekend.

Also from the matchday: Al Qadisiyah took third place back from Al Nassr after beating Al Orobah 2-0, while bottom of the league Al Fateh picked up an important three points at home to Damac.

#3- LIV Golf Riyadh to launch 2025 season under the lights to cater to US audiences: The 2025 LIV Golf League season will kick off with a nighttime event at Riyadh Golf Club from February 6-8 in its first tournament under a Fox Sports broadcasting rights agreement, according to The Mirror. To accommodate US viewers, the shotgun start has been pushed to 6:15pm local time (10:15 AM ET), with rounds held under night course lighting. The adjusted schedule avoids direct competition with major tours like the PGA and DP World Tour.

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THE BIG STORY ABROAD-

The international business press is broadly focused on two big stories this morning: More decisions and tariff threats from US President Donald Trump, and a new fast-growing wildfire breaking out in Los Angeles.

From TrumpLand: A decision from the newly-minted president earlier this week to place all federal diversity, equity, and inclusion (DEI) program employees on paid administration leave will see these employees eventually laid off entirely and their programs shut down. The decision is part of Trump’s push to cut the country’s “bloated bureaucracy” and undo equality programs and policies that he says lead to unfit hiring decisions. (Politico | New York Times | Reuters)

Trump also threatened to slap fresh sanctions and tariffs on Russia if it fails to end its war in Ukraine, saying in a Truth Social post that Russian President Vladimir Putin should end the war to avoid his country’s economy “getting worse.” (Financial Times | Reuters | Wall Street Journal)

Separately, a new wildfire broke out in Los Angeles yesterday, forcing thousands of people to evacuate as the fires started quickly spreading. The Hughes fire broke out north of LA, while Southern California continues to be under “extreme fire risk due to strong, dry winds.” (Reuters | Wall Street Journal)

CIRCLE YOUR CALENDAR-

#1- The three-day Real Estate Future Forum will take place between 27-29 January at the Four Seasons, Riyadh. The event will feature 500 speakers from 120 countries, 34 panel discussions, and 17 workshops on topics like urban planning and green building technologies.

#2- The two-day Global Labor Market Conference kicks off Wednesday, 29 January at the King Abdulaziz International Conference Center in Riyadh. The event brings together business leaders, policymakers, regulators, and researchers to chew over the prospects and challenges facing global labor markets with a focus on youth employment and innovative initiatives to boost youth participation in the global economy. Register here.

#3- 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. 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.

#4- The RLC Global Forum will take place from 4-5 February at the Fairmont Riyadh. The retail event brings business leaders, innovators, and policymakers from the sector to discuss global partnerships, luxury retail, cross-border commerce, and grocery sector innovation. Featured speakers include leaders from Landmark Group’s Chairwoman Renuka Jagtiani, Chalhoub Group CEO Michael Chalhoub, Visa, and Harrod’s Managing Director Michael Ward.

#5- 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.

#6- 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.

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