Good morning. FII9 is picking up steam as it delves into its second day — or Day One as it’s officially called — with big announcements from Aramco, Humain and the UK at the forefront. Meanwhile, Principal Buyer awarded 4.5 GW of renewable energy projects valued at over SAR 9 bn, and IPO-hopeful Tabby is now valued at USD 4.5 bn after closing a secondary share sale. Let’s dive in.

WEATHER-

  • Riyadh: 32°C high / 19°C low,
  • Jeddah: 35°C high / 26°C low
  • Makkah: 38°C high / 26°C low
  • Dammam: 33°C high / 19°C low.

WATCH THIS SPACE-

#1- The second day of the Global Health Exhibition unfolded with a series of partnerships and renewed alliances, maintaining the event’s momentum though at a calmer pace than its bustling opening yesterday which saw over SAR 40 bn in agreements announced. The four-day gathering — which will wrap up this Thursday — is expected to draw SAR 124 bn in health sector investments, Health Minister Fahad Al Jalajel announced yesterday.

Saudi German Health deepened its collaboration with global health giant Mayo Clinic to enhance medical service efficiency and competitiveness, President and Vice Chairman Makarem Sobhi Batterjee told Asharq Business on the sidelines of the event (watch, runtime: 02:04). The group plans to establish a new clinic in Riyadh, following the soft launch of Al Sobh Hospital for rehabilitation, and will expand its Jeddah branch — set to become one of the largest in the Kingdom.

Bupa Arabia also moved to strengthen its on-ground presence, revealing plans to open its first clinic for healthcare services in Riyadh by year-end, followed by three additional sites across Riyadh and Jeddah in 2026, CEO Ali Sheneamer told Asharq Business (watch, runtime: 06:28). The company signed several agreements, including a deal with Al Nahdi Pharmacy to supply pre-sorted medication packets for patients with chronic illnesses. It also inked 12 agreements with government entities like the Public Investment Fund and King Abdullah Financial District to establish in-house clinics for their employees.

#2- Arabian Dyar plans to list 30% of its shares on Tadawul in 2026 to boost growth and attract more investors, chairman Muammar Al Atawi told Asharq Business (watch, runtime: 7:36). The company is expanding the use of technology and AI in planning future projects and signed a USD 100 mn agreement with Google to integrate tech into current and upcoming developments.

MARKET WATCH-

Opec+ likely to opt for another modest output bump for December: The oil cartel is expected to sign off this Sunday on another 137k bbl / d increase to December output targets, Reuters reports, citing two of four sources briefed on the talks. Some members think the group should pause the monthly increases to account for seasonal demand weakness heading into the northern hemisphere winter, Reuters said, citing a fifth source.

Price impact has been mixed: Earlier Opec+ supply additions helped push Brent to a five-month low this month on concerts about a looming surplus. Prices then rebounded to some USD 66 a barrel after the US slapped sanctions on Russia’s top two oil firms — Rosneft and Lukoil — calming glut fears. Trump’s move could potentially strip at least some 1.5 mn bbl / d from the sanctions-abiding oil market, according to Reuters ’ calculations.

Where the cuts stand now: The 5.85 mn bbl / d Opec+ reduction package comprised 2.2 mn bbl / d and 1.65 mn bbl / d of voluntary cuts from the eight members, plus a 2 mn bbl / d cut from the full group. The eight members unwound the full 2.2 mn bbl / d layer by end-September and began unwinding the 1.65 mn bbl / d layer with two 137k bbl / d increases in October and November.

Global LNG supply is set to swell this decade: Some 300 bcm per year of new liquefaction capacity is scheduled to come online by 2030, translating into a potential 250 bcm / year of net LNG supply growth over the same period, according to the International Energy Agency’s (IEA) Gas 2025 report (pdf). The agency expects the surge to weigh on prices — barring major disruptions — and pull more demand into the market.

Demand outlook still climbing: Global gas demand is seen climbing by 1.5% annually through 2030 in the IEA’s base case — or by 380 bcm in absolute terms. About half of that growth — roughly 190 bcm — would come from the Asia Pacific, with the Middle East accounting for close to 30% of the non-Asia share, adding more than 50 bcm of demand over the period.

Natural gas output across the Middle East is forecast to expand by more than 20% — some 165 bcm — between 2024 and 2030, with Saudi Arabia expected to add almost 40 bcm over the period, while the UAE would add around 20 bcm through 2030.

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THE BIG STORY ABROAD-

A mix of Big Tech news and headlines from the region are getting attention this morning:

#1- The Israel-Hamas ceasefire seems to be in its most fragile state yet, after Israel launched military strikes on Gaza yesterday, killing 26 people. An Israeli military official said the strike was in response to an attack from Hamas against Israeli military forces in an area within Gaza that is under Israeli control. (Reuters | Bloomberg | Financial Times)

#2- OpenAI is likely on track for a public listing, after a restructuring agreement with Microsoft that will see it abandon its nonprofit roots and turn into a public benefit corporation controlled by a nonprofit, as it looks to fund ambitious plans for data centers and AI technology. Microsoft will retain its 27% stake in the firm under the agreement. Its shares rose 2.5% on the news, sending its valuation above USD 4 tn. (Reuters | FT | CNBC | Wall Street Journal)

#3- Also joining the USD 4 tn club yesterday: Apple, which is benefitting from an ongoing rally prompted by positive sales momentum for its new iPhone 17. Only Nvidia and Microsoft have hit the USD 4 tn mark. (Reuters |

#4- As for the USD 5 tn club…: Nvidia was close to touching the USD 5 tn mark after its shares soared 5% yesterday, briefly touching USD 4.94 tn before settling at USD 4.89 tn. This came after it said it had USD 500 bn in bookings for its AI processors. (Reuters)

Other headlines from the firm:

  • The company is taking a stake in Nokia for USD 1 bn, with plans to work together on 6G technology. Nokia’s shares soared 22% on the news. (CNBC | FT )
  • Nvidia CEO dismissed concerns of an AI bubble, saying everyone’s “happily paying” for and enjoying AI models, as it struck industry partnerships with Uber, CrowdStrike, and Palantir Technologies. (Bloomberg)

ALSO- Could Elon Musk leave Tesla? That’s what he’s threatening to do if he does not get his USD 1 tn pay package in a shareholder vote next week. The chair of the board of the EV maker already said they’re lining up candidates to replace him as CEO in case that happens. (Bloomberg)

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