Good morning, ladies and gents. We’re leading this morning with a beefy update from intelligence platform Meed on the state of gigaprojects in the Kingdom. The gist? We’re seeing a significant slowdown in contract awards this year, as Neom stalls and the focus shifts to more mature projects, infrastructure, and event-linked developments.

HAPPENING TODAY-

#1- Cherry Trading’s shares is set to begin trading on the main market today, allowed to fluctuate within a 30% range for the first three days. We’ll be watching this one closely to see if Cherry can turn the tide of TASI’s muted debuts this year, after the strong demand for its institutional offering saw it nearly 85.6x oversubscribed.

Al Masar Al Shamil Education will also follow tomorrow. The debut follows the company’s SAR 599 mn IPO, which saw strong demand; the institutional tranche closed 102.9x oversubscribed, and the retail portion, representing 30% of the offer, was 1.21x covered. Priced at SAR 19.50, the listing sets Al Masar up with a SAR 2 bn market cap.

It could be a bad time for main market debuts, after TASI closed November down 9.1%, its worst monthly loss since mid-2022. We’re waiting on official figures from Tadawul to unpack the monthly performance.

#2- Industrial Transformation Saudi Arabia (ITSA) kicks off today at the Riyadh International Convention & Exhibition Center, running through Wednesday, 3 December. Organized by the Industry and Mineral Resources Ministry in cooperation with Germany’s Deutsche Messe AG and Riyadh Exhibitions Company, ITSA is an extension of the industrial fair first launched in Hannover, Germany in 1947. The event focuses on automation technologies, AI, energy, and advanced manufacturing.

#3- The ISOCARP World Planning Congress begins today in Riyadh. The four-day global event gathers policymakers, planners, academics, and practitioners to discuss how cities can adapt to multiple crises, leverage advancements like AI, and implement strategies to improve well-being and build resilience for future generations.

OIL WATCH-

No production hikes for 1Q 2026: Opec+ agreed to keep oil output quotas unchanged for the first quarter of 2026 in its meetings yesterday, according to a statement. The decision keeps 3.24 mn bbl/d of production cuts in place, representing some 3% of global demand.

The cartel also approved a mechanism to assess the maximum production capacity for member states, which will be used to set output baselines starting in 2027. An assessment will take place in the first nine months of 2026 to decide the following year’s output quotas, unnamed sources told Reuters.

ICYMI- The eight producers increasing output this year have lifted targets by about 2.9 mn bbl / d between April and December, and the increase in supply was among factors that sent Brent crude’s price down 15% YTD as of Friday’s close to USD 63 / bbl.

  • “The message from the group was clear: stability outweighs ambition at a time when the market outlook is deteriorating rapidly,” head of geopolitical analysis at Rystad Energy Jorge Leon told Reuters.

US-based DeGolyer and MacNaughton will reportedly carry out most of the work for the review, unnamed delegates told Bloomberg, adding that an Indian company will be selected to review quotas for sanctions-afflicted Russia and Venezuela, as well as Iran which objected to baseline calculations. The three countries are reluctant to let foreign companies audit their energy industries, the business information service says.

WATCH THIS SPACE-

Sabic’s USD 6.4 bn Fujian project in China is slated to start production in 2H 2026, CEO Abdulrahman Al Faqih told Al Arabiya on the sidelines of the Boao Forum for Asia in Riyadh. The company is divesting non-core assets, including Hadeed, Alba, and select plastic applications, to concentrate on high-growth Asian markets, Al Faqih said.

REMEMBER- Sabic’s Fujian project is the world’s largest ethylene cracker with an annual capacity of 1.8 mn tons. The complex comprises 16 units — with Sabic supplying nine out of 12 technologies involved in production.

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THE BIG STORY ABROAD-

It’s a quiet Monday morning in the global business press, with no single story dominating the headlines. Among those receiving attention:

#1- Israeli Prime Minister Benjamin Netanyahu has formally requested a presidential pardon from President Isaac Herzog in his ongoing corruption trial, citing the “public interest” in ending the case. In his letter to the president, Netanyahu said the trial has become a source of “deep public division” and that ending it would help restore national unity. The move marks a reversal for Netanyahu, who has long denied the charges and vowed to prove his innocence. Herzog confirmed receiving the request and said it would be reviewed carefully. (CNN | Associated Press | Reuters | Guardian)

#2- Pope Leo arrived in Beirut yesterday for a three-day visit aiming to promote peace and unity in Lebanon, following an Israeli strike on southern Beirut that killed five people. During his first foreign trip since his election in May, the pontiff is scheduled to meet political and religious leaders, celebrate mass on the Beirut waterfront, and visit the site of the 2020 port explosion. (CNN | Washington Post | Reuters | Guardian)

CIRCLE YOUR CALENDAR-

The Aleqtisadiah Event forum is slated to make its debut in April 2026, featuring ministers, officials, and CEOs from the AI and advanced technology sectors. The forum was formed via a partnership between Aleqtisadiah newspaper and the Global Intelligence Association for Training.

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