Good morning, nice people. The news cycle is finally kicking into gear as everyone shakes off the cobwebs and remembers what they do for a living.

The two big themes of the day: Sovereign wealth funds and debt markets. PIF came out on top as the world’s biggest sovereign investor in 2025, buoyed largely by its landmark acquisition of EA Sports. Meanwhile, the government raised north of USD 11 bn in its first international bond issuance of the year, just days after the Finance Ministry released its borrowing plan for 2026.

^^ We have the rundown on all of this and more in this morning’s news well, below.

Happening today

Khaled Dhafer & Brother’s Logistics Services (KDL Logistics) rings the opening bell on the Nomu parallel market today, according to a Tadawul disclosure. The company’s shares will be allowed to trade within a 30% price fluctuation cap and a static 10% band.

REFRESHER- The firm is floating a 20% stake at SAR 23 per share in a secondary offering on Tadawul’s parallel market. KDL’s founding family is selling down its positions to a combined 80% stake, subject to a 12-month lockup period, and pocketing net proceeds.

WEATHER- The National Center for Meteorology has issued alerts for widespread rain during the January 9-17 school break. Heavy thunderstorms and potential flooding are forecast for Makkah, Al-Baha, Asir, Jazan, Tabuk, and Madinah, while lighter showers fall in Riyadh and the East. The wet conditions are expected to persist through January, exceeding seasonal averages in northern and central regions, before normalizing later in 1Q. Temperatures are projected to run 1.5°C above average throughout the quarter.

  • Riyadh: 19°C high / 6°C low.
  • Jeddah: 32°C high / 24°C low.
  • Makkah: 31°C high / 23°C low.
  • Dammam: 19°C high / 8°C low.

Watch this space

AUTOMOTIVE — Saudi Aramco is adding a new piece to the Kingdom’s luxury economy as it prepares to provide new 98-octane gasoline in key cities later this month, state news agency SPA reports. The rollout will initially target what could be called the Kingdom’s wealth corridor — Riyadh, Jeddah, and the Dammam metropolitan area — before expanding to other regions based on market demand. Pricing has not yet been disclosed and is expected to be announced at the time of launch.

Why it matters: The move slots neatly into the Kingdom’s broader push to build a luxury economy, which has gained momentum in recent years. The Regional Headquarters (RHQ) program has drawn in wealthy expat executives, while luxury tourism developments along the Red Sea are attracting b’naires. Together, they are fueling demand for premium and performance vehicles — a segment that requires higher-grade fuel to match its high-performance engines.

DEBT — SAL Saudi Logistics is moving forward with plans to issue SAR-denominated sukuk, with the firm tapping JP Morgan and SNB Capital as lead joint managers and bookrunners for the transaction, it said in a Tadawul disclosure. The company is earmarking the proceeds for expansion plans.

YEMEN — A resolution to Yemen’s separatists could be in the offing as Southern Transitional Council (STC) Chair Aidarus Al Zoubaidi agreed to visit Riyadh “soon” for talks on solutions to the southern cause, Reuters reports, citing two unnamed sources.

Calls to reason: Presidential council head of the Aden-based central government Rashad Al Alimi had earlier urged Riyadh to host a conference bringing together all Yemeni factions — including the STC — to resolve the crisis in the south.

Tensions appear to be easing after the Saudi-backed government regained control of the country’s largest provinces, Hadhramaut and Mahra, from STC forces over the past few days. The STC seized power across southern Yemen last month, prompting the Kingdom to respond with calls for restraint — and airstrikes — amid rising tensions along its southern borders.

Data point

57.4 — that’s the seasonally adjusted purchasing managers’ index figure for Saudi Arabia in December, according to the Riyad Bank Saudi Arabia PMI (pdf). The figure maintains the country’s non-oil private sector in expansion territory, albeit at a slower rate for the second consecutive month. Still, December’s performance outperformed the index’s long-run average of 56.9. November’s reading was 58.5.

The breakdown: Output and new orders both cooled in December, reaching their weakest rates of growth since August. Firms maintained strong hiring trends, similar to the previous month, and accelerated their purchasing activity to the fastest pace in three months. This led to an increase in input stocks as firms worked to manage mounting backlogs, which hit their highest level since July. Meanwhile, input cost inflation accelerated amid rising purchasing prices. On the other hand, wage pressures eased, marking their slowest pace in approximately a year and a half.

Sports

The Spanish Super Cup is back in Jeddah this week, bringing FC Barcelona, Real Madrid, Atlético Madrid, and Athletic Bilbao to Alinma Stadium. The three-match tournament features semi-finals tomorrow and Thursday, and the final next Sunday, 11 January, with Barcelona arriving as defending champions after a 5-2 victory over Real Madrid last year. Gates open at 6pm, with kick-off at 10pm. Ticket prices begin at SAR 90.

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THE BIG STORY ABROAD-

The chatter about the kidnapping of Venezuelan President Nicolás Maduro has shifted to the US’ energy agenda and what it stands to gain from the move and from dictating policy in the country. US President Donald Trump clearly thinks there’s plenty to gain — saying there’s a “tremendous amount of wealth” up for grabs for American oil firms in Venezuela. He also said in an interview with NBC that the US could start offering subsidies to energy firms in a bid to encourage them to rebuild Venezuela’s oil industry, which has seen production fall to less than 1 mn barrels a day, down from 3.7 mn in 1970 on the back of mismanagement, corruption and sanctions.

Shares in the US’ top refiners have also surged since the capture of Maduro on expectations that US Gulf Coast refiners could snap up hefty volumes of Venezuelan crude now that Trump is looking to ease sanctions and revive production.

^^ The must-read on the topic: What is Trump’s plan for Venezuelan oil?

This all comes as Maduro made his first court appearance, pleading not guilty to charges of narco-terrorism, cocaine importation conspiracy and possession of machine guns and destructive devices.

Meanwhile, Nvidia CEO Jensen Huang said the company’s new generation of chips, Rubin, are now in full production. The chips can deliver up to five times the AI computing strength of its predecessor, Blackwell. Huang also touted other software the firm is working on, including networking switches that can link several machines as one, and self-driving car software. (Reuters)

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