Good morning, ladies and gents. It’s Sunday, the free trial of the work week that automatically subscribes you to the full-price version. Before notifications begin their hostile takeover of your screen, today’s issue features the most updated 2024 FDI figures from Gastat, updates on Qiddiya’s USD 1.8 bn National Stadium, and our analysis of TASI’s August performance. Let’s dive in.

HAPPENING TODAY-

#1- Opec+ members are considering a further oil production hike at their meeting today to determine oil production levels for October, Reuters reported, citing two sources it said are familiar with the matter. Saudi eyes reviving some 1.66 mn barrels per day before the scheduled return by the end of 2026, Bloomberg reports, citing people it said are in the know.

The more exclusive Opec’s oil output rose by 360k bbl / d in August to a total of 27.84 mn bbl / d, mainly driven by higher production from the Kingdom and the UAE, according to a Reuters survey.

#2- The Saudi WoodShow kicks off today at The Arena in Riyadh. The three-day exhibition brings together 250 exhibitors from 54 countries and around 10k visitors. The event will showcase products ranging from MDF, veneer, laminates, and engineered wood to woodworking machinery and coatings, while country pavilions and networking receptions connect international suppliers with buyers in the Kingdom.

WEATHER- Riyadh will witness a high of 41°C with the mercury dipping to 30°C overnight. Jeddah will see temperatures peak at 38°C and bottom out at 31°C, while Makkah’s highs are set to hit 41°C before dropping to 31°C.

PSAs-

#1- Riyadh Metro will kick off its daily trips at 5:30am, to better accommodate the early-morning commuters, students, and employees, Saudi Gazette reported, citing the Riyadh Public Transport Authority.

#2- The Municipal and Rural Affairs and Housing Ministry is now the Municipalities and Housing Ministry, under new regs published in the Official Gazette on Friday. The decision also stipulates replacing the title “Municipal and Rural Affairs and Housing Minister” with “Municipalities and Housing Minister” in all laws, regulations, and official decisions.

WATCH THIS SPACE-

#1- Saudi Aramco plans to sell USD-denominated sukuk as early as this month, potentially raising between USD 3-4 bn, Reuters reported, citing sources it said are familiar with the matter. The planned issuance would mark Aramco’s return to the debt market as it navigates lower crude oil prices and a 22% y-o-y drop in its 2Q net income.

REFRESHER- The oil giant last tapped global bond markets in May, issuing a US-denominated bond under its global medium-term note program and raising USD 5 bn over three tranches.

#2- Noon considers dual listing: E-commerce platform Noon is mulling a dual listing on the Saudi and UAE stock exchanges within the next two years as it moves toward profitability, founder Mohamed Alabbar told the Financial Times on Friday.

More than IPOs in the works: The company is expanding its automated self-delivery services, aiming to cut its 40k delivery workforce by half by 2027. Noon is also exploring mergers and acquisitions to expand into new markets like India, Alabbar said.

Noon — founded in 2016 — operates across the Kingdom, the UAE, and Egypt, and raised around USD 2.7 bn from investors, including the Public Investment Fund. The company is currently valued at about USD 10 bn.

MEANWHILE- Saudi Basic Industries (Sabic) is stalling progress on the potential IPO for its subsidiary, National Industrial Gases (Gas), Bloomberg reported, citing sources it said are in the know. The move follows the cancellation of investor meetings without disclosing reasons, the sources said.

BACKGROUND- In July, Sabic announced it was evaluating IPO among other options for its Gas unit, in which it holds a 74% stake. The firm had earlier tapped Lazard, HSBC, JPMorgan, and Morgan Stanley to advise on the potential listing.

#3- Roblox is now restricted in the Kingdom: Roblox has temporarily restricted in-game voice and text chat tools and improved moderation of Arabic content on its video game platform in the Kingdom over child safety concerns and intensifying regulatory scrutiny, the Saudi Gazette reported Thursday. Roblox blocked over 300k games in the social gathering games category in agreement with the General Authority for Media Regulation.

IN CONTEXT- This move follows bans of the game in other countries in the region, including the Kuwait, Qatar, and Turkey, as well as restrictions on voice chats in the UAE. Scrutiny of the platform in the Middle East has increased since it launched an Arabic version earlier this year. The company has also faced criticism and lawsuits in the United States over child safety issues, as some 36% of Roblox’s users are children under the age of 13.

Asharq Business also has the story.

#4- The Interior Ministry now has the right to deport non-Saudis receiving a final conviction for committing traffic violations, according to amendments to the Traffic Law published by Umm Al Qura on Friday. Committing a second violation within a year of the first will result in a maximum fine imposed. If followed by a third, non-Saudis will be referred to the competent court to consider an imprisonment sentence of up to a year, unless it’s ruled to double the fine of the second offense. The executive regulations will define the violations that endanger public safety and the procedures for referring violators to court.

DATA POINTS-

The Saudi box office raked in SAR 91 mn in August, a 43% y-o-y increase, driven by a 47% y-o-y rise in ticket sales to 2 mn, Aleqtisadiah reported on Friday, citing data from the Film Commission.

The five-highest-grossing films captured nearly half of the month’s ticket sales, led by US horror Weapons (SAR 16.5 mn), followed by Egyptian comedy El Shater (SAR 12 mn), Saudi drama Siwar (SAR 9.2 mn), US action-thriller Nobody 2, and Egyptian comedy Rocky El Ghalaba (SAR 5.8 mn).

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THE BIG STORY ABROAD-

Thousands of protesters took to the streets of Washington, DC, yesterday to demand that President Donald Trump end the ongoing deployment of National Guard troops across the capital. The ‘We Are All DC’ march came in response to what demonstrators described as an authoritarian escalation, following Trump’s decision to place the city’s police under federal control. The president first ordered the deployment last month, citing rising crime, despite Justice Department data showing violent crime in the capital fell to a 30-year low in 2024.

Next stop: Chicago: Trump has signaled that Chicago could be next, warning in a post on Truth Social that the city would “find out why it’s called the Department of WAR.” The post followed an executive order issued Friday that officially renames the Department of Defense the Department of War — its pre-1947 title. (Reuters | Washington Post | AP)

CLOSER TO HOME- Israel has set up a so-called “humanitarian area” in Khan Younis, claiming to equip it with field hospitals, water infrastructure, and food and med supplies, as the military expands its ground operation toward Gaza City. The Israeli army said deliveries will be coordinated with the UN and other aid groups, while its Arabic-language spokesperson has called on Palestinians to move to the designated zone. (Bloomberg | New York Times | Reuters)

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