Good morning, wonderful people. We’re sending you off to a well-deserved weekend with a packed issue, featuring IPO updates from Almasar Education and Alramz Real Estate, upcoming investments from the GCC Interconnection Authority into strengthening regional power grid, and a new SAR 1 bn factory courtesy of Abunayyan Holding and Japan-based Toray Industries inaugurated in the Eastern Province.

ALSO- We talked to Ali Abussaud, CEO and founder of Hala Capital — formerly Hala Ventures — to talk Hala’s rebranding, Saudi’s VC and investment scene, and his morning routine. Let’s dive in.

HAPPENING TODAY-

#1- The Tourise Summit is set to wrap up today, featuring panels with execs from Forbes, Global Blue, Wego, Almosafer and more, as well as a closing fireside chat with Minister Ahmed Al Khateeb.

The summit says it “catalyzed investment portfolios” totaling USD 113 bn across luxury retail, next-gen hotels, integrated experience-led developments, wellness, lifestyle offerings, talent development, and AI-powered platforms, from the likes of Melia Hotels, Radisson, BWH Hotels, Goco Hospitality, Cenomi, Radisson, Earth Hotels, Delonix & Ocean Link, AlFozan Holding, Al Kathiri Holding, Alothaim, and Knowledge Economic City. Some USD 68 bn were allocated to investments inside Saudi Arabia.

The second day saw the launch of the Agentic Tourism Initiative, introducing a digital framework for applying AI in the tourism sector. The coalition — aiming to introduce “ intelligent, seamless, and sustainable travel experiences across the global tourism ecosystem” — includes Globant, Red Sea Global, Humain, Riyadh Air, King Salman International Airport, and Salesforce, among others.

AND- The first recipients of the Tourise Awards took home their accolades yesterday. Tokyo was named Best Overall Destination along with Best Food & Culinary and Best Entertainment, while New York snagged the Best Arts & Culture award, Ancash, and Paris got the Best Shopping award.

#2- Foreign Minister Faisal bin Farhan is in Canada to take part in the G7 Foreign Ministers’ Meeting, representing the Kingdom as an invited country, the ministry said on X. Chaired by Canadian Foreign Minister Anita Anand, the gathering in the Canadian capital discussed global economic and security issues, focusing on supply chains, energy security, critical minerals, and peace efforts in Ukraine and Gaza. Farhan discussed bilateral relationships with his American, German, Indian, Ukrainian and Canadian counterparts on the sidelines of the meeting in Ontario.

#3- Subscription for Lavenco Aluminum Systems’s IPO on Tadawul’s parallel market Nomu kicked off yesterday and runs until Tuesday, 18 November, Tadawul said on X. Qualified investors can each for a minimum of 10 shares and a maximum of 75k over the five-working-day subscription window. Final share allocation will be announced on Sunday, 23 November.

#4- Inflation figures for October are set to be released today from the General Authority of Statistics. Annual inflation recorded 2.2% y-o-y in September, down by 0.1 percentage points from August’s two-year high, mainly driven by increases in rents and housing costs.

PSAs-

#1- The grace period for runaway domestic workers to regularize their status has been extended by six more months, effective Tuesday, 11 November, Saudi Gazette reported. The extension applies to workers reported absent before the announcement and allows them and their employers to complete the necessary procedures automatically via the Musaned platform.

#2- The updated draft of the oversight framework for payment systems and their operators is now open for public consultation on Istitlaa until Thursday, 27 November. The draft (pdf) clarifies the framework’s scope, supervisory methods, and obligations for payment systems and their operators, including self-assessment processes and oversight tools.

WATCH THIS SPACE-

#1- A US-Saudi investment summit is reportedly set for 19 November amid Crown Prince Mohammed bin Salman’s White House trip, CBS News reports, citing an invitation it received and unnamed sources. The event will be held at the John F. Kennedy Center in Washington, co-hosted by the Investment Ministry and the US-Saudi Business Council, and will reportedly explore opportunities for collaboration in energy, technology, financial services, infrastructure, and healthcare.

The summit follows up on USD 600 bn in Saudi investments pledged during Trump’s own visit and a similar subsequent Riyadh summit in May. It is not part of the official itinerary, though the Crown Prince and US President may attend, the news outlet reported.

AHEAD OF THE VISIT- Defence Minister Khalid bin Salman held talks at the White House with senior US officials — including Secretary of State Marco Rubio, Secretary of War Pete Hegseth, and Middle East Special Envoy Steve Witkoff — covering Saudi-US relations, bilateral strategic partnerships, and key regional and global issues, state news agency SPA reported on Tuesday.

#2- Some 90% of UAE businesses plan to increase trade and investment in Saudi Arabia over the next five years, according to an HSBC press release (pdf) citing its New Networks of Capital: Saudi Arabia report (pdf). The report — which surveyed over 4k executives from international firms generating between USD 50-500 mn annually — found a growing number of businesses showed strong confidence in the Kingdom as a new corridor for regional and international growth. Over 78% are planning to increase investments within the next six months.

Economic stability was cited by 59% of UAE respondents as a key part of Saudi’s growing business appeal, closely followed by growth (58%), while 42% viewed the Kingdom as a gateway to GCC markets. Some 94% said the country’s sustainability and ESG agenda are a catalyst for investment. Technology and innovation remain the most popular for current (47%) and future investments (46%), while project finance (52%) and risk management solutions (46%) were reported as the most attractive segments for participation.

Nearly half of UAE businesses see private equity/venture capital funds as the top expansion route into the Kingdom (48%), followed by mutual funds (46%), and partnerships and joint ventures (45%).

#3- Tokyo-based IT firm NTT Data Group is weighing the establishment of data centers in Saudi Arabia amid growing interest in AI in the Kingdom, CEO Abhijit Dubey told Bloomberg on Tuesday. The company — which was recently taken private by NTT Group in a USD 16 bn deal — is still assessing the market and has not yet made formal commitments. NTT Data is already embedded in major Saudi projects, including Neom and key stadiums, as the Kingdom accounts for about 70% of NTT Data’s Middle East budget, he noted.

What they said: “What we see is there is a supply-demand mismatch in terms of what the country wants to achieve in such a short amount of time, versus the actual capacity we have in the country. I’m here specifically because there has been so much interest around AI,” Dubey added.

#4- Saudi Arabia, India accelerate bilateral investment treaty talks: Finalizing a bilateral investment treaty facilitating foreign direct investment between Saudi Arabia and India took center stage in Investment Minister Khalid Al Falih’s meeting with Indian Finance Minister Nirmala Sitharaman in New Delhi yesterday, India’s Finance Ministry said on X.

We’ve been deepening ties with India, following Indian Prime Minister Narendra Modi’s Aprilvisit to the Kingdom, where the two countries kicked off talks on the treaty and agreed to boost investment in sectors such as energy, infrastructure, and pharma.

#5- The Royal Commission for AlUla is gearing up to award the infrastructure contracts for AlUla tram project soon, Meed reported yesterday. The project’s first phase will cover 22.4 km and include 17 stations served by 20 trams, connecting AlUla International Airport to five regions across the historic area. Selected contractors will design and develop tram depots, tracks, technical buildings, stations and other infrastructure.

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OIL WATCH-

The International Energy Agency (lEA) finally admits its earlier oil demand projections needed an update — and now sees oil and gas demand continuing to rise until 2050, according to its World Energy Outlook 2025 (pdf). The agency expects the world to fall short of its climate goals, signaling that fossil fuels will maintain a dominant role for decades.

IN CONTEXT- The agency’s earlier forecasts had projected that oil and gas demand would peak this decade and decline toward 2050. Now, it’s aligning more with Opec’s view, which sees demand continuing to grow through to mid-century on the back of rising usage in road transportation, aviation, and petrochemicals. This also comes amid a shift in US priorities under President Donald Trump, who has been calling for more oil and gas production and revoking renewables-friendly policies.

The agency used two scenarios for analysis: Under the IEA’s current policies scenario (CPS) — which reflects existing government measures rather than future climate ambitions — oil demand is projected to reach 113 mn bbl / d by mid-century, around 13% higher than in 2024. In the stated policies scenario (STEPS) — which includes announced but not yet implemented policies — demand peaks “around 2030” and stabilizes near 96.9 mn bbl / d in 2050.

Why the two scenarios? The return to CPS and STEPS reflects “growing uncertainties in the political, economic, and energy context,” IEA’s Executive Director Fatih Birol told Bloomberg.

Under CPS, sustained demand would absorb global oil and LNG oversupply faster, pushing crude prices to around USD 90 / bbl by 2035. Meeting that demand would require some 25 mn bbl / d of new projects. Our region is expected to remain the dominant oil exporter, sending out 3x more oil than the next-largest exporter in 2035.

LNG will be the next big thing: Final investment decisions for new export projects have surged in 2025, with some 300 bcm of annual capacity expected to come online by 2030 — a 50% increase in available global supply. The IEA projects LNG demand to rise to 880 bcm in 2035, reaching 1 tcm in 2050, and up from 560 bcm in 2024 — driven primarily by growing electricity needs from data centers and AI-related power consumption.

Data infrastructure is emerging as the new energy driver: Global data-center investments could reach USD 580 bn in 2025, exceeding the USD 540 bn annually spent on oil supply.

UAE officials have been banging this drum for a while now, arguing there’s no end in sight to rising oil and gas demand and that the answer has to be more investments in all forms of energy. Adnoc’s CEO Sultan Al Jaber said in his opening speech at Adipec this year that oil consumption is expected to remain above 100 mn bbl / d beyond 2040. Renewable energy capacity is also expected to double, he said, while LNG demand is projected to rise by 50%, fueled by a 4x surge in data-center power demand, a growing global aviation fleet, and a 30% increase in jet fuel consumption.

Crude exports to China to dip next month: Saudi Arabia is expected to ship at least 36 mn barrels of crude to China in December, down from around 38 mn barrels in November, Reuters reported yesterday, citing sources it says are in the know. The decline comes as some Chinese refineries undergo maintenance and independent refiners delay purchases, awaiting next year’s import quotas. One Chinese buyer reduced December allocations after lifting most of the full-year contractual volumes, one source told the newswire.

IN CONTRAST- Saudi will supply Indian refiners with their full-term crude allocations in December. Indian refiners are eyeing more supply after Aramco cut oil prices to Asian refiners, as we noted earlier this week.

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THE BIG STORY ABROAD-

Shutdown to end as soon as today: The US House of Representatives voted 222-209 to reopen the government, passing the funding bill through the Congress and to US President Trump’s desk for signature. The vote ends a stalemate that led to the longest government shutdown in history — entering its 44th day — affecting food aid, economic reports and airport flights, as well as causing layoffs of federal workers which are set to be reversed under the bill. (Bloomberg | NYTimes | Financial Times | CNN | Reuters)

Another US story is dominating headlines: A new trove of emails from Jeffrey Epstein was released by lawmakers, reigniting scrutiny into The Donald’s ties with the disgraced financier as content hinted at Trump’s knowledge of Epstein’s activities at the time. Trump responded to the release by accusing Democrats of attempting to lure attention away from the end of the government shutdown. (Reuters | Washington Post)

ALSO WORTH NOTING THIS MORNING-

  • Anthropic plans to spend USD 50 bn on AI infrastructure in Texas and New York. (CNBC)
  • A severe water shortage crisis is hitting Tehran, threatening to make the Iranian capital uninhabitable for its 10 mn residents. (Reuters)
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