Good morning. Cityscape Global and the US-Saudi Investment Forum are still the talk of the town. The former wrapped up its four-day run with over SAR 230 bn in real estate transactions, while the latter is still churning out agreements and partnerships sealed during the Crown Prince’s visit to Washington, spanning everything from AI and telecom to transportation and defense in what has been labeled as a new era for US-Saudi business relations. Let’s dive in.
HAPPENING TODAY-
The United Nations Industrial Development Organization’s (Unido) GeneralConference kicks off today at the King Abdulaziz International Conference Center in Riyadh. The five-day event — Unido’s supreme policymaking organ — runs once every two years and defines the organization’s policies, approves its budget and work programs, and elects board members. It will also feature the Global Industry Summit, which will focus on harnessing AI, empowering women in industry, and promoting youth participation in industrial growth.
WEATHER- Misty skies are over parts of the Eastern Region, with patches of dense fog reducing visibility at times, while the rest of the Kingdom is forecast for clearer skies.
- Riyadh: 25°C high / 13°C low.
- Jeddah: 34°C high / 24°C low.
- Makkah: 34°C high / 24°C low.
- Dammam: 28°C high / 16°C low.
WATCH THIS SPACE-
US-based Joby Aviation plans to start flying taxi services in the Kingdom within the next few months, CEO JoeBen Bevirt told Asharq Business (watch, runtime: 0:57). Joby partnered with several local companies — including Red Sea Global, The Helicopter Company, Aloula Aviation, Abdul Latif Jameel Finance, and the General Authority of Civil Aviation — to support the rollout of the new transport service in key areas, such as the Red Sea, Jeddah, Makkah, and Riyadh.
REFRESHER- Abdul Latif Jameel Group inked an MoU with Joby in June to explore a potential agreement to distribute the company’s electric aircraft in the Kingdom. The move could see the delivery of up to 200 aircraft valued at around USD 1 bn in the coming years.
SPEAKING OF FLYING- Swedish aerospace company Saab AB pitched its GlobalEye surveillance aircraft to the Kingdom and Qatar as part of its push to expand demand for the platform, CEO Johansson Micael told Reuters on Friday. Both countries expressed interest in the early-warning and control operations aircraft, which is already ordered by the UAE, Micael said.
Cenomi Centers plans to issue new USD-denominated sukuk and is currently preparing to host a series of investor meetings, it said in a bourse disclosure. The size and tenor of the offering will be determined by market conditions, with proceeds earmarked for general corporate purposes and debt refinancing.
AND- 2026 notes tender goes live: The mall operator also launched an any-and-all tender offer and consent solicitation for its USD 875 mn trust certificates due 2026. The tender window runs until 1 December, with the consent deadline set for 8 December.
ADVISORS- Our friends at Mashreq are serving as joint lead managers alongside Abu Dhabi Commercial Bank, Arqaam Capital, Citigroup, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, JP Morgan, Sharjah Islamic Bank, and the National Bank of Ras Al Khaimah. Mashreq is also serving as global coordinator along with Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital, and Goldman Sachs International.
Shares of Abdulaziz Ahmad Altwijri Trading dropped following Nomu debut, closing their first day of trading at SAR 24.50 apiece, down 2% from a final IPO price of SAR 25. Some 10.1k stocks changed hands, generating a turnover of SAR 263.9k across 137 trades, according to market data.
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DATA POINTS-
#1- The Kingdom’s entertainment sector logged 12.6 mn visitors in 3Q 2025, the General Entertainment Authority (GEA) said on X. A total of 468 events were presented across 116 cities, while the number of companies operating in the sector reached 6.5k, Saudi Gazette reported, citing a report by the GEA. The authority issued 1.8k licenses during the quarter, a 48.9% y-o-y increase.
#2- The number of Umrah performers in the Kingdom rose in 2Q 2025 to 5.4 mn, with 4.1 mn internal performers and 1.3 mn external performers, according to data from the General Authority for Statistics (pdf). Internal performers included 2.1 mn Saudis, representing 51.6%. Males accounted for 65.5% of all internal performers at 2.7 mn, while females made up 34.5% (1.4 mn).
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THE BIG STORY ABROAD-
Volatile markets made a rebound on Friday after the New York Fed president hinted another rate cut is coming this year. The Dow gained 1.08%, while the Nasdaq Composite rose 0.9% and the S&P 500 closed up 0.98%. However, the slight rebound came a day after Nvidia’s bumper earnings failed to keep concerns of an AI bubble at bay, leading shares of several AI firms — including Nvidia — to tank on Thursday and stay mostly flat on Friday. (CNBC | CNN)
Meanwhile, Warner Bros received bids from Netflix, Paramount Skydance, and Comcast as the company mulls a sale of its business after rejecting a nearly USD 60 bn bid from Paramount Skydance earlier. Netflix and Comcast are eyeing its film and TV library, while Paramount Skydance is looking to take over the entire business. (Reuters | Bloomberg | New York Times)
Geopolitics are also still getting attention, with European leaders telling the US that the 28-point peace plan for Ukraine and Russia — which would see Ukraine cede large chunks of territory to Russia, cap the size of its military and lift sanctions on Moscow — still needs “additional work.” Meanwhile, US President Trump told reporters yesterday that Ukraine’s president can agree to the plan by Thursday or “continue to fight his little heart out.” (Bloomberg | Financial Times | Washington Post)
ALSO- The US is reportedly gearing up for a new phase in its operations against Venezuela, unnamed US officials told Reuters. The reports came shortly after a US agency warned major airlines of a "potentially hazardous situation" when flying over the country, leading to cancellations.



