Inflation accelerates again in September

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Mohammed bin Salman, El Sisi move investment talks forward in Cairo

Good morning, wonderful people, and happy almost-THURSDAY. We’re closing on the end of what has shaped up to be a rather busy week here in the Kingdom.

THE BIG STORY TODAY- Inflation crept up again in September, hitting a seven-month high at 1.7% in September.The fresh data marks the second-highest reading YTD, after consumer prices recorded a 1.8% y-o-y increase in February.

PLUS- Saudi Crown Prince and Prime Minister Mohammed bin Salman arrived in Cairo yesterday for a high-stakes meeting with President Abdel Fattah El Sisi, sealing two agreements to boost mutual investments.

HAPPENING TODAY- The crown prince will head with his delegation to Brussels today to participate in the first EU-Gulf Cooperation summit, SPA reported.

FACT CHECK- The Kremlin has retracted an earlier statement confirming the Kingdom’s status as a member of the BRICS alliance, Reuters reports. The Kingdom was invited to join the alliance late last year, but has yet to formalize its membership. “The summit will take place now, we will supply additional information on who will represent Saudi Arabia, whether it will be represented at this summit, and we will draw conclusions from this,” Kremlin spokesperson Dmitry Peskov said, referring to the BRICS summit set to be hosted by Russia during 22-24 October.

WEATHER WARNING- Al Taif, Maysan, Adham, and Al Ardiyat in the Makkah Province, as well as Al Baha, Aseer, Najran, and Jazan provinces will see moderate to heavy rainfall, coupled with strong winds and dust storms, flash flooding, and hailstorms until Friday, according to a warning issued by the General Directorate of Civil Defense. Meanwhile, Riyadh and the Eastern Province are expected to see light to moderate rainfall.

PSAs-

TGA pulls the brakes on issuing new delivery motorcycle licenses: The Transport General Authority (TGA) halted the issuance of new licenses for motorcycles used to deliver mobile app orders, Saudi Gazette reports citing a statement by TGA spokesperson Saleh Al Zuwayed. This pause will remain in effect until new regulations are released as part of a broader push to regulate the sector. Companies currently operating under licenses obtained during the experimental phase will not be affected, but the pilot phase has officially ended.

WATCH THIS SPACE-

#1- Some USD 28 bn in global investments across multiple sectors will be announced at the upcoming PIF-backed Future Investment Initiative Forum in Riyadh, which will run from 29-31 October, state news agency SPA reports, quoting FII Institute CEO Richard Attias.

#2- Dubai-based Khazna Data Centers plans to expand further into the Middle East and Asia. It is closing in on the location for a USD 250 mn data center in Egypt (set for completion in 2026) and is in advanced stages of construction in Saudi Arabia. Turkey and Southeast Asia are also on its radar.

#3- Saudi landscaping and agricultural contractor NabatatContracting Company (NCC) plans to invest some SAR 350 mn in the local manufacturing sector, Zawya quotes Chairman Waleed Hamed Al Khaldi as saying. The firm is partnering with a Chinese company to locally manufacture greenhouse technology for King Salman Park, while also collaborating with Korean firms to manufacture plastic pots. NCC is also pursuing a SAR 75 mn food waste recycling project to produce compost for its nurseries, attracting interest from SABIC.

GCC expansion is also in the cards: NCC has invested SAR 50 mn to establish a company in Bahrain and plans to expand to Dubai, Qatar, Oman, and Kuwait over the next five years, Al Khaldi said.

#4- KAUST’s new head prioritizes US ties, plans to limit AI cooperation with China: Professor Sir Edward Byrne, head of King Abdullah University of Science and Technology (KAUST), pledged to avoid AI collaborations with China that could jeopardize access to US-made chips, reports the Financial Times. Byrne emphasized aligning with “the areas I know best, which are the UK, Europe and the US,” while adhering to US trade regulations to safeguard partnerships. His predecessor, Tony Chan, expanded ties with China through a joint AI project to develop an Arabic-focused language model called AceGPT, raising concerns that such partnerships could hinder access to advanced US technology.

Balancing act: Saudi Arabia has been navigating AI while balancing trade with the US and China, with a tilt toward US tech as part of a potential Saudi-US defense pact. An Aramco fund invested in China’s rival to OpenAI, Zhipu AI, in June. Meanwhile, Saudi officials have been negotiating with Nvidia to gain access to its H200s chips and landed an agreement for 5k GPUs from the US firm.

DATA POINTS-

#1- Bank credit across all public and private segments increased 12.1% y-o-y to SAR 2.8 tn in August, according to the latest Sama monthly statistical bulletin (pdf). Personal loans accounted for the lion’s share of new bank credit for the months at SAR 1.3 tn, followed by real estate (SAR 303.5 bn), and wholesale and retail trade (SAR 201.3 bn). Most of the new loans had long term maturities (SAR 1.3 tn), with short term and medium term maturity loans totaling SAR 1.1 tn and SAR 426.4 bn.

#2- Investments in sectors under the National Industrial Development and Logistics Program are projected to hit SAR 600 bn by year-end, up from SAR 524 bn last year, with aspirations to reach SAR 1 tn by 2030, CEO Suleiman Al Mazroui told Asharq Business (watch, runtime: 4:26).

SPORTS-

Lightweight American MMA fighter AJ McKee sees Riyadh becoming the world fight capital “in the near future,” citing its track record of hosting “very big cards,” the welcoming atmosphere, and “ideal” environment free from negative influences from athletes, he said in a press release (pdf). McKee will face Irishman Paul Hughes at Battle of the Giants on Saturday, 19 October, at the Mayadeen.

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THE BIG STORY ABROAD-

Nothing goes up and to the right forever. That’s the key takeaway on a very busy morning for global business news as market watchers join an increasingly loud debate about how much gas is left in the tank for the global equities market.

On the “we’re worried” side: Shars of the most important tech company you’ve never heard of slumped the most in 26 years after it booked not even 50% of the orders analysts expected. ASML Holding makes key equipment that chipmakers themselves use to make chips; the shortfall in orders has folks taking a deeper look at the chipmaking industry. Companies that sell chips with AI applications are doing really well — those that sell more workaday semiconductors for the auto, memory, and other industries? Not doing nearly as well.

Also on the worried side of the ledger: Luxury goods conglomerate LVMH saw sales slump in 3Q and says the outlook is “uncertain,” thanks in large part to a pullback in spending by Chinese consumers.

On the other side: US consumers look on track to spend about 3.5% more during the upcoming holiday season, a business group representing American retailers said. And Goldman Sachs has just reported a “monster jump” in 3Q earnings while Bank of America did a bit better than analysts had expected and Citi recorded 44% increase in fee income from investment banking activities.

The state of the debate (presented with no guidance…): Can the stock market keep going up? Market watchers think so.

ALSO IN THE BUSINESS PAGES on this fine fall morning:

In Saudi Arabia: A senior government appointee promised to limit Chinese access to US-made chips and Aramco is reportedly shelving its plans for a Ras Al Khair chemicals and refining hub in favor of investing in Asia, EnterpriseAM Saudi notes.
A tale of two bailouts: The founder of 23 and Me is riding to the rescue of her struggling startup while Boeing is trying to line up USD 35 bn from a combination of stock and bond offerings as well as bank loans to shore up its finances.

MEANWHILE- There are 19 days to go until the US election. About 2x more voters turned out to cast early ballots yesterday in the key state of Georgia compared to during the 2020 cycle. Kamala Harris is on a media blitz. And Donald Trump is beating his protectionist drum.

IN POLITICS- Washington has warned Tel Aviv it has 30 days to allow more aid into Gaza or risk a cut to arms sales (Wall Street Journal | New York Time | Reuters).

And for our fellow iSheep: Apple has released an updated iPad Mini with a beefed up processor (the same as in last year’s Pro model) and the same big, ugly bezels as last year, too.

CIRCLE YOUR CALENDAR-

The Professional Fighters League’s (PFL) Battle of the Giants is coming to Riyadh on Saturday, 19 October. Headlining the card, MMA superstar Francis Ngannou will face PFL heavyweight champion Renan Ferreira for the title of inaugural PFL Super Champion. Meanwhile, women’s featherweight champion Cris Cyborg will square off against Larissa Pachecho for the World Title Fight in the co-main event. Expect fireworks with additional matchups featuring Johnny Eblen vs. Fabian Edwards and A.J. McKee vs. Paul Hughes.

The three-day Seamless Saudi Arabia will take place at the Riyadh Front Center on Tuesday, 22 October. Business leaders and entrepreneurs from around the world will gather to discuss the latest trends shaping the digital commerce and fintech sectors. Notable speakers include representatives from the World Economic Forum, our friends at Cenomi, as well as Al Rajhi Bank, Riyad Bank, and Saudi Awwal Bank, among others.

The two-day Multilateral Industrial Policy Forum will kick off in Riyadh on Wednesday, 23 October. The forum will address global industrial challenges, focusing on topics like industrial policy, clean energy, and advanced manufacturing tech. The forum is organized by The Industry and Mineral Resources Ministry in partnership with UNIDO. The Kingdom will also host the UNIDO General Conference in 2025.

WWE Raw is coming to RIyadh for the first time ever on 2-3 November, kicking off on the back of the WWE Crown Jewel event the day prior, Turki Alalshikh said in a post on X. You can book your Raw tickets here, and your Crown Jewel tickets here.

Inflation hits a seven-month high at 1.7%

Inflation accelerated to 1.7% y-o-y in September, up from 1.6% in August, according to the latest figures from the General Authority for Statistics (Gastat) (pdf). September’s reading marks the highest inflation rate since February. On a monthly basis, prices inched up 0.1%, driven by a 0.8% uptick in housing rents and prices.

IN CONTEXT- Inflation peaked this year in February at 1.8%. Consumer prices have since grown at a steady 1.6% each month from March through to May, before dipping slightly to a seven-month low at 1.5% in June and July.

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Once again, rent drove the increase: House rental prices — the heaviest weighted component in the domestic consumer basket — rose 11.2% y-o-y last month, fueled by a 10% surge in apartment rentals. This led to a 9.3% y-o-y increase in the prices of housing, water, electricity, gas and other fuels.

Also getting more expensive: Restaurant and hotel rates rose 1.7% y-o-y on the back of a 1.5% increase in catering prices. Education tuition and fees grew 1.6% y-o-y, due to a 3.8% hike in intermediate and secondary school fees. Food and beverage prices were up 0.8% y-o-y driven by a 5.2% increase in vegetable prices.

On the more affordable end: Furnishing and home equipment prices fell 3.7% y-o-y on the back of a 7% drop in the price of carpets, flooring, and furniture. The cost of transportation was down 3.3% y-o-y dragged by a 4.5% decline in car prices. Clothing and footwear prices dropped by 3.2% y-o-y, on the back of a 5.5% decrease in the price of ready-made clothes.

MEANWHILE- Producer prices rose 3.1% y-o-y in September on the back of a 12% increase in the prices of basic chemicals and refined petroleum products, according to Gastat’s wholesale price index (pdf). Meanwhile, September wholesale prices were up 0.3% m-o-m.

Dive deeper into Gastat’s full report on September’s average prices of goods and services here (pdf).

Aramco reportedly scraps plans for Ras Al Khair refining and chemical plant

Saudi Aramco and its petrochemicals subsidiary Sabic have reportedly canceled plans for a 400k bbl / d refinery and chemical facility in the Eastern Province’s Ras Al Khair, while also scrapping proposals to move the project to Jubail, Bloomberg reports, citing unnamed sources. Three more planned chemical facilities in Jubail and Yanbu are also under review and may also see cancellations, the sources said.

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The rationale: Aramco is reportedly uncertain that there is sufficient demand in the Kingdom to support the investments, with the state-owned oil giant already undertaking expansions at other chemical sites, Bloomberg’s sources say. Aramco has not, however, revised its expansion plans at a Jubail refinery co-owned with TotalEnergies SE.

Looking east? The decision also indicates that Aramco is “recalibrating” its petrochemicals portfolio with a focus on Asia, the business news information service said. The oil player is pursuing several downstream oil investments in China that look to lock in demand for Saudi crude in the long run. Aramco also sees demand for plastics and other petroleum derivatives growing in Asia and is angling for a larger market share in those markets.

REMEMBER- Aramco inked two separate agreements with Chinese refiners Rongsheng and Hengli last month, which saw it inch closer to expanding the Saudi Aramco Jubail Refinery with Rongsheng and acquiring a 10% stake in Hengli. Sabic also shelled out USD 6.4 bn in January to develop a refining hub in China’s Fujian, amid other investments by the oil major in China-based downstream assets.

Cargo, zones and warehousing updates from Global Logistics Forum

More updates are still streaming in from KSA’s Global Logistics Forum which wrapped up on Monday. Here are all the latest cargo, aviation, zones and warehousing agreements signed by regional logistics players.

REFRESHER- Saudi Arabia reportedly inked 69 agreements worth over SAR 17 bn during the first day of the forum in Riyadh on Sunday.

SAUDIA CARGO-

Saudia Cargo signed an MoU with the Royal Commission for AlUla (RCU) to boost air cargo operations and logistics services, according to a statement. The partnership aims to streamline operations for air freight transport, exchange expertise on logistic advancements, and provide logistical backing for AlUla initiatives.

The airfreight flag carrier also inked an MoU with Saudi aviation firm Cluster2 to improve air freight and logistics operations, according to a statement. The cooperation looks to increase air freight capacities, enhance land transportation connectivity with airports, and implement competitive pricing strategies.

KING SALMAN AIRPORT-

KSIADC inked a stack of agreements: King Salman International Airport Development Company (KSIADC) inked an agreement with the Special Integrated Logistics Zone (SILZ) to enhance operational coordination and infrastructure to boost air cargo capabilities, according to a statement.

There’s more: The airport also partnered with delivery giant FedEx to improve logistics solutions and enhance supply chains at the airport by integrating new logistics and distribution practices, the statement added. KSIADC also joined the International Air Cargo Association (TIACA) to boost its market share and operational efficiency, which is in line with Saudi Arabia’s plan to establish itself as a leading logistics hub.

MODON-

Modon signed several warehouse agreements: The Saudi Authority for Industrial Cities and Technology (Modon) inked a SAR 50 mn agreement with Hello Partner Logistics Services Company to allocate 48k sqm of land to establish 3PL/4PL warehouses to streamline supply chain operations for food, commercial, and tourism industries, according to a statement.

Another for Sawala: Modon signed a SAR 35 mn agreement with Suaud’s storage firm Sawala to establish 3PL/4PL warehouses over 54k sqm in Jeddah’s Third Industrial City, according to a statement.

And another for Imdad: The authority inked a SAR 50 mn contract with Imdad Storage Company to allocate 26k sqm of land in Sudair City to develop 3PL/4PL warehouses to boost supply chains in the pharmaceutical and medical industries sectors, according to a statement.

ZONES AND PORTS-

#1- SPL + Ecza partner up to boost logistics services: Saudi Post Corporation’s (SPL) National Address inked an MoU with Economic Cities and Special Zones Authority (ECZA) to strengthen logistics services for investors across the Kingdom’s Special Economic Zones (SEZs), according to a statement.

#2- Tharawat Alqata + Masarat to operate within KAEC: ECZA awarded to eligible criteria certificates to Tharawat Alqata Industries Company and Automotive Solution Company for Logistic Services (Masarat Mobility Park) to establish facilities in King Abdullah Economic City Special Economic Zone (KAEC SEZ), according to a press release.

#3- Mawani signs a tripartite agreement: The Saudi Port Authority (Mawani), the Zakat, Tax, and Customs Authority, and the Saudi Transport and Logistics Services Ministry inked a cooperation agreement to empower shipping brokers to handle joint containers and establish regional centers at Saudi ports, according to a press release.

OTHER AGREEMENTS-

TGA + RDIA partner up to boost innovation: The Transport General Authority (TGA) inked an agreement with the Research Development and Innovation Authority (RDIA) to advance smart transportation systems across the Kingdom. (Statement)

Mohammed bin Salman talks investment + regional diplomacy in Cairo

Crown Prince and Prime Minister Mohammed bin Salman met with Egyptian President Abdel Fattah El Sisi in Cairo yesterday, where they oversaw the signing of two agreements focused on streamlining mutual investments and providing investment guarantees, according to separate statements from both sides (here, and here). Bloomberg also had the story. While the investment timeline and sectors remain undefined, discussions centered on the potential focus areas of energy, transportation, and tourism.

Key outcomes: One of the agreements will see the launch of a Saudi-Egyptian Supreme Coordination Council which will be co-chaired by the two leaders, while the other is focused on the Promotion and Mutual Protection of Investments. The formation of the council was approved by the Council of Ministers last month, following Egyptian Prime Minister Moustafa Madbouly’s meeting with the Crown Prince to discuss facilitating Saudi investments in Egypt. The Crown Prince had directed the Public Investment Fund at the time to invest USD 5 bn in Egypt.

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Also on the agenda: The two leaders also addressed regional tensions, including the conflicts in Gaza and Lebanon. Both agreed on the need for an immediate ceasefire and reaffirmed their support for Palestinian statehood, emphasizing that this is essential to achieving long-term regional peace. They also reiterated the importance of respecting Lebanon’s sovereignty.

SVC invests USD 15 mn in new Vision Ventures’ Saqr Fund II

Saudi Venture Capital (SVC) committed USD 15 mn to VisionVentures’ Saqr Fund II which was established to back early-stage startups across the Kingdom and the region, according to a press release.

About the fund: Saqr Fund II — which is targeting a total fund size of USD 90 mn — will invest in local and regional pre-seed to pre-series B startups on a “sector-agnostic approach,” the statement said. SVC is an anchor investor in the fund.

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What they said: “Our investment in the venture capital fund by Vision Ventures is part of SVC’s Investment in Funds Program, in alignment with our strategy to catalyze venture investments and minimize fund-raising entry barriers for fund managers who are looking to invest in Saudi-based high-growth startups during their different growth stages.”

Meet SVC: Established in 2018, SVC is an investment management firm focused on investments in private capital funds, including venture capital, private equity and others with USD 2 bn in assets under management. It is a subsidiary of the National Development Bank’s SME Bank.

IN OTHER STARTUP NEWS-

Homegrown startup consultant and investment community Tawaref has acquired AI solutions provider Amaana.ai, as it looks to boost its digital offerings for startups and investors, according to a press release. The acquisition leverages Amaana.ai’s AI-powered solutions and experience in automated licensing and banking tasks to add new services to Tawaref’s portfolio, including company formation, legal and accounting services, and registration via the government’s Saudi Landing Program. The statement did not disclose the value of the transaction.

The cabinet greenlights a slew of investment, cooperation agreements

The Cabinet endorsed an MoU for industrial cooperation with Pakistan in its weekly meeting yesterday chaired by Crown Prince and Prime Minister Mohammed bin Salman, state news agency (SPA) reports.

ICYMI- Businesses from Saudi and Pakistan signed 27 MoUs, last week, that will see investments in Pakistan worth a combined USD 2 bn focused on the agriculture, energy, manufacturing, technology, healthcare, and oil sectors. The agreements were finalized during Investment Minister Khalid bin Abdulaziz Al Falih’s three-day visit to Islamabad.

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Other approvals include:

The establishment of the Saudi-Kazakh Coordination Council;
An investment agreement with Venezuela;
An MoU for digital government cooperation with New Zealand;
The establishment of a technical college in Jazan;
The National Cybersecurity Authority’s joining the International Counter Ransome Initiative.

KSA + Philippines ink MoU on energy

ENERGY-

Saudi Arabia and the Philippines will increase energy cooperation between the two countries, after signing an MoU focusing on petroleum, petrochemicals, gas, electricity, renewable energy, energy efficiency, and the circular carbon economy, state news agency SPA reports. The MoU also covered cooperation on digital transformation, cybersecurity, artificial intelligence, and the localized production of energy-related materials, products, and services.

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PETROCHEMICALS-

Petro Rabigh and China’s Jiahua Chemicals inked an MoU to potentially set up a chemicals manufacturing facility in Rabigh, the company said in a disclosure to Tadawul. The plant will produce chemicals derived from Petro Rabigh-supplied ethylene oxide and propylene oxide, with output slated for use in construction and automotives. The agreement was facilitated by the Energy Ministry and comes in a bid to boost local downstream and chemical production while reducing dependence on imports.

LOGISTICS-

Batic Real Estate began construction on a high-risk storage warehouse on a 10k sqm plot in Al Manakh district, according to a disclosure to Tadawul. It also secured an agricultural construction license from the Ministry of Environment, Water and Agriculture to develop cooling and freezing warehouses on 50k sqm of its 104k sqm site along Al Kharj road, with further approvals underway.

FINANCIAL SERVICES-

Investment management firm Tharawat Tuwaiq Financial has received a license from the Capital Market Authority to conduct advisory services in the securities market, according to a statement.

IMF paints “worse than expected” picture of global debt outlook, passing USD 100 tn mark in 2024

Crossing the USD 100 tn mark: Global public debt is on track to surpass USD 100 tn by year’s end, representing 93% of global GDP, the IMF said in a blog ahead of the full release of its October 2024 Fiscal Monitor report, which is due to be published in full next week. Public debt is also set to exceed 100% by 2030, 10 percentage points above 2019 levels before the pandemic ushered in higher fiscal spending.

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Worst-case scenario: Slower economic growth, tighter borrowing conditions, fiscal “slippages,” and economic and political uncertainty could see global debt soaring to 115% of global GDP within three years, the IMF says. Higher uncertainty in major economies such as the US could also create ripple effects increasing borrowing costs for more vulnerable countries.

Driving the rise in fiscal debt: The IMF warns that, although two-thirds of countries are expected to see their public debt levels “stabilize or decline,” the debt outlook for many others may be “worse than expected.” Budget demands due to aging populations and healthcare needs, the green transition, and geopolitical uncertainty have “tilted” the political discourse towards greater fiscal spending, placing added pressures on state coffers. Countries also tend to be overly optimistic with regards to their debt forecasts and consistently underestimate future debt burdens.

Also a culprit? Unidentified debt: Countries are also facing a pileup of what the IMF calls “unidentified debt,” which the multilateral lender says has historically stood at 1-1.5% of GDP on average. That rate “increases sharply during periods of financial stress,” the IMF notes. Unidentified debt “stems from contingent liabilities and fiscal risks government face, of which most are related to losses in state-owned enterprises.”

REMEMBER- Emerging markets are also facing a wall of debt that many could struggle to repay, with a handful of countries at risk of defaulting over the next decade, S&P Global has said.

As inflation and interest rates come down, it’s time to get moving on fiscal improvements: Cooling inflation and the start of the global monetary easing cycle mean that economies are in a better position today to absorb adverse effects from budget cuts, the IMF says. Economies should make use of this window to roll out budget cuts while seeking a “judicious mix of people- and growth-focused fiscal measures” that balance the needs of low income individuals and economic output and growth, the multilateral lender said. Most economies will have to cut their budgets by about 3.8% of GDP over the next six years to see improvement, with China and the US requiring stronger measures to stabilize public debt.

ALSO FROM PLANET FINANCE-

Adnoc finalizes Fertiglobe acquisition: Abu Dhabi National Oil Company (Adnoc) completed its USD 3.62 bn acquisition of OCI Global's 50% +1 stake in Fertiglobe, the Netherlands-domiciled chemical producer, according to a press release (pdf) shared with EnterpriseAM UAE. The transaction increases Adnoc’s stake in Fertiglobe to 86.2%, with the remaining 13.8% in free float on the ADX.

What this means for Fertiglobe: Adnoc will “transfer its stakes in existing and future low-carbon ammonia projects to Fertiglobe at cost” to Fertiglobe, according to the statement. This includes two lower-carbon ammonia projects in Abu Dhabi and other global projects. The transfer is expected to add some 2 mn tonnes per annum (mtpa), more than doubling Fertiglobe’s current capacity of 1.6 mtpa. Once completed, the total sellable capacity for Fertiglobe will rise to 8.6 mtpa for ammonia and urea combined.

MARKETS THIS MORNING-

Asian markets are down in early trading this morning, mirroring declines yesterday on Wall Street. The Nikkei is down the most (-2.0%), but the Hang Seng, Shanghai Composite, and ASX are all in the red.

Dow, S&P, and Nasdaq futures are little changed in overnight trading, while the FTSE 100, Euro Stoxx 50, DAX, and CAC 40 all look set to open in the red later this morning.

TASI	12,002	+0.4% (YTD: +0.3%)
MSCI Tadawul 30	1,504	+0.5% (YTD: -3.0%)
NomuC	25,919	+1.9% (YTD: +5.7%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.5% repo	5.0% reverse repo
EGX30	30,584	+1.0% (YTD: +22.9%)
ADX	9,283	-0.2% (YTD: -3.1%)
DFM	4,470	+0.3% (YTD: +10.1%)
S&P 500	5,825	-0.6% (YTD: +22.4%)
FTSE 100	8,249	-0.5% (YTD: +6.7%)
Euro Stoxx 50	4,947	-1.9% (YTD: +9.4%)
Brent crude	USD 74.69	-3.6%
Natural gas (Nymex)	USD 2.50	+0.2%
Gold	USD 2,679	+0.5%
BTC	USD 66,580	+0.9% (YTD: +57.6%)

THE CLOSING BELL: TADAWUL-

The TASI rose 0.4% yesterday on turnover of SAR 7.3 bn. The index is up 0.3% YTD.

In the green: Chubb (+8.2%), Saptco (+6.1%) and Cenomi Retail (+5.7%).

In the red: Al Baha (-8.6%), Al Majed Oud (-2.6%) and Zoujaj (-2.6%).

THE CLOSING BELL: NOMU-

The NomuC rose 1.9% yesterday on turnover of SAR 102.7mn. The index is up 5.7% YTD.

In the green: Ladun (+20.9%), Knowledge Tower (+12.9%) and Riyadh Steel (+8.0%).

In the red: NGDC (-7.7%), Fesh Fash (-6.0%) and Mobi Industry (-5.7%)

Al Khorayef pitches Italy on mining, sustainability, and renewables

Saudi Arabia + Italy mull cooperation: Industry and Mineral Resources Minister Bandar Al Khorayef met with Italy’s Environment and Energy Security Minister Gilberto Fratin in Rome, where they discussed enhancing cooperation in mining, sustainability solutions, renewables and clean energy, according to a post on X. Fratin was also invited to attend the International Mining Conference set to take place in Riyadh early next year.

The pitch: Al Khorayef highlighted the Kingdom’s untapped mineral wealth, estimated at around USD 2.5 tn. He noted that the Kingdom offers investors access to 80 years of geological data through a digital platform, enabling them to make well-informed decisions when entering the minerals market.

Meeting private sector players: Al Khorayef met with Italian and global companies to explore the localization of EV manufacturing, and also to enhance cooperation in the aviation and shipbuilding industries. He held talks with officials from Swiss EV company Piëch, Saudi-based holding company Nimr, Italy-based shipbuilding company Fincantieri, and Italy-based tech player AlmavivA, according to another post on X.

Saudi Export-Import Bank (EXIM) inked a USD 25 mn credit line agreement with South Africa’s Standard Bank on the sidelines of the Saudi-South Africa Business Forum in Johannesburg this week, Bloomberg reports. The move looks to support Saudi exports to South Africa, with Saudi EXIM also forwarding funds to Saudi firms looking to invest in Africa’s largest economy. Commerce Minister Majid bin Abdullah Al Qasabi led a high-level trade delegation participating in the forum, state news agency SPA reported here and here.

CALENDAR

OCTOBER

16-17 October (Wednesday-Thursday): Global Airport & Aviation Forum, Jeddah.

16-19 October (Wednesday-Saturday): Accounting Technologies Conference, Hilton, Riyadh.

19 October (Saturday): Battle of the Giants, Mayadeen Hall, Riyadh.

21-22 October (Monday-Tuesday): Smart Ports & Logistics Transformation Summit, Riyadh.

21-22 October (Monday-Tuesday): Aussie Expo, King Abdullah Financial District Conference Center, Riyadh.

21-23 October (Monday-Wednesday): Global Health Exhibition 2024, Riyadh.

22-24 October (Tuesday-Thursday): Seamless Saudi Arabia 2024, Riyadh Front Center, Riyadh.

23-24 October (Wednesday-Thursday): UNIDO’s Multilateral Industrial Policy Forum (MIPF), Riyadh.

26 October (Saturday): Donor Conference to Support Refugees in Sahel and Lake Chad Regions, TBD.

27-28 (Sunday-Monday): The Global PropTech Summit, Movenpick Hotels & Resorts, Riyadh.

29-31 October (Tuesday-Thursday): Future Investment Initiative Conference, Riyadh.

30 October-3 November (Wednesday-Sunday): Hia Hub 4.0, Riyadh.

31 October (Thursday): No-visa travel for Saudis to Montenegro on charter flights expires.

NOVEMBER

2 November (Saturday): WWE Crown Jewel, Riyadh.

3 November (Sunday): WWE Raw, Riyadh.

2-9 November (Saturday- Saturday): WTA Finals, Riyadh.

3-23 November (Sunday-Sunday): NEOM Beach Games, Neom.

4-7 November (Monday-Thursday): Saudi Build, Riyadh.

5-9 November (Tuesday-Saturday): Biban24 Forum, The Front Exhibition and Conference Center, Riyadh.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh Exhibition and Convention Center.

11-22 November (Monday-Friday): The Diplomatic Conference to Conclude and Adopt a Design Law Treaty, Riyadh.

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

11-12 November (Monday-Tuesday): World Advanced Manufacturing Logistics Summit & Expo, Riyadh.

11-12 November (Monday-Tuesday): Saudi Airport Exhibition, Riyadh.

11-12 November (Monday-Tuesday): Expenditure Efficiency Forum, The Hilton, Riyadh.

11-13 November (Monday-Wednesday): Saudi Intermobility Expo 2024, Jeddah.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh.

16 November (Saturday): Latino Night at Riyadh Season, Riyadh.

18-20 November (Monday-Wednesday): The Heavy Equipment and Truck Show, Dammam.

19-20 November (Tuesday-Wednesday): The Women's Economic Forum 2024, Dammam.

19-21 November (Tuesday-Thursday): Saudi International Maritime Forum, Dammam.

23 November (Saturday): Red Sea 600, Jeddah Yacht Club and Marina.

25-27 November (Monday-Wednesday): World Investment Conference, Riyadh.

26-28 November (Tuesday-Thursday): Future Power Expo, Riyadh.

28 November-14 December (Thursday-Saturday): Noor Riyadh, Riyadh.

29 November-2 December 2024 (Sunday-Wednesday): World Sailing Youth Match Racing World Championship, Jeddah Yacht Club and Marina.

DECEMBER

1 December (Sunday): Opec+ to meet.

2-3 December (Monday-Tuesday) Wings of Change Middle East, Riyadh.

3-5 December (Tuesday-Thursday): The International Business Exchange – IBEX EVENTS, Riyadh.

4-5 December (Wednesday-Thursday): Zakat, Tax and Customs Conference, Riyadh.

11 December (Wednesday): Billboard Arabia Music Awards (BBAMAs), King Abdullah Financial District, Riyadh.

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification, Riyadh.

5-8 December (Thursday-Sunday): World Sailing Women’s Match Racing World Championship, Jeddah Yacht Club and Marina.

11 December (Wednesday): FIFA Congress, which will decide the hosting countries for the FIFA World Cup 2030 and 2034

15-19 December (Sunday-Thursday): Internet Governance Forum, King Abdulaziz International Conference Center, Riyadh.

23-26 December (Monday-Thursday): Aqarat Expo, Riyadh.

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

JANUARY 2025

14-16 January (Tuesday-Thursday): Future Minerals Forum, King Abdulaziz International Conference Center, Riyadh.

27-29 January (Monday-Wednesday): Real Estate Future Forum, Four Seasons Hotel, Riyadh.

28-29 January (Tuesday-Wednesday): Sustainability Forum Middle East, Riyadh.

29-30 January (Wednesday-Thursday): Global Labor Market Conference, Riyadh.

FEBRUARY 2025

4-5 February (Tuesday-Wednesday): The RLC Global Forum, Riyadh.

6-8 February (Thursday-Saturday): Liv Golf season opener, Riyadh Golf Club, Riyadh.

10-13 February (Monday-Thursday): Leap 2025, the Kingdom’s premier tech investment conference.

14-15 February (Friday-Saturday): Formula E, Diriyah.

22 February (Saturday): Founding Day.

MARCH 2025

31 March- 3 April (Monday-Thursday): Eid al-Fitr.

MAY 2025

31 May-5 June (Saturday-Thursday): Hajj.

JUNE 2025

6-9 June ( Friday-Monday): Eid al-Adha.

26 June (Thursday): 2024-2025 academic year ends.

SEPTEMBER 2025

23 September (Tuesday): Saudi National Day.

2026

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.

2027

The World Water Forum takes place in Riyadh.

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