Good morning, friends. It’s now safe to say that we’re finally in the throes of the end-of-year news slowdown, making our penultimate issue for 2024 relatively brief.

BEFORE WE GET UNDERWAY, A MEA CULPA- In yesterday’s issue, we mistakenly said that Riyad Bank’s PMI report for December was due out yesterday morning. The report isn’t set to be released until next Sunday, 5 January. We apologize for the error — which we’re chalking up to our premature anticipation of the new year.

IPO WATCH-

Shares of Al Battal Factory for Chemical Industries will begin trading tomorrow on Tadawul’s parallel market Nomu, according to a Tadawul statement. Al Battal’s shares can fluctuate within a ±30% range for the first three days, after which price fluctuations will be capped at ±10% as circuit breakers take effect.

REFRESHER- The company is offering a 20.1% stake in an IPO which was priced SAR 63per share — at the top of the indicative price range — after its institutional offering was 2x oversubscribed. The pricing would give Al Battal a market cap of SAR 210 mn at listing, and should see it raise some SAR 42 mn in proceeds.

ADVISORS- Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager with Moore serving as the auditor. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, AlJazira Capital, Riyad Capital, ANB Capital, Albilad Capital, Al Rajhi Capital, Derayah Financial, Saudi Fransi Capital, SAB Invest, Alkhabeer Capital, and Sahm Capital.

PSAs-

#1- Companies have until 18 January to ensure their registry and paperwork meet the requirements and standards of the New Companies Law, the Commerce Ministry said. This can be done through the Saudi Business Center to avoid penalties. Amending the founding documents costs SAR 1500, while amending the commercial registry costs SAR 100. Legal action will be initiated against non-compliant companies after the grace period concludes.

#2- Educational and training institutions across the Kingdom are invited to register here for the National Digital Education Index for 2024, launched by the National Center for e-Learning, state news agency SPA reports. This initiative aims to measure and evaluate the state of digital education and training nationwide, focusing on quality enhancement, efficiency improvement, and innovative practices. The index assesses key aspects such as user satisfaction, spending efficiency, technical integration, and AI utilization.

#3- Bisha Airport is now fully prepared to welcome international flights for participants of the 2025Dakar Rally, according to state news agency SPA. The airport has undergone upgrades to accommodate rally enthusiasts arriving at Bisha, the event’s starting point. The Dakar Rally will run from 3-17 January.

WEATHER- Riyadh will see a high of 25°C and a low of 12°C today, while Jeddah will see a high of 29°C before tapering off to 23°C. Makkah is looking at a partly cloudy day with a 30°C high and 19°C low.

WATCH THIS SPACE-

#1- Saudi Aramco is in talks to secure long-term purchase agreements for blue hydrogen, which the company views as a key component of its clean energy strategy, Aleqtisadiah quotes an unnamed company source as saying. The oil giant has already made strides in blue hydrogen, having finalized agreements in July to acquire a 50% stake in Blue Hydrogen Industrial Gases Company, a Jubail-based unit of Air Products Qudra).

IN CONTEXT- The Kingdom is looking to establish a global presence in blue hydrogen production, following the launch of the green hydrogen production strategy in 2020. It aims to eventually supply 15% of the world’s blue hydrogen production, PIF Governor and Aramco Chairman Yasir Al Rumayyan said in February.

#2- Acwa Power’s Sirdarya CCGT power plant in Uzbekistan in full swing: Renewables giant Acwa Power achieved full commercial operation at its 1.5 GW Sirdarya Combined Cycle Gas-Turbine (CCGT) power plant in Uzbekistan, it said in a disclosure to Tadawul. The company kicked off partial commercial operation at the project, in which it owns a 51% share, in April.

Background: Acwa Power signed a USD 1.2 bn, 25-year power purchase agreement for the development and operation of the project with Uzbekistan’s Energy Ministry in 2020. Acwa Power sold a 49% stake in the plant to China’s Silk Road Fund.

#3- Saudi Arabia eyes Turkish fighter jets: Saudi Arabia kicked off talks with Turkey for the potential procurement of 100 Turkish-built KAAN fighter jets by 2030, Turkish daily Milliyet reports. Saudi Deputy Defense Minister Khaled bin Hussein Al-Biyari, Air Force Commander Turki bin Bandar, and head of Turkish Defence Industries Haluk Görgün met in Istanbul late last week to discuss plans to acquire the fifth generation fighter that is currently being developed by Turkish Aerospace Industries.

#4- First Chinese hypermarket opens in Riyadh: Chinese Hypermarket WEMART launched its first Riyadh branch, making it the first Chinese hypermarket chain to enter the Kingdom, China’s ambassador to Saudi Arabia Chang Hua said in a post on X.

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THE BIG STORY ABROAD-

Two stories are dominating the headlines this morning:

#1- The deadliest plane crash since 2018: A Jeju Air flight from Bangkok crash-landed at South Korea’s Muan International Airport on Sunday, killing 179 of the 181 passengers who were onboard. The plane skidded off the runway, erupted in flames and collided with a wall before bursting into flames. Investigations are underway, with bird strikes and weather conditions cited as possible causes for the accident. (Reuters | BBC | The Guardian | CNN | AP | WSJ | New York Times)

#2- Jimmy Carter, the 39th US president and Nobel laureate, died at 100. Carter passed away at his home in Georgia on Sunday. Carter played a major role brokering the 1978 Camp David Accords, “His (Carter’s) significant role in achieving the peace agreement between Egypt and Israel will remain etched in the annals of history,” Egyptian President Abdel Fattah El Sisi said in a post on X where he extended his condolences to Carter’s family. Following the peace agreement, Carter earned acclaim for his humanitarian efforts, winning a Nobel Peace Prize in 2002. (Reuters | CNN | BBC | Financial Times | Washington Post | New York Times)

CIRCLE YOUR CALENDAR-

#1- The three-day Future Minerals Forum kicks off on 14 January at Riyadh’s King Abdulaziz International Conference Center.

#2- The three-day Real Estate Future Forum kicks off on 27 January at the Four Seasons, Riyadh.

#3- LEAP 2025 will take place between 9-12 February at the Riyadh Exhibition & Convention Center in Malham. The tech event will bring together over 1.8k global tech brands, 1k experts and some 680 startups. LEAP 2025 will feature over 300 hours of content across 17 tracks, covering AI, fintech, edtech, smart cities, and more. Co-located with LEAP is DeepFest, a major AI-focused event bringing thought leaders and innovators under one roof.

#4- The eight-day Big 5 Construct Saudi will take place from 15-18 February and 24-27 February at the Riyadh Front Exhibition & Conference Center. The Kingdom’s largest construction event will feature over 2k exhibitors from more than 60 countries, showcasing innovations across the sector. The event is expected to attract over 75k participants.