Good morning, ladies and gentlemen. We have another slim issue for you this morning, led with the latest on the British prime minister’s time in the region.

British PM Keir Starmer touched down in Riyadh yesterday where he was received by Crown Prince Mohammed bin Salman, state news agency SPA reports. The pair held an extended meeting where they discussed bilateral relations, investments, and regional developments. The visit represents Starmer’s first visit to the region after assuming office mid this year — he landed in the UAE earlier this week for meetings with Emirati officials.

Starmer’s Saudi agenda is all business as the British premier looks to enhance defence ties, boost trade, and drum up investments, according to a UK government statement. The PM took part in a roundtable discussion with Investment Minister Khalid bin Abdulaziz Al Falih and other Saudi officials yesterday in Riyadh where prospects for collaborations in financial services, clean energy, healthcare, education, and major projects were discussed.

In the limelight: Graphene Innovations Manchester is partnering with Neom to roll out the world’s first commercial graphene-enhanced carbon fiber line, with the collaboration promising GBP 250 mn in investments into a Manchester-based R&D hub. Meanwhile, Oxford-based private equity fund HYCAP plans to deploy GBP 750 mn to set up hydrogen mobility clusters across the UK to offset Saudi emissions as part of Saudi’s goal to hit net zero emissions by 2060, the UK’s government stated.

WEATHER- Riyadh is in for another cool day with a high of 23°C and a low of 11°C. Dammam has a cloudy day ahead, with temperatures peaking at 25°C and dropping to 14°C. Meanwhile, it’s a sunny day in Makkah with a high of 33°C and a low of 17°C.

HAPPENING TOMORROW-

Fifa will decide World Cup hosts for the 2030 and 2034 editions in an online congress tomorrow. The Kingdom is running unopposed to host the games in 2034 as are Spain, Morocco, and Portugal for the 2030 World Cup.

Refresher- The Kingdom received the highest rating ever at 4.2 out of 5 in Fifa’s Bid EvaluationReport. The Kingdom’s bid, which was officially released in July, could even be ratified by applause instead of an actual vote at the meeting.

WATCH THIS SPACE-

#1- Banan Real Estate’s shares closed 0.61% down on its debut trading session on the main market yesterday, to sit at SAR 8.2. The company will be subject to a price fluctuation cap of 30% during its first three trading sessions, before resetting to 10% on the fourth day.

REFRESHER- The SAR 200 mn company received regulatory approval to transition to the main market in November. Banan Real Estate had been trading on Nomu since 2021.

#2- Apple unveils Saudi expansion plan, which will kick off with the launch of an online store next summer, followed by opening of several flagship stores in the Kingdom starting 2026, it said in a statement. One of the upcoming stores will be located in Diriyah.

#3- The Ras Mohaisen-Baha-Makkah Independent Water Transmission System (IWTS) project is drawing global interest, with 31 companies from Saudi Arabia, the UAE, Kuwait, Egypt, Spain, the US, Japan, and India voicing their interest in the project tendered by the Water Transmission Company (WTCO), Zawya reports.

Background: The IWTS project, which was re-tendered last month, involves boosting water transmission capacity to 515k cubic meters per day from 185k. It will be executed under a Design, Build, Finance, Lease, and Transfer contract, with a lease term of up to 35 years. It was originally handled by the Saudi Water Partnership Company as an Independent Water Transmission Pipeline project; the procurement baton was later passed to WTCO.

#4- Saudi-EU trade talks kicked off in Riyadh yesterday, with the General Authority for Foreign Trade hosting a two-day roundtable with European Union officials in a bid to boost trade and investment ties, according to a post on X from the authority. The meetings wrap up today.

DATA POINTS-

#1- Saudi issuers raised USD 2.6 bn through IPOs in 9M 2024, leading the region, with the UAE following with USD 2.4 bn, according to the latest ICAEW Economic Update.

#2- Foreign workers' remittances sent offshore from Saudi Arabia grew 23% y-o-y in October to SAR 13.4 bn, marking the highest level in two and a half years, Argaam reports, citing central bank data. Meanwhile, remittances sent by Saudi citizens abroad rose 14% y-o-y during the same month, reaching its highest level in two years at SAR 6.3 bn.

#3- Assets managed by local investment funds grew 30% y-o-y in 3Q 2024 to SAR 660.2 bn, Mubasher reports, citing data from the Capital Market Authority. The number of subscribers in Saudi funds rose 51% y-o-y to 1.7 mn during the same period.

#4- Cargo handling volumes at Saudi ports were up 4.3% y-o-y in November to sit at 24.7 mn tons, according to figures released by the Saudi Ports Authority (Mawani). Export containers were up 23% y-o-y to record 261k containers, while import containers increased 15.6% y-o-y to 259.4k containers.

#5- Monsha’at saw a 62% y-o-y growth in business registrations in 3Q 2024, reaching 135.9k registers nationwide, according to a statement from the authority. Women own 46.8% of the existing registers, while some 40% belong to young entrepreneurs.

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THE BIG STORY ABROAD-

The digital front pages of the global press — business papers included — are once again led by our part of the world, with on-the-ground developments in Syria after the fall of Bashar Al Assad’s regime taking centre stage.

Causing concern in regional capitals and at the UN is news that Israel launched over one hundred airstrikes on “military targets” in the country and further encroached into Syrian territory in the Golan Heights in actions that it claims are “limited and protected measures.” The UN condemned the moves as violations of the 1974 Disengagement Agreement between the two countries. (Reuters | Financial Times | Guardian)

The opening of Syria’s notorious Sednaya Prison is also featured heavily in the int’l press, with haunting scenes of people looking for loved ones in the complex notorious for torture and the disappearance of thousands. (Wall Street Journal | Bloomberg | Guardian)

In stark contrast, scenes of opulence and excess have emerged from the abandoned mansions of Assad, with videos showing civilians sifting through racks of designer clothes and luxury goods left behind by the family and exploring garages filled with supercars. (Guardian)

WHILE IN THE STATES- The manhunt for the killer of UnitedHealthcare executive Brian Thompson has led to the arrest of 26-year-old Pennsylvania, who was found with a “ghost gun,” fake ID, and a handwritten manifesto critical of corporate America. (Wall Street Journal | Financial Times | Bloomberg | Reuters | Associated Press | New York Times | Guardian)

OVER IN THE TRADE WAR- Beijing HAS launched an antitrust probe into chipmaker giant Nvidia over alleged violations tied to its USD 7 bn Mellanox Technologies acquisition. The move comes days after Washington tightened export controls on advanced semiconductors to China. (Wall Street Journal)

AND IN BUSINESS NEWS- ByteDance and TikTok are racing against the clock to prevent a US ban as they seek an emergency Supreme Court review to delay a law requiring Tiktok’s divestment by 19 January. The companies warn the ban could disrupt services for over 170 mn American users and cripple businesses reliant on the platform. (Reuters)

CIRCLE YOUR CALENDAR-

The largest online real estate auction in the Kingdom is scheduled to take place on Saturday, 14 December, offering 103 properties across Riyadh, Eastern Province, Madinah, Qassim, and Asir. The auction will be organized by Al Joud Real Estate and hosted on the Saudi Auctions platform.

The two-day Impact Makers Forum (ImpaQ) is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.

The International Forum for Saudi Reef is scheduled for 16-18 December in the Intercontinental Al Ahsa, covering sustainable agriculture, rural entrepreneurship, and technology in farming, alongside a three-day exhibition of rural practices, handicrafts, and local work. Find the link to register on the event’s official website.

The Future Hospitality Summit will take place between 14-16 April, 2025 at Mandarin Oriental Al Faisaliah hotel in Riyadh. The forum will bring together top executives and decision-makers in the hospitality sector to probe potential investments and partnerships.