Good morning. It’s another brisk issue landing in your inbox this morning, led by the latest industrial output figures from Gastat. We also have the breakdown of SAR 38 bn infrastructure projects moving a step forward in Riyadh, and a flurry of 3Q earnings as the season is coming to an end (the deadline is today for some 20 companies still not out with their quarterly results).
The calm after the storm: Business is taking a well-deserved breather from the breakneck pace of forums and meetings we saw two weeks ago, with FII9 securing a whopping USD 50 bn in agreements and investment pledges during its four-day run from 27-30 October.
IN MEMORIAM- Princess Wafaa bint Bandar bin Khalid bin Abdulaziz Al Saud passedaway yesterday. The funeral prayer is held today in the Holy Grand Mosque in Makkah following Maghrib Prayer.
HAPPENING TODAY-
#1- The inaugural TouriseSummit kicks off today and runs through 13 November at Riyadh’s King Abdulaziz International Conference Center. The event brings together more than 120 global leaders from government, business, and non-profits, featuring major players such as Expedia, Google, Amadeus, Accor, Nikki Beach, Red Sea Global, Certares, and the Public Investment Fund.
#2- It’s the second and final day of the Egypt-Gulf Cooperation Council Trade and Investment Forum. The two-day forum in Cairo — held under the theme A Roadmap to Strengthening Egyptian-Gulf Economic Cooperation — features panel discussions, B2B meetings, and B2G sessions. Egypt aims to boost exports to the Kingdom by 10–15% in 2026, targeting around USD 4 bn, an unnamed Egyptian official told Asharq Business yesterday.
WEATHER- Expect low visibility in parts of the Eastern Region, Dammam, and Makkah today due to mist and fog. Meanwhile, moderate rain is forecast for Asir, with light showers expected over Makkah and Al Baha. The rest of the Kingdom will see clearer skies.
- Riyadh: 28°C high / 14°C low.
- Jeddah: 35°C high / 25°C low.
- Makkah: 35°C high / 23°C low.
- Dammam: 31°C high / 16°C low.
PSAs-
#1-Taif’s Al Hada road will be closed from 9am to 6pm today and tomorrow in both directions for maintenance, the Saudi Gazette reported on Sunday, citing a statement from the Special Forces for Road Security.
#2- Businesses subject to excise tax have to submit their September and October returns by Saturday, 15 November via the Zakat, Tax, and Customs Authority’s (Zatca) website, the authority said in a statement yesterday. Late submissions will incur a 5% penalty of the due tax for every 30 days of delay.
WATCH THIS SPACE-
#1- Riyadh real estate lottery eligibility results are in: The Royal Commission for Riyadh City released the results for applications submitted through the newly launched Tawazon platform, state news agency SPA reported on Sunday. Qualified applicants will move on to the electronic lottery for available land plots on 17 December. Eligible applicants can check their status via their personal accounts, with notifications being sent to registered mobile numbers. Meanwhile, those not eligible may submit appeals with supporting documents by 8 December to be reviewed by a dedicated committee.
REFRESHER- Launched in September, the Tawazoun platform offers Saudi citizens residential plots at a capped price of SAR 1.5k per sqm, aiming to provide 10k to 40k plots annually to stabilize Riyadh’s real estate market. Eligible applicants must be married or over 25 years of age, Riyadh residents for at least three years, and first-time property owners. The offered plots cannot be sold for 10 years and must be developed within that period to avoid repossession.
#2- Goldman Sachs stands to earn some USD 110 mn for advising Electronic Arts on the record PIF-led USD 55 bn buyout, the Financial Times reported, citing a securities filing. The fee is the highest Goldman Sachs ever to gain from an M&A transaction in its history.
The Wall Street bank investment bank received USD 10 mn when the agreement was announced, with USD 100 mn due to come in once regulators and shareholders greenlight the buyout, expected in 1Q 2027.
#3- Saudi Arabia has emerged as the hottest destination for Chinese steel in the first nine months of the year, with shipments rising 41.4% y-o-y to 4.8 mn tons, marking the largest jump among major markets, Bloomberg reported, citing Chinese customs data. Exports of long steel products to the Kingdom nearly doubled, while semi-finished steel shipments grew more than sixfold.
The growth was boosted by China’s Belt and Road investments, including multi-bn-USD projects in the Kingdom’s energy and transport sectors that spurred demand, according to Jing Zhang, a senior research analyst at Wood Mackenzie.
IN CONTEXT- The surge comes as Chinese mills navigate rising tariffs and global protectionism, redirecting exports to markets with fewer restrictions like the Middle East, Zhang said. However, the sustainability of the current boom is far from certain as the Kingdom prepares to redirect its spending away from steel-intensive gigaprojects like Neom and toward sectors that can deliver faster, more sustainable returns like logistics, mineral development, religious tourism, and AI.
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DATA POINTS-
#1- Saudi Arabia’s localization of military spending rose to 24.9% in 2024, halfway toward its goal of localizing over 50% of defense expenditure by 2030, the General Authority for Military Industries (Gami) said on X yesterday. The local content share of military spending increased to 40.7% in 2024 from 38.4% in 2023. Meanwhile, the sector’s gross output reached SAR 6.7 bn — or 0.1% of GDP.
SOUND SMART- The localization of military spending represents the overall share of defense expenditure directed to domestic suppliers, while the local content share measures the value added by Saudi-made products, services, and labor within that spending. Though related, the local content share provides a measure of the quality of localization, reflecting deeper integration of national capabilities into the defense industry’s supply chain.
#2- Cement sales in the Kingdom increased 7.3% y-o-y to 5.2 mn tons in October, the highest monthly volume since March 2021, Trade Arabia reports, citing a research note from Al Rajhi Capital. Yamama Cement led the market at a 15.3% share, followed by Saudi Cement at 13%.
SPORTS-
Tickets for the Riyadh Season World Snooker Championship 167 are now available via Webook, with the tournament set to run from 19 to 21 November at the Global Theater in Boulevard City, the General Entertainment Authority said in a statement on Sunday. The tournament will feature top stars like Ronnie O’Sullivan, John Higgins, and Ding Junhui, along with Saudi debutants Ziyad Al Qabbani and Ayman Alamri.
The spotlight will be on the Golden Ball, worth 20 points and a USD 1 mn prize, making a record 167-point break possible.
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THE BIG STORY ABROAD-
The US Senate approved a funding measure to reopen the federal government, a major step towards ending the longest shutdown on record. The bipartisan bill — passed 60-40 — includes three full-year funding measures for parts of the government, as well as stopgap funding for the rest until 30 January. The date potentially sets the stage for another shutdown next year if negotiations fall through on key issues like the Affordable Care Act.
The measure will now head to the House, where it’s poised to pass as soon as Wednesday, then land on President Trump’s desk to be signed into law. (Washington Post | Reuters | CNN)
ALSO IN WASHINGTON, DC- Ahmed Al Sharaa became the first Syrian President ever to visit Washington, DC, after he met with US President Trump yesterday at the White House. The landmark talks saw Trump vow to help Syria’s economy after years of war and international isolation, while the Treasury department extended its waiver of the so-called Caesar sanctions by 180 days. A full removal of sanctions on Syria would need to be passed in the Congress. (Reuters | Semafor)
ALSO-



