Good morning, ladies and gents. Another light day and another brisk issue for you this morning. We take a closer look at Saudi’s industrial transformation policy set to tie government incentives to the adoption of advanced tech at factories, and take stock of the latest tenders and awards in the Kingdom’s bustling infrastructure pipeline.

HAPPENING TODAY-

#1- The Red Sea International Film Festival is in full swing. Between the star-packed talks, Women in Cinema tributes, and the daily parade of actors trying to survive Jeddah’s red-carpet winds, the festival still has days to go, set to wrap up next Saturday.

The heartbeat of the festival this year is the Saudi slate. Hijra, the Kingdom’s Oscar submission, is drawing praise for Shahad Ameen’s sharp direction and its soulful take on the road-movie genre. Arab actors are also taking up more spotlight than ever: Fatima Al Banawi is back on the carpets with new work and fan-favorite energy, Egyptian-British Amir El Masry packed the theater for his session reflecting on navigating international roles while rooting his identity at home, and up-and-coming faces like Sumaya Rida, Idris Al-Sharani, and Najm drew red carpet crowds.

Celebrity soundbites this year are unintentionally funnier than some of the films. Jessica Alba revisited one of her most awkward early Hollywood moments, Adrien Brody admitted he hasn’t accepted a new role since The Brutalist, while Aishwarya Rai insisted she’s still a “quiet rebel” who chooses projects by instinct. Ana de Armas drew some of the loudest cheers of the week just by walking onstage — then charmed the crowd with stories about navigating fame after Blonde. And of course, Michael Caine popped up to announce — again — that he’s retiring. Maybe.

#2- The Digital Acceleration and Transformation Expo (DATE) kicks off today at the JW Marriott hotel in Riyadh. The two-day event, organized by Trescon, is expected to attract over 2k government officials, investors, and industry leaders to discuss advancements in AI, blockchain, FinTech, HealthTech, and the metaverse. It is co-located with the Climate Action and Renewable Energy (CARE) series and will also feature initiatives to promote women in technology.

WATCH THIS SPACE-

Tadawul’s IPO pipeline is picking up fresh momentum, with ongoing listings moving foward, and regulators greenlighting and receiving new IPO and transition requests. The flurry signals another active stretch ahead for 2026 listings.

Consolidated Grunenfelder Saady Holding (CGS) will begin trading on Tadawul’s main market tomorrow, according to a Tadawul statement. The listing’s institutional tranche saw stellar demand, closing over 60x oversubscribed, while the retail portion was undersubscribed. The offer price — at SAR 10 per apiece — values the company at around SAR 1 bn at listing and will see selling shareholders raise roughly SAR 300 mn in gross proceeds.

ALSO- Qualified investors have until tomorrow to subscribe to the retail portion of Alramz Real Estate’s 30% stake offering on Tadawul’s main market, after the window opened yesterday, Tadawul said on X. Each investor can subscribe to a minimum of 10 shares and a maximum of 250k, with the final allocation slated for Monday, 15 December. The final offer price will see it raise SAR 900.2 mn in gross IPO proceeds, according to our calculations, implying a market cap of SAR 3 bn at listing.

New players are also entering the pipeline:

• Sajida International Company got the green light to offer 20% of its share capital, good for 340k shares, on Nomu, the authority said in a statement yesterday.
• Al Hammadi Holding’s pharma subsidiary Sudair Pharma is going public, after it submitted its IPO application to regulators to list on the main market, it said in a filing to the exchange;
• Multi-sector services and construction company Waja is also moving up, having formally filed to transfer from Nomu to the big league, according to a separate bourse filing ;
• Food group Nofoth is following suit, submitting its own transition request, it said in a disclosure to Tadawul, as small-cap names continue to chase deeper liquidity and institutional coverage.

IN CONTEXT- The Kingdom’s listing machine is still running hot, with over 40 IPOs priced this year, another 40 already in the queue, and as many as 100 companies working with advisers ahead of potential offerings, Saudi Exchange CEO Mohammed Al Rumaih said last week. His optimism comes despite a rough backdrop, with TASI down 12% YTD and headed for its worst year since 2015.

US-based Guggenheim Investments is considering opening a new office in Riyadh, and another in Abu Dhabi where the licensing process is already underway, Chief Investment Officer Anne Walsh told Reuters. The firm, which has about USD 357 bn in assets, is looking to deploy more funds in the region and capitalize on investment windows in infrastructure, transportation, and AI and technology across the region. The firm already has an office in Dubai International Financial Center.

SPORTS-

#1- GCC sovereign funds are quietly ramping up investments in racing, Bloomberg reported. The Public Investment Fund (PIF) holds a previously unannounced 8% stake in the Aston Martin F1 team, along with its stake in carmaker Aston Martin Lagonda, the business information service cites filings with a UK companies registry. Aramco has been the team’s main sponsor since late 2023.

The Kingdom is also deepening its F1 footprint through major infrastructure projects, including Mercedes-AMG Petronas’ planned World of Performance complex at Qiddiya, which is expected to sit beside a new F1 track set to host the Saudi Grand Prix as early as 2027.

Not just the PIF: Gulf investments have increased as the region cements its role in global motorsport, drawn by F1’s prestige, global visibility, and rising team valuations. Bahrain’s wealth fund Mumtalakat and Abu Dhabi-based CYVN Holdings agreed to take full control of McLaren’s team in September, while Qatar Investment Authority acquired a significant minority stake in Sauber Holding in 2024, ahead of its transition to Audi next year.

• With valuations hitting records — USD 6 bn for Mercedes and GBP 3 bn for McLaren — only deep-pocketed state funds can still compete for ownership stakes, Bloomberg said.

#2- The SPL is confident in landing Mohamed Salah, with an unnamed senior Saudi Pro League source telling the Telegraph there are “no doubts” he will join. Al Ittihad and Al Hilal are best placed to sign him if he exits Liverpool, he said.

The league is now weighing a January move after Salah’s outburst following Liverpool’s 3-3 draw with Leeds — accusing the club of “throwing me under a bus” and pointing to a breakdown with manager Arne Slot.

“We are absolutely convinced that Mo Salah will come to Saudi. No doubts about it. We don’t know if it will be January, in the next market, or next summer,” the source said.

The chase continues: The 33-year-old Egyptian winger is still under contract with Liverpool after signing last summer and won’t leave without a significant fee. Al Ittihad’s GBP 150 mn bid was rejected in September 2023.

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THE BIG STORY ABROAD-

It’s a quiet Monday morning in the global press, with a few notable stories making headlines:

#1- Phase two of the Gaza peace agreement? Israeli Prime Minister Benjamin Netanyahu said he will meet with US President Donald Trump later this month as negotiations advance on the second phase of the Trump-backed Gaza ceasefire plan. Netanyahu said the meeting will address the plan’s next steps, which include ending Hamas’ rule in Gaza and establishing an interim technocratic Palestinian government overseen by an international body. (Reuters | Guardian | AFP)

#2- A water leak in the Louvre’s Egyptian department has damaged hundreds of rare books. The leak affected Egyptology journals and research documents from the late 19th and early 20th centuries but no heritage artefacts. The Louvre confirmed there were no irreversible losses, and the materials will be restored. (Guardian | Reuters | New York Times | Bloomberg)