Next year’s state budget sees growth uptick with more gov’t spending

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WHAT WE’RE TRACKING TODAY

FinMin unveils 2024 state budget + No word yet on MBC’s Tadawul IPO pricing

Good morning, friends. We’ve made it through another workweek together. We hope you’re looking forward to the weekend as much as we are.

IT’S A BIG MORNING FOR: Diplomacy, after Russian President Vladimir Putin’s whistlestop tour of the Middle East, which included a visit to Riyadh for a meeting with Crown Prince and Prime Minister Mohammed bin Salman.

AND FOR THE ECONOMY as the Finance Ministry unveiled the 2024 state budget. FinMin is penciling in 4.4% GDP growth with stable spending levels and no meaningful change in the deficit, Finance Minister Mohamed Al Jadaan said at a press conference yesterday.

THE BIG QUESTION of the coming week: Will countries meeting for COP28 agree to a phase-out or a phase-down of oil production? Saudi Arabia, Russia, and China lead the ranks of the holdouts, Reuters quotes diplomats as saying. The debate comes as the US climate envoy John Kerry says the Biden administration supports “largely” phasing out fossil fuels, noting that there are no low- or zero-carbon alternatives today for industries including steel and cement.

KSA’s position is clear: It’s not about the mix of fuels that power our future, it’s about reaching zero emissions — itself a key target of the Kingdom’s economic policy, which sees us using proceeds from fossil fuels to build a diverse, green, globally competitive economy.

Energy Minister Prince Abdulaziz bin Salman drew a line in the sand earlier this week when he said the Kingdom would “absolutely not” sign onto a final agreement that calls for a phase-out of hydrocarbons. Any agreement at COP28 needs the unanimous support of all participating countries.

^^ We have the full rundown on all of this and more in this morning’s news well, below.

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HAPPENING TODAY-

#1- The Saudi Budget Forum will kick off today, one day after the Finance Ministry unveiled the 2024 state budget, to give room for discussions over the government’s performance for the year. Look for plenty of discussion not just of public investment, but of the private sector’s role in the economy. We expect the forum to stream on the Vision 2030 website and the Finance Ministry’s YouTube channel.

#2- There’s no word this morning on where bankers will price broadcaster MBC’s Tadawul IPO, though expectations are that it will be at the top of the SAR 23-25 range on which they guided in the price range announcement (pdf). Bookbuilding for the sale — which was fully covered in the first hour bankers started taking orders last week — wrapped up yesterday. Some 90% of the offering is earmarked for institutions.

Bankers will price the offering by 12 December, and individual investors can place orders between 14 and 18 December, according to the prospectus (pdf).

#3- COP28, Day 8: It’s a relatively quiet day in COP Land today. There’s a panel organized by Fertiglobe that will discuss how to promote the use of sustainable marine fuels and there are discussions elsewhere on food waste and textile circularity. There’s also a ‘mindful origami’ workshop, for those inclined.

#4- Residents of GCC countries can come to KSA on e-visas after Crown Prince Mohammed bin Salman signed off on the measure yesterday. The tourism e-visas will be valid for one year and allow multiple entries with stays of up to 90 days.

PSA- Mixed weather today. Riyadh will enjoy clear skies with a high of 26°C, while Dammamwill see a high of 27°C. Jeddah will have seasonally warm weather with the mercury peaking at 32°C, while folks in Madinah can expect fog this morning, prompting the National Center for Meteorology to issue a yellow warning for the province.

WATCH THIS SPACE-

E-visa for Fifa Club World Cup ticket holders: The Foreign Affairs Ministry said Fifa Club World Cup ticket holders can apply for e-visas regardless of their country of origin, SPA reported yesterday. That’s great news for football fans looking to attend the tourney in Jennday: It kicks off on Thursday, 12 December and runs through Friday, 22 December.

Exciting matches: The tournament, which Saudi Arabia is hosting for the first time, will see Al Ittihad (aka the Tigers), England’s Manchester City, Egypt’s Al Ahly, Brazil’s Fluminense, New Zealand’s Auckland City, Japan’s Urawa Red Diamonds and Mexico’s Leon in competition.

In other visa news- Saudi Arabia and Malta will each exempt private and diplomatic passport holders from short-stay visa requirements, according to Saudi Gazette.

DATA POINTS-

#1- The economy created 13k new jobs in November, the National Labor Observatory said on X. That’s a slower pace than the 17.8k jobs recorded in October. Some 2.3 mn Saudi citizens participate in the private-sector workforce, good for a 21% share of all jobs. More than 41k citizens joined the private-sector workforce last month, a slightly lower rate of new joiners compared to 49.3k in October.

#3- Saudi startups topped the MNEA fundraising league table in November: Startups in the Kingdom raised USD 338 mn in nine transactions, accounting for more than 40% of the nearly USD 764 mn raised across the Middle East and North Africa, according to a report from Wamda and Digital Digest. Startups in the UAE placed second with USD 284 raised in 22 transactions, while Egyptian firms raised USD 130 mn in five rounds.

Tamara, Tabby were kings: Mega-rounds are back, suggests the report, which considers both equity and debt raises. Among the standouts: a USD 250 mn debt round raised by Saudi buy now, pay later firm Tamara and a USD 200 mn series D funding by Riyadh-based BNPL firm Tabby. Egypt’s MNT-Halan, meanwhile, raised USD 130 mn with a securitized bond.

#2- The PIF invested USD 6 bn in gaming in 9M 2023— that’s about 56% more than what it had committed to the sector in the previous 24 months, Al Eqtisadiyah reports. As we noted earlier in the week, officials at PIF appear to see video games as a presently-distressed asset class with plenty of room to grow when the industry shakeup draws to a close.

THE BIG STORY ABROAD-

It’s another morning on which no single story dominates the global business headlines, but there are a handful of things you need to know:

Google has unveiled Gemini, its “most capable” AI model to date, which it claims processes more sophisticated reasoning and understanding of information. Google’s chatbot Bard will use Gemini starting some time early in 2024 to help the chatbot with advanced reasoning, planning, and understanding. (Reuters | CNBC | New York Times | CNN)

ALSO worth knowing:

Italy has pulled out of China’s Belt and Road initiative, winding down a relationship that has “ irritated Rome’s western allies.”
COP’s love-hate relationship with business: “The ballooning presence of executives at UN climate talks has prompted a rethink about their role.”
McKinsey shrinks new partner class by roughly 35%: c. 250 people will become partners, down from around 380 a year ago.

CIRCLE YOUR CALENDAR-

Chinese piano wizard Lang Langwill perform today at King Abdulaziz Center for World Culture (Ithra) in Dhahran.

Calling all gearheads, The Riyadh Motor Show kicked off yesterday and will continue until Saturday at Riyadh’s Kingdom Arena.

The 2024 Saudi Games continue today:

Today’s finals: basketball and mixed martial arts.
Also today: beach volleyball, chess, futsal for the hearing impaired, handball, padel, sailing, table tennis and tennis.

The Red Sea Film Festival continues through Saturday, with Hollywood and European A-listers set to attend. Among them: Johnny Depp, Will Smith, Sharon Stone, and Alessandra Ambrosio.

The FIFA Club World Cupwill kick off for the first time in the kingdom on Tuesday, 12 December until Friday, 22 December in Jeddah. You can buy your tickets here.

The Fintech Tour will continue until Wednesday, 13 December. The fintech-focused gathering includes more than 15 events, presentations, and meetups involving key local and international speakers in eight cities across the country.

The International Arabian Horse Show kicks off on Wednesday, 13 December and continues through Saturday, 16 December at the King Abdulaziz Center for Purebred Arabian Horses’ headquarters in Riyadh.

Metallica is coming to Riyadh on Thursday, 14 December as part of the eclectic music festival Soundstorm. Soundstorm runs 14-16 December with a lineup that also includes Pharrell Williams, Chris Brown and Her, DJs Tiesto and David Guetta, Black Eyed Peas, and others.

Cycling fans have just eight days left until the Arab Road Cycling Championship comes to Riyadh, with the event running 15-23 December.

Riyadh will host theTurkish Super Cup finalbetween Galatasaray and Fenerbahçe on Friday, 29 December at Alawwal Park Stadium as part of the Riyadh Season.

Tickets are on sale for the 2024 Saudi Arabian Grand Prix with less than 100 days to go until the racetrack roars to life in Jeddah from 7-9 March. Grandstand, premium hospitality, and general admission tickets are now available.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Mega projects, non-oil private-sector growth are hallmarks of 2024 state budget

The economy is set to grow again in 2024: The Finance Ministry is targeting GDP growth of 4.4% in its budget for the next fiscal year, Finance Minister Mohamed Al Jadaan said yesterday as he unveiled the government’s 2024 spending plans.

That’s welcome news after oil cuts see GDP set to contract by c. 0.5% y-o-y this fiscal year after growing 8.7% in 2022.

The biggest earmarks in the budget: The military (SAR 269 bn), healthcare (SAR 214 bn), education (SAR 195 bn), and public security (SAR 112 bn). Al Jadaan noted that Vision 2030 has a target of localizing over 50% of the Kingdom’s military equipment spending by 2030, adding that this also aims at boosting the country's regional deterrence power.

Restructuring the social safety net: Spending on subsidies is forecast to increase to SAR 38 bn in FY2024, up from an estimated SAR 20 bn in the current fiscal year. In parallel, the Finance Ministry has slashed its earmark for social benefits, cutting it by SAR 35 bn to SAR 62 bn for 2024.

Total spending will rise to c. 29% of GDP next year, a move that Riyad Bank chief economist Naif Alghaith said will “really gives a push to the economy.” The ministry has penciled in spending of SAR 1.25 tn in FY 2024, up a bit from the previous year. Revenues will dip slightly to SAR 1.17 tn.

They key takeaway: “We intentionally decided to spend more and cause the deficit. If you spend that money right, on productive assets, then it’s money well spent,” Al Jaadan said.

The “cost of budget deficit is much lower than the expected return on investment,” Al Jadaan said in an address broadcast on the ministry’s YouTube channel. Continued investment in mega-projects to shore up the non-oil economy, encouraging the private sector, and improving public services are all hallmarks of the Kingdom’s spending plan, the minister said.

Expect more deficits in the medium term as gov’t prioritizes growth, economic diversification: The ministry is targeting a deficit of SAR 79 bn (1.9% of GDP) in the next fiscal year — and is signaling it will continue ot run deficits to support the “government's strategic expansionary spending,” according to the budget statement (pdf). This is SAR 3 bn less than the SAR 82 bn (2% of GDP) estimated for the current fiscal year. The country’s debt is forecasted to rise to SAR 1.1 tn in FY 2024 (25.9% of GDP), up from an estimated SAR 1 tn (25.8% of GDP) in FY2023.

The deficit in context: Saudi Arabia had a budget surplus of 2.5% in FY 2022, but slipped into a modest deficit this year as it cut oil production.

The culprit? Voluntary oil cuts of 1 mn bpd from July until the end of the year, according to the World Bank’s latest Gulf Economic Update (pdf), out last week. The multilateral lender sees an 8.4% y-o-y contraction in oil activity in 2023 — the sector grew 15.5% in 2022. On the flipside, the non-oil economy will grow at a 4.3% y-o-y clip this year on the back of “looser fiscal policy, robust private consumption, and public investment drive,” cushioning the anticipated downturn, the World Bank writes. The ministry is penciling in a more optimistic growth of 5.9% for non-oil activity in 2023.

Oil would need to be at about USD 110 for the budget to balance by the time you include all state spending, including by the Public Investment Fund and other agencies, according to Bloomberg Economics.

Analysts across the board are happy with the budget, noting the medium-term emphasis on deficits indicates confidence in the state’s ability to secure funding — and welcoming the ongoing emphasis on investment in megaprojects.

On whistlestop tour, Putin looks to shore up ties with Saudi Arabia, UAE

An “unprecedented” level of coziness with Moscow: Ties between Saudi Arabia and Russia are at an “unprecedented level,” Russian President Vladimir Putin told Crown Prince and Prime Minister Mohammed bin Salman on a visit to Riyadh yesterday. Putin also touched down in the UAE for talks.

Broad-based cooperation: “We share many interests and many files that we are working on together for the benefit of Russia, the Kingdom of Saudi Arabia, the Middle East and the world as well,” Prince Mohammed said, according to state-run Saudi Press Agency.

Partners on regional stability: The Kingdom and Russia are working together to stabilize the region, Prince Mohammed said, according to Al Arabiya, adding that Saudi and Russia were working closely together on oil, trade and investment.

No public mention of oil: Neither leader spoke publicly about further oil production cuts, but Reuters quotes an unnamed Kremlin source as saying the two leaders did discuss continued “cooperation on oil prices” through OPEC+. The Kingdom has slashed production, while Russia has only ramped down exports.

But there could be more cuts: “In case the current actions are not enough, OPEC+ countries will take additional steps to avoid speculations and volatility,” Russia’s deputy prime minister said yesterday in remarks seen as a sign Russia is warming to further cuts, closing the gap with Saudi Arabia.

Next time in Moscow? Putin has invited Prince Mohamed to Moscow. There’s no indication whether the crown prince accepted the offer.

The visit dominates coverage of Saudi Arabia in the global press: Financial Times | Wall Street Journal | New York Times | Bloomberg. The broad theme: Putin is looking to “shore up” ties with Saudi and the UAE at the same time as Gulf countries are looking to diversify relations with other major global powers.

AND- The kingdom is pressing the US to exercise restraint in responding to attacks launched by Yemen’s Houthis against ships in the Red Sea, Reuters reported, citing two sources in the know. They said the kingdom’s move aims to avoid a further escalation in the region, adding that it was pleased with the way Washington was handling the crisis.

Sisco unit RSGT inks USD 170 mn concession agreement for Patenga Container Terminal

RSGT inks concession agreement in Bangladesh to operate Patenga Container Terminal:Terminal operator Red Sea Gateway Terminal International (RSGT), a unit of Tadawul-listed Sustained Infrastructure Holding Company (Sisco) has inked a 22-year concession agreement with Bangladesh’s Chittagong Port Authority for Patenga Container Terminal in Chittagong, according to a press release (pdf). The agreement was inked in partnership with the PIF, under a government-to-government framework between the kingdom and Bangladesh.

The details: RSGT will develop a comprehensive long-term plan for the terminal that includes developing and operating a 500k TEU facility and equipping a 580-meter quay with new tech, the statement said. The company will pour some USD 170 mn (SAR 636.7 mn) into the developments at the terminal, funded through debt and equity, it added.

RSGT is looking to expand globally in the port sector, it said.

Bangladesh’s first foreign operator: RSGT will be the first foreign company to operate a port in Bangladesh as the South Asian country looks to boost foreign investments into the country. The container terminal was completed last year and was initially set to be operated by the Chittagong Port Authority, but Bangladesh’s government opted for a foreign operator instead under a PPP model.

Background:RSGT inked a framework agreement for the USD 240 mn terminal back in March. The terminal has a 500k TEU capacity, and is located in Bangladesh’s primary port, the statement said at the time. The port handled a container throughput of 3.2 mn TEU in 2021, and serves some 90% of Bangladesh’s import and export activities, according to the release.

Acwa Power partners up with Indonesia’s PLN for green hydrogen production

Acwa Power takes a big step in Indonesia’s green hydrogen market:Tadawul-listed Acwa Power signed an agreement with Indonesia's PT Perusahaan Listrik Negara (PLN) to build the largest green hydrogen facility in Indonesia, according to a press release.

In numbers: The USD 1 bn project — dubbed the Garuda Hidrogen Hijau (GH2) — will have a capacity of 150k tonnes of green hydrogen annually, powered by 600 MW of solar and wind energy. Commercial operations for GH2 will begin in 2026. PLN is targeting a 31.6 GW renewable power capacity expansion between 2024 and 2033, and has launched a USD 20 bn green investment strategy two weeks ago.

Not the first PLN-Acwa Power partnership: Acwa partnered with the state-owned company last year to develop a 4 GW battery storage facility and a hydroelectric-powered green hydrogen production facility. PLN also tapped Acwa to develop two floating solar PV solar projects worth USD 105 mn last year. Indonesia’s President Joko Widodo concluded a state visit where he discussed increasing bilateral cooperation in the renewable energy sector with KSA’s Crown Prince Mohammed bin Salman

Acwa Power is not the only regional player eying Indonesia’s green sector: PLN partnered with Masdar on its 145 MW Cirata floating solar plant with plans to add up to 500 MW capacity to the project. In February, Masdar acquired shares in the geothermal unit of Indonesian government-owned geothermal utility Pertamina.

ACWA ALSO CHASING BUSINESS IN KUWAIT-

A joint bid by Acwa and Kuwait-based Gulf Investment Corporation was shortlisted by the Kuwait Authority for Partnership Projects (KAPP) to build key independent water and power projects, TradeArabia reports.

The competition: Groups led by Saudi’s Abdul Aziz Al Ajlan Sons and Company, Abu Dhabi’s Taqa, and China Power International Holding.

About the projects: Az-Zour North IWPP will have a net capacity of 2.7 GW of power and 120 MIGD of desalinated water, while the Al Khairan IWPP will have a net capacity of at least 1.8 GW and 33 MIGD of desalinated water. Both plants will operate with a mix of liquified natural gas and high-pressure natural gas with gas as a backup fuel.

Saudi Arabia’s competition watchdog has car distributors, poultry + pharma on its radar

Bad behavior by some car distributors and dealerships are behind price “unjustified” hikes, according to the General Authority for Competition (GAC), which says it is taking legal action against a number of companies. The competition watchdog has not publicly named the companies.

At issue: Car prices in Saudi are significantly higher than in other Gulf markets, GAC Governor Abdulaziz Alzoom told Rotana Khalijia on Tuesday (watch, runtime: 6:55).

Background: Car shoppers have been complaining about imported cars, noting that they have fewer features compared to counterparts in other parts of the world, but have higher sticker prices. Consumers have pointed fingers at distributors and dealerships, where some accused the distributors of “stripping some of the car parts to resell them,” (watch, runtime: 10:50).

Among the allegations:

Distributors were coercing dealers to purchase less-desirable cars to gain access to the more sought-after models. That forced some dealers to cover higher inventory costs and losses on the less-desirable models by jacking up the prices on cars consumers really want to buy;
Distributors were forcing independent showrooms to stick to fixed pricing, undercutting competition in the market.
Distributors forcing three-year warranties that add to the cost of a new car — and that are squeezing the market for independent service centers.

ELSEWHERE- GAC has also cracked down on unfair practices by bidders in government tenders. It’s setting up systems with the ministries of commerce and finance to tighten systems and ward off issues, Alzoom added (watch, runtime: 1:49).

GAC alleges that some foreign investors have used multiple front companies to rig bids, creating the perception of high competing bids to make their actual offer stand out when seeking government contracts.

In poultry + pharma: GAC is also investigating the poultry and pharma sectors for what it thinks may be violations of the fair competition act. Some players, it alleges, are colluding to hike prices (watch here, and here).

Team KSA reiterates that the green transition is more about zero emissions than the fuel mix

Saudi Arabia is in the spotlight for a blanket refusal earlier this week to agree to phase-out hydrocarbons, positioning us as a potential spoiler in the final week of COP28. But the Kingdom’s policy was (and remains) consistent: Proceeds from the sale of oil and gas aren’t just key to Saudi’s drive to build a diverse, non-oil economy — hydrocarbons are critical to economic development around the world.

“Fossil fuels will be with us for many, many decades to come,” Saudi climate envoy Adel Al Jubeir told Arab News in an interview on Tuesday, reiterating the government’s belief that “it is inconceivable to have economic development without having energy at reasonable prices — and fossil fuels provide that, oil and gas in particular.”

That doesn't mean KSA isn’t investing heavily in everything green: Saudi Arabia has strategically directed investments totaling USD 186 bn into more than 80 projects and counting, Al Jubeir said, emphasizing the Kingdom’s core position: The fight against global warming isn’t about hydrocarbons in the fuel mix — it’s about reaching net zero, full stop.

Walking the talk: The Kingdom and the COP28 Presidency jointly launched a landmark Oil and Gas Decarbonization Charter (OGCD) in a bid to cut operational emissions from the sector by 2050, according to a statement by COP28 earlier this week. Aramco is one of the headline backers of the agreement. We have the details here.

Policymakers are all singing from the same hymn sheet: “The countries that call for a reduction in production of oil and gas, they should start with themselves… I haven’t seen any of those countries come up with a timeline for reducing their own production of oil and gas, much less coal, which is a much, much worse polluter,” Al Jubeir said. Energy Minister Prince Abdulaziz bin Salman echoed similar statements this week as he stressed opposition to a full fossil fuel phase out. “I’m not naming names. But those countries who really believe in phasing out and phasing down hydrocarbons, you should come out and put together a plan for how to start the first of January 2024," he told Bloomberg TV.

Some of the smallest oil producing nations including Denmark, Spain and France have made plans to stop drilling, according to data seen by Reuters — easy when you don’t make the list of top 30 global oil producers and have already built up the same renewable and nuclear energy industries that other countries are now scrambling to create.

Want to go deeper on everything happening at COP28? Enterprise Climate has got your back.

All Putin, all the time

Russian leader Vladimir Putin’s visit to town as part of a rare (and short) Gulf trip dominates coverage of the Kingdom in the foreign press this morning. His talks with Crown Prince Mohammed bin Salman are getting ink from Reuters | The Guardian | BBC | AFP | The Financial Times and others.

Also: The FT is late to the launch of the CSOP Saudi Arabia ETF, the first Saudi exchange-traded fund to start trading in Asia, as we noted last week.

AND- Business Insider wonders whether the US and Saudi will wind up in a market-share warif rising US production prompts us to scrap oil cuts | Travel industry bible Skift notes that Will Smith is showing off Neom to his 60 mn followers

eXtra launching electronics section at Panda + Saudi Enaya rebuffs UCA merger offer. Plus: Updates from Jazadco, Musafir, Saudi Space Agency

RETAIL-

eXtra will launch new electronics section at retailer Panda: United Electronics Company, best known as eXtra, signed a 10-year agreement with retail chain Panda to manage their electronics and home appliances department with a “store inside a store” named “Clix,” it said in a filing to Tadawul earlier this week. The plan, which was first announced earlier this year, will hit eXtra’s income statement starting in the first quarter of 2024.

M&A-

Saudi Enaya rejects UCA merger offer:Shareholders of Tadawul-listed Saudi Enaya Cooperative Assurance have rejected a takeover bid by United Cooperative Assurance Company (UCA). Saudi Enaya last year rejected a takeover nid by Amana Cooperative Assurance. All three companies are listed on the Tadawul.

DEBT-

Jazadco secures loan from the ADF: Jazan Energy and Development Company (Jazadco) inked a two-year SAR 21 mn loan agreement with the Agricultural Development Fund (ADF), to finance working capital, it said in a disclosure to Tadawul earlier this week. The loan will finance working capital for Jazadco’s shrimp farm.

Shrimp farm project? Jazadco began its shrimp farming project in 2002 as part of a broader strategy to invest in aquaculture in Jazan — which is home to one of the richest fishery resources in the kingdom, according to its project description. The target shrimp production is 3.3k tons annually, with the facility home to 160 shrimp breeding ponds, and a processing plant with a processing capacity of 14 metric tons per day.

TOURISM-

UAE travel agency Musafir expands to KSA: UAE-based online travel agency Musafir has launched in Saudi Arabia as part of its expansion plans in the region, it said. It will “strategically target corporate clients, contributing to the kingdom's burgeoning tourism and corporate travel sector,” Musafir said.

A booming tourism industry: Saudi tourism revenues more than tripled in the first quarter of 2023 to report SAR 37 bn as officials have opened the country to visitors. The Tourism Ministry has recently updated its target for total annual tourist trips to 150 mn by 2030, with an equal split between domestic and international travelers, according to earlier statements by Tourism Minister Ahmed Al Khateeb. The ministry wants to see the industry account for 10% of GDP by that year.

SPACE-

Saudi Space Agency joins global space climate monitoring charter: The Saudi Space Agency (SSA) joined France’s National Center for Space Studies (CNES) led Space-based Climate Monitoring Charter to address climate change by leveraging space technologies to mitigate the climate crisis, Okaz reported yesterday.

Analysts and Wall Street can’t seem to agree

The Federal Reserve won’t start cutting interest rates until at least July 2024, a Financial Times poll showed, with nearly 60% of the participants expecting cuts to begin in 3Q 2024 or later. Some 75% of the 40 economists surveyed believe that the Fed will only trim rates by half a percentage point or less in 2024 from its current 22-year high of 5.25-5.5%. Most of them, however, agreed that the Fed’s rate hike cycle is now over.

Wall Street expects officials to act sooner: Investors rushed into stocks, bonds, gold, and risk assets at the end of last week as markets were flooded with bets that the Fed will begin cutting rates as early as March, expecting rates to stand at around 4% by the end of next year.

TASI	11,174.02	+0.3% (YTD: +6.6%)
MSCI Tadawul 30	1,435.00	+0.1% (YTD: -27.2%)
USD : SAR (SAMA)	3.75	-
Interest rates	6% repo	5.5% reverse repo
EGX30	24,704	-1.7% (YTD: +69.2%)
ADX	9,481.07	-0.4% (YTD: -7.2%)
DFM	3,969.17	-0.2% (YTD: +19%)
S&P 500	4,565.61	-0.03% (YTD: +19.1%)
FTSE 100	7,515.38	+0.3% (YTD: +0.9%)
Euro Stoxx 50	4,483.26	+0.7% (YTD: +18.2%)
Brent crude	USD 74.40	-3.6%
Natural gas (Nymex)	USD 2.57	-5.1%
Gold	USD 2,046.60	+0.5%
BTC	USD 43,985.92	+0.3% (YTD: +155.3%)

THE CLOSING BELL-

The TASI rose 0.3% yesterday on turnover of SAR 5.8 bn. The index is up 6.6% YTD.

In the green: Nadec (+9.9%), Riyadh Cables (+9.4%) and Enaya (+8.2%).

In the red: Naqi (-6.8%), UCA (-4.8%) and Teco (-3.2%).

KSA, Qatar sign agreements with focus on partnerships in all sectors

KSA, Qatar want to strengthen everything bilateral: Saudi Arabia and Qatar signed a number of MoUs and agreements, including a pact for joint cooperation between the two countries’ central banks, according to a joint statement yesterday. The agreements were signed on Tuesday on the sidelines of a visit by Crown Prince Mohammed bin Salman to Qatar to attend the Gulf Cooperation Council summit.

Energy is the cornerstone: The two are looking to do more together on everything from electricity and energy efficiency to renewable energy. Riyadh and Doha will also look to diversify their trade relationship and find ways to make it easier for entrepreneurs, investment, and tech to flow between the two.

SHURA COUNCIL OKAYS AGREEMENTS

The Shura Council gave its final nod to three international agreements earlier this week.These include an MoU establishing a Saudi-South Korean strategic partnership council, another MoU outlining collaboration with India in sectors of power connectivity, green hydrogen and supply chains, and a final MoU with Portugal to foster cooperation in sports, Mubasher reports.

CALENDAR

DECEMBER

4-7 December (Monday-Thursday): FIABCI Global Leadership Summit, Riyadh.

5 December (Tuesday): Taxcom Middle East, Riyadh.

5-6 December (Tuesday-Wednesday): Education Investment Saudi, Riyadh.

6 December (Wednesday): Book-building process for MBC institutional investors wraps up.

6-7 December (Wednesday- Thursday): Collection and Recovery Middle East Summit, Riyadh.

7 December (Thursday): Disney’s Lang Lang Musical Show, King Abdulaziz Center for World Culture, Riyadh

12 December (Tuesday): Announcement of the final MBC share price.

13-16 December (Wednesday-Saturday): The 6th International Arabian Horse Show, Riyadh.

16 December (Saturday): end of Noor Riyadh show, segment “The Bright Side of the Desert Moon, Riyadh.

18-20 December (Monday-Wednesday): Smart Grid Conference, Riyadh.

19-20 December (Tuesday- Wednesday): Saudi Airport Exhibition, Riyadh.

19-21 December (Tuesday-Thursday): International Digital Signage Expo 2023, Riyadh.

29 December (Friday): Turkish Super Cup, Awal Park Stadium, Riyadh.

2024

JANUARY

9-11 January (Tuesday-Thursday): Future Minerals Forum, Riyadh.

14-17 January (Sunday-Wednesday): The International Exhibition for construction and building materials (Saudi Projects), Jeddah.

28-31 January (Sunday-Wednesday): Saudi Franchise Expo 2024, Jeddah.

FEBRUARY

4-6 February (Sunday-Tuesday): SIMEC International Expo, Riyadh.

5-7 February (Monday-Wednesday): Saudi HORECA 2024, Jeddah.

12-14 February (Monday-Wednesday): The International Petroleum Technology Conference (IPTC), Riyadh.

22 February (Thursday): Founding Day (national holiday)

26-29 February (Monday-Thursday): Big 5 Construct Saudi, Riyadh.

26-29 February (Monday-Thursday): FM EXPO SAUDI, Riyadh.

26-29 February (Monday-Thursday): Stone and Service Saudi Arabia, Riyadh.

MARCH

2 March (Friday): end of Noor Riyadh show, segment “Refracted Identities, Shared Futures”, Riyadh.

4-6 March (Monday-Wednesday): International Conference on Sand and Dust Storms in the Arabian Peninsula, Riyadh.

4-7 March (Monday-Thursday): LEAP 2024, Riyadh.

11 March (Monday): Flag Day (national holiday)

Signposted to happen sometime in March:

Ramadan

APRIL

Signposted to happen sometime in April:

Eid Al-Fitr (national holiday)

MAY

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh.

21-23 May (Tuesday-Thursday): The Saudi Food Show, Riyadh.

Signposted to happen sometime in May:

Global Trade Review (GTR): KSA
Saudi Energy Convention

JUNE

5 June (Wednesday): World Environment Day.

Signposted to happen sometime in June:

Eid Al-Adha (national holiday)

SEPTEMBER

11-12 September (Wednesday-Thursday): The Saudi Event Show, Riyadh.

23 September (Monday): National Day (national holiday)

DECEMBER

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

Signposted to happen sometime in 2024:

The AFC Champions League Elite

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