Good morning, wonderful people. It’s the slowest day for news in Saudi Arabia since we started writing zero issues a bit more than two weeks ago, but at least a couple of the ones we do have are stories that could have global implications.

UP FIRST- Russian President Vladimir Putin may be coming to town as a part of a two-stop tour of the region that will see him touch down first in Dubai. Putin has rarely traveled since his country invaded Ukraine. While the Kingdom has yet to announce a visit, two Russian media outlets broke the news, which was then confirmed by Russian state news agency Tass (per Politico) and picked up by Reuters and Bloomberg.

On the agenda in Riyadh: Talks with Crown Prince and Prime Minister Mohamed bin Salman. Russian outlet Shot quotes Putin aide Yury Ushakov as saying that, “I hope that these will be very useful negotiations, which we consider extremely important.” Ushakov didn’t say what Putin and Prince Mohamed would be discussing.

Sound smart: Saudi and Russia have done well coordinating their policy on oil output levels at OPEC+, delivering an agreement last week to slash some 2.2 mn barrels a day of production heading into 2024.

AND- Speaking of oil: Saudi is going to deliver OPEC+ oil cuts — and they may last longer than previously telegraphed. “I honestly believe that the delivery of the 2.2 million will happen. I honestly believe that the 2.2 mn will overcome to inventory build that usually happens in the first quarter. … These 2.2 mn won’t necessarily disappear in April. We wanted to be careful to note that the production cut will be phased out gradually and according to market conditions,” he told Bloomberg TV. The cuts could “absolutely” continue past April, he added.

BREAKING- Business activity and demand grew again last month, according to the Riyad Bank Saudi Arabia Purchasing Managers’ Index, released just as we were about to hit “send” on this morning’s edition.

One thing to know: The private, non-oil economy is roaring, but cost pressures came in at the highest rate in a year and a half.

In numbers: “The headline PMI dropped from 58.4 in October to 57.5 in November, but stayed well above the 50.0 neutral threshold to signal a marked improvement in business conditions” across the non-oil private sector, the report says.

Also out today: The Egypt and Qatar gauges, while the UAE gauge is out tomorrow.

^^ We’ll have full coverage for you tomorrow morning, or you can go read for yourself here.

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HAPPENING TODAY-

It’s energy, industry and the “just transition” day in Dubai. Key topics will include boosting the deployment of renewable energy, unlocking greater energy efficiency, innovation and action for hard-to-abate sectors including steel and aluminum, and the decarbonization of oil and gas supplies including methane abatement and carbon management tech.

The next big business-relevant themes at COP28:

• Transport — 6 December
• Food, agriculture, and water — 10 December
• Final negotiations — 10-11 December

Need to go deeper? Click here to check out a handy guide (pdf) to the main thematic days and what to expect. Head to the official events schedule for a full rundown of all the panels, workshops, discussions, debates, and keynote speeches.

ALSO- There are plenty of events happening in Riyadh this morning:

• It’s day two of the FIABCI Global Leadership Summit
• Taxcom Middle East takes place today
• Education Investment Saudi runs today and tomorrow.

Riyadh Cement is leveling up to the Tadawul today when the company moves from Nomu to make its trading debut on the main market.

That makes two upgrades from the baby bourse to the big show in as many weeks after homegrown burger chain Burgerizzr made the leap last month.

AndAICTEC wants to follow suit: The board of directors of the Advanced International Company for Communication and Information Technology (AICTEC) has approved the company’s transition from parallel market Nomu to Tadawul’s main market. The upgrade still needs approvals from the exchange.

☀️PSA- Sun’s out, jumpers off:Expect a mix of sunshine with just a hint of clouds in Riyadhthis morning, with temperatures rising to 26°C. Dammam is gearing up for a cool yet humid day, with clear skies, a gentle breeze, and highs of 25°C. Jeddah is leaning more towards the warmer side — expect high humidity and the mercury to peak at 32°C, according to our favorite weather app.

WATCH THIS SPACE-

#1- Riyadh-headquartered APICORP plans USD 1 bn decarbonization drive: APICORP has earmarked up to USD 1 bn to invest in decarbonization technologies under a five-year strategy it said in a statement during COP28 yesterday. “The institution [has a] deep commitment to playing an active role in supporting the MENA’s energy landscape transition towards a net-zero future,” the MENA-focused multilateral financial institution said.

And it has a new name: APICORP is rebranding as the Arab Energy Fund. It was previously known as the Arab Petroleum Investments Corporation. It has today a loan portfolio of some USD 4.5 bn, 18% of which is “dedicated to supporting environmentally friendly and socially responsible” projects, it said.

The Arab Energy Fund’s separate portfolio of investments has heavily skewed toward all things green in recent years as it has prioritized investment in everything from green hydrogen in Neom to waste management in the UAE and solar power in Egypt.

#2-Pan Gulf Marketing has announced its intention to float 600k ordinary shares on Nomu,the transaction’s financial advisor and lead manager, Yaqeen Capital, said in a Tadawul filing yesterday. That’s the equivalent of a 12% stake in the company. The offering period will begin on Wednesday, 10 January, and end on Thursday, 18 January. PGM is an office- and school-supplies distributor that serves Saudi Arabia, the Arab Gulf, and parts of Africa.

#3- The kingdom is planning a geographical survey next year under its hunt for critical minerals, the Energy Minister also said in statements picked by Al Arabiya.

BACKGROUND- Officials estimate that the Kingdom could be sitting on metals and minerals worth more than USD 1.3 tn. KSA is looking to become a global hub for “green metals,” Energy Minister Prince Abdulaziz bin Salman said during the Future Minerals Forum earlier this year.

HAPPENING TOMORROW-

#1- It’s the end of the bookbuilding process for the institutional tranche of broadcaster MBC’s blockbuster IPO. The sale was already fully covered in the first hour of the offering period, leaving it anyone’s guess what the allocation rate will be like. One more sleep and we’ll know more.

#2- KSA’s RSGT set to be the first foreign firm to operate a port in Bangladesh tomorrow:Red Sea Gateway Terminal International (RSGT) — which is partly owned by the PIF — will sign a concession agreement tomorrow with the Chittagong Port Authority (CPA) to manage and operate the Patenga Container Terminal in Bangladesh, the United News of Bangladesh reported yesterday, citing a senior official.

Making history: RSGT is the first foreign company to operate a port in Bangladesh as the South Asian country looks to attract investment and shore up its export base. The container terminal was completed last year and was initially set to be operated by the CPA, 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.

#3- Still due in town: PGA Tour Commissioner Jay Monahan, who said last week that he would be in town to meet with Public Investment Fund Governor Yasir Al-Rumayyan about the PGA / Liv Golf / European Tour lashup. A deadline for the three to close a transaction looms on 31 December.

DATA POINTS-

#1- We’re bonkers for real estate: Reservations for new residential units are up 110% year-on-year in 2023 to more than 12.5k on the back of a surge in new developments, according to figures released yesterday.

#2- The kingdom has allocated investments worth USD 188 bn to address the challenges of climate change, Al Arabiya reports, quoting Foreign Minister and Climate Envoy Adel Al Juber as saying on the sidelines of the Saudi Green Initiative Forum in Dubai. “We’re working on multiple projects to combat climate change, including carbon capture [projects],” he said.

#3- The number of fintech companies has increased 3x to 205 in October 2023, up from only 60 in 2020, Asharq Al Awsat reports, citing remarks by SAMA Deputy Governor Ziad Al Yousef at the opening of the Fintech Saudi conference. Some 41 of those companies are opreating in capital markets, the news outlet writes, quoting Capital Market Authority official Yazeed Al Demaigi.

Fintech companies have allowed the raising of some SAR 3 bn through crowdfunding for startups and medium-sized companies, Al Demaigi said, adding that robo-advisors now manage assets of more than SAR 1 bn.

THE BIG STORIES ABROAD-

For the first time in almost two months, the war in Gaza isn’t dominating the world’s attention: It’s a mixed picture on the global front pages, with Saudi oil policy, the war in Ukraine, mass shootings in America, and Wednesday’s Republican presidential debate all getting coverage.

Oh, and a longtime US diplomat has been charged with being an agent for Cuba in what Reuters is presenting as “one of the highest-reaching and longest-lasting infiltrations of the U.S. government by a foreign agent.”

The big business story: Spotify is laying off 17% of its workforce. (Reuters | Financial Times | Wall Street Journal)

READ THIS BOOK-

Right Kind of Wrong: The science of failing well has been named the Financial Times andSchroders Business Book of the Year. The book, by Harvard business professor Amy Edmunston, is about how to learn from failure and take better risks.

Not your cup of tea? Check out the list of finalists here. Mustafa Suleyman’s The ComingWave: AI, Power and the Twenty-First Century’s Greatest Dilemma and Walter Isaacson’s Elon Musk are both in our TBR pile.

CIRCLE YOUR CALENDAR-

The 2024 Saudi Games continue today:

• Today’s finals: futsal and para table tennis.
• Also today: basketball, beach volleyball, chess, handball, padel, tennis.

The games wrap on 10 December.

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 Fintech Tourkicked off yesterday and will continue until Wednesday, 13 December. The fintech-focused event consists of 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 musicfestival 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 10 sleeps left until the Arab Road Cycling Championship comes to Riyadh, with the event running 15-23 December.

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.