Good morning. The tourism industry is in focus this morning as the long-anticipated Tourise Summit kicked off in Riyadh yesterday, with speeches from Tourism Minister Ahmed Al Khateeb, Economy Minister Faisal Alibrahim, a special appearance from the Don, and bns in hotel launches and expansion plans.

Also in this morning’s news well: Altwijiri Trading priced Nomu IPO at SAR 25 per share, Banque Saudi Fransi wrapped up its latest sukuk issuance, and S&P Global weighed on Saudi’s REIT market. Let’s dive in.

HAPPENING TODAY-

#1- Subscription to Cherry Trading’s secondary offering on Tadawul’s main market kicks off today and wraps up tomorrow, Tadawul said on X. Some 20% (1.8 mn shares) of the 9 mn existing shares on offer will be open to retail investors during the period, with final allocations due Wednesday, 19 November.

ICYMI- Cherry Trading priced its Tadawul IPO at SAR 28 per share, the top of the range it was guiding on, after its institutional offering was 85.6x oversubscribed. The offer price will see the car lessor raise SAR 252 mn from the IPO, implying a market cap of SAR 840 mn at listing, according to our calculations.

#2- The tradable rights trading and subscription period for Saudi Industrial Development Company’s (Sidc) SAR 165 mn rights issue kicks off today, with trading ending Wednesday, 19 November and subscription wrapping up Monday, 24 November, according to a Tadawul statement.

REFRESHER- Sidc is offering 16.5 mn ordinary shares at SAR 10 apiece to lift its capital to SAR 300 mn from SAR 135 mn. Eligible shareholders will be granted about 1.2 shares for every one owned, with each share allowing subscription to one new share. Shares will be tradeable on Tadawul, with a subsequent rump offering to institutions for any unsubscribed shares.

WEATHER- Patches of mist and fog are expected to reduce visibility in parts of the Eastern Region and Dammam today. Meanwhile, moderate rainfall is forecast for Asir and Makkah, while light showers are anticipated over Jazan and Al Baha. Clearer skies will prevail over the rest of the Kingdom.

• Riyadh: 27°C high / 13°C low.
• Jeddah: 34°C high / 26°C low.
• Makkah: 35°C high / 25°C low.
• Dammam: 29°C high / 16°C low.

WATCH THIS SPACE-

#1- Saudi Aramco is accelerating its shift to natural gas to support AI data centers, industrial hubs, and growing cities, with production at the Jafurah field — one of the world’s largest shale gas basins — set to begin within weeks, the Financial Times reports. The USD 100 bn development holds an estimated 230 tn cubic feet of gas, 75 bn barrels of oil, and abundant ethane for petrochemical production.

Aramco aims for the field’s output to surpass ExxonMobil’s combined oil and gas production by 2030, Aramco CEO Amin Nasser said. Using seawater for fracking to conserve freshwater, the company has cut costs below US gas price benchmarks and lifted its gas production growth target from 60% to 80% by 2030, expecting an additional USD 12-15 bn in annual cashflow without new capital spending.

REFRESHER- Aramco closed an USD 11 bn lease and leaseback agreement for its Jafurah gas processing facilities with a consortium led by BlackRock's GIP and including the PIF, Hassana, the Arab Energy Fund, and other Asian and Middle East investors during FII9. The agreement creates a new subsidiary, Jafurah Midstream Gas Company, owned 51% by Aramco and 49% by the consortium, which will lease the assets back to Aramco for 20 years.

#2- Local fintech startup Lean Technologies plans to expand beyond its core open banking services by backing businesses offering additional financing solutions to customers, CEO Hisham Al Falih told Bloomberg yesterday. The company — backed by at least USD 100 mn in venture funding from investors like General Catalyst — is active in remittances, cross-border payments, and alternative credit solutions. It also mulls tapping into areas such as ins., pensions, and investment services.

MEANWHILE- The company, which raised USD 67.5 mn in a series B funding round lastNovember, is currently focused on the Kingdom and the UAE, with possible regional expansion in the future. It is also laying the groundwork for a potential IPO, though no timing has been set, Al Falih added.

IN CONTEXT- Saudi Arabia became the most active venture capital market in the MENA region by agreement volume for the first time in the first nine months of 2025, recording 173 transactions during the period, up 38% y-o-y, and raising USD 1.3 bn, a 158% y-o-y increase.

#3- The Ins. Authority (IA) will raise the capital of insurers operating in the Kingdom to SAR 50 bn over the next four years, up from the current SAR 25 bn, CEO Naji Al Tamimi told Aleqtisadyah on Monday on the sidelines of the ingate Global Ins. Conference and Exhibition in Riyadh.

A new ins. law is also in the works, with initial reviews completed, chairman of the IA Abdulaziz Al Boug told Argaam yesterday. The market is expected to double in size within the next five years, signaling robust growth opportunities, Al Boug added.

#4- The UN Tourism General Assembly adopted the Riyadh Declaration on the Future of Tourism, a joint plan to guide the industry over the next 50 years, focusing on sustainability, inclusion, AI, and digital innovation, according to a press release. These plans will go live by boosting investment, developing skills, supporting SMEs, and protecting cultural and natural assets, Tourism Minister Al Khateeb said.

DATA POINTS-

Saudi ports handled 21.8 mn tons of cargo in October, up 6.9% y-o-y from 20.4 mn tons, the Saudi Ports Authority (Mawani) said in a statement. Liquid bulk reached 16.2 mn tons, dry bulk 4.3 mn tons, and general cargo 1.3 mn tons. Meanwhile, container throughput rose 12.2% y-o-y to 709.4k TEUs during the month, with incoming containers at 273.8k TEUs and outgoing containers at 127.8k TEUs. Transshipments rose 38.7% y-o-y to 179.3k TEUs.

OIL WATCH-

Saudi Arabia and Iraq will supply Indian refiners with their full-term crude allocations in December, Reuters reports, citing trade sources. The two largest Opec producers are also offering additional volumes under optional contracts, while Kuwait Petroleum has boosted deliveries for November and December.

The discounts helped: Indian refiners are eyeing more supply after Aramco cut oil prices to Asian refiners, as we noted earlier this week. Saudi Arabia trimmed its official selling prices to Asia for December, pushing Arab Light to an 11-month low last week.

SPORTS-

Eleven Saudi clubs hit by Fifa registration freeze: The latest Fifa registration ban list shows 11 Saudi clubs barred from registering new players due to unpaid financial obligations to players, coaches, and agents, with a total of 28 suspension decisions issued, Asharq Al Awsat reported on Monday. Ohod leads the list with 17 separate bans, some limited to three registration periods and others open-ended until the club settles its debt.

Other affected clubs include Al Jandal, Al Wehda, Al Shabab, Al Riyadh, Al Shoulla, Najran, Al Safa, Touik, Al Ain, and Al Mahmal, with bans ranging from fixed-term to open-ended, all of which are lifted only after payments are confirmed.

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THE BIG STORY ABROAD-

No one story dominated the front pages this morning, with headlines moving between AI bubble fears, a trouble-laden COP30 in Brazil, and the anticipated end to the US government shutdown.

SoftBank’s shares plunged 10% in early trading despite strong quarterly results, after the Japanese giant sold its entire stake in US chipmaker Nvidia for USD 5.8 bn. The sale comes amid mounting fears of inflated capital investments in AI that are yet to produce certain returns. Nvidia’s shares closed down 3% yesterday. (CNBC | Reuters | Financial Times)

ALSO- A controversial COP30 kicked off yesterday in Belém, known as the gateway to the Amazon. Brazil wants to draw the focus to rainforests, aiming to raise USD 125 bn for a global forest protection fund. However, a recent government approval of oil drilling at the mouth of the Amazon River, a severe lack of hotel rooms at the Brazilian city, and clashes with indigenous protestors who forced their way inside the venue have marred the summit with controversies and accusations of hypocrisy. (CNN | Reuters)

AND- The US House of Representatives is returning on Tuesday, to vote on a funding measure that is set to end the longest government shutdown in history. The reopen would put issues of healthcare affordability front and center, as both parties stand to gain (and lose) ground with voters ahead of midterm elections next November. (CNN | Reuters | New York Times)