MUST-READS

• Saudi Healthcare Firm Almoosa’s IPO Draws $46 Billion in Orders

  Saudi Arabia’s Almoosa drew 173 billion riyal ($46 billion) worth of orders from institutional investors for its $450 million initial public offering in the kingdom, in a sign of continued interest in Middle Eastern listings. Almoosa is offering 13.3 million shares, or a 30% stake. At this price, the firm would be valued at 5.62 billion riyals, with the deal on track to be the kingdom’s second largest listing of the year. Almoosa is the latest Middle Eastern listing to garner triple-digit levels of oversubscription, although of late this has not necessarily translated to strong trading performance.

• PIF ‘interested in Newcastle Airport stake’

  Saudi Arabia’s Public Investment Fund (PIF) is understood to be interested in buying a minority stake in Newcastle airport, UK media say.  The sovereign wealth fund is believed to be the frontrunner in a deal to buy the 49 percent shareholding owned by Infrabridge, a global infrastructure investment company based in Florida, The Times reports. Local councils will own the remaining stake. JP Morgan is handling the sale of the holding owned by Infrabridge, which has $9 billion in infrastructure equity assets under management. Last week PIF confirmed it had acquired a 15 percent stake in the holding company for Heathrow Airport, FGP TopCo.

• Syrian mass graves expose “machinery of death” under Assad, top prosecutor says
  An international war crimes prosecutor said on Tuesday that evidence emerging from mass grave sites in Syria has exposed a state-run "machinery of death" under toppled leader Bashar al-Assad in which he estimated more than 100,000 people were tortured and murdered since 2013. Speaking after visiting two mass grave sites in the towns of Qutayfah and Najha near Damascus, former U.S. war crimes ambassador at large Stephen Rapp told Reuters: "We certainly have more than 100,000 people that were disappeared into and tortured to death in this machine.

• Iran’s Revolutionary Guards extend control over Tehran’s oil exports, sources say
  Iran's Revolutionary Guards have tightened their grip on the country's oil industry and control up to half the exports that generate most of Tehran's revenue and fund its proxies across the Middle East, according to Western officials, security sources and Iranian insiders. All aspects of the oil business have come under the growing influence of the Guards, from the shadow fleet of tankers that secretively ship sanctioned crude, to logistics and the front companies selling the oil, mostly to China, according to more than a dozen people interviewed by Reuters.

• Saudi’s sports M&A splurge will get smarter

  It would be easier to make an impact on smaller, faster-growing ones instead. Take women’s soccer. England’s top clubs generated about $60 million of revenue in the 2022-2023 season, a 50% year-on-year increase, according to Deloitte, opens new tab, which estimates that total sales will near $90 million in the current sporting year. Continued growth will be underpinned by a new UK TV rights deal, opens new tab with Sky, which kicks in next season and represents a ninefold increase according to the Guardian. Pouring money into a club, or the league, would provide much-needed investment, assuming PIF could convince someone to take the cash. Saudi is ranked 126 out of 146 on the World Economic Forum’s Global Gender Gap Index, opens new tab. The drawback is that these sports are too small to move the needle. But that might be a feature, not a bug, since PIF is trying to shrink its foreign investments anyway – down to 18%-20% of the total from 30%. In that context, it arguably makes sense to focus on smaller-ticket markets with higher growth hopes, rather than continuing to throw resources at mature sports that are already swimming in cash.

• Saudi, Pakistani interior ministers discuss security, anti-drug efforts in Riyadh

  Saudi Minister of Interior Prince Abdulaziz bin Saud bin Naif recently met Pakistan’s Federal Minister for Interior and Narcotics Control Mohsin Naqvi in Riyadh to discuss security cooperation and joint measures for combating narcotics. Prince Abdulaziz welcomed the Pakistani minister and his accompanying delegation to Saudi Arabia, highlighting that the meeting was held under the directives of King Salman and Crown Prince Mohammed bin Salman to strengthen security cooperation in light of the distinguished relations between the two countries. During the meeting, discussions centered on enhancing security cooperation, particularly the fight against drug trafficking. The two sides also addressed various issues of mutual interest.

• Saudi Arabia says GCC residents can perform Umrah year-round

  Pilgrims can purchase an Umrah package on Saudi Arabia’s official digital gateway for pilgrimage services, the Nusuk platform. They can also apply for a visa through accredited visa centers. For those who are transiting through the Kingdom on Saudia Airlines or Flynas, a transit visa can be acquired, enabling them to perform Umrah on their stopover. Pilgrims can also apply for a tourism visa through the electronic visa platform, which allows them to perform Umrah and grants them access to the holy sites across the country.

• MHRSD: New salary scale for engineering jobs set to create attractive work environment

  The new salary scale for engineering jobs, which was approved by the Council of Ministers on Tuesday, will take into effect from December 31, 2024. It targets employees of government departments and agencies, who occupy engineering jobs according to the Saudi Standard Classification of Occupations. This is applicable to holders of bachelor's degrees from one of the engineering specializations from Saudi Arabia or accredited universities outside the Kingdom and are on the payroll of the general employee salary scale.

• Trump Presidency Heralds Warmer Ties with Saudi Arabia

  In terms of volume, Iran’s oil exports may also turn out to be too small to matter for prices. The latest data, for November, shows an average daily export rate of 1.31 million barrels of Iranian oil going to China. China is virtually Iran’s only client, especially now that Islamist rebels have taken over Syria. The November figure is about half a million barrels daily lower than the October average and the lowest in four months, Iranian media reported. So, it’s safe to say that Iran has been exporting over 1 million barrels of crude daily this year but less than 2 million barrels daily.

• The Transformative Power of Sculptures and Landmarks in Urban Spaces: The Case of AL Khobar, Saudi Arabia

  The Mujassam Wattan competition, aligned with Saudi Vision 2030, has been a catalyst for integrating meaningful public art into cities across the Kingdom. By inviting artists and designers to create works inspired by Saudi heritage and aspirations, the initiative fosters cultural expression while enhancing urban spaces. In Alkhobar, the competition resulted in the creation of Alarda and Alkhobar Memory, two sculptures that transformed the city's sea front into a cultural and social hub. These works exemplify how public art can redefine spaces, connect communities, and highlight local identity.

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