Via Laura Gardner Cuesta in yahoo.com: A $1 billion stake sale in Saudi Arabia’s largest mobile phone operator is the latest sign that the market for follow-on equity offerings is picking up in the Middle East. Until recently, a three-year rush of initial public offerings in the Persian Gulf had yet to generate the surge in secondary share sales seen in other markets. But for the region’s sovereign wealth funds focused on raising cash to finance their economic transformation plans, follow-ons broaden their options for state-owned assets beyond the initial listing.

Via Grant Smith, Alex Longley in rigzone.com: Global oil markets face a surplus of more than 1 million barrels a day next year as Chinese demand continues to falter, cushioning prices against turmoil in the Middle East and beyond, the International Energy Agency said. Oil consumption in China — the powerhouse of world markets for the past two decades — has contracted for six straight months through September and will grow this year at just 10% of the rate seen in 2023, the IEA said in a monthly report on Thursday. The global glut would be even bigger if OPEC+ decides to press on with plans to revive halted production when it gathers next month, according to the agency.

Via Adveith Nair in yahoo.com: For a sense of scale: Sovereign funds from Abu Dhabi, Saudi Arabia and Qatar made up 40% of the value of all deals done by global state-backed investors during the the first nine months of 2024, according to data from Global SWF. In all, regional entities oversee close to $4 trillion of assets, making them key players in global dealmaking. That means some of these moves, and any changes to investment strategies, could reverberate across the financial ecosystem.

Via Laura Gardner Cuesta in yahoo.com: The Public Investment Fund sold 100 million shares in Saudi Telecom Co., or a 2% stake, at 38.6 ($10.27) riyals apiece. That’s a 6% discount to the stock’s Wednesday closing price of 41.1 riyals. Apart from Saudi Telecom, the wealth fund has investments in companies across a range of industries from Saudi Electricity and utility Acwa Power to bourse operator Saudi Tadawul Group Holding. It also owns majority stake in the $52 billion commodities firm Saudi Arabian Mining as well as holdings in lenders including Saudi National Bank, Riyad Bank and Alinma.

Via Tom Porter in yahoo.com: Gulf Arab states have concerns about Trump being unpredictable and the risks of having him back in the White House, Giorgio Cafiero, CEO of consultancy Gulf State Analytics, told Business Insider. Of particular concern, said Cafiero, is the fear that Trump could inflame the Middle East at a time when it is on the brink of all-out regional war. His first administration had a highly Israel-centered foreign policy in the region and there are many open questions about how hell approach the wars in Gaza and Lebanon after his second term begins in January 2025, he added.

Via Erik Trinidad in scubadiving.com: The Red Sea has attracted many scuba enthusiasts, may they be diving out of Aqaba in Jordan, Eilat in Israel or the dive centers of Egypt’s Sharm El-Sheikh, Hurghada or Dahab, home of the famed Blue Hole. In Saudi Arabia, where the Red Sea meets over 1,200 miles of its western shoreline, scuba diving isn’t new to locals. However, international travelers like myself are only now discovering the recreational diving scene in this Middle Eastern kingdom, because historically, it hasn’t always had its doors open to tourism.

Via John Duerden in go.com: Australia hosts Saudi Arabia in a crucial World Cup qualifier at Melbourne on Thursday while Japan and South Korea can take a big step towards North America in 2026 when the third round of Asian qualifying reaches the halfway stage. With only the top two teams from each of the three groups of six progressing automatically to the expanded 48-team tournament, Australia and Saudi Arabia both have only five points from four Group C games, five behind leaders Japan. The sputtering form of the two teams has already resulted in coaching changes since the third round began. Graham Arnold stepped down as Socceroos head coach in September and was replaced by Tony Popovic while Saudi Arabia fired Roberto Mancini in October after a 0-0 draw with Bahrain in Jeddah.

Via Eleonora Ardemagni in ispionline.it: Saudi Arabia is investing in the reorganization of the defense ministry, and to further improve defense sector’s human skills. This fits into the professionalization path the Saudi armed forces have embraced, also complying with Riyadh’s greater defense autonomy aspirations. The plan foresees three main reform phases: the building of the ministry’s centre and of specific undersecretaries (for instance, on strategic affairs, and on procurement); the reorganization of the forces to increase performance efficiency and facilitate joint operations; the rearming of the forces and the building of capabilities.

Via Matthew Martin and Christine Burke in yahoo.com: Nadhmi Al-Nasr, who had been chief executive officer of Neom since 2018, will be replaced by Aiman Al-Mudaifer for now, according to a statement on X. Al-Mudaifer has been head of local real estate at Saudi Arabia’s Public Investment Fund, which is the owner of Neom, for the past six years. In 2025, teams will start laying the underlying concrete slab for The Line and then begin building upward. It’s expected to eventually contain hospitals, parks and schools and ultimately house nine million residents — all without cars. Designers came up with the foundation for the project by replicating the grid system in Manhattan, widening it and folding it in half to tower into the air, executives from The Line said at a conference on Tuesday in Riyadh.

Via Frank Gardner and Hafsa Khalil in bbc.com: Saudi Crown Prince Mohammed bin Salman has condemned Israel’s actions in Gaza as “genocide” in some of the harshest public criticism of the country by a Saudi official since the start of the war. Speaking at a summit of Muslim and Arab leaders the prince also criticised Israeli attacks on Lebanon and Iran. Israel has vehemently denied that its forces are committing genocide against Palestinians in Gaza. In a sign of improving ties between rivals Riyadh and Tehran, Prince Mohammed also warned Israel against launching attacks on Iranian soil.

Via Sapna Jagtiani in spglobal.com: Residential real estate prices and rents continue to soar in Saudi Arabia. The cities of Riyadh and Jeddah saw year-on-year sales prices jump by 10% and 5%, respectively, in the first half of 2024, according to property consultancy company JLLs KSA Market Dynamics Report H1 2024. Rental yields also remain high, with year-on-year growth of 9% in Riyadh and 4% in Jeddah. The total number of real estate transactions across all asset classes surged by 38% to just over 106,700 in the first half of 2024, while their total value leapt by 50% to Saudi riyal (SAR) 127.3 billion, according to global real estate company Knight Franks Saudi Arabia Residential Market Review – Summer 2024.

Via Ahmed Falah Al-Jahni in maaal.com: Between 2010 and 2023, Saudi Arabia’s GDP grew by approximately 102%, while population growth registered at around 34%, underscoring a balance between economic growth and improvements in living standards. In 2010, GDP per capita stood at 82,500 riyals. A sharp rise followed in 2011, with a 22% increase lifting the figure to 100,000 riyals. This upward trend continued in 2012, reaching 106,000 riyals.

in arabnews.com: The summit builds on the earlier Arab-Islamic summit held in Riyadh on Nov. 11, 2023, following the directives of King Salman and complementing the efforts of Crown Prince Mohammed bin Salman to address the dangerous and unprecedented developments in Gaza and the rest of Palestine. The foreign ministers of Saudi Arabia, Jordan, Egypt, Qatar, Turkiye, Indonesia, Nigeria, and Palestine, along with the secretaries-general of the Arab League and the Organization of Islamic Cooperation, aim to initiate immediate international action to halt the war on Gaza and achieve a lasting, comprehensive peace.

Via Zainab Fattah in bloomberg.com: Saudi Arabia will need to build 115,000 homes each year for the next six years to fulfill demand from a young population and hit ownership targets set by the oil-rich nation’s government, according to Knight Frank LLP. The kingdom’s government wants homeownership to reach 70% by 2030 from 63.7% at the end of 2023. The Saudi government’s target along with new household formation are helping drive much of the demand in a country where 45% of citizens are below 20 years old, according to the report. The kingdom’s Sakani program, which includes social housing, has 883,562 applications from people looking to buy homes with financing help through guarantees on mortgages below 520,000 riyals ($138,448). The kingdom’s population grew in Saudi at 1.8% annually compared with a global rate of 1.1% between 2010 and 2002, according to the World Bank.

Via Ismaeel Naar and Vivian Yee in nytimes.com: Moving into tennis, Saudi Arabia recently hosted the Six Kings Slam, an exhibition showcasing the top men’s players. And it struck a three-year deal with the financially struggling WTA to bring its finals to Riyadh in part with the promise of awarding some $15 million in prize money this year. Those are the highest winnings in the history of women’s tennis, satisfying players’ demands for prize parity with men. “The Western world can keep reporting that our country is sportswashing, or whatever, but what matters is that my sisters and I can watch our favorite sports stars right here at home,” said Maryam al-Shammeri, who was in the crowd for the WTA final on Saturday night with her brother and two sisters.