Good morning, friends, and happy Monday to you all. We have a pleasantly light issue for you this morning. Up first:

#1- Egypt-focused, LSE-listed miner Cenamin is looking at Saudi Arabia, EnterpriseAM Egypt reports. “Internationally, one of the areas we’re looking at is Saudi Arabia. We see a similar journey there in terms of a change in economic, fiscal, and regulatory regime, and are really trying to encourage the kickstarting of the sector there. Geologically, Egypt and Saudi Arabia are basically the same package of rocks, so we believe our 20 years of experience operating in Egypt will be incredibly useful as we look to potentially work in Saudi. We also have projects in West Africa, but at the moment, Egypt is our home.” Tap or click here for the full interview.

#2- Warmer business ties between Riyadh and Bangkok: Thailand’s Board of Investment has opened up an office in Riyadh in a move that aims to bolster trade and investment ties between the two countries, state news agency SPA reported. The announcement was made during the Saudi-Thai Investment Forum, which saw the signing of 11 agreements and MoUs in several fields, including energy, infrastructure, tourism, food and agriculture. No further details on the agreements were disclosed.

About BOI: It is a government agency under the Office of Thailand’s Prime Minister that aims to promote investments by Thai investors and foreign investors in Thailand. It also promotes investments by Thailand overseas.

#3- Commerce Minister Majid bin Abdullah Al Qasabi will head to South Korea later this month, Al Riyadh reported. Al Qasabi’s visit will run from Monday, 29 July to Wednesday, 31 July. He will be accompanied by a delegation of Saudi businessmen who will take part in the Saudi-Korean Business Forum on Tuesday, 30 July.

#4- Iraq wants Saudi and Egyptian investors to tap the country’s recovering economy: Iraq’s Prime Minister Mohammed Al Sudani has invited Saudi and Egyptian investors to invest in the country’s real estate sector, according to a statement by the PM’s office. His statements came during a meeting with Saudi and Egyptian businessmen, including the top management of Saudi conglomerate Al Muhaidib and Egyptian real estate giant Talaat Moustafa Group (TMG), among others.

The pitch: Al Sudani presented plans to develop five new cities in Baghdad and other provinces with 11 new cities in the works, according to the statement.

PSAs-

#1- The General Authority for Competition (GAC) is inviting public feedback on proposed amendments to M&A rules, it said in a post on X. You can review the amendments and share your feedback on the government’s Istitlaa platform here. Last day for commentary is Thursday, 1 August.

IN CONTEXT- The updated guidelines include a requirement to disclose the combined annual sales of companies that plan to merge. The assessment process includes an initial review of the merger’s impact on competition and a review of the markets affected by the proposed merger. You can read the amendments in detail here (pdf).

#2- The Saudi Food and Drug Authority (SFDA) introduced a cosmetics products conformity certificate that it says will streamline customs clearance. Importers will need to obtain a certificate of conformity and record it on the system.

How it works: Importers will need to register the cosmetic products they want to bring into the Kingdom and get a product registration certificate through the authority’s unified electronic system, Ghad. They can then log into the customs clearance system to submit the data and get a certificate of conformity. The SFDA will then review the application; successful applicants for clearance certificates would get their documents before the shipment arrives in port.

#3- Property owners in 11 neighborhoods in Riyadh can register their assets starting Sunday, 28 July until Thursday, 31 October, according to a statement from the Real Estate General Authority. The neighborhoods up for inclusion in the Real Estate Registry (RER) include

  • Tuwaiq
  • a part of Al Arid
  • King Abdulaziz
  • Al Sulaimania
  • Al Wazarat
  • Al Fakhriya
  • Alisha
  • Al Sena’iya
  • Al Khalidiya
  • Al Dar Al Baida
  • Al Defa’a.

Background: The RER is wholly owned by the Public Investment Fund and aims to establish a real estate registry across the Kingdom to make it easier for individuals and corporations to know who has a clear title to a property when buying or selling.

WEATHER- Riyadh will see clear skies with a daytime high of 43°C and a nighttime low of 29°C today. Makkah is set for windy weather with a high of 45°C and a low of 33°C, while Madinah is looking at a high of 44°C and a low of 34°C.

DATA POINTS-

#1- The Kingdom has emerged as the world’s second-best country for expats after Denmark, according to InterNations’ latest Working Abroad Index for 2024. Overall, 55% of the respondents working in Saudi view the local job market positively, with 31% giving it the highest possible rating — the only downside being long working hours at an average of 47.8 hours per week for full-time jobs. Additionally, some 75% of the expats working here believe their career prospects have improved after moving to the Kingdom, while 62% rate their personal career growth favorably.

Saudi also ranked second in the salary and job security subcategory with 63% of respondents reporting a much higher satisfaction with the state of the local economy (82%) than the global average (59%).

The methodology: The survey evaluates countries based on four metrics, namely career prospects, salary and job security, work-life balance, expat essentials index — which includes factors like visa processes, local bureaucracy and the availability of housing.

#2- Traffic accidents fell by 92% at 149 intersections nationwide after the Roads General Authority installed solar-powered lighting, it said in a post on X, without specifying a time frame for the decline.

SPORTS-

#1- Al Diriyah FC gets new owner ahead of privatization: PIF-backed master developer Diriyah said it has taken ownership of Al Diriyah FC from the National Center for Privatization, according to a post on X. The club’s board will be led by Prince Khaled bin Mohammed with members including Jerry Inzerillo (Linkedin), Mohamed Al Kheiriji (bio), Ayman Al Fallaj (bio), Hamad Albati (Linkedin). The transfer of ownership is linked to a sports privatization program aimed at lining up investment in the industry.

#2- Frenchmen to lead Al Ittihad, Al Riyadh SC: Jeddah side Al Ittihad has appointed former France coach Laurent Blanc as its new coach, replacing Marcelo Gallardo who was sacked earlier this month, it said in a post on X. “Welcome to Al-Ittihad, Coach Laurent Blanc,” the club said. Blanc’s last managerial role was with Lyon, which sacked him in September last year over disappointing results. Al Ittihad ended last season in fifth place.

Meanwhile, in the capital: Al Riyadh SC has named former France international Sabri Lamouchi as its new coach, replacing Brazilian coach Odair Hellmann who left last month despite initially agreeing to renew his contract, according to a statement by the Saudi Pro League (SPL). The capital club finished 14th in last season’s Roshn Saudi League.

Lamouchi began his coaching career with Ivory Coast in 2012, sending them to the Fifa World Cup 2014 in Brazil. He also had stints in Qatar with El Jaish and Al Duhail. He later coached French club Rennes to fifth place in the 2017-18 Ligue 1 to secure a spot in the 2018-19 UEFA Europa League. His coaching experience extends to the UK where he coached Nottingham Forest and Cardiff City.

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THE BIG STORY ABROAD-

The attempted assassination of former US President Donald Trump is getting a lot of play in the foreign press, while sports is everywhere as major summer tournaments wrap.

US President Joe Biden addressed his nation from the Oval Office to condemn the attack, saying the country needs to “lower the temperature in our politics” after the FBI suggested Donald Trump’s shooting was a one-man show and did not seem to be part of a larger plot. (The New York Times)

Trump seemed to be in good shape as he landed in Milwaukee, where he will be formally declared the Republican candidate for the presidency. The Republican National Convention gets underway today and runs through Thursday.

IN SPORTS NEWS- Spain clinched the Euro 2024 title after a late goal from Mikel Oyarzabal, handing England its second final defeat in three years. (FT | Reuters | The Guardian)

A good day for Spaniards everywhere: 21-year-old Carlos Alcaraz also bagged his second Wimbledon title in a row — and his fourth Grand Slam — after a dominant showing against Novak Djokovic. (Washington Post | The Guardian)

The Copa America final between Argentina and Colombia is underway after a delay of more than one hour as fans without tickets tried to get access to the stadium. The score in Miami stands at 0-0 in the second half as we prepare to hit “send” on this morning’s issue.

IN THE BUSINESS PRESS- Google parent Alphabet is in advanced talks to acquire Israeli cybersecurity startup Wiz for USD 23 bn in what would be its biggest acquisition yet, the Wall Street Journal reports. This comes weeks after a potential takeover of online software marketing firm Hubspot fell through.

It’s a busy week for earnings: BlackRock and Goldman Sachs will report 2Q results today, with Bank of America, Morgan Stanley, BHP, Netflix, Novartis, Burberry, and Schlumberger among the many expected to follow suit through Friday.

And in data: We’ll see consumer inflation figures from Canada (Tuesday) and the EU and UK (both Wednesday).

The European Central Bank will make its interest rate decision on Thursday.

CLOSER TO HOME- Hamas has reportedly not withdrawn from ceasefire talks despite Israel’s deadly attacks in Gaza over the weekend, which Israel claimed targeted the group’s military head, Mohammed Deif. (Reuters)

CIRCLE YOUR CALENDAR-

The Real Estate Brokerage Forum will open on Wednesday, 17 July at the Riyadh International Convention and Exhibition Center.

The Crawford vs Madrimov boxing showdown will take place on Saturday, 3 August at the Los Angeles BMO Stadium. The event is the highlight of the Los Angeles Riyadh Season Card which features five other bouts. You can check them out here.

Aramco is set to release its 1H 2024 results on Tuesday, 6 August, according to its website. You can tune into the audio webcast of its earnings call here. The oil giant’s net income dipped a bit more than 14% in 1Q 2024 to SAR 102.3 bn.

Cybersecurity training event SANS Riyadh Cyber Leaders August 2024 will run from Sunday, 18 August to Thursday, 22 August at the Hyatt Regency Riyadh Olaya.

The eight-week Esports World Cup runs until Sunday, 25 August Riyadh’s Boulevard City. The world’s top esports clubs are competing for a pool of USD 60 mn — the largest purse in esports.

The TotalEnergies CAF Super Cup Final 2024 between Egyptian rivals Al Ahly and Zamalek will be held in Riyadh on Friday, 27 September. The venue and kick-off time of the match will be announced at a later date.

This year’s edition of security-focused expo Intersec Saudi Arabia will run from Tuesday, 1 October to Thursday, 3 October at the Riyadh International Convention and Exhibition Center.

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