Heavy investor appetite for PIF’s USD 5 bn bond

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: CMA eyes new instrument to help real estate developers raise capital

Good morning from Riyadh, wonderful people. We have a packet issue for you this morning, starting with the big story out of the region, which sees Saudi leading a drive to end the war in Gaza.

The big business story this morning: A blockbuster USD 5 bn bond sale by the Public Investment Fund and the very-welcome launch of a new administrative court. The creation of the court and new civil transactions law that came into effect last month are among the cornerstones of Crown Prince and Prime Minister Mohamed bin Salman’s drive to make the Kingdom increasingly attractive to private capital.

^^ We have the rundown on these stories and more in this morning’s news well, below.

PSA #1- EnterpriseAM Saudi goes live on Sunday, 28 January. If you were forwarded this morning’s issue, you can tap or click here to get us in your inbox on launch day.

PSA #2- The Interior Ministry has introduced new fines for misuse of CCTV cameras. The fines range between SAR 500-20k.

WEATHER- Expect another day of clear skies and sunshine in Riyadh and Dhahran today with a touch of scattered clouds in Taif.

Riyadh: 27°C daytime / 17°C overnight
Taif: 24°C daytime / 14°C overnight
Dhahran: 22°C daytime / 11°C overnight

Looking ahead: The capital will see a high of 29°C tomorrow with a chance of heavy winds.

DATA POINTS-

#1- Oil exports hit a five-month high in November, data from the Joint Organizations Data Initiative (JODI) showed yesterday. Oil exports were up to 6.34 mn barrels per day (bpd) in November, from 6.3 mn bpd a month earlier. Crude production dipped c. 1.4% to 8.8 mn bpd in November from 8.9 mn bpd in November.

#2- More than 30 mn passengers flew on national flag carrier Saudi last year, a 21% y-o-y increase from 2022, it said in a statement yesterday. Saudi reported a 4% y-o-y rise in total flights to 176.3k.

WATCH THIS SPACE-

#1- The Capital Market Authority (CMA) is looking to make it easier for real estate developers to raise capital with a new class of real estate equity certificates for companies looking to raise less than SAR 100 mn, Arab News reports, citing remarks by CMA Chairman Mohammed El Kuwaiz. We’ll be looking for more details in the days to come on the certificates and how they may be used.

#2- The Public Investment Fund (PIF) has become a multi-year sponsor of Formula E, Extreme E and E1, it said in a statement picked up by Zawya yesterday. The “E360” sponsorship will boost electric motorsports globally and advance electric mobility in the future, it said, without providing financial details on the agreement.

Familiar faces: The PIF holds a 5% stake in Formula E and is closing in on a 50% stake in off-road electric SUV racing series Extreme E and the new E1. All of the races — which also have local firms including Sabic and Saudia as sponsors, will be held in the Kingdom this year.

And fresh rebranding for the PIF? The PIF also announced a branding revamp, the statement read, without providing further details on the rebranding.

#3- An Egyptian company is currently working to build 28k housing units in the Kingdom,state news agency SPA reports citing Minister of Municipal, Rural Affairs and Housing Majid bin Abdullah Al Hogail. The ministry has yet to name the contractor or put a price tag on the project.

** You’re reading Zero Issue #34 of EnterpriseAM KSA.

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THE BIG STORIES ABROAD-

#1- US and British forces launched another round of attacks last night against Houthi targets in Yemen, hitting what they said were the Tehran-backed group’s missile capabilities as well as underground storage sites. The two struck eight sites, with unspecified support from Australia, Bahrain, Canada, and the Netherlands.

It’s the second major strike aimed at stopping Houthi attacks on Red Sea shipping. The story is leading the front pages of the Wall Street Journal and Reuters. It’s also getting plenty of ink from others including the Financial Times and the New York Times.

#2- It’s a big day in US politics as voters in New Hampshire head to the polls in a primary that media are almost uniformly positioning as challenger Nikki Haley’s last chance to stop Donald Trump from cruising to the Republican nomination.

Uh, Enterprise? Isn’t this the first primary? It is, for the GOP, at least. Haley is hoping to upset Trump, who has a commanding lead in the polls, and US and UK media seem convinced that it’s all over for the former UN ambassador and South Carolina governor if she doesn’t beat him tonight.

Need more? Head over to Politico (here and here), the Associated Press, New York Times, or Financial Times.

ALSO worth knowing about this morning:

Want to send the kid to study in Canada? Ottawa is imposing a two-year cap on international student visas as part of a bid to tamp down skyrocketing housing prices. (Reuters | Globe and Mail)

CIRCLE YOUR CALENDAR-

BiznEX International Exhibition will kick off on Sunday, 28 January at the Riyadh Convention Center and wrap up on Wednesday, 31 January. Register here.

The AlUla Tour 2024 will kick off on Tuesday, 30 January and wrap up 3 February.

The PIF Private Sector Forum takes place in Riyadh on Tuesday, 6 February to Wednesday, 7 February, the PIF said on Linkedin. The event will bring together the fund, portfolio companies, private sector and others to help advance economic growth.

The Hail Toyota International Rally which will kick off on 8 February and wrap up on 10 February. You have until Saturday, 27 January to register.

The Saudi Capital Market Forum will open on Monday, 19 February and wrap up on Tuesday. Held under the theme “Powering Growth,” the event will bring together members of the global financial landscape for discussions on the capital markets and investment strategies.

Riyadh will host the International Conference on Sand and Dust Storms in the ArabianPeninsulafrom Monday, 4 March to Wednesday, 6 March. The conference will address regional challenges caused by sand and dust storms and discuss monitoring systems, mitigation strategies, economic and infrastructural impacts, and more.

Tickets are on sale for the 2024 Saudi Arabian Grand Prix, scheduled for Jeddah from 7-9 March.

Riyadh will host a World Economic Forum special meeting on 28-29 April.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Investor appetite is strong as Saudi’s Public Investment Fund takes USD 5 bn bond to market

Strong investor appetite for PIF’s first debt sale in 2024: The Public Investment Fund took a USD 5 bn senior unsecured bond issuance to market yesterday, Bloomberg reported.

The offering was 5x oversubscribed, with bankers taking orders worth USD 27 bn, an unnamed source told the business information service.

A three-tranche offering: The final yield for the five-year note was 35 basis points lower than the initial price guidance of 150 bps above counterpart US Treasuries. Longer tranches of ten-year and 30-year notes carried yields at 30 bps below the initial price.

The PIF has not released information about how it plans to use the funds, but we expect it will simply add the cash to its warchest as it looks to push ahead with an aggressive investment plan this year and next.

PIF’s war chest is well-stocked: The fund closed in October a USD 3.5 bn global sukuk issuance, two green bond offerings totaling USD 8.5 bn between 2022 and 2023, and lined up a USD 17 bn corporate facility in 2022. The fund aims to invest as much as USD 40 bn every year in the local economy as part of a drive to diversify away from oil.

In context: Many countries are taking advantage of good investor appetite and the prospect of lower interest rates to lock in fresh capital. The National Debt Management Center closed a USD 12 bn issuance two weeks ago, its largest issuance since 2017. The offering was 2.5x oversubscribed, with banks taking orders worth USD 30 bn. Poland, Mexico, and Indonesia have made similar moves to tap global debt investors.

REMEMBER: Market conditions will inform the state’s 2024 financing plan: The National Debt Management Center (NDMC) will continue to “identify and pursue favorable market” conditions with expectations that up to 35% of the total financing needs will come from the domestic debt market, according to NDMC’s borrowing plan. Some 40% will be covered through tapping international debt markets, and the government Alternative Funding (GAF) will cover up to 50%.

Advisors: Citigroup, Goldman Sachs and JP Morgan Chase were joint global coordinators on the transaction.

The Administrative Enforcement Court will settle disputes between investors, gov’t entities

SMART POLICY- The Administrative Enforcement Court is officially in session: The Kingdom launched yesterday its first Administrative Enforcement Court in Riyadh in a bid to further boost investor confidence, a statement by the Board of Grievances — which is directly associated with the King — read yesterday.

How it works: The court will take up disputes between local and foreign investors who find themselves at odds with government institutions. It will have jurisdiction over government institutions and will have the power to hand down fines and prison terms to individuals who fail to abide by its rulings.

The launch of the court comes weeks after the Civil Transactions Law (CTL) went into effect in December. The law is the first local written legal code meant to replace a system in which judges had full discretion in ruling on business disputes on a case-by-case basis according to their own interpretation of shariah.

In context: The move comes as more international companies invest here — and as those seeking government contracts move their regional headquarters in town. It comes as the government looks to bring in USD 100 bn in foreign direct investment by 2030.

Arab countries, led by Saudi Arabia and Egypt, are pushing a peace plan for Gaza

Saudi Arabia and Egypt are leading a group of five Arab countries pushing a plan for peace and the post-war rebuilding of Gaza, the Wall Street Journal writes in a deeply reported piece that relies heavily on unnamed Saudi and Egyptian officials.

The pitch: End the war in Gaza and recognize Palestine as an independent nation — and Saudi Arabia will recognize Israel. US diplomats are playing middleman to pitch the Israelis on the idea, which would also see Gulf countries and Egypt taking the lead in rebuilding and securing Gaza when Israel withdraws.

The Netanyahu government is cool to the idea, with the prime minister having said that there’s no way he will recognize a Palestinian state

There’s momentum:

Brett McGurk was in Cairo yesterday for talks before flying to Doha. He’s the Biden administration’s top Mideast adviser.
Josep Borrell, the EU’s top diplomat, led a group of European foreign ministers meeting with Foreign Minister Prince Faisal bin Farhan and other Arab top diplomats in Brussels yesterday. Bin Farhan also met with his French counterpart, and Egypt’s Sameh Shoukry is also in Brussels for the EU Foreign Affairs Council meeting.
EU foreign ministers are putting pressure on Israel and do not see eye-to-eye with Foreign Minister Israel Katz. The WSJ says the two sides were “talking past” each other.

Saudi, Egypt and the other Arab countries won’t take direct responsibility for securing and rebuilding Gaza, but the WSJ expects them to offer the following when they finish putting together their plans in the coming weeks:

Help with reconstruction — but not own it;
Train Palestinian security forces;
Reform the Palestinian Authority;
Help organize elections.

Bin Farhan’s message is clear: There will be no normalization of ties with Israel without a “credible and irreversible path to a Palestinian state,” he told CNN’s Fareed Zakaria (watch, runtime: 7:33). Saudi Arabia will not discuss leading the reconstruction of Gaza until the war ends. “The killing must end first. There’s no point … if we’re not going to talk about first ending the killing.

Fitch sees rising private borrowing, strong year ahead for non-oil businesses in the Gulf

Saudi Arabia and the UAE will lead the regional “investment pipeline” this year, according to Fitch Ratings’ 2024 GCC Corporates Outlook report. The ratings agency expects non-energy sectors to harness state-led initiatives as well as fresh infrastructure investment and an emphasis on key sectors, including tourism.

BUT- Slightly slower growth: Fitch Ratings sees momentum for non-oil GDP in the GCC decelerating, growing at a 3.7% clip in 2024, dipping slightly from the 4.2% the agency penciled in for 2023. Saudi Arabia’s plan to pace out the implementation of some of its mega projects factor into the revised projection.

REMEMBER- The government is positive on its non-oil GDP, expecting it to grow between 4.5-5.0% this year, said Economy and Planning Minister Faisal Alibrahim at the WEF in Davos last week.

In tune with what the pundits are saying: Non-oil GDP in the Kingdom is expected to grow 3%-4% every year through 2030 on the back of efforts to diversify away from oil, according to Moody’s Analytics in December. The World Bank said in November 2023 that it expects the non-oil economy to grow at a 4.3% y-o-y clip this year on the back of “looser fiscal policy, robust private consumption, and public investment drive,” cushioning a sluggish oil economy. The Finance Ministry is expecting non-oil activity to have grown 5.9% in 2023.

GCC firms will borrow more: Citing GCC borrowers adapting to the high-interest rate environment and increasing their fixed-income issuances by 3.5x in 2023, the ratings agency sees “debt capital markets activity for corporate sectors [rising], depending on the respective volatility and accessibility of the financial markets.”

Dammam Port becomes critical node for shipping as Red Sea tensions escalate

Shippers are relying more on Dammam Port, Saudi Arabia’s second-biggest port, as tensions in the Red Sea drive up sea freight costs to Jeddah Port, Gulf News reports. UAE-based shippers are also relying on overland routes to get goods to Saudi Arabia instead of their regular seaborne routes. Shipments are then sent out to other countries from Dammam.

“Dammam has become the single most important option for shippers — not just to keep costs down, but ensure they can deliver the orders from Saudi Arabia on time,” an undisclosed trader in FMCG goods told Gulf News. The route from Jebel Ali to Dammam fares AED 5k, inclusive of Saudi border charges.

As demand jumps, Mawani is upping the port’s capacity to hedge against the risk of Red Sea tensions escalating further, Mawani President Omar Hariri told Al Eqtisadiah. While information about the extent or scope of the upgrade wasn’t disclosed, the Dammam Port currently boasts a capacity of 105 mn tons. The impact of the tensions has been limited to transit shipments, while imports and exports haven’t been affected, Hariri added.

Exporters all around are looking for alternative routes: Container shipping costs from Europe to the Gulf have increased by USD 1k per TEU in recent weeks. Global air cargo tonnages have increased 24% from the previous week, with cargo owners increasingly eyeing air transport due to longer ocean voyages, Transport & Logistics Middle East reports, citing WorldACD Market Data.

Decoding industry speak: A TEU is the standard unit for a shipping container — the corrugated metal things you’ve seen being hauled on highways, stacked in ports, and carried on the deck of vessels. It stands for a twenty-foot equivalent unit.

Units of Sinopec, Tecnicas Reunidas land USD 3.3 bn Aramco contract for natural gas liquids facility at Riyas

Oil giant Aramco has awarded two contracts worth USD 3.3 bn to a joint venture that includes Chinese state oil major Sinopec and Spanish engineering firm Tecnicas Reunidas for the development of a new gas facility in the Kingdom, a statement by the Spanish company read yesterday.

What we know: The agreement will see the JV build a natural gas liquids (NGL) fractionation facility at the huge Riyas natural gas facility on an engineering, procurement and construction basis. It is divided into two packages: the development of Riyas NGL fractional trains and the Riyas NGL common facilities, which will be home to utilities, storage and export units, according to the statement. The project is expected to take over three years for completion.

Project scope: Once operational, the NGL plant is set to process a combined total of 510k barrels of NGL per day, to make high-value hydrocarbons including ethane, propane, butane, and pentane.

SOUNT SMART- NGL fractionation refers to a boiling process that sorts out the different components found in natural gas liquids. NGL is made up of hydrocarbons including ethane, propane, and butane that are more valuable in use when separated. The separated hydrocarbons are then typically used to make petrochemicals.

About the JV: The JV is 65% owned by Tecnicas with the remaining 35% stake held by Sinopec. The majority ownership held by the Spanish company will see it account for over c. USD 2.2 bn of the total investment, according to the statement.

This is Tecnicas Reunidas’ first venture with Aramco: The mega NGL fractionation project is the first to be awarded to Tecnicas by Aramco following a strategic alliance inked in September. That’s when the Spanish company and Sinopec inked an agreement to cooperate globally on petrochemicals, natural gas, and transition projects.

Everything you need to know about the premium residency scheme

The government has unveiled a list of priority sectors for its new special talent residency, Saudi Gazette reports. This type of residency is one of the five new categories introduced earlier this month as part of the premium residency scheme launched in 2019 in a bid to attract skilled professionals to the local market. (You can apply for the ST residency here.)

Priority sectors for the ST residency include healthcare and life sciences, digital technologies, financial services, advanced manufacturing, space and defense, energy and circular economy, metals and mining, logistics and transport, tourism infrastructure, and agritech.

ICYMI- The scheme had initially included only one type of residency with the permanent version costing SAR 800k and the one-year renewable costing SAR 100k, before introducing five new categories earlier this month. The new categories include residency types for special talents, gifted professionals in the culture and sports spaces, owners of high-value real estate, well-funded entrepreneurs, and investors who have made investments in the local economy.

Eligibility criteria: The ST residency caters to academic researchers, professionals, and executives who are currently employed in one of the priority sectors with contracts worth a minimum of SAR 14k for researchers, SAR 35k for professionals, and SAR 80k for executives. They must also hold a bachelor degree or higher and boast a minimum of 3 years of professional experience.

Duration + fees for the new categories: The new categories provide applicants with a five-year renewable residency for a fee of SAR 4k. Holders of the new residencies can obtain a permanent residency if they comply with their residency eligibility criteria for a period of 30 months within 5 consecutive or non-consecutive years.

The benefits provided to holders of premium residencies, in short:

The residency include the parents, spouses, and children under 25 years old of the holder;
Freedom to move between companies;
Exemption from financial fees imposed on expats and their dependents;
Issuance of visit visas for relatives;
Allowing the spouses and children of the holder to work in the private sector;
Allowing holder to conduct business activities;
Holders are allowed to own and use real estate properties.

Investors can have it better: Those who don’t fall within the ST category but have plans to invest SAR 7 mn in their first two years of residency and create 10 jobs within the local economy, are eligible for all of the above benefits along with a permanent SAR 4k residency.

You are an entrepreneur? You qualify for an entrepreneur residency if you own a 10%-20% stake in a startup and have raised investment rounds worth the equivalent of a minimum of SAR 400k or SAR 15 mn. Those whose qualifications fall within the lower ranges of ownership and investments are eligible for a renewable five-year residency, while the upper ranges qualify the applicant for a permanent residency.

Expats can obtain the real estate owners residency if they own an existing residential property valued at a minimum of SAR 4 mn and that wasn’t financed by a credit line. The residency would be valid for as long as the title to the property is valid.

Adaverse enters market with investment in local fintech startup Takadoe

Early-stage investor Adaverse has made its first investment in Saudi. The firm said it has invested in fintech startup Takadoe, but didn’t say how much it has committed. Adaverse plans to invest up to USD 10 mn in Saudi Web3 startups this year, according to a joint statement.

About the companies: Adaverse is a venture fund and cardano accelerator that aims to scale Web3 solutions within the blockchain sphere. Its operations span 60 investments across 13 countries globally. Takadoe is a local fintech company that aims to provide shariah-compliant ins. alternative through blockchain.

Card-what? Cardano is a digital platform similar to ethereum. It's designed for building and running smart contracts and other applications with enhanced security and efficiency. Among its claims to fame is that it requires less energy to operate than competing platforms.

What does Takado do? The company is developing a Web3-powered cooperative life ins. product that it says will see subscribers collect funds for mutual ins. and share out profits. Takadao raised in October a USD 1.6 mn pre-seed round that was led by Silicon Valley-based investor Tim Draper with contributions from BIM, Core Vision Ventures, and Prince Sultan bin Fahad bin Salman Al Saud.

IN OTHER STARTUP NEWS-

CoorB launches operations in Kingdom: Fintech and IT company CoorB will kickstart operations in the Kingdom, UAE and Egypt, it said in a company statement. “We seek to overcome the limitations of legacy systems and leverage modern technologies such as artificial intelligence and machine learning to provide clients with solutions and services that compete with the world’s leading technology providers,” CoorB CEO Ahmed Gaber said.

Real estate accounted for 12.2% of non-oil GDP in 9M 2023. PLUS: Debt, technology, hospitality, and construction news

REAL ESTATE-

Real estate accounted for 12.2% of Saudi Arabia’s non-oil GDP in 9M 2023, with the sector employing some 26k individuals in 2023, up 116% y-o-y, Municipal, Rural Affairs and Housing Minister Majid bin Abdullah Al Hogail said at the Real Estate Future Forum yesterday, according to state news agency SPA (here and here). Construction contributed 11.3% of non-oil GDP during the first nine months of the year, according to Al Hogail. Real estate funds currently have a collective SAR 170 bn of assets under management, Capital Markets Authority Chairman Mohammed El Kuwaiz also said at the forum, Arab News reports.

HOSPITALITY-

Abdul Mohsen Al Hokair Group has landed a SAR 760 mn contract from Alpha Facilities Contracting to provide catering services at an unnamed residential complex in NEOM, it said in a Tadawul regulatory filing. There is no publicly available information about the duration of the contract.

DEBT-

Saudi Real Estate (Al Akaraia) has renewed and extended a SAR 200 mnshariah-compliant debt facility with Saudi Awwal Bank, it said in a disclosure to Tadawul. The facility runs for a period of 360 days, with proceeds earmarked for financing letters of credit for the real estate player and supporting its working capital.

CONSTRUCTION-

Belt Industrial partners with Kidana to build a restroom tower in Mina: Belt Industrial — a subsidiary of Ladun Investment — has inked a SAR 81 mn project with Kidana Development — a subsidiary of Makkah Province Development Authority‬⁩ — to build a 16-floor public restroom at the Jamarat facility in Mina, the parent company said in a disclosure to Tadawul yesterday.

TECHNOLOGY-

Al Moammar Information Systems (MIS) has landed a SAR 72 mn contract to install an advanced data analysis system at the National Center for Government Resources Systems, it said in a disclosure to Tadawul.

ENVIRONMENTAL ENGINEERING-

AWPT to establish a new LLC for Riyadh sewage plants: Alkhorayef Water and Power Technologies (AWPT) is setting up a limited liability company for the rehabilitation, operation, and maintenance of sewage treatment plants in Riyadh’s Heet and Al Hayer, it said in a disclosure to Tadawul yesterday. The Package 6 Company for Environmental Services — which will be fully owned by AWPT— will have SAR 100k in capital.

Abdul Mohsen Al Hokair Group Al Akaria Al Moammar Information Systems Alkhorayef Water and Power Technologies Alpha Facilities Contracting ALSO ON OUR RADAR Belt Industrial partners Heet and Al Hayer Kidana Development Makkah Province Development Authority National Center for Government Resources Systems NEOM Real Estate Future Forum Saudi Awwal Bank Saudi Real Estate

11

PLANET FINANCE

Dow, S&P notch fresh highs. PLUS: Beijing is preparing a USD 278 bn rescue package.

It’s a tale of two cities in global markets this morning as Wall Street traders wonder how much longer the rally will last after the Dow and S&P notched fresh highs. A continent away, their counterparts in China are looking forward to generating fees by helping the government deploy bns to shore up slumping stocks.

UP FIRST- The Dow has broken past 38k for the first time and the S&P 500 reached a new high yesterday. The story is front-page news on the WSJ and Reuters.

Asian markets are flirting with the green in early trading this morning. US and European futures are largely flat at dispatch time, suggesting investors are taking stock. Traders are “deliberating how long the gains can persist, especially as the rally this year has centered around tech stocks such as Nvidia, while broader participation has continued to disappoint,” CNBC writes.

MEANWHILE- Chinese state-owned companies could be getting ready to push as much as USD 278 bn into stocks in a bid to stabilize a slumping market, Bloomberg writes, “after earlier attempts to restore investor confidence fell short.” State enterprises could be directed under the plan to invest in shares on the Hong Kong stock exchange.

The caveat: Officials are looking at other options and are expected to make an announcement as early as this week if they get signoff from leadership in Beijing.

IN CONTEXT- China could face 3-6 months of rough economic conditions marked by deflation and “rock-bottom” consumer confidence, a top strategist says — and that’s without factoring in the potential impact of shipping disruptions in the Red Sea thanks to the Houthis.

SIGN OF THE TIMES- BlackRock is reorganizing to capture more business from clients rotating out of cash ahead of anticipated interest rate cuts. The big emphasis: A single exec leading a new unit in charge of product creation across the board. The move comes just days after its USD 12.5 bn acquisition of Global Infrastructure Partners. (Financial Times)

TASI	12,110.32	+0.9% (YTD: +1.2%)
MSCI Tadawul 30	1,575.62	+1.2% (YTD: +1.6%)
USD : SAR (SAMA)	3.75 Buy	3.75 Sell
Interest rates	6% repo	5.5% reverse repo
EGX30	28,050.33	+1.2% (YTD: 12.7%)
ADX	9,680.45	-0.33% (YTD: +1%)
DFM	4,081.24	-0.01% (YTD: +0.53%)
S&P 500	4,864.73	+0.5% (YTD: +2%)
FTSE 100	7,479.45	+0.2% (YTD: +3.4%)
Euro Stoxx 50	4,482.89	+0.8% (YTD: -0.9%)
Brent crude	USD 79.35	+1%
Natural gas (Nymex)	USD 2.40	-4.9%
Gold	USD 2,042.60	-0.3%
BTC	USD 40,509.70	-3.1% (YTD: +91.8%)

THE CLOSING BELL-

The TASI rose 0.9% yesterday on turnover of SAR 9.4 bn. The index is up +1.2% YTD.

In the green: Alhokair Group (+10%), MBC Group (+9.9%) and Takween (+6.4%).

In the red: Fitness Time (-2.2%), SVCP (-2.1%) and Tawuniya (-2.1%).

CORPORATE ACTION-

Nomu-listed Atlas Elevators has decided to deposit the remaining IPO proceeds worth SAR 18 mn into one of the local banks at the going interest rate, they said in a disclosure to Tadawul. This deposit will be used at a later stage to finance the company’s expansion plan.

CALENDAR

JANUARY

22-24 January (Monday-Wednesday): Real Estate Future Forum, Riyadh.

26 January (Friday): Andrea Bocelli concert, AlUla.

26-27 January (Friday-Saturday): 2024 Diriyah E-Prix, Diriyah.

28-31 January (Sunday-Wednesday): Saudi Franchise Expo 2024, Jeddah.

28-31 January (Sunday-Wednesday): BiznEX, the Riyadh International Convention and Exhibition Center, Riyadh.

30 January - 3 February (Tuesday-Saturday): Alula 2024 Tour.

FEBRUARY

4-6 February (Sunday-Tuesday): SIMEC International Expo, Riyadh.

5-7 February (Monday-Wednesday): Saudi HORECA 2024, Jeddah.

8 February (Thursday): end of Tuwaiq International Sculpture Symposium, Riyadh.

8-10 February (Thursday-Sunday): Hail Toyota International Rally.

9 February- 23 March (Friday-Saturday): Desert X ALUla.

11- 12 February (Sunday-Monday): The Space Debris Conference, Securing the Future Growth of the Global Space Economy, Riyadh.

12-14 February (Monday-Wednesday): The International Petroleum Technology Conference (IPTC), Riyadh.

19-20 February (Monday-Tuesday: Saudi Capital Market Forum, King Abdullah Financial District, Riyadh.

22 February (Thursday): Founding Day (national holiday)

26-29 February (Monday-Thursday): Big 5 Construct Saudi, Riyadh.

26-29 February (Monday-Thursday): FM EXPO SAUD

26-29 February (Monday-Thursday): Stone and Service Saudi Arabia, Riyadh.

MARCH

2 March (Friday): end of Noor Riyadh show, segment “Refracted Identities, Shared Futures”, Riyadh.

4-6 March (Monday-Wednesday): International Conference on Sand and Dust Storms in the Arabian Peninsula, Riyadh.

4-7 March (Monday-Thursday): LEAP 2024, Riyadh.

11 March (Monday): Flag Day (national holiday)

Signposted to happen sometime in March:

Ramadan

APRIL

28-29 April (Sunday-Monday): World Economic Forum’s Special Meeting, Riyadh.

29 April-1 May: Future Hospitality Summit at Al Faisaliah Hotel, Riyadh.

Signposted to happen sometime in April:

Eid Al-Fitr (national holiday)

MAY

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh.

21-23 May (Tuesday-Thursday): The Saudi Food Show, Riyadh.

Signposted to happen sometime in May:

Global Trade Review (GTR): KSA
Saudi Energy Convention

JUNE

5 June (Wednesday): World Environment Day.

Signposted to happen sometime in June:

Eid Al-Adha (national holiday)

AUGUST

12-15 August (Monday-Thursday): The Saudi Food Expo, Riyadh

SEPTEMBER

11-12 September (Wednesday-Thursday): The Saudi Event Show, Riyadh.

23 September (Monday): National Day (national holiday)

DECEMBER

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification, Riyadh.

Signposted to happen sometime in 2024:

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