Visa-free travel to Shengen countries coming? Plus: Al Hilal sets world record with win over Ittihad

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Retail and e-commerce player Metro Brazil is now in Saudi

Good morning, wonderful people. Much of the country may be looking forward to rain, but it’s a sunny day on the news front as we shrug off the torpor of the first few days of Ramadan.

We have debt and capital markets news for you this morning, some climate-themed investments to note, and handful of places you might want to consider for an iftar out in Riyadh this Ramadan.

BUT FIRST- Al Hilal SFC set a new world record for consecutive victories as they beat Al-Ittihad 2-0 last night in the Asian Champions League quarterfinals. The victory gave Al Hilal a record that eclipses the 27 consecutive wins racked up by the Welsh Premier League’s The New Saints and a 26-game streak put together by Amsterdam’s Ajax dating back to the 1970s.

HAPPENING TODAY-

WEATHER- Expect some scattered clouds over Riyadh today with a daytime high of 26°C and an overnight low of 14°C.

Thunderstorm warning: Civil defense officials are warning that rain and thunderstorms are in the forecast through Sunday for Asir, Jazan, Qassim, the Eastern Province, Madinah, Hail, and the Northern Borders. Expect moderate to heavy rain with a risk of flash floods — and the risk of blowing sand.

Taif, Tabuk, and Madinah could also see periods of heavy rain through the weekend.

DATA POINTS-

King Abdulaziz Port in Dammam handled a record high 235.8k containers in February 2024 — a 25.4% y-o-y increase — Saudi Ports Authority (Mawani) said in a news release yesterday. Additionally, the number of incoming containers surged 49% y-o-y to 142.7k last month, while outgoing containers rose 25% y-o-y to 86.3k containers.

Seventeen transactions got the go-ahead from competition watchdog GAC last month, nearly a third more than it approved in January, Argaam reports. Requests for clearance on acquisitions accounted for 71% of total requests, while joint ventures made up 18%.

Among the transactions we know of: The approvals by GAC include the PIF-backed Tamimi Market’s full acquisition of retailer Al Raya and a takeover of Hail Cement by Qassim Cement. They also include a joint venture between Madinah Municipility’s investment arm Al Maqar Development, UAE’s Beeah and PIF subsidiary Saudi Investment Recycling Company (SIRC).

WATCH THIS SPACE-

#1- Metro Brazil has expanded here as it looks to capture a share of the Saudi shapewear and stocking market, projected to be worth USD 7 mn by 2028, it said in a press release yesterday. The retail and e-commerce website will be setting up showrooms in Jeddah and Riyadh. The size of the investment wasn’t made public.

#2- The Culture Ministry has introduced a cultural heritage preservation plan under the Saudi Cultural Memory Center, Saudi Gazette reported yesterday. The plan will identify and preserve cultural heritage through the collection, documentation and archiving of cultural assets with relevant cultural stakeholders.

PSAs-

Zakaty for zakat: Individuals can now pay zakat through Zakat, Tax and Customs Authority (ZATCA)’s new application Zakaty, according to a statement by ZATCA yesterday. The application accepts secure bank payment methods, Sadad and Apple Pay. It features an algorithm that calculates Zakat automatically on various assets — including funds, gold, silver, shares, investment funds, real estate and others.

THE BIG STORY ABROAD-

It’s a big morning in Washington, DC, where the House of Representatives will vote this afternoon (Riyadh time) on a bill that could ban Tiktok. Meanwhile, Joe Biden has just lined up enough delegates to clinch the Democratic nomination to seek another term.

The Biden administration is (kind of) applying more pressure on Israel, saying there is “no credible plan” to protect civilians and warning the IDF against “smashing into Rafah.” Plans are now afoot that could see the US and its allies have commercial vessels deliver aid to Gaza before the US Navy can act.

MUST READ- Good news for Ras Al Khair? Shipbuilding is the latest front in the global economic competition between the United States and China, the Financial Times writes in its Big Read this morning. The US has become a virtual non-factor in global shipbuilding, eclipsed by the rise of China, South Korea and Japan.

The local angle: International Maritime Industries is positioning its Ras Al Khair facility as the region’s largest shipbuilding facility. It’s a partnership between Aramco, Bahri, Lamprell, and Hyundai Heavy Industries and aims to build Ras Al Khair into the world’s largest shipyard.

OIL WATCH-

OPEC still sees strong demand for oil this year and next, saying its its latest monthly report that it still sees demand rising 2.25 mn barrels per day this year and 1.85 mn bpd in 2025. It sees some room for global growth to pick up and, if it does, drive even more demand. You can check out the full report (pdf) here.

AND- There are zero indications that Russia will break ranks with OPEC. President Vladimir Putin said yesterday that OPEC+ and the production cuts it has enacted to put a floor under oil “has his full support.”

Watch this space: The International Energy Agency will release its forecast on Thursday. OPEC is bullish on oil and sees demand growing for at least the next two decades, but the IAE (focused as it is on industrialized nations) sees demand peaking in 2030.

Cenomi Centers closes yet another FCY sukuk issuance

Our friends at Cenomi Centers have wrapped up a USD 100 mn off-market sukuk sale,it said in a regulatory filing to Tadawul, as the lifestyle centers operator looks to shore up liquidity and refinance sukuk due in November 2024.

The FCY sale is part of a larger USD 500 mn sukuk that it took to market earlier this monthand is set to mature in 2029 — both of which fall under the retail giant’s international borrowing program.

Yield + settlement: The five-year USD-denominated issuance carries a 9.5% fixed annual yield, with the fresh sukuk set to be settled on Monday, 18 March 2024.

Listing + trading sukuks on TSIE: Cenomi has filed an application to The International Stock Exchange seeking permission to list and trade its sukuk certificates on the official list of the exchange.

ADVISORS- Cenomi tapped our friends at HSBC along with Goldman Sachs as joint global coordinators, bookrunners and joint lead managers. Our friends at Mashreq are joint lead managers and bookrunners along with ANB Capital, Dubai Islamic Bank, Emirates NBD Capital, GFH Financial Group, JP Morgan Securities, Kamco Investment, Sharjah Islamic Bank and Warba Bank.

ALSO FROM CENOMI-

#1- Cenomi Centers has partnered up with global professional development and networking platform Playbook in a bid to boost the career paths of the retailer’s female employees. The partnership will leverage Playbook’s network, learning resources, and mentorship programs, according to a post on Linkedin.

#2- Cenomi’s U Walk Jeddah will in the next few months feature a new Al-Ahli Saudi FC store under a fresh partnership between the retailer and the football club, Arab News reports. “Our new partnership with Al-Ahli, one of Saudi Arabia’s most loved football clubs, is an exciting development and one sure to appeal to the legions of the club’s fans, young and old.” Turki Al-Zahrani, chief corporate services officer at Cenomi Centers said.

About U Walk Jeddah: The lifestyle destination is Jeddah’s first hybrid mall featuring global retail brands including household big names Zara, Victoria’s Secret and Lululemon, an open-air walkway and an indoor boulevard. The mall’s grand opening took place last month.

Modern Mills inches closer to listing on main market Tadawul

The IPO of Modern Mills Company (MMC) saw strong demand from retail investors with a 22x oversubscription rate, according to a disclosure to Tadawul. The flour milling company is set to debut a 30% stake on the main market Tadawul (pdf) — with 20 percentage points allocated to institutional investors and the rest to retail investors. MMC has priced the IPO top of the range at SAR 48 a share, valuing the company at a SAR 3.9 bn.

Lock-up period: The three substantial shareholders will be restricted from making any transactions on their shares for a period of 6 months from the first day of trading on Tadawul’s main market.

What’s next for the company: Modern Mills aims to grow its market share by adding new products to its portfolio, venturing into new product categories, and expanding geographically, said CEO Osama Ashi.

By the numbers: The milling company’s net income dipped 2.9% y-o-y to SAR 105 mn in 6M 2023, while revenues declined 2% y-o-y to SAR 452 mn over the same period. MMC has grown its volume share in the wheat flour category to 24% in 2022, up from 20% in 2021. The company currently operates four mills across the Kingdom with a daily processing capacity of 3.5k tons of wheat and 1.4k of animal feed.

ADVISORS- HSBC Saudi Arabia is quarterbacking the transaction as financial advisor, joint

bookrunner, underwriter and lead manager, while Emirates NBD Capital KSA is joint bookrunner and underwriter. Al Rajhi Bank and SNB are receiving agents. Moelis & Company Saudi are advisors to selling shareholders.

Another milling IPO: The Fourth Milling Company (MC4) is set to IPO in 1H 2024. MC4 tapped Riyad Capital as financial advisor for the transaction back in January.

OTHER IPO NEWS-

#1- Al-Hokail Academy Specialized Digital Polyclinics Company is set to debut a 29% stake on parallel market Nomu after receiving approval from the Capital Market Authority. No further details were provided.

#2- Al Mohafaza Education’s IPO on Nomu was priced at SAR 18 apiece, Argaam reported yesterday, citing a statement from financial advisor and lead manager Yaqeen Capital. The offering of 1.6 mn ordinary shares was 4x oversubscribed. The private schools operator is set to debut a 20% stake on parallel market Nomu.

Nearly all businesses are either implementing or developing an AI strategy, Cisco survey shows

A good 93% of Saudi businesses have adopted an artificial intelligence strategy or have one in the works, according to Cisco’s AI Readiness Index. Despite the majority of surveyed companies flocking into the booming sector, only 8% of them said they’re fully fledged to deploy the technology. Over 8k companies across 30 countries were surveyed to assess the growing deployment of AI.

Productivity vs revenues: 47% of the respondents here said they are looking to adopt AI to help boost their productivity, whereas 30% said they are interested in leveraging AI to unlock new revenue streams —the lowest ranked expectation.

Filling the talent gap is key: 31% of respondents see a clear understanding and aptitude of AI tools and technologies as the primary skill gap. Such a gap is currently being addressed by companies here, with 82% of the respondents investing in upskilling their employees in the realms of AI through training programs.

Still a long way to go on AI infrastructure + cybersecurity: Only 12% of surveyed firms are fully equipped to manage the complexities of AI’s workload, it showed. Cypersecurity remains a critical issue to be addressed, as 70% of local businesses say they’re unequipped to detect and prevent cyberattacks on AI models.

REMEMBER- The Kingdom launched in 2020 its National Strategy for Data and AI (pdf) as it aims to become among the world’s top economies utilizing and exporting data and AI after 2030. It is looking to draw in c. USD 20 bn in foreign and local investments for data and AI until 2030, according to officials.

In context: PIF governor Yasir Al-Rumayyan has pitched the Kingdom as “fairly well positioned to be an AI hub outside of the US … AI will consume a lot of energy and we are the global leader when it comes to fossil fuel energy and when it comes to renewable energy,” he said, noting that Saudi also has the “political will” to make AI projects happen and the capital to back it.

No-visa access to Shengen countries coming soon?

A Schengen visa exemption for GCC nationals could be coming soon: Gulf Cooperation Council (GCC) nations are looking to strike an agreement with the European Union that would see Gulf citizens exempted from Schengen visas, GCC Secretary General Jasem AlBudaiwi told Saudi TV in an interview (watch, runtime: 3:00). Al Budaiwi said he’ll travel to Brussels next week for talks with the EU on the visa waiver scheme.

What AlBudaiwi is saying: “Our presence in Europe as Gulf citizens is positive … whether in the aspects of tourism, education, healthcare, and trade exchange.,” he said, adding that the GCC “deserves to be exempted from the visa”. He also highlighted the UK's new no-visa travel waiver for GCC citizens, which went into force last month.

ALSO- Technical committees are currently reviewing the unified Schengen-style GCC visa adopted by the council in the Doha summit in December, he said. Holders of the visa would be allowed to travel easily between the six GCC countries — Saudi Arabia, UAE, Bahrain, Kuwait and Oman and Qatar, he said. “They are currently reviewing the scheme in order to present it in its final form to member countries to adopt it,” he said.

Hilton’s Curio Collection makes Saudi debut in Jeddah

Hilton’s Curio Collection lands in town: Global hotel operator Hilton’s upscale hotel brand, the Curio Collection, debuted in the Kingdom with the opening of its first Curio hotel in Jeddah, according to a statement yesterday. The opening of The Hotel Galleria Jeddah, Curio Collection by Hilton came under a partnership with local investor SEDCO Holding.

The specifics: The 363-key hotel, includes some 99 suites, is located in Jeddah’s main commercial avenue Al Tahlia Street which boasts multiple upscale department stores and boutiques. Its architecture and design is inspired by the Galleria Vittorio Emanuale II in Milan, according to the statement. It will feature a specialty restaurant, an all-day lobby lounge and a chocolatier and coffee boutique among others.

What they said: “The opening of The Hotel Galleria Jeddah, Curio Collection by Hilton marks a significant milestone in Hilton’s continuous expansion in Saudi Arabia…We look forward to bringing more of our award-winning brands to the Kingdom as we plan to open more than 50 hotels in the country over the coming years,” Hilton Country Manager and Senior Director Operations for KSA Fawaz Moumina said.

Speaking of Hilton: The Kingdom’s first Hampton by Hilton hotel in Tabuk was inaugurated last week, Arab News reports. The 201-key hotel was developed in partnership with local real estate developer Cayan Group. The hotel is located near the Neom Bay Airport.

BACKGROUND- Hilton aims to have a portfolio of 100 properties in the Kingdom, its President and CEO Chris Nassetta said last month. He said the hotel group plans to open more than 60 new properties in the coming years. Two-thirds of Hilton’s pipeline of projects here is currently in the works, according to Nassetta.

Aramco Ventures joins series A funding round for CarbonCapture

US-based climate tech company CarbonCapture raised USD 80 mn in a series A funding round with participation from strategic investors including Aramco’s global venture capital arm, Aramco Ventures, according to a statement by CarbonCapture yesterday. The funds raised by the US startup is one of the largest investments into direct air capture (DAC) technology, Reuters reported, citing data from industry tracker PitchBook.

Who is also in: Other strategic investors include Amazon’s Climate Pledge Fund and Siemens Financial Services, according to the statement. The funding round was led by Prime Movers Lab with participation from Idealab X, Marc Benioff's TIME Ventures, Neotribe Ventures, Alumni Ventures and others.

Where the funds are going: “Funds will be used to further technology development and to field early installations of CarbonCapture's modular DAC systems,” according to the statement.

About CarbonCapture: The climate tech company develops and deploys DAC machines that absorb “massive amounts” of carbon dioxide from the air. It has pre-sold over USD26 mn in carbon removal credits to several global players, including Microsoft, Alphabet, Meta, JP Morgan Chase and Co and others.

ICYMI- Aramco said earlier this year it will pour an additional USD 4 bn to Aramco Ventures, more than doubling its capital to USD 7 bn over the next four years. The additional funding will boost investments in “new energies, chemicals and the materials transition, diversified industrial businesses, and digital technologies”.

Aramco Ventures is already an active player: The company sank USD 10 mn into Singapore-based renewable energy certificate service provider Redex back in November, and backed new technology from American start-up Rondo Energy earlier in August. The VC also invested an undisclosed amount in a financing round by British sustainable fuels startup OXCCU led by Clean Energy Ventures in June.

Aramco has been busy with carbon removal efforts: Aramco said last year that it is partnering up with Siemens Energy to develop a direct air capture (DAC) test unit in Dharan. according to the statement. The test unit will have the capture capacity of up to 12 tons of CO2 annually and is set to be completed this year, paving the way for a larger pilot facility that will have a CO2 capture capacity of 1.25k tons per year. It is also in the process of finalizing an agreement with decarbonisation firm Topsoe to set up a lower-carbon hydrogen demonstration plant here.

Acwa Power to build 1 GW wind power plant in Kazakhstan

Acwa Power will build a 1 GW wind farm in Kazakhstan’s Zhetysu region, according to a statement by the Kazakh presidency. The agreement was inked by Energy Minister Prince Abdulaziz bin Salman, who was visiting the Central Asian country to explore prospects of cooperation. The value of the investment was not disclosed.

What we know:The agreement sees renewable energy giant Acwa Power leading a consortium to set up the planned wind power project, according to Renewables Now. The project will help Kazakhstan meet a 50% target of supplying energy needs from clean energy resources by 2050. Construction is slated to begin in the summer of 2025.

All part of a big plan: The project comes under an executive cooperation agreement signed by the Energy Ministry and Kazakh counterpart Almasadam Satkaliyev to develop renewable energy projects in the country. Under the umbrella of an MoU on energy cooperation signed in June 2023, the cooperation program is geared toward advancing energy security and tackling climate change impacts in both nations by implementing projects in the fields of green energy storage and production.

And that’s not all from Acwa Power: Uzbek President Shavkat Mirziyoyev signed off earlier this month a decree on the development of two wind power plants by Acwa Power in the country. The first 500 MW plant will be built in Karakalpakstan republic, while the other 300 MW will be set up in the Bukhara region’s Gijduvan.

Cabinet gets down to business in first Ramadan meeting

Cabinet has transferred responsibility for licensing custom consultations and related specializations to the Zakat, Tax and Customs Authority (ZATCA) from the Commerce Ministry, state news agency SPA reported yesterday. The weekly meeting was chaired by Crown Prince and Prime Minister Mohammed bin Salman. It did not provide further details on the decision.

AND- Cabinet again called on Israel to stop its war in Gaza, saying the only way to peace is a credible and irreversible path to establish an independent Palestinian state along the 1967 borders with East Jerusalem as its capital. It also renewed a call for all parties in Sudan to commit to the outcomes of Jeddah talks by expediting an agreement on the cessation of hostilities and resolving the crisis through political dialogue.

Also approved at yesterday’s cabinet meeting:

Mandating the Foreign Minister to discuss and sign a MoU establishing a strategic partnership council with Italy;
Mandating the Commerce Minister to discuss and sign a MoU on consumer protection with Jordan;
An MoU setting up a KSA-Georgia coordination council;
A general cooperation agreement with Seychelles;
An MoU between the Justice Ministry and counterparts in Vietnam;
An MoU between the Environment, Water and Agriculture Ministry and Zambia’s Agriculture Ministry in agricultural fields;
An MoU between the Communications and IT Ministry and Finland in communications, IT and digital economy;
An agreement with Mauritania to promote investments between the two countries.

Sisco reports stronger bottom line in FY 2023

Sustained Infrastructure Holding’s net income doubled y-o-y to SAR 88 mn in 2023 with significant growth in the water solutions segment, and revenues rose 61.3% y-o-y to break the SAR 1 bn barrier for the first time, it said in an earnings release (pdf).

The company’s bottom line rose 11% y-o-y to SAR 22.7 mn in 4Q 2023, and its top line increased 19.6% y-o-y to SAR 276 mn. Growth was attributed to proceeds from the ports and logistics segments.

Looking ahead: “We will continue to prioritize the expansion of SISCO’s geographic footprint, as well as its presence in the core segments of ports and logistics,” said Group CEO Khalid Suleimani.

ALSO- Sisco’s BoD has approved a dividend of SAR 32.5 mn at SAR 0.4 per share for 2H 2023, it said in a filing to Tadawul.

World Customs Organization taps Munerah Al Rasheed

The World Customs Organisation (WCO) has elected Munerah Al Rasheed (LinkedIn) as head of its regional intelligence liaison offices (RILO) for a two-year term, state news agency SPA reported yesterday. Al Rasheed is the first Arab woman to serve in that role. She has been serving as Zatca’s RILO in the Middle East since 2018. She was also a project manager at the Human Resources Development Fund and has held posts at Volkswagen Group KSA and Credit Suisse.

What’s the WCO? the Brussels-based intergovernmental organization is focused on customs-related matters, including the development and streamlining customs procedures to help boost trade supply and international trade.

Golf, tennis and football dominate the conversation on Saudi in the global press

Sports is driving the conversation on Saudi Arabia in the global press this Ramadan morning.

Saudi officials have reportedly made a USD 2 bn offer to “unify” the men’s and women’s professional tennis tours. The nine ATP1000 masters competitions reportedly have 90 days to join the Saudi offer or face a rival “Premium Tour” led by the four “grand slam” stops, the Telegraph reports.

AND- A PGA Tour merger with PIF-backed LIV Golf could still be in the cards. PGA Tour commissioner Jay Monahan says talks are “accelerating” and are based on a “shared vision” that could “unlock golf’s worldwide appeal.” There had been speculation a few weeks back that a big investment in PGA by US sports bn’aires could have scuppered merger talks with PIF.

MEANWHILE- The Telegraph reports on a recent visit by Chelsea FC Chairman and American bn’aire Todd Boehly here to meet the Sports Minister Prince Abdulaziz Bin Turki Al-Faisal and Saudi Pro League Director of Sales Michael Emenalo in what is believed to be a second run to sell players to the Kingdom.

IN BUSINESS- The Economist is out with an analysis piece on whether Aramco shelving plans to boost production capacity could see the oil giant thinking twice on the future of global oil demand. And the South China Morning Post’s editorial page declares that Saudi links will allow Hong Kong’s tech firms to shine.

IN POLITICS: AFP and Al Alarabiya are taking note of reports on a US delegation on religious freedom abruptly ending their visit to Diriyah after their chair, the prominent rabbi Abraham Cooper, was asked to remove his kippah (also called a yarmulke, the head cover worn by many observant Jewish men).

What they said: “We look forward to welcoming him back to the Kingdom,” Saudi Ambassador to Washington Princess Reema bint Bandar said. “This unfortunate incident was the result of a misunderstanding of internal protocols.”

IHG plans 29 new hotels. Plus: Startups, debt, and capital markets

TOURISM-

IHG plans 29 hotels in Saudi: Global hospitality player Intercontinental Hotel Group (IHG) plans to open 29 new hotels in the Kingdom after adding 3.2k keys across 5 new hotels to their portfolio here last year, IHG CEO Elie Maalouf told Asharq Al Awsat in an interview earlier this week. He did not provide a timeline, but said the planned new hotels will feature 10.3k hotel rooms.

A lot of interest from the IHG here: IHG is set to open its 212-key luxury brand Kimpton Riyadh in June under an agreement with PIF-subsidiary KAFD DMC. It is set to bring its hotel brand Voco & Suites to Jeddah, with the 110-key hotel set to open in September 2024 as part of a management agreement signed with Dubai-based investment firm Rusd Capital. Its pipeline includes two hotels in King Abdullah Financial District (KAFD) in 2027 under a management agreement signed with KAFD DMC earlier this month.

STARTUP WATCH-

Jordan-based fintech startup Numa announced a “strategic investment” with our friends at Visa to help it accelerate expansion in several regional markets, including Saudi and UAE, according to a statement earlier this week. The “Partner for Growth Agreement” signed with the global digital payments provider aims to support the freelance market by bridging the financial services gap through a number of its tailored solutions, including virtual IBANs and prepaid cards.

About Numa: Founded in 2021, Numa focuses on providing digital finance solutions for freelancers and microbusinesses, such as virtual IBANs and prepaid cards. They also have a growth platform which works to guide freelancers to launch their careers and businesses.

DEBT WATCH-

#1- Tadawul-listed National Building and Marketing renewed a credit facility with Riyad Bank worth SAR 190 mn to finance its working capital needs, it said in a disclosure to Tadawul. The Shariah-compliant banking facility is valid for 6 to 18 months. The agreement will also see the Tawreeq agreement with the construction supplier with the lender increase to SAR 50 mn, up from SAR 20 mn.

#2- Saudi Lime Industries renewed a Shariah-compliant credit facility agreement worth SAR 140 mn with Arab National Bank (ANB), it said in a disclosure to Tadawul yesterday. The funds will help support the limestone producer’s strategic plans, including expansion and investments.

FINANCIAL SERVICES-

Arat Capital is now licensed to provide fintech services in issuing and investing in debt instruments after receiving a license from the Capital Market Authority (CMA), according to a statement earlier this week.

CAPITAL MARKETS-

Khwarizmi Capital is now licensed to manage securities investments after receiving a license from the Capital Market Authority (CMA), according to a statement earlier this week.

Stock market rallies convince analysts of global risk reset

The S&P 500 hit another record high yesterday as traders looked past a US inflation report that saw prices rise slightly faster than expected. Pundits don’t think the “last mile” surge of inflation will derail the US Federal Reserve’s plan to start trimming interest rates throughout the second half of the year.

Market rallies now have analysts thinking we’re in the midst of a risk reset: The world’s most prominent indices — S&P 500, Nasdaq, Japan’s Nikkei 225, Germany’s Dax, and others — have all notched record highs in recent weeks, cementing investor and analyst confidence and pushing some to let go of previously risk-averse approaches, the Financial Times writes.

“Everyone’s been anticipating a recession for a long time and it hasn’t materialized,” UBS Asset Management’s head of multi-asset strategy Evan Brown told the salmon-colored paper. “It’s like a reset of the risk cycle,” Brown added, pointing to previously risk-averse investors not jumping back into stocks. Driving investor confidence is the understanding that central banks across the world seem to have been able to reel back inflation without sparking an economic downtown — referred to by economists as the Goldilocks scenario.

Looking into the crystal ball: Goldman Sachs, UBS, and Bank of America have all upgraded their year-end forecasts for the S&P 500, with BofA penciling in a 5% increase above current levels. Société Générale sees the Nasdaq 100’s earnings gaining 40% in 1H 2024, while Morgan Stanley expects pan-European indices to “keep rising like it’s 1995,” notching a 12% increase above current levels.

THE MARKETS THIS MORNING-

Asian markets are mixed in early trading today. Futures point to similarly mixed open for European shares later this morning, while US futures softened overnight after shares advanced yesterday .

TASI	12,613.94	+0.5% (YTD: +5.4%)
MSCI Tadawul 30	1,599.07	+0.2% (YTD: +3.1%)
USD : SAR (SAMA)	3.75 Sell	3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	32,661.61	-2.2% (YTD: +31.2%)
ADX	9,228.64	-0.04% (YTD: -3.7%)
DFM	4,252.77	+0.1% (YTD: +4.8%)
S&P 500	5,175.27	+1.1% (YTD: +8.5%)
FTSE 100	7,747.81	+1% (YTD: +0.2%)
Euro Stoxx 50	4,983.20	+1.1% (YTD: +10.2%)
Brent crude	USD 82.43	+0.3%
Natural gas (Nymex)	USD 1.71	-2.6%
Gold	USD 2,166.10	-1%
BTC	USD 70,868.39	-1.8% (YTD: +219.4%)

THE CLOSING BELL-

The TASI rose 0.5% yesterday on turnover of SAR 8.4 bn. The index is up 5.4% YTD.

In the green: Al Arabia (+10%), AlRajhi Takaful (+7.2%) and Saudi Steel Pipe (+7.1%).

In the red: Electrical Industries (-5.5%), SADAFCO (-4.1%) and SISCO Holding (-2.7%).

Asian markets are up/down in early trading this morning and futures suggest xx

CORPORATE ACTIONS-

Saudi Arabian Amiantit’s shareholders subscribed to 92% of the 34.65 mn rights shares, reeling in SAR 319 mn in proceeds, it said in a disclosure to Tadawul. The remaining shares will be offered to institutional investors in a rump offering today and tomorrow.

Electrical Industries BoD will distribute SAR 84.4 mn in dividends at SAR 0.075 per share for the second half of 2023, it said in a disclosure to Tadawul yesterday. Payments will be made to eligible shareholders on Wednesday, 24 April.

Pakistan wants to transform ties with Saudi to a strategic economic partnership

Pakistan plans to turn bilateral relations with Saudi into a “mutually beneficial, strategic and economic partnership,” Pakistan PM Shehbaz Sharif told the Kingdom’s Envoy to Pakistan Nawaf Al Maliky, according to a statement by the Pakistan Information Ministry. The partnership would focus on luring Saudi investment in income-making projects in Pakistan, according to the statement.

Your guide to a Ramadan night out

The holy month is a time to give thanks, give back, and savor every meal until the next one. Herewith, our first guide to best served dishes for a Ramadan night-out in Riyadh, featuring local and international dining venues. All of our picks cater to families, offering family-friendly atmosphere and menu options suitable for all ages.

#1- Fairmont Riyadh’s ‘Luminous Nights’: Indulge in the lavish buffet of Fairmont Ramadan Tent featuring a fusion of Mediterranean to Pan Asian flavors. Wander through the enchanting Al Thuraya and Al Marasem Ballrooms, where Michelin-star experience by Chef Luigi Taglienti awaits — we recommend you ask for the Italian Langoustine and Lamb Carpaccio. And, if you've got little ones with you, the children’s tent will keep them entertained throughout the evening.

Price: SAR 500 per person

#2-The Four Seasons Ramadan Tent is a classic: The quintessential iftar event returns to the Four Seasons Riyadh with its iconic Ramadan Tent at the Kingdom Ballroom. Inspired by the Arabian spirit with gold accents, the tent serves an array of local dishes across seven different culinary islands. Our best pick for this one is a tie between the Saudi ouzzi, chicken kabsa and jareesh. You can also enjoy Asian delicacies, pizza, and there’s a special kid’s buffet for all the little picky eaters.

Price: SAR 780 per person.

#3- The Globe’s Asir Lounge has the best view in town: The Globe — our most vegan-friendly option on the list — is located in the golden sphere that tops the 267 meter Al Faisaliah Tower. You can enjoy a yummy a la carte menu featuring European, Middle-Eastern fusion cuisine until sunrise. We recommend you try the Spinach and Ricotta Ravioli and the Soft Chocolate Ganache to end the evening on a high note.

Minimum charge: SAR 350 per person.

#4- Mandarin Oriental Al Faisaliah’s ‘Fawanees Experience’: A one-of-a-kind experience framed with Ramadan lanterns, the Fawanees Experience will indulge you in a selection of delectable dishes, mouthwatering desserts, and traditional Ramadan beverages (Jellab, Kamar El Dine, and Tamer Hindy). The Fawanees has children's activities available daily from 5:00 pm to 9:00 pm, running through all of Ramadan.

Price for Adults: Adults can choose between an all-inclusive package priced at SAR 475 per person and the gold package at SAR 675.

Price for kids: Children aged 7 to 12 can enjoy Iftar for SAR 238 to SAR 338.

CALENDAR

APRIL

8-11 April (Monday-Thursday): Saudi Super Cup, Abu Dhabi.

10 April (Wednesday): Eid al-Fitr

14-21 April (Sunday-Monday): IMF and World Bank spring meetings, Washington, DC

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

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

MAY

2-5 May (Thursday-Sunday): TownhallExpo, Riyadh.

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:

The AFC Champions League Elite

2025

FEBRUARY

10-13 February (Monday-Thursday): Leap 2025, the Kingdom’s premier tech investment conference

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