Good morning, wonderful people. Two stories are particularly worthy of your attention this morning: Saudi consumers are confident in the economy and their personal financial circumstances — far more so than the global average — but are a bit less secure about their own jobs, according to a recent survey. Plus: Western capitals are casting increasingly watchful eyes at our warming ties with Beijing.

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

BUT FIRST- Egyptian fintech giant MNT-Halan wants to expand to Saudi Arabia and the UAE, among other markets, EnterpriseAM Egypt quotes founder and CEO Mounir Nakhla as saying. The company’s expansion will see it acquiring businesses in new markets, Nakhla said. MNT-Halan raised a blockbuster USD 157.7 mn funding round and has acquired 100% of Turkish consumer finance outfit Tam Finans.

AND- Saudi and South Korean businesses signed 10 agreements at a business forum that kicked off yesterday in Seoul, according to a post on X by the Federation of Saudi Chambers. The announcement was short on details, saying only that the agreements were in sectors including construction, healthcare technology, renewable energy, food, and cosmetics.

PLUS- Armenia has appointed its first-ever ambassador to Saudi Arabia, Armenpress reports, citing an announcement from the Armenian president’s office. Karen Grigorian, who is currently her country’s ambassador to the UAE, will represent Armenia in both the Kingdom and the UAE. Saudi and Armenia formally established diplomatic ties in November 2023.

DATA POINT-

Egyptian real estate giant Talaat Moustafa Group (TMG) has hit SAR 3.3 bn in sales at its Banan project in Riyadh since its launch in May, according to AlEqtisadiah. The SAR 31.4 bn project, located in Al Fursan, spans 10 mn sq km and is expected to house 120k residents. Apartments in the project range from 53 to 176 sqm, with price points from SAR 260.4k to SAR 1.025 mn.

PSAs-

#1- Fashion designers have until Saturday, 10 August to register for the Saudi Heritage Revival Competition and a chance to train at Dar Al Hanouf fashion house in Jeddah, according to the state news agency (SPA). The competition, launched by the Fashion Commission in collaboration with the Saudi 100 Brands program, is themed around sustainable fashion and celebrating national cultural heritage.

#2- You now need certification from the Saudi Authority for Intellectual Property (SAIP) before receiving an IP agent license, after the authority ratified new regulations for licensing, it said in a post on X. Those seeking to manage IP portfolios or assist clients with matters related to IP law (such as patents, trademarks, copyrights, and trade secrets) must apply for this license, with a few exceptions. SAIP grants exceptions to individuals who have at least five years of experience reviewing IP-related claims, according to its website.

Registration is now open for testing to receive a license, with the deadline to register set for Monday, 5 August. The test will be held on 5 September, SAIP said in a separate post. Registration will open for a second test this year from 7-14 October, with the test scheduled on 14 November. You can register here.

#3- The Saudi Accreditation Center has granted halal accreditation certificates to two organizations in Brazil and Australia following an inspection of their facilities, according to SPA. The move is meant to facilitate products’ entry into the Saudi market.

#4- Some 3.2k Kia Tellurides are being recalled due to a defect in their powertrains that could cause vehicles to move set in “park,” state news agency SPA reported. The Ministry of Commerce is recalling all models from 2020 to 2024.

#5- Dependents of expats can now seek temporary work in the health and education sectors through the Ajeer platform, reports Okaz.

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THE BIG STORY ABROAD-

For the first time in weeks, there’s more business news occupying front pages in the foreign press than politics, as Microsoft and Samsung kicked off 2Q earning season for Big Tech yesterday, fueling another market sell-off amid continued concerns about the commercial viability of AI.

BUT FIRST- Israel attacked a southern suburb in Beirut yesterday, claiming it killed a senior Hezbollah advisor. Israeli officials said no other attacks are planned for the time being, Bloomberg reports. The attack came in retaliation to a strike on the Golan Heights that killed 12 children and teenagers and for which Israel blamed Hezbollah. Three Lebanese civilians died in the Israeli attack, including two children, according to Reuters.

IN TECH NEWS-

#1- Investors continued to sell Big Tech, with Nvidia down 7% yesterday ahead of the sector’s earnings this week. The tech-heavy Nasdaq ended the day 1.3% down, while S&P 500 fell 0.5%. (FT)

#2- Microsoft’s Azure cloud service saw a slowdown in growth in 4Q 2023-2024, while capital spending hit USD 19 bn, with the tech giant saying the figure will increase in the new fiscal year. Microsoft’s shares were down 4% in extended trading following the results, which fueled already persistent concerns among investors about the excessive capital expenditure in AI and the lack of a fast pay-off.

#3- Samsung saw its bottom line increase six-fold on the back of a rebound in semiconductor prices and as earnings recovered from a low base, according to its earnings release (pdf).

#4- Intel plans to slash thousands of jobs in a cost reduction drive possibly as early as this week, as it continues to face subdued demand for its computer chips amid the AI boom. (Bloomberg)

AND IN OTHER BUSINESS NEWS- Standard Chartered announced plans for a USD 1.5 bn share buyback program — its biggest ever — as it lifted its income outlook on strong growth in Asia. (Reuters)

LATER THIS WEEK- Opec+ is expected to reaffirm its commitment to cutting production when it meets tomorrow, Reuters reports.

AND- US Vice President Kamala Harris is set to announce her running mate as early as next Monday before a multi-state battleground tour later next week. (Reuters)

OLYMPICS-

Today should see the postponed men’s triathlon finally happen — weather permitting (thunderstorms are expected in the evening) — after being delayed from the previous day due to poor water quality levels in the Seine. Also watch out for: Nadal and Alcaraz’s tennis doubles quarterfinal against the US’ Austin Krajicek and Rajeev Ram; 100m swimming freestyle finals for men and women; and artistic gymnastics finals.

Highlights from yesterday: Simone Biles clinched her fifth gold medal in the women’s team event; and Andy Murray and his double’s partner Dan Evans made it to the quarterfinals.

The medal standings now at the Paris Olympics:

  • Japan (7 gold, 13 overall)
  • China (6 gold, 14 overall)
  • Australia (6 gold, 11 overall)
  • France (5 gold, 18 overall)
  • South Korea (5 gold, 11 overall)

Want to see when your favorite sport is on? Check out the official schedule here.

CIRCLE YOUR CALENDAR-

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.

Small and medium enterprises regulator Monsha’at will hold a franchise tour of five cities on 12-13 August (Monday and Tuesday). The tour, which starts in Khobar and includes stops in Abha, Qassim, Hail and Jeddah, will showcase success stories in the sector. The tour then picks up with seven stops scheduled for an installment next year.

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 two-day Middle East LPG Expo - Saudi Arabia 2024 will open on Tuesday, 10 September, bringing together upwards of 4k liquified petroleum gas (LPG) experts to discuss the future of the fuel gas in clean energy. Saudi accounts for 50% of demand for LPF in the Middle East and Africa.

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.

International food and beverage expo InFlavour is returning to Riyadh on Tuesday, 1 October. The three-day event — which will be organized in collaboration with the Environment, Water and Agriculture Minister, Tahaluf, Pepsico, Al Rabie, Arasco and Nadec — will take place in Riyadh’s Front Exhibition and Conference Center.

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