Blinken, heads of state, global business elite land in Riyadh for World Economic Forum meeting

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Blinken due in town as World Economic Forum’s special Riyadh meeting gets underway

Good morning, friends. It’s shaping up to be a big news week driven in large part by a two-day special meeting of the World Economic Forum in Riyadh. Some 220 heads of state, government leaders, and other VIPs as well as more than 1k business leaders will be in town.

Among them: US Secretary of State Antony Blinken, who will talk regional security with GCC ministers and attend the WEF, where he will “coordinate with [US] partners to ensure continued progress on climate change mitigation and the global energy transition,” according to a State Department primer.

The talking points: Hamas is the real obstacle to a ceasefire in Gaza, he will say. Blinken will also emphasize the need to prevent the Israel-Hamas conflict from spreading and talk up “a pathway to an independent Palestinian state.”

Behind the scenes: Expect Blinken to meet with Crown Prince and Prime Minister Mohamed bin Salman as part of ongoing talks on a pact that would see Saudi recognize Israel in return for US security and nuclear agreements and an irrevocable path to statehood for Palestine.

AND- Blinken will be on stage at the WEF tomorrow at 12:45pm for a 30-minute session billed only as a “conversation.”

Foreign Minister Prince Faisal bin Farhan led yesterday a warm-up for the meeting, convening talks between Jordan, Egypt, the Palestinian Liberation Organization, and top UAE and Qatari officials, state-run SPA reports.

We have plenty more on what you can expect from day one of the WEF meeting at the head of this morning’s news well, below.

WEATHER- Expect nasty traffic in the capital today between plenty of VIPs in town and a strong chance of scattered thunderstorms. Look for a daytime high of 33°C and an overnight low of 22°C.

WATCH THIS SPACE-

#1- Two prominent US law firms are setting shop in Saudi: Litigation outfit Quinn Emanuel and Morgan Lewis — which together boast a combined 2k lawyers and employees — are opening offices in Riyadh after changes to rules governing the practice for foreign lawyers, Reuters reported. Quinn Emanuel Urquhart & Sullivan has obtained a license to operate in the Kingdom, while Morgan Lewis said it is set to open an office in the capital.

Joining in others: More global law firms have been encouraged to open offices here after the government removed a requirement last year obliging the firms to work through affiliated law firms. At least six US and global law firms said they opened offices or obtained licenses to work here.

#2- China-based food delivery outfit Meituan could be coming to town, with eight Riyadh-based job openings advertised online, Reuters reported, citing ads it has seen on Linkedin and recruitment platform Bayt.com. The food delivery app is looking for individuals with experience in business development, user acquisition, and customer retention, according to posts seen by Reuters on Bayt.com and LinkedIn. The news came after Bloomberg reported that Metuan plans to make its foray into the Middle East with Riyadh as its first stop.

#3- A green finance fund for the Arab world? The UN Development Programme (UNDP) and the Islamic Development Bank (IsDB) are in talks to set up a fund focused on green finance in the Arab world, Assistant UN Secretary General Abdallah Al Dardari told Aleqtisadiah on the sidelines of the IsDB’s annual meeting in Riyadh. He did not provide further details on the planned fund. Al Dardari, who also serves as director of the UNDP’s regional bureau for Arab states, said failure to address climate change globally would require some USD 34 trn to address damages.

#4- Jeddah-based IsDB has approved USD 418 mn in financing for sustainable development projects in Central Asia, Africa and Turkey, it said in a post on X. Tajikistan will get USD 160 mn for clean energy, while Turkey is set to secure USD 120 mn in funding for infrastructure development. Some USD 70.5 mn in funds will be channeled to support Cote d’Ivoire’s agricultural transformation, while Benin will get USD 60.6 mn to boost food security.

BRIEFLY NOTED- Saudis can now visit Honduras without a visa | Direct flights between Dammam and Iraq’s Najaf start on 1 June 2024.

PSAs-

#1- Property owners in 10 more Riyadh neighborhoods can register assets starting Sunday, 26 May through Thursday, 29 August, according to a statement from the Real Estate General Authority.

Where? Owners of properties in Al Mahdiyah, Al Khuzama, Irqah, Dhahrat Laban, Al Safarat, Namar, Al Marwah, Shubra, Badr, and Al Shifa can register assets with the real estate registry (RER) or through service centers, the statement added.

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.

#2- Local burger joint Hamburgini was forced to indefinitely shut down all of its Riyadh branches and central facilities on Thursday in response to reported cases of food poisoning, the company’s CEO, Nawaf Al Fouzan, said in video-statement (watch, runtime: 1:45). The statement came after a Riyadh Municipality post on X stopped short of explicitly naming the restaurant. Authorities also suspended all delivery services from the fast-food chain, the statement added.

#3- The next round of e-invoicing: Companies with VAT-liable revenues of SAR 15 mn or more in 2022 or 2023 will have to “integrate their e-invoicing solutions with Zatca’s Fatoora platform from 1 November 2024,” Zatca said in a post on X. It’s the latest phase of a e-invoicing rollout that began in late 2021.

#4- A say on policy: The Istitlaa platform is now accepting feedback on proposed changes to rules on how authorities investigate alleged violations of rules governing the distribution of dry gas and liquefied petroleum gas to homes and businesses. Interested parties have until tomorrow to comment on changes to how labor disputes are handled and until Friday to offer input on amendments to rules on land transport.

SPORTS-

#1- Oil giant Aramco signed a four-year global partnership with Fifato become a worldwide partner for the world soccer governing body, including the Fifa World Cup 2025 and Fifa Women’s World Cup 2027, according to a statement.

#2- Canadian b’naire Lawrence Stroll might be selling a 25% stake in the Aston Martin Aramco Formula One Team to capitalize on the growing popularity of the sport, Bloomberg, citing sources it says are close to the matter. Aramco and the Aston Martin F1 team signed a five-year title partnership back in December.

DATA POINTS-

#1- 87% of the government’s Vision 2030 targets for last year were either met or are on track, the annual Vision 2030 report (pdf) showed. Here are some of the key highlights:

Private sector contribution to total GDP met a target of 45% forecast for the year;
GDP came in at SAR 2.9 tn in 2023, slightly missing a target of SAR 3 tn;
Non-oil GDP hit SAR 1.88 tn last year, also slightly missing the SAR 1.9 tn mark for the year;
The PIF’s assets under management reached SAR 2.8 trn in 2023, surpassing the SAR 2.7 trn target for the year.

#2- FDI stock grew 6% y-o-y to SAR 808 bn in 2023, while flows tripled y-o-y in 2023 to SAR 72 bn in comparison with 2017 levels, Investment Minister Khalid Al Falih said in a post on X.

#3- Average prices of iron fell 9.8% y-o-y to SAR 2.8k per ton in 1Q 2024, while cement prices increased 1.2% y-o-y to SAR 14.1 per 50 kg bag in the same period, according to GASTAT figures (pdf).

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DID YOU KNOW that we also cover Egypt and the UAE?

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THE BIG STORY ABROAD-

It’s a mixed bag on global front pages this morning: No single story hold sway, as is often the case on Sunday mornings

The US Federal Reserve’s ongoing bid to tame inflation is making it more difficult for the European Central Bank and Bank of England to start cutting interest rates, the Financial Times warns. Policymakers aren’t being explicit about it, but investors are already pricing-in the idea that rate cuts will be delayed, futures suggest. At the same time, a key index that the US Fed relies on to gauge inflation says that American consumers are borrowing more and dipping into their savings to keep spending, CNBC notes, raising the odds the Fed will slow-walk cuts.

Why it matters now: The Fed’s open markets committee will meet Tuesday and Wednesday. Pundits are parsing Jay Powell’s every gesture for a suggestion as to when rate cuts might begin. Few now expect action before fall, suggesting it is unlikely we’ll see rate cuts in Saudi Arabia or the UAE before then.

MEANWHILE- Pro-Palestine protests on US university campuses — and heavy-handed reactions by police and university officials — are getting plenty of ink around the world. The story is everywhere from the Wall Street Journal to the Guardian, while the New York Times notes that Columbia University’s senate has called for an investigation into Minouche Shafik, the university’s Egypt-born president.

ALSO making headlines: Wall Street is getting its head around a US ban on non-compete agreements — and shares of both Google parent company Alphabet and Microsoft advanced after the companies reported strong first-quarter results. Google declared its first-ever dividend and saw strong AI-based Google Workspace sales, while Microsoft reported improved cloud sales.

AND- Europe is worried about Chinese spies | Apple is talking to OpenAI and Google about using their AI tech on its iPhone.

CIRCLE YOUR CALENDAR-

Automechanika Riyadh will open on Tuesday, 30 April till Thursday, 2 May at the Riyadh International Convention and Exhibition Center. The annual trade fair will showcase the automotive industry’s latest advances and innovations.

Saudi Smash will open on Saturday, 4 May until Saturday, 11 May at the King Abdullah Sports City in Jeddah. The smash event is Saudi’s first World Table Tennis (WTT) Grand Smash.

What you need to know about the World Economic Forum’s special meeting this week in Riyadh

Public policy is ostensibly the star of the show, but regional tensions and the Israel-Gaza conflict will take top billing at this week’s World Economic Forum special meeting in Riyadh.

Expect some 200 heads of state and government as well as public figures and more than 1k industry leaders to descend on the capital city for a gathering headlined Global Collaboration, Growth, and Energy for Development.

Watch public sessions live here or check out the full agenda here.

In context: “The world is today walking a tightrope trying to balance security and prosperity. We meet at a moment where one misjudgment, or one miscalculation, or one miscommunication could further exacerbate our challenges,” said Economy Minister Faisal Alibrahim (watch, runtime: 0:21).

On the agenda: Public policy, climate, energy, finance, and artificial intelligence will dominate the public conversation — but you can expect peace and security to get plenty of attention. WEF President Børge Brende saying at a press conference yesterday that “what we’ve seen is geopolitical recession [that] we have to take very seriously because it can influence also the growth we are seeing now” (watch, runtime: 0:13).

As is often the case at the WEF, it’s what happens on the sidelines that will move the needle on key issues. US Secretary of State Antony Blinken is in town for the event and Riyadh will play host to a “crisis meeting” of regional and global officials including Blinken and UK Foreign Secretary David Cameron to talk about Gaza, Bloomberg reports, citing people it says are familiar with the matter.

WEF will separately hold a briefing on Gaza tomorrow featuring the prime ministers of Egypt and Jordan.

Panels to keep your eye on today:

The presidents of Nigeria and Rwanda, along with Malaysia’s Prime Minister, will share the stage with Alibrahim, IMF Managing Director, Kristalina Georgiva, and Brende to give their two cents on how “developed and developing economies work together.”
Finance Minister Mohammed Al-Jadaan will join Georgiva to talk about growth models in the face of economic headwinds;
Communications and IT Minister Abdullah AlSwaha, along with his counterparts from Estonia and Rwanda, will chew over the tradeoffs leaders need to manage when it comes to how AI will impact labor and productivity;
Energy Minister Prince Abdulaziz Bin Salman Al Saud, Qatari Minister of State for Energy Affairs Saad Sherida Al-Kaabi, ExxonMobil CEO Darren Woods, Occidental Petroleum CEO Vicki Hollub will discuss the energy transition in emerging markets.

WATCH THIS SPACE- Three WEF-led reports will come out of the event:

Talent gap in cybersecurity: “There is a shortage of nearly 4 mn cybersecurity professionals worldwide… This paper is intended to serve as a source of reference for public and private decision-makers concerned by the industry workforce shortage.”
The role of AI in education: “The report stresses the importance of responsible deployment, addressing issues like data privacy and equitable access.”
Agriculture in emerging markets: “This report aims to highlight emerging tech from a macro agriculture system perspective, from farm planning to consumption.”

AND- An open forum at the Ritz-Carlton will provide a public platform for the debate of topics ranging from digital currencies in the Middle East, AI in business, entrepreneurship, and smart cities.

Gaming will nearly break the USD 1 bn barrier in Saudi this year

The local gaming sector is expected to bring in some USD 998.2 mn (SAR 3.7 bn) in revenue this year, driven by the Kingdom’s large, young population and growing incomes, according to data from the Hamburg-based market research firm Statista. That’s nearly 11% year-on-year growth.

Set to boost trend upwards: The market for video games will expand at an annual growth rate of 8.5% until 2027 to USD 1.3 bn. Meanwhile, the number of players is forecast to hit 2.8 mn within the same timeframe. User penetration will likely edge up to 7.4% in 2027 from its current level of 6.9%.

Mobile games hold the lion’s share: Mobile games will account for about half of all spending on games this year at USD 467.6 mn, according to the research. The number of mobile game players will hit 6.1 mn in 2027 as the market swells at a compound annual growth rate (CAGR) of 6.6% until 2027.

Meanwhile, online games will generate USD 33.4 mn in revenue in 2024, which is expected to grow at a CAGR of 6% to 39.8 mn in 2027. Local gaming networks’ market is projected to record a revenue of USD 55 mn this year, increasing at an 8.4% clip to USD 70 mn by 2027.

For reference- China is set to maintain the world’s top spot in video games revenue, with a projected total of USD 94 bn in 2024 — mobile games will account for more than 34% of that figure.

IN CONTEXT- Saudi wants to be a leading gamer in the industry: PIF-owned Savvy Games and recently acquired ESL FACIT are working to launch the upcoming Esports World Cup this summer. Multi-bn USD development Qiddiya is also set to be home to the world’s first gaming and esports district. This is part of the Kingdom’s efforts to diversify its economy, with the industry expected to contribute SAR 50 bn to the economy by 2030.

Yaqeen Capital sets the final price for its Nomu IPO

Yaqeen Capital has priced its IPO at SAR 40 per share, according to a filing to Tadawul. That values the company at SAR 600 mn, by our math. The Riyadh-based advisor, brokerage house, and asset manager is inching closer to floating 3 mn ordinary shares — good for a 20% stake — on Tadawul’s parallel market, Nomu.

The latest results in a nutshell: The company’s net income grew rose sharply to SAR 36.5 mn in 2023 from SAR 2.4 mn a year before, according to its latest earnings release (pdf). Improved profitability came as the company booked SAR 31.8 mn in other income related to the sale-and-lease-back of its “land and building” as well as a sharp drop in operating expenses. Yaqeen’s revenues for the year (SAR 77.8 mn) reflect a dip in contribution from advisory services as well as in management fees from mutual funds it runs.

Use of Proceeds: The selling shareholder, Falcom Holding Company, will take home all of the net proceeds from the transaction after covering SAR 5 mn in listing expenses.

The timeline:

Qualified Investors can place their orders from Sunday, 5 May 2024 through Monday, 12 May, with each investor allowed to buy a minimum of 10 shares and a maximum of 750k shares;
The final share allocation is slated for Wednesday, 15 May;
Excess funds, if any, will be returned no later than Tuesday, 21 May.

Shareholders: The asset manager has two large, related shareholders— Falcom Holding and its 100% owned subsidiary, Falcom Yaqeen Investment Company. Falcom Holding will hold a 40% stake in Yaqeen Capital after the listing, down from 60%. Falcom owns other non-bank financial services companies.

Lock-up period: Substantial shareholders will not be able to execute any transactions on their shares for a period of 12 months starting from the first trading day.

SOUND SMART- Yaqeen is listing on Nomu — the parallel market on which it is a top advisor to other companies filing to go public.

ADVISORS- Alinma Investment is quarterbacking the transaction as the sole lead manager and financial advisor. Receiving agents include SNB Capital, Riyadh Capital, Saudi Fransi Capital, AlJazira Capital, Albilad Capital, Yaqeen Capital, ANB Capital, Alistithmar Capital, Derayah, and Alrajhi Capital.

New rules aim to make it easier for Saudi officials to put overseas contracts to tender

The Finance Ministry has introduced a number of amendments to the executive bylaws of its government tenders and procurement law in a bid to make it easier for both government agencies and private contractors, a document on the amendments shows (pdf).

Among the key changes: The amendments allow government agencies running projects outside of the Kingdom to get quotes for work outside of the state’s electronic procurement portal. Still, signed contracts will need to be submitted through the e-portal. Agencies contracting for projects outside the Kingdom can do so in a language other than Arabic, but will need to file an Arabic translation in the end.

Government agencies can also waive preliminary guarantees or final guarantees “according to what it sees is of best interest” — but need to make clear how they will hold contractors accountable for quality. The rules also aim to make it easier for bureaucrats to form committees that review offers or manage pre- and post-qualification processes.

A pre-tender safety check is now required for all projects: Government agencies will generally need to make certain that project sites meet safety standards before launching tenders, but will have flexibility to sidestep the requirement provided they meet it prior to the award and signing of a contract.

Overseas contracts can now include arbitration clauses even if they’re worth less than SAR 100 mn provided the parties get approval from the Finance Ministry. Arbitration on can only take place at the Saudi Center for Commercial Arbitration or other Saudi arbitration venues.

Rawabi closes SAR 1.2 bn sukuk sale with offering 2.8x covered

Al Khobar-based contractor Rawabi Holding has closed a SAR 1.2 bn sukuk sale,its largest SAR-denominated issuance to-date, it said in a statement. The issuance is part of a sukuk program it launched in 2020 to raise some SAR 6.5 bn. The sale was 2.8x oversubscribed.

A “landmark” issuance: The issuance’s proceeds surpass Rawabi Holding's last sukuk sale in which it raised some SAR 875 mn last year.

What we don’t know: No details were provided on the number of tranches, yield, or maturity. Rawabi also did not disclose details on use of proceeds.

About Rawabi: The Khobar-based conglomerate serves industries including oil and gas, petrochemicals, marine, engineering and construction, real estate and others.

ADVISORS- Albilad Capital, Alinma Investment, Al Rajhi Capital, and Riyad Capital, quarterbacked the transaction as joint lead managers and bookrunners. Simmons & Simmons Middle East was transaction adviser.

Ritz-Cartlon Reserve is coming to Neom’s Trojena

Neom is set to get a new Ritz-Carlton Reserve after it signed an agreement with Marriott International to bring a 60-villa resort to its mountain destination Trojena, it said in a statement. It’s the seventh time that Neom and Marriott International do business together, with two more agreements in the works for this year. Only six Ritz-Carlton Reserve properties now exist, split between Thailand, Indonesia, Puerto Rico, and Mexico. Information about the potential size of investment and timeline wasn’t disclosed.

What they said: “This signing also marks an important addition to our portfolio in Saudi Arabia where we continue to see a strong demand for our luxury brands,” said Chadi Hauch, Regional Vice President, Lodging Development, Middle East, Marriott International.

BACKGROUND- Some 100 global construction firms earlier this month received briefings on Neom’s construction progress at a two-day industry forum held days after Bloomberg suggested a slower buildout of the USD 500 bn mega development. Trojenais set to feature apartments, chalets, retail, dining, entertainment, leisure, sports and recreational facilities, and other hospitality properties, including a W Hotel and a JW Marriott Hotel.

US SecState Blinken’s Saudi visit and the Kingdom's AI and tech ambitions are driving the conversation this morning

It’s a busy morning for the Kingdom in the international press. Driving the narrative: US Secretary of State Antony Blinken’s visit to Riyadh today and tomorrow (NYT | Bloomberg | CNN). We have the rundown in this morning’s news well and What We’re Tracking Today, above.

MEANWHILE- “Everybody in tech seems to want to make friends with Saudi Arabia rightnow,” the New York Times writes noting ongoing talks with Andreessen Horowitz and other investors to create a world-scale USD 40 bn AI investment fund. Together, the Kingdom’s AI and tech initiatives “easily dwarf those of most major nation-state investments, like Britain’s USD 100 mn pledge for the Alan Turing Institute.”

AND- NYT columnist Tom Friedman is back with Israel has a choice to make: Rafah or Riyadh. Oddly, he makes it through the whole piece without quoting a taxi or Uber driver.

PLUS- Bloomberg is out with another piece on the Kingdom’s Vision 2030 plans, this time citing unnamed officials as saying the Royal Commission for Riyadh City is scaling back its population target to 10 mn residents by 2030, down from an original goal of 15 mn.

China’s Arctech Solar to produce solar panels in Jeddah

INFRASTRUCTURE-

Arctech Solar to make solar panels in Jeddah: Modon signed an agreement with Chinese solar equipment maker Arctech Solar to build a factory in Jeddah capable of making solar panels with 3 GW of production capacity each year, Xinhua reported. It is set to be Archtech’s second factory abroad after its facility in India’s Gujarat. No further details were provided.

TECH-

#1- Sure Global Tech landed a SAR 60 mn contract from the Shura Council to operate and maintain computers for the formal advisory body, it said in a disclosure to Tadawul. Under the three-year contract, Sure will be tasked with providing technical services and upgrading IT systems for the Shura Council.

#2- Keir International signed a SAR 24 mn agreement to implement a digital transformation strategy for the National Program for Community Development in the Regions (Tanmiah), it said in a disclosure to Tadawul. Keir will also provide consultancy on Tanmiah’s digital transformation, information technology, and system development.

Emerging markets are driving the global gold market

Emerging economies have become the linchpin of the gold market: Emerging market demand for gold has been driving up the price of the precious metal despite a strong USD, high US interest rates, and weak demand from Europe, World Gold Council’s senior market strategist for Europe and Asia, John Reade, said at the first edition of the World Gold Council conference in Egypt last week. “Gold is very much an emerging market story,” he said.

As good as gold: Gold prices rose to an all-time high of over USD 2.4k an ounce this month, continuing an upward trend that saw the commodity reaching consecutive record highs. Gold has so far outperformed every asset class this year, topping US stocks — to which it came in second last year — said Reade.

The players: India and China account for more than 50% of the world's gold demand, but other emerging areas like the Middle East and Southeast Asia also play a pivotal role, Reade said, name-checking Egypt and Turkey as sources of demand for gold as an investment.

EM central banks have been a main driver of demand: “The biggest change that's taken place in the gold market in the last few years has been the action of the world's central banks,” Reade said. Around the time of the global financial crisis, “emerging market countries who had added tns of USD to their foreign exchange reserves started to buy gold,” while a two-decade trend of selling by Western banks came to a halt, he explained.

By the numbers: EM central banks in 2022 and again in 2023 bought almost double the 500 tons of gold a year that they averaged between 2010 and 2021, he said.

Why are Western investors giving gold a break? In North America, the strong performance of the US equity market coupled with high interest rates mean that the opportunity cost of holding gold is high, Reade said. In Europe, meanwhile, high interest rates are compounded by inflation, which has been eroding disposable incomes and limiting gold purchases, he explained.

TASI	12,254.5	-0.8% (YTD: +4.5%)
MSCI Tadawul 30	1,539.6	-0.6% (YTD: -11.1%)
NomuC	26,688.3	+1.4% (YTD: +6.9%)
USD : SAR (SAMA)	3.75 Buy	3.75 Sell
Interest rates	6.5% repo	5.5% reverse repo
EGX30	25,917.6	-3.2% (YTD: +4.1%)
ADX	9,042.3	+0.01% (YTD: -5.6%)
DFM	4,148.2	-0.5% (YTD: +2.2%)
S&P 500	5100	+1% (YTD: +6.9%)
FTSE 100	8,140	+0.8% (YTD: +5.3%)
Euro Stoxx 50	5,006.9	+1.4% (YTD: +10.7%)
Brent crude	89.5	+0.6%
Natural gas (Nymex)	1.9	-3.2%
Gold	2,347.2	+0.2%
BTC	62,843	-1.2% (YTD: 114.2%)

THE CLOSING BELL: TADAWUL-

The TASI fell 0.3% last Thursday on turnover of SAR 10.2 bn. The index is up 4.5% YTD.

In the green: Red Sea (+10%), Atheeb Telecom (+6.6%) and SSP (+4.6%).

In the red: Advanced (-5.3%), ELM (-4.7%) and Sipchem (-4.3%).

THE CLOSING BELL: NOMU-

The NomuC rose 1.4% last Thursday on turnover of SAR 11.4 mn. The index is up 6.9% YTD.

In the green: Mulkia (+5.4%), Sure (+5.4%) and Ladun (+4.9%).

In the red: Mayar (-6.8%), Tadweer (-3.9%) and Raoom (-2.7%)

CORPORATE ACTIONS-

#1- Shareholders of Bank AlJazira approved a 25% capital hike to SAR 10.3 bn through capitalizing some SAR 2.1 bn from statutory reserve, it said in a disclosure to Tadawul. The capital hike is intended to strengthen the bank’s capital base so it can achieve its strategic goals.

#2-Agriculture firm Thimar Development obtained the Capital Market Authority (CMA) to decrease capital by 74% to SAR 65 mn from SAR 250 mn, according to a CMA statement. The approval is contingent on the EGA’s approval and completion of regulatory procedures.

#3- Shareholders of Americana have approved a dividend of USD 129.7 mn at USD 0.0154 per share for 2023 and a special dividend of USD 49.7 mn special dividend at USD 0.0213 apiece, it said in a disclosure to Tadawul. They also approved a share buyback of SAR 25 mn to be allocated to the MENA restaurant operator’s employees’ stock long-term incentive plan, according to a separate disclosure.

#4- Shareholders of Saudi Cement approved a dividend payout of SAR 153 mn at SAR 1 a share for 2H 2023, it said in a disclosure to Tadawul.

#5- Investment management company Pinnacle Capital has been cleared by the Capital Market Authority (CMA) to operate and manage investments in the securities business after fulfilling all requirements, according to CMA statement.

CALENDAR

APRIL

27-29 April (Saturday-Tuesday): RiseUp Saudi at KACST, Riyadh.

27-30 April (Saturday-Wednesday): Islamic Development Bank (IsDB) Group's 2024 Annual Meetings, Riyadh.

27-30 April (Saturday-Wednesday): Saudi International Luxury Week 2024, Jeddah.

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

28-29 April (Sunday-Monday): International Conference on Economics Finance and Accounting 2024, Riyadh.

28-30 April (Sunday-Tuesday): Saudi Mechanical Engineering Technology Conference and Exhibition 2024, Al Khobar.

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

30 April-2 May (Tuesday-Thursday): Automechanika Riyadh 2024 at Riyadh International Convention and Exhibition Center.

30 April (Tuesday): GC Summit Saudi Arabia 2024, Riyadh.

30 April (Tuesday): HR Leaders Conference Riyadh 2024, Riyadh.

MAY

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

6-9 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh.

6-9 May (Monday-Thursday): Saudi Smart Logistics, Riyadh.

13-15 May (Monday-Wednesday): Smart Future Expo, Riyadh.

13 May (Monday): Saudi Giga Projects, Riyadh.

14-15 May (Tuesday and Wednesday): Saudi Great Futures, Riyadh.

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

20-21 May (Monday-Tuesday): Future Projects Forum, Four Seasons Hotel, Riyadh.

20-22 May (Monday-Wednesday): Future Aviation Forum 2024, Riyadh.

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

27-28 May (Monday-Tuesday): Smart Data & AI Summit Saudi, JW Marriott Hotel, Riyadh.

Signposted to happen sometime in May:

Global Trade Review (GTR): KSA
Saudi Energy Convention

JUNE

4-7 June (Tuesday-Friday): Saudi Sports Show, Riyadh.

4-7 June (Tuesday-Friday): Aqarat Expo, Riyadh.

5 June (Wednesday): World Environment Day.

14-22 June (Friday-Saturday): Banks and capital markets closed for Eid Al Adha holiday.

AUGUST

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

SEPTEMBER

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

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh.

24-26 September (Tuesday-Thursday) Saudi Infrastructure Expo, Riyadh International Convention and Exhibition Center, Riyadh.

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

NOVEMBER

2-9 November (Saturday- Saturday): WTA Finals, Riyadh.

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh.

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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