GDP growth will rebound in 2024, Reuters poll says

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WHAT WE’RE TRACKING TODAY

Saudi’s economy will post strong growth this year, Reuters says + It’s our last zero issue

Good morning, nice people. It’s our last zero issue of EnterpriseAM Saudi before we go live to the outside world on Sunday, 28 January. We’ll be taking a publication holiday tomorrow to gear up for our launch.

If you were forwarded this morning’s issue, you can tap or click here to get us in your inbox on launch day.

The big business story this morning is expectations that the economy will post strong growth this year, rebounding from last year and helping to drive positive growth across GCC economies, according to a Reuters poll.

^^ The full story is in this morning’s news well, below.

WEATHER-

Expect a windy day in Riyadh today with a cloud cover in the cards for tomorrow. Meanwhile, it is already shaping up to be a partially cloudy day in Tabuk and Al Khobar.

Riyadh: 28°C daytime / 17°C overnight
Tabuk: 18°C daytime / 6°C overnight
Al Khobar: 25°C daytime / 17°C overnight

WATCH THIS SPACE-

#1- A boost for port connectivity: Doha-based shipping and logistics group Qatar Navigation (Milaha) is introducing its shipping service Upper Gulf Express (UGX) to Dammam’s King Abdulaziz Port, the Saudi Ports Authority (Mawani) said in a statement yesterday. The new service will connect the port to five GCC ports including Oman’s Sohar, UAE’s Jebel Ali, Qatar’s Hamad, Kuwait’s Shuwaikh, and Iraq’s Umm Qasr. The service, which will launch tomorrow, will see regular weekly trips using two ships with a capacity of 1k TEUs.

SMART POLICY- Increased connectivity for Dammam Port — the country’s second largest — is crucial with more shippers seeking the port as tensions in the Red Sea drive up sea freight costs to Jeddah Port.

#2- The Saudi Railway Authority signed a 20-year contract with the Ports Services and Storage to transport containers from Dammam to Jubail by railway, it said on X yesterday. The move is part of a push to raise the Kingdom’s classification in the global logistics performance index.

#3- The premium residency scheme could push property prices by over 300% in the coming period, Al Rajhi Investment’s Sales Director Hossam Ahmed told Asharq Business in an interview on the sidelines of the Real Estate Future Forum (watch, runtime: 3:37).

REFRESHER- The government unveiled earlier this week a list of priority sectors for its new special talent residency, which is one of the five new residency 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.

#3- True Gamers is tapping the local e-gaming industry: UAE-based esports clubs operator True Gamers will launch 150 e-sports centers across the Kingdom under a USD 45 mn franchise agreement with local investment firm Falak, Zawya reported yesterday. It plans to launch the first center in Jeddah in the second half of the year.

REMEMBER- The Kingdom is making great strides in e-gaming: Cabinet approved last month the creation of the Saudi Commission for Electronic Games. The state is launching an Esports World Cup next year, and is building the the world’s first gaming and electronic sports district in Qiddiya City, “complete with four stadiums and 73k seats.”

#5-Sasco plans big for gas stations: The Saudi Automotive Services Co. (Sasco) plans to open 50 gas stations this year, CEO Riyadh Al Malik told Argaam yesterday. The company eyes having 600 stations in operation by the end of 2024, Al Malik said. His statements come a few days after Sasco said it will inaugurate the Kingdom’s largest gas station in 2Q 2024.

DATA POINT-

An A+ in statistics: The Kingdom came in at the 15th spot in the World Bank’s Statistical Performance Index (SPI) last year, rising from the 19th spot in 2019, the General Authority for Statistics said in a statement yesterday. It topped the statistics league for the Gulf, and advanced four spots in the same index among G20 countries. The improved ranking came on the back of a 100% penetration for data use dimension and a 80.8% score in the assessment, up from 63.4% in 2019.

SPI? It’s a World Bank open-source framework that assesses the performance of statistical systems in 186 countries and efforts to enhance them.

NOMU IPO WATCH-

WSM Information Technology has priced its offeringon Tadawul’s parallel market Nomu at SAR 49 a piece, according to a Tadawul regulatory filing. The subscription period will run from tomorrow until Thursday, 1 February. Qualified investors will be able to snap up 390k shares — good for a 20% stake —with the proceeds of the sale earmarked for distribution between the selling shareholders, according to the prospectus (pdf). Substantial shareholders will have a lock-up period of 12 months from the first trading day before they can start making transactions on their shares.

ADVISORS- Kasb Capital is quarterbacking the transaction as financial advisor and leader manager, while AlKharashi is auditor, and Derayah Financial is the receiving agent.

** You’re reading Zero Issue #35 of EnterpriseAM KSA.

** Think of a zero issue as a “beta.” This issue has not been published or distributed to a wide audience. The sponsor logos above are not correct because we’re still developing the new KSA template.

** Did you receive this as a forward? Tap or click here to add your name to the list for launch day.

** Have a comment, criticism, or story tip? Hit up patrick@enterprisemea.com.

THE BIG STORIES ABROAD-

Trump 2, Haley 0: Days after former US President Donald Trump’s victory in Iowa, the former presidentis now projected to beat last-opponent-standing Nikki Haley in the New Hampshire primary as early results start trickling in. Haley has vowed to fight on, telling supporters that “New Hampshire is the first in the nation. It is not the last.” (NYT | CNBC | CNN | The Guardian | Associated Press | Reuters |FT |WSJ)

ALSO- The Turkish parliament has voted in favor of Sweden becoming a NATO member state, after stalling for 20 months. With Turkey out of the way, Hungary is the only NATO member that is still against Sweden becoming a fellow member. (Washington Post | BBC | Associated Press | FT | WSJ | NYT | AFP | Reuters | Politico | Bloomberg)

AND- Christopher Nolan’s Oppenheimer nabbed 13 Oscar nominations for best picture, director, acting and craft categories, dominating the 2024 Oscar nominations. Nolan has never won an Oscar before despite his rich blockbuster portfolio, but critics think this might be the one. Associated Press | FT | Reuters | The Guardian | NYT | CNBC | Bloomberg)

SPORTS-

The Green Falcons will face Thailand tomorrow for their final group stage matchat the 2023 AFC Asian Cup in Doha at 6pm. A victory or a tie with Thailand would advance the Green Falcons to the Round of 16. Iraq and Qatar are the first two teams to have qualified to the next stage in the tournament.

Inter Milan took home the Italian Super Cup for the third time in a row after beating Napoli 1-0 on Monday at Al Awwal Park Stadium in Riyadh. This is the fourth edition of the knock out competition to be hosted by Riyadh.

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.

Saudi economic growth poised to rebound in 2024 -Reuters poll

The economy is expected to grow at a 3% clip in 2024, according to the latest Reuters poll of twenty economists. The economists see GDP growth rebounding this year after weaker growth figures in 2023.

Lower than gov’t + IMF projections: The Finance Ministry is targeting GDP growth of 4.4% in its budget for the next fiscal year, Finance Minister Mohamed Al Jadaan said last month as he unveiled the government’s 2024 spending plans. The IMF expects the local economy to grow at a 4% clip in 2024.

There’s consensus that this year is going to be better than 2023. While analysts estimate the economy contracted 0.5% last year, the ministry suggests we eked out near-zero growth (0.03%).

FROM THE REGION-

The outlook: All six economies of the Gulf Cooperation Council (GCC) are expected to grow at an average of 3.5% in 2024, jumping up from an estimated 0.8% in 2023 , the survey showed. "For 2024, we anticipate [oil] production cuts to remain in place, which dampens the oil sector outlook and also total real GDP," said S&P Global’s Ralf Wiegert.

Diversification is set to fuel growth in the regional bloc’s non-oil sector with expectations of the sector growing 3.6% this year “underpinned by continued investment as oil exporting countries push ahead with ambitious economic diversification programmes," said chief economist and head of research at Emirates NBD, Khatija Haque.

The downside risk: Pundits pointed to a “challenging global outlook” as potentially weighing on GCC economies’ performance this year, thanks to a combination of high interest rates, regional tensions from the war between Israel and Hamas to the trade disruption in the Red Sea, and “an unlikely reversal in oil production cuts.”

Growth, diversification plans are poised to drive Saudi Arabia’s debt capital market, Fitch Ratings says

The government’s funding needs for strategic growth plans are expected to fuel growth in the country’s debt capital market in the medium term, attracting interest from local and international investors, Fitch Ratings said. “We expect Saudi DCM [debt capital market] to continue developing in line with the Saudi Vision 2030, supported by the country’s funding diversification plans and capital market development initiatives,” said Global Head of Islamic Finance at Fitch Ratings, Bashar Al Natoor.

Saudi Arabia’s debt capital market is expected to hit USD 500 bn in the medium term, after ending 2023 USD 360 bn, rising 14.5% y-o-y.

What’s with the strong appetite? Outstanding Fitch-rated sukuk issued by the government and corporates totalled USD 50 bn by the end of 2023, with 97% of that paper carrying an investment-grade rating, said Al Natoor, adding that all issuers boasted stable outlooks.

Banks will continue to rely on client deposits as their main source of funding, while diversifying through sukuk and bond issuances, the note reads.

SOUND SMART- Corporates are expected to issue more debt in the medium term, ultimately leading to less crowding out of banking funds for individual borrowers.

Leaders in global sukuk: Saudi Arabia was the second-largest sukuk issuer globally after Malaysia in 2023, with 27% of the total FCY sukuk market. Saudi Arabia also contributed 69% of the total GCC sukuk market.

Oil prices + monetary environment: The ratings agency expects oil prices to hit USD 80 / barrel by the end of this year before sliding to USD 70 by the end of 2025, while it forecasts Fed rates to settle at 4.75% by the end of 2024 and 3.5% by the end of 2025.

Eagle Hills to finalize talks over AED 5.8 bn Saudi resort within a month

Eagle Hills + PIF to line up AED 5.9 bn investment in Saudi resort: Abu Dhabi-based investment firm Eagle Hills is partnering with Saudi Arabia’s Public Investment Fund (PIF) to develop a SAR 6 bn (AED 5.8 bn) hotel resort in the Kingdom, Asharq Business cites Eagle Hills and Emaar Chairman Mohamed Alabbar as saying. The firm is currently finalizing agreements with the wealth fund and plans to disclose the details of the project within a month, Alabbar said on Monday at the Real Estate Future Forum, held in Riyadh.

Emaar to unveil four Address hotels in KSA: Dubai-based Emaar Properties is currently building four hotels under the Address Hotels and Resorts brand in Saudi Arabia, two in Riyadh and the other two in Makkah, according to Alabbar.

And a new KAEC project with PIF: Emaar Properties is also set to establish a new project in collaboration with PIF in the King Abdullah Economic City (KAEC) in the city of Rabigh, Mubasher reports.

About KAEC: Located 100 km north of Jeddah, the Economic City is currently being developed by Emaar, The Economic City, a subsidiary of Emaar properties. The Saudi government repurposed the area as a special economic zone last year to drive the Kingdom’s industrial growth.

Saudi Arabia’s Energy Ministry set to roll out energy allocation for key industries

The Energy Ministry could roll out rules for energy allocation to key industries under a bid to ensure optimum use of energy, a document on the regulations (pdf) showed.

The details: The rules would allow stakeholders to submit requests for energy allocation in various sectors, including electricity production, crude oil refining, petrochemicals, desalination, mining, agriculture and others. The request should include the type of energy and related quantities and the required duration for the energy allocation. It should also provide proof of solvency, funding plan and others for the activity.

Authorities have the upper hand: The Energy Ministry has the power to amend or cancel agreed quantities of energy in case of “force majeure and exceptional circumstances that led to a drop of available energy.” The ministry can also exercise the same authority if the allocated energy is not used for a year without valid reasons, the rules showed.

The rationale: The proposed rules aim to regulate energy allocation for consumers to ensure optimum use of energy and achieve a targeted energy mix among other goals related to bolstering the circular carbon economy and GHG management.

Gov’t wants to know what the public thinks: The Energy Ministry has put its proposed rules up for public consultation on the electronic survey platform Istitlaa. Stakeholders have until 5 February to submit their suggestions on the regulations.

Transport General Authority set to implement new rules regulating online delivery

Online delivery is getting regulated: The Transport General Authority (TGA) is introducing new rules aimed at regulating online delivery across the Kingdom, according to a TGA statement out yesterday. The rules show a gradual phaseout of self-employment for non-Saudis in online delivery services in the coming period.

Ironing out details on the phaseout: The TGA will begin implementing the changes gradually by requiring non-Saudi drivers to work only through light transport firms within the next 14 months. Only nationals will be allowed to operate as self-employed couriers, according to the statement.

And a uniform for non-Saudis: The rules will see the TGA implementing a uniform policy for non-Saudis working in delivery services.

Facial recognition cometh: Companies working in the sector will be obliged to use a facial recognition system that is directly linked to the TGA’s system.

You can now display ads on light transport vehicles, provided that you get an approval from the TGA and the Municipal and Rural Affairs and Housing Ministry, according to the statement.

The rationale: The move aims to govern the online delivery sector and create job openings for nationals, the TGA said.

Changes are coming in soon: The new rules will be implemented in early April, the statement said.

REMEMBER- The online delivery sector has been booming, with the online food ordering and delivery market valued at USD 2.3 bn, according to a report by TechSci in December. The market is project to grow at a compound annual growth rate of c. 22% through 2028.

Saudi cabinet agrees introducing fees for real estate registration

The Cabinet approved yesterday introducing fees for real estate registration, state news agency SPA reported. No further details were provided, although the approval comes as the Kingdom starts unrolling the Real Estate Registry (RER) platform to exclusively handle real estate registration operations.

Also approved at the ministers’ meeting:

An agreement with South Korea for mutual short-term visa exemption for holders of diplomatic, special and official passports;
A MoU with India for electricity interconnection, hydrogen, and supply chains;
A MoU with China to facilitate Chinese tourists’ travel to the Kingdom;
Mandating the Investment Minister to sign a MoU with Mauritius to promote direct investment;
Mandating the Foreign Minister to sign a MoU with his Cambodian counterpart on political consultations;
The Arab Convention for Prevention and Combating of Human Cloning.

Gaza also got a mention:The ministers reiterated their rejection of Israeli aggression, stressing the urgency for a ceasefire to restore peace.

NHC eyes 600k housing units by 2030

The National Housing Company (NHC) is looking to provide 600k housing units across the Kingdom to accommodate over 2 mn people by 2030, CEO Mohammed bin Saleh Al Bati said during the Real Estate Future Forum. By the middle of the decade, NHC hopes to hit its target of 300k units worth SAR 250 bn, he said, without providing a breakdown on the costs for the company’s target for 2030. The NHC has developed more than 100 mn sqm and inked over 62k contracts with a lump sum value of SAR 50 bn, he added.

NHC’s 2024 resolutions: The NHC will offer more than 88k housing units nationwide this year, he said, adding that his company plans to launch investment projects worth SAR 6 bn. The projects will include office and hotel towers, commercial, entertainment, health and education hubs, he said.

Doing well with local, global partners: Al Bati highlighted NHC’s partnership with several local and global players, including local firm ConEx, China City Construction (CITIC), Egypt’s Talaat Moustafa Group, and Spanish company Urba, among others.

A supply-demand balance to keep prices in check: Al Bati said that the company is adopting an integrated partnership model with local and global partners that focuses on introducing high-quality projects within a short timeframe. By using this approach they’ll be able to achieve a supply-demand balance, leading to a greater number of housing units that can cater to diverse regions. The approach helped bring average property value down to SAR 825k in 2023 from SAR 940k a year earlier, he said.

ALSO- The NHC inked six agreements with the public and private sector to providefinancing for real estate developers and financing solutions for the procurement of construction materials among others, it said in a separate statement.

Almosafer partners up with Riyadh Air + Domestic bookings exceed pre-covid levels

Almosafer + Riyadh Air: Travel platform Almosafer plans to allow its customers to book flights with the soon-to-be-launched flag carrier Riyadh Air under a partnership agreement that was unveiled on the sidelines of the Saudi Tourism Forum in Riyadh, according to a joint press release. Riyadh Air is set to kick off its operations in 2025 and has a target of operating flights between 100 destinations by 2030, said Riyadh Air COO Vincent Coste.

What they said: “By partnering with Almosafer, we will be able to provide travelers with a rewarding booking experience including tailored travel and accommodation choices,” Coste added.

The tourism trends of 2023: Domestic bookings on the travel platform have doubled from pre-covid levels to 40% of all bookings in 2023, Almosafer CEO Muzzammil Ahussain told Arab News. Travelers are booking low-cost flights, but are spending more to stay in four- and five-star properties with some 83% of local travelers opting for luxury stays last year, Ahussain added. Makkah was the most visited local destination, followed by Jeddah, Riyadh, Dammam, Madinah and Red Sea, according to Ahussain.

Spending less on flights, but more at the destinations: “The purpose of creating new routes from Flyadeal or Flynas is to bring prices down, create ease of travel, but then allow people to spend more in the destination,” Ahussain explained, suggesting that low-cost aviation is driving higher revenues in other tourism sub-sectors.

Jamal Al Kishi returns to Deutsche Bank to take MEA helm

Jamal Al Kishi returns to Deutsche Bank: Jamal Al Kishi was re-appointed Deutsche Bank’s CEO for the Middle East and Africa, returning to the bank nearly four years after he left to join Bahrain-based Gulf International Bank, the lender said in a statement yesterday. He will replace current CEO Kees Hoving, who will focus on his roles within the corporate bank in Middle East and Africa and as chief country officer for UAE. Al Kishi boasts nearly 30 years of banking experience in the region, and was CEO for Middle East and Africa during 2016-2020. He was previously the bank’s chief country officer for the Kingdom, among other senior management positions.

The reappointment of Al Kishi, who will be based in Riyadh, comes as global investment banks look to expand their presence in the Kingdom in light of new rules requiring foreign firms to move their regional HQs to Riyadh.

SEC names new chairman: The Saudi Electricity Company (SEC) appointed Najem Al Zaid (bio) as chairman, it said in a disclosure to Tadawul yesterday. Al Zaid, who previously served as director and general counsel at the Capital Market Authority, currently sits on the board of the Gulf International Bank. SEC also named Raed Alrayes (LinkedIn) as Deputy Chairman.

Saudi oil exports are edging out Russia’s, Reuters says

There’s no single story driving the conversation on Saudi Arabia in the international press this morning.Reuters is out with an analysis piece that sees Saudi’s oil exports to China and India gaining an advantage over Russian exports against the backdrop of shipment disruptions resulting from escalating tensions in the Red Sea. In a separate story, the newswire provided an overview of the obstacles standing in the way of localizing the EV industry along with fierce competition from giant industry players.

Jadco could soon acquire the know-how, tech for potato seed production. PLUS: Capital market, engineering, pharma, energy news

LOCALIZATION-

Jadco wants to localize seed potato production:Al Jouf Agricultural Development (Jadco) sealed a MoU with Korean agritech E Green Global (EGG) to bring its seed potato production technology to the Kingdom, it said in a disclosure to Tadawul yesterday. The agreement will see EGG carry out studies for the production of the seeds here to meet Jadco’s needs and sale to both local and international markets, it said.

REMEMBER- The Kingdom — one of the largest importers of seed potato globally — has been pushing with efforts in recent years to localize their production in a bid to slash imports. It has offered several investments in the sector under its self-sufficiency plan.

PHARMA-

Spimaco signs MoU to bring in HPV vaccines: The Saudi Pharma Industriesand Medical Appliances Corporation (Spimaco) signed a non-binding MoU with Chinese biotechnology firm Jiangsu Recbio Technology for the supply of HPV vaccines at home and the region, it said in a disclosure to Tadawul yesterday. Spimaco will import the vaccine in bulk, and commercialize and distribute it here and in the wider region. It seeks manufacturing it locally at a later stage after the completion of the technology transfer. The MoU is valid for one year, subject to extension given the approval of both parties. Financial details related to the agreement were not disclosed.

Why this matters: The HPV vaccine protects against cervical cancer, which is the 8th most recurring cancer among women in the Kingdom, according to data by Spimaco. It is also the most chronic cancer for women aged between 15 and 44. This vaccine is included in the national immunization schedule and requires two doses for girls aged 11 and 12.

CAPITAL MARKET-

Eight off-market transactions worth SAR 438 mn closed yesterday on Tadawul: Al Rajhi Bank has closed SAR 302 mn, while Saudi National Bank (SNB) closed two transactions worth a combined SAR 86 mn, Al Rajhi Takaful closed SAR 16.7 mn, Arab National Bank (ANB) closed SAR 20.5 mn, Saudi Aramco closed SAR 8 mn, and Saudi Reins. Company closed SAR 4.6 mn, Argaam reports.

SOUND SMART- An off-market transaction is a stock purchase that is conducted directly between the buyer and seller. This allows buyers to make bulk purchases at a markdown to the market price without causing sudden impact on the company’s share value.

ENGINEERING-

AWPT to operate, maintain water and sewage networks in Taif: Alkhorayef Water and Power Technologies (AWPT) landed a SAR 70.5 mn contract from National Waterto operate and maintain water and sewage networks in Taif, it said in a disclosure to Tadawul yesterday. There is no publicly available information about the duration of the contract.

ENERGY-

Modon, Alfanar Projects partner up for HVDC converter station: The Saudi Authority for Industrial Cities and Technology Zones (Modon) are joining forces with project developer Alfanar Projects to develop a high voltage direct current converter (HVDC) station in Tabuk Industrial City, according to a statement by Alfanar yesterday. The statement did not provide financial details or timeline for the project.

BTC drops 20% since 11 January peak

Crypto winter is coming: BTC has dropped over 20% since the launch of BTCexchange-traded funds (ETFs) earlier this month — currently trading at USD 39.2k as of midnight yesterday, down from a USD 49k+ high during trading on 11 January.

The why: BTC “has been challenged by tougher macro conditions — evidenced by rallying rates and a strengthening USD — and significant selling pressure from traders unwinding their Grayscale BTC Trust arbitrage positions along with the FTX bankruptcy estate offloading assets,” Fundstrat Global Advisors’s head of digital-asset strategy Sean Farrell said in a note picked up by Bloomberg.

ICMYI- This month has marked a milestone for the currency with nine new BTC ETFslaunching on 11 January, granting BTC and other crypto more exposure to traders on the stock market. Investors — including investment manager giant BlackRock — poured a total USD 900 mn into the BTC ETFs in the first three days of trading.

Not everyone saw this coming: Crypto investors earlier in the month excitedly predicted BTC to surpass the USD 100k a piece mark in 2024, following the US Securities and Exchange Commission’s approval of spot BTC exchange-traded funds (ETFs), according to CNBC. ETFs that allow investors to hold and trade cryptos on stock exchanges were expected to attract more investor appetite and boost its use as a mainstream currency as more Wall Street big shots like BlackRock, Invesco, and Fidelity pile into the new offering.

TASI	12,105.33	-0.04% (YTD: +1.2%)
MSCI Tadawul 30	1,575.76	+0.01% (YTD: +1.6%)
USD : SAR (SAMA)	3.75 Buy	3.75 Sell
Interest rates	6% repo	5.5% reverse repo
EGX30	27,587.00	-1.7% (YTD: 10.8%)
ADX	9,653.34	-0.3% (YTD: +0.8%)
DFM	4,107.52	+0.6% (YTD: +1.2%)
S&P 500	4,864.60	+0.3% (YTD: +2%)
FTSE 100	7,485.73	-0.03% (YTD: -3.2%)
Euro Stoxx 50	4,465.91	-0.3% (YTD: -1.2%)
Brent crude	USD 79.55	-0.6%
Natural gas (Nymex)	USD 2.50	+2.1%
Gold	USD 2,050.20	+0.2%
BTC	USD 39,601.60	-0.1% (YTD: +73.8%)

THE CLOSING BELL-

The TASI fell 0.04% yesterday on turnover of SAR 8.5 bn. The index is up 1.2% YTD.

In the green: Bahri (+4.5%), Sumou (+4.2%) and AlMawarid (+4.2%).

In the red: MBC Group (-9.9%), 2P (-3.4%) and MESC (-3%).

CORPORATE ACTION-

Plastics manufacturer Takween Advanced Industries shareholders will vote on a capital increase through a SAR 300 mn rights offering on 13 February. If approved, the offering would bring the company’s capital to SAR 765 mn.

CALENDAR

JANUARY

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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