Lots of regulation + finance for EnterpriseAM KSA’s debut

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WHAT WE’RE TRACKING TODAY

THIS MORNING: The launch of EnterpriseAM Saudi

Good morning, wonderful people, and welcome to the first official issue of EnterpriseAM Saudi, your essential 7am report on business, finance, the economy, and regulation.

Our goal: To be the essential morning business report for senior executives, business owners, foreign and domestic investors, and anyone else interested in what we think is the world’s most exciting business story — indeed, the business story that will define our generation.

Enterprise is read by hundreds of thousands of senior people around the world who need the inside track on news that will move markets, drive investment decisions, and set the corporate agenda. They all share three characteristics: They are ambitious, they are curious about the world around them, and they want to make a difference.

Produced in Riyadh and in Cairo, EnterpriseAM Saudi is a daily subscription-only report delivered at 7am KSA by the same team that produces EnterpriseAM UAE and EnterpriseAM Egypt. For nearly 10 years, we’ve been trusted by C-suite executives, directors, fund and portfolio managers, entrepreneurs, senior managers, non-execs, investment relations officers, researchers, analysts, and diplomats around the world.

Our publications also include Enterprise Climate and Enterprise Logistics as well as our popular invitation-only conferences and C-suite events.

Need to track down a past story? Head to our websiteto check out back issues, previous coverage, or explore our other reports across the Arab world.

Want to read us in Arabic? It’s coming this spring.

WE’RE HIRING- If you’re a Saudi citizen with a passion for business, we have a couple of vacancies left on our Saudi news team. Successful applicants will file from the Kingdom for EnterpriseAM Saudi as well as our other publications, including Enterprise Climate and Enterprise Logistics. Career switchers and fresh grads alike are welcome to apply. Email patrick@enterprisemea.com to get the conversation started.

Want to pitch us on a story or interview, meet for coffee, send us a comment or a story tip? Email ksa@enterprise.news.

** Were you forwarded today’s issue?Tap or click here to subscribeand get your own copy in your inbox each day.

HAPPENING TODAY-

#1-Foreign Minister Prince Faisal bin Farhan will land in Cairo today for talks with his Egyptian counterpart, Sameh Shoukry, Egypt’s state-run MENA agency reported yesterday.

On the agenda: Prospects of a weeks-long ceasefire in Gaza, on which Egypt and Qatar are leading negotiations (see below). Meanwhile, Egypt is still hoping that Saudi will both step up investment in the country and potentially provide it with fresh loans or deposits as the region’s most populous country looks for ways out of a foreign exchange crunch.

#2- The BiznEX International Exhibition kicks off today at the Riyadh Convention Center and is set to wrap up on Wednesday. Register here.

#3- The Saudi Franchise Expo 2024 begins today in Jeddah and runs through Wednesday.

WEATHER- Expect a mostly cloudy day in Riyadh today, with some wind in Jeddah and scattered clouds in Dammam. No rain or fog in the cards.

Riyadh: 22°C daytime / 10°C overnight
Jeddah: 27°C daytime / 18°C overnight
Dammam: 24°C daytime / 14°C overnight

HAPPENING THIS WEEK

#1- It’s a huge week for corporate earnings, particularly on Wall Street, as we note in this morning’s Planet Finance, below. Analysts are watching the results closely for signs on the direction of travel of the US and global economy.

#2- We’re entering an interesting phase of the US presidential race. The next big primary for the Republicans doesn’t come until South Carolina on 24 February. (The Nevada caucus on 8 February doesn’t interest pundits much). The lull already has some speculating that Nikki Haley faces improbably long odds of beating Donald Trump. The Donald, meanwhile, says he is feeling mentally “sharper now than I did 20 years ago” after Haley savaged him for his age and gaffes on the campaign trail.

The take-home message: Get ready for the longest presidential campaign ever, featuring the oldest candidates, writes the Wall Street Journal.

#3- It’s a big week for tech nerds. Samsung’s very well-reviewed Samsung Galaxy S24 line starts shipping in Saudi and around the world on Wednesday (you have until then to place pre-orders that 2x your storage), and Apple’s Vision Pro face computer is due to ship on Friday.

How well reviewed is the S24? Marques Brownlee speaks for the pack when he asks of the S24 Ultra (the top-end model): Why buy anything else?

DATA POINT-

MBC crowned IPO king of 2024 — so far: Regional broadcaster MBC’s IPO is currently the world’s top performer this year, data compiled by Bloomberg showed last week. Its shares surged 134% since trading began earlier this month after its USD 222 mn listing, making it the top gainer among IPOs that raised at least USD 50 mn globally.

What the pundits are saying: “MBC is a household name in the region and investors are putting faith in their streaming platform, which caters to the MENA region,” Christian Ghandour, senior portfolio manager at Al Dhabi Capital, said. “As more IPOs come into regional markets, investors finally have a chance to gain exposure to sectors that were never represented on the equity markets.”

MBC shares shed 9.9% at the closing bell on Thursday as investors took profits.

OIL WATCH-

OPEC+ could say “no” to more oil cuts at this week’s meeting, Bloomberg reported last week, citing unnamed delegates who say the group needs to assess the impact of cuts already implemented this month. The cartel is due to meet on Thursday, 1 February. Russian oil major Gazprom Neft CEO Alexander Dyukov said “there is no need [to adjust the OPEC+ agreement]” on the back of fresh production cuts and a seasonal rise in oil demand in spring, according to Reuters.

AND- Aramco is working on refining and chemicals acquisitions in China and India, a senior company official told Bloomberg. “Really, the big growth markets for us are China, India and southeast Asia,” he said. “As we speak today we have teams in China negotiating deals,” he said.

WATCH THIS SPACE-

#1- Football legend Lionel Messi will lead a new global marketing campaign for the Saudi Tourism Authority to challenge “misconceptions” about the Kingdom, according to a statement yesterday. The “Go Beyond What You Think” campaign will focus on target markets in Europe, India, and China, the statement added.

#2- A unified digital ID for properties will help digitize real estate services and streamline operations, Ahmed Al Salman, general supervisor at the Justice Ministry-affiliated Real Estate Market platform told Asharq Business last week (watch, runtime: 3:24). The digital ID is a 16-digit number that covers all types of property and allows for access to everything related to the property, including ownership and services. Over seven mn temporary digital IDs and 500k active ones have been issued, according to Al Salman.

The pitch: The system will make it easier to buy and sell property.

#3- Makkah, Madinah to become global investment and events destinations: The Federation of Saudi Chambers (FSC) signed a m anafea partnership agreement with the Islamic Chamber of Commerce and Development (ICCD) to turn Makkah and Madinah to a global investment hub and destination for international events, SPA reported last week.

PSAs-

#1- Companies failing to abide by new online delivery regulations will be at risk of financial penalties, Transport General Authority (TGA) spokesman Saleh Al Zowayeed told Asharq Business last week (watch, runtime: 5:31). Al Zowayeed didn’t provide information about the fines. The new rules come into force in early April.

REMEMBER- The TGA is introducing new rules aimed at regulating online delivery that will gradually phase out self-employment for non-Saudis in the sector.

#2-Landlords have until Saturday, 10 February, to apply for permits that will allow them to lease their properties to pilgrims during the Hajj season, the state news agency SPA reports citing an announcement by the Pilgrims’ Housing Committee.

THE BIG STORY AT HOME-

New day, new alcohol rules — for some: The Kingdom will open its first alcohol shop in over 70 years exclusively for non-Muslim diplomats. The new store will open in the coming weeks in Riyadh’s Diplomatic Quarter, according to a document seen by several news agencies. Reuters reports that initial conditions will include:

Access only for approved diplomats vetted by the Foreign Ministry;

No one under 21 will be allowed in the shop;
Monthly quotas will be in effect (they look generous);
No sending your driver to pick up your hooch.

We’ve been expecting this: New rules to control imports of “special goods” and ethanolic beverages by foreign embassies in the Kingdom took effect last week.

The rationale: The government’s Center for International Communication told Reuters that the new rules aim to counter the illegal trade of alcohol. “This new process will continue to grant and ensure that all diplomats of non-Muslim embassies have access to these products in specified quotas,” it said in a statement to the business newswire.

More to come? Speculation in Riyadh is that this is the first in a series of moves that will see alcohol become available next in select hotels across the country as officials position the Kingdom as a more tourist-friendly destination.

THE BIG STORIES ABROAD-

Ongoing disruptions to shipping in the Red Sea continue to dominate global headlines this morning on what’s shaping up to be the first business day of a very busy week for news.

The Houthis struck a tanker operated on behalf of shipping giant Trafigura in what the press is dubbing the most serious attack yet on a vessel in the Red Sea. There have been nearly 80 incidents since the Houthis began their attacks in late November.

The US is pressing China to help bring pressure to bear on the Houthis, the Financial Times notes.Beijing, worried about how the disruptions could impact its own exports, is now reportedly pushing Tehran to tell its proxies that enough is enough. Don’t play ball? Business ties with China are at stake, diplomats have reportedly warned Iran, according to an exclusive from Reuters.

The conflict in the Red Sea and the shipping disruptions to which it is giving rise look set to drive volatility in natural gas prices this year, the International Energy Agency warned on Friday in its most recent quarterly report. Also impacting price volatility: The war in Ukraine and potential delay to the start of operations at a number of natural gas plants.

Aramco continues to send tankers through the Red Sea with both crude and oil products, Mohammed Al Qahtani, who leads the oil giant’s refining and oil trading and marketing units, told Bloomberg last week. Risks, he said, are “manageable.”

ONE THING TO READ that puts it all in context:The risks of relying on superpowers to protect global trade (the FT’s Big Read this morning).

ALSO WORTH KNOWING- A weeks-long ceasefire in Israel’s war in Gaza could be in the cards. Egyptian and Qatari negotiators, working in tandem with US officials, “are edging closer to an agreement in which Israel would suspend its war in Gaza for about two months in exchange for the release of more than 100 hostages still held by Hamas.” The agreement could be sealed in the coming two weeks, the New York Times writes.

INNOVATION WATCH-

Kaust researchers develop eco-friendly cooling film:Researchers from King Abdullah University of Science and Technology (Kaust) have developed a novel passive cooling technique that uses a superabsorbent polymer film to lower temperatures without the use of any electricity, Enterprise Climate reports. The team is now designing a process to produce the film at industrial scale.

Why does it matter? The researchers demonstrated that the film can reduce the temperature by as much as 5°C under a partly cloudy sky, potentially saving up to 3.3% of the total energy consumption for cooling if used on a commercial scale.

CIRCLE YOUR CALENDAR-

The Kingdom has submitted a bid to host the World Water Forumin Riyadh in 2027, SPA reported yesterday. The event is the largest international gathering in the industry.

Filipino exporters are coming to town next month: A business-matching tour will kick off on Saturday, 10 February, where a group of Filipino exporters of food, beverage and personal care products will tour Riyadh, Jeddah, and Dammam to market their businesses, Arab News reports.

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.

PIF wraps up pricing of USD 5 bn bond offering, with orders topping USD 27 bn

The Public Investment Fund wrapped up the pricing of its USD 5 bn senior unsecured bond offering, it said in a statement last week.

Strong investor appetite: The offering was more than 5x oversubscribed, with global institutional investors placing orders worth USD 27 bn, according to the PIF.

What they said: “Continued strong demand from international institutional investors is a testament to the ongoing success of PIF's medium-term capital raising strategy. It is also reflective of PIF’s strong credit profile and financial strength, highlighting its role as one of the key drivers of Saudi Arabia’s economic transformation and as one of the largest and most impactful sovereign wealth funds globally,” said Fahad Al Saif, head of the global capital finance division at PIF.

There’s no word on how the PIF plans to use the funds, but we expect it will simply add the cash to its war chest as it looks to push ahead with an aggressive investment plan this year and next.

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

Structure: The offering, which comes under the fund’s EUR Medium Term Note (EMTN) programme, includes three tranches:

USD 1.75 bn with a 5-year coupon, maturing in 2029.
USD 1.75 bn with a 10-year coupon, maturing in 2034.
USD 1.5 bn with a 30-year coupon, maturing in 2054.

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

Al Modawat Specialized Medical sets a price range of SAR 93 to SAR 111 a piece for its IPO

Qualified investors who want to snap up shares in Al Modawat Specialized Medical will be able to place their orders starting today, according to a Tadawul regulatory filing. The healthcare player is set to float 475k shares on Tadawul’s parallel market Nomu — good for a 20% stake in the company.

The price range: Bankers will be taking orders within the price range of SAR 93 and SAR 111 a piece until Monday, 5 February, before deciding on the final price for the offering.

Individual investors can place orders for a minimum of 10 shares and a maximum of 118.5k. The final share allocation will be announced on Sunday, 11 February, and refunds of excess subscription fees, if any, will be made on 13 February.

Use of proceeds:The majority of the potential proceeds (94%) are earmarked to support the company’s working capital needs, while the remaining will be used to purchase an MRI scanner, according to a prospectus (pdf)

Ownership structure + lock-up period: Majority shareholder Qiam Holding holds a 75.5% stake, which will be reduced to 60.4% post transaction. Qiam is the only substantial shareholder that will have to abide by a 12-month lock-up period starting from the first day of trading.

KPIs for 1H 2023: Al Modawat’s bottom line increased 3x y-o-y to SAR 10.9 mn in 1H 2023, while its top line rose 47% to SAR 37.2 mn in the same period, according to the prospectus. The healthcare provider recorded a bottom line of SAR 62.6 mn in 2022 and SAR 51.5 mn in 2021.

How it makes money: Hospital accommodation services contributed 76% of the total revenues int he first half of last year, followed by out-patient clinics (19%), and pharmacy revenues (4.5%).

ADVISORS- Yaqeen Capital will be quarterbacking the transaction as lead manager and financial advisor, while Talal Abu Ghazaleh & Co. (TAGI) will be acting as auditor, according to the prospectus.

Saudi Arabia’s ZATCA rolls out a blueprint for bonded zones, warehouses with five license types

ZATCA unveils fresh rules to boost Saudi’s logistics hub ambitions: The Zakat, Tax and Customs Authority (ZATCA) has rolled out new regulations (pdf) for all bonded zones in a bid to facilitate the movement of goods and accelerate the growth of the logistics industry, according to a ZATCA press release last week.

This is part of the government’s push to position the Kingdom as a global logistics hub. The move aims to raise the efficiency of the logistics industry by facilitating the clearance, storage and movement of goods in and out of the Kingdom. It also allows foreign traders who have commercial registration in their countries to carry out their operations without having to acquire local commercial registration documents.

BACKGROUND- The regulations were put up for public consultation last September and you can find the results of the survey here (pdf).

The regulations outline four types of licenses for the operation and management of bonded zones:

The storage and handling of goods, along with value-added operations are permitted under the generic bonded zone license;
Goods and operations that fall under industries including ecommerce, maintenance, mixing and combination, simple assembly operations are permitted under the specialized bonded zone license;
The storage of liquid petroleum and petrochemical derivatives and bulk products is permitted under the bonded tank zone license;
Temporary bonded zone licenses are given for a maximum period of six months with an option for renewal or turning the zone into the permanent type.

Uhm, Enterprise, what are bonded zones? This is a system that allows importers and exporters to store imported goods in designated zones and warehouses without immediate payment of customs or taxes until the goods are moved into the local market or re-exported.

Expiration + renewal: All of the licenses — except the temporary type — are granted for a period of 10 years and can be renewed for an additional 10-year period provided the operator files at least 90 days ahead of the expiration date.

Saudi Arabia kicks off National Biotechnology Strategy

The National Biotechnology Strategy is now live: Crown Prince Mohammed bin Salman launched the National Biotechnology Strategy under a bid to position the Kingdom as a regional and global biotech player, SPA reported on Thursday. The strategy is set to contribute SAR 130 bn to non-oil GDP by 2040.

What we know: The strategy will focus on four pillars: Vaccine, bio-manufacturing and localization, genomics and plant optimization. The strategy outlines a plan to set up an advanced local bio-manufacturing platform to enhance self-sufficiency in producing biologics and biosimilars and build up a national genomic database and analytics platform to improve preventive healthcare.

Of localization: Sudair Pharma and Sanofi have established a partnership in October 2023 to establish a factory in the Kingdom to produce and package Insulin. The seven-year agreement will see the global pharma player transfer the required know-how to Sudair pharma in order to localize the industry. Currently local production covers 20% of the domestic market needs of insulin, Argaam reports.

IN OTHER HEALTHCARE NEWS-

Sulaiman Al Habib became the third richest non-royal in the Middle East with his net worth closing in on USD 12 bn last Thursday, Bloomberg reports. Al Habib owns Sulaiman Al Habib Medical Group, which saw its shares on the Tadawul soar 30% at Thursday’s close, according to Bloomberg’s b’naires index.

Saudi Electricity Company fully redeems local + international sukuk

Saudi Electricity Company (SEC) has fully redeemed its Tadawul-listed sukuk worth SAR 4.5 bn, according to a Tadawul regulatory filing. The sukuk were set to mature this Tuesday.

Another redemption: The state-owned company also redeemed the entirety of its Euronext Dublin-listed USD 800 mn sukuk last Thursday, according to a separate disclosure. The bonds were set to mature yesterday.

Our take: SEC hasn’t disclosed the reasons behind the early redemptions, but the move could be a sign of favorable market conditions, cost saving efforts, or strategic liability management. This could also be part of a sukuk refinancing scheme to extend SEC’s debt maturities. Early redemptions also signal the company’s confidence in its financial position.

Advisors: HSBC acted as a paying agent in the foreign currency sukuk redemption, while Saudi Fransi Capital was responsible for the local-currency transaction.

First luxury train for “rail cruising” set to commence operations in Q4 2025

The first luxury train for “rail cruising” in the region is coming next year: Saudi Arabia Railways (SAR) sealed a SAR 200 mn agreement with Italy’s Arsenale Group to launch the Italian-manufactured Dream of the Desert train next year, SPA reported last week. The 25-year agreement came after they inked an MoU last year to collaborate on the Kingdom’s first luxury train service.

What we know: The Dream of the Desert train — the first of its kind in MENA — will consist of 40 luxury cabins with a maximum capacity of 80 passengers. It will travel across a 770-mile route, starting from the North Train Station in Riyadh and passing through Hail with its final stop in the northern city of Al Qurayyat, near the border with Jordan.

Project timeline: The train is currently being manufactured in Italy and is due to arrive in the Kingdom in the summer of 2025, with its first trip scheduled to depart in November of the same year. Reservations will open by the end of this year, Arsenale Chairman Paolo Barlleta said.

About Arsenale: The Italian multi-brand company develops and manages luxury hospitality and lifestyle assets, according to its website.

In line with the national strategies for both tourism and transport: The agreement is part of the National Transport and Logistics Strategy, Transport and Logistics Minister Saleh Al Jasser said. The train service will allow visitors to “discover more of the Kingdom’s regions through a luxurious transportation services network,” Al Jasser said.

Seven + Formula E are bringing indoor race tracks to Saudi

The world’s first Formula E karting venues are coming to town:Saudi Entertainment Ventures (Seven) — a subsidiary of the PIF — is partnering with Formula E to develop indoor E-branded race tracks at four of Seven’s entertainment destinations across the Kingdom, it said in a statement last week. The venues, which will include tracks of over 400 meters in length, will be built in Riyadh, Jeddah, Dammam and Abha, the statement read, without providing financial details or timeline for the partnership.

REMEMBER- The PIF has recently become a multi-year sponsor of Formula E, Extreme E and E1 as part of its E360 sponsorship to boost electric motorsports globally. The PIF holds a 5% stake in Formula E.

Speaking of e-racing: Jaguar’s Nick Cassidy is now at the lead of the Diriyah E-Prix rankings after securing a victory in round 3 yesterday. He bagged the finish after crossing the line ahead of Envision’s Robin Frijns and British driver Oliver Rowland.

IN OTHER SPORT NEWS-

The Green Falcons made it to the next round of Asian Cupwith flying colors after topping their group undefeated. They will next take South Korea skipper and Tottenham star Son Heung-min and his team on Tuesday in the round of 16 at 7pm KSA.

Meanwhile, Coach Roberto Mancini hit back at his critics,defending his decision to take younger players to the Asian Cup amid rebuke from other players on the national team, Reuters reported last week. "My policy is that the players who are ready to play will play. I have 26 players. Some are famous, others are young, but if you win it's as a team, not because of one player," he said.

Expect more of that to come: “In the next month we need to change and increase the number of young players for the future. For now we have to think about this tournament, which is very important for us,” he said.

Kingdom easing alcohol rules tops international coverage on 28 January 2024

Driving the conversation on KSA this morning: Golf and ethanolic beverages.

Saudi opening up its first alcohol store to non-Muslim diplomates is still leading the conversation in the foreign press this morning. We have the full story in this morning’s news well, above. (Reuters | AFP | The Associated Press | The Financial Times | BBC | CNN)

Meanwhile, a Sportico report on the PGA Tour closing in on investments from the Strategic Sports Group next weekas talks over the Liv Golf / PGA tour / European tour tie-up continue is getting ink from Reuters.

And while we’re on the topic of golf: USA Today’s Golf Week is out with a piece claiming that Golf Saudi has blocked a planned merger between the Ladies Professional Golf Association Tour and the Ladies European Tour after it submitted a request to receive additional information on the merger’s terms.

RSG deploys beach-cleaning robot + Albilad Capital’s MSCI Saudi Growth ETF raises SAR 19 m in IPO

ENVIRONMENT-

No more cigarette butts in the sand under your feet: Developer Red Sea Global has rolled out a fully-electric and remote-controlled robot to remove plastic waste and debris at its luxury tourist destination Red Sea project, the company said last week. The robot, which can detect items as small as 1 sqcm, has the capability to clean 3k sqm in one hour. Red Sea Global is a wholly owned unit of the Public Investment Fund.

TADAWUL-

Albilad Capital’s MSCI Saudi Growth ETF raised SAR 19 mn in an IPO last week, it said in a filing to Tadawul. The ETF is set to start operations this Wednesday, 31 January. No further information was provided.

TELECOM-

Solutions by stc signed a SAR 120 mn contract with parent company stc to renew the provision of short message service center (SMSC) services by the telecom operator to solutions’ customers, it said in a disclosure to Tadawul on Thursday. Stc owns 79% of solutions by stc.

CHARITY-

Awqaf, Othaim Charity set to launch mega endowments investment portfolio: The General Authority for Awqaf signed a MoU with Othaim Charity to launch an endowment investment portfolio worth SAR 1 bn, Awqaf said in a statement last week. Both parties will partner up to fund developmental and quality projects depending on the community’s needs and priorities, according to the statement. Information about the timeframe wasn’t disclosed.

From Wall Street: Earnings season is in full swing + Stocks end their six-day streak

Stocks on Wall Street snapped a six-day streak of gains at Friday’s close, but still finished the week in the green. European stocks, meanwhile, hit a two-year high as investors cheered strong earnings and found seams of optimism running through recently released economic data.

The big story this week: Earnings, earnings, and still more earnings. It’s looking to be an unusually packed week for earnings season on Wall Street. More than a dozen household names are due to report, and analysts will be looking for insight into what to expect as 2024 takes shape:

Apple and Microsoft: The world’s two most valuable companies duke it out — pundits look for signs of how consumer and business demand are evolving.
Amazon and Starbucks: How robust is US consumer demand?
Exxon Mobil and Chevron: What signs of their expectations for oil prices this year?
Qualcomm and AMD: How strong is the outlook for the chip industry, where flat demand from consumer electronics giants is running against big demand for AI chips.
Boeing: What will it say about the 737 Max fiasco?

AND- That USD 100 bn Chinese government market bailout package? It hasn’t materialized. Prime Minister Li Qiang called only for “more forceful and effective measures to stabilize the market and boost confidence,” sending stocks down.

TASI	12,161.56	-0.1% (YTD: +1.6%)
MSCI Tadawul 30	1,583.18	-0.2% (YTD: +2.1%)
USD : SAR (SAMA)	3.75 Sell	3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	27,666.18	+0.3% (YTD: +11.1%)
ADX	9,567.68	-0.6% (YTD: -0.1%)
DFM	4,163.33	-0.2% (YTD: +2.6%)
S&P 500	4,890.97	-0.1% (YTD: +2.5%)
FTSE 100	7,635.09	+1.4% (YTD: -1.3%)
Euro Stoxx 50	4,635.47	+1.2% (YTD: +2.5%)
Brent crude	USD 83.55	+1.4%
Natural gas (Nymex)	USD 2.71	+5.5%
Gold	USD 2,036.10	-0.03%
BTC	USD 42,159.32	+0.4% (YTD: +82.8%)

THE CLOSING BELL-

The TASI fell 0.1% yesterday on turnover of SAR 7.2 bn. The index is up 1.6% YTD.

In the green: APC (+5.8%), Almawarid (+3.7%) and GIG (+3.6%).

In the red: MBC Group (-9.9%), Al Baha (-6.7%) and Ribl (-3.8%).

CORPORATE ACTION

Investors in the Derayah REIT closed-end real estate investment fund will be receiving a dividend of SAR 0.086 per share for 4Q 2023, according to a disclosure (pdf) to Tadawul. The fund will pay out a total of SAR 9.2 mn in dividends for some 107.5 mn units within 35 days of the ex-date on 4 April, 2024. The fund’s unit price rose 2.5% to SAR 7.9 a unit at Thursday’s close.

Saudi Foreign Ministry lauds ICJ ruling on Gaza crisis + GCC, EU officials meet for talks

The Foreign Ministry welcomed a preliminary ruling over the weekend from the International Court of Justice that ordered Israel to avoid any acts of genocide against Palestinians, the ministry said in a statement on X yesterday. “The ministry expresses the Kingdom’s support for what was issued by the International Court of Justice and affirms its categorical rejection of the Israeli occupation practices and violations of the United Nations Convention on Genocide,” it said, praising South Africa’s role in filing the lawsuit against Israel.

ICYMI- The ICJ ordered (pdf) Israel on Friday to halt its military operations in Gaza and “take all reasonable measures within [its] power to prevent genocide,” saying that “at least some” of Israel’s actions in Gaza could be categorized as genocidal.

Saudi, Spanish officials discuss tourism cooperation: A Tourism Ministry delegation led by Deputy Tourism Minister Sultan Al Musallam discussed tourism cooperation with Spanish Secretary of State for Tourism Rosana Murillo in Madrid, SPA reported last week. They discussed supporting potential tourism investments between the two countries and efforts to promote the Kingdom’s tourist destinations for Spanish tourists.

GCC, EU officials meet in Riyadh amid regional tensions: Top brass from the Gulf Cooperation Council and the EU discussed international and regional developments, including the Red Sea crisis, during the GCC-EU Regional Security Dialogue in Riyadh last week, according to an EU statement.

CALENDAR

JANUARY

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.

10-14 February (Saturday-Wednesday): Filipino exporters will be in town for a business-matching tour.

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

10 February (Saturday): Last day to apply for permits to lease properties to pilgrims during Hajj season.

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 February (Monday): The Future of Business 2024 Forum, Eastern Chamber’s HQ, Dammam.

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

14-21 April (Sunday-Monday): IMF and World Bank sprint 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.

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:

The AFC Champions League Elite

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