Rafa, Djokovic, Medvedev among tennis greats to clash in Riyadh this October

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WHAT WE’RE TRACKING TODAY

THIS MORNING: No Palestinian state? No normalization with Israel, Foreign Ministry says

id: 2024-02-07-03:48:07:446t

Good morning, wonderful people. It’s a brisk news day thanks to the World Defense Show, the PIF’s high-profile private-sector forum, and the award of SAR bns worth of construction contracts in Jeddah.

We also have a treat for tennis fans that already has a couple of us circling the calendar for this year’s Riyadh season.

BUT FIRST- There will be no normalization with Israel unless there is an independent Palestinian state, Saudi negotiators have told their American counterparts.

Among the keys: Israeli recognition of an independent Palestinian nation based on “the 1967 borders with East Jerusalem as its capital,” and an end to Israel’s war in Gaza, the Foreign Ministry said in a statement yesterday.

US Secretary of State Antony Blinken told reporters yesterday that Crown Prince Mohammed bin Salman “reiterated Saudi Arabia's strong interest” in normalizing ties with Israel provided those two conditions are met.

Blinken was speaking during a joint press conference with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani. The two also said they had received a “positive” response from Hamas on an agreement that would see a long pause in fighting and the release of Palestinians held by Israel in return for Hamas releasing Israeli hostages.

WATCH THIS SPACE-

#1- Neom has opened an office in New York, its first direct entry to the US market, it said in a statement yesterday. The office will serve as a base for its business across the US “to explore new partnerships and sources of investment,” it added. This is Neom’s second overseas outpost. It opened an office in London in November as a base from which to explore business in the UK and Europe.

#2- The Investment Ministry has inked an MoU with the Swiss government to boost investment and entrepreneurship, state news agency SPA reports. SPA also said that a number of private-sector actors inked cooperation agreements in tech and real estate, but did not offer additional details.

The ministry will be collaborating with a Swiss fund to launch new EUR multi-bn green-financing initiatives, the National Gazette reports. The two sides have also discussed cooperation on sectors of mutual interest including insurance.

In numbers: The Kingdom is planning international tenders worth USD 1.8 tn in sectors including airports, manufacturing, and green energy, Investment Minister Khalid Al Falih said at the gathering. The occasion of the news was a Swiss-Saudi roundtable in Riyadh that was also attended by Industry and Mineral Resources Minister Bandar Alkhorayef and Swiss Federal Councillor Bernard Parmelin.

WEATHER- Expect a pleasant, sunny day in Riyadh with some hazy sun in Makkah and Jeddah.

Riyadh: 22°C daytime / 8°C overnight
Makkah: 30°C daytime / 18°C overnight
Jeddah: 29°C daytime / 23°C overnight

DATA POINTS-

#1- New day, new tourism target: The Tourism Ministry has more than doubled its tourism targets for 2030, hoping now to lure 150 mn tourist trips after it hit last year an earlier target of 100 mn ahead of plan, state news agency SPA reports.

In context: The Tourism Ministry counts both domestic and foreign tourists in that count. The breakdown:

In 2023: 77 mn trips taken last year by domestic travelers, and 27mn by foreign tourists.
The new 2030 target: 80 mn by domestic travelers, and 70 mn by international travelers.

Tourism MInister Ahmed Al Khateeb unveiled the new target at the PIF Private-Sector Forum in Riyadh yesterday. He also said the ministry wants to see the opening of 250k more hotel rooms to accommodate for the influx of tourists by 2030. Saudi had 280k room keys at the end of 2023.

#2- Dammam’s King Abdulaziz Port hit its highest monthly handling last month to c.215.2k TEUs, the Saudi Ports Authority (Mawani) said in a statement yesterday. It beat its previous monthly handling record of 211.2k TEUs in July.

THE BIG STORY ABROAD-

It’s a particularly slow Wednesday for news globally, whether you’re looking at the business pages or the front pages.

WORTH READING on a slow news morning:

How India’s education tech giant got schooled and lost USD 20 bn in value, wherein the Wall Street Journal writes that “global investors are getting a timely reminder of what can happen when they rush into what looks like the next big thing without doing their homework.”
Banking has gone digital, but JPMorgan is building more and morebrick-and-mortar brancheseven as rivals shut down a growing number of physical locations every month. America’s largest bank is “doubling down” on the strategy as “every metric” tells it that the decision is paying off.

OIL WATCH-

Aramco has opted not to change prices for sales to Asia, leaving prices at a two-year low to its Asian importers for March 2024, Reuters reports citing a company statement.

In context: Chinese refiners have reportedly trimmed their oil orders from Aramco on what they see as high prices in January and February. Aramco is looking to secure its share of the market amid competition from rival suppliers, pundits told the business newswire

CIRCLE YOUR CALENDAR-

The Hail Toyota International Rally which kicks off tomorrow and wraps up on Saturday, 10 February.

Filipino exporters are coming to town: 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 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.

The Diriyah Contemporary Art Biennale will kick off in Diriyah on Tuesday, 20 February and wrap up on Friday, 24 May. Headlined After Rain, it will be led by German curator Ute Meta Bauer and features 92 artists from 43 countries. It will see several new commissions, including a joint project documenting “Saudi futurism” since the 1940s by local artist Ahmed Mater and Berlin-based photographer Armin Linke.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

PIF Private Sector Forum kicks off on a high note

The Public Investment Fund’s high-profile forum for the private sector got underway yesterday. Here’s what you need to know:

#1- The Public Investment Fund (PIF) and its vehicles attracted more than SAR 96 bn in investments from the private sector through the third quarter of 2023, Asharq Al Awsat reports, citing remarks by fund governor Yasir Al Rumayyan during the PIF Private Sector Forum yesterday. The PIF’s role helped bring the private sector’s contribution to 65% of GDP, he added.

Private-sector investment has focused largely on 13 strategic sectors since the beginning of 2021, he said, without specifying the sectors. “The private sector played an important role as an investor in the fund’s projects and its portfolio companies. The fund’s initiatives and programs launched by the PIF in last year’s edition contributed to strengthening the partnership with the private sector,” Al Rumayyan said.

#2- Say hello to Aseer Investment Co.: PIF announced that its new unit Aseer Investment Company (AIC) has launched and will aim to transform Asir into a tourist destination, according to a statement. “Today, with the commencement of our operations, we pledge to work tirelessly with our partners to make Asir the number one tourist destination in the Kingdom,” AIC Chairman Prince Turki bin Talal said.

It’s already breaking ground: AIC signed a MoU with Syahya for a hospitality project in Aseer, and another with NMR Group for a “co-investment partnership.” AIC has also inked a long-term lease agreement with Aseer municipality. AIC said that details of the agreements would be made public in due course.

AIC plans to invest across 12 sectors, including hospitality, entertainment, education, F&B, technology and retail. The company will work with both Saudi and foreign investors.

#3- Pushing ahead the domestic auto industry: The Kingdom launched its first National Academy for Vehicles and Cars and a new Automotive Manufacturers Association, Industry and Mineral Resources Minister Bandar Alkhorayef said. Electric vehicles will feature prominently in the academy’s priorities, he said. Graduates of the program will be qualified to work at PIF-backed EV maker Lucid and the Kingdom’s first EV brand Ceer, Alkhorayef added.

Exports, exports, exports: The Kingdom is working on building capacities to become a key exporter, he said. The domestic market will remain relatively small when compared with global markets, Alkhorayef said.

#4- And a little bit of mining: The Industry Ministry signed an agreement with the global industrial metals pricing center London Metals Exchange to set up metal warehouses in the Kingdom.

The forum continues today at King Abdulaziz International Conference Center. We’ll have a wrap-up report for you tomorrow.

Tadawul, Nomu closed 4Q 2023 with 14 IPOs, out the 19 regional offerings

Initial public offerings on the Tadawul’s main market raised USD 2 bn in 4Q 2023, according to Ernst & Young’s MENA IPO Eye: Q4 2023 report (pdf). A total of 14 IPOs split between the main and parallel markets accounted for 41% of the USD 4.9 bn in total IPO proceeds raised in the MENA region in 4Q. MENA had 19 IPOs in 4Q of last year.

The breakdown of 4Q listings: Egypt-born oil and gas drilling company Ades Holding raised USD 1.2 bn on the main market, followed by SAL Saudi Logistics Services with USD 700 mn on the main market, while the remaining 12 listings raised USD 140 mn on the parallel market Nomu. Separately, Almujtama Alraida Medical went public on Nomu through a direct listing, meaning it did not raise fresh capital.

The sectors driving the charge in 4Q: Energy companies accounted for 36% of all listings in the Kingdom, followed by transportation (29%) and healthcare at 10%.

A LOOK AHEAD-

The domestic IPO market is still going strong in 1Q 2024 with regional broadcaster MBC debuting on Tadawul last month in a USD 222 IPO.

Offerings set to wrap up this quarter: Avalon Pharma has wrapped up institutional and retail subscriptions and is expected to allocate the offer shares to investors on Thursday, 8 February. Avalon is expected to reign the bell this quarter.

LuLu + Aramco in the pipeline for this year? LuLu Group International is shopping around for bankers for a potential USD 1 bn dual-listing on Tadawul and Abu Dhabi’s ADX in 2H 2024. Aramco also could pull the trigger on what would again be one of the world’s largest-ever share sales as the oil giant looks to revive plans to sell shares in a USD 10 bn secondary offering.

And on Nomu: Kinan Real Estate is set to take to market 3.6 mn shares — good for a 3% stake in the company — with qualified investors expected to place their orders from 25 February to 29 February, prospectus (pdf). This is going to be a secondary sale on Nomu, where the proceeds will be distributed amongst the selling shareholders. Substantial shareholders will have to abide by a 12-months lock-up period from the start of trading where they can’t make any transaction on their shares during that period. The company has hired Saudi Fransi Capital as the lead manager and the financial advisor on the transaction, while STAT is the legal advisor and EY is acting as auditor.

Saudi Electricity books orders worth USD 11 bn for its FCY sukuk issuance

Saudi Electricity has trimmed the yield for its FCY sukuk issuance after receiving over USD 11 bn in orders, signaling strong investor demand, Zawya reports citing news service IFR.The company has yet to say when the roadshow for the sale will end.

Background: The sale is part of a USD-denominated green and / or conventional sukuk program kicked off in March of 2023 and is open to qualified international and local investors. The program has raised USD 2 bn so far.

A multi-tranche sale: The company has lowered the yield for its 5-year sukuk to 100 bps over counterpart US Treasuries, down from 130 bps, while lowering the yield for the 10-year tranche to 115 bps over the benchmark US treasuries, down from 145 bps. Information about how much bonds the company plans to allocate to investors and the timeline wasn’t publicly available.

The potential proceeds will both finance capex spending and, possibly, green projects,the company’s website says.

ADVISORS- The company has appointed Standard Chartered Bank, HSBC Bank, SMBC Nikko Capital Markets, MUFG EMEA, Mizuho International, JP Morgan Securities, Al Rajhi Capital, First Abu Dhabi Bank, Mashreq Bank, Dubai Islamic Bank, KFH Capital Investment and Bank of China as joint managers for the potential offering.

The Defense Ministry is getting missile interceptors from S.Korea under a USD 3.2 bn agreement

Tuesday was another big day for the domestic defense industry as the World Defense show continued. The gathering will wrap tomorrow (Thursday, 8 February). Among yesterday’s highlights:

#1- The Defense Ministry struck a USD 3.2 bn contract with South Korean missile maker LIG Nex1 for the purchase of mid-range-surface-air-to-missiles (M-SAM II), Yonhap News Agency reported yesterday, citing a statement from Korea’s Defense Ministry.

What we know: Seoul’s Defense Ministry said a MoU was signed between the two parties in November. It did not provide details on when the so-called hit-to-kill missile system would be exported to the Kingdom. The missile system is said to provide surface-to-air defense capability at an altitude of about 40 kilometers from artillery and aircraft threats, according to LIG Nex1.

#2- South Korea's Defense Acquisition Program Administration (DAPA) inked an MoU with the Saudi Defense Ministry on joint weapons development, the South Korean news agency added. As part of the agreement, a bilateral committee will be established to research and develop weapons systems.

#3- Saudi Arabian Military Industries (Sami) signaled even more ambitious plans to grow the nation’s domestic defense systems industry, signing agreements with local firms, state news agency SPA reported.

At the top of the list: An MoU with a unit of Al Zamil Industrial Holding set up an industrial complex at Al Kharj near capital Riyadh. The complex — the first of its kind in the Kingdom — will manufacture armed vehicles and land combat systems. It will serve as a main hub for the design and manufacture of 4x4, 6x6, and 8x8 armored vehicles.

Sami is the Public Investment Fund’s national defense and security champion.

#4- South African outfit looks to produce drones here: South African defense firm Milkor has obtained a manufacturing permit from the Kingdom to manufacture and assemble its in-development 380 combat drone as talks continue on a purchase order, the company’s Business Development Manager Harry Cassidy told Breaking Defense. “We are in talks on procurement with high-level Saudi Arabian officials,” Cassidy said. “We have a local office [in Riyadh], which could support full assembly and production” if an agreement is reached on an order, he added.

REMEMBER- The Kingdom has a target of localizing over 50% of its military equipment spending by 2030.

On the sidelines of WDS:

Defense Minister Prince Khalid bin Salman discussed with his Italian counterpart Guido Crosetto boosting cooperation in military industries between the two countries;

National Guard Minister Prince Abdullah bin Abdelaziz discussed potentialpartnershipsin military industries with South Korean National Defense Minister Shin Won-sik.

Jeddah is getting a new stadium + an opera house + an oceanarium

!_StoryDWSek_! Four contracts worth a combined SAR 12 bn

Jeddah Central Development Company (JCDC) has awarded contracts worth a combined SAR 12 bn to four local and foreign contractors for construction projects in Jeddah.

Football stadium + an opera house + an oceanarium: A consortium of China Railway Construction and Sama Construction has secured a contract to build a 45k-seat football stadium. Modern Building Leaders has landed two contracts to build a three-hall opera house and an oceanarium.

The agreements also include some infrastructure and utilities work for the Jeddah central destination project under a contract with China Harbor Engineering Arabia.

Aramco and DHL form supply chain JV

Aramco + DHL team up on new supply chain JV: Oil giant Aramco has formed a joint venture with DHL Supply Chain, dubbed Advanced Supply Management Operations (ASMO), according to a press release. The statement didn’t say how much the new venture will invest or outline a timeline for its plans.

The JV: ASMO is slated to be the first regional hub for end-to-end supply chain services for the energy, chemical, and industrial sectors, and looks to drive efficiencies, savings, and economies of scale in the procurement, storage, and transportation of goods and services within the Kingdom and the region.

DHL is making moves in the region: Last week saw DHL Global Forwarding, the specialized freight arm of DHL Group, complete its full acquisition of shares in Dubai-based freight forwarder Danzas. January 2024 also saw DHL launch its first Boeing 767-300 freighter trip to Qatar’s Hamad International Airport.

Rafael Nadal and Novak Djokovic are among the tennis greats due to compete in the Six Kings slam in Riyadh this October

Six of the world’s top-ranked men’s tennis players will be in town for the 2024 Riyadh Season to compete in the first-ever “Six Kings Slam,” the General Entertainment Authority said yesterday.

What we know: Rafael Nadal, Novak Djokovic, Carlos Alcaraz, Jannik Sinner, Daniil Medvedev and Holger Rune will all be here for the tourney. All athletes have won Grand Slam titles except for Rune, who said he hopes “to win a Grand Slam” this year when asked about his goals for the year.

We’re all waiting to hear Vamos Rafa from the stands for the first time: Nadal, who was named an ambassador for the Saudi Tennis Federation (STF) last month, said he was “very excited to play for the first time in Riyadh,” according to the statement. Djokovic said he was excited to return to the Kingdom after participating in the Riyadh Season Tennis Cup in December. World number 2 Alcaraz won the 2023 cup, beating Djokovic.

The exhibition will likely follow a “two days on, one day off” pattern to save participating stars from being penalized by the ATP Tour, according to The Telegraph. This would see the event split up so games are not played for more than two days at a time, allowing players to dodge new rules that would see them being stripped off their “platinum status” if they take part in unofficial events that run for “three or more consecutive days.”

And that’s not all on the Kingdom’s tennis spree: Jeddah will host the Next Gen ATP Finals, from 2023-2027, the ATP announced last year.

Officials are also trying to land the hosting rights for the 2024 Women’s Tennis Association finals. Retired tennis icons Chris Evert and Martina Navratilova are pushing back against the bid, drawing a smart reply from Princess Reema bint Bandar Al Saud, the Kingdom’s ambassador to Washington. Princess Reema said Evert and Navratilova’s opposition was “based on arguments that are outdated stereotypes and western-centric views of our culture.”

Cabinet approves Kingdom joining IAEA’s agreement on privileges and immunities

Cabinet approved yesterday the Kingdom joining an agreement on privileges and immunities of the International Atomic Energy Agency (IAEA), state news agency SPA reported yesterday. No further details were provided, but the ministers mandated the Foreign Minister to complete necessary procedures to join the agreement.

We’ve been expecting this: An IAEA mission visiting the Kingdom for the first time in November said it showed “commitment to safety for all applications and occurrences of radiation sources in the country.” The visit came a few years after the Kingdom unrolled in 2018 its atomic energy program for peaceful uses.

Also approved at the ministers meeting:

Mandating the Industry and Mineral Resources Minister to discuss and sign a MoU with Algeria on industrial cooperation;
Mandating the Industry Minister to discuss and sign a MoU with the UK for biological, cellular and genetic medicines cooperation;
Mandating the Industry Minister to discuss and sign a MoU with Turkey for mining cooperation
Mandating the Investment Minister to discuss and sign a MoU with Trinidad and Tobago to promote direct investment.

It’s earnings season: Alinma Bank and Arab National Bank

ALINMA BANK-

Alinma Bank’s bottomline rose 34.5% y-o-y in FY 2023 to SAR 4.8 bn, according to a disclosure to Tadawul yesterday. Its total financing and investment income jumped 74% y-o-y to SAR 13.2 bn in the same period on the back of higher investments and financing volume and a rise in income rates.

Dive deep: The bank’s assets rose 18.1% y-o-y last year to SAR 236.7 bn, while investments were up 12.3% y-o-y to SAR 43.2 bn. Client deposits were up 29.4% y-o-y to SAR 187.9 bn.

ARAB NATIONAL BANK-

Arab National Bank (ANB)’s net income rose 32.6% y-o-y in FY 2023 to SAR 4.1 bn in FY 2023 on the back of an increase in commission income and other operating income, according to a disclosure to Tadawul. Net income from financing and investments rose c. 27% y-o-y to c. SAR 7.1 bn in the same period due to a rise in net loans, advances portfolio, and an increase in interest rates.

ANB’s assets rose c. 3.8% y-o-y last year to c. SAR 220.7 bn, while their investments were up c. 13.8% to SAR 46.7 bn. Client deposits grew 7.1% y-o-y in the same period to SAR 165.9 bn.

PIF-owned Alat appoints CEO + Halwani Bros gets new MD

#1- PIF’s recently-launched manufacturing subsidiary Alatnamed Amit Midha (Linkedin) as its new CEO, SPA reported yesterday. Midha helped drive growth in businesses in China, US, India and Singapore. His most recent stunt was at Dell Technologies where he was the President of the Asia Pacific and Japan region for the PC group.

#2- Halwani Bros has appointed Sakhr Jamjoom (LinkedIn) as its new managing director, it said in a disclosure to Tadawul yesterday. Jamjoom, who sits on the company’s board of directors, takes over from Amr Farghal, who resigned earlier. Jamjoom will hold the position from 15 April until the end of the current board’s term in November.

A Grand Slam Kings showdown in Riyadh is everywhere

Riyadh’s hosting of the Six Kings Slam exhibition in October is driving the conversation on Saudi Arabia in the foreign press this morning,with the story getting coverage everywhere: Reuters | AFP | The Associated Press | The Telegraph | The Athletic.

Meanwhile, US Secretary of State Antony Blinken’s brief Riyadh touchdown continued to get coverage, with the Associated Press taking note of the top US diplomat’s plan to press with a ceasefire and post-war planning for the war-torn Gaza.

In Washington: US senators claim that top execs from McKinsey, BCG, and Teneo are not fully cooperating with their investigation into the potential merger of the PGA Tour with the Public Investment Fund’s LIV Golf, Bloomberg reports. “McKinsey and BCG told US lawmakers on Tuesday that their employees in Saudi Arabia could face jail if the firms handed over details of their work for the country’s sovereign wealth fund without approval from the kingdom,” the Financial Times adds.

Neom food company Topian signs agreements to develop local fish farming. PLUS: Healthcare, tech, manufacturing

NEOM-

Topian inks three agreements: Neom food company Topian has landed a contract with the National Aquaculture Group (NAQUA) to develop the local fish farming sector and commercialize NAQUA’s seafood products, Saudi Gazette reports. Topian also signed an agreement with the National Livestock and Fisheries Development Program (NLFDP) to establish a national seafood market, in addition to a separate MoU with Abu-Dhabi based Pure Salmon for the development of a salmon production facility in Neom. There wasn’t publicly available information about the size and the timeline of the projects.

HEALTHCARE-

#1- Dr. Soliman Fakeeh Hospital opened its doors in Riyadh on Monday, according to state news agency SPA. The hospital will include 200 beds, 50 clinics, 10 operating rooms, 10 intensive care units, and six neonatal intensive care units.

#2- Canadian Medical inked a SAR 5.4 mn contract with Arabian Drillingto provide the drilling company with medical services, it said in a disclosure to Tadawul. The contract runs for two years.

SERVICES-

Clean Life has purchased a plot of land for SAR 4.5 mn, which it plans to use for building staff accommodation, it said in a disclosure to Tadawul.

TECH-

Al Moammar Information Systems (MIS) will equip and set up a new data center for Bank Albilad under a five-year SAR 125.4 mn contract, the company said in a Tadawul disclosure. The contract will see MIS equip the new center with “servers, switches, storage capacities, archiving, backup, [and] network security,” in addition to migrating data from an older data center.

MANUFACTURING-

The Saudi Steel Pipe Co. will supply Aramco with steel pipes for its oil and gas activities after signing a one-year contract for SAR 139 mn, according to a disclosure to Tadawul.

FINANCE-

Greenhouse Saudi Arabia can now manage investment and operate funds, after receiving a license from the Capital Market Authority, the authority said in a statement.

Chinese stocks rally after hitting five-year lows

Chinese stocks rally on hopes of regulatory changes: After a turbulent few months that pushed China’s main indices to five-year lows, the country’s benchmark CSI 300 had its best day since late 2022, Bloomberg reports. The rally was fueled by hopes that authorities could introduce more significant support measures that would help the country’s slumping market following reports that Chinese regulators would brief Chinese President Xi Jinping on the market.

Remember: Chinese and Hong Kong stocks have shed USD 6 tn in value since their peak in February 2021 amid the country’s economic slowdown, spiraling property crisis, and cooler relations with the US.

HAPPENING NOW- Asian benchmarks are largely in the green this morning as investors welcome broadly positive earnings as results season grinds on. Futures suggest we can expect more of the same when European and North American markets open later today.

ALSO WORTH NOTING-

#1- OQ preps to IPO two units: Omani state energy firm OQ wants to list its explorationand production and its methanol and liquefied petroleum gas units, having already invited banks to apply for roles within the IPOs. (Bloomberg)

#2- Samsung boss acquitted of financial crimes: Chairman of the South Korean electronics giant, Jay Y Lee, was found not guilty of allegations of fraud and stock manipulation related to a 2015 merger by a Korean court. (Reuters)

TASI	12,071.41	+0.4% (YTD: +0.9%)
MSCI Tadawul 30	1,561.13	-0.01% (YTD: +0.7%)
USD : SAR (SAMA)	3.75 Sell	3.75 Buy
Interest rates	6% repo	5.5% reverse repo
EGX30	27,270.63	-1.4% (YTD: +9.6%)
ADX	9,332.07	-1% (YTD:- 2.6%)
DFM	4,153.74	-1.8% (YTD: +2.3%)
S&P 500	4,954.23	+0.2% (YTD: +3.9%)
FTSE 100	7,681.01	+0.9% (YTD: -0.7%)
Euro Stoxx 50	4,690.87	+0.8% (YTD: 3.8%)
Brent crude	78.59	+0.8%
Natural gas (Nymex)	2.00	-0.5%
Gold	2,051.80	+0.02%
BTC	43,152.40	+1.7% (YTD: +84.9%)

THE CLOSING BELL-

The TASI rose 0.4% yesterday on turnover of SAR 9.4 bn. The index is up 0.9% YTD.

In the green: Saudi German Health (+9.9%), Alhammadi (+7.9%) and 2P (+7.3%).

In the red: Albaha (-6.7%), BSFR (-5.4%) and GIG (-3.7%).

CORPORATE ACTIONs-

Banque Saudi Fransi’s board of directors has proposed a dividend of SAR 1 per share for eligible shareholders for 2H 2023, the bank said in a disclosure to Tadawul yesterday. BSF had distributed SAR 0.95 / share for the first half of the year.

Arab National Bank’s board of directors agreed to distribute dividends of SAR 0.7 per share to eligible shareholders for 2H 2023, with payments to be made on 25 February, it said in a disclosure to Tadawul.

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