Structural reform, Red Sea crisis were big talking points in Davos on day three

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Aramco doubles down on venture capital, Turkish company eyes USD 5 bn steel plant

Good morning, everyone. We hope the workweek has treated you well and that you’re looking forward to the weekend as much as we are.

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ALSO- We launched EnterpriseAM UAE this Monday and are honored that thousands of execs, investors, and diplomats have signed up to receive it. You can subscribe here.

News this morning is still largely dominated by what’s happening on the ground in Davos, but we’ve seen a nice uptick in standard business news, too, as you’ll see below. Expect more of the same today and tomorrow — the gathering waps up on Friday.

We have a full recap in the news well, below, of what happened yesterday.

HAPPENING TODAY: Always well-spoken Economy and Planning Minister Faisal Alibrahim will take to the stage in a session headlined MENA’s Economic Dilemma: Reforming amid uncertainty at 3:15 pm KSA. Egypt’s International Cooperation Minister, Rania Al Mashat, will also be speaking on the panel along with Moroccan Finance Minister Nadia Fettah Alaoui.

TOMORROW: Finance Minister Mohammed Al Jadaan will speak as Davos comes to an end. His panel is headlined The Global Economic Outlook and starts at 1pm KSA

** You can watch select live sessions here and check out the full program here.

WATCH THIS SPACE-

#1- Aramco will pour an additional USD 4 bn to its global venture capital arm, AramcoVentures, more than doubling its capital to USD 7 bn over the next four years, it said in a statement yesterday. The additional funding will boost investments in “new energies, chemicals and the materials transition, diversified industrial businesses, and digital technologies,” it said. Aramco also owns and manages the USD 500 mn Wa’ad Ventures, which focuses on investments in local startups. The story is getting ink in the Financial Times.

Refresher- Aramco Ventures manages three funds including the USD 500 mn Digital / Industrial Fund, USD 1 bn Prosperity7 Ventures Fund, and USD 1.5 bn Sustainability Fund.

#2- Turkey’s Tosyali eyes USD 5 bn steel plant: Turkish steelmaker Tosyali Holding could invest as much as USD 5 bn in a planned steel plant here as part its international growth plans, chairman Fuat Tosyali told Bloomberg on the sidelines of the World Economic Forum (WEF) in Davos.

BACKGROUND- Tosyali inked a MoU last week with the National Industrial Development Center (NIDC) to set up a flat rolled steel complex in Ras Al Khair industrial zone. The facility will produce 4 mn tons per year of hot and cold rolled coil, galvanized coil, and electrical steel for sale to the automotive, machinery and energy sectors.

#3- EFG Holding unit mulls minority stake in e-payment app PayTabs: EFG Finance, the non-bank financial services arm of EFG Holding, might look into acquiring a stake in Saudi-headquartered PayTabs, EFG Finance CEO Aladdin El Afifi told Asharq Business. EFG Finance would consider the option of giving up its 50% stake in PayTabs Egypt — a joint venture between EFG Holding and PayTabs — for a minority stake in the local parent company, El Afifi said. EFG Finance “would like to have a seat at the table” to help accelerate cross-border expansions, he added.

#4- We know more about ADCB’s plans for Saudi: Abu Dhabi Commercial Bank is looking to offer “a comprehensive range services for both corporate and institutional clients, including financing and working capital solutions” under a foreign banking branch license.” The bank is specifically looking to capture a share of the trade and investment flows between the two economies, it said in a statement (pdf).

BACKGROUND- As we reported yesterday, ministers at their weekly cabinet meeting signed off on a license for ADCB.

#5- OPEC left unchanged its global oil demand forecasts for 2024, expecting a “robust growth” in demand for hydrocarbons in 2025 in an early forecast, it said in its monthly report (pdf). It sees demand for oil unchanged this year at 2.2 mn barrels per day. Demand in China and the Middle East will demand additional production capacity in 2025, it said.

Oil prices were largely flat yesterday as a hit to US production on the back of cold weather balanced out energy demand concerns due to a lower-than-expected economic growth in China, Reuters reports. Brent crude futures dipped USD 0.41 to USD 77.88, while US West Texas Intermediate crude futures were up USD 0.16 to USD 72.56.

#6- Work is in progress to integrate the KSA into BRICS, Russian news agency TASS reported yesterday, citing statements by Kremlin spokesman Dmitry Peskov at Davos. “The work on the integration of Saudi Arabia with the BRICS countries continues; we consider it very important,” he said. His statements come one day after Commerce Minister Majid Al Kasabi said the Kingdom has not formally joined BRICS yet, clarifying where it stands after the proposed joining date of 1 January passed.

#7- An adventure hub that looks like an oil rig: The Oil Park Development Co — a subsidiary of the Public Investment Fund (PIF) — will develop an off-shore entertainment destination dubbed The Rig inspired by the Kingdom’s offshore oil platforms, SPA reported yesterday. It will be home to several water-related activities, including a splash park, diving center, e-sports hub, and a multi-purpose area.

PSAs-

#1- Authorities have scrapped a three-year ban on expats who fail to return to the Kingdom before the expiry of their exit and reentry visa, Okaz reported yesterday, citing sources it says have knowledge of the decision. Analysts say the move aims to create an attractive environment for investments and employment.

#2- Some 10k citizens will be able to buy homes at an affordable interest rate of up to 2.59%, according to a National Housing Authority (NHC) statement yesterday.The authority made the initiative available for everyone, scrapping a previously imposed income ceiling for applicants.

First come, first serve: This special rate applies to the first 10k off-plan contracts sealed with four partner banks: Al Rajhi Bank, National Bank of Saudi Arabia, Albilad Bank, and Alawwal Bank.

Locations: Homes on offer are in five suburban and urban communities developed by the Real Estate Development Fund. The fund started taking reservations yesterday through its sales offices. Find out more about the offered projects through this link.

#3- Riyadh will host the first revamped edition of the Supercoppa Italiana today through Monday, 22 January, a statement (pdf) by organizers read yesterday. The competition has been expanded to include the first and second finishers from Serie A and the Coppa Italia instead of a previous format of a one-off match between the winners of the league and cup. The mini-tournament will feature Inter Milan, Lazio, Napoli and Fiorentina.

WEATHER- Expect a delightful day in Riyadh with clear skies and abundant sunshine, with the weather cooling off from last week’s highs. Al Hofuf and Taif should also be clear with some drifting clouds.

Riyadh: 19°C daytime / 12°C overnight
Al Hofuf: 21°C daytime / 12°C overnight
Taif: 22°C daytime / 10°C overnight

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THE BIG STORY ABROAD-

It’s a busy morning in business news, with three stories capturing the attention of journalists around the world.

#1- Stocks and bonds retreated yesterday around the world. Investors are digesting signs that the United States, the European Union, and the UK will not move quickly to slash interest rates. European Central Bank Christine Lagarde set off the selldown as she joined peers around the world in signaling that rates are unlikely to start coming down until summertime, rather than this spring.

Bankers speaking in Davos are singing from the same hymnal on that front, writes Bloomberg, noting, “Everyone from JPMorgan’s Daniel Pinto to Standard Chartered’s Bill Winters to Cantor Fitzgerald’s Howard Lutnick have said they expect monetary policy to ease slower than anticipated by the market.”

The result: The S&P 500, Nasdaq Composite, EuroStoxx 600 and FTSE 100 all fell yesterday, and Asian markets are mixed this morning. Futures suggest mixed openings for major European benchmarks later this morning and a weak open on Wall Street. Notably, Chinese shares are touching a five-year low. (Financial Times | CNBC | Bloomberg)

#2- Iran is opening fire on its neighbors, claiming to fight “anti-Iran terror groups”: Iran has fired missiles and launched drones against targets in Syria, Iraq, and Pakistan in the span of 24 hours, openly claiming responsibility for the operations. It says the missile attacks underscore that it will be “tough and decisive” with its foes, the New York Times reports.

In other regional tensions: The US listed the Houthis as a terror group on the same day that they hit another US-operated ship.

#3- Samsung’s new Galaxy S24 lineup looks set to be a hit thanks to heavy integration of generative AI tech and modest tweaks to its popular designs. The launch of the new handsets is all over the front pages of the global business press, but gadget nerds will want to start with the Verge’s hands-on with the flagship S24 Ultra. (FT | CNBC | Reuters)

Also:

Kuwait has new ministers of oil and finance after the new emir shuffled his cabinet, leaving just three members of the previous cabinet in office. (Bloomberg)
BTC exchange traded funds have attracted nearly USD 900 mn worth of inflows in the first three days of trading. (Financial Times)
A lab in China sequenced the virus that causes Covid two weeks before Beijing told the world about the deadly bug, the Wall Street Journal reports in an exclusive.

CIRCLE YOUR CALENDAR-

Napoli takes on Fiorentina today at 10pm KSA at Al Awwal Park in Riyadh in the opening game of revamped Supercoppa Italiana, while Inter and Lazio will go head to head tomorrow at 10pm KSA.

The Dakar Rallywraps up tomorrow with the final stage running from Yanbu to Riyadh.

The inaugural Saudi India festival seasonis set to kick off tomorrow at 6 pm and wrap up at 10:30 pm KSA, an event co-organized by the Consulate General of India and Goodwill Global Initiative, showcasing performances, documentary screenings, and performances by local and Indian artists. There will also be a B2C exhibition showcasing Indian products. There is no charge for admission.

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 PIF Private Sector Forum will kick off 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.

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.

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

Ministers speak on structural reforms + Red sea shipping crisis

The Kingdom’s structural reforms, Red Sea shipping crisis, clean energy, and oil market prospects led the conversation by participating ministers at the World Economic Forum:

“Not spending [as a show of] resilience can be counterproductive,” Finance Minister Mohammed Al Jadaan said in yesterday’s panel headlined “Resilience: What it means and what to do about it” (watch, runtime:44.57), pointing at the necessity of governments preparing in advance for shocks. “You shouldn’t wait for a shock to act, and even when the shock happens, don’t wait for it to end,” he said. He stressed on the importance of “significant” structural reforms in institutional, fiscal and regulatory fronts and the engagement of the private sector in improving resilience.

The Kingdom is doing a good job at capping inflation, Al Jadaan said, attributing it to “proactive approaches in terms of putting a ceiling on energy prices”. He said the government created a strong social safety net against a money supply surplus in 2021. “We ended up with an inflation that did not exceed 4%, now it is back below 2%,” he said.

Low-income countries need investments and employment, which isn’t possible as they grapple with a debt crunch, he said, calling upon the G20, multilateral institutions and commercial banks to fill in that gap as part of a resilience package against shocks. The package should also include online employment for youth, as there is growing demand for labor in economies such as like China, he said.

SUPPLY CHAIN POLITICS

Global supply chains should be steered by market dynamics, not politics,Industry and Mineral Resources Minister Bandar Alkhorayef said at a panel on “supply chains of the future” (watch, runtime: 46:47). “It’s okay to have politics address areas of national interest and security, but it has to be at a minimum scope,” he said. “Saudi Arabia offers a great combination of enablers such as natural resources and our geographical location. We need to discover new areas where there is development, where there is a competitive way for supply chains to be implemented, rather than doing it from a political view,” he added.

RED SEA CRISIS

A prolonged Red Sea shipping crisiscould lead to tanker shortage due to longer trips and supply setbacks, Aramco CEO Amin Nasser told Reuters on the sidelines of the forum yesterday. “If it’s in the short term, tankers might be available … But if it’s longer term, it might be a problem,” he said. “There will be a need for more tankers and they are going to have to take a longer journey,” he added.

Aramco already has a plan in mind where it detours Bab Al-Mandab through a pipeline connecting its eastern oil facilities with its western coast for a quicker entry to Egypt’s Suez Canal, he revealed. However, some oil products might suffer a delay in deliveries because they’ll have to sail around Africa. He shrugged concerns on Houthis renewing attacks on its facilities due to peace talks between Riyadh and Sana’a.

“We’re incredibly concerned for regional security,” Alkhorayef said on a panel on Tuesday. “Freedom of navigation in the Red Sea impacts all of us. We think the priority needs to be deescalation — deescalation in the Red Sea and in the entire region. Part of that is making sure we engage with all stakeholders.”

A SAY ON SUSTAINABILITY

New sources of energy are a necessity, Minister of State for Foreign Affairs and climate envoy Adel Al Jubair said in a session headlined Bold steps for a Sustainable MENA (watch, runtime: 49:36). “The world’s need for energy keeps expanding and that extra need for energy has to be accommodated through alternative sources of energy. We are big investors [in renewables]. We don’t see ourselves as oil exporters, but as energy exporters,” he said. Some USD 186 bn has been allocated to implement the Saudi Green Initiative, he said as he highlighted the government’s sustainability efforts.

And the government wants to set the ball rolling on how to confront climate change, according to Al Jubair. “We want to set the standards for how countries should conduct themselves and what responsibilities they take on and what objectives they set, and what programs and initiatives they put in place domestically, regionally and internationally to help meet the challenge of climate change,” he said.

LURING BIG TECH

Communications and IT Minister Abdullah Al Swaha wants some Big Tech to expand operations in the Kingdom, Arab News reported yesterday. He has met with CEOs and senior execs from Microsoft, IBM, Amazon, Alibaba Group, and NAX Group at the World Economic Forum in Davos, the newspapaer added.

OTHER HIGHLIGHTS

We’re everywhere: The Kingdom is assessing every sector that holds investment prospects, Investment Minister Khalid Al Falih said in a panel headlined Gulf Economies: All In yesterday (watch, runtime: 47:48). “Based on that we find the right partners, we find the right investment scheme, with the right long-term line of sight, and we invest for those long-term journeys,” he said.

State spending will prime the pump if necessary: “If the private sector doesn’t yet have the appetite for [a project], then government entities like sovereign wealth funds will step in to catalyze those sectors. They will go invest with international partners or do it on their own and then gradually exit and turn it to the private sector fully”.

Acwa Power lays out its 2024 map: Acwa Power will work on developing around 70% of the 20 GW annual green hydrogen production quota set by the PIF, company CEO Marco Arcelli told Asharq Business. The company will also work on building “its share in battery storage,” Arcelli added, without specifying the capacity of the projects. Some unannounced projects are in their advanced stages of talks and will be finalized soon, Arcelli said, adding that one of the main goals during the coming period is to enter the Chinese market. 60% of the company’s total projects are based in Kingdom, while the remaining percentage is distributed among 12 countries led by Morocco, South Africa, Uzbekistan and Indonesia.

Mawani announces 12% record uptick in container handling last year, amongst other things

A good run for Mawani:Saudi Ports Authority (Mawani) saw a 12% y-o-y increase in container handling across its ports to 8.4 mn TEU in 2023, it said in a statement earlier this week. Overall port container handling, including ports that are not managed by Mawani, was up 9% y-o-y to 11.4 mn TEU last year.

And export / import milestones: Exported containers under Mawani grew 15.6% y-o-y to 2.6 mn TEU last year, while imported containers were up 12.7% y-o-y to 2.6 mn tons. Export containers were up 14% (2.74 mn TEU) on an annual basis, while import containers were up 10.5% (2.73 mn TEU).

Decoding industryspeak: A TEU is a twenty-foot equivalent unit — the standard shipping container most everyone is familiar with from seeing them on ships or lashed to the back of transport trucks on the highways.

Tonnage handled fell 5.1% y-o-y to 300.5 mn tons in 2023, down from 316.6 mn tons a year earlier.

Vehicles + passengers: Imported vehicles rose 40.5% to c. 2.5 mn cars. Arriving and departing passengers hit 1 mn on the back of a 41.3% y-o-y growth last year.

Overall a record year: Mawani hit record monthly container handling in May with a 19% y-o-y increase. King Abdulaziz Port in Dammam hit record high monthly handling with 211.2 mn TEUs in July, and Jeddah Islamic Port 511.3mn TEUs in October.

KEC unit awards a central cooling plant project to a City Cool-led consortium

Makarem Almaarifa has awarded a contract to a consortium of three companies to build a central cooling plant for its parent company the Knowledge Economic City (KEC) in Madinah, according to a Tadawul regulatory filing yesterday. The contract runs for a period of 25 years from the start of operations.

The details: This is a build, operate, transfer (BOOT) contract where the consortium will transfer the ownership of the subject cooling facility to KEC’s subsidiary at the end of the agreement. The plant will potentially provide 21k tons of refrigeration, to offer cooling services to the mall, the Hilton tower, along with the residence tower at the Madinah hub area.

Who is doing what: The consortium comprises district cooling and utility services provider City Cool, integrated solutions provider Johnson Controls Arabia (JCA), and EPC solutions provider ADC Energy Systems. City Cool will be responsible for operations, maintenance, and facility management, while Johnson Controls will supply York chillers. ADC Energy is the engineering, procurement, and construction contractor for the cooling facility.

KEC will make monthly payments to the consortium to cover the cost of coolingthroughout the duration of the contract and will not bear any capital expenditure. The value of the monthly payments wasn’t disclosed.

Alinma Bank acquires Tokio Marine’s stake in Arabian Shield Ins.

Ins.

Alinma Bank has doubled its stake in Arabian Shield Ins. to 11.5% after signing an off-market agreement to acquire Tokio Marine & Nichido Fire Ins. ’s full stake, according to two separate disclosures to Tadawul (here, and here). The transaction is expected to close by the end of March 2024, according to a TMNF press release (pdf) yesterday. Information about the size of the transaction wasn’t disclosed.

The rationale:The Tokyo-based company claims that its divestment decision is part of a strategy to improve its capital efficiency and diversify investments. Tokio Marine struck an agreement with Arabian Shield to see the company “continue serving Japanese clients” in Saudi Arabia.

Background: Tokio Marine and PIF-backed Alinma Bank established a JV dubbed Alinma Tokio Marine Company in 2012, which was then merged with Arabian Shield in November 2023. Tokio Marine & Nichido Fire is the non-life ins company of the global player Tokio Marine Holding.

Other shareholders: Saudi National Bank holds a nearly 9% stake in Arabian Shield, followed by Bahrain National Holdings (7.5%) and Sultan Holdings (7%).

IN OTHER M&A NEWS-

Arab Sea Information Systems is mulling the takeover of the Technical BusinessCompany for Communications and Information Technology (Sharek), it said in a statement yesterday.

Ma’aden and GlassPoint unveil first phase of world’s largest solar thermal plant

Meet the world’s largest solar thermal plant: State-owned mining company Ma’aden and American renewables developer GlassPoint have revealed the plans for the first phase of project development for their solar thermal energy (STE) power plant in Ras Al Khair, Zawya reports, citing a statement. An agreement was inked in 2022, and the companies expect to break ground on the project this year.

REFRESHER- STE converts radiant solar energy into heat to be repurposed for power generation, according to research published in Science Direct.

The details: The first stage of the project — which aims to decarbonize Ma’aden’s aluminum supply chain — will use GlassPoint’s Uunify storage system to generate steam that will power Ma’aden’s Alumina refinery at Ras al Khair, the statement notes. The first phase couldsave the company some 12 mn British thermal units of natural gas each year while offsetting some 600k tons of carbon emissions, it says.

Part of a much wider venture: When fully operational, the 1.5 GWth plant — named Ma’aden Solar 1 — will span 7 square kilometers. The project is set to mitigate 10% of Ma’aden’s annual emissions – the equivalent of taking nearly 130k cars off the road.

Ma’aden is on a push to slash its footprint: The company recently signed an agreement with the Saudi Investment Recycling Company to expand its aluminum repurposing capacity in a bid to meet its environmental and decarbonization targets, the company said.

GlassPoint is building a good book of business here: Back in October, GlassPoint signed an agreement with the Investment Ministry to build a solar-powered manufacturing facility in the Eastern Province that will offset the release of 200k tons of carbon emissions each year.

Banque Saudi Fransi hires advisors to quarterback its potential FCY sukuk issuance

BSF gears up for a USD-denominated sukuk issuance: Banque Saudi Fransi (BSF) is planning to debut a USD-denominated sukuk issuance, the lender said in a disclosure to Tadawul yesterday. There’s still no publicly available information about the size and terms of the potential transaction.

What we know: The issuance will be made available for subscription to local and international investors through a special purpose vehicle with proceeds earmarked to support the lender’s Islamic finance business.

ADVISORS- BSF has hired Citigroup Global Markets, Emirates NBD Bank, HSBC Bank, Merrill Lynch International, Mizuho International, and Saudi Fransi Capital as joint lead managers on the transaction.

Not the first: The potential issuance will be part of the lender’s USD 4 bn trust certificate issuance program, rated A- by S&P global. Last year, BSF closed a USD 900 mn RegS senior unsecured sukuk issuance that was 3x oversubscribed. The London-listed issuance offered an annual yield of 4.75% with a five-year maturity.

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Dubai-based Depa Interiors earns big from local hospitality spree + loans for APICO, Keir

TOURISM-

Dubai-based Depa Interiors has landed AED 750 mn contracts in Saudi Arabia this year,with the lion’s share coming from the Public Investment Fund’s Red Sea Global (RSG), it said in a press release. Depa will handle fit-out works for some of RSG’s tourism destinations including Desert Rock Hotel, two other five-star hotels, and Amaala Yacht Club.

MANUFACTURING-

East Pipes Integrated Company for Industry will supply steel pipes for the Saline Water Conversion Corporation under a SAR 1 bn contract, it said in a disclosure to Tadawul yesterday.

TELECOM-

Arabian Internet and Communications Services (Solutions) has landed a SAR 191 mn, three-year contract to renew Microsoft technology licenses for Saudi Telecom (STC), according to a disclosure to Tadawul. STC owns a 79% stake in Solutions.

DEBT-

#1- Keir secures credit facility from Alrajhi Bank: Telecom company Keir International signed a SAR 130 mn shariah compliant banking facility agreement with Alrajhi bank, it said in a disclosure to Tadawul yesterday. The one-year loan will be used for project financing and the issuance of bank guarantees and letters of credits.

#2- APICO seals loan from SIDF: The Arabian Plastic Industrial Company (APICO) has signed a SAR 23 mn credit facility from the Saudi Industrial Development Fund (SIDF), it said in a disclosure to Tadawul yesterday.

ECONOMY-

The Kingdom and the OECD signed an agreement to boost public policy collaboration across economy, taxation, corporate governance and sustainability, Saudi Gazette reported yesterday.

REAL ESTATE

Makkah gets RER services: The Real Estate General Authority unrolled in cooperation with Makkah city officials the Real Estate Registry (RER) platform for the region, it said in a statement yesterday.The city is set to be divided into districts comprising several neighborhoods, with an announcement to be made soon in regards to the neighborhoods that will start registering properties on the new platform.

RER? The National Real Estate Registry Services Company (RER) — wholly owned by the PIF — aims to establish a real estate registry across the Kingdom to make it easier for individuals and corporations to know who has clear title to a property when buying or selling.

TECHNOLOGY-

SPARK set for new manufacturing facility: The King Salman Energy Park (Spark) signed an agreement with Schneider Electric to set up an advanced tech manufacturing facility, it said in a statement picked up by Zawya yesterday. The 20k m2 facility will produce high-tech systems that include Distributed Control Systems (DCS), Emergency Shutdown Systems (ESD) and Compressor Control Systems (CCS). Completion is expected to be completed by the end of 2025.

What’s Spark? Located in the oil-rich Eastern Province, Spark is being developed as an industrial ecosystem and energy hub aimed at boosting the kingdom’s energy value chain.

Investors pour USD 900 mn into BTC ETFs in three days

Crypto game heats up: BTC ETFs raked in almost USD 900 mn in net inflows in just three days of trading after the US Securities and Exchange Commission greenlit the funds last week, the Financial Times reported yesterday. Investment manager giant BlackRock led the pack with USD 723 mn in inflows, while crypto asset manager Grayscale saw outflows totalling USD 1.2 bn of outflows after it turned its BTC fund into an ETF and investors left for new funds with less fees.

TASI	12,063.00	-0.1% (YTD: +0.8%)
MSCI Tadawul 30	1,568.23	+0.01% (YTD: +1.1%)
USD : SAR (SAMA)	3.75 Buy	3.75 Sell
Interest rates	6% repo	5.5% reverse repo
EGX30	26,758	-0.7% (YTD: +7.5%)
ADX	9,724.26	-0.4% (YTD: +1.5%)
DFM	4,090.64	+0.2% (YTD: +0.8%)
S&P 500	4,739.21	-0.6% (YTD: -0.6%)
FTSE 100	7,446.29	-1.5% (YTD: -3.7%)
Euro Stoxx 50	4,403.08	-1% (YTD: -2.6%)
Brent crude	USD 77.88	-0.5%
Natural gas (Nymex)	USD 2.89	+0.7%
Gold	USD 2,010.60	+0.2%
BTC	USD 42,677.81	-1.43% (YTD: +102.4%)

THE CLOSING BELL-

The TASI fell 0.12% yesterday on turnover of SAR 10.7 bn. The index is up 0.8% YTD.

In the green: MBC Group (+9.9%), Riyadh Cables (+6.7%) and Bawan (+5.3%).

In the red: Petro Rabigh (-4.3%), Wataniya (-4.1%) and AICC (-3.8%).

CALENDAR

JANUARY

17-20 January (Wednesday-Saturday): Richard Mille AlUla Desert Polo 2024, AlUla.

19 January (Friday): Saudi India Festival, Diplomatic Quarter, Jeddah.

22-24 January (Monday-Wednesday): Real Estate Future Forum, Riyadh.

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.

FEBRUARY

4-6 February (Sunday-Tuesday): SIMEC International Expo, Riyadh.

8 February (Thursday): end of Tuwaiq International Sculpture Symposium, Riyadh.

5-7 February (Monday-Wednesday): Saudi HORECA 2024, Jeddah.

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

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

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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