The big take-home messages from Davos

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Saudi isn’t slowing down on economic reform, Al Ibrahim says in Davos

Good morning, friends. The domestic news agenda this morning is being driven out of Davos, not Riyadh: Top government officials and business figures are braving the cold and snow to attend the World Economic Forum, which runs through Friday.

We saw three big messages come out of Davos yesterday:

#1- We’re not going to take our foot off the pedal when it comes to economic transformation, Minister for Economy and Planning Faisal Al Ibrahim told Bloomberg in an outdoor, stand-up interview (watch, runtime: 7:21). Al Ibrahim, always well-spoken in engagements with foreign media, thinks “there are a lot of opportunities to look forward to” globally despite macro challenges in many economies and talked up a just economic transition.

Delivery on Vision 2030 is not just key for the economy at home, it’s going to create a stronger region, he said, “and we’re doubling-down on our diversification plans,” including a target to see foreign direct investment account for 5.7% of the economy by 2030. There’s plenty of momentum among foreign investors interested in the Saudi story, he said, as underscored by quarter-on-quarter improvement in FDI throughout last year.

#2- We’ll recognize Israel — if there is peace and a state for the Palestinians. “We agree that regional peace includes peace for Israel, but that could only happen through peace for the Palestinians through a Palestinian state,” Foreign Minister Prince Faisal bin Farhan said on a panel yesterday.

#3- The US doesn’t see what’s being now being called “the Red Sea conflict” becoming aglobal conflict. White House National Security Advisor Jake Sullivan said that how long tensions in the Red Sea last and “how bad it gets” hinge on whether US allies help it pressure Iran to rein-in the Houthis. Sullivan also said Washington wants to see relations between the Arab countries and Israel normalize, but said little of winding down Israel’s war in Gaza.

Also in Davos:

ON ENERGY: Investment Minister Khalid Al Falih highlighted the government’s ongoing commitment to provide “energy solutions, energy reliability and energy affordability to the rest of the world.” Al Falih was speaking at a panel headlined “Gulf Economies: All In” (watch, runtime: 47:48). He said the government is offering what he referred to as a “mix of energy” that would not shun oil and gas and would include green and blue hydrogen among other cleaner fuels

ON FDI: The GCC attracts FDI at more than twice the pace of the global average rate, “when you compare it and normalize it to GDP,” Al Falih said. KSA is at a turning point that would see it draw in higher levels of FDI, highlighting the importance of FDI in bringing “know-how, access to market, and global integration,” he said.

ON THE BRICS: The Kingdom is not a member of the BRICs club just yet, Reuters reported, citing statements by Commerce Minister Majid Al Kasabi during a panel. “Saudi Arabia has been invited to attend BRICs, we have not yet officially joined BRICs,” he said as he clarified where the Kingdom stands after the proposed joining date of 1 Jan expired.

ON REGULATION: Regulators should think smart when deciding on regulations for non-bank financial institutions, Finance Minister Mohamed Al Jadaan said at the Regulating Non-Banks panel yesterday (watch, runtime: 44:09). “We need to be very careful not to apply regulatory frameworks that apply to banks to non-bank financial institutions, because that could potentially kill innovation,” said Al Jadaan.

HAPPENING TODAY in Davos:

Finance Minister Mohammed Al Jadaan will speak about the importance of resilience for businesses to withstand shocks in a session entitled Resilience: What it means and what to do a bout it at 11am KSA.

Minister of State for Foreign Affairs and climate envoy Adel Al Jubair will take to the stage in a session headlined Bold steps for a sustainable MENA at 7:30pm KSA.

PIF WATCH-

#1- More Heathrow shareholders want to exit alongside Ferrovial, and the Financial Times thinks that could cast a shadow over a GBP 2.4 bn agreement that would see the Public Investment Fund and Ardian buy Ferrovial’s 25% stake in the airport. A Canadian pension fund, sovereign fund from Singapore, and a UK pension fund holding a combined 35% are now looking to exit by exercising their tag-along rights.

The catch? PIF doesn’t seem to want more shares, and while Ardian might, it doesn’t have the firepower to buy 35%. “The Saudis plan to stick with their original plan to buy 10 per cent and do not want to increase their stake in the airport beyond this,” the salmon-colored paper reports. The transaction “could collapse if all the shareholders cannot find buyers.” PIF and Ardian could bring in a third investor to help them take on the transaction.

SOUND SMART- If a other shareholder exercises tag-along rights, the buyer must take their shares at the same price it offered other shareholders — or walk away.

#2-PIF is mulling “sizeable investment” in semiconductors + space this year: The Public Investment Fund (PIF) is looking to pour significant capital into both the semiconductor and space industries this year, Communications and Information Technology Minister Abdullah Alsawaha — who is also chairman of the Space Agency — told Bloomberg in an interview yesterday. “They plan to make an announcement on a particular champion within space to lead the Saudi efforts,” he said, declining to provide further details.

How big? He said the Kingdom sees the new space economy as the next trn-USD market. “The Kingdom is very bullish on not only becoming a regional leader in this space but also a global leader. The ambition by 2030 is to definitely establish regional leadership and then move on by 2040 to global leadership,” Alsawaha said.

#3-PGA Tour Commissioner Jay Monahan is reportedly in town to meet with PIF governor Yasir Al-Rumayyan in a bid to reach a definitive agreement over Liv Golf / PGA tour / European tour tie-up, Sports Business Journal reported yesterday, citing unnamed sources. The reported visit comes a few weeks after the PIF and PGA Tour agreed to extend talks into 2024 after failing to agree on merger terms before a 31 December deadline.

CAPITAL MARKETS-

#1- Saudi German Health hires Al Rajhi Capital to quarterback its SAR-denominated sukuk issuance: Tadawul-listed Saudi German Health is gearing up to issue the first tranche of its recently-launched sukuk program through a public offering, it said in a Tadawul regulatory filing. Proceeds from the issuance will be used for general corporate purposes, the statement reads. Al Rajhi is acting as financial advisor and sole arranger on the transaction. The company is yet to announce a timeframe for the sale, which has received Capital Market Authority approval.

The details: The prospectus (pdf) allows for a program of up to SAR 1.5 bn. Subscribers will need to buy blocks of SAR 5k.

#2-Another day, another IPO in the pipeline: Online cosmetics retailer Nice One Cosmeticsis auditioning bankers for a potential Tadawul listing, Bloomberg reported, citing sources it says have knowledge of the company’s plan. Talks are still ongoing with the size and timing of the share sales undetermined, the sources said.

AND- More than 13 Saudi startups are eyeing IPOs in the upcoming two years, Saudi Venture Capital (SVC) Nabeel Koshak told Asharq Business in an interview yesterday, without providing further details.

SPORTS-

#1- IN SPORTS, it was a stunning comeback for the Green Falcons, who topped Oman 2-1 in their 2023 AFC Asian Cup opener yesterday at Qatar’s Khalifa International Stadium. Confusion over the VAR that saw a goal by defender Ali Al Bulayhi disallowed in injury time before it was awarded in the last minutes.

Next up: The national team takes on Kyrgyzstan on Sunday, 21 January, at 8:30 pm KSA.

#2- UFC Saudi Arabia might be pushed back to June as the Kingdom reportedly looks for a “more entertaining fight card,” MMA pundit Ariel Halwani said on MMA Hour.

Not so happy with what’s on the table: “I was told that the reason for the postponement is because they just want — the powers that be in Saudi Arabia — a, how should we put it, more entertaining fight card. A deeper fight card with bigger names on it. [They] weren’t too pleased with what was being offered. So, it is being moved to later in the year, June,” he said.

ALSO WORTH KNOWING-

DATA POINT-Cement exports plunged 34.7% y-o-y in December to 543k tons, according to a report (pdf) from Aljazira Capital.

PSA #1- All government institutions must give their employees four to five-day holidays for each Eid, according to a decision approved by the cabinet yesterday. No further information was provided.

PSA #2- Applications for the Culture Ministry’s emerging new media artists program (pdf)are now open until 29 April. The one-year training program, which will be offered in the Diriyah Art Futures institute, includes personal mentorship from renowned digital artists on new media arts.

WEATHER- Expect clear skies in Madinah today and sun with cloudy periods in Riyadh. Prepare for a little wind in Dammam today, and 25% chance of light rain tomorrow.

Riyadh: 21°C daytime / 14°C overnight
Madinah: 26°C daytime / 15°C overnight
Dammam: 22°C daytime / 13°C overnight

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THE BIG STORY ABROAD

THE BIG STORY ABROAD- The global business press is digesting Donald Trump’s landslide win in the Iowa caucuses yesterday. He was always tipped to come out on top, but a much stronger than expected showing has pundits openly suggesting that his appeal has expanded beyond his base (at least in very white, very Republican midwestern states…) and that Nikki Haley and Ron Desantis are “running out of time” to stop him. (Financial Times | Wall Street Journal | Politico | Axios | Reuters)

Must-read on the topic:A wary world braces for Trump’s return to the White House, in Bloomberg.

IT’S A BIG DAY FOR: Tech nerds, as Samsung holds its Galaxy Unpacked event. Expect a new S24 line with new artificial intelligence capabilities to take center stage. Samsung faithful expecting a big redesign will be as disappointed as were iSheep this past fall with the, let’s say “extreme stability” of Apple’s iPhone design language.

Want more? You can check out Samsung’s Unpacked page or head over to its Youtube channel when the event starts at 10pm UAE time tonight.

Speaking of Samsung: The company is no longer the world’s largest mobile phone maker. Apple, which already led the industry in terms of value, has overtaken Samsung by volume — the first time in a dozen years of heavy competition that the Cupertino company has edged out its Korean rival.

And speaking of Apple: The tech giant is going to let third-party apps in the United States link to their developer’s website to process payments for in-app purchases. While doing so would bypass Apple’s built-in payment system, it will still ask for a percentage of the sale, Bloomberg reports. Apple and Google face pressure from regulators around the world to open their app marketplaces to sideloading and third-party payment methods.

Curious about Apple’s Vision Pro? With the order and delivery window coming up (for readers in the United States only), you might want to head over to The Verge not just for a Samsung recap this evening, but for Victoria Song’s take on Vision Pro after getting to spend 30 minutes hands-on with it. Her take: “I know what I saw, but I’m still trying to figure out where this headset fits in real life.”

AND- Interim BP boss Murray Auchincloss will get the job permanently, the Financial Times reports. Expect an announcement later today.

CIRCLE YOUR CALENDAR-

The Dakar Rallycontinues through Friday, 19 January, with the final stage running from Yanbu to Riyadh.

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.

Drop in SAR-denominated sukuk issuances weighed on global market in 2023, S&P Global says

Saudi, Indonesia played a major role in the decline of local currency-denominated sukuk issuances globally in 2023: A drop in SAR-denominated sukuk issuances last year, along with the concurrent decline in Indonesia, contributed to the 17% y-o-y in global issuances in 2023, according to S&P Global’s latest Sukuk Outlook report.

In context:The government pushed ahead with SAR 45.6 bn in SAR-denominated sukuk issuances in 2023 — a 43% decline from 2022, according to Saudi National Debt Management Center (NDMC) figures.

The rationale- Supporting liquidity in the banking system: The sharp decline in SAR-denominated sukuk issuances is attributed to the government’s plan to preserve liquidity in the banking system rather than tying it up to bonds of varying maturities, wrote Mohamed Damak, S&P’s primary credit analyst. Indonesia is a different story: Jakarta’s drop in issuances is attributed to its fiscal consolidation strategy, prompting the government to take on less debt.

The regional angle: The UAE and Turkey experienced growth in local currency-denominated issuances, primarily propelled by increased government initiatives to prop up their local capital markets. Look for the UAE to see a surge in issuances in the coming years, the report reads.

FCY SUKUK-

The increase in foreign currency-denominated sukuk issuances by KSA, the UAE and Egypt — among others — helped grow total FCY sukuk issuances by a third last year.

In context:KSA accounted for nearly a third (28%) of the total USD 823 bn international sukuk outstanding as of 3Q 2023, Emirates news agency WAM reports quoting Fitch Ratings’ Bashar Al Natoor as saying. Malaysia leads the global market with a 40% share, followed by Indonesia (13%), the UAE (6%), and Turkey (3%).

The outlook- Higher financing needs are expected to trigger market growth: The global foreign currency-denominated sukuk market is expected to expand, propelled by higher financing needs in Riyadh and other Islamic finance countries, S&P’s Damak writes. This is going to be supported by a more predictable monetary environment, considering the expectations for interest rate cuts this year.

2023 in a nutshell: Global sukuk issuance (in local and foreign currencies) declined 6% y-o-y to USD 168 bn in 2023.

THE OUTLOOK: 2024

The rating agency forecasts that global sukuk issuance will total USD 160 bn to USD 170 bn in 2024, including foreign currency-denominated issuance of USD 45 bn to USD 50 bn. Find the government’s calendar for the 2024 sukuk issuances here. “It is also worth noting that Saudi Arabia and its Vision 2030 program boosted issuance in 2023 and will continue to do so in 2024,” according to Damak.

** The first SAR-denominated sukuk issuance in 2024: NDMC closed a SAR-denominated sukuk issuance worth SAR 8.8 bn, it said in a statement yesterday. Some SAR 3.7 bn have been allocated to the first issuance maturing in 2029, along with SAR 2.8 maturing in 2034, and SAR 2.3 bn in 2039.

Regional climate ambitions will prop-up sustainable sukuk: “As Islamic finance remains concentrated in oil exporting countries that aim to reduce their carbon footprints, we [S&P Global] expect the increase in sustainable sukuk issuance will continue.” Green sukuk accounted for the majority of sustainable sukuk issuance in 2023, and the UAE alone accounted for 40% of total sustainable sukuk issuance last year.

Digitalization has the potential to create opportunities by streamlining the issuance of sukuk, Damak writes, adding that this is not possible without the establishment of a standardized interpretation of Sharia principles.

The caveat: “The lack of a standardized interpretation of the Sharia could cause some disruption over the medium term, especially considering the potential adoption of the Accounting and Auditing Organization for Islamic Financial Institutions’ (AAOIFI) Shariah standard 62.”

The draft Standard 62 transfers an avalanche of risk to the sukuk holder: This yet-to-be-finalized standard drafted by AAOIFI mandates the transfer of ownership and associated risks related to the underlying assets to sukuk holders. Consequently, the repayment of the sukuk may increasingly hinge on the performance of the underlying assets, their market valuation, or the decision of sukuk holders to sell these assets to external parties.

A risk to the market? If adopted, the Shariah standard 62 could lead to “conventional fixed income investors might shy away from the sukuk market,” S&P says.

Alujain set to sell 35% stake in NAPTET to LYB’s Basell

Alujain is partially exiting NAPTET: Industrial investment firm Alujain Corporation will sell a 35% stake in National Petrochemical Industrial Company (NATPET) to a Basell International in a USD 500 mn transaction, according to statements by the two companies (here and here). Basell International is a unit of chemical maker LyondellBasell (LYB).

Benefits for all: The JV would help LyondellBasell boost its core polypropylene (PP) business, giving it better access to feedstock and making it easier to sell in the Middle East. The two companies are also looking into setting up a new propylene via propane dehydrogenation (PDH) and PP facility at a NAPTET site. Alujain owns 98.7% of NAPTET — which is valued at SAR 2.5 bn.

What’s PP? a widely used thermoplastic, polypropylene is a key element used in nearly everything from fashion to automobiles. It is also commonly used in consumer goods packaging and the medical industry.

They’re no strangers: Alujain licenses technology from LYB that it uses at a propylene and PP facility in Yanbu Industrial city. NATPET can make about c. 400k tons per year of polypropylene.

Why Alujain wants this: Proceeds of the sale will be used to pay Alujain’s “current and future financial obligations” in line with its strategy and plans, the disclosure by the company said, without providing further details. A report by Argaam said Alujain will use the proceeds to fund current expansion plans to produce high-end co-polymer grades and specialized polypropylene compounds to support local specialty plastics manufacturers.

We were expecting something big from Alujain earlier in the day: Trading was suspended on Alujain’s shares yesterday upon a request by the company to announce a “material event” as per listing rules. It will resume today.

Jeddah’s King Abdulaziz International Airport outperforms peers in the December 2023 GACA report

King Abdulaziz International Airport in Jeddah has claimed the top spot amongst domestic peers among all airports serving 15 mn or more passengers per year, according to the December report of General Authority of Civil Aviation (GACA). King Khalid International Airport in Riyadh came in second.

The methodology: The aviation watchdog evaluates airports on 14 metrics tracking their passengers’ experience. These include: flight delays, check-in, security, passport and customs control, asset availability, flight delays and assistance services for individuals with limited mobility.

The 5-15 mn passengers category: King Fahd International Airport and Prince Mohammed bin Abdulaziz International Airport tied for the top rank in this category.

The 2-5 mn passengers category: Abha International Airport came in first, followed by King Abdullah bin Abdulaziz Airport in Jizan.

The up to 2 mn passengers category: Prince Naif bin Abdulaziz International Airport in Qassim topped the list, outperforming peers in terms of waiting time for departure and delays in arrival flights.

Domestic airports category: Gurayat Airport came in first, surpassing peers in terms of waiting time for departure and delays in arrival flights.

Gov’t cuts ceiling on recruitment fees for domestic workers

The Human Resources and Social Development Ministry slashed the ceiling on recruitment fees for domestic helpersfrom several countries in a bid to ensure “fairness in recruitment costs,” it said in a statement earlier this week.

Here are the new ceilings on hiring fees:

Philippines: SAR 14.7k, down from SAR 15.9k;
Sri Lanka: SAR 13.8k, down from SAR 15k;
Bangladesh: SAR 11.75k, down from SAR 13k;
Kenya: SAR 9k, down from SAR 10.87k;
Uganda: SAR 8.3k, down from SAR 9.5k;
Ethiopia: SAR 5.9k, down from SAR 6.9k.

Not the first time we’re hearing of this: The ministry had previously ordered licensed recruitment firms and offices to determine a maximum price ceiling paid by families for domestic workers from several nationalities. The price ceiling for helpers from Sierra Leone and Burundi was set at SAR 7.5k and 10k for workers from Thailian, exclusive of VAT.

Tighter monitoring: The move comes under the ministry’s efforts to periodically review recruitment fees, stressing the necessity of adhering to the new price caps which will be monitored through the Musaned platform.

Cabinet approves ADBC foray into Kingdom + more holidays for some civil servants

Cabinet approved yesterday licensing Abu Dhabi Commercial Bank (ADCB) to operate in the local market, state news agency SPA reported yesterday. It’s not clear what services ADCB might be licensed to offer, including whether this is a rep office or a full banking license.

More holidays: It also approved an amendment that would see a minimum of four-day holidays and a maximum of five days in Eid Al Fitr and Eid Al Adha for specific government institutions, without providing further details.

Ministers meeting yesterday for the weekly cabinet meeting also approved:

Mandating the Energy Minister to discuss and sign a MoU with the UNEP;
A MoU setting up a strategic partnership council with South Korea;
Mandating the Industry and Mineral Resources Minister to discuss and sign a MoU on the textile industry with India;
Instructing the Environment, Water and Agriculture Minister to discuss and sign with Dutch counterparts a MoU on localizing advanced tech in the sector;
Mandating the governor of SAMA to discuss and sign a MoU on cooperation with Turkey’s central bank.

Sabic taps Soloman Mirza as senior advisor

Petrochemicals giant Sabic has appointed Solomon Mirzaas Senior Advisor to its CFO, his Linkedin account showed. Mirza will advise the CFO on M&A and corporate finance. He has nore than 30 years of experience in the energy and banking industries, including capital markets, capital structuring, and finance. Mirza last served as Riyadh Bank’s managing director after a near nine-year run at Aramco, where he was capital markets group director for the oil giant. His track record includes Aramco’s USD 30 bn IPO and first international bond sale.

Saudi-Emirati JV secures billboard contract from RTA Dubai + stc gets Microsoft EA renewal

ADVERTISING-

Saudi-Emirati JV lands billboard contract from RTA Dubai: The Roads and Transport Authority (RTA) in Dubai has awarded an SAR 534 mn contract to a Saudi-Emirati joint venture to install, operate and maintain 294 advertising billboards in Dubai, according to a Tadawul regulatory filing. The contract runs for 10 years and 5 months.

About the JV: The company is jointly owned by Al Arabia Out of Home Advertising — a subsidiary of Arabian Contracting Service — with a 60% stake, local Mawaqie for Advertising Co. with a 10% stake, and the rest of the shares are owned by an Emirati company, the name of which was not included in the filing.

CONSTRUCTION-

Keir to build housing for employees in Neom: Keir International has inked a SAR 25.2 mn contract with Arail Construction and Industrial to provide housing for non-administrative employees in Sindalah, it said in a disclosure to Tadawul. The six-month contract will see it deliver manufacture, supply, and delivery of housing facilities.

MINING-

Royal Roads Arabia(RRA) has acquired an exploration license for the Jabal Sahabiyah concession in Asir, according to a Tadawul regulatory filing. The project will see RRA commit a minimum of USD 5.5 mn (SAR 20.65 mn) over the first five years of the license. RRA is a 50-50 JV between Toronto-listed Royal Road Minerals (RRM) and MSB Holding. They have the option of renewing the license, awarded by the Industry and Mineral Resources Ministry, every five years for up to 15 years.

SPORTS-

4Globalhas landed contracts worth a combined GBP 800k from unnamed Saudi clients, according to a press release. The first contract commits the sports data firm to providing an assessment of the worth and the operational feasibility of a number of sporting facilities in a bid to draw investments into the undisclosed facilities. A second contract will see the London-listed company recommend investments in the sports sector with the aim of maximizing the client’s ROI. No further information was available.

4GLOBAL Advertising Al Rajhi Capital ALSO ON OUR RADAR Arabian contracting Arail Construction and Industrial Asir Construction Keir International mining MSB Holding NEOM PIF Public Investment Funds Roads and Transport Authority Royal Road Minerals Royal Roads Arabia Saudi German Health sports Telecom

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PLANET FINANCE

Panmure Gordon and Liberum join forces to create the UK’s largest independent broker

London brokers Panmure Gordon and Liberum are merging to create the largest advisor to London-listed companies, the two said in a joint statement yesterday. The all-stock transaction will also see Panmure Liberum become the largest advisor to UK-quoted investment funds. The transaction makes Panmure Liberum the top player by volume in the under GBP 1 bn IPO market over the past five years.

The transaction comes as brokers struggle with dealflow as the IPO market in London remains stagnant, the Financial Times notes. Panmure boss Rich Ricci (pictured above) will lead the merged entity while Liberum founder Shane Le Prevost will be non-executive chairman.

THE LOCAL ANGLE: EFG Holding took a 10% stake in Panmure Gordon back in 2008, exiting it in a 2017 sale to Atlas Merchant Capital (owned by former Barclays chief Bob Diamond) and QInvest. Atlas Merchant remains a shareholder after the merger with Liberum and will provide the new outfit with “substantial financial backing and the liquidity to support its long-term strategic ambitions.”

ALSO WORTH NOTING-

#1- Goldman Sachs and Morgan Stanley are reporting their lowest profits in four yearsafter a slow 2023 for investment bankers weighed on earnings. Blame depressed M&A dealflow and anemic IPO execution.

But, but, but… Top execs at both banks said on earnings calls that they’re seeing signs that corporate appetite to raise capital, do M&As, and go public is on the rise, with both Morgan CFO Sharon Yeshaya and Goldman CEO David Solomon pointing to growing pipelines of transactions. “I’m pretty optimistic,” Solomon said on his results call. “I’m not going to say it’s running back to 10-year averages right away, but it has materially improved.”

#2- Elon Musk wants more shares of Tesla to stick around and help the carmaker tackle AI. Tesla CEO Elon Musk said he would be willing to grow the EV maker into an AI and robotics leader only if he has at least 25% voting control — roughly double his current c.13% stake. He added in a later post that having a voting power of 15% or lower “makes a takeover by dubious interests too easy.” (Reuters)

It would be a shame if something were to happen to your nice company, fellas… Don’t give him the shares? Elon will look to build new things outside Tesla, he warned. “Unless that is the case, I would prefer to build products outside of Tesla,” he wrote on X. Musk is basically asking Tesla to give him the bns of USD he spent on his ill-fated acquisition of Twitter — and then some.

TASI	12,077.58	-0.4% (YTD: +0.9%)
MSCI Tadawul 30	1,568.10	-0.7% (YTD: +1%)
USD : SAR (SAMA)	3.75 Buy	3.75 Sell
Interest rates	6% repo	5.5% reverse repo
EGX30	26,938	+2.6% (YTD: +8.2%)
ADX	9,761.36	-0.2% (YTD: +2%)
DFM	4,082.34	-0.5% (YTD: 0.6%)
S&P 500	4,765.98	-0.4% (YTD: -0.1%)
FTSE 100	7,558.34	-0.5% (YTD: -0.2%)
Euro Stoxx 50	4,446.51	-0.2% (YTD: -1.7%)
Brent crude	USD 77.98	-0.2%
Natural gas (Nymex)	USD 2.90	-12.5%
Gold	USD 2,030.20	-1%
BTC	USD 43,222.79	+1.5% (YTD: 104.1%)

THE CLOSING BELL-

The TASI fell -0.4% yesterday on turnover of SAR 9 bn. The index is up +0.9% YTD.

In the green: GIG (+9.9%), MBC Group (+9.8%) and Saudi German Health (+8%).

In the red: Ataa (-4.4%), Savola Group (-3.4%) and Saudi Kayan (-3.3%).

Asian markets are mixed in early trading this morning ahead of the release today of Chinese economic data and after all three major Us indexes closed Tuesday in the red. Futures point to a weak opening in Europe and on Wall Street later this morning.

CALENDAR

JANUARY

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

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.

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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