{"id":82977,"date":"2024-02-01T00:00:00","date_gmt":"2024-02-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?post_type=issue&#038;p=82977"},"modified":"2025-12-14T17:16:12","modified_gmt":"2025-12-14T17:16:12","slug":"is-aramco-eyeing-a-usd-10-bn-share-sale","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/ksa\/issues\/is-aramco-eyeing-a-usd-10-bn-share-sale\/","title":{"rendered":"Is Aramco eyeing a USD 10 bn share sale?"},"content":{"rendered":"<section id=\"82979\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"82979\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING TODAY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/oil-ministrys-strategy-to-focus-on-price-management-in-2024-2025-but-its-long-term-outlook-on-demand-is-unchanged-report\/\">\r\n                            THIS MORNING: Oil Ministry\u2019s strategy to focus on price management in 2024-2025, but its long-term outlook on demand is unchanged -report                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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                          <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-82979\" class=\"content-area-description single-story post-82979 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-brics tag-enterpriseam-ksa tag-fiscal-policy tag-foreign-direct-investment tag-gstat tag-oil-watch tag-sports tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.c19818ff-4d4a-4f22-9e36-fc0216b28830.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people<\/strong>, and happy almost-weekend.It\u2019s a busy morning for business news, from word that Aramco could be mulling another blockbuster share sale to a USD 8 bn Neom housing contract, and insight into the minds of Saudi shoppers and homebuyers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Let\u2019s jump right in. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>SMART POLICY- The Oil Ministry\u2019s priority for 2024 and 2025 will be price management<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/saudi-arabias-u-turn-capacity-was-least-six-months-making-industry-source-2024-01-31\/\" style=\"\" rel=\"noopener\">Reuters<\/a> writes a day after Aramco said it would cap its maximum sustained production capacity at 12 mn barrels of oil per day (about 1 mn bpd below the target toward which it had been working since 2020). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But that doesn\u2019t mean that the ministry\u2019s long-term view on oil demand has changed<\/strong><strong>.<\/strong> Instead, the decision to cap investment in production capacity reflects a view by policymakers that the current \u201cvast spare capacity was enough to supply markets during crises and further investments in new fields would make no economic sense.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context: <\/strong>The new maximum capacity target is 12 mn bpd \u2014 and we\u2019re currently pumping about 9 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- Cabinet members including Finance Minister Mohamed Al Jadaan have <\/strong><strong>for <\/strong><strong>months now flagged that <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/63cece36-2173-462e-b416-e07d99393408\" style=\"\" rel=\"noopener\">they\u2019re pacing out investment<\/a><\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/63cece36-2173-462e-b416-e07d99393408\" style=\"\" rel=\"noopener\">in some high-profile megaprojects<\/a>, as we\u2019ve previously reported. There\u2019s no backing away from critical investments, and we\u2019ll run <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/9dc9670e-20ae-42f1-b30a-05c65c639ec4\" style=\"\" rel=\"noopener\">modest deficits as necessary<\/a>, but officials have no interest in digging a particularly large hole in the budget for the sake of a couple of years. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- A separate <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/opec-oil-output-falls-january-new-cuts-libya-survey-2024-01-31\/\" style=\"\" rel=\"noopener\">Reuters<\/a><\/strong><strong> poll of more than three dozen analysts sees oil prices staying <\/strong><strong>flat this year. <\/strong>OPEC+ production cuts and tensions in the Red Sea will prop-up pricing, as will turmoil in Libya that has taken production capacity off the board. On the other hand, the International Energy Agency sees total supply rising this year thanks to the US shale industry, Canada, Brazil and Guyana. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OPEC\u2019s production cuts are now registering: <\/strong>Total output <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/opec-oil-output-falls-january-new-cuts-libya-survey-2024-01-31\/\" style=\"\" rel=\"noopener\">fell<\/a> 410k bpd to 23.3 mn in January, the biggest dip since July. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATCH THIS SPACE- Aramco <\/strong><strong>could raise the price<\/strong><strong> of its flagship Arab Light crude for <\/strong><strong>Asian clients next month <\/strong>as market fundamentals recover despite continuing tensions in the Red Sea, Reuters writes after <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/saudi-arabia-may-raise-march-arab-light-price-2024-01-31\/\" style=\"\" rel=\"noopener\">polling traders<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Get ready for weather <\/strong>over the coming 48 hours. The national weather center is <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/2724.pdf\" style=\"\" rel=\"noopener\">warning (pdf)<\/a> that we can expect blowing dust and some rainfall in Riyadh today, snowfall in Tabuk and Al Jouf, and moderately heavy winds in Jeddah. Dammam, meanwhile, will escape with scattered clouds. <\/p>\n<ul>\n<li><strong>Riyadh:<\/strong> 24\u00b0C daytime \/ 12\u00b0C overnight<\/li>\n<li><strong>Jeddah:<\/strong> 24\u00b0C daytime \/ 17\u00b0C overnight<\/li>\n<li><strong>Dammam:<\/strong> 24\u00b0C daytime \/ 15\u00b0C overnight<\/li>\n<\/ul>\n<p class=\"tag-border-left\">FOREIGN POLICY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#1- Are we or aren\u2019t we members of the Brics? <\/strong>South African Foreign Minister Naledi Pandor says Saudi, Iran, Ethiopia, Egypt and the UAE are now full members of the alliance, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-31\/brics-gets-boost-as-saudi-arabia-joins-group-of-emerging-nations?srnd=economics-v2\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported yesterday. Argentina rejected the invitation to join the bloc, Pandor said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But, but, but\u2026<\/strong> Officials in Riyadh said <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/c6ce10aa-ff2d-455a-950f-28e1f9a45e90\" style=\"\" rel=\"noopener\">as recently as two weeks<\/a> ago that it wasn\u2019t a sure thing that the Kingdom would join the alliance, noting that the 1 January date for accession was not a deadline. <strong>No Saudi official has publicly commented <\/strong>in Pandor\u2019s remarks as of dispatch time this morning. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Riyadh will play host to the United Nations Convention to Combat Desertification <\/strong><strong>(UNCCD) COP16 <\/strong>from 2-13 December, a <a target=\"_blank\" href=\"https:\/\/www.unccd.int\/news-stories\/press-releases\/saudi-arabia-host-largest-ever-un-conference-land-and-drought\" style=\"\" rel=\"noopener\">statement by the UNCCD<\/a> read yesterday. The event is set to be the largest-ever meeting of the UNCCD\u2019s 197 members and the first in the Middle East. COP16 will focus on \u201cmobilizing governments, businesses and communities worldwide to accelerate action on land restoration and drought resilience as a cornerstone of food, water and energy security,\u201d the statement read. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#1- <\/strong><strong>Net inflows<\/strong><strong> of foreign direct investment into Saudi dropped 10% q-o-q in 3Q 2023 to <\/strong><strong>SAR 11 bn<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.stats.gov.sa\/en\/news\/514\" style=\"\" rel=\"noopener\">data from<\/a><a target=\"_blank\" href=\"https:\/\/www.stats.gov.sa\/en\/news\/514\" style=\"\" rel=\"noopener\">the General Authority for Statistics<\/a> showed yesterday. Total FDI inflows fell 14.4% q-o-q in Q3, while total outflows of FDI were down 22.5% q-o-q to SAR 5 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- Yesterday\u2019s data dump is the first time Gastat has released FDI numbers <\/strong><strong>since it moved to a new <\/strong><strong>methodology for FDI calculation<\/strong> back in October. The approach, approved by the IMF, takes into account the standards of the Washington-based lender\u2019s balance of payments manual. It will pave the way for \u201cinvestors to make investment decisions based on reliable results that support decision-makers and policymakers,\u201d according to officials.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#2- Saudi-based issuers topped the GCC bond and sukuk market in 2023<\/strong>, raising USD 52.5 bn in 69 issuances, a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/research-and-studies\/markaz-report-gcc-fixed-income-markets-see-203-year-on-year-growth-in-primary-issuances-during-2023-of93kkth\" style=\"\" rel=\"noopener\">report by the Kuwait Financial Center (Markaz)<\/a>. Issuers in the Kingdom accounted for more than 55% of total debt raised in the GCC last year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3-<\/strong><strong>The General Authority for Competition (GAC) has issued a non-objection on 13 <\/strong><strong>\u201c<\/strong><strong>economic concentration requests\u201d since the beginning of the year<\/strong>, M&A Unit Head Talal Alhogail told Asharq News in an interview (<a target=\"_blank\" href=\"https:\/\/asharq.com\/live\/?q=%D8%B7%D9%84%D8%A7%D9%84&replay_video_id=Asharq-2024-01-30_11-30-11\/\" style=\"\" rel=\"noopener\">watch,runtime: 3:00<\/a>). Most were for manufacturers looking to go ahead with mergers or acquisitions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another 20 M&As are now under review<\/strong>, Alhogail added, in sectors including pharma, steel, and cement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some color: <\/strong>Alhogail sees foreign appetite for acquisitions in fashion and healthcare (hospitals and pharmacies). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> WHISPERS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- PIF-backed jet lessor AviLease will \u201cslow its growth\u201d this year <\/strong>as it seeks a safe approach to acquisitions after its USD 3.6 bn acquisition of Standard and Chartered\u2019s aviation finance leasing business in 2022, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/saudi-pif-backed-avilease-expects-slow-growth-this-year-ceo-says-2024-01-31\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported yesterday, citing statements by CEO Ted O'Byrne. \u201cWe're not trying to grow for the sake of growing. This year we expect to, I won't say take a pause, but slow the growth, the glide path, so that we can consolidate the operation,\u201d he told an aviation forum in Dublin.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">SPORTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Coach Roberto Mancini in hot water:<\/strong> Saudi Football Federation head Yasser Al Misehal said coach Roberto Mancini leaving the pitch before the end of a penalty shootout in the Asian Cup was \u201ccompletely unacceptable,\" according to <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/nabd.com\/s\/132046200-279d6f\/%25D9%258A%25D8%25A7%25D8%25B3%25D8%25B1-%25D8%25A7%25D9%2584%25D9%2585%25D8%25B3%25D8%25AD%25D9%2584-%25D9%2585%25D8%25BA%25D8%25A7%25D8%25AF%25D8%25B1%25D8%25A9-%25D9%2585%25D8%25A7%25D9%2586%25D8%25B4%25D9%258A%25D9%2586%25D9%258A-%25D9%2582%25D8%25A8%25D9%2584-%25D8%25B1%25D9%2583%25D9%2584%25D8%25A9-%25D9%2583%25D9%2588%25D8%25B1%25D9%258A%25D8%25A7-%25D8%25A7%25D9%2584%25D8%25AD%25D8%25A7%25D8%25B3%25D9%2585%25D8%25A9-%25D8%25BA%25D9%258A%25D8%25B1-%25D9%2585%25D9%2582%25D8%25A8%25D9%2588%25D9%2584%25D8%25A9&sa=D&source=editors&ust=1706762073702457&usg=AOvVaw1JzB7pX6_GQfYypgREFXSE\" style=\"\" rel=\"noopener\">local media<\/a>. His statements come as Mancini <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/sports.yahoo.com\/saudi-football-chief-brands-mancini-085637688.html&sa=D&source=editors&ust=1706762073702690&usg=AOvVaw10ohYC3Nn0e-cmXrWl8FC6\" style=\"\" rel=\"noopener\">apologized<\/a> for his exit, claiming that he thought \u201cit was finished.\u201d The Green Falcons exited the tourney after losing 2-4 to South Korea, as we <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/enterprise.news\/ksa\/en\/news\/story\/64b025a9-ef9c-437e-b782-524c79b3c9e0&sa=D&source=editors&ust=1706762073702918&usg=AOvVaw1GqmwvVx7Atp08Mvca1Gk6\" style=\"\" rel=\"noopener\">reported yesterday<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>#2- Football GOATs and rivals Lionel Messi and Cristiano Ronaldo will face off on the <\/strong><strong>same <\/strong><strong>pitch today<\/strong> when Inter Miami meets Al Nassr in the Riyadh Season Cup at 9pm KSA. The clash has seen ticket prices for platinum seating soar to USD 11.2k, according to <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/english.alarabiya.net\/sports\/2024\/01\/31\/Ticket-prices-soar-at-11-000-for-Messi-vs-Ronaldo-clash-in-Saudi-Arabia&sa=D&source=editors&ust=1706762073703458&usg=AOvVaw37UFo9Io_lcxUw2LEjLu-C\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. However, fans can still catch the action without breaking the bank with regular ticket prices starting at USD 200.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The national cricket team <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.arabnews.com\/node\/2451386\/cricket&sa=D&source=editors&ust=1706762073703911&usg=AOvVaw2syf5tMHxQU9DZUJKO1vUz\" style=\"\" rel=\"noopener\">is in Thailand<\/a><\/strong><strong>to compete in the cricket ACC T20 Men\u2019s <\/strong><strong>Challenger Cup today <\/strong>where it will play against Cambodia at 4:30am KSA. They will also play Bhutan and Indonesia as they look to secure a spot in the ACC T20 Men Premier Cup in Oman.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Two big stories are vying for your attention this morning<\/strong>, one of them in our neighborhood, and one in the US of A. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Is Egypt about to devalue its currency? <\/strong>Speculation is rampant in Cairo that the Sisi administration is closing in on a much larger financing agreement with the International Monetary Fund, giving it as USD 9 bn or more in funding over a multi-year period in return for a commitment to reforms including devaluing (or floating) its embattled currency. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egyptian shares closed sharply down yesterday <\/strong>as traders \u201cadopted a \u2018sell the fact\u2019 mood, with equities being sold off as rumors about an impending pound depreciation intensify,\u201d <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.bloomberg.com\/news\/articles\/2024-01-31\/egyptian-stocks-plunge-while-devaluation-bets-build-up&sa=D&source=editors&ust=1706762073705029&usg=AOvVaw0g4cGUMWEKqDnx-fBYDYBz\" style=\"\" rel=\"noopener\">Bloomberg<\/a> writes, citing Dubai-based Emre Akcakmak, a portfolio manager at East Capital International. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM Egypt has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/enterprise.news\/egypt\/en\/news\/story\/08f51e36-cd3a-411d-a974-659fd3601066&sa=D&source=editors&ust=1706762073705393&usg=AOvVaw2w_Uw_OUzybQBJlxrw_hqQ\" style=\"\" rel=\"noopener\">reported<\/a><\/strong><strong> that an IMF delegation in Cairo has extended its stay <\/strong><strong>until today <\/strong>in the hope of reaching a staff-level agreement. The news comes as Egypt\u2019s central bank moved to sop up excess local-currency liquidity in the market amid long lines at banks, reminding financial institutions yesterday of longstanding limits on cash withdrawals for both companies and individuals. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The US Federal Reserve has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20240131a.htm&sa=D&source=editors&ust=1706762073705800&usg=AOvVaw1sKDf1Q3jZ1Zp9SG_3BeXZ\" style=\"\" rel=\"noopener\">left rates unchanged<\/a><\/strong><strong> \u2014 and signaled that a rate cut in <\/strong><strong>March is unlikely. <\/strong>It\u2019s the fourth meeting in a row to see the Fed leave rates at a nearly 23-year high of 5.25%-5.50%. \u201cBased on the meeting today, I would tell you that I don\u2019t think it\u2019s likely that the committee will reach a level of confidence by the time of the March meeting,\u201d Fed boss Jay Powell said at a presser after the meeting. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SAMA and the Central Bank of the UAE<\/strong>, which maintain pegs to the USD,have both left their benchmark rates unchanged.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story is on every front page this morning: <\/strong><a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.reuters.com\/markets\/us\/feds-faith-immaculate-disinflation-narrative-put-test-2024-01-31\/&sa=D&source=editors&ust=1706762073706485&usg=AOvVaw11ZuBTzyMUgcOQ87RumbBk\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.ft.com\/content\/b4b16898-5f6a-4b0e-9651-c48dd64400e2&sa=D&source=editors&ust=1706762073706703&usg=AOvVaw0W2c390C_oOTPi1iw06UMB\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.cnbc.com\/2024\/01\/31\/fed-meeting-today-live-updates.html&sa=D&source=editors&ust=1706762073706951&usg=AOvVaw1Ouq8FEzFbLSpCwSH97IHa\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.wsj.com\/livecoverage\/fed-meeting-fomc-interest-rate-january-2024&sa=D&source=editors&ust=1706762073707145&usg=AOvVaw3jxnn3ccQOHV61j9ZgRgRD\" style=\"\" rel=\"noopener\">WSJ<\/a> | <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/apnews.com\/live\/federal-reserve-interest-rate-updates&sa=D&source=editors&ust=1706762073707304&usg=AOvVaw2-iwYbZF3NL1nktDMnl5JS\" style=\"\" rel=\"noopener\">Associated<\/a><a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/apnews.com\/live\/federal-reserve-interest-rate-updates&sa=D&source=editors&ust=1706762073707432&usg=AOvVaw1sd8FKkTOVNgKxkEO1-gMl\" style=\"\" rel=\"noopener\">Press<\/a> | <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.nytimes.com\/live\/2024\/01\/31\/business\/fed-meeting-interest-rates&sa=D&source=editors&ust=1706762073707579&usg=AOvVaw2jzmT4txQJfEhSU3pSqffu\" style=\"\" rel=\"noopener\">NYT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.bloomberg.com\/news\/articles\/2024-01-31\/fed-holds-rates-steady-and-inches-closer-to-cutting-in-future&sa=D&source=editors&ust=1706762073707760&usg=AOvVaw2fI_dsSYRC71GqD4f9Hnjb\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- On the issue of regional tensions and the Red Sea:<\/strong><\/p>\n<ul>\n<li><strong>Iran has threatened a \u201cdecisive response\u201d if the US strikes its \u201cterritory, or its <\/strong><strong>interests <\/strong><strong>or citizens abroad,\u201d<\/strong> Iran\u2019s UN Ambassador Amir Saeid Iravani said, according to <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/en.irna.ir\/news\/85371112\/Any-attack-on-country-will-be-met-with-decisive-response-Iran&sa=D&source=editors&ust=1706762073708340&usg=AOvVaw3v1MlPruDoxEk1pxp9ebbU\" style=\"\" rel=\"noopener\">Iranian state media<\/a>. The statement came as the US Navy <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/twitter.com\/CENTCOM\/status\/1752765805501284588&sa=D&source=editors&ust=1706762073708567&usg=AOvVaw1YuiRBfVwS7Yj1auc2QEk8\" style=\"\" rel=\"noopener\">launched another attack<\/a> against Houthi infrastructure in Yemen.<\/li>\n<li><strong>The European Union is set to send ships into the Red Sea by mid-February<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.reuters.com\/world\/europe\/eus-borrell-hopes-lead-eu-red-sea-mission-will-be-known-soon-2024-01-31\/&sa=D&source=editors&ust=1706762073708896&usg=AOvVaw0S1V6GiLe3goqhVw7NQmZS\" style=\"\" rel=\"noopener\">Reuters<\/a> writes, in a bid to help deter Houthi attacks on shipping. EU forces will not participate in attacks on Houthi positions, the bloc\u2019s foreign policy chief added.<\/li>\n<\/ul>\n<p class=\"tag-border-left\">MORNING MUST READ- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It hurts \u2014 physically and psychically \u2014 to make Tom Friedman a Morning Must Read, <\/strong><strong>but\u2026 <\/strong>The New York Times columnist has articulated what he sees as a three-pronged \u201cBiden Doctrine\u201d that he believes will shortly become the core of American foreign policy toward our part of the world. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why you should care: <\/strong>Friedman is now seen in Western policymaking circles as relevant in a way that he hasn\u2019t been in more than two decades, thanks to his columns in the wake of the Hamas attack on Israel and the latter\u2019s invasion of Gaza.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Based on his reporting, Friedman thinks <strong>the three points of the so-called Biden Doctrine will <\/strong><strong>be:<\/strong><\/p>\n<ul>\n<li><strong>Aggressively contain Iran<\/strong>, including \u201crobust military retaliation against Iran\u2019s proxies and agents in the region\u201d for stepping out of line. <\/li>\n<li><strong>Create a Palestinian state: <\/strong>\u201cAn unprecedented US diplomatic initiative to promote a [demilitarized] Palestinian state \u2014 NOW\u201d is in the works, he thinks. <\/li>\n<li><strong>\u201cA vastly expanded US security alliance with Saudi Arabia<\/strong>, which would also involve Saudi normalization of relations with Israel,\u201d would be the capstone. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>READ:<\/strong><a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.nytimes.com\/2024\/01\/31\/opinion\/biden-iran-israel.html?searchResultPosition%3D1&sa=D&source=editors&ust=1706762073710209&usg=AOvVaw1EyzSsjR7lKCviw1oN1kF6\" style=\"\" rel=\"noopener\">A Biden Doctrine for the Middle East is forming. And it\u2019s big.<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Filipino exporters are coming to town next month: <\/strong>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, <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.arabnews.com\/node\/2449066\/world&sa=D&source=editors&ust=1706762073710673&usg=AOvVaw1AzSBZQA-pMDF9gR4vkwtZ\" style=\"\" rel=\"noopener\">Arab News<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.experiencealula.com\/en\/alula-moments\/sports-events-in-alula\/alula-tour&sa=D&source=editors&ust=1706762073710961&usg=AOvVaw0lB7DjA6d58Qwx5VSYp-01\" style=\"\" rel=\"noopener\">The AlUla Tour 2024<\/a><\/strong><strong> will wrap up on 3 February.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the mood for some Picasso? <\/strong>Riyadh will host the international interactive art exhibition <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.arabnews.com\/node\/2451376\/saudi-arabia&sa=D&source=editors&ust=1706762073711266&usg=AOvVaw2djAIlJmeqwSXTyJSqbyUr\" style=\"\" rel=\"noopener\">Imagine Picasso<\/a> starting Saturday, 3 February, and running for one month. The exhibition will feature projections of 200 of Pablo Picasso\u2019s most famous works, pulled from the collections of museums around the world.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The PIF Private Sector Forum takes place in Riyadh <\/strong>on Tuesday, 6 February to Wednesday, 7 February, the PIF said on <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/twitter.com\/PIF_en\/status\/1746524937408368742&sa=D&source=editors&ust=1706762073711651&usg=AOvVaw0O2Hu-MFfZQT_Bzo9Qw6aq\" style=\"\" rel=\"noopener\">Linkedin<\/a>. The event will bring together the fund, portfolio companies, private sector and others to help advance economic growth.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Hail Toyota International Rally which will kick off on 8 February<\/strong> and wrap up on 10 February. You have until Saturday, 27 January to <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/saudi-championship.samf.gov.sa\/%25D8%25A7%25D9%2584%25D8%25A8%25D8%25B7%25D9%2588%25D9%2584%25D8%25A7%25D8%25AA-%25D9%2588%25D8%25A7%25D9%2584%25D8%25AA%25D8%25B3%25D8%25AC%25D9%258A%25D9%2584-2024&sa=D&source=editors&ust=1706762073712042&usg=AOvVaw2iR_VlZFAd6NU89oelOVH5\" style=\"\" rel=\"noopener\">register<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.scmf.events\/&sa=D&source=editors&ust=1706762073712332&usg=AOvVaw2RZhog78jsxiAh7TfjVi3Z\" style=\"\" rel=\"noopener\">Saudi Capital Market Forum<\/a><\/strong><strong> will kick off on Monday, 19 February<\/strong> and wrap up the next day.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riyadh will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/dust.ncm.gov.sa\/register\/&sa=D&source=editors&ust=1706762073712641&usg=AOvVaw2ngjPfArRmMhGtwTeLicoM\" style=\"\" rel=\"noopener\">International Conference on Sand and Dust Storms in the Arabian<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/dust.ncm.gov.sa\/register\/&sa=D&source=editors&ust=1706762073712765&usg=AOvVaw3erllmWgFlPloZ0rGYJn65\" style=\"\" rel=\"noopener\">Peninsula<\/a><\/strong>from 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. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tickets are on sale for the 2024 Saudi Arabian Grand Prix<\/strong>, scheduled for Jeddah from 7-9 March. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riyadh will host a World Economic Forum <\/strong>special meeting on 28-29 April.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/brics\/\">BRICS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/fiscal-policy\/\">fiscal policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/foreign-direct-investment\/\">foreign direct investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/gstat\/\">GSTAT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/oil-watch\/\">oil watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/sports\/\">sports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/what-were-tracking-today\/\">WHAT WE\u2019RE TRACKING TODAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"82980\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"82980\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">IPO WATCH<\/p>\r\n         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data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/is-aramco-eyeing-another-global-scale-share-sale\/2784-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2784.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2784.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2784.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2784.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-82980\" class=\"content-area-description single-story post-82980 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-aramco tag-enterpriseam-ksa tag-ipo-watch tag-oil-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.1ac14994-7fe1-4aab-b594-19ee414960b4.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Aramco could pull the trigger this month on what would again be one of the world\u2019s <\/strong><strong>largest-ever share sales <\/strong>as the oil giant looks to revive plans to sell shares in a secondary offering, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-31\/saudi-arabia-is-said-to-weigh-reviving-aramco-share-sale?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>Bankers working on the potential transaction are reportedly looking to raise at least SAR 40 bn (USD 10 bn) in proceeds from the potential follow-on offering on the local exchange, the business information service reports, citing unnamed sources it says are familiar with the matter. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we don\u2019t know: <\/strong>The size of the stake it intends to float, a timeline for the potential transaction, who\u2019s advising, whether the sale will be open to retail investors\u2026<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our math: <\/strong>Aramco would have to float 1.3 bn shares (or a bit more than 0.5% of the company) to raise SAR 40 bn at yesterday\u2019s closing share price. Aramco shares closed the day down 2.2% at SAR 30.60 yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>The idea of selling more shares first surfaced in 2021, when CrownPrince and Prime Minister Mohammed bin Salman said the government would sell more shares in the oil giant, with proceeds earmarked for the Public Investment Fund. Aramco raised USD 29.4 bn on Tadawul in 2019 in what remains the biggest IPO in history. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uh, Enterprise? What\u2019s a \u201csecondary offering\u201d? <\/strong>A primary offering of shares is when a company\u2019s shareholders agree to create new shares and sell them. In that case, the proceeds from the sale go to the company to use as it sees fit \u2014 usually for growth. A secondary sale is when one or more existing shareholders decide to sell shares they already hold. In that case, cash proceeds usually go into the selling shareholder\u2019s pocket unless they agree specifically to reinject a portion of the capital into the company. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The 2019 IPO in a nutshell: <\/strong>The world's largest oil company floated a 1.5% stake for a top of the range price of SAR 32 a piece on Tadawul in <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-12-05\/saudi-aramco-raises-25-6-billion-in-world-s-biggest-ipo\" style=\"\" rel=\"noopener\">December 2019<\/a>, raising USD 25.6 bn before exercising its \u201cgreenshoe option\u201d for an over-allotment of shares that earned the company USD 29.4 bn in total proceeds in <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/idUSKBN1ZB03C\/#:~:text=Litigation-,Saudi%20Aramco%20raises%20IPO%20to%20record,by%20over%2Dallotment%20of%20shares&text=DUBAI%20(Reuters)%20%2D%20State%2D,to%20a%20record%20%2429.4%20billion.\" style=\"\" rel=\"noopener\">January 2020<\/a>.<strong> The transaction valued the company at<\/strong><strong>USD 1.87 <\/strong><strong>tn, after selling a total of 3.45 bn shares. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>KPIs for 3Q 2023:<\/strong> The oil giant\u2019s bottom line rose 27.5% y-o-y to SAR 354.5 bn in 9M 2023, and 23% y-o-y to SAR 122.2 bn in 3Q 2023, according to the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/2774.pdf\" style=\"\" rel=\"noopener\">company\u2019s latest earnings release (pdf)<\/a>. The company has also earmarked SAR 73.2 bn to base dividends payouts in 3Q 2023. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ownership structure: <\/strong>The government is currently majority shareholder and the only substantial shareholder of the oil giant with a 90.2% stake, while 1.5% is floated on the market and the remaining shares are held by non-substantial holders (those who own less than 5% each). Foreign shareholders have in their hands just 0.4% of the company\u2019s shares. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/aramco\/\">Aramco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/oil-watch\/\">oil watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"82982\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"82982\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/aster-dm-healthcare-eyes-expansion-in-saudi-dual-listing-of-gcc-unit-on-tadawul\/\">\r\n                            Aster DM Healthcare eyes expansion in Saudi, dual listing on Tadawul                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" 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data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"418.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/418.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/418.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-82982\" class=\"content-area-description single-story post-82982 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-healthcare tag-ipo-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.45316dd4-8aab-4a1e-beb3-3adbafd212d2.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Dubai-based<\/strong><strong>, BSE-listed healthcare provider Aster DM Healthcare is planning a dual <\/strong><strong>listing of its GCC unit in Saudi Arabia<\/strong><strong> and the UAE <\/strong>within the next three to five years, chairman and managing director Azad Moopen told CNBC Arabia in an interview (<a target=\"_blank\" href=\"https:\/\/www.cnbcarabia.com\/118943\/2024\/1\/30\/%D9%85%D8%A4%D8%B3%D8%B3-%D9%88%D8%B1%D8%A6%D9%8A%D8%B3-%D9%85%D8%AC%D9%84%D8%B3-%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-Aster-DM-%D9%84%D9%84%D8%B1%D8%B9%D8%A7%D9%8A%D8%A9-%D8%A7%D9%84%D8%B5%D8%AD%D9%8A%D8%A9-%D9%84%D9%80-CNBC-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9:-%D9%86%D8%B9%D8%AA%D8%B2%D9%85-%D8%A7%D9%84%D8%A5%D8%AF%D8%B1%D8%A7%D8%AC-%D8%A7%D9%84%D9%85%D8%B2%D8%AF%D9%88%D8%AC-%D9%81%D9%8A-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D9%88%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D9%81%D9%8A-%D8%BA%D8%B6%D9%88%D9%86-3-%D8%A5%D9%84%D9%89-5-%D8%A3%D8%B9%D9%88%D8%A7%D9%85-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84%D8%A9\" style=\"\" rel=\"noopener\">watch, runtime: 5:26<\/a>). Investors holding a 65% stake will be among the sellers, Moopen said, adding that his family aims to maintain its stake and sell a few shares.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context:<\/strong> Aster <a target=\"_blank\" href=\"https:\/\/www.asterdmhealthcare.com\/newsroom\/detail\/aster-to-separate-its-india-and-gcc-businesses-to-unlock-value-announces-agreement-for-fajr-capital-led-consortium-to-invest-in-aster-gcc\" style=\"\" rel=\"noopener\">agreed last year to sell a 65% stake in its Gulf business<\/a> to a consortium led by Dubai-based private equity firm Fajr Capital for USD 1 bn as it looks to spin off the unit from its Indian parent company. The consortium also includes UAE federal sovereign wealth fund Emirates Investment Authority, Al Dhow Holding Co, Wafra International Investment Co and the Olayan family's Hana Investment. Moopen told CNBC Arabia that he expects the sale to close in the coming weeks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expansion in the Kingdom is on the cards: <\/strong>\u201cWe\u2019re focusing now on Saudi Arabia, where there is a gap between supply and demand, and we hope to fill part of it especially in pharma,\u201d he said. He said the healthcare group is earmarking USD 100 mn in debt financing to push ahead its growth here, \u201cyet more is needed.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aster aims to open 250 pharmacies across the country<\/strong> in the next three to five years, he said, adding that the company is also looking to open hospitals and clinics as part of its expansion.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Astor\u2019s GCC footprint includes 15 hospitals<\/strong>, 118 clinics and 276 pharmacies in the UAE, Saudi Arabia, Qatar, Oman, Bahrain and Jordan. The 218-bed <a target=\"_blank\" href=\"https:\/\/www.asterdmhealthcare.com\/global-network\/hospital?cityid=5&amp;countryid=1&amp;tx_globalnetwork_all%5Baction%5D=show&amp;tx_globalnetwork_all%5Bcontroller%5D=Country&amp;cHash=94ce927f112993ff12df6bee52ea68ac\" style=\"\" rel=\"noopener\">Aster Sanad<\/a> in Riyadh is its only Saudi hospital.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> Our friends at <strong>HSBC Middle East<\/strong> are sell-side advisors on the spinoff of the GCC business alongside <strong>Moelis &amp; Company<\/strong> and <strong>Credit Suisse. <\/strong>The transaction is expected to close by March. <a target=\"_blank\" href=\"https:\/\/www.asterdmhealthcare.com\/fileadmin\/user_upload\/Investor_Presentation_02.pdf\" style=\"\" rel=\"noopener\">You can check out the investor presentation for the spinoff here (pdf)<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"82984\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"82984\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">REAL ESTATE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/neom-set-to-tender-usd-8-bn-residential-project\/\">\r\n                            Neom set to tender USD 8 bn residential project                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/neom-set-to-tender-usd-8-bn-residential-project\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/neom-set-to-tender-usd-8-bn-residential-project\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/neom-set-to-tender-usd-8-bn-residential-project\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Neom set to tender USD 8 bn residential project&url=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/neom-set-to-tender-usd-8-bn-residential-project\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/neom-set-to-tender-usd-8-bn-residential-project\/&title=Neom set to tender USD 8 bn residential project\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Neom+set+to+tender+USD+8+bn+residential+project+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F02%2F01%2Fneom-set-to-tender-usd-8-bn-residential-project%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/neom-set-to-tender-usd-8-bn-residential-project\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2742.jpeg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"82985\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/neom-set-to-tender-usd-8-bn-residential-project\/2742-jpeg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2742.jpeg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2742.jpeg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2742.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2742.jpeg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-82984\" class=\"content-area-description single-story post-82984 post type-post status-publish format-standard has-post-thumbnail hentry category-real-estate tag-alfanar-global-development tag-almutlaq-real-estate-investment-company tag-enterpriseam-ksa tag-gigaprojects tag-megaprojects tag-neom tag-nesma-holding-company tag-real-estate tag-tamasuk wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.ca5314fd-5cda-4b88-be04-5da8b99d06b1.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Neom prepares to tender second phase of worker accommodation project: <\/strong>Neom is set to issue a request for proposals (RFP) for a contract to develop the second phase of its workers\u2019 accommodation project, <a target=\"_blank\" href=\"https:\/\/www.meed.com\/neom-tenders-8bn-ppp-deal-for-community-housing\" style=\"\" rel=\"noopener\">Meed<\/a> reported yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> A source close to the matter told Meed that the second phase of the residential development will include 20 \u201cvillages,\u201d each worth around USD 400-500 mn for a total of USD 8 bn. The project is set to span a built-up area of about 240k sqm, enough to include 10k accommodation units each. <strong>No timeline for the tender or the project was disclosed.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Phase one concluded in June 2023: <\/strong>Neom\u2019s first stage of the community villages PPP scheme, which was announced in <a target=\"_blank\" href=\"https:\/\/www.meed.com\/local-firms-win-neom-housing-ppp-contracts\" style=\"\" rel=\"noopener\">October 2022<\/a>, ended in June of last year. It was worth a total of USD 5.6 bn (SAR 21 bn). The agreement included ten villages. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who were the preferred bidders then?<\/strong> They included local companies Alfanar Global Development, Almutlaq Real Estate Investment Company, Nesma Holding Company and Tamasuk, among others. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> Accounting giant Deloitte and infrastructure consulting service provider Aecom are advising Neom on the PPP housing transactions.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/alfanar-global-development\/\">Alfanar Global Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/almutlaq-real-estate-investment-company\/\">Almutlaq Real Estate Investment Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/gigaprojects\/\">Gigaprojects<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/megaprojects\/\">megaprojects<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/neom\/\">NEOM<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/nesma-holding-company\/\">Nesma Holding Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/real-estate\/\">Real Estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/tamasuk\/\">Tamasuk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"82986\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"82986\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">REGULATION<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/proposed-rule-change-aims-to-make-it-easier-for-govt-agencies-to-tender-procure\/\">\r\n                            With proposed rule change, the Finance Ministry is aiming make it easier for Saudi gov\u2019t agencies to tender, procure                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/proposed-rule-change-aims-to-make-it-easier-for-govt-agencies-to-tender-procure\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/proposed-rule-change-aims-to-make-it-easier-for-govt-agencies-to-tender-procure\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/proposed-rule-change-aims-to-make-it-easier-for-govt-agencies-to-tender-procure\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Proposed rule change aims to make it easier for gov\u2019t agencies to tender, procure&url=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/proposed-rule-change-aims-to-make-it-easier-for-govt-agencies-to-tender-procure\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/proposed-rule-change-aims-to-make-it-easier-for-govt-agencies-to-tender-procure\/&title=Proposed rule change aims to make it easier for gov\u2019t agencies to tender, procure\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Proposed+rule+change+aims+to+make+it+easier+for+gov%E2%80%99t+agencies+to+tender%2C+procure+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F02%2F01%2Fproposed-rule-change-aims-to-make-it-easier-for-govt-agencies-to-tender-procure%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/proposed-rule-change-aims-to-make-it-easier-for-govt-agencies-to-tender-procure\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-82986\" class=\"content-area-description single-story post-82986 post type-post status-publish format-standard hentry category-regulation tag-enterpriseam-ksa tag-procurement tag-regulation tag-tenders wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.f7368382-a9c4-448d-b592-46f559ca491c.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Finance Ministry could introduce amendments to the executive bylaws of its <\/strong>government tenders and procurement law in a bid make it easier for government agencies to implement projects abroad and to close public construction works, a <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/bdzbf7sx\" style=\"\" rel=\"noopener\">document on the proposed changes (pdf)<\/a> shows. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>F<\/strong><strong>resh rules: <\/strong>Government entities will, if the changes go through, have the freedom to waive requirements that bidders provide preliminary or final financial guarantees \u201cdepending on what [the agency] sees as of best interest.\u201d The changes would also give it flexibility on final guarantees and deadlines provided it makes clear the requirements in its initial tender documents. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Changes to advance payments:<\/strong> Governmental bodies would be allowed to disburse an advance payment of no more than 30% of the total contract for projects and purchases abroad, the amendments showed. An option to disburse an advance payment of no more than 10% of the total contract for projects and purchases in the Kingdom was left unchanged. Deposits are only made when contractors provide guarantees for the deposits; agencies cannot make deposits on extensions or additional works. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And arbitration:<\/strong> The rules would remove a requirement that theFinance Minister approve clauses on arbitration for overseas contracts on contracts worth less than SAR 10 mn. Both parties can agree on arbitration clauses regardless of the contract\u2019s value. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The gov\u2019t wants to know what the public thinks:<\/strong> The Finance Ministry has put its proposed rules up for public consultation on the public consultation platform <a target=\"_blank\" href=\"https:\/\/istitlaa.ncc.gov.sa\/ar\/Pages\/default.aspx\" style=\"\" rel=\"noopener\">Istitlaa<\/a>. Stakeholders have until 12 February to submit comments.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/procurement\/\">procurement<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/regulation\/\">REGULATION<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/tenders\/\">Tenders<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"82987\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"82987\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">REAL ESTATE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/increasing-supply-could-make-home-ownership-more-affordable-pwc-report\/\">\r\n                            Increasing supply could make home ownership in Saudi Arabia more affordable                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/increasing-supply-could-make-home-ownership-more-affordable-pwc-report\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/increasing-supply-could-make-home-ownership-more-affordable-pwc-report\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/increasing-supply-could-make-home-ownership-more-affordable-pwc-report\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Increasing supply could make home ownership more affordable \u2013PwC report&url=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/increasing-supply-could-make-home-ownership-more-affordable-pwc-report\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/increasing-supply-could-make-home-ownership-more-affordable-pwc-report\/&title=Increasing supply could make home ownership more affordable \u2013PwC report\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Increasing+supply+could+make+home+ownership+more+affordable+%E2%80%93PwC+report+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F02%2F01%2Fincreasing-supply-could-make-home-ownership-more-affordable-pwc-report%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/increasing-supply-could-make-home-ownership-more-affordable-pwc-report\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-82987\" class=\"content-area-description single-story post-82987 post type-post status-publish format-standard hentry category-real-estate tag-construction tag-enterpriseam-ksa tag-majed-bin-abudllah-al-hogail tag-municipal-and-rural-affairs-and-housing-ministry tag-pwc tag-real-estate wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.18df1fb9-b5f1-43b5-af4d-71173717bee0.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A rise in the supply of residential units is poised to make them more affordable to <\/strong><strong>citizens and foreign investors<\/strong>, ultimately increasing home ownership rates, said PwC partners in <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/2728.pdf\" style=\"\" rel=\"noopener\">a report (pdf)<\/a> on Sunday. The government is set to make available 300k new residential units in three cities by 2025, said Minister of Municipal and Rural Affairs and Housing, Majed bin Abudllah Al Hogail, and there are now 141k units under construction across the Kingdom.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Off-plan models contribute to affordability:<\/strong> The report claims that the model, under the government\u2019s housing program, has contributed to speeding up home ownership, reducing costs as compared to ready-made units, and is boosting supply by stimulating competition between real estate developers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Regulating the off-plan industry:<\/strong> The government has taken strides to better regulate the off-plan sale and rent industries. The <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/2803.pdf\" style=\"\" rel=\"noopener\">Wafi programme (pdf)<\/a>, launched in 2019, regulates off-plan property sales through a set of rules and systems that hold both parties accountable.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- A new law regulating off-plan property sales and rentals will go into <\/strong><strong>effect on <\/strong><strong><a target=\"_blank\" href=\"https:\/\/rega.gov.sa\/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2-%D8%A7%D9%84%D8%A7%D8%B9%D9%84%D8%A7%D9%85%D9%8A\/%D8%A7%D9%84%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1\/%D8%A7%D9%84%D9%87%D9%8A%D8%A6%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D9%85%D8%A9-%D9%84%D9%84%D8%B9%D9%82%D8%A7%D8%B1-%D9%86%D8%B8%D8%A7%D9%85-%D8%A8%D9%8A%D8%B9-%D9%88%D8%AA%D8%A3%D8%AC%D9%8A%D8%B1-%D9%85%D8%B4%D8%B1%D9%88%D8%B9%D8%A7%D8%AA-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%AE%D8%A7%D8%B1%D8%B7%D8%A9-%D9%8A%D8%AD%D8%AF-%D9%85%D9%86-%D8%A7%D9%84%D9%85%D8%AE%D8%A7%D9%84%D9%81%D8%A7%D8%AA-%D9%88%D9%8A%D8%B1%D8%A7%D9%82%D8%A8-%D8%A7%D9%84%D9%88%D9%81%D8%A7%D8%A1-%D8%A8%D8%A7%D9%84%D9%85%D8%AA%D8%B7%D9%84%D8%A8%D8%A7%D8%AA-%D8%A7%D9%84%D9%87%D9%86%D8%AF%D8%B3%D9%8A%D8%A9-%D9%88%D8%A7%D9%84%D9%85%D8%AD%D8%A7%D8%B3%D8%A8%D9%8A%D8%A9\/?page=1&search=&sort=\" style=\"\" rel=\"noopener\">Thursday, 4 April<\/a><\/strong>. The law, which we covered in detail on 8 January, regulates the sale and rent of real estate being developed through off-plan sales. That\u2019s industry-speak for units that are built after reservations and down payments from buyers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Home ownership KPIs: <\/strong>The national housing program has contributed to an increase in home ownership to 60% by the end of 2022, up from 47%. The report doesn\u2019t provide information on the comparison period. The ministry also aims to raise the ratio of home ownership to leased units to 70% by 2030 by \u201cproviding affordable and quality housing for Saudi families.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>Off-plan property sales have been gaining steam in recent months, growing 52% y-o-y in 1H 2023, according to <a target=\"_blank\" href=\"https:\/\/press.us9.list-manage.com\/track\/click?u=3f7bc576715ca1a70edef2788&id=5aa0c77abf&e=8e5fca127e\" style=\"\" rel=\"noopener\">Arab News<\/a>. Some 47 off-plan sales projects were licensed in the first six months of 2023, according ministry figures.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not without challenges: <\/strong>The housing sector faces hurdles including high unit costs, scarcity in supply, inadequate contractor due diligence and feasibility studies, restricted financing alternatives, and a shortfall in private sector involvement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Making off-plan units more attractive: <\/strong>The report claims that establishing off-plan projects far from city centers and essential services is a key challenge facing the industry. It also urges developers to work on shifting the consumer culture to opt for off-plan purchases by educating them on their affordability. Liquidity pressures on lenders are another obstacle where there\u2019s rising demand for liquidity to complete off-plan projects. Focusing on affordability, ensuring quality, and providing diverse financing options could also boost the industry, the report reads.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/construction\/\">Construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/majed-bin-abudllah-al-hogail\/\">Majed bin Abudllah Al Hogail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/municipal-and-rural-affairs-and-housing-ministry\/\">Municipal and Rural Affairs and Housing Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/pwc\/\">PwC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/real-estate\/\">Real Estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"82988\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"82988\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">E-COMMERCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/no-cost-shipping-fast-websites-optimum-way-to-lure-young-saudi-uae-shoppers\/\">\r\n                            Free shipping, fast websites optimum way to lure young Saudi, UAE shoppers                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/no-cost-shipping-fast-websites-optimum-way-to-lure-young-saudi-uae-shoppers\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/no-cost-shipping-fast-websites-optimum-way-to-lure-young-saudi-uae-shoppers\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/no-cost-shipping-fast-websites-optimum-way-to-lure-young-saudi-uae-shoppers\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=No-cost shipping, fast websites optimum way to lure young Saudi, UAE shoppers&url=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/no-cost-shipping-fast-websites-optimum-way-to-lure-young-saudi-uae-shoppers\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/no-cost-shipping-fast-websites-optimum-way-to-lure-young-saudi-uae-shoppers\/&title=No-cost shipping, fast websites optimum way to lure young Saudi, UAE shoppers\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=No-cost+shipping%2C+fast+websites+optimum+way+to+lure+young+Saudi%2C+UAE+shoppers+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F02%2F01%2Fno-cost-shipping-fast-websites-optimum-way-to-lure-young-saudi-uae-shoppers%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/no-cost-shipping-fast-websites-optimum-way-to-lure-young-saudi-uae-shoppers\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-82988\" class=\"content-area-description single-story post-82988 post type-post status-publish format-standard hentry category-e-commerce tag-e-commerce tag-enterpriseam-ksa tag-tabby tag-tabby-business wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.b468aac6-d8d9-4923-a4e2-2f35fbf5f7f1.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>No-cost shipping and fast websites are key to luring in younger shoppers from the <\/strong><strong>Kingdom and UAE<\/strong>, <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/2726.pdf\" style=\"\" rel=\"noopener\">a survey (pdf)<\/a> by Tabby Business showed yesterday. The research surveyed 7.5k shoppers from a range of age groups in the Kingdom and UAE, with the majority of the respondents from Saudi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">No-cost shipping > everything else: The survey determined that 29% of Saudi shoppers (and 23% in the UAE) express frustration when retailers don\u2019t provide shipping at no cost.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>They also don't want to pick one form of shopping over the other: <\/strong>Tabby reports that 36% of Saudi shoppers (32% in the UAE) prefer a mix of online and offline shopping. \u201cThe data shows that in-store and online retail should work together to give the shopper the best experience possible,\u201d Tabby said, advising retailers to stop viewing brick-and-mortar stores as standing on opposition to online sales. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Faster websites should be the norm:<\/strong> Younger shoppers \u201cexpect\u201d fast websites when shopping online, with the survey estimating folks 18-29 pace a premium on speed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Loyalty programs? What loyalty programs? <\/strong>The marketing strategy does little to nothing to drive repeat purchases by Saudi and Emirati shoppers, with only 7.7% of respondents considering a loyalty scheme as a reason to return. \u201cThe key drivers of repeat business are a positive shopping experience and a quality product,\u201d the survey said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How Tabby sees itself in trends: <\/strong>The homegrown BNPL platform, which is one of the region\u2019s first fintech unicorns, expects 30% of shoppers in the Kingdom and the UAE to be using its flexible payment solutions when making purchases. The projections are up from 22.5% in both nations. \u201cThe use of flexible payments has become commonplace in the Middle East, with 1 in 4 shoppers already using Tabby,\u201d it said. \u201cWe see this trend continuing in 2024 as more shoppers use flexible payments on a larger range of their purchases,\u201d it added.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/e-commerce\/\">e-commerce<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/tabby\/\">Tabby<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/tabby-business\/\">Tabby Business<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"82989\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"82989\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/the-economy-closed-2023-in-contraction-shrinking-3-7-in-4q\/\">\r\n                            The economy closed 2023 in contraction, shrinking 3.7% in 4Q                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/the-economy-closed-2023-in-contraction-shrinking-3-7-in-4q\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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This is in line with the 1.1% contraction estimated by the IMF in its latest <a target=\"_blank\" href=\"https:\/\/press.us9.list-manage.com\/track\/click?u=3f7bc576715ca1a70edef2788&id=fcd90e216b&e=8e5fca127e\" style=\"\" rel=\"noopener\">World Economic Outlook Update (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The silver lining: <\/strong>The non-oil economy grew 4.6% in the same period, and government spending climbed 2%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong>The Kingdom started trimming its oil production by 500k barrels per day in April 2023 in a bid to arrest falling oil prices. This was compounded by another 1 mn bpd of voluntary cuts in June, which was scheduled to end in December 2023 before the government, in November, decided to extend the duration to 1Q 2024. Aramco is currently pumping 9 mn bpd. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The gov\u2019t expected near-zero growth: <\/strong>The government had estimated that GDP would increase 0.03% in 2023, with a 6% growth in the non-oil sector. Meanwhile, It expects the economy to rebound in 2024 with a 4.4% growth, according to the <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/12\/453.pdf\" style=\"\" rel=\"noopener\">budget statement (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pundits saw it coming: <\/strong>\u201cA continued contraction in the oil sector was expected,\u201d the chief economist at Abu Dhabi Commercial Bank, Monica Malik, told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-31\/saudi-arabia-s-economy-shrinks-again-after-kingdom-s-oil-cuts\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>4Q in a nutshell: <\/strong><strong>The economy shrank 3.7% <\/strong><strong>on an annual basis in 4Q 2023<\/strong>, according to the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/1\/2683.pdf\" style=\"\" rel=\"noopener\">latest figures (pdf)<\/a> by the General Authority for Statistics (Gstat). This was driven by a sharp decline of 16.4% in oil activity, which accounts for 40% of GDP.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Non-oil activity expanded at 2.6% q-o-q in 4Q 2023<\/strong>, the highest increase on a quarterly basis in 2023. \u201cA rebound in non-oil activities has pulled Saudi Arabia out of its technical recession. This is a relief \u2014 the sectors generate most jobs for citizens and profits for companies. Their slowdown in recent quarters was both worrying and mysterious given significant government spending,\u201d said Bloomberg Economics\u2019s chief emerging markets economist, Ziad Daoud. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The outlook:<\/strong>The Finance Ministry is targeting GDP growth of 4.4% in its budget for this year, Finance Minister Mohamed Al Jadaan said <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/69383103-be0f-428c-9c90-dcb717acf955\" style=\"\" rel=\"noopener\">last month<\/a>. This is lower than the 2.7% forecast by the IMF. <strong>Benchmark Brent crude is currently trading at USD 79 a barrel, which is USD 29 short of the price that would allow the government to dodge a deficit this year<\/strong>, according to Bloomberg Economics.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/economy\/\">ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/general-authority-for-statistics\/\">General Authority for Statistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/international-monetary-fund\/\">International Monetary Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/mohamed-al-jadaan\/\">Mohamed Al Jadaan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/monica-malik\/\">Monica Malik<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/the-general-authority-for-statistics\/\">The general authority for statistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ziad-daoud\/\">Ziad Daoud<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"82991\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"82991\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/its-earnings-season-al-rajhi-bank-bahri-report-results\/\">\r\n                            It\u2019s earnings season: Al Rajhi Bank, Bahri report results                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/its-earnings-season-al-rajhi-bank-bahri-report-results\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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<img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/its-earnings-season-al-rajhi-bank-bahri-report-results\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2695.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"82992\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/its-earnings-season-al-rajhi-bank-bahri-report-results\/2695-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2695.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2695.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2695.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2695.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-82991\" class=\"content-area-description single-story post-82991 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-al-rajhi-bank tag-bahri tag-banking tag-earnings-watch tag-enterpriseam-ksa tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.e5546b0a-4641-410c-9f49-e371dada1cf2.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Al Rajhi Bank\u2019s<\/strong><strong> bottom line declined 3% y-o-y to SAR 16.6 bn in FY2023<\/strong> on a 3.7% y-o-y decrease in total operating income, according to <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83d2MXA0C3SydAl1c3Q0NvE30w1EVGAQHmAIVBPga-xgEGbgbmOlHEaPfAAdwNCCsPwqvEndzdAVYnAhWgMcNXvpR6Tn5SZDwyCgpKbBSNVA1KElMSSwvzVEFujE5P7cgMa8yuDI3KR-oyNDQyEA_ODVPvyA3NMIgMyA3XNdREQDruWgm\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi83ODAzNS9jb21wYW55U3ltYm9sLzExMjAvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">a disclosure to Tadawul<\/a> yesterday. Similarly, the lender's revenues from its financing and investment business fell 4.1% y-o-y to SAR 21.3 bn in the same period as a result of a 3.7% decrease in net financing and investment income and fees from banking services.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Positive indicators: <\/strong>The lender\u2019s investments soared 32% y-o-y to SAR 133.4 bn in FY2023, the loans and advances portfolio grew 4.6% to SAR 594 bn, while client deposits grew 1.5% to SAR 573 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>4Q in a nutshell: <\/strong>Bottom line fell 5% y-o-y to SAR 4.5 bn in 4Q 2023, while revenues declined 0.5% y-o-y to SAR 5.6 bn, <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/financial-reports\/company-report\/43\/2023\/1?preview=true\" style=\"\" rel=\"noopener\">Argaam<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bank has yet to post its 4Q \/ FY 2023 results on its <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.alrajhibank.com.sa\/About-alrajhi-bank\/Investor-Relations\" style=\"\" rel=\"noopener\">investor relations website<\/a><\/strong><strong>.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> BAHRI\u2019S NET INCOME UP IN 2023-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>National <\/strong><strong>shipping company <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bahri.sa\/\" style=\"\" rel=\"noopener\">Bahri<\/a><\/strong><strong>\u2019s net income rose by 50.6% y-o-y <\/strong><strong>to SAR 1.6 bn in <\/strong><strong>2023<\/strong>, according to an <a target=\"_blank\" href=\"https:\/\/www.bahri.sa\/en\/news-insights\/news-insight\/2024\/national-shipping-company-of-saudi-arabia-announces-its-interim-financial-results-for-the-period-ending-on-2023-12-31-twelve-months\/\" style=\"\" rel=\"noopener\">earnings release<\/a>. The company\u2019s top line grew 2.3% y-o-y to SAR 8.8 bn during the same period. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why the big jump? <\/strong>The company cites improved performance in different operations boosting gross earnings by some SAR 602 mn compared to last year as the company earned more from transporting oil and chemicals. Capital gains on the sale of vessels, collections of ins. claims, as well as an uptick in income from murabaha deposits were also cited as factors shoring up earnings.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>2023 highlights: <\/strong>This year saw Bahri, along with the Suez Canal Authority <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/f9f0470e-b2cf-4a3d-9ce2-2c87c1a61755\" style=\"\" rel=\"noopener\">pour some USD 50<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/f9f0470e-b2cf-4a3d-9ce2-2c87c1a61755\" style=\"\" rel=\"noopener\">mn<\/a> into an Egyptian joint-stock company for maritime transport. The company also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/f0e76826-0a37-44f5-bcf9-6437047465f0\" style=\"\" rel=\"noopener\">secured an agreement<\/a> with South Korean ship owner <a target=\"_blank\" href=\"http:\/\/www.sinokor.co.kr\/en\/index.html\" style=\"\" rel=\"noopener\">Sinokor<\/a> that will see the liner charter two newbuild 115k Aframax tankers. Bahri is also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/dca27069-ca84-4e44-bfa0-22c11071b34b\" style=\"\" rel=\"noopener\">set to become<\/a> Saudi railway operator Saudi Arabia Railways\u2019 primary freight forwarding services provider, under a three-year agreement.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/al-rajhi-bank\/\">Al Rajhi Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/bahri\/\">Bahri<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/banking\/\">BANKING<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/earnings-watch\/\">EARNINGS WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"82993\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"82993\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">THURSDAY KUDOS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/awards-for-mawani-bahri-accumed\/\">\r\n                            Mawani wins Excellence in Ports Infrastructure Award + celebrates Globe Marine Service Co for cargo throughput milestone                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/awards-for-mawani-bahri-accumed\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/awards-for-mawani-bahri-accumed\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/awards-for-mawani-bahri-accumed\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Awards for Mawani + Bahri + Accumed&url=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/awards-for-mawani-bahri-accumed\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/awards-for-mawani-bahri-accumed\/&title=Awards for Mawani + Bahri + Accumed\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Awards+for+Mawani+%2B+Bahri+%2B+Accumed+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F02%2F01%2Fawards-for-mawani-bahri-accumed%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/awards-for-mawani-bahri-accumed\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2732.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"82994\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/awards-for-mawani-bahri-accumed\/2732-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2732.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2732.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2732.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2732.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-82993\" class=\"content-area-description single-story post-82993 post type-post status-publish format-standard has-post-thumbnail hentry category-thursday-kudos tag-accumed tag-enterpriseam-ksa tag-saudi-ports-authority tag-thursday-kudos wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.4e878652-59be-4537-b674-36d4954e8834.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our Thursday Kudos section recognizes folks who do well <\/strong>\u2014 as companies and in their communities. Want to pitch us on something to feature in this space? Email <a target=\"_blank\" href=\"mailto:ksa@enterprise.news\" style=\"\" rel=\"noopener\">ksa@enterprise.news<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1-<\/strong><strong>The<\/strong><strong><a target=\"_blank\" href=\"https:\/\/mawani.gov.sa\/en-us\/pages\/default.aspx\" style=\"\" rel=\"noopener\">Saudi Ports Authority (Mawani)<\/a><\/strong><strong> has bagged the Excellence in Ports Infrastructure <\/strong><strong>Award<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/photo\/?fbid=794663179372615&set=a.296071029231835\" style=\"\" rel=\"noopener\">statement<\/a>. The award is in recognition of achievements including building new berths in Jeddah Islamic Port and upgrading two container terminals at King Abdulaziz Port in Dammam. Separately, Mawani honored Globe Marine Service Co for reaching a milestone in cargo throughput, handling 4.4k vehicles within a 21-hour timeframe, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MawaniKSA\/posts\/pfbid0a8XAP9KH7EFRcsS9v81HzkRV1GYbkWVBrUjDkJn3pwQBi8frhHYkaAKAg46VKSNyl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong><strong>National <\/strong><strong>shipping company Bahri was named Best Employer of the Year at the <\/strong><strong>ShipTech Awards 2024<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/twitter.com\/OneBahri\/status\/1750600219555713491\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>3- ALSO GETTING A HAT TIP- <\/strong>Healthcare revenue cycle management solutions provider <a target=\"_blank\" href=\"https:\/\/www.accumed.sa\/\" style=\"\" rel=\"noopener\">Accumed Saudi Arabia<\/a> took home the Best RCM Service Provider of the Year award from the Council of Health Ins., according to a <a target=\"_blank\" href=\"https:\/\/www.gulfcapital.com\/2024\/01\/29\/saudi-council-of-health-insurance-grants-accumed-saudi-arabia-best-rcm-service-provider-award\/\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/accumed\/\">Accumed<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-ports-authority\/\">Saudi Ports Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/thursday-kudos\/\">THURSDAY KUDOS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"82995\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"82995\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">MOVES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/sarco-elects-new-bod\/\">\r\n                            Sarco elects new BoD                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/sarco-elects-new-bod\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/sarco-elects-new-bod\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/sarco-elects-new-bod\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Sarco elects new BoD&url=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/sarco-elects-new-bod\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/sarco-elects-new-bod\/&title=Sarco elects new BoD\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Sarco+elects+new+BoD+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F02%2F01%2Fsarco-elects-new-bod%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/sarco-elects-new-bod\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-82995\" class=\"content-area-description single-story post-82995 post type-post status-publish format-standard hentry category-moves tag-abdulrahman-al-mufarreh tag-enterpriseam-ksa tag-moves tag-obaid-al-subaie tag-sarco wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.1e3233a8-2f88-4c38-bddc-7bd92edf66ba.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sarco elects new BoD:<\/strong> The <a target=\"_blank\" href=\"https:\/\/almasafi.com.sa\/en\/\" style=\"\" rel=\"noopener\">Saudi Arabian Refineries Co. (Sarco)<\/a> has named Obaid Al Subaie (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/obaid-al-sobiei-380b4b2a\/?originalSubdomain=sa\" style=\"\" rel=\"noopener\">Linkedin<\/a>) as its new chairman, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83d2MXA0C3SydAl1c3Q0NvE30w1EVGAQHmAIVBPga-xgEGbgbmOlHEaPfAAdwNCCsPwqvEndzdAVYnAhWgMcNXvpR6Tn5SZDwyCgpKbBSNVA1KElMSSwvzVEFujE5P7cgMa8yuDI3KR-oyMjA2EA_ODVPvyA3NMIgMyA3XNdREQAWgPPv\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi83ODA0MS9jb21wYW55U3ltYm9sLzIwMzAvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> yesterday. Al Subaie has served as the CEO of Northern Region Cement Company, according to his bio. The board also elected Abdulrahman Al Mufarreh as its new CEO. The board\u2019s term will end in 2027.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/abdulrahman-al-mufarreh\/\">Abdulrahman Al Mufarreh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/moves\/\">MOVES<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/obaid-al-subaie\/\">Obaid Al Subaie<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/sarco\/\">Sarco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"82996\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"82996\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">SAUDI IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/the-pif-could-be-making-its-way-to-british-rugby\/\">\r\n                            PIF reportedly in talks to acquire stakes in top British rugby clubs                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/the-pif-could-be-making-its-way-to-british-rugby\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/the-pif-could-be-making-its-way-to-british-rugby\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/the-pif-could-be-making-its-way-to-british-rugby\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=The PIF could be making its way to British rugby&url=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/the-pif-could-be-making-its-way-to-british-rugby\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/the-pif-could-be-making-its-way-to-british-rugby\/&title=The PIF could be making its way to British rugby\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=The+PIF+could+be+making+its+way+to+British+rugby+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F02%2F01%2Fthe-pif-could-be-making-its-way-to-british-rugby%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/the-pif-could-be-making-its-way-to-british-rugby\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-82996\" class=\"content-area-description single-story post-82996 post type-post status-publish format-standard hentry category-saudi-in-the-news tag-enterpriseam-ksa tag-hiking tag-pif tag-rugby tag-saudi-in-the-news wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.9ea22b01-632d-4520-8e38-77505b28552b.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a quiet morning for the Kingdom in the foreign press this morning<\/strong>, with no single story driving the conversation.The PIF\u2019s possible venture into British rugby got some ink in <a target=\"_blank\" href=\"https:\/\/www.telegraph.co.uk\/rugby-union\/2024\/01\/31\/saudi-arabia-buy-leicester-gloucester-northampton-newcastle\/\" style=\"\" rel=\"noopener\">The Telegraph<\/a>, which reports PIF representatives have held talks to grab stakes in top British rugby clubs Gloucester, Leicester Tigers, Northampton Saints and Newcastle Falcons in a GBP 60 mn transaction. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, the Kingdom\u2019s emerging hiking trails<\/strong> for hike enthusiasts got a shout in <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/travel\/saudi-arabia-hiking-trails\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a><a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/travel\/saudi-arabia-hiking-trails\/index.html\" style=\"\" rel=\"noopener\">Travel<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/hiking\/\">hiking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/pif\/\">PIF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/rugby\/\">rugby<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-in-the-news\/\">SAUDI IN THE NEWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"82997\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"82997\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/norges-bank-snaps-back-from-losses-to-record-returns\/\">\r\n                            Norges Bank snaps back from losses to record returns                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n 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       \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/norges-bank-snaps-back-from-losses-to-record-returns\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/17.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"82998\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/norges-bank-snaps-back-from-losses-to-record-returns\/17-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/17.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"17.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/17.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/17.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-82997\" class=\"content-area-description single-story post-82997 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam-ksa tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.6d002ec7-29a8-4fce-aafe-8e41e4c43685.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- World\u2019s largest sovereign fund had a bumper year: <\/strong>Norway's USD 1.6 tn sovereign wealth fund \u2014 the world\u2019s largest \u2014 reported record gains of NOK 2.2 tn (USD 213 bn) over 2023, driven by strong returns on investments. This is a stark contrast to the record losses the fund saw in 2022. (<a target=\"_blank\" href=\"https:\/\/www.nbim.no\/en\/the-fund\/news-list\/2024\/highest-return-in-kroner-ever\/\" style=\"\" rel=\"noopener\">Statement<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/01\/30\/worlds-largest-sovereign-wealth-fund-posts-record-213-billion-profit.html\" style=\"\" rel=\"noopener\">CNBC<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Binance customers wary: <\/strong>Beleaguered crypto exchange Binance will allow select traders to hold their assets with independent banks outside of the platform as customers seek safehaven custodians with regulatory oversight. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/54438320-3bef-4830-b5c6-630639b300e0\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- China embarks on banking shake-up: <\/strong>Hundreds of Chinese rural banks will soon merge into regional lenders as part of a consolidation push, as the country\u2019s deepening property crisis has placed pressures on its USD 6.7 tn banking sector. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-31\/china-merges-hundreds-of-rural-banks-as-financial-risks-mount?srnd=premium-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>) <\/p>\n<p><a target=\"_blank\" id=\"t.9761b916b095317b06c61ab187e2165681ea9877\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>TASI<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,796.63<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.6% (YTD: -1.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">1,530.39<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2% (YTD: -1.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3.75 Sell<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3.75 Buy<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6% repo <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5.5% reverse repo<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28,281.91<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-6.8% (YTD: +13.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,508.32<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: -0.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,169.08<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.02% (YTD: +2.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,845.65<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.6% (YTD: +1.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">7,630.57<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5% (YTD: -1.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,649.47<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +2.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 81.71<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.4%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.14  <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.8%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">2,058.10<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">42,565.14<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.6% (YTD: +79.4%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE CLOSING BELL-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The TASI fell 1.6% yesterday<\/strong> on turnover of SAR 8.7 bn. The index is down 1.4% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Almunajem (+10%), SPM (+6%) and Alyamamah Steel (+5.9%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Ades (-9.9%), Arabian Drilling (-9.6%) and AlBaha (-7.1%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are mixed in early trading this morning <\/strong>after the US Federal Reserve yesterday poured cold water on expectations that it could start cutting interest rates as early as March. The ASX 200, Nikkei, and Shanghai were all in the red, while the Kospi and Hang Seng are (just barely) clinging to the green. Futures point to a soft opening in Europe, with most major benchmarks in the red, while Wall Street could shrug off concerns \u2014 futures for the Dow, Nasdaq, and S&P 500 are all in the green at dispatch time this morning. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/financial-markets\/\">Financial markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"82999\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"82999\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/div>\r\n\r\n                    <p class=\"f-graphik\">DIPLOMACY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/king-salman-kuwait-emir-call-on-iraq-to-abide-with-disputed-khor-abullah-waterway\/\">\r\n                            King Salman, Kuwait Emir call on Iraq to abide with disputed Khor Abullah waterway                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/king-salman-kuwait-emir-call-on-iraq-to-abide-with-disputed-khor-abullah-waterway\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The Iraqi Federal Supreme Court deemed <a target=\"_blank\" href=\"https:\/\/www.usnews.com\/news\/world\/articles\/2023-09-26\/iraq-is-keen-to-overcome-dispute-with-kuwait-over-khor-abdullah-waterway\" style=\"\" rel=\"noopener\">last year<\/a> the agreement between the two neighbors was unconstitutional.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Al Durra gas field dispute:<\/strong> King Salman and Al Sabah also reiterated calls to Iran to come to the negotiating table on the disputed offshore Al Durra gas field. The Kingdom and Kuwait <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/saudi-iran-kuwait-gas-field-dispute-2a19d2bb2dee8d6b7408616c5d6a0443\" style=\"\" rel=\"noopener\">have repeatedly<\/a> affirmed their joint ownership, while Iran claims it has the rights to the field, which it names Arash. An agreement on the field can be reached through \u201cconstructive cooperation,\u201d Iran\u2019s Foreign Ministry spokesperson said, according to <a target=\"_blank\" href=\"https:\/\/en.mehrnews.com\/news\/211556\/Iran-reacts-to-Saudi-Arabia-Kuwait-join-statement\" style=\"\" rel=\"noopener\">Mehr News Agency<\/a>. Talks to agree on a border demarcation between the two parties collapsed last year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Boosting trade:<\/strong> The two countries signed an agreement on a railway connection project, in addition to several other strategic agreements on bilateral trade and economic cooperation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO IN DIPLO- <\/strong>The Federation of Saudi Chambers signed an agreement to boost economic ties with its Moroccan counterparts, it said <a target=\"_blank\" href=\"https:\/\/twitter.com\/CSC_SA\/status\/1752624790303584621\/photo\/1\" style=\"\" rel=\"noopener\">on X<\/a>. The agreement also covered the exchange of trade delegations between the two countries. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/diplomacy\/\">Diplomacy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/federation-of-saudi-chambers\/\">Federation of Saudi Chambers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/iraq\/\">Iraq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/khor-abdullah-waterway\/\">Khor Abdullah waterway<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/king-salman\/\">King Salman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/kuwait\/\">Kuwait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/morocco\/\">Morocco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"83000\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/02\/01\/83000\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-83000\" class=\"content-area-description single-story post-83000 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">JANUARY <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>30 January-3 February (Tuesday-Saturday): Alula 2024 Tour.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FEBRUARY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>4-6 February (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.simec-expo.com\/\" style=\"\">SIMEC International Expo<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5-7 February (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudihoreca.com\/\" style=\"\">Saudi HORECA 2024,<\/a><\/span><span style=\"font-weight:400;\"> Jeddah.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">8 February (Thursday): end of Tuwaiq International Sculpture Symposium, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>8-10 February (Thursday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudi-championship.samf.gov.sa\/t-en\/saudibaja24\" style=\"\">Hail Toyota International Rally<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10-14 February (Saturday-Wednesday): Filipino exporters will be in town for a business-matching tour.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9 February- 23 March (Friday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/desertx.org\/\" style=\"\">Desert X ALUla<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">10 February (Saturday): Last day to apply for permits to lease properties to pilgrims during Hajj season.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11- 12 February (Sunday-Monday): The Space Debris Conference, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/twitter.com\/saudispace\/status\/1741860340994814346?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1741860340994814346%7Ctwgr%5E7da01bd587d268c0286583ff0303145c4dbd6624%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.arabnews.com%2Fnode%2F2434966%2Fbusiness-economy\" style=\"\">Securing the Future Growth of the Global Space Economy<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12-14 February (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.iptcnet.org\/\" style=\"\">The International Petroleum Technology Conference (IPTC)<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>19 February (Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.chamber.org.sa\/sites\/Arabic\/Events\/ChamberEvents\/Pages\/ChamberEventDetails.aspx?Title=%D8%A7%D9%84%D9%85%D9%86%D8%AA%D8%AF%D9%89%20%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D9%8A%202024%20%22%D9%85%D8%B3%D8%AA%D9%82%D8%A8%D9%84%20%D8%A7%D9%84%D8%A3%D8%B9%D9%85%D8%A7%D9%84%22%E2%80%8B\" style=\"\">The Future of Business 2024 Forum<\/a><\/span><span style=\"font-weight:400;\">, Eastern Chamber\u2019s HQ, Dammam.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>19-20 February (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.scmf.events\/\" style=\"\">Saudi Capital Market Forum<\/a><\/span><span style=\"font-weight:400;\">, King Abdullah Financial District, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">22 February (Thursday): Founding Day (national holiday) <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>26-29 February (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.big5constructsaudi.com\/\" style=\"\">Big 5 Construct Saudi<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>26-29 February (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.big5constructsaudi.com\/specialized-events\/fm-expo-saudi\/\" style=\"\">FM EXPO SAUD<\/a><\/span><span style=\"font-weight:400;\">    <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>26-29 February (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.big5constructsaudi.com\/specialized-events\/stone-surface-event\/\" style=\"\">Stone and Service Saudi Arabia<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MARCH<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2 March (Friday): end of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/riyadhart.sa\/en\/noor-riyadh\/\" style=\"\">Noor Riyadh<\/a><\/span><span style=\"font-weight:400;\"> show, segment \u201cRefracted Identities, Shared Futures\u201d, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>4-6 March (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/dust.ncm.gov.sa\/register\/\" style=\"\">International Conference on Sand and Dust Storms in the Arabian Peninsula<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>4-7 March (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/onegiantleap.com\/\" style=\"\">LEAP 2024,<\/a><\/span><span style=\"font-weight:400;\"> Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">11 March (Monday): Flag Day (national holiday) <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in March:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Ramadan <\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">APRIL<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>14-21 April (Sunday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.imfconnect.org\/content\/imf\/en\/annual-meetings\/FutureMeetings.html\" style=\"\">IMF and World Bank spring meetings<\/a><\/span><span style=\"font-weight:400;\">, Washington, DC<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>28-29 April (Sunday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.weforum.org\/press\/2024\/01\/annual-meeting-2024-rebuilding-trust-amid-uncertainty\/#:~:text=The%20Forum%20announced%20it%20will,29%20April%202024%20in%20Riyadh.\" style=\"\">World Economic Forum\u2019s Special Meeting<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>29 April-1 May: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.futurehospitality.com\/sa\" style=\"\">Future Hospitality Summit<\/a><\/span><span style=\"font-weight:400;\"> at Al Faisaliah Hotel, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in April:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Eid Al-Fitr (national holiday)<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>19-21 May (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudienergyconvention.com\/\" style=\"\">Saudi Energy Convention<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>21-23 May (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.thesaudifoodshow.com\/\" style=\"\">The Saudi Food Show<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in May:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Global Trade Review (GTR): KSA<\/span><\/li>\n<li><span style=\"font-weight:400;\">Saudi Energy Convention<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5 June (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.unep.org\/news-and-stories\/press-release\/saudi-arabia-host-world-environment-day-2024-focus-land-restoration\" style=\"\">World Environment Day<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in June:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Eid Al-Adha (national holiday)<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">AUGUST<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">12-15 August (Monday-Thursday): The Saudi Food Expo, Riyadh <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11-12 September (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/informaconnect.com\/saudi-event-show\/\" style=\"\">The Saudi Event Show<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">23 September (Monday): National Day (national holiday)<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DECEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2-13 December (Monday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.unep.org\/news-and-stories\/press-release\/saudi-arabia-host-world-environment-day-2024-focus-land-restoration\" style=\"\">Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in 2024:<\/span><\/p>\n<ul>\n<li><span>The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/tinyurl.com\/38jtv854\" style=\"\">AFC Champions League Elite<\/a><\/span><\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Aster eyes KSA listing | Oil ministry strategy | Neom\u2019s USD 8 bn housing project | The minds of Saudi shoppers and homebuyers | Economy shrinks in 4Q<\/p>\n","protected":false},"featured_media":82978,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-82977","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"8bce4a6b-182c-472e-91b8-2528284bc25a","teaser":"Aster eyes KSA listing | Oil ministry strategy | Neom\u2019s USD 8 bn housing project 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