{"id":84871,"date":"2024-03-31T00:00:00","date_gmt":"2024-03-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?post_type=issue&#038;p=84871"},"modified":"2025-12-14T17:46:23","modified_gmt":"2025-12-14T17:46:23","slug":"asset-managers-underweighting-saudi-are-missing-the-boat-efg-hermes-shams-el-din","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/ksa\/issues\/asset-managers-underweighting-saudi-are-missing-the-boat-efg-hermes-shams-el-din\/","title":{"rendered":"Asset managers underweighting Saudi are missing the boat \u2013EFG Hermes\u2019 Shams El Din"},"content":{"rendered":"<section id=\"84873\" 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=\"84873\">\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\/03\/31\/morning-must-read-successful-entrepreneurs-are-middle-aged-not-young\/\">\r\n                            Morning must-read: Successful entrepreneurs are middle-aged, not young                        <\/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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href=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/31\/morning-must-read-successful-entrepreneurs-are-middle-aged-not-young\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2647.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"84874\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/31\/morning-must-read-successful-entrepreneurs-are-middle-aged-not-young\/2647-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2647.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2647.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2647.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2647.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-84873\" class=\"content-area-description single-story post-84873 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam-ksa tag-riyadh-air tag-transport-general-authority-tga tag-what-were-tracking-today tag-zatca 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\/3\/.697a6db2-1b08-48e6-834a-5dcaa202b62c.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>It\u2019s the last full work week before Eid Al Fitr, and you can feel the onset of the pre-Eid news slowdown in this morning\u2019s issue. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Think it\u2019s slow here at home? <\/strong>It\u2019s one of the quietest mornings for global business news that we can recall in a very long time \u2014 and it\u2019s no surprise, really: Huge swaths of the business world are either taking time off this weekend for Easter or are in the final days of Ramadan. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>MORNING MUST-READ: \u201cSuccessful entrepreneurs are middle-aged, not <\/strong><strong>young.\u201d <\/strong>It\u2019s not a myth that there are successful in their 20s \u2014 hello, Steve Jobs and Mark Zuckerberg \u2014 but US research on company data from 2007 through 2014 shows that:<\/p>\n<ul>\n<li>The average age of a founder: 41.9<\/li>\n<li>The average age fo the fastest-growing companies in the cohort: 45<\/li>\n<li>Fifty-year-old founders were nearly 2x as likely as a 30-year-old counterpart to achieve \u201cmajor success\u201d<\/li>\n<li>The least-likely to succeed: Founders in their 20s.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>READ- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/tech\/tsmc-morris-chang-taiwan-semiconductor-chips-entrepreneurship-506fcbc4?mod=hp_lead_pos7\" style=\"\" rel=\"noopener\">He turned 55. Then he started the world\u2019s most important company<\/a><\/strong>, the lead story in this morning\u2019s Wall Street Journal, which looks at what middle-aged entrepreneurs can learn from Morris Chang, who was 55 when he created the world\u2019s largest and most important chipmaking company. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2642.pdf\" style=\"\" rel=\"noopener\">Age and high-growth entrepreneurship (pdf)<\/a><\/strong>, in the American Economic Review, the 2020 paper the Journal cites. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CATCH UP QUICK <\/strong>on business headlines from the weekend:<\/p>\n<ul>\n<li><a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/03\/28\/live-updates-ftx-founder-sam-bankman-fried-sentencing.html\" style=\"\" rel=\"noopener\">FTX founder Sam Bankman-Fried was handed a 25-year sentence for crypto fraud<\/a>. (CNBC)<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/d181a996-780b-440a-9e84-4a1a18cae214\" style=\"\" rel=\"noopener\">European bank shares hit six-year high on surging profits and returns<\/a>. (Financial Times)<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.axios.com\/2024\/03\/30\/ipo-ipos-astera-reddit-watch\" style=\"\" rel=\"noopener\">US IPOs are picking up again \u2014 but don\u2019t expect a flood just yet<\/a>. (Axios)<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PSA- Most of us are now just nine days away from Eid break.<\/strong> Businesses will be off for Eid Al Fitr from <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/ministry-of-human-resources-and-social-development-ksa_aehaeyaexabraepaesaepaefaezabraepaesaetaeqaepaezaer-activity-7177288861096566784-onM4?utm_source=share&amp;utm_medium=member_desktop\" style=\"\" rel=\"noopener\">Tuesday, 9 April through Friday, 13 April<\/a>, while banks and the stock market will be closed from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/617757b3-5a94-4c5d-ba91-5dc52691ab50\/sama-confirms-founding-day,%253cmark%253e-eid-%253c%2Fmark%253eholidays-%2B-ramadan-work-hours\" style=\"\" rel=\"noopener\">Friday, 5 April, through Saturday, 13 April<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- it\u2019s gray clouds in the capital today <\/strong>with temperatures with a high of 27\u00b0C and a low of 17\u00b0C. Showers are in the cards for later tonight and the long-range forecast suggests a chance of isolated thundershowers on Wednesday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">It\u2019s more of the same in <strong>Jeddah<\/strong>, though with a lower chance of rain today. Look for a high of 34\u00b0C and an overnight low of 28\u00b0C. <strong>Thunderstorms are likely tomorrow<\/strong> through Tuesday morning. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Meanwhile, <strong>Dammam <\/strong>is looking at some sun through high clouds, with no chances of rain today. Temperatures will hit a high of 29\u00b0C and a low of 19\u00b0C. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, when do we eat?<\/strong> Maghrib prayers are at 6:10 pm in the capital city, and you\u2019ll have until 4:27 am tomorrow to hydrate and caffeinate ahead of fajr. Today is day 21 of Ramadan.<\/p>\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Companies with VAT-liable revenues exceeding SAR 25 mn in 2022 or 2023 will have <\/strong><strong>to \u201cintegrate their e-invoicing solutions with the Fatoora platform from 1 October 2024,\u201d <\/strong>Zatca said in <a target=\"_blank\" href=\"https:\/\/zatca.gov.sa\/en\/MediaCenter\/News\/Pages\/news_1220.aspx\" style=\"\" rel=\"noopener\">a statement<\/a>. It\u2019s the latest phase of a rollout that began in late 2021.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#2- The first meeting of the GCC-EU chamber of commerce is slated for May 2024 <\/strong><strong>in <\/strong><strong>Riyadh<\/strong>,<strong> <\/strong>EU Special Representative for the Gulf region Luigi Di Maio told <a target=\"_blank\" href=\"https:\/\/www.aleqt.com\/2024\/03\/29\/article_2713606.html\" style=\"\" rel=\"noopener\">Aleqtisadiah<\/a>. Over 350 European companies taken out licenses making Riyadh their regional headquarters. Some 1.3k European companies have invested in Saudi Arabia insectors including energy, manufacturing, transportation, and infrastructure, said Di Maio. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fast fact: <\/strong>Trade between Saudi and the EU hit <a target=\"_blank\" href=\"https:\/\/english.aawsat.com\/business\/4625351-efforts-establish-european-chamber-commerce-saudi-arabia\" style=\"\" rel=\"noopener\">EUR 88 bn<\/a> in 2022, a 30% year-on-year increase.<\/p>\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>#3- The Transport General Authority (TGA) has ordered the shut-down of two ride-hailing and four order-delivery apps<\/strong>, <a target=\"_blank\" href=\"https:\/\/twitter.com\/Saudi_TGA\/status\/1773819360462688266\" style=\"\" rel=\"noopener\">saying in a post on X<\/a> that they lacked the licenses they needed to operate legally. The TGA didn\u2019t name the companies<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context- <\/strong>TGA <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/saudi_tga_%D9%84%D8%A7%D8%AA%D8%B1%D9%83%D8%A8%D9%85%D8%B9%D8%BA%D9%8A%D8%B1%D8%A7%D9%84%D9%85%D8%B1%D8%AE%D8%B5-activity-7175566642502864898-FkLV?utm_source=share&amp;utm_medium=member_desktop\" style=\"\" rel=\"noopener\">warned<\/a> earlier this month that it would be cracking down on unlicensed passenger transportation.<\/p>\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\"><a id=\"wwtt2\"><\/a> <strong>#4- <\/strong><strong>Riyadh <\/strong><strong>Air will take delivery of its first aircraft in 1Q 2025 <\/strong>and will launch commercial operations in the first half of 2025, Osama Al-Nuwaiser, vice-president of marketing and corporate communications told <a target=\"_blank\" href=\"https:\/\/www.aleqt.com\/2024\/03\/28\/article_2713256.html\" style=\"\" rel=\"noopener\">Aleqtisadiah<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some 39 787-9 Dreamliners \u2014 out of 72 ordered \u2014 will be delivered next year<\/strong>, Al-Nuwaiser added. The arline, a unit of the Public Investment Fund, will unveil its list of destinations in the first half of 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> The PIF\u2019s flagship carrier has a target of serving <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/932a1705-0c29-4ea8-9418-65db003da3a9\/some-action-at-the-global-smart-cities-forum.-plus:-debt,-aviation,-infrastructure\" style=\"\" rel=\"noopener\">100<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/932a1705-0c29-4ea8-9418-65db003da3a9\/some-action-at-the-global-smart-cities-forum.-plus:-debt,-aviation,-infrastructure\" style=\"\" rel=\"noopener\">destinations by 2030<\/a>. PIF is said to be looking to acquire 100% of Saudia, the current national flag carrier, raising <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/8cb34099-b080-4684-a0e2-3a2488ce9c9c\/the-pif-wants-to-buy-saudia\" style=\"\" rel=\"noopener\">the possibility of a merger<\/a> with Riyadh Air. <\/p>\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\"><a id=\"wwtt3\"><\/a> <strong>#5<\/strong><strong>- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e3dca1d5-4e29-46a6-8905-947ef8edcd2e\/hyundai-motor-group-is-bringing-self-driving-vehicles-to-rsg-resorts\" style=\"\" rel=\"noopener\">first international flight<\/a><\/strong><strong> into Red Sea International <\/strong><strong>Airport <\/strong><strong>(RSI) <\/strong><strong>will touch <\/strong><strong>down next month<\/strong><strong>.<\/strong> Operated by flydubai, the Thursday, 18 April, landing will be the first on a new twice-weekly route linking Dubai International (DXB) to RSI, according to <a target=\"_blank\" href=\"https:\/\/www.redseaglobal.com\/en\/-\/red-sea-international-airport-soars-with-first-overseas-flights\" style=\"\" rel=\"noopener\">a Red Sea Global statement<\/a>. State-owned airline Saudia has been running domestic flights to RSI since September 2023. \u201cRSI will serve 1 mn guests a year at full capacity,\u201d said RSG CEO, John Pagano. <\/p>\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\"><strong>#1- Net FDI inflows <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2589.pdf\" style=\"\" rel=\"noopener\">fell 59% y-o-y<\/a><\/strong><strong> to <\/strong><strong>USD 11.4<\/strong><strong> bn <\/strong><strong>in 2023<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/saudi-arabias-net-fdi-13-billion-riyals-q4-2023-2024-03-28\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. On a quarterly basis, net inflows grew 16% q-o-q to SAR 13.1 bn in 4Q 2023, according to the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2588.pdf\" style=\"\" rel=\"noopener\">latest data by the General Authority for Statistics (pdf)<\/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- Unemployment has dropped to 4.4% in 4Q 2023 \u2014 <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2592.pdf\" style=\"\" rel=\"noopener\">down from 4.8% 4Q 2022<\/a><\/strong><strong> \u2014<\/strong>moving closer to achieving the 4% target set under Vision 2030, <a target=\"_blank\" href=\"https:\/\/www.stats.gov.sa\/en\/news\/521\" style=\"\" rel=\"noopener\">GASTAT<\/a> reports. This is 70 basis points lower than the <a target=\"_blank\" href=\"https:\/\/www.ilo.org\/global\/about-the-ilo\/newsroom\/news\/WCMS_908068\/lang--en\/index.htm#:~:text=The%202023%20global%20unemployment%20rate,rates%20also%20improved%20in%202023.\" style=\"\" rel=\"noopener\">5.1% global average<\/a> posted last year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#3- Spending by inbound tourists rose 42.8% y-o-y in 2023 to a record high of SAR <\/strong><strong>135 <\/strong><strong>bn<\/strong>, the Tourism Ministry said in a <a target=\"_blank\" href=\"https:\/\/twitter.com\/Saudi_MT\/status\/1773844817304252756?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\" style=\"\" rel=\"noopener\">post on X<\/a> yesterday, citing <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2601.pdf\" style=\"\" rel=\"noopener\">data (pdf) by the Saudi Central Bank (Sama)<\/a>. Meanwhile, Spending by Saudi tourists abroad rose 45.6% y-o-y in 2023 to SAR 86.9 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Sama\u2019s assets<\/strong><strong> dropped<\/strong><strong> 7.6%<\/strong><strong> y-o-y in February 2024 to SAR 1.78 tn<\/strong>, down from SAR 1.92 tn in the corresponding period a year earlier, the central bank\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2601.pdf\" style=\"\" rel=\"noopener\">monthly bulletin (pdf)<\/a> showed. Assets fell 2.2% m-o-m in February from SAR 1.82 tn in January.<\/p>\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>The Saudi Pro League is back after a two-week hiatus. <\/strong>Here are the results from the weekend matches:<\/p>\n<ul>\n<li><strong>Al-Nassr <\/strong>vs. <strong>Al-Tai <\/strong>(5-1).<\/li>\n<li><strong>Al-Hilal <\/strong>vs. <strong>Al-Shabab<\/strong> (4-3);<\/li>\n<li><strong>Al-Taawoun<\/strong> vs. <strong>Al Hazm<\/strong> (4-0);<\/li>\n<li><strong>Al-Khaleej<\/strong> vs. <strong>Damac<\/strong> (1-0);<\/li>\n<li><strong>Al Raed <\/strong>vs. <strong>Al Akhdoud <\/strong>(3-1);<\/li>\n<li><strong>Al-Ittihad<\/strong> vs<strong>. Al Feiha<\/strong> (3-1);<\/li>\n<li><strong>Al-Ettifaq <\/strong>vs <strong>Al Ahli <\/strong>(2-2).<\/li>\n<li><strong>Al Fateh <\/strong>vs. <strong>Al-Wehda <\/strong>(3-2);<\/li>\n<li><strong>Al-Riyadh<\/strong> vs.<strong> Abha<\/strong> (1-2);<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tomorrow\u2019s matches <\/strong>(all times KSA):<\/p>\n<ul>\n<li><strong>Al-Hazm<\/strong> vs. <strong>Damac<\/strong> (10 pm);<\/li>\n<li><strong>Al-Raed <\/strong>vs. <strong>Al-Khaleej<\/strong> (10 pm);<\/li>\n<li><strong>Al-Ahli <\/strong>vs<strong>. Al-Ittihad<\/strong> (10 pm).<\/li>\n<\/ul>\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\/riyadh-air\/\">Riyadh Air<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/transport-general-authority-tga\/\">Transport General Authority (TGA)<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/zatca\/\">Zatca<\/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=\"84875\" 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=\"84875\">\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\">ECONOMICS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/31\/asset-managers-underweighting-saudi-are-missing-the-boat-efg-hermes-shams-el-din\/\">\r\n                            Asset managers underweighting Saudi are missing the boat \u2013EFG Hermes\u2019 Shams El Din                        <\/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\/03\/31\/asset-managers-underweighting-saudi-are-missing-the-boat-efg-hermes-shams-el-din\/\" 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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Shams splits his time between Riyadh and Cairo, where EFG Hermes is headquartered. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign institutional investors are overlooking Saudi public equities:<\/strong> From a public equity perspective, foreign institutional investors are underweight on Saudi, Shams El Din said. Valuation has always been a concern for countries on the cup between smaller-sized emerging markets and larger-sized frontier markets, Shams El Din explained. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Investors that are underweighting Saudi Arabia have been proven wrong for three years <\/strong><strong>in a row<\/strong>, Shams El Din said. \u201cForeign institutional investors \u2014 particularly when they\u2019re looking at emerging markets \u2014 buy into banks at 1x book [value], consumer stocks at 15x, petrochemicals at 10-12x on average. They find it very hard to pay 25x for a company that has similar fundamentals.\u201d Saudi Arabia offers a stronger growth outlook and lower risk, and investors have struggled to translate this into a valuation that makes them comfortable.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Part of the problem: The Saudi model has yet to be digested<\/strong>, Shams El Din explained. Investors don\u2019t fully understand the Saudi transformation story the same way they understand markets like Vietnam, which is heavily export-driven. Saudi Arabia is diversifying its economy away from the oil sector, but the country is investing in areas where oil liquidity is needed, he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The socioeconomic changes \u2014 all of which are positive \u2014 that have been happening on <\/strong><strong>the ground over the past several years took many investors by surprise<\/strong>, Shams El Din said. The domestic story in Saudi Arabia right now is all about focusing on shifts such as women\u2019s empowerment and a first-ever focus on tourism. \u201cIt\u2019s taking time for the investment community to start pricing the socioeconomic changes that are happening on the ground. But <strong>it\u2019s about time \u2014 they can\u2019t keep underpricing Saudi<\/strong>,\u201d he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s about investing in the Saudi story, rather than focusing on just investing in large <\/strong><strong>caps:<\/strong> Foreign institutional investors have zeroed in on large caps such as Saudi Aramco, SNB, and Sabic, according to Shams El Din. \u201cAll the companies that have had really strong stories over the past couple of years are technically small caps, but that\u2019s because large caps constitute 60-70% of the market weight,\u201d Shams El Din said. \u201cYou don\u2019t play the Saudi story \u2014 the domestic demand story \u2014 with large caps, which are all petroleum, exports, and banks.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mid-caps have been outperforming:<\/strong> \u201cIf you remove the five biggest large caps from your calculations, the dynamics change completely and the market re-segments,\u201d he said. The vast majority of names that have made \u201cphenomenal\u201d returns over the past five years are small caps in the Saudi market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Still, a growing number of asset managers have appetite for the Saudi story: <\/strong>Retail investors now account for around 55% of the market, compared to c.95% five years ago. And even within the 55%, a growing number of retail investors are investing for yield, rather than just hit-and-run plays on momentum and gossip.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, liquidity in Saudi Arabia\u2019s banking sector is an area on which to keep your <\/strong><strong>eyes<\/strong>, Shams El Din said. We\u2019re not talking about systemic risk here, Shams El Din says, but \u201cif you\u2019re diversifying [the economy] and you want private sector competitiveness to grow, you need to decentralize the funding options. The funding options right now are Saudi banks, but their loans-to-deposits ratios are stretched to the maximum,\u201d he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Deposit growth is lagging behind credit and loan growth because of the massive <\/strong><strong>investment in infrastructure.<\/strong> Credit penetration remains low, although borrowing capacity is huge, Shams El Din said. In the past two years, SAMA has intervened twice by injecting liquidity into the market, but that model doesn\u2019t go hand-in-hand with the new Saudi policies, he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The solution? A \u201cvery active capital market,\u201d<\/strong> Shams El Din suggests. \u201cThe dark horse in Saudi Arabia is debt capital markets (DCM), not equity capital markets (ECM),\u201d he said. Private issuances in debt capital markets have been picking up over the past few months, but they\u2019re still lagging behind most emerging markets: <strong>Where the average emerging market has DCM issuances that are around 25% of GDP, Saudi Arabia\u2019s currently stands at 3% of GDP<\/strong>, Shams El Din said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A growing debt market will be key to sustain valuations we\u2019re seeing in public equities<\/strong>, which have seen \u201can impressive turnaround,\u201d Shams El Din stressed. \u201cWithout DCM, however, the hype that we\u2019re seeing on ECM is not going to be sustainable.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Key to sustaining international interest: continued improvement in the regulatory and <\/strong><strong>policy environments<\/strong>, including recent changes on zakat: \u201cYou can\u2019t pay 2.5% zakat on fixed income because the yield is only 4%,\u201d Shams El Din said. These types of regulatory changes would go a long way towards helping investors better understand and price the market, which will spur more investments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another area where regulatory overhaul will go a long way: The country\u2019s real estate <\/strong><strong>sector<\/strong>, which Shams El Din also identified as one of the undiscovered gems of the Saudi story. Regulatory changes on real estate ownership would be very positive for driving foreign investors into the economy, particularly as \u201c<strong>there\u2019s still a lot of uncertainty on how foreigners would buy real estate<\/strong>,\u201d he said. \u201cReal estate is a very decent sector itself \u2014 it\u2019s huge in terms of liquidity, but it\u2019s dominated by private builders. <strong>The Saudi market needs a national champion in the real estate sector<\/strong> \u2014 the market currently has a handful of very small players, which are all very well managed but can\u2019t be considered national champions, Shams El Din said. \u201cThere has to be consolidation and legislative or regulatory reforms for foreign ownership.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Petrochemicals also remains an interesting sector, but is over-penalized largely due to <\/strong><strong>cyclical and structural factors<\/strong>, Shams El Din said. It\u2019s \u201csignificantly outperformed the market,\u201d he said.<\/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\/banking\/\">BANKING<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/capital-markets\/\">Capital Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/economics\/\">economics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/efg-hermes\/\">EFG Hermes<\/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=\"84877\" 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=\"84877\">\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\">CAPITAL MARKETS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/31\/government-unveils-green-financing-framework-to-boost-sustainability\/\">\r\n                            Government rolls out green bonds for a sustainable future                        <\/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\/03\/31\/government-unveils-green-financing-framework-to-boost-sustainability\/\" 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 Kingdom\u2019s first push into green bonds comes as part of efforts to boost its clean energy transition away from fossil fuels, which remains the cornerstone of the economy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know:<\/strong> Project categories range from energy efficiency to terrestrial and aquatic biodiversity, the framework showed. They also include projects focused on renewable energy, clean transportation, pollution prevention and control, sustainable water and wastewater management and climate change adaptation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What the pundits are saying:<\/strong> The green financing framework will attract investors interested in Shariah-compliant investments, Bashar Al Natoor, Fitch's Global Head of Islamic Finance said in a <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7179396639608946688\/\" style=\"\" rel=\"noopener\">note<\/a>. \u201cThe use of sukuk to fund eligible green projects adds an important dimension to sustainable finance, catering to investors seeking Sharia-compliant instruments that also support environmental objectives,\u201d Al Natoor said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>The potential issuances are separate from the Public Investment Fund (PIF) venture into green financing. The sovereign fund closed <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/saudi-arabias-pif-selling-three-tranche-dollar-green-bonds-2023-02-07\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/saudi-arabias-pif-selling-three-tranche-dollar-green-bonds-2023-02-07\/\" style=\"\" rel=\"noopener\">two green bond offerings<\/a> totaling USD 8.5 bn between 2022 and 2023. The push for sustainable bonds comes under <a target=\"_blank\" href=\"https:\/\/www.greeninitiatives.gov.sa\/about-sgi\/sgi-targets\/reduce-carbon-emissions\" style=\"\" rel=\"noopener\">Saudi\u2019s plan<\/a> to slash emissions by 278 mn tons per year by 2030 and reach net zero by 2060.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How it works:<\/strong> Issuances will be made through the Finance Ministry, with net proceeds allocated for eligible budgetary programs in the general budget within two budget years following the green bond or sukuk issuance. Total spending for budgetary programs will be of an equal amount or exceed that of the bond proceeds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Two committees to oversee the framework: <\/strong>The Finance Ministry will chair the the Sustainable Financing Committee, which will oversee the framework and list of eligible projects. The National Debt Management Center (NDMC) will lead on the marketing of projects to fixed-income investors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An annual report to make sure everything is on track: <\/strong>An annual allocation report will be published within one year of any green bond or sukuk issuance, reporting on the deployment of funds and environmental impact indicators.<\/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\/capital-markets\/\">Capital Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/fossil-fuels\/\">fossil fuels<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/green-bonds\/\">green bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/green-financing\/\">green financing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/green-sukuk\/\">Green Sukuk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/renewable-energy\/\">renewable energy<\/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=\"84879\" 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=\"84879\">\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\">INFRASTRUCTURE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/31\/acwa-power-takes-its-desalination-expertise-to-senegal\/\">\r\n                            Acwa Power seals USD 800 mn agreement to set up desalination plant in Senegal                        <\/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\/03\/31\/acwa-power-takes-its-desalination-expertise-to-senegal\/\" 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\/03\/31\/acwa-power-takes-its-desalination-expertise-to-senegal\/')\">\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\/03\/31\/acwa-power-takes-its-desalination-expertise-to-senegal\/\">\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=Acwa Power takes its desalination expertise to Senegal&url=https:\/\/enterpriseam.com\/ksa\/2024\/03\/31\/acwa-power-takes-its-desalination-expertise-to-senegal\/\">\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\/03\/31\/acwa-power-takes-its-desalination-expertise-to-senegal\/&title=Acwa Power takes its desalination expertise to Senegal\">\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=Acwa+Power+takes+its+desalination+expertise+to+Senegal+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F03%2F31%2Facwa-power-takes-its-desalination-expertise-to-senegal%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\/03\/31\/acwa-power-takes-its-desalination-expertise-to-senegal\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2632.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"84880\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/31\/acwa-power-takes-its-desalination-expertise-to-senegal\/2632-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2632.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2632.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2632.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2632.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-84879\" class=\"content-area-description single-story post-84879 post type-post status-publish format-standard has-post-thumbnail hentry category-infrastructure tag-acwa-power tag-desalination tag-enterpriseam-ksa tag-infrastructure tag-reverse-osmosis tag-senegalese-national-water-company-sones 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\/3\/.2a4b0509-1d14-4008-ab14-8566030f40a4.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Acwa Power is setting up the <\/strong><strong>Subsahara's<\/strong><strong> largest desalination plant: <\/strong>Renewables giant Acwa Power has sealed a SAR 3 bn (c. USD 800 mn) water purchase agreement to set up a desalination plant in Senegal\u2019s Dakar, 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\/lU_RboJAEPwWP8DcouGgj7S0SIOKolV4MeexVRLhyHHY2q8vJ02Ntjb2sg-7czOzsyQhS5IUbJ9tmMpEwXbNHCd0ZToUegMbxjCYPQCFyKPzmW24PUoW5wR76FGYjJzJuGeZ4L0ASf6lhyg0YfIUDvsBTMEDepserjznhv3JOWXs3FlNgud7zw-cvk2tS8IvJ14s-XnDkfBHyAiL4yXW1ai-QRYSK1FLjmS6QeUUhagLjjkWKsgq5TLFyIQzvsUA97gL2QZJpFezdJ9VQlaaReKuobEKuRLSLf30Gznka7Ejse5LKdKaq9mhxBZQorH_6svGOMo-msmA1opJvj1x9f-oztco3TWJTQ29SpGfDJhOznXuVmSs2gQK31V0NGt5aaMIUWaiyUjKfD5fQuZ37bfHfm6fl9PpfALnUt7G\/dz\/d5\/L0lHSklna0tDbEVKSUtJS1VRb2dwUkEhIS9vSHdRQUVNSUFBQ0VFaGdDS000emxHWUVLVWxTVUtXdEcwWVdnQSEhLzRKQ2lqc1lwTWhUalVFNWxFbXQyVXR0TlF6VzdLVzFtbzVBIS9aN181QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURRNi9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy9jb21wYW55U3ltYm9sLzIwODIvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzc5MDM2\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> last week. The agreement for the plant was signed with Senegal\u2019s Water and Sanitation Ministry and the Senegalese National Water Company (Sones).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ins and outs:<\/strong> The 32-year contract sees the private utility funding, developing, operating and providing maintenance for the plant in Grande C\u00f4te. It will also design and build associated infrastructure to the project. The plant, which is being developed in two phases, will have a combined production capacity of 400k cubic meters per day using reverse osmosis technology to desalinate seawater. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A timeline:<\/strong> The commercial operation date of the project\u2019s first phase is expected to be during the first quarter of 2028, according to Acwa Power.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ve been expecting this:<\/strong> Acwa Power signed a MoU with Sones in 2022 for the SWRO development, which is the first desalination plant of its kind on a public-private partnership basis. It is also the largest desalination project of its kind in Sub-Saharan Africa. The plant\u2019s production facility was set at 300k m3\/d at the time.<\/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\/acwa-power\/\">ACWA power<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/desalination\/\">Desalination<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/reverse-osmosis\/\">reverse osmosis<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/senegalese-national-water-company-sones\/\">Senegalese National Water Company (Sones)<\/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=\"84881\" 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=\"84881\">\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\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/31\/al-rasheed-issues-a-prospectus-for-its-upcoming-ipo-on-nomu\/\">\r\n                            Al-Rasheed issues a  prospectus for its upcoming IPO on Nomu                        <\/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\/03\/31\/al-rasheed-issues-a-prospectus-for-its-upcoming-ipo-on-nomu\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            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data-attachment-id=\"84882\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/31\/al-rasheed-issues-a-prospectus-for-its-upcoming-ipo-on-nomu\/2595-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2595.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2595.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2595.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2595.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-84881\" class=\"content-area-description single-story post-84881 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-enterpriseam-ksa tag-ipo tag-ipo-watch tag-mining 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\/3\/.76e69a28-83dc-474e-a38c-1e0111f90153.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Mohammed Hadi Al-Rasheed<\/strong><strong> is going public on Nomu with a secondary <\/strong><strong>share sale: <\/strong>Riyadh-based construction and mining firm <a target=\"_blank\" href=\"https:\/\/alrasheedco.com.sa\/\" style=\"\" rel=\"noopener\">Mohammed Hadi Al-Rasheed<\/a> is gearing up to float 1.44 mn ordinary shares \u2014 good for % stake\u2014 on parallel market Nomu, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2594.pdf\" style=\"\" rel=\"noopener\">prospectus (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Use of proceeds: <\/strong>SAR 2.8 mn from the secondary share sale\u2019s proceeds will be channeled towards covering the IPO\u2019s expenses, with the remainder to be distributed to selling shareholders.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The timeline:<\/strong><\/p>\n<ul>\n<li>Qualified Investors can place their orders starting Sunday, 28 April 2024, until Monday, 6 May, with each investor allowed to buy a minimum of 10 shares and a maximum of 600k shares;<\/li>\n<li>The final share allocation is slated for Sunday, 12 May.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Substantial shareholders + lock-up period:<\/strong> Al-Rasheed has three main shareholders who are set to hold a 66.7% stake in the company after the offering, down from a previous 75.8%. Substantial shareholders will have their shares in lockup for 12 months from the start of trading. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The latest results in a nutshell:<\/strong> The company\u2019s net income rose 48% y-o-y to SAR 11.8 in 1H 2023 and its revenues were up 32% y-o-y to SAR 91 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Exports on the rise: <\/strong>Al-Rasheed exports quarried materials to markets including Bahrain, the UAE, Oman, India, and South Korea, adding SAR 17.7 mn to its coffers in 1H 2023. This accounted for 19.5% of total revenues in 1H 2023 \u2014 exceeding the 13.5% it clocked in 2022 and 16.7% of 2021.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- Yaqeen Capital <\/strong>is quarterbacking the transaction as lead manager and financial advisor, while <strong>RSM<\/strong> is acting as legal council. The <strong>underwrites <\/strong>include Derayah, Al Jazira Capital, Albilad Capital, SNB Capital Company, Alinma Investment, Alistithmar Capital, Riyad Capital, and ANB Capital. <\/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\">TAQAT MINERAL TRADING DEBUT-<\/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.linkedin.com\/company\/taqat-mineral-company\" style=\"\" rel=\"noopener\">TAQAT Mineral Trading<\/a><\/strong><strong>began trading on Nomu on Thursday<\/strong>, offering 2.4 mn shares \u2014 good for a 20% stake \u2014 at an opening price of SAR 18 per share, <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1716081\" style=\"\" rel=\"noopener\">Argaam<\/a> reported.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company\u2019s shares dipped 4.4% <\/strong>to close at 17.20, with some 201.7k shares trading hands, according to market data. <\/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\/ipo\/\">IPO<\/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\/mining\/\">mining<\/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=\"84883\" 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=\"84883\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/31\/the-last-gasp-of-2023-earnings-season\/\">\r\n                            Earnings season for 2023 wraps up today                        <\/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\/03\/31\/the-last-gasp-of-2023-earnings-season\/\" 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 company\u2019s auditors have raised a going-concern flag, noting that \u201cthe Group\u2019s current liabilities exceeded its current assets by SAR 309.5 mn\u201d as of year-end. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Turnaround plan coming? <\/strong>The Tadawul filing notes that the company is \u201cdeveloping a strategic transformation program that will be announced later\u201d and that it will look to exit \u201cpoorly performing projects that generate operational losses.\u201d<\/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\">RED SEA INTERNATIONAL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Red Sea International is in the black after reporting SAR 2 mn in net income in <\/strong><strong>2023 <\/strong>\u2014 from net losses of SAR 198 mn in the previous year \u2014 and has registered a 241% y-o-y surge in revenues to SAR 1.4 bn, according to <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lU_RUsIwEPwWP8DJAdO0PkarpU6BloJAX5yQntAZ2nTSFMWvt6HMICgOZu7h9rK3u0cSMidJwbfZiutMFnzT4EVCXy1Godt3YAT9yQNQiD06nTgdt0vJ7JTgDDwK0ZBFo65tgfcCJPnXPsShBdFTOOgFMAYP6HX7cOGxK_yTU8qI3dlNgud7zw9Yz6H2OeGXE89Mft6wJ_wRMsZif4l9MarfITOFlayVQDJeoWZFIetCYI6FDrJKu1xzEgku1hjgFjchXyGJjTVPt1klVWVYZGEmFQotlVv66QHv8qXctH2pZFoLPdmV2A60bKQPfdmIxtlngzrQCnEl1keu-R_W-RKVuyQLy4zelMyPAtykFibzNwP80PFeqMVpww5RZdKkK_PpdA6Zf-u8P_Zy57TYzc0X_L-3Zg!!\/dz\/d5\/L0lHSklna0tDbEVKSUtJS1VRb2dwUkEhIS9vSHdRQUVNSUFBQ0VFaGdDS000emxHWUVLVWxTVUtXdEcwWVdnQSEhLzRKQ2lqc1lwTWhUalVFNWxFbXQyVXR0TlF6VzdLVzFtbzVBIS9aN181QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURRNi9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy9jb21wYW55U3ltYm9sLzQyMzAvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzc5MDMy\/\" style=\"\" rel=\"noopener\">a disclosure to Tadawul<\/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\">ZAMIL INDUSTRIAL INVESTMENT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zamil Industrial Investment accumulated <\/strong><strong>SAR 298<\/strong><strong> mn in net losses in 2023<\/strong> \u2014 a 67% y-o-y increase \u2014 while its revenues rose 19.3% y-o-y to SAR 4.7 bn, according to <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVBNT8JAEP0tHjjCTGko1dsqsWCQDwsKvZDtdihN2m6z3YL4622pkYBicLOHnbfvvXkz4MECvJRvo5DrSKY8LuulZ606zMJ238Yx9mcPaKHrWPOZbfTaFrydEuxnx8LpiE3H7W4HnVcE7196dCcdnD5Ons0hvqCD1nV6vHDYFf29U8qY3XbLBE_3zmDITNvqnhN-GfGsyc8ZDoQ_Qj6BF8bSrxfOUt-0Q_AUrUmRahWqhDdaZ_ldAxu42-1aoZRhTC0hkwb-JtnIXMPilAkupYd1dS_uY2DAm6JcFkoQvISkWZrKIhWUUKqHUa57XHOYCi42NKQtxRMeErjVfDzYRrlUecWCZdOosJyElqqXDYJvZJ_4MoZl9c6UDAqhZ_uMakDL0v7rnZXGbvRRVgbWVlyJzZFb_Y-KxCfV82HZrqC1ksnRgFfJRZW7FhmrOoGmd-0ezGpeUCompCJZZoQsmc8XGA2anr83zYQltnl6d-zmE9fOPEQ!\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC8yMjQwL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzc5MDYy\/\" style=\"\" rel=\"noopener\">a disclosure to Tadawul<\/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\/aviation\/\">AVIATION<\/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\/investment\/\">Investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            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            <\/a>\r\n                    <span>The Luxury of Certainty<\/span>\r\n                <\/div>\r\n            <\/div>\r\n                <\/div>\r\n    <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"84885\" 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=\"84885\">\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\">SAUDI IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/31\/whats-an-outdated-stereotype-or-two-among-friends\/\">\r\n                            Saudi\u2019s appointment to lead a UN gender equality forum leads the conversation on the Kingdom in the global press                        <\/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\/03\/31\/whats-an-outdated-stereotype-or-two-among-friends\/\" 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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data-image-title=\"2634.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2634.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2634.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-84885\" class=\"content-area-description single-story post-84885 post type-post status-publish format-standard has-post-thumbnail hentry category-saudi-in-the-news tag-abdulaziz-alwasil tag-commission-on-the-status-of-women-csw tag-enterpriseam-ksa tag-saudi-in-the-news tag-un 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\/3\/.a0fdcfb3-96fd-461d-b7af-084af970cc33.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Saudi\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/ksamissionun\/status\/1773076585198809388\" style=\"\" rel=\"noopener\">appointment<\/a><\/strong><strong> to lead the UN\u2019s top women\u2019s rights forum continues to <\/strong><strong>dominate coverage of the Kingdom in the international press <\/strong>over the weekend. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Most mainstream outlets are fully invested in outdated stereotypes <\/strong>about the Kingdom. See the <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2024\/mar\/27\/saudi-arabia-un-womens-rights-commission\" style=\"\" rel=\"noopener\">Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Zn5KNhOHuHo\" style=\"\" rel=\"noopener\">Deutsche Welle<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/03\/28\/world\/middleeast\/saudi-arabia-un-women.html\" style=\"\" rel=\"noopener\">The New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/03\/28\/middleeast\/saudi-arabia-chair-un-gender-equality-forum-intl\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The counterpoint: <\/strong>Give Saudi Arabia a chance to prove itself as chair of UN Women\u2019s Rights Forum, in <a target=\"_blank\" href=\"https:\/\/thehill.com\/opinion\/international\/4564807-give-saudi-arabia-a-chance-to-prove-itself-as-chair-of-un-womens-rights-forum\/\" style=\"\" rel=\"noopener\">The Hill<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Saudi and other Arab nations are prepared to \u201cfully recognize Israel\u201d in a <\/strong><strong>future <\/strong><strong>arrangement brokered by Washington<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-29\/biden-says-arab-states-ready-to-recognize-israel-in-future-deal\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported last week, citing statements by US President Joe Biden. \u201cI\u2019ve been working with the Saudis and with all the other Arab countries, including Egypt and Jordan and Qatar. They\u2019re prepared to fully recognize Israel,\u201d he said. \u201cThere has to be a post-Gaza plan, and there has to be a trade to a two-state solution. It doesn\u2019t have to occur today. It has to be a progression and I think we can do that,\u201d he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Talks on normalization between Saudi and Israel have been formally on hold since October last year in the wake of the Israeli war on Gaza. Discussions have reportedly resumed in recent months, with officials <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4d43f6ce-8ecc-41b8-8135-0da085f9952c\/no-palestinian-state%3F-no%253cmark%253e-normalization-%253c%2Fmark%253ewith-israel,-foreign-ministry-says\" style=\"\" rel=\"noopener\">here pushing<\/a> for the recognition of an independent Palestinian state and an end to the crisis in Gaza as a prerequisite for any substantial progress for normalization of ties.<\/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\/abdulaziz-alwasil\/\">Abdulaziz Alwasil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/commission-on-the-status-of-women-csw\/\">Commission on the Status of Women (CSW)<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/un\/\">UN<\/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=\"84887\" 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=\"84887\">\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\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/31\/bahrains-greencorp-acquires-all-of-emad-bakeries-plus-debt-capital-markets-and-manufacturing\/\">\r\n                            Bahrain\u2019s GreenCorp acquires all of Emad Bakeries. Plus: debt, capital markets and manufacturing                        <\/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\/03\/31\/bahrains-greencorp-acquires-all-of-emad-bakeries-plus-debt-capital-markets-and-manufacturing\/\" 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\/03\/31\/bahrains-greencorp-acquires-all-of-emad-bakeries-plus-debt-capital-markets-and-manufacturing\/')\">\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\/03\/31\/bahrains-greencorp-acquires-all-of-emad-bakeries-plus-debt-capital-markets-and-manufacturing\/\">\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=Bahrain\u2019s GreenCorp acquires all of Emad Bakeries. 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Plus: debt, capital markets and manufacturing\">\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=Bahrain%E2%80%99s+GreenCorp+acquires+all+of+Emad+Bakeries.+Plus%3A+debt%2C+capital+markets+and+manufacturing+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F03%2F31%2Fbahrains-greencorp-acquires-all-of-emad-bakeries-plus-debt-capital-markets-and-manufacturing%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\/03\/31\/bahrains-greencorp-acquires-all-of-emad-bakeries-plus-debt-capital-markets-and-manufacturing\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2616.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"84888\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/31\/bahrains-greencorp-acquires-all-of-emad-bakeries-plus-debt-capital-markets-and-manufacturing\/2616-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2616.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2616.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2616.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2616.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-84887\" class=\"content-area-description single-story post-84887 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-ma-watch tag-riyad-bank 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\/4\/.addd1c8b-e68d-48c1-a1d1-a095de9e13e6.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">M&A WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- Bahrain\u2019s <\/strong><strong>GreenCorp <\/strong><strong>has become the new owner of the Jeddah-based <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.emadbakeries.com\/\" style=\"\" rel=\"noopener\">Emad Bakeries<\/a><\/strong><strong> following <\/strong><strong>a 100% acquisition <\/strong>as part of its \u201cmandate is to invest in high-growth, demand-driven, scalable and sustainable food businesses across GCC,\u201d according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/2590.pdf\" style=\"\" rel=\"noopener\">a joint statement (pdf)<\/a>. GreenCorp is powered by a USD 150 mn fund which is owned by the <a target=\"_blank\" href=\"https:\/\/gii.ae\/\" style=\"\" rel=\"noopener\">Gulf Islamic Investments (GII)<\/a>. The investment firm has USD 4.5 bn of assets under management. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong>\u201cAdding Emad Bakeries to Green Corp\u2019s managed portfolio is a strategic move that aligns perfectly with our vision of establishing GreenCorp as a comprehensive GCC food investment platform, encompassing the entire nutritional value chain, and enhancing Gulf food security. We aim to make further acquisitions in the Kingdom, as we build Green Corp\u2019s asset portfolio,\u201d said Pankaj Gupta, GII co-Founder and co-CEO.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- RidgePoint Advisors <\/strong>quarterbacked the transaction as sole financial advisor to Emad Bakeries, while<strong> King & Spalding<\/strong> and <strong>AlAmmar Law Firm <\/strong>acted as legal advisors. <\/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>#2- Jeddah-based carpet maker <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.al-sorayai.com\/en\/\" style=\"\" rel=\"noopener\">Naseej International Trading<\/a><\/strong><strong> is gearing up for a takeover <\/strong><strong>of Etmam <\/strong><strong>Arabia Real <\/strong><strong>Estate<\/strong>, it said in <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lU_RboJAEPwWP8DcovGgj7S0SIMKolV4MeexVRLhyHHY2q8vJ02Ntjb2sg-7czOzsyQhS5IUbJ9tmMpEwXbNHCd0NbAp9IYWTGA4ewAKkUvnM8twepQszgnWyKUQju1w0jMH4L4ASf6lhygYQPgUjPo-TMEFepserjz7hv3JOWVi35lNgud71_PtvkXNS8IvJ14s-XnDkfBHyAiL4yXm1aieQRYSK1FLjmS6QWUXhagLjjkWys8q5TDFSMgZ36KPe9wFbIMk0qtZus8qISvNInHX0FiFXAnplF76jRzytdiRWPelFGnN1exQYgso0dh_9WVjHGUfzWRAa8Uk3564-n9c52uUzprEfQ29SpGfDJhOznXuVmSs2gQK31V0NGt5aaMIUGaiyUjKfD5fQuZ1rbfHfm6dl93pfAKJ0Fjt\/dz\/d5\/L0lHSklna0tDbEVKSUtJS1VRb2dwUkEhIS9vSHdRQUVNSUFBQ0VFaGdDS000emxHWUVLVWxTVUtXdEcwWVdnQSEhLzRKQ2lqc1lwTWhUalVFNWxFbXQyVXR0TlF6VzdLVzFtbzVBIS9aN181QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURRNi9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy9jb21wYW55U3ltYm9sLzEyMTMvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzc5MDU2\/\" style=\"\" rel=\"noopener\">a regulatory filing to Tadawul<\/a>. The two have inked a non-binding MoU that would see Naseej fully acquire <a target=\"_blank\" href=\"https:\/\/www.etmamarabia.sa\/\" style=\"\" rel=\"noopener\">Etmam<\/a> once a final agreement is reached. <strong>This will be done by way of issuing new shares in Naseej for the shareholders of Etmam.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the asset:<\/strong> Etmam is a local construction company specialized in commercial real estate, residential units, and sports facilities, according to <a target=\"_blank\" href=\"https:\/\/www.etmamarabia.sa\/\" style=\"\" rel=\"noopener\">its official webpage<\/a>. Its latest ventures include Al-Awaly Hills, Bab Jeddah Hotel, and Al-Tayseer. <\/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\">TECH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AlJammaz Technologies to become Wildix\u2019s distributor in the GCC: <\/strong>Cloud browser-based unified communications solution provider Wildix entered a \u201cstrategic partnership\u201d with local value added technology distributor AlJammaz Technologies, marking Wildix\u2019s entry to Saudi, according to a <a target=\"_blank\" href=\"https:\/\/www.aetoswire.com\/en\/news\/2803202438466\" style=\"\" rel=\"noopener\">statement<\/a> last week. The partnership sees AlJammaz becoming Wildix\u2019s first distributor in the region. <\/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\">CAPITAL MARKETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Moammer offloads a quarter of its stake in Edarat for main market move: <\/strong>Riyadh-based IT solutions provider Al Moammar Information Systems (MIS) has sold a 25% stake in cloud service provider Edarat Group at a transaction valued at SAR 61.5 mn to meet the requirements of the latter\u2019s planned move from Nomu to the main market, 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\/lU_RboJAEPwWP8DcovGgj7S0SIMKolV4MeexVRLhyHHY2q8vJ02Ntjb2sg-7czOzsyQhS5IUbJ9tmMpEwXbNHCd0NbAp9IYWTGA4ewAKkUvnM8twepQszgnWyKUQju1w0jMH4L4ASf6lhygYQPgUjPo-TMEFepserjz7hv3JOWVi35lNgud71_PtvkXNS8IvJ14s-XnDkfBHyAiL4yXm1aieQRYSK1FLjmS6QWUXhagLjjkWys8q5TDFSMgZ36KPe9wFbIMk0qtZus8qISvNInHX0FiFXAnplF76jRzytdiRWPelFGnN1exQYgso0dh_9WVjHGUfzWRAa8Uk3564-n9c52uUzprEfQ29SpGfDJhOznXuVmSs2gQK31V0NGt5aaMIUGaiyUjKfD5fQuZ1rbfHfm6dl93pfAKJ0Fjt\/dz\/d5\/L0lHSklna0tDbEVKSUtJS1VRb2dwUkEhIS9vSHdRQUVNSUFBQ0VFaGdDS000emxHWUVLVWxTVUtXdEcwWVdnQSEhLzRKQ2lqc1lwTWhUalVFNWxFbXQyVXR0TlF6VzdLVzFtbzVBIS9aN181QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURRNi9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy9jb21wYW55U3ltYm9sLzcyMDAvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzc5MDU3\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> last week. Al Moammar sold 126k shares \u2014 priced at SAR 488 apiece \u2014 of Edarat through private transactions, leading to capital gains amounting to some SAR 57.6 mn. Al Moammar will have a 30% share of Edarat once it becomes Tadawul-listed, according to the disclosure. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Moammer has been busy: <\/strong>The IT solutions provider <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/a4953ce9-c8c7-491d-a2c0-7b2f9c16602e\/mis-makes-play-with-openai-rival\" style=\"\" rel=\"noopener\">acquired in January<\/a> an undisclosed stake in San Francisco-based AI startup Anthropic through a USD 5 mn equity investment. The investment is part of a SAR 40 mn allocation agreed in December by the company to set up an investment portfolio directed towards global AI firms.<\/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\">DEBT WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Riyad Capital seals SAR 1.45 bn debt refinancing pact with Riyad Bank<\/strong><strong>:<\/strong> Riyad Capital \u2014 the fund manager of closed-ended Shariah-compliant real estate investment fund Riyad Reit \u2013 has signed an agreement with Riyad Bank to refinance an existing facility with the lender to bag a fresh SAR 1.45 bn package, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lZDBcoIwEIafpQeu7JYIYm9xqlHGjljqSHPphDaNzEDCYCzj2zfaEzO02tw2-b7dPwsccuBafJVK2NJoUbn6lUdvIY0wWMS4XtPJGDfzZMqWK0qSlwB2fYDNg5kDJtPN44zdIxsD_5ePWRo6IH0iK3xGhtFtPv5yKF73eR8Z-EEfGIh4Af7IkABXlSl-9kl1QWIFvJWfspWtf2zd9d7a5vDgoYdd1_nKGFVJ_93UHg4pe3OwkPfJM3fucmlixYfojpWzuXtqhD5lp7owbtCIEIRMamjq7TbHMq13sQ2L0d03e5NhoQ!!\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi83OTA0NC9jb21wYW55U3ltYm9sLzQzMzAvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> yesterday. The terms for the agreement stipulate a profit margin by no less than 50% compared to the previous financing facility and an extension to the maturity term to seven years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- MESC gets loan from Emirates NBD KSA:<\/strong> The <a target=\"_blank\" href=\"https:\/\/www.mesccables.com\/\" style=\"\" rel=\"noopener\">Middle East Specialized Cables (MESC)<\/a> has lined up a SAR 70 mn Shariah-compliant credit facility from Emirates NBD KSA, the Riyadh-based cable manufacturer 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\/lU_RboJAEPwWP8DcovGgj7S0SIMKolV4MeexVRLhyHHY2q8vJ02Ntjb2sg-7czOzsyQhS5IUbJ9tmMpEwXbNHCd0NbAp9IYWTGA4ewAKkUvnM8twepQszgnWyKUQju1w0jMH4L4ASf6lhygYQPgUjPo-TMEFepserjz7hv3JOWVi35lNgud71_PtvkXNS8IvJ14s-XnDkfBHyAiL4yXm1aieQRYSK1FLjmS6QWUXhagLjjkWys8q5TDFSMgZ36KPe9wFbIMk0qtZus8qISvNInHX0FiFXAnplF76jRzytdiRWPelFGnN1exQYgso0dh_9WVjHGUfzWRAa8Uk3564-n9c52uUzprEfQ29SpGfDJhOznXuVmSs2gQK31V0NGt5aaMIUGaiyUjKfD5fQuZ1rbfHfm6dl93pfAKJ0Fjt\/dz\/d5\/L0lHSklna0tDbEVKSUtJS1VRb2dwUkEhIS9vSHdRQUVNSUFBQ0VFaGdDS000emxHWUVLVWxTVUtXdEcwWVdnQSEhLzRKQ2lqc1lwTWhUalVFNWxFbXQyVXR0TlF6VzdLVzFtbzVBIS9aN181QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURRNi9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy9jb21wYW55U3ltYm9sLzIzNzAvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzc5MDUy\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> last week. The loan will finance working capital, it said.<\/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\">HEALTHCARE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Canadian Medical Center<\/strong><strong> rents office in Eastern Province: <\/strong>Nomu-listed <a target=\"_blank\" href=\"https:\/\/www.canadiancmc.com\/\" style=\"\" rel=\"noopener\">Canadian<\/a><a target=\"_blank\" href=\"https:\/\/www.canadiancmc.com\/\" style=\"\" rel=\"noopener\">Medical Center<\/a> signed a three year SAR 3.1 mn contract to rent a building from real estate firm Khayrat Amariya to open an office in the Eastern Province, it said in a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/yc37mhta\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> last week. The head office will be located at Al Ammar Avenue Complex in Dammam. It also signed a SAR 1.9 mn contract with the real estate firm for related building works on the HQ, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/ldBNC4JAEAbg39LB846aX91W0i0x1ES0vcRaYILretgK_31LnQT7mtvA88I7gyiqEO3ZrW2YbEXPOrUfqH20sA3GxoUkwZ4DWRj5ZBtjM8iWqJwCEhqBAp6frQOiA3EQ_SsPeWopkO7MGPZAwP4tD28Gw_c8nZKZC6ZgpuITfOgQIdp0on798yLlsNJAA8nO7H7tNNXxJPjA-jEfeS0U8izdRQMvigralJd48QANcSif\/dz\/d5\/L0lDU0NRa2dwUXBRa0tDbEVLQ2xFS0lLVVFvZ3BSSWshL1lEVUVBQUFJSUVNRUNLSUVBR0lHT0lPSUJKRkpGQkpORE5EQk5MTEhMSFBJRUVMQWdvZ292QXNDQUEhIS80SkNpaksxYkdMamlFRXBNaFNUVVU1Q21tb1pyZHJMWnpVODF1MWxzRnFLVlZHS0EvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi83OTA3MC9jb21wYW55U3ltYm9sLzk1MTgvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">separate disclosure<\/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\">ENTERTAINMENT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Saudi Film Commission signed a MoU with China's Bona Film Group set up a joint <\/strong><strong>film investment fund<\/strong>, <a target=\"_blank\" href=\"https:\/\/saudigazette.com.sa\/article\/641624\/SAUDI-ARABIA\/Saudi-Film-Commission-and-Chinas-Bona-Film-Group-forge-new-partnership\" style=\"\" rel=\"noopener\">Saudi Gazette<\/a> reported last week. The MoU also covers the distribution of Saudi movies in China and the development of Saudi film talent.<\/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\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong>View United Real Estate Development signed a 16-year contract worth SAR 110 mn <\/strong><strong>with Al Shams Holding <\/strong>to develop the latter\u2019s residential complex in Riyadh\u2019s Al Quds neighborhood, it said in a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/2dvnyybp\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The residential project will be home to villas and apartments, with a total building area of 13.8k sqm.<\/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\">MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bawan subsidiary to supply electrical products to Saudi Electricity<\/strong>: A subsidiary of leading industrial group <a target=\"_blank\" href=\"https:\/\/bawan.com.sa\/en\/\" style=\"\" rel=\"noopener\">Bawan<\/a> has been awarded contracts to supply electrical products to the Saudi Electricity Company at an estimated value of SAR 409.7 mn, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVBNT8JAEP0tHjjCTGko1dsqsWCQDwsKvZDtdihN2m6z3YL4622pkYBicLOHnbfvvXkz4MECvJRvo5DrSKY8LuulZ606zMJ238Yx9mcPaKHrWPOZbfTaFrydEuxnx8LpiE3H7W4HnVcE7196dCcdnD5Ons0hvqCD1nV6vHDYFf29U8qY3XbLBE_3zmDITNvqnhN-GfGsyc8ZDoQ_Qj6BF8bSrxfOUt-0Q_AUrUmRahWqhDdaZ_ldAxu42-1aoZRhTC0hkwb-JtnIXMPilAkupYd1dS_uY2DAm6JcFkoQvISkWZrKIhWUUKqHUa57XHOYCi42NKQtxRMeErjVfDzYRrlUecWCZdOosJyElqqXDYJvZJ_4MoZl9c6UDAqhZ_uMakDL0v7rnZXGbvRRVgbWVlyJzZFb_Y-KxCfV82HZrqC1ksnRgFfJRZW7FhmrOoGmd-0ezGpeUCompCJZZoQsmc8XGA2anr83zYQltnl6d-zmE9fOPEQ!\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC8xMzAyL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzc5MDY1\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> last week. The financial impact of the contacts will reflect on Bawan\u2019s financials starting Q4 2024 to Q4 2025.<\/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\">ADVERTISING-<\/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:\/\/al-arabia.com\/\" style=\"\" rel=\"noopener\">Arabian Contracting Services (Al Arabia)<\/a><\/strong><strong> has finalized procedures for the voluntary <\/strong><strong>liquidation of its subsidiary<\/strong> Arabian Bird Trading Company (Sindebaad), the outdoor advertising services provider 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\/lU_RboJAEPwWP8DcovGgj7S0SIMKolV4MeexVRLhyHHY2q8vJ02Ntjb2sg-7czOzsyQhS5IUbJ9tmMpEwXbNHCd0NbAp9IYWTGA4ewAKkUvnM8twepQszgnWyKUQju1w0jMH4L4ASf6lhygYQPgUjPo-TMEFepserjz7hv3JOWVi35lNgud71_PtvkXNS8IvJ14s-XnDkfBHyAiL4yXm1aieQRYSK1FLjmS6QWUXhagLjjkWys8q5TDFSMgZ36KPe9wFbIMk0qtZus8qISvNInHX0FiFXAnplF76jRzytdiRWPelFGnN1exQYgso0dh_9WVjHGUfzWRAa8Uk3564-n9c52uUzprEfQ29SpGfDJhOznXuVmSs2gQK31V0NGt5aaMIUGaiyUjKfD5fQuZ1rbfHfm6dl93pfAKJ0Fjt\/dz\/d5\/L0lHSklna0tDbEVKSUtJS1VRb2dwUkEhIS9vSHdRQUVNSUFBQ0VFaGdDS000emxHWUVLVWxTVUtXdEcwWVdnQSEhLzRKQ2lqc1lwTWhUalVFNWxFbXQyVXR0TlF6VzdLVzFtbzVBIS9aN181QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURRNi9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy9jb21wYW55U3ltYm9sLzQwNzEvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzc5MDU4\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> last week. It said the Commerce Ministry has canceled the subsidiary\u2019s commercial registration.<\/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\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ma-watch\/\">M&amp;A WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/riyad-bank\/\">Riyad Bank<\/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=\"84889\" 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=\"84889\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/31\/blockbuster-transactions-double-in-1q-as-mas-rebound\/\">\r\n                            Blockbuster transactions double in 1Q 2024 as M&amp;As rebound                        <\/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 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<\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/31\/blockbuster-transactions-double-in-1q-as-mas-rebound\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2641.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"84890\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/03\/31\/blockbuster-transactions-double-in-1q-as-mas-rebound\/2641-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2641.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2641.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2641.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2641.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-84889\" class=\"content-area-description single-story post-84889 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam-ksa tag-financial-markets tag-ma-watch 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\/3\/.02ecafb5-e212-41d4-9be3-fef6374132c6.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The number of mega-acquisitions valued at USD 10 bn or above more than doubled <\/strong><strong>worldwide in the 1Q 2024<\/strong>, with 11 transactions totaling USD 215 bn taking place over the first three months of 2024, compared to five transactions worth a total of some USD 100 bn during the same period last year, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/2cd43668-7d52-44a6-a8a0-58325736c727\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports, citing data from the London Stock Exchange Group. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The growth was driven by large-scale transactions in the US in the energy, tech and financial sectors<\/strong>, reflecting companies\u2019 appetite for \u201ccapitalizing on the market conditions to accelerate growth,\u201d Citi\u2019s head of investment banking Tyler Dickson told FT.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This growth indicates that the market is on course to recover from its \u201clengthy drought\u201d<\/strong>, following a period of stagnancy in M&amp;A activity on the back of the Covid-19 pandemic and the ensuing market volatility, which led to the market shrinking to a decade-low.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While large-scale transactions are seeing an uptick, the total number of transactions globally fell 31% <\/strong>over the first three months of 2024. However, the overall value grew to USD 690 bn, marking a 30% y-o-y increase.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What spurred the rebound?<\/strong> M&amp;A activity surged as investors anticipate rate cuts from central banks, expected to come in June. The expected rate cuts have reduced financing costs, facilitating takeovers, in tandem with a resurgence in IPO activity. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By region:<\/strong> The US made up the lion\u2019s share of takeover activity, growing 59% y-o-y to USD 431.8 bn. The European market also jumped more than 60% y-o-y to USD 127 bn. Meanwhile, transactions in the Asia-Pacific region fell 28% y-o-y, amounting to USD 90 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The market is expected to expand further:<\/strong> Bankers and M&amp;A firms foresee that the M&amp;A momentum will continue to grow throughout the year as companies pursue more takeovers, as fears of recession diminish and economic indicators suggest that the global economy is headed to a \u201csoft landing\u201d and that inflation is under control. \u201cBoards and management teams feel more comfortable about the future,\u201d <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/global-ma-picks-up-q1-after-flurry-large-deals-2024-03-28\/#:~:text=U.S.%20M%26A%20volumes%20surged%2059%25%20to%20%24431.8%20billion.\" style=\"\" rel=\"noopener\">Reuters<\/a> quotes co-head of global M&amp;A at Bank of America Ivan Farman as saying.<\/p>\n<p><a target=\"_blank\" id=\"t.ea4c565515f1a8753d19954f1f956f8a6ddf415b\" 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\">12,566<\/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: +5%)<\/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>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\">1,599<\/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: +3.1%)<\/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>NomuC<\/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\">26,623<\/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% (YTD: +8.5%)<\/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\">USD 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\">USD 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\">27,559<\/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\">-2.4% (YTD: +10.7%)<\/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>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\">9,228<\/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\">-0.4% (YTD: -3.7%)<\/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\">4,246<\/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: +4.6%)<\/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>S&amp;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\">5,254<\/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: +10.2%)<\/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>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\">7,953<\/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-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>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\">5,083<\/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\">+0.03% (YTD: +12.4%)<\/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>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 87<\/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\">+1.9%<\/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 1.76<\/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\">+2.6%<\/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>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\">USD 2,238<\/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\">+1.2%<\/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>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\">USD 69,800<\/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\">+0.7% (YTD: +145.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p class=\"tag-border-left\"> THE CLOSING BELL: TADAWUL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The TASI fell 0.3% last Thursday<\/strong> on turnover of SAR 10.5 bn. The index is up 5% 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>Modern Mills (+9.5%), Med Gulf (+6.5%) and AlYamamah Steel (+5.3%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> Saudi Research and Media Group (-10%), Al Mawarid (-9%) and Saudi Cable (-7.8%).<\/p>\n<p class=\"tag-border-left\">THE CLOSING BELL: NOMU-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The NomuC<\/strong><strong> fell 1.4% last Thursday<\/strong> on turnover of SAR 141.5 mn. The index is up 8.5% 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> Riyadh Steel (+4.5%), AlMohafaza (+3.7%) and AlDawliah (+3.4%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> AlMuneef (-8.8%), Gas Arabian Services (-7.1%) and AlBabtain Food (-6.2%)<\/p>\n<p class=\"tag-border-left\">CORPORATE ACTIONS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/amlakint\/?originalSubdomain=sa\" style=\"\" rel=\"noopener\">Amlak International Finance<\/a><\/strong><strong> has obtained the Capital Market Authority (CMA)\u2019s <\/strong><strong>approval to hike its capital to SAR 1 bn<\/strong> through a bonus shares issuance, according to a <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/en\/Market\/NEWS\/Pages\/CMA_N_3524.aspx\" style=\"\" rel=\"noopener\">statement by the CMA<\/a> last week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>Saudi Automotive Services (SASCO)\u2019s BoD has recommended increasing its capital <\/strong><strong>to SAR 100 mn <\/strong>from retained earnings through a grant of new shares, according to a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3y2kktuk\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> last week. If approved by shareholders, the company\u2019s capital will increase to SAR 700 mn from a current SAR 600 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- SASCO<\/strong><strong>has recommended an additional dividend distribution of SAR 45 mn at<\/strong><strong> SAR 0.75 apiece for FY 2023<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/5n8rrey6\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> last week. The move comes after SASCO distributed interim dividends of SAR 0.5 apiece to eligible shareholders for the first half of the year, bringing total dividends for the year to SAR 1.25 per share. <\/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\/ma-watch\/\">M&amp;A WATCH<\/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=\"84891\" 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\/03\/31\/84891\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-84891\" class=\"content-area-description single-story post-84891 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;\">APRIL<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>8-11 April (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wam.ae\/en\/article\/b222obq-abu-dhabi-host-saudi-super-cup-april#:~:text=ABU%20DHABI%2C%209th%20March%2C%202024,East%20outside%20of%20Saudi%20Arabia.\" style=\"\">Saudi Super Cup<\/a><\/span><span style=\"font-weight:400;\">, Abu Dhabi.<\/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 April (Wednesday): Eid al-Fitr<\/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>14-18 April (Sunday- Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.spa.gov.sa\/en\/N2075948\" style=\"\">4th Gulf Film Festival<\/a><\/span><span>, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16 April (Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/mos.gov.sa\/en\/mediacenter\/eventscenter\/Pages\/eventdetails.aspx?ItemID=69\" style=\"\">FEI World Cup Equestrian<\/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>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 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;\">MAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2-5 May (Thursday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/press-release\/events-and-conferences\/townhall-exhibition-kicks-off-next-may-in-riyadh-with-targeted-sales-of-2bln-pounds-srwjmorx\" style=\"\">Townhall 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>6-9 May (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudi-smartmanufacturing.com\/\" style=\"\">Saudi Smart Manufacturing<\/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>6-9 May (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudi-smartlogistics.com\/\" style=\"\">Saudi Smart Logistics<\/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>9-11 May (Thursday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2024\/3\/2633.pdf\" style=\"\">The Icon Show<\/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>13-15 May (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.smartfuturexpo.com\/\" style=\"\">Smart Future 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>13 May (Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/events.meed.com\/event\/saudigigaprojects\/\" style=\"\">Saudi Giga Projects<\/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>19-21 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>20-21 May (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/fpf.sa\/en\" style=\"\">Future Projects Forum<\/a><\/span><span style=\"font-weight:400;\">, Four Seasons Hotel, 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>4-7 June (Tuesday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudisportshow.com\/\" style=\"\">Saudi Sports 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>4-7 June (Tuesday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/aqaratexpo.com\/en\/home\/\" style=\"\">Aqarat 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 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:700;\">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>17-19 September (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/evautoshowonline.com\/\" style=\"\">EV Auto 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>24-26 September (Tuesday-Thursday) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudiinfrastructureexpo.com\/\" style=\"\">Saudi Infrastructure Expo<\/a><\/span><span style=\"font-weight:400;\">, Riyadh International Convention and Exhibition Center, 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;\">NOVEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>26-28 November (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudiarabia-energy.com\/en\/home.html\" style=\"\">Saudi Electricity 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>11-14 November (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cityscapeglobal.com\/en\/home.html\" style=\"\">Cityscape Global<\/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;\">DECEMBER<\/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;\">2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification, 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 style=\"font-weight:400;\">The AFC Champions League Elite<\/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;\">2025<\/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 style=\"font-weight:400;\">10-13 February (Monday-Thursday): Leap 2025, the Kingdom\u2019s premier tech investment conference<\/span><\/p>\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>Green bond framework. 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