{"id":85339,"date":"2024-04-21T00:00:00","date_gmt":"2024-04-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?post_type=issue&#038;p=85339"},"modified":"2025-12-14T17:53:40","modified_gmt":"2025-12-14T17:53:40","slug":"cenomi-centers-has-six-new-developments-in-the-pipeline-and-new-to-saudi-global-luxury-brands-in-the-wings","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/ksa\/issues\/cenomi-centers-has-six-new-developments-in-the-pipeline-and-new-to-saudi-global-luxury-brands-in-the-wings\/","title":{"rendered":"Cenomi Centers has six new developments in the pipeline \u2014 and new-to-Saudi global luxury brands in the wings"},"content":{"rendered":"<section id=\"85341\" 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=\"85341\">\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\/04\/21\/will-opec-start-easing-production-cuts-in-the-second-half\/\">\r\n                            THIS MORNING: Will Opec start easing production cuts in the second half?                        <\/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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decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1394.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85342\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/will-opec-start-easing-production-cuts-in-the-second-half\/1394-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1394.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1394.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1394.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1394.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85341\" class=\"content-area-description single-story post-85341 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-acwa-power tag-capital-markets tag-enterpriseam-ksa tag-international-monetary-fund-imf tag-maaden tag-oil-watch tag-opec tag-sports tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.5a9c6df3-f703-4343-a49c-0ffd2e0792f1.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>We have a busy week ahead, and that\u2019s just a prelude to what we expect will be a positively frenetic news week starting seven days from now when the World Economic Forum\u2019s special meeting in Riyadh kicks off. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The WEF meeting runs 28-29 April and will see a who\u2019s who of the global and regional <\/strong><strong>business communities <\/strong>descend on the capital city to prospect for business. <a target=\"_blank\" href=\"https:\/\/www.weforum.org\/events\/special-meeting-on-global-collaboration-growth-and-energy-for-development-2024\/\" style=\"\" rel=\"noopener\">The three big themes: energy, \u201cglobal collaboration,\u201d and inclusive growth<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Thinking of coming for a visit?<\/strong> Book your hotel room now \u2014 if you can find one. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/RDIA\/status\/1779857258974769512\" style=\"\" rel=\"noopener\">Innovation Week 2024<\/a><\/strong><strong> kicks off today <\/strong>at the King Abdulaziz City for Science and Technology (KACST) in Riyadh. The event is organized by the Research and Development Innovation Authority and aims to provide a platform for researchers, entrepreneurs, and investors, among other stakeholders, to exchange ideas. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- Riyadh folks<\/strong>, we\u2019re still not out of the woods with our favorite weather app recommending rain boots and umbrellas this morning. Thunderstorms are in the cards for the capital with a high of 36\u00b0C and a low of 24\u00b0C. It\u2019s more of the same in <strong>Al-Taif.<\/strong><\/p>\n<p class=\"tag-border-left\">OIL WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a>  <strong>Will Opec start easing production cuts in the second half? <\/strong>The International Monetary Fund (IMF) thinks Opec might start to lift voluntary production cuts as early as July, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-19\/imf-sees-opec-oil-output-lift-from-july-in-saudi-economic-boost\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. \u201cWe are assuming the full reversal of cuts is happening at the beginning of 2025,\u201d the business information service reports quoting the lender\u2019s mission chief to the Kingdom, Amine Mati, as saying. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>The IMF expects the government to boost crude production to 10 mn barrels per day in early 2025, up from the current three-year low of 9 mn barrels. Earlier this month, Opec+ ministers <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/c8620363-c996-408b-8d01-914668fdbb63\/hotels-and-resorts-operator-boudl-says-it-will-file-to-go-public-this-year\" style=\"\" rel=\"noopener\">left voluntary production cuts unchanged<\/a> in an online meeting, while welcoming Iraq and Kazakhstan\u2019s pledge to get in line. The meeting came weeks after the oil cartel extended voluntary curbs that will remain in effect through June 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context:<\/strong> Mati\u2019s view meshes with the IMF\u2019s recent forecast, which sees the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ade01bc1-2b8d-4dba-b4ed-405119b724c5\/imf-joins-world-bank-in-trimming-%2528ever-so-slightly%2529-saudi%25e2%2580%2599s-growth-outlook\" style=\"\" rel=\"noopener\">domestic<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ade01bc1-2b8d-4dba-b4ed-405119b724c5\/imf-joins-world-bank-in-trimming-%2528ever-so-slightly%2529-saudi%25e2%2580%2599s-growth-outlook\" style=\"\" rel=\"noopener\">economy growing at 6.0% next year<\/a>, up from the 5.5% projected in January, and the World Bank\u2019s forecast of 5.9% in 2025, up from a previous projection of 4.2%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WHY THIS MATTERS- For Saudi to avoid running a budget deficit, officials need to see an <\/strong><strong>average selling price of USD 96.20 a <\/strong><strong>barrel \u2014 and to produce about 9.3 mn barrels a day<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-18\/saudi-arabia-needs-oil-price-near-100-amid-opec-cuts-imf-says\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports in a separate story, citing an IMF report. This is 21% up from the lender\u2019s October forecast, and 10% higher than the current price of the <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/oil-prices-ease-prospect-persistently-high-us-interest-rates-2024-04-19\/\" style=\"\" rel=\"noopener\">benchmark Brent futures which closed at USD 87.3% on Friday<\/a>. This is the highest price level in nearly six months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Interested in the non-oil story of the domestic economy? <\/strong>Head to the top of this morning\u2019s news well, where we have the rundown of everything Saudi-relevant from the IMF and World Bank spring meetings in Washington, DC, which wrapped up this weekend. <\/p>\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>War and politics dominate the front pages of the global business press <\/strong>as the media takes stock of Israel\u2019s limited strike on Iran this Friday \u2014 the third time that the two sides exchanged fire in less than a week. <strong>Iran <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/irans-foreign-minister-downplays-drone-attack-says-tehran-investigating-2024-04-20\/\" style=\"\" rel=\"noopener\">downplayed<\/a><\/strong><strong> the strike<\/strong>, appearing eager to close this chapter of its long-running covert battle with Israel.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Last week may have marked a turning point: <\/strong>The open exchange of attacks brought a decades-long shadow war between Iran and Israel into the open, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/b0ff931b-ca5e-40ac-9ca0-f007465967ad\" style=\"\" rel=\"noopener\">Financial Times<\/a> and <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-19\/week-of-iran-israel-strikes-marks-a-mideast-game-changer?srnd=homepage-middle-east&amp;sref=mmeFTDW1\" style=\"\" rel=\"noopener\">Bloomberg<\/a> warn, and the worry is that \u201climiting escalation will get harder over time.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- The United States is <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/843796a6-191c-4828-8bc9-d6648e4b460e\" style=\"\" rel=\"noopener\">seeking an alliance with the UAE on artificial<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/843796a6-191c-4828-8bc9-d6648e4b460e\" style=\"\" rel=\"noopener\">intelligence<\/a><\/strong><strong>. <\/strong>Last week\u2019s USD 1.5 bn investment in G42, the Abu Dhabi-based AI leader, could be the first of a number of big agreements as American officials look to advance talks with Google and OpenAI, too. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- <\/strong>The US House of Representative has <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/us-house-vote-long-awaited-95-billion-ukraine-israel-aid-package-2024-04-20\/\" style=\"\" rel=\"noopener\">passed a USD 95 bn aid bill for Ukraine and Israel<\/a> and will send the measure on to the Democrat-dominated Senate, meaning it\u2019s likely to become law. US Secretary of State Antony Blinken is <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/0911e97e-03c8-4870-a72e-9b55f1f2405e\" style=\"\" rel=\"noopener\">warning China over weapons exports to Russia<\/a>. And <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/hamas-explores-moving-political-headquarters-out-of-qatar-8a3a794b?mod=hp_lead_pos4\" style=\"\" rel=\"noopener\">Hamas is mulling whether to move its political headquarters<\/a> out of Qatar to Oman or a second Arab state.<\/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\"><a id=\"wwtt2\"><\/a> <strong>#1- Single-stock options (SSOs) on mining giant Maaden\u2019s stock will begin trading <\/strong><strong>today<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/news-details\/!ut\/p\/z1\/vVLLcsIwDPyV9tCjx8rbHN1XgAmFEAIkl4xJTJs2cQK4pJ9fAz0Aw6O91CetZuWVtMIxnuJYsHX-ymReCVYoHMV2YlEb9DaBvjvyNPDHjkfG_kiDjonHOMZxKmQt33AkWcaazyLh4g5WDP3AbVwv85SvmMhykXEVbZOCN7ugZMsPLncwlXsQaQSBiXTQzZuSsYyLjV5RpazgONqhOs0zHNm65XCSaYgwliJzrs3QzNBsxFPb0hyDtUzC8eRwHNJzbfBfqN_XHQvcMeD48rRH9RAMLPCfBz3DgyG4YP-uHs48elU_UBNH6g_nLIkqkXXOGxyKalkqB4M_rkixJw-9xA-fhkppb9NtwN1r_alzyd8Xi5iqm6iE5F8ST__lKCabvvd769OWo6zp3rsdjxrEdo4JJ7w_JJwwd0u44F5dlsQoURhOm2bEo-TRmwednN5-A1O696s!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?locale=en\" style=\"\" rel=\"noopener\">statement by Tadawul<\/a> on Thursday. The contracts will be cleared by the <a target=\"_blank\" href=\"https:\/\/www.tadawulgroup.sa\/wps\/portal\/tadawulgroup\/portfolio\/muqassa\" style=\"\" rel=\"noopener\">Securities Clearing Center Company (Muqassa)<\/a>. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f8d15825-5683-4d6d-9604-71e4734fc78c\/single-stock-options-hit-tadawul\" style=\"\" rel=\"noopener\">Tadawul launched<\/a> SSOs in November as its third derivatives product.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s this SSO of which you speak? <\/strong>The instrument allows investors to hedge their equity portfolios \u2014 and traders to speculate on whether the underlying asset.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>Acwa Power, Irena partner on global renewable energy transition: <\/strong>Renewable energy giant Acwa Power inked an agreement with International Renewable Energy Agency (Irena) to \u201cdrive the worldwide transition to renewable energy sources,\u201d according to a <a target=\"_blank\" href=\"https:\/\/www.acwapower.com\/news\/acwa-power-partners-with-irena-to-spearhead-global-renewable-energy-transformation\/\" style=\"\" rel=\"noopener\">Acwa Power said in a statement<\/a> on Thursday. The two will look into how to \u201cmobilize finance and investment in renewable energy projects and support infrastructure, facilitating the development, storage, distribution, transmission, and consumption of renewables.\u201d They will also exchange data on necessary infrastructure investment for renewable energy, green hydrogen, solar and others.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#3- <\/strong><strong>The government\u2019s National Competitiveness Center (NCC) and the World Bank <\/strong><strong>are set to <\/strong><strong>establish a knowledge center in Saudi<\/strong> to \u201cdisseminate the culture of economic reforms globally,\u201d <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2086425\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported on Friday. No further details were provided on the center, but Commerce Minister and NCC Chairman Majid Al Qasabi said it will \u201cpave the way for further regional and international cooperation in competitive fields\u201d.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What the NCC?<\/strong> Founded in 2019, the <a target=\"_blank\" href=\"https:\/\/www.ncc.gov.sa\/ar\/pages\/default.aspx\" style=\"\" rel=\"noopener\">NCC<\/a> is an independent government center that aims to enhance and develop Saudi\u2019s competitive environment. It also outlines legislative and procedural reforms aimed at boosting the economy\u2019s competitiveness globally.<\/p>\n<p class=\"tag-border-left\">PSAs- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Need some guidance on your small business? <\/strong>You can now visit Monshaat\u2019s new HQ at King Khaled Road in Riyadh, it said in a <a target=\"_blank\" href=\"https:\/\/twitter.com\/MonshaatSA?s=1\" style=\"\" rel=\"noopener\">post on X<\/a>. The Commerce Ministry-affiliated authority regulates, supports and develops the Kingdom\u2019s SMEs sector.<\/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\"><a id=\"wwtt4\"><\/a> <strong>#1- Saudi could turn the World Snooker Championship into a \u201csuper event,\u201d <\/strong><a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/sport\/2024\/apr\/19\/world-snooker-championship-saudi-arabia-shadow-looms-crucible-ronnie-osullivan\" style=\"\" rel=\"noopener\">The<\/a><a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/sport\/2024\/apr\/19\/world-snooker-championship-saudi-arabia-shadow-looms-crucible-ronnie-osullivan\" style=\"\" rel=\"noopener\">Guardian<\/a> reported, citing statements by seven-time champion Ronnie O'Sullivan. \u201cI think Saudi Arabia could get hold of this tournament, grab it by the scruff of the neck and turn it into a Wimbledon or a French Open or US Open, and really make it a super event,\u201d O\u2019Sullivan said of the Kingdom\u2019s growing investments in snooker. His statements come amid debate on the future of the sport's most prestigious event when hosting rights by Sheffield\u2019s Crucible \u2014 the venue which has hosted the event for 47 years \u2014 expire in 2027.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> O'Sullivan, who won the inaugural Riyadh Season World Masters of Snooker <a target=\"_blank\" href=\"https:\/\/www.wst.tv\/riyadhseasonworldmastersofsnooker\/\" style=\"\" rel=\"noopener\">last month<\/a>, was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/862eab92-9a3a-4013-a1ce-8bde32a57cf7\/a-new-africa-focused-airline-may-be-coming-%2B-sama-wants-applicants-for-a-new-investment-banking-training-program\" style=\"\" rel=\"noopener\">named last week<\/a> Saudi ambassador for the sport for the next three years. The World Masters of Snooker is set to come back to Riyadh next year with USD 1 mn purse on offer as Riyadh Season becomes an official partner of the World Snooker Championship.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Overconfidence wasn\u2019t why Al Ain snapped Al Hilal\u2019s winning streak<\/strong> inthe first leg of the Asian Champions League semi-final, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sports\/soccer\/complacency-not-blame-end-al-hilals-record-winning-run-jesus-2024-04-18\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported, citing statements by Al Hilal coach Jorge Jesus. \u201cThere is no such thing called over confidence,\u201d he said. \u201cIn football, you can't control what happens in the match. We are not used to conceding four goals and we should sit and analyze why this happened and correct it.\u201d The two teams will share the field again for the second leg on Tuesday.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<br \/><\/strong><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">{Egypt}<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">{UAE}<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">{Tap or click here<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">to get your own copy of EnterpriseAM Saudi}<\/a> delivered every weekday before 7am Riyadh time \u2014 without charge, thanks to our friends at Cenomi.<br \/><strong>***<\/strong><\/p>\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riyadh will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/isdb-am.org\/\" style=\"\" rel=\"noopener\">2024 IsDB Group annual meeting<\/a><\/strong> from Saturday, 27 April until Wednesday, 30 April. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riyadh will host a special meeting of the World Economic Forum<\/strong> on 28-29 April.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Automechanika Riyadh will open on Tuesday, 30 April till Thursday, 2 May<\/strong> at the Riyadh International Convention and Exhibition Center.The annual trade fair will showcase the automotive industry\u2019s latest advances and innovations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The King Salman bin Abdulaziz Royal Reserve Festival will kick off today <\/strong>at the Cultural Center in Al-Qurayyat governorate, state news agency SPA reports. The art and culture event runs until Thursday, 18 April.<\/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\/capital-markets\/\">Capital Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/international-monetary-fund-imf\/\">International Monetary Fund (IMF)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/maaden\/\">Ma\u2019aden<\/a>\n                <!-- 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   <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1236.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85345\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/cenomi-centers-has-six-new-developments-in-the-pipeline-will-feature-new-to-saudi-global-luxury-brands-ceo\/1236-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1236.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1236.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1236.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1236.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85344\" class=\"content-area-description single-story post-85344 post type-post status-publish format-standard has-post-thumbnail hentry category-spotlight tag-cenomi-centers tag-debt tag-entertainment tag-retail 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\/10\/.15653954-1c95-444d-b210-538416a3d503.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Global luxury brands from LVMH and Kering will be among those rolling out <\/strong><strong>at Cenomi Centers\u2019 new flagship developments<\/strong>, CEO Alison Rehill-Erguven told EnterpriseAM Saudi in a wide-ranging conversation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the agenda for our talk: A deep dive into the planks of Cenomi\u2019s five-year strategy<\/strong>, unveiled at the beginning of 2023, with a particular emphasis on portfolio growth. Prior to joining the nation\u2019s largest lifestyle centers operator in August 2022, Rehill-Erguven (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/alisonrehillerguven\/details\/experience\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) held leadership roles at top real estate companies in Turkey, Europe, China, and the US, including Esas Gayrimenkul, Pradera, Brookfield Properties, and General Growth Properties. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cenomi has six new developments in the pipeline <\/strong>and is set to launch two new flagships \u2014 Jawharat Riyadh, and Jawharat Jeddah \u2014 in 2H 2025, adding around 300k sqm<font face=\"Arial\">&nbsp;of GLA<\/font> to its portfolio, Rehill-Erguven told Enterprise, adding that the two properties are at a 30-35% completion rate right now. Jawharat Alkhobar will open in 2027, and Cenomi has three new lifestyle destination centers similar to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/7ba3c96e-34f6-4868-b5aa-5658b6c5f2c2\/mawani-completes-sar-1-bn-jeddah-islamic-port-upgrade-%2B-cenomi-opens%253cmark%253e-u%253c%2Fmark%253e%253cmark%253e-walk%253c%2Fmark%253e-jeddah\" style=\"\" rel=\"noopener\">U Walk Jeddah<\/a> in the works; U Walk Jeddah had its grand opening last February. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThese assets will have improved design features and circulation with a best-in-class <\/strong><strong>retail offering,\u201d <\/strong>she said, adding that \u201cThe flagships specifically will have luxury precincts, immersive and digital experiences, a refined delivery on food and beverage, international-level multi-age entertainment experiences.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The benchmarks: <\/strong>Think Mall of Emirates, Westfield London, and Dubai Mall, Rehill-Erguven says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>Cenomi plans to deploy some of its SAR +5 bn in planned capex to these six new projects, with more than 50% of that figure earmarked for the flagships, she tells us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bringing prominent global retails to the Saudi market: <\/strong>The Riyadh and Jeddah flagships \u201cwill feature first-to-KSA retailers,\u201d Rehill-Erguven says. \u201cWe're having live conversations with a number of retailers that are interested in setting up their first store in KSA \u2026 the likes of the Paris-based family-run <strong>LVMH Group<\/strong>, the <strong>Kering Group<\/strong>, and the Swiss <strong>Richemont Group<\/strong>.\u201d This in addition to a long list of ongoing partnerships with the UAE-based fashion and retail giant <strong>Apparel Group<\/strong>, luxury retailer and distributor <strong>Chalhoub Group<\/strong>, <strong>Landmark Group<\/strong>, and the Kuwait-based family-owned <strong>Alshaya Group<\/strong>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cIt\u2019s about togetherness, inclusion and family,\u201d<\/strong> Rehill-Erguven said, explaining that Cenomi is putting F&amp;B and entertainment at the core of its growth strategy. Cenomi is on a drive to better cater to the shifting needs of local consumers, drawing from their spending patterns. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Consumer spending is shifting towards F&amp;B, entertainment, and services.<\/strong> \u201cWe looked at Mada spending, Visa spending, and we tried to understand where they are spending their money after covid-19, and it became very clear that it's being spent in the areas of food and beverage, entertainment and services,\u201d she explained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>F&amp;B, services, lifestyle, and entertainment currently account for 38% of Cenomi\u2019s tenant <\/strong><strong>mix<\/strong>, while retail accounts for 62%, said Rehill-Erguven, explaining that a few years ago it was 70% retail.<strong>\u201cOur research data suggests that this is what the Saudi consumer is looking for,\u201d <\/strong>she added. The company is optimizing its mix of retail versus F&amp;B and entertainment offerings to address that demand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- \u201cThis evolution of tenant-mix is clearly resonating with the Saudi <\/strong><strong>consumer,\u201d<\/strong> she said, saying Cenomi Centers had a record footfall in 2023, with 124 mn people visiting its malls \u2014 far exceeding pre-covid levels. Cenomi currently boasts a \u201cmarket share of 18% and its portfolio reaches 80% of the Saudi population.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Less business with related parties:<\/strong><strong> \u201c<\/strong>As Cenomi Retail has been beginning to look at restructuring themselves, their profile with us Cenomi Centers has begun to shrink. So, if they were 25% of the GLA at that time and maybe 20% of revenues, it's now comfortably close to 20% of the GLA or less, and around 15% of the revenues. Now, there is a balance with us, but there are ongoing discussions. I am sure we will find a resolution,\u201d said Rehill-Erguven.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Strong fundamentals resulting in better financing conditions.<\/strong> The company\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f0939b69-f1d6-4f6b-8f0e-caa18260b175\/cenomi-centers-closes-sar%253cmark%253e-5.25%253c%2Fmark%253e-bn-borrowing-package-to-fuel-growth\" style=\"\" rel=\"noopener\">SAR 5.25 bn<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f0939b69-f1d6-4f6b-8f0e-caa18260b175\/cenomi-centers-closes-sar%253cmark%253e-5.25%253c%2Fmark%253e-bn-borrowing-package-to-fuel-growth\" style=\"\" rel=\"noopener\">financing facilities<\/a> signed in February 2024 were funded by a syndicate of banks, carrying lower interest rates than historical figures, with less collateral to securitize, and a more effective amortization as it was spread across two tranches, she added. <strong>The proceeds <\/strong>from that will bolster the balance sheet, liquidity, and will be used, as needed, to finance the capex plan. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The facility was sustainability-linked, with<\/strong><strong> three KPIs tied to the loan <\/strong>including the lowering of the company\u2019s carbon footprint, connecting some assets that aren't connected to the grid, as well as diversity and the inclusion of more women in leadership positions. \u201cSo if we can achieve and hit on these three, it lowers the rate even further.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A laser-sharp focus on people: <\/strong>Cenomi\u2019s strong conviction that people are one of the main drivers of growth has inspired its leadership to hire new C-suite industry leaders with at least two decades of experience in the realm of shopping centers to better align the company with best practices, Rehill-Erguven highlighted. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Internal restructuring for operational efficiency:<\/strong> The company has revamped its organizational structure where currently its leasing division is now divided into a local-accounts department and a global-accounts department that are driven by regional leaders, said Rehill-Erguven. This is bolstering Cenomi\u2019s efficiency, adding more clarity and transparency. They have also formalized how they naturally run national assets where now there\u2019s one COO for each of the regions they operate in the Kingdom, with each COO running each region like its own vertical company. This is resulting in better communication, collaboration, transparency, and consistency across the board, she added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cWe're lucky to be in Saudi right now,\u201d said Rehill-Erguven<\/strong>, explaining that the company\u2019s research shows that there is still massive room for growth in the kingdom, making it unlikely to make plans for regional expansion at the moment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WHAT\u2019S NEXT- <\/strong>Expect Cenomi to reveal what assets will be part of the remaining SAR 800 mn of its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/644caf0a-3f5e-4193-9e72-15851f332b9f\/cenomi-wraps-up-the-sar-200-mn-sale-of-sahara-plaza\" style=\"\" rel=\"noopener\">SAR 2 bn non-core asset sale plan<\/a> in 3Q 2024, with completion slated for 12-18 months from now, Rehill-Erguven told us.<\/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\/cenomi-centers\/\">Cenomi Centers<\/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\/entertainment\/\">entertainment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/retail\/\">Retail<\/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=\"85346\" 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=\"85346\">\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\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/imf-sings-the-praises-of-saudis-non-oil-sector\/\">\r\n                            Saudi economy set for more growth on non-oil sector boom, says IMF chief                        <\/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\/04\/21\/imf-sings-the-praises-of-saudis-non-oil-sector\/\" 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 source of GDP growth in the past years was mainly driven by growth in the non-oil sector, Georgieva said. She called on the government to find a balance between the utilization of reserves and tapping the debt markets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The non-oil economy will continue to drive growth: <\/strong>\u201cThe engine of growth for Saudi and the GCC this year and next year will be the non-oil sector,\u201d IMF Middle East and Central Asia Director Jihad Azour told Al Arabiya TV (<a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/04\/19\/-%D8%A3%D8%B2%D8%B9%D9%88%D8%B1-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%A7%D8%B3%D8%AA%D9%85%D8%B1%D8%A7%D8%B1-%D8%A7%D9%84%D8%A7%D8%B5%D9%84%D8%A7%D8%AD%D8%A7%D8%AA-%D9%88%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D9%81%D9%8A-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D9%84%D9%87-%D8%AA%D8%A3%D8%AB%D9%8A%D8%B1-%D8%A7%D9%8A%D8%AC%D8%A7%D8%A8%D9%8A-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D9%86%D9%85%D9%88\" style=\"\" rel=\"noopener\">watch, runtime: 1:44<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>For the first time, non-oil activity accounted for 50% of the Kingdom\u2019s real GDP in 2023, fueled by a sharp increase in investments, consumption and export volumes, government data showed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3a993e5f-dde8-4b27-a6a6-d31477bc7b12\/%253cmark%253enon-oil%253c%2Fmark%253e-economy-accounted-for-50%2525-of-gdp-last-year-%25e2%2580%2594-a-record-high\" style=\"\" rel=\"noopener\">last month<\/a>. The non-oil economy came in at SAR 1.7 tn last year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Voluntary oil cuts to blame for slight outlook downgrade by the IMF: <\/strong>Azour said the IMF recent (modest) cut to Saudi\u2019s 2024 growth forecast came on the back of extended voluntary oil curbs by Opec+. His remarks came days after the IMF <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ade01bc1-2b8d-4dba-b4ed-405119b724c5\/imf-joins-world-bank-in-trimming-%2528ever-so-slightly%2529-saudi%25e2%2580%2599s-growth-outlook\" style=\"\" rel=\"noopener\">slightly trimmed<\/a> its Saudi\u2019s growth forecast to 2.6% this year, down from the 2.7% it had penciled-in back in January. <strong>The IMF raised its Saudi GDP growth forecast for 2025 to 6.0%<\/strong>, up from the 5.5% projected earlier this year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>STILL- <\/strong>Ongoing structural reforms coupled with a wave of investments will have a positive impact on growth, Azour said. \u201cA rise in oil output level and exports will boost GDP growth and improve the balance of payments,\u201d he 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\">ALSO FROM SPRING MEETINGS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The IMF's<\/strong><strong> steering committee<\/strong><strong>, chaired by Finance Minister Mohammed Al Jadaan, fell <\/strong><strong>short of agreeing on a joint communique on the economic risks<\/strong> posed by ongoing global conflicts, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/imf-committee-acknowledges-conflicts-risk-opts-against-joint-communique-2024-04-19\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported. The committee discussed the impact of the war in Ukraine, Gaza and shipping disruptions in the Red Sea on the global economy, according to a <a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2024\/04\/19\/pr24122-Chairs-Statement--Forty-Ninth-Meeting-of-the-IMFC\" style=\"\" rel=\"noopener\">statement by Al Jadaan<\/a>. \u201cWhile recognizing the IMFC is not the forum to resolve geopolitical and security issues and these issues will be discussed in other fora, IMFC members acknowledged that these situations have significant impacts on the global economy. Today\u2019s era must not be of war and conflict\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What went down: <\/strong>Nordic countries unanimously voted against the adoption of a joint communique because it failed to explicitly mention Russia, Finnish Finance Minister Riikka Purra told reporters. \u201cIt was not possible for us to approve a joint communique which did not explicitly and directly mention Russia, which wages a war in Ukraine that has all kinds of economic consequences across the world,\u201d she said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The IMF is concerned about debt burdens by low-income countries<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.voaafrica.com\/a\/imf-concerned-about-debt-fiscal-challenges-facing-low-income-countries\/7578158.html\" style=\"\" rel=\"noopener\">Reuters<\/a> reported, citing statements by Georgieva. She said some of the vulnerable countries were now seeing debt service payments of 12% in comparison to 5% a decade earlier. \u201cWhat is heartbreaking is that in some countries debt payments are up to 20% of revenues,\u201d she said. She said that a push by the IMF and the World Bank this week for timelines for debt restructuring would help streamline the process.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/economy\/\">ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/international-monetary-fund-imf\/\">International Monetary Fund (IMF)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/kristalina-georgieva\/\">Kristalina Georgieva<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/oil\/\">Oil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/world-bank\/\">World 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=\"85348\" 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=\"85348\">\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\">TOURISM<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/saudi-tourism-sees-strong-1q-despite-rising-tensions-in-the-region-says-minister\/\">\r\n                            Saudi tourism sees strong 1Q despite rising tensions in the region, says minister                        <\/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\/04\/21\/saudi-tourism-sees-strong-1q-despite-rising-tensions-in-the-region-says-minister\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1382.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85349\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/saudi-tourism-sees-strong-1q-despite-rising-tensions-in-the-region-says-minister\/1382-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1382.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1382.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1382.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1382.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85348\" class=\"content-area-description single-story post-85348 post type-post status-publish format-standard has-post-thumbnail hentry category-tourism tag-ahmed-al-khateeb tag-enterpriseam-ksa tag-tourism tag-tourism-ministry 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\/.b9192281-ce17-4366-90d2-c01a62600536.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Saudi\u2019s tourism sector has seen a strong 1Q 2024 despite rising geopolitical <\/strong><strong>tensions<\/strong>, Tourism Minister Ahmed Al Khateeb told Bloomberg TV in an interview (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/videos\/2024-04-19\/saudi-arabia-hopes-to-grow-tourism-as-tensions-grow\" style=\"\" rel=\"noopener\">{<\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/videos\/2024-04-19\/saudi-arabia-hopes-to-grow-tourism-as-tensions-grow\" style=\"\" rel=\"noopener\">watch: runtime: 12:31<\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/videos\/2024-04-19\/saudi-arabia-hopes-to-grow-tourism-as-tensions-grow\" style=\"\" rel=\"noopener\">}<\/a>). \u201cWe have seen a double digit growth in the first quarter of the year compared with the first quarter last year,\u201d he said on the booming sector despite heightened escalations in the region. \u201cThe escalations in the region are not good for everyone, therefore Saudi\u2026is stepping in this situation and trying to contain the situation with its neighbors,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Crossing fingers for a short-lived conflict: <\/strong>\u201cThe tension in the region is very serious, we hope it is for the short term,\u201d Al Khateeb said. \u201cWe are monitoring the situation closely, to make sure that 2Q and the short term will not be impacted. However,<strong> in the medium and long term, we are very optimistic<\/strong>,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Robust growth in 2023: <\/strong>\u201cLast year was a very strong year for the Kingdom. We were the highest growing country among all G20 countries with 56% y-o-y growth [in tourist arrivals],\u201d he said. Half of arrivals were religious trips, while the remainder came here to engage in business, sports, leisure and hospitality, the minister said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- The ministry recently doubled its target for 2030<\/strong>, hoping now to be host to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/a35151a1-033e-49d7-85a5-bbe29bf3da9b\/it%25e2%2580%2599s-day-2-at-leap-2024,-deepfest-and-efg-hermes-one-on-one\" style=\"\" rel=\"noopener\">150 mn tourist<\/a> trips after it hit its target last year ahead of schedule. The new 2030 target sees 80 mn by domestic travelers and 70 mn by international travelers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tourism is seeing the government spending big: <\/strong>The government is injecting some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/8ee2e54a-81c2-4d59-9087-99dc7d49d63d\/it%25e2%2580%2599s-the-second-day-of-the-saudi-capital-market-forum\" style=\"\" rel=\"noopener\">USD<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/8ee2e54a-81c2-4d59-9087-99dc7d49d63d\/it%25e2%2580%2599s-the-second-day-of-the-saudi-capital-market-forum\" style=\"\" rel=\"noopener\">800 bn<\/a> into the sector under plans to build new future destinations, including Neom, The Red Sea, Diriyah and Qiddiyah among others, he said. The private sector, supported by the Tourism Development Fund, is pouring investments to build new hotels, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Incentives for foreign investors in the sector: <\/strong>\u201cWe are trying to make Saudi Arabia the easiest and most cost-efficient [in which] to do business,\u201d Al Khateeb said. He said the government is providing incentives such as access to land, debt, funding, and easing regulations to lure in investors who are \u201cseeking a good return, with a low-risk commitment from the government\u201d.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>The ministry unveiled a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/a35151a1-033e-49d7-85a5-bbe29bf3da9b\/it%25e2%2580%2599s-day-2-at-leap-2024,-deepfest-and-efg-hermes-one-on-one\" style=\"\" rel=\"noopener\">new tourism investment program<\/a> last month to facilitate doing business and attracting local and foreign investors. The Tourism Investment Enablers Program (TIEP) includes regulatory reforms for tourism licensing depending on type and scale of operations and reduced fees. It aims to lure in investments of up to SAR 42 bn (c. USD 11 bn) with inflows of SAR 16 bn to GDP by 2030.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An alcohol ban is not driving tourists away: <\/strong>\u201cAlcohol is important but we decided not to offer it, and so far people are coming, they are exploring Saudi and coming for business, coming for leisure, coming for religious reasons,\u201d he said when asked about whether serving alcohol would be a game changer for the Kingdom\u2019s tourism. \u201cThey have not complained, they are enjoying other offerings like the food, retail, hospitality, the culture, and I hope this will continue,\u201d he said. \u201cOut of the 1.4-1.5 bn travelers [visiting the Gulf], I\u2019m very sure we will find, at least in the mid-term, 70 mn people who will travel without asking for alcohol,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>Saudi <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/7f0d3cbf-df24-43c0-92f9-50f3042697c4\/it%25e2%2580%2599s-the-first-official-issue-of-enterpriseam-saudi\" style=\"\" rel=\"noopener\">opened in January<\/a> its first alcohol shop in over 70 years exclusively for non-Muslim diplomats, signaling relaxed restrictions to make the Kingdom a more tourist-friendly destination. The government said the move came under efforts to counter the illegal trade of alcohol. Pundits expect officials to allow a slow rollout to select hotels.<\/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\/ahmed-al-khateeb\/\">Ahmed Al Khateeb<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/tourism-ministry\/\">Tourism Ministry<\/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=\"85350\" 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=\"85350\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/adnic-completes-acquisition-of-majority-stake-in-allianz-sf\/\">\r\n                            Adnic completes acquisition of majority stake in Allianz SF                        <\/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\/04\/21\/adnic-completes-acquisition-of-majority-stake-in-allianz-sf\/\" 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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Company (Adnic)<\/a><\/strong><strong> completed its acquisition of a <\/strong><strong>51% <\/strong><strong>stake in Riyadh-based <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.allianz.com\/en\/press\/news\/financials\/stakes_investments\/230928_allianz-enters-into-binding-agreement-to-sell-its-stake-in-allianz-saudi-fransi-to-abu-dhabi-national-insurance-company.html\" style=\"\" rel=\"noopener\">Allianz Saudi Fransi Cooperative Ins. (Allianz SF)<\/a><\/strong><strong>,<\/strong> making it a majority shareholder in the Tadawul-listed insurer, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1290.pdf\" style=\"\" rel=\"noopener\">ADX disclosure (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The transaction was worth SAR 499 mn<\/strong> and valued Allianz SF at SAR 16.31 per share. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>Adnic and Allianz Group \u2014 Allianz SF\u2019s parent company \u2014 had reached a binding agreement for the transaction back in <a target=\"_blank\" href=\"https:\/\/www.allianz.com\/en\/press\/news\/financials\/stakes_investments\/230928_allianz-enters-into-binding-agreement-to-sell-its-stake-in-allianz-saudi-fransi-to-abu-dhabi-national-insurance-company.html\" style=\"\" rel=\"noopener\">September 2023<\/a>. The acquisition is part of Adnic\u2019s strategic plan to \u201cextend its presence into the Saudi Arabian market \u2026 and boost its consumer retail portfolio,\u201d it said in the disclosure.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some things will stay the same<\/strong>: The announcement saw Allianz SF assuring shareholders that it will remain Tadawul-listed, according to a <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1720445?IRAccessToken=alandalus\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Its dividend policy will also remain unchanged, it said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Allianz SF: <\/strong>Allianz SF was established in 2007 as a joint venture between Munich-based multinational financial services company Allianz Group and Banque Saudi Fransi, according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/www.allianzsf.com\/en_GB\/about-us\/who-we-are\/allianz-oe.html\" style=\"\" rel=\"noopener\">website<\/a>. The ins. provider saw its bottom line increase <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/295e63ad-38cb-420a-8f53-b42c7e5e31e0\/still-more-earnings%25e2%2580%25a6\" style=\"\" rel=\"noopener\">4x y-o-y to SAR 37 mn in 2023<\/a>, while revenues grew to SAR 862.6 mn.<\/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\/ma-watch\/\">M&amp;A WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85352\" 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=\"85352\">\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\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/qomel-sets-offering-price-at-sar-80-a-piece-for-its-ipo\/\">\r\n                            Qomel sets offering price at SAR 80 a piece for its IPO                        <\/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\/04\/21\/qomel-sets-offering-price-at-sar-80-a-piece-for-its-ipo\/\" 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 private healthcare provider is set to offer 500k shares on Tadawul\u2019s parallel market Nomu, representing a 14.3% stake.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In detail: <\/strong>Bankers will start taking orders at a set price of SAR 80 apiece, according to Watheeq Capital. The subscription period runs until Thursday, 25 April. A final allocation is set for Thursday, 2 May.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company<\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/0211144f-6721-4388-955b-337053bec134\/qomel-plans-to-take-a-14%2525-stake-to-nomu\" style=\"\" rel=\"noopener\">will use proceeds<\/a><\/strong><strong> from the offering to invest in growth<\/strong>, including a SAR 100 mn pharma manufacturing facility being built by fully owned subsidiary Qomel Factory Co. in Sudair Industrial City. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Lock-up period:<\/strong> All four substantial shareholders will have to abide by a 12-month lock-up period starting from the first day of trading.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Qomel<\/strong>: Established in 2007, Qomel is a Riyadh-based healthcare company specialized in pharma and medical devices. It has branches in Jeddah and Dammam and distribution agreements with global pharma players, including UK\u2019s Clinigen, Waymade, France\u2019s Ohre Pharma, Italy\u2019s Adienne and others.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Derayah Financial is quarterbacking the transaction as lead manager, while Watheeq Capital is acting as financial advisor.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN OTHER CAPITAL MARKETS NEWS- <\/strong>The board of Nomu-listed Edarat Communication and IT has approved its transition to the main market, it said in <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/mtuxuk54\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> on Thursday. No further details were provided, but the cloud service provider said the transition is subject to an approval from Tadawul.<\/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\/nomu\/\">Nomu<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/qomel\/\">Qomel<\/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=\"85354\" 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=\"85354\">\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\">FINANCIAL SERVICES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/a-snapshot-of-how-local-investment-funds-fared-in-2023\/\">\r\n                            Total AUM by local investment funds fell in 2023, while the number of funds grew                        <\/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\/04\/21\/a-snapshot-of-how-local-investment-funds-fared-in-2023\/\" 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\/04\/21\/a-snapshot-of-how-local-investment-funds-fared-in-2023\/')\">\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\/04\/21\/a-snapshot-of-how-local-investment-funds-fared-in-2023\/\">\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=A snapshot of how local investment funds fared in 2023&url=https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/a-snapshot-of-how-local-investment-funds-fared-in-2023\/\">\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\/04\/21\/a-snapshot-of-how-local-investment-funds-fared-in-2023\/&title=A snapshot of how local investment funds fared in 2023\">\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=A+snapshot+of+how+local+investment+funds+fared+in+2023+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F04%2F21%2Fa-snapshot-of-how-local-investment-funds-fared-in-2023%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\/04\/21\/a-snapshot-of-how-local-investment-funds-fared-in-2023\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85354\" class=\"content-area-description single-story post-85354 post type-post status-publish format-standard hentry category-financial-services tag-capital-markets tag-enterpriseam-ksa tag-financial-services tag-investment-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.1ecbd56a-ae3f-4b5b-b9db-49fab4212d34.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Total assets under management (AUM) by 291 Local investment funds <\/strong><strong>dipped 2.8% y-o-y to SAR <\/strong><strong>122.6 bn in 2023<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1370.pdf\" style=\"\" rel=\"noopener\">the latest SAMA data (pdf).<\/a> Domestic assets accounted for 82.5% of that figure. The number of operating funds rose to 291 in 2023, up from 255 in the previous year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Domestic shares accounted for 23% of the total AUM, <\/strong>followed by real estate investments (20%), and domestic money market instruments (19%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The number of open-ended funds in the Kingdom rose 16% y-o-y to 267 in 2023, with SAR <\/strong><strong>93.3 bn in AUM. <\/strong>Meanwhile, the number of close-ended funds fell 4% y-o-y to 24 over the same period, with SAR 29.3 bn in AUM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Open-ended vs. close ended funds: <\/strong>Investors can buy or sell shares of open-ended funds directly from the fund manager at the fund\u2019s net asset value, making them the more liquid type of funds. Meanwhile, in close-ended funds, investors trade shares of the fund on the secondary market at either a premium or a discount to the fund\u2019s net asset value.<\/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\/financial-services\/\">financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85355\" 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=\"85355\">\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\">MINING<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/pif-backed-manara-minerals-eyes-stake-in-zambia-copper-mines-usd-1-bn-investment-in-pakistan\/\">\r\n                            PIF-backed Manara Minerals eyes stake in Zambia copper mines, USD 1 bn investment in Pakistan                        <\/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\/04\/21\/pif-backed-manara-minerals-eyes-stake-in-zambia-copper-mines-usd-1-bn-investment-in-pakistan\/\" 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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Pakistan&url=https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/pif-backed-manara-minerals-eyes-stake-in-zambia-copper-mines-usd-1-bn-investment-in-pakistan\/\">\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\/04\/21\/pif-backed-manara-minerals-eyes-stake-in-zambia-copper-mines-usd-1-bn-investment-in-pakistan\/&title=PIF-backed Manara Minerals eyes stake in Zambia copper mines, USD 1 bn investment in Pakistan\">\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 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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1323.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85356\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/pif-backed-manara-minerals-eyes-stake-in-zambia-copper-mines-usd-1-bn-investment-in-pakistan\/1323-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1323.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1323.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1323.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1323.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85355\" class=\"content-area-description single-story post-85355 post type-post status-publish format-standard has-post-thumbnail hentry category-mining tag-enterpriseam-ksa tag-ma-watch tag-manara 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\/4\/.86e6dac3-6013-44ec-b88c-3f54e5782130.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>PIF-backed <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.manaraminerals.com\/\" style=\"\" rel=\"noopener\">Manara Minerals Investment<\/a><\/strong><strong> is eying a stake in Zambia's <\/strong><strong><a target=\"_blank\" href=\"https:\/\/first-quantum.com\/\" style=\"\" rel=\"noopener\">First<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/first-quantum.com\/\" style=\"\" rel=\"noopener\">Quantum Minerals<\/a><\/strong><strong> copper mines<\/strong> Sentinel and Kansanshi, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-18\/saudis-rio-and-japanese-said-to-pursue-first-quantum-mines\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported on Thursday, citing sources it said are familiar with the matter. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Global interest: <\/strong>The UK\u2019s <a target=\"_blank\" href=\"https:\/\/www.riotinto.com\/\" style=\"\" rel=\"noopener\">Rio Tinto<\/a> and Japan\u2019s trading houses <a target=\"_blank\" href=\"https:\/\/www.mitsui.com\/jp\/en\/index.html\" style=\"\" rel=\"noopener\">Mitsui<\/a> and <a target=\"_blank\" href=\"https:\/\/www.sumitomocorp.com\/en\/global\" style=\"\" rel=\"noopener\">Sumitomo<\/a> are also considering acquiring a stake in the mines. Chinese state-owned <a target=\"_blank\" href=\"http:\/\/en.jxcc.com\/\" style=\"\" rel=\"noopener\">Jiangxi<\/a> Copper, First Quantum\u2019s second-biggest shareholder, also held talks with the company earlier this year to offload a stake in the mines, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/first-quantum-talks-with-jiangxi-copper-sale-stake-zambian-mines-source-2024-01-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported at the time. The interest in the mines is driven by the anticipated surge in demand for copper, which is essential for EVs and renewable energy infrastructure, Bloomberg adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the mines: <\/strong>First Quantum owns 100% of the Sentinel mine and 80% of the Kansanshi mine, and Zambia\u2019s government owns the rest of the latter, according to Reuters. The mines could be valued at USD 6 bn.<\/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\">A USD 1 BN INVESTMENT IN PAKISTAN?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Manara is also said to be close to a USD 1 bn investment in Barrick Gold\u2019s Reko Diq <\/strong><strong>copper and gold mining project in Pakistan<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-18\/saudi-arabia-moves-closer-to-1-billion-barrick-pakistan-deal\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported on Thursday. A preliminary agreement could be made public in a matter of weeks. The news comes after recent discussions between Crown Prince and Prime Minister Mohammed bin Salman and Pakistani Prime Minister Shehbaz Sharif and a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d2cc076a-3ccd-4038-b2dc-874b485fd02a\/s\" style=\"\" rel=\"noopener\">visit to Pakistan<\/a> by Foreign Minister Prince Faisal bin Farhan. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But it may be a while yet\u2026 <\/strong>Saudi was reportedly looking to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/3b43c9c8-d93b-4de6-b485-ddbf60296a5c\/today:-tabreed%25e2%2580%2599s-pilot-project-using-new-tech-for-district-cooling-is-a-success\" style=\"\" rel=\"noopener\">snap up stakes<\/a> in the mines last November. Barrick said back in July it was open to selling shares to a Saudi company and started talks earlier this month. Emirati consulting firm RB&A is advising Pakistan on the sale and will value the state\u2019s stake by the end of December, suggesting a transaction may be unlikely before then.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the project: <\/strong>The copper-gold mine is 50% owned by Canadian mining firm Barrick Gold, which in August said it could invest as much as USD 10 bn to tap into the project\u2019s full potential. Pakistan\u2019s government and the state of Balochistan own the remainder of the mine\u2019s shares. The Reko Diq project, located in the Balochistan region, is expected to start production in 2028, Bloomberg reported.<\/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\/ma-watch\/\">M&amp;A WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/manara\/\">Manara<\/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=\"85357\" 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=\"85357\">\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\">SAUDI IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/mobile-gaming-alula-and-and-ancient-lava-tube-all-get-ink-in-the-global-press-this-morning\/\">\r\n                            Mobile gaming, AlUla, and \u2026 and ancient lava tube all get ink in the global press this morning                        <\/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\/04\/21\/mobile-gaming-alula-and-and-ancient-lava-tube-all-get-ink-in-the-global-press-this-morning\/\" 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\/04\/21\/mobile-gaming-alula-and-and-ancient-lava-tube-all-get-ink-in-the-global-press-this-morning\/')\">\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\/04\/21\/mobile-gaming-alula-and-and-ancient-lava-tube-all-get-ink-in-the-global-press-this-morning\/\">\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=Mobile gaming, AlUla, and \u2026 and ancient lava tube all get ink in the global press this morning&url=https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/mobile-gaming-alula-and-and-ancient-lava-tube-all-get-ink-in-the-global-press-this-morning\/\">\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\/04\/21\/mobile-gaming-alula-and-and-ancient-lava-tube-all-get-ink-in-the-global-press-this-morning\/&title=Mobile gaming, AlUla, and \u2026 and ancient lava tube all get ink in the global press this morning\">\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=Mobile+gaming%2C+AlUla%2C+and+%E2%80%A6+and+ancient+lava+tube+all+get+ink+in+the+global+press+this+morning+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F04%2F21%2Fmobile-gaming-alula-and-and-ancient-lava-tube-all-get-ink-in-the-global-press-this-morning%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\/04\/21\/mobile-gaming-alula-and-and-ancient-lava-tube-all-get-ink-in-the-global-press-this-morning\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85357\" class=\"content-area-description single-story post-85357 post type-post status-publish format-standard hentry category-saudi-in-the-news tag-enterpriseam-ksa tag-public-investment-fund-pif tag-saudi-in-the-news wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.5d2373c1-67da-4e6f-ae4c-5bf57c1eb276.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a<\/strong><strong>nother mixed bag for Saudi in the foreign press today with mobile games, <\/strong><strong>AlUla, oil <\/strong><strong>prices and an ancient lava tube making the rounds<\/strong>. First up, <a target=\"_blank\" href=\"https:\/\/savvygames.com\/\" style=\"\" rel=\"noopener\">Savvy Games Group<\/a> \u2014 a wholly-owned subsidiary of the Public Investment Fund (PIF) \u2014 is eyeing more investments in mobile game development after its online board game Monopoly Go (<a target=\"_blank\" href=\"https:\/\/apps.apple.com\/us\/app\/monopoly-go\/id1621328561\" style=\"\" rel=\"noopener\">App Store<\/a>, <a target=\"_blank\" href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.scopely.monopolygo&hl=en&gl=US\" style=\"\" rel=\"noopener\">Play Store<\/a>) gained major traction, grossing some USD 2 bn in sales, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-19\/saudi-arabia-s-savvy-to-put-more-into-mobile-after-monopoly-go\" style=\"\" rel=\"noopener\">Bloomberg reported<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bloomberg is back with another <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/features\/2024-04-20\/visiting-saudi-arabia-s-alula-illustrates-the-kingdom-s-1-trillion-tourism-bet\" style=\"\" rel=\"noopener\">traveler\u2019s expos\u00e9 on AlUla<\/a><\/strong>, which went as far as to call the Kingdom\u2019s top desert destination a \u201ca high-risk USD 1 tn [wager] on tourism,\u201d saying that the current rate of progress at AlUla raises doubts about its ambitious projections. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.foxnews.com\/media\/russia-saudi-arabia-may-manipulating-oil-prices-help-trump-msnbc\" style=\"\" rel=\"noopener\">Fox News<\/a> says the Kingdom and the Kremlin are deliberately hiking oil prices to boost presidential candidate Donald Trump\u2019s political fortunes ahead of the US elections, the right-leaning outlet said, citing an MSNBC panel that entertained the theory. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the other end of the spectrum, <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/04\/17\/science\/saudi-arabia-lava-tube.html\" style=\"\" rel=\"noopener\">NYT is out with a piece on a lava tube<\/a><\/strong><strong> that's been in <\/strong><strong>Saudi Arabia for over 7k years<\/strong>. Umm Jirsan is the first to be excavated in the Kingdom, and was likely used as a place of refuge for early humans. <\/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\/public-investment-fund-pif\/\">Public Investment Fund (PIF)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-in-the-news\/\">SAUDI IN THE NEWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85358\" 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=\"85358\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/a-new-shipping-service-at-jubail-commercial-port-plus-agriculture-earnings-real-estate\/\">\r\n                            A new shipping service at Jubail Commercial Port. Plus: Agriculture, earnings, real estate                        <\/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\/04\/21\/a-new-shipping-service-at-jubail-commercial-port-plus-agriculture-earnings-real-estate\/\" 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\/04\/21\/a-new-shipping-service-at-jubail-commercial-port-plus-agriculture-earnings-real-estate\/')\">\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\/04\/21\/a-new-shipping-service-at-jubail-commercial-port-plus-agriculture-earnings-real-estate\/\">\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=A new shipping service at Jubail Commercial Port. Plus: Agriculture, earnings, real estate&url=https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/a-new-shipping-service-at-jubail-commercial-port-plus-agriculture-earnings-real-estate\/\">\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\/04\/21\/a-new-shipping-service-at-jubail-commercial-port-plus-agriculture-earnings-real-estate\/&title=A new shipping service at Jubail Commercial Port. 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The new service offers a capacity of up to 3.5k TEUs and represents the eighth addition to Mawani\u2019s ports so far this year, the statement also 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\">EARNINGS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Jarir Marketing (Jarir Bookstore) net income fell 11.5% y-o-y to SAR 219.3 mn in Q1 2024<\/strong>on the back of lower margins on smartphones, the leading bookstore chain said in a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/y9nk9etw\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Revenues were down 2.5% y-o-y to SAR 2.6 bn due to lower sales from its computer and office supplies segments.<\/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\">AGRICULTURE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadco to establish hydroponic greenhouses for <\/strong><strong>Neom<\/strong><strong> food company: <\/strong>Saudi Arabia\u2019s Tabuk Agricultural Development Company (Tadco) has inked an MoU to plan, develop construct, and operate hydroponic greenhouses for <a target=\"_blank\" href=\"https:\/\/www.neom.com\/en-us\/newsroom\/neom-announces-topian\" style=\"\" rel=\"noopener\">Topian<\/a>, Neom\u2019s food company, 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\/lY_fboIwFMZfZT5BDxoKu8SRIQsqiH-5MbV0SCKUlELmnn6tmDjdXFzTi36nv_Od76AErVFSkjbPiMx5SQ5KbxK8NR0M_ZENUxjNXwBD7OHF3DbcPkara8AeexiiiRNN-5YJ3hJQ8q9-iEMTotdwPAhgBh7gx_rhznEemJ9cI1Pn2VIJ3oaeHzgDG1u3wC8r3gz5ucMJ-COk3sK6G9M30EqwmjeCMjTLmHTKkjclZQUrZZDX0iWSoIgSumcBa9khJBlDsR5L0javuag1hTa6UjMquXArPz3rY7Hjh-5dCZ42VM6PFesKkivr87tSpnH-qZQBnRERdH9h9f-kKXZMuDvF6NK74MXFgOjUVGf-NoB9yPhk1OlU0SETOVfpjKeUHFFVLBZryP3teDgx2-ubOb3eFztsYJA!\/dz\/d5\/L0lHSklna0tDbEVKSUtJS1VRb2dwUkEhIS9vSHdRQUVNSUFBQ0VFaGdDS000emxHWUVLVWxTVUtXdEcwWVdnQSEhLzRKQ2lqc1lwTWhUalVFNWxFbXQyVXR0TlF6VzdLVzFtbzVBIS9aN181QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURRNi9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy9jb21wYW55U3ltYm9sLzYwNDAvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzc5NDE0\/\" style=\"\" rel=\"noopener\">statement<\/a> on Thursday. The greenhouses will be located on 100 hectares of land on Tadco\u2019s site in Saudi Arabia\u2019s Tabuk region, and it will be used for the production of fruits and vegetables. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Topian: <\/strong>Neom <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/4984f6a5-68ff-4dae-94c1-7edf951204cd\/neom-unveils-its-sustainable-food-company%253cmark%253e-topian%253c%2Fmark%253e-and-royal-air-maroc-flies-first-carbon-neutral-flight\" style=\"\" rel=\"noopener\">launched<\/a> Topian in collaboration with the Ministry of Environment, Water, and Agriculture in December 2023. Topian focuses on climate-resistant agriculture, regenerative aquaculture, and sustainable food supply<\/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\">INS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi EXIM signed <\/strong><strong>a<\/strong><strong> reins<\/strong><strong>. agreement with the Swiss Export <\/strong><strong>Credit Agency (<\/strong><strong>Serv<\/strong><strong>) <\/strong>to boost ins. coverage for Saudi non-oil exports, it said in a <a target=\"_blank\" href=\"https:\/\/x.com\/SaudiEXIM\/status\/1780876542660276356\" style=\"\" rel=\"noopener\">post on X<\/a> on Thursday. The agreement <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/6c9fa888-91d8-4d66-b39b-aa812e00dd59\/exra%25e2%2580%2599s-net-income-up-11.2%2525-y-o-y-in-1q.-plus:-aviation,-manufacturing-and-telecoms\" style=\"\" rel=\"noopener\">comes days<\/a> after Saudi EXIM inked a number of reins. agreements with global reins. firms led by the world's second biggest reins. company Swiss Re. The reins. treaties come under efforts by Saudi EXIM to open new markets to Saudi exporters, its CEO Saad Al Khalab told <a target=\"_blank\" href=\"https:\/\/www.aleqt.com\/2024\/04\/20\/article_2719431.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\">\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>Thimar Development <\/strong><strong>ventures into real estate: <\/strong>Agriculture firm Thimar Development has set up a new arm for real estate investments, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83d2MXA0C3SydAl1c3Q0NvE30w1EVGAQHmAIVBPga-xgEGbgbmOlHEaPfAAdwNCCsPwqvEndzdAVYnAhWgMcNXvpR6Tn5SZDwyCgpKbBSNVA1KElMSSwvzVEFujE5P7cgMa8yuDI3KR-oyMTQzEC_IDc0wiAzIDfcUVERAEt9ZYI!\/dz\/d5\/L0lDU0NRa2dwUXBRa0tDbEVLQ2xFS0lLVVFvZ3BSSWshL1lEVUVBQUFJSUVNRUNLSUVBR0lHT0lPSUJKRkpGQkpORE5EQk5MTEhMSFBJRUVMQWdvZ292QXNDQUEhIS80SkNpaksxYkdMamlFRXBNaFNUVVU1Q21tb1pyZHJMWnpVODF1MWxzRnFLVlZHS0EvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi83OTQxMy9jb21wYW55U3ltYm9sLzQxNjAvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Thimar Development will own 100% of Thimar Towers Development and Real Estate Co, which will be based in Riyadh.<\/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\/saudi-exim-bank\/\">Saudi Exim Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-ports-authority\/\">Saudi Ports Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85360\" 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=\"85360\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/netflix-reports-solid-1q-2024-earnings-but-shares-fall-on-concerns-about-growth\/\">\r\n                            Netflix reports solid 1Q 2024 earnings, but shares fall on concerns about growth                        <\/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\/04\/21\/netflix-reports-solid-1q-2024-earnings-but-shares-fall-on-concerns-about-growth\/\" 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\/04\/21\/netflix-reports-solid-1q-2024-earnings-but-shares-fall-on-concerns-about-growth\/')\">\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\/04\/21\/netflix-reports-solid-1q-2024-earnings-but-shares-fall-on-concerns-about-growth\/\">\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=Netflix reports solid 1Q 2024 earnings, but shares fall on concerns about growth&url=https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/netflix-reports-solid-1q-2024-earnings-but-shares-fall-on-concerns-about-growth\/\">\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\/04\/21\/netflix-reports-solid-1q-2024-earnings-but-shares-fall-on-concerns-about-growth\/&title=Netflix reports solid 1Q 2024 earnings, but shares fall on concerns about growth\">\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=Netflix+reports+solid+1Q+2024+earnings%2C+but+shares+fall+on+concerns+about+growth+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F04%2F21%2Fnetflix-reports-solid-1q-2024-earnings-but-shares-fall-on-concerns-about-growth%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\/04\/21\/netflix-reports-solid-1q-2024-earnings-but-shares-fall-on-concerns-about-growth\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1374.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85361\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/netflix-reports-solid-1q-2024-earnings-but-shares-fall-on-concerns-about-growth\/1374-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1374.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1374.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1374.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1374.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85360\" class=\"content-area-description single-story post-85360 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-cryptocurrency tag-enterpriseam-ksa tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.47d32f37-725b-4e76-9a0f-7599f09b4322.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>It looked like Netflix had a lot to celebrate: <\/strong>Netflix added 9.3 mn subscribers in 1Q 2024 and its net income was up 78% y-o-y, surpassing analyst expectations to reach USD 2.3 bn on the back of its controversial crackdown on password sharing and the introduction of ad-supported plans, the platform reported in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/4\/1369.pdf\" style=\"\" rel=\"noopener\">letter to shareholders (pdf)<\/a> following its quarterly earnings release.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But shareholders have concerns about growth after Netflix said it wills top reporting <\/strong><strong>subscriber numbers <\/strong>as of 2025 unless there\u2019s a significant milestone. That type of move is common as businesses mature \u2014 witness Apple\u2019s decision a few years back to stop breaking down the number of devices it sells in each of its product categories.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Despite the impressive quarterly results, Netflix\u2019s share price took a beating:<\/strong> Netflix\u2019s shares fell 9.1% to USD 555.04 a share on the Nasdaq on Friday, following the news a day earlier.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO WORTH NOTING- <\/strong><\/p>\n<ul>\n<li><strong>ADIB to acquire 15% stake of Indonesian bank? <\/strong>Abu Dhabi Islamic Bank (ADIB) is in talks to purchase a 15% stake in <a target=\"_blank\" href=\"https:\/\/www.bankbsi.co.id\/\" style=\"\" rel=\"noopener\">Bank Syariah Indonesia<\/a> \u2014 Indonesia's biggest Islamic bank \u2014 for USD 1.1 bn. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/abu-dhabis-largest-islamic-bank-talks-buy-11-bln-stake-indonesian-lender-sources-2024-04-17\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/li>\n<li><strong>BTC\u2019s \u201chalving\u201d risks putting pressure on miners:<\/strong> BTC\u2019s once-every-four-years \u201c <a target=\"_blank\" href=\"https:\/\/www.investopedia.com\/bitcoin-halving-4843769\" style=\"\" rel=\"noopener\">halving<\/a> \u201d measure has come into effect, cutting in half the rewards for miners who often rely on expensive hardware and a lot of energy to verify and validate transactions. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-20\/bitcoin-halving-cuts-supply-of-new-tokens-in-threat-to-miners?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>)<\/li>\n<\/ul>\n<p><a target=\"_blank\" id=\"t.1f8fe59f2e797a1c98d5ca126034e8df854452da\" 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-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>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\">12,502<\/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: +4.5%)<\/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\">1,575<\/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: 1.6%)<\/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>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\">26,708<\/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% (YTD: +8.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3.75 Buy<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3.75 Sell<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6% repo <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5.5% reverse repo<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28,333<\/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\">-4.5% (YTD: +13.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,126<\/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\">-0.6% (YTD: -4.7%)<\/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>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\">4,175<\/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\">-0.8% (YTD: +2.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,967<\/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\">-0.9% (YTD: +4.1%)<\/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\">7,896<\/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\">+0.2% (YTD: +2.1%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,918<\/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: +8.8%)<\/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>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 87.29  <\/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\">+0.2%<\/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>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 1.75<\/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%<\/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 2,414<\/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%<\/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 64,669<\/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\">+1.5% (YTD: +132.5%)<\/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 <\/strong>rose 0.3% <strong>on Thursday <\/strong>on turnover of SAR 8.2 bn. The index is up 4.5% 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> Amiantit (+7.8%), Allianz SF (+6.8%) and United Cooperative Assurance (+5.7%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>AlKhaleej Trng (-5.3%), National Medical Care (-4.2%) and Saudi Ceramics (-3.9%).<\/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> rose 1.2% <strong>yesterday&nbsp;<\/strong>on turnover of SAR 55.9 mn. The index is up 8.9% 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> Academy of Learning (+19.1%), Taqat (+11.3%) and Clean Life (+6.4%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> Saudi Top (-5.6%), MOBI Industry (-4.9%) and Almodawat (-4.8%)<\/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>Alkhabeer Capital will distribute SAR 13.3 mn in dividend to all <\/strong><strong>unitholders of its <\/strong><strong>Alkhabeer Growth and Income Traded Fund<\/strong> at a par value of SAR 0.2 for the second half of 2023, it said in <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/53p9349c\" style=\"\" rel=\"noopener\">a disclosure to Tadawul<\/a>. Shares will be distributed within 10 business days after the distribution entitlement date, it added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shareholders of Nomu-listed cloud service provider Edarat have approved a <\/strong><strong>100% capital <\/strong><strong>hike to SAR 25.2 mn <\/strong>through a bonus issuance, it said in a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/5n8jkb6c\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The capital increase comes under plans to support future business plans and achieve robust growth.<\/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\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/financial-markets\/\">Financial markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85362\" 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=\"85362\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">DIPLOMACY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/saudi-expresses-regret-unsc-failure-to-grant-full-membership-to-palestine\/\">\r\n                            Saudi expresses regret UNSC failure to grant full membership to Palestine                        <\/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\/04\/21\/saudi-expresses-regret-unsc-failure-to-grant-full-membership-to-palestine\/\" 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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It said that impeding the acceptance of a full membership for Palestine in the UNSC \u201ccontributes to the [ongoing] intransigence of the Israeli occupation and their continued violations of international law without deterrence\u201d. The statement came after the US <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/un-security-council-vote-thursday-palestinian-un-membership-2024-04-18\/\" style=\"\" rel=\"noopener\">vetoed a draft resolution<\/a> allowing Palestine to be a full-fledged member of the UN under grounds that a Palestinian statehood will only come through direct peace talks between Palestine and Israel.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/diplomacy\/\">Diplomacy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/palestine\/\">Palestine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/un-security-council\/\">UN Security Council<\/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=\"85364\" 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\/04\/21\/85364\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85364\" class=\"content-area-description single-story post-85364 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 style=\"font-weight:400;\">21-27 April (Sunday-Saturday): Innovation Week 2024 at KACST, 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;\">27-30 April (Saturday-Wednesday): IsDB Group Annual Meetings, 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;\">28-29 April (Sunday-Monday): World Economic Forum Special Meeting, 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;\">29 April-1 May: Future Hospitality Summit 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:400;\">30 April-2 May: Automechanika Riyadh 2024 at Riyadh International Convention and Exhibition Center.<\/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 style=\"font-weight:400;\">2-5 May (Thursday-Sunday): Townhall 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:400;\">6-9 May (Monday-Thursday): Saudi Smart Manufacturing, 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;\">6-9 May (Monday-Thursday): Saudi Smart Logistics, 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;\">13-15 May (Monday-Wednesday): Smart Future 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:400;\">13 May (Monday): Saudi Giga Projects, 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;\">19-21 May (Sunday-Tuesday): Saudi Energy Convention, 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;\">20-21 May (Monday-Tuesday): Future Projects Forum, 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 style=\"font-weight:400;\">20-22 May (Monday-Wednesday): Future Aviation Forum 2024, 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;\">21-23 May (Tuesday-Thursday): The Saudi Food Show, 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 style=\"font-weight:400;\">4-7 June (Tuesday-Friday): Saudi Sports Show, 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;\">4-7 June (Tuesday-Friday): Aqarat 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:400;\">5 June (Wednesday): World Environment Day.<\/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;\">14-22 June (Friday-Saturday): Banks and capital markets closed for Eid Al Adha 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;\">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 style=\"font-weight:400;\">11-12 September (Wednesday-Thursday): The Saudi Event Show, 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;\">17-19 September (Tuesday-Thursday): EV Auto Show, 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;\">24-26 September (Tuesday-Thursday) Saudi Infrastructure Expo, 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 style=\"font-weight:400;\">2-9 November (Saturday- Saturday): WTA Finals, 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;\">26-28 November (Tuesday-Thursday): Saudi Electricity 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:400;\">11-14 November (Monday-Thursday): Cityscape Global, 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>IMF sings Saudi\u2019s praises | Tourism strong in 1Q | Opec to start phasing out production cuts in 2H 2024? | Manara eyes huge Pakistan 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