{"id":85838,"date":"2024-05-06T00:00:00","date_gmt":"2024-05-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?post_type=issue&#038;p=85838"},"modified":"2025-12-14T18:01:20","modified_gmt":"2025-12-14T18:01:20","slug":"fintech-player-rasan-announces-it-will-ipo-on-tadawul","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/ksa\/issues\/fintech-player-rasan-announces-it-will-ipo-on-tadawul\/","title":{"rendered":"Fintech player Rasan announces it will IPO on Tadawul"},"content":{"rendered":"<section id=\"85840\" 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=\"85840\">\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\/05\/06\/qualified-investors-have-until-the-end-of-the-day-to-subscribe-to-mohammed-hadi-al-rasheed-nomu-ipo\/\">\r\n                            THIS MORNING: Qualified investors have until the end of the day to subscribe to Mohammed Hadi Al-Rasheed Nomu 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\/05\/06\/qualified-investors-have-until-the-end-of-the-day-to-subscribe-to-mohammed-hadi-al-rasheed-nomu-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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We lead with word that insurance technology startup <strong>Rasan has filed to go public<\/strong>, making it one of the nation\u2019s first big fintech players to head to public markets. We also have coverage of the latest purchasing managers\u2019 index (steady as she goes) and a not-unexpected budget deficit in 1Q 2024. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have all of this and more in this morning\u2019s news well, below. <strong>But first:<\/strong><\/p>\n<p class=\"tag-border-left\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- Qualified investors have until the end of today to place orders for the Nomu <\/strong><strong>IPO of<\/strong><strong>Riyadh-based construction and mining firm <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/8f0a29a9-80c2-4835-9cd5-75b38e27be0f\/%253cmark%253emohammed%253c%2Fmark%253e%253cmark%253e-hadi%253c%2Fmark%253e%253cmark%253e-al%253c%2Fmark%253e%253cmark%253e-rasheed%253c%2Fmark%253e-inches-closer-to-an-ipo-on-nomu\" style=\"\" rel=\"noopener\">Mohammed Hadi Al-Rasheed<\/a><\/strong><strong>.<\/strong> The company is selling a 12% stake on the parallel market, guiding on a price range of SAR 22-28 per share. Each investor can buy a minimum of 10 shares and a maximum of 600k shares. The final share allocation is scheduled for next Sunday, 12 May. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- We have a solid IPO pipeline for Nomu:<\/strong> The parallel market\u2019s pipeline this year includes schools operator <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/95215e1a-888d-431c-bb69-1cac75c1bc8f\/\" style=\"\" rel=\"noopener\">Horizon Educational<\/a>, Riyadh-based advisor <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d3827f9d-1d4d-4c69-9356-a44c16cce176\/\" style=\"\" rel=\"noopener\">Yaqeen Capital<\/a> (itself a top advisor on Nomu IPOs), medical supplies outfit <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/0211144f-6721-4388-955b-337053bec134\/\" style=\"\" rel=\"noopener\">Qomel<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/0cc58c0f-fd29-427c-a17b-d7d08cd22820\/\" style=\"\" rel=\"noopener\">Leaf Global Environmental Services<\/a>, petroleum derivatives manufacturer <a target=\"_blank\" href=\"https:\/\/naaspetrol.com\/en\/\" style=\"\" rel=\"noopener\">Petrol Naas<\/a> and <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/arabian-united-float-glass-company-yanbu-ksa\/?originalSubdomain=sa\" style=\"\" rel=\"noopener\">Arabian United Float Glass<\/a>.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2- The inaugural <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/en\/N2096263\" style=\"\" rel=\"noopener\">Boao Forum for Asia<\/a><\/strong><strong> opens today in Riyadh.<\/strong> The event, hosted by petrochemicals giant Sabic and the Boao Forum for Asia, will see discussion of clean energy, climate change, and sustainable development. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/saudi-smartmanufacturing.com\/\" style=\"\" rel=\"noopener\">Saudi Smart Manufacturing<\/a><\/strong><strong> trade fair opens this afternoon at the Riyadh<\/strong><strong>International Convention &amp; Exhibition Center <\/strong>as part of the Riyadh International Industry Week. It brings together government officials, industry professionals, international and local manufacturers, and buyers to share knowledge and showcase new smart manufacturing technologies and goods. The event is held concurrently at the same location with <a target=\"_blank\" href=\"https:\/\/saudipp.com\/\" style=\"\" rel=\"noopener\">Saudi Plastics &amp; Petrochem<\/a>, <a target=\"_blank\" href=\"https:\/\/saudi-pp.com\/\" style=\"\" rel=\"noopener\">Saudi Print &amp; Pack<\/a> and <a target=\"_blank\" href=\"https:\/\/saudi-smartlogistics.com\/\" style=\"\" rel=\"noopener\">Saudi Smart Logistics<\/a>. It runs until Thursday, 9 May.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- <\/strong><strong>Al-Hilal will take on Al-Ahli at 9pm<\/strong><strong> at Jeddah\u2019s King Abdullah Sports City <\/strong><strong>Stadium.<\/strong> Al-Hilal is currently at the top of the Saudi Pro League\u2019s scoreboard with a nine-point lead on Al-Nassr (74 points), while Al-Ahli is third with 55 points.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- <\/strong><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.saudismash.com\/home\" style=\"\" rel=\"noopener\">Saudi Smash 2024<\/a><\/strong><strong> is on its third da<\/strong><strong>y:<\/strong> The Kingdom\u2019s first-ever professional table tennis event will see 36 matches taking place today \u2014 look out for Ali Alkhadrawi and Egypt\u2019s Hana Goda take on Chuqin Wang and Yingsha Sun in doubles action at 8:50pm. The event is organized by World Table Tennis and the Saudi Table Tennis Federation and runs through 11 May. Games include men\u2019s and women\u2019s singles and doubles as well as mixed doubles. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER-<\/strong> There's (still) a chance of rainfall today in <strong>Riyadh<\/strong> with a high of 35\u00b0C and a low of 24\u00b0C. <strong>Makkah<\/strong> is more on the hot side with a high of 41\u00b0C and a low of 24\u00b0C., while <strong>Al Taif <\/strong>will be cool and windy with a high of 29\u00b0C and a low of 16\u00b0C<\/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=\"wwtt4\"><\/a>  <strong>#1- Chinese state-owned conglomerate Citic is set to establish an <\/strong><strong>industrial city and logistics <\/strong><strong>zone for building materials in the Kingdom<\/strong>, state <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2096433\" style=\"\" rel=\"noopener\">news agency SPA<\/a> reported yesterday. The news came as state-owned National Housing Company and signed an a cooperation agreement with Citic on the sidelines of Housing Minister Majid Al Hogail\u2019s visit to Beijing last week. The industrial city \u2014 the location of which remains unclear \u2014 will be home to 12 factories. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:<\/strong> Driving localization for the local building materials sector by helping local firmsexpand and directly supply real estate projects, according to officials. The agreement will also help raise the quality of finished units in construction projects. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>With <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3b473a40-965c-44aa-b4d7-d023fd47bcf2\/saudi-has-multiple-multi-bn-usd%253cmark%253e-construction%253c%2Fmark%253e-projects-in-the-pipeline-%25e2%2580%2594-here%25e2%2580%2599s-a-rundown-of-high-profile-gigaprojects\" style=\"\" rel=\"noopener\">multiple USD-bn gigaprojects<\/a>&nbsp;in the works and a drive to add housing in Riyadh and beyond, officials are increasingly interested in ensuring that building materials are available \u2014 and that the Kingdom <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/21b92bd1-ce7a-4d09-b834-a40f900a7830\/pif-eyes-stake-in-saudi-binladin-group\" style=\"\" rel=\"noopener\">has the construction players able to execute<\/a>. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Dublin-based hotel operator Kerten Hospitality is adding more than 23 <\/strong><strong>projects in<\/strong><strong>Saudi to its portfolio<\/strong>, CEO Marloes Knippenberg told <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1724652\" style=\"\" rel=\"noopener\">Argaam<\/a>. These include the House Residence in Neom\u2019s Oxagon, the Wellness Hotel in Abha, and the Urban Eco Resort in Riyadh, among others.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Kerten already operates a handful of properties in Saudi<\/strong>, including Cloud7 Residence AlUla, Dar Tantora the House Hotel in AlUla, and a coworking space in Jeddah, according to Knippenberg.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The European Chamber of Commerce in the Kingdom of Saudi Arabia is set to <\/strong><strong>launch this Wednesday, 8 May<\/strong>, the chamber <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7191339700412944384\/\" style=\"\" rel=\"noopener\">said on LinkedIn<\/a>. The chamber will be the first EU chamber of commerce in the Gulf. The launch event is scheduled to take place on Wednesday at the Cultural Palace in Riyadh. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>#4- Al Bahah Municipality has added 33 investment projects in its Al Aqiq region<\/strong><strong> on the&nbsp;<\/strong><strong><a target=\"_blank\" href=\"https:\/\/furas.momra.gov.sa\/\" style=\"\" rel=\"noopener\">Furas<\/a><\/strong><strong> platform<\/strong>, including restoring and operating commercial buildings, a sports center, playgrounds, a commercial complex, and a hotel, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2096089\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reports. <\/p>\n<p class=\"tag-border-left\">DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a>  <strong>#1- <\/strong><strong>Saudi exports to China fell 14% y-o-y in USD 14.4 bn<\/strong><strong> in <\/strong><strong>1Q 2024<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.mubasher.info\/news\/4285097\/%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AA%D8%B3%D8%AA%D8%AD%D9%88%D8%B0-%D8%B9%D9%84%D9%89-35-%D9%85%D9%86-%D8%A7%D9%84%D8%B5%D8%A7%D8%AF%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%AE%D9%84%D9%8A%D8%AC%D9%8A%D8%A9-%D8%A5%D9%84%D9%89-%D8%A7%D9%84%D8%B5%D9%8A%D9%86-%D8%A8%D8%A7%D9%84%D8%B1%D8%A8%D8%B9-%D8%A7%D9%84%D8%A3%D9%88%D9%84-2024\/\" style=\"\" rel=\"noopener\">Mubasher<\/a> reports, citing Chinese government data. The Kingdom accounted for 35% of the total exports from GCC countries to Beijing in the first quarter. Meanwhile, Saudi\u2019s imports from China rose 10.4% y-o-y during the quarter to USD 11.7 bn, the data showed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>The Kingdom wants to have 45.8k occupational safety and health specialists by<\/strong><strong> next <\/strong><strong>year<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.okaz.com.sa\/news\/local\/2160916\" style=\"\" rel=\"noopener\">Okaz<\/a> quotes Human Resources and Social Development Minister Ahmad bin Sulaiman Al Rajhi as saying at an industry event in Riyadh. Over 11.2k jobs in the field were created over the past three years, Al Rajhi said. <\/p>\n<p class=\"tag-border-left\">PSA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong>Local and foreign Hajj pilgrims alike will need to acquire their Nusuk ID card to be <\/strong><strong>able to access, and navigate Hajj sites in Makkah<\/strong><strong>:&nbsp;<\/strong>The Hajj and Umrah Ministry has launched the Nusuk pilgrim card for Hajj workers to be able to verify the identity of pilgrims in the upcoming Hajj season, according to statements <a target=\"_blank\" href=\"https:\/\/twitter.com\/MoHU_En\/status\/1785340951923224756\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/saudigazette.com.sa\/article\/642588\/SAUDI-ARABIA\/Saudi-Arabia-launches-Nusuk-pilgrim-card-for-the-Hajj-of-2024\" style=\"\" rel=\"noopener\">here<\/a>. Pilgrims can get the print copy of the card from their Hajj service provider, while the digital copy can be obtained from the <a target=\"_blank\" href=\"https:\/\/refundhajj.nusuk.sa\/\" style=\"\" rel=\"noopener\">Nusuk<\/a> and \/ or the Tawakalna app (<a target=\"_blank\" href=\"https:\/\/apps.apple.com\/sa\/app\/tawakkalna-services\/id1613539452\" style=\"\" rel=\"noopener\">App Store<\/a>&nbsp;| <a target=\"_blank\" href=\"https:\/\/play.google.com\/store\/apps\/details?id=sa.gov.nic.twkhayat\" style=\"\" rel=\"noopener\">Google Play<\/a>).<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Are you subject to withholding tax?<\/strong> You have until Sunday, 12 May to submit and pay withholding taxes for April, according to a <a target=\"_blank\" href=\"https:\/\/zatca.gov.sa\/ar\/MediaCenter\/News\/Pages\/news_1233.aspx\" style=\"\" rel=\"noopener\">Zatca statement<\/a>. Late payers will face a fine equivalent to 1% of unpaid fees for every 30 days of delay. <\/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>&nbsp;<\/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>***<\/strong><\/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>Negotiators from Egypt, the United States, and Qatar are working overtime <\/strong>to prevent indirect talks between Hamas and Israel from collapsing. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hamas <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.axios.com\/2024\/05\/05\/israel-hamas-hostage-ceasefire-deal-talks-risk-collapse\" style=\"\" rel=\"noopener\">left Cairo<\/a><\/strong><strong> last night for Doha. <\/strong>The group said talks in Egypt had been \u201cin-depth and serious,\u201d but that no agreement had been reached. Politico reports that Israeli Defense Minister <strong><a target=\"_blank\" href=\"https:\/\/www.politico.com\/news\/2024\/05\/05\/hamas-latest-cease-fire-talks-ended-00156181\" style=\"\" rel=\"noopener\">Yoav Gallant claims Hamas wasn\u2019t serious about a ceasefire agreement<\/a><\/strong> and warned of \u201ca powerful operation in the very near future in Rafah and other places across all of Gaza.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not clear whether talks are continuing in Doha. <\/strong>CIA chief Bill Burns was also in Caro over the weekend \u2014 and also left yesterday for the Qatari capital. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bottom line: <\/strong>\u201cHamas blamed the lack of progress on Mr. Netanyahu, who vowed again in recent days that the Israeli army will invade Rafah \u2026 with or without an agreement. \u2026 Palestinians living in miserable conditions in Gaza [will] not experience an imminent reprieve,\u201d the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/05\/05\/world\/middleeast\/cease-fire-talks-israel-hamas.html\" style=\"\" rel=\"noopener\">New York Times<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel slammed the gates closed at the Kerem Shalom crossing<\/strong>, a key entry point along with Rafah for humanitarian aid, after Hamas forces <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/hamas-claims-responsibility-attack-israel-gaza-border-crossing-casualties-2024-05-05\/\" style=\"\" rel=\"noopener\">killed three Israeli soldiers<\/a>. A retaliatory strike by Israel killed at least 19 Palestinians yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- The Biden administration has slapped a hold on at least one shipment of <\/strong><strong>ammunition to Israel<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2024\/05\/05\/israel-us-ammunition-shipment-hold\" style=\"\" rel=\"noopener\">Axios<\/a> reports in an exclusive. US officials have declined to explain the halt, which came after Joe Biden started taking serious domestic fire for his unblinking support of Israel\u2019s war in Gaza.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WATCH THIS SPACE- Is Russia planning sabotage operations across Europe? <\/strong>That\u2019s the warning in the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c88509f9-c9bd-46f4-8a5c-9b2bdd3c3dd3\" style=\"\" rel=\"noopener\">Financial Times<\/a>, which says that European intelligence agencies believe Russian operatives are \u201cpreparing covert bombings, arson and attacks on infrastructure\u201d across the continent.<\/p>\n<p class=\"tag-border-left\">HAPPENING THIS WEEK-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a quiet morning in the global business pages<\/strong>, but don\u2019t expect that to hold for the whole week:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Chinese leader Xi Jinping is trying to warm-up ties with Europe. <\/strong>He\u2019s in Paris this morning to meet French President Emmanuel Macron and will then see European Commission chief Ursula von der Leyen before heading later this week to Serbia and Hungary. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For our fellow journalism nerds: <\/strong>It\u2019s Pulitzer Prize day \u2014 the announcement will drop at 10pm Saudi time <a target=\"_blank\" href=\"https:\/\/www.pulitzer.org\/\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aramco will release 1Q 2024 numbers <\/strong>tomorrow. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For our fellow iSheep: Apple is expected to unveil new iPads tomorrow <\/strong>at 5pm Saudi time (7am Pacific). Pundits are hoping for a revamp of the line that restores some coherence to the offering (and for the Pro to get a FaceTime camera on the long edge), but the only meaningful way to improve on the lineup would be to unshackle iPadOS. You can stream the announcement from <a target=\"_blank\" href=\"https:\/\/www.apple.com\/apple-events\/\" style=\"\" rel=\"noopener\">Apple\u2019s website<\/a> or its <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/@Apple\/videos\" style=\"\" rel=\"noopener\">Youtube channel<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Apple\u2019s announcement kicks off a series of big tech events<\/strong>, including next week\u2019s <a target=\"_blank\" href=\"https:\/\/io.google\/2024\/\" style=\"\" rel=\"noopener\">Google I\/O<\/a> and race toward <a target=\"_blank\" href=\"https:\/\/developer.apple.com\/wwdc24\/\" style=\"\" rel=\"noopener\">Apple\u2019s developers conference<\/a> in June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Bank of England\u2019s monetary policy committee will meet on Thursday <\/strong>to review interest rates. Don\u2019t expect a cut. <\/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\"><strong>Aramco has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-05\/saudi-arabia-hikes-oil-selling-prices-to-asia-across-all-grades?sref=mmeFTDW1\" style=\"\" rel=\"noopener\">raised by USD 0.90 per barrel<\/a><\/strong><strong> the price of its flagship Arab Light Crude for <\/strong><strong>June delivery<\/strong> to Asia, marking the third consecutive month that it has moved to keep a floor under prices. <\/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>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/events.meed.com\/event\/saudigigaprojects\/\" style=\"\" rel=\"noopener\">Saudi Giga Projects Summit<\/a><\/strong><strong> will open next Monday, 13 May<\/strong> at the Hilton Riyadh Hotel and Residences. The Meed event will showcase Saudi\u2019s USD 870 bn giga projects drive. It brings together contractors, suppliers and relevant stakeholders from the region and elsewhere for discussions on potential investments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/events.meed.com\/event\/menaconstructionsummit\/\" style=\"\" rel=\"noopener\">MENA Construction Summit<\/a><\/strong><strong> will kick off next Tuesday, 14 May<\/strong> at the Hilton Riyadh Hotel &amp; Residences. Also organized by Meed, the one-day event will bring together developers, contractors, key executives and others to discuss the latest innovations in the construction industry. <\/p>\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\/hajj\/\">hajj<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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<div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"85843\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/fintech-player-rasan-files-to-go-public\/\">\r\n                            Rasan plans to IPO on Tadawul with 30% stake sale                        <\/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 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              <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Fintech+player+Rasan+files+to+go+public+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F06%2Ffintech-player-rasan-files-to-go-public%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\/05\/06\/fintech-player-rasan-files-to-go-public\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1990.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85844\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/fintech-player-rasan-files-to-go-public\/1990-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1990.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1990.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1990.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1990.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85843\" class=\"content-area-description single-story post-85843 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-capital-markets tag-ipo tag-ipo-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.b4170fb6-001c-4a45-a56a-16c24f852c14.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Fintech outfit <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.rasan.co\/\" style=\"\" rel=\"noopener\">Rasan<\/a><\/strong><strong> plans to sell a 30% stake on Tadawul\u2019s main market&nbsp;<\/strong>through an offering of existing and new shares, it said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/255.pdf\" style=\"\" rel=\"noopener\">prospectus (pdf)<\/a>. It lined up Capital Market Authority approval for the share sale in March.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s on offer:<\/strong> Rasan is looking to sell 22.7 mn shares, including 17.4 mn shares from 15 selling shareholders and 5.3 mn news shares, according to the prospectus.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s Rasan?<\/strong> Established in 2016, Rasan is a fintech firm focused on ins. and banking across the Gulf serving both retail customers and businesses. Its digital solutions include Tameeni Motor, Tameeni Health, Treza, Awal Mazad, R Solutions, a data analysis product. It has offices in Saudi, the UAE, and Egypt. Tameeni is the \u201cfirst and largest ins. aggregator in KSA,\u201d <a target=\"_blank\" href=\"https:\/\/ipo.rasan.co\/pdf\/Rasan-ITF-Announcement-EN-050524.pdf\" style=\"\" rel=\"noopener\">the company\u2019s intention to float (pdf)<\/a>&nbsp;says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The pitch: <\/strong>Rasan is a first mover in an industry with plenty of room to grow thanks to the under-penetration of the industry and ins. industry targets in Vision 2030. Per the ITD: \u201cIns. penetration in the Kingdom, defined as gross written premiums as % of GDP, stood at&nbsp;<span style=\"background-color: transparent;\">1.3% in 2022, considerably lower relative to regional markets (UAE: 2.5%, Bahrain: 1.7%) and even lower compared to the global average of 6.6%.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>Rasan has served 7.5 mn customers since it launched. Its flagship Tameeni Motor product has a 47% share of gross written premiums, ahead of all other insurers, brokers, and aggregators. Tameeni Health, launched in 2020, has a 5% share. It has partnerships with 24 insurers and a range of banks and leasing companies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The IPO timeline: <\/strong>Bankers will take orders from institutional investors from Sunday, 12 May to Thursday, 16 May, while the bookbuilding process for retail investors will run on Wednesday and Thursday, 29-30 May. The results of the bookbuilding process will be announced on Tuesday, 4 June. The first day of trading remains contingent on fulfilling regulatory requirements, according to the prospectus. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Use of proceeds:<\/strong> Rasan plans to use the proceeds \u2014 after deducting SAR 40.4 mn to cover offering expenses \u2014 to \u201cexpand the group\u2019s current operations and products, market and develop the group\u2019s new products, and finance the general purposes of the Group.\u201d A portion of the net proceeds will be distributed to selling shareholders relative to the size of the stakes they sell.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Post-IPO ownership structure:<\/strong> Rasan\u2019s substantial shareholders are Impact Funds for Financial Technology Company, Theib Hudeiban Ghallab AlMutairi, Muheideb Ali Mohammed AlMuheideb, Samer Mohammed Raslan, Mohammed Muheideb Ali AlMuheideb, and Assets Custody Development Impact Company for Communications and Information. The share sale will see them sell down their positions to hold a collective 47.3% stake, down from 67.5% before the transaction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Lockup period: <\/strong>Substantial shareholders will not be able to execute any transactions on their shares for a period of six months 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>How the financials are looking<\/strong><strong>:<\/strong> Rasan\u2019s most recent financials show the company bringing in SAR 36.0 mn in net income in 9M 2023 on SAR 186.4 mn in revenues. The company reported selling 3.2 mn policies during the nine-month period, up 29% y-o-y. <strong>Rasan\u2019s revenue expanded at a CAGR of 81% <\/strong>in the period 2020-2023. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Need more? <\/strong>The company\u2019s <a target=\"_blank\" href=\"https:\/\/ipo.rasan.co\/\" style=\"\" rel=\"noopener\">IPO microsite is here<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- Saudi Fransi Capital<\/strong> is quarterbacking the transaction as financial advisor, lead manager, bookrunner and underwriter. <strong>Morgan Stanley Saudi Arabia<\/strong> is also acting as financial advisor, bookrunner, and underwriter. <strong>Latham &amp; Watkins<\/strong> is Rasan\u2019s legal advisor, while <strong>White &amp; Case<\/strong> was appointed as legal advisor to the lead manager, financial advisors, underwriters, and bookrunners. Receiving banks include Banque Saudi Fransi and AlRajhi Bank. <strong>PwC<\/strong> is financial due diligence advisor and marketing consultant and <strong>EY<\/strong> is serving as auditor. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Listings in Saudi are picking up steam, with Fakeeh Care gearing for what could be <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/a19c1059-f5ee-49d2-94a6-00b3bac9c60b\" style=\"\" rel=\"noopener\">the largest share sale<\/a> in the Kingdom so far this year. Bankers wrapped up on Thursday the institutional tranche of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/64487eae-b41b-4768-8cd8-8aea40b3a0f6\" style=\"\" rel=\"noopener\">water treatment company Miahona\u2019s IPO<\/a>. Saudi Manpower Solutions (Smasco) is also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/982a3533-758f-439c-a51b-01e7b8886594\" style=\"\" rel=\"noopener\">gearing to take a 30% stake<\/a> to the main market, with bankers taking orders from institutional investors starting Wednesday, 8 May. Companies have so far raised USD 697 mn through IPOs this year, with the largest current IPO being Modern Mills <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/bf94604c-d669-4f0d-9946-a119503f7306\" style=\"\" rel=\"noopener\">which listed in March<\/a>.<\/p>\n<p class=\"tag-border-left\">IPO PIPELINE AT A GLANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in the pipeline right now:<\/strong><\/p>\n<ul>\n<li><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d75d0a47-62dd-49f0-acd2-6a6aeb2285c1\/hot-healthcare%253cmark%253e-ipo-%253c%2Fmark%253emarket-shows-no-sign-of-cooling-as-soliman-fakeeh-gets-nod-to-go-public\" style=\"\" rel=\"noopener\">Dr Soliman Abdul Kader Fakeeh Hospital<\/a> looks set to become the largest IPO so far this year, as we note above;<\/li>\n<\/ul>\n<ul>\n<li><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/industry\/industry-list\/300\/Business\/312\/ipo\" style=\"\" rel=\"noopener\">Miahona<\/a> could raise as much as SAR 555 mn from its listing;<\/li>\n<li>Budget airline <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e299d7ad-c3f0-4533-bc3f-4dfb58ab2eb4\/\" style=\"\" rel=\"noopener\">Flynas<\/a> is reportedly looking to go public this year;<\/li>\n<\/ul>\n<ul>\n<li>PIF-backed lender Riyad Bank is considering the listing of its investment banking arm <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/291a8d44-0629-42f6-ae3b-2f9c2eb7bcbd\/riyad-capital-is-eyeing-a-tadawul%253cmark%253e-ipo%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">Riyad Capital<\/a> ;<\/li>\n<li>Labor agency <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/982a3533-758f-439c-a51b-01e7b8886594\" style=\"\" rel=\"noopener\">Smasco<\/a> is selling a 30% stake;<\/li>\n<li>Hotels and resorts operator <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\">Boudl<\/a> has filed to go public;<\/li>\n<\/ul>\n<ul>\n<li><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/9da021c4-8337-47f8-b4f7-7e13f94d0e7e\/modern-mills-inches-closer-to-listing-on-main-market-tadawul\" style=\"\" rel=\"noopener\">Fourth Milling Company<\/a> will list before the end of June;<\/li>\n<li>Singapore\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/927c9005-50b0-4a1f-b4e5-599628a82d8b\/singapore%25e2%2580%2599s-olam-group-is-still-looking-at-a-saudi-ipo-for-is-agriculture-unit\" style=\"\" rel=\"noopener\">Olam Group<\/a> is mulling the IPO of its Olam Agri subsidiary on Tadawul;<\/li>\n<li>Hypermarket operator <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/eaeb2656-fa3e-4e48-8d21-772adfd9470f\/hypermarket-operator-lulu-is-said-to-be-shopping-for-bankers-as-it-eyes-ipo-on-tadawul-and-adx\" style=\"\" rel=\"noopener\">Lulu<\/a> is said to be eyeing a dual listing on Tadawul and ADX;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/78df2631-68ae-4b15-86cd-59bab3c278b7\/aster-dm-healthcare-eyes-expansion-in-saudi,-dual-listing-of-gcc-unit-on-tadawul\" style=\"\" rel=\"noopener\">Aster DM Healthcare<\/a> looks set to spin-off its GCC assets and seek a dual listing on Tadawul and in the UAE.<\/li>\n<\/ul>\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\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85845\" 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=\"85845\">\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\/05\/06\/govt-budget-closes-1q-2024-in-deficit\/\">\r\n                            Gov\u2019t budget closes 1Q 2024 in deficit                        <\/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\/05\/06\/govt-budget-closes-1q-2024-in-deficit\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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1Q 2024 in deficit&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/govt-budget-closes-1q-2024-in-deficit\/\">\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\/05\/06\/govt-budget-closes-1q-2024-in-deficit\/&title=Gov\u2019t budget closes 1Q 2024 in deficit\">\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=Gov%E2%80%99t+budget+closes+1Q+2024+in+deficit+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F06%2Fgovt-budget-closes-1q-2024-in-deficit%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\/05\/06\/govt-budget-closes-1q-2024-in-deficit\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/355.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85846\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/govt-budget-closes-1q-2024-in-deficit\/355-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/355.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"355.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/355.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/355.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85845\" class=\"content-area-description single-story post-85845 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam-ksa tag-finance-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\/5\/.0a137470-81af-4dc5-b2e5-1be1a765164b.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Kingdom recorded a budget deficit of SAR 12.4 bn in the first quarter of <\/strong><strong>2024<\/strong>, with total government spending rising 8% y-o-y to SAR 305.8 bn at the same time as revenues grew 4% y-o-y to SAR 293.4 bn, according to the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/256.pdf\" style=\"\" rel=\"noopener\">Finance Ministry\u2019s latest figures (pdf)<\/a>. Public debt reached SAR 1.11 tn up from SAR <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/257.pdf\" style=\"\" rel=\"noopener\">962.3 bn<\/a> at the same time last year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Putting the figures in context:<\/strong> This marks the sixth quarter in a row in which the Kingdom has posted a budget deficit, and is four times higher than its shortfall in 1Q 2023, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-05\/saudi-arabia-posts-budget-deficit-as-capex-spending-climbs\" style=\"\" rel=\"noopener\">Bloomberg<\/a> notes. However, on a quarterly basis, 1Q 2024\u2019s budget deficit narrowed by c.66% q-o-q from 4Q 2023, when it came in at SAR 37 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Still within budget expectations:<\/strong> The government had penciled a deficit of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/cb9e503d-90eb-4c7f-bd82-7d455ca6c784\/%253cmark%253ebudget%253c%2Fmark%253e%253cmark%253e-deficit%253c%2Fmark%253e-for-fy-2023-is-better-than-finmin-had-forecast\" style=\"\" rel=\"noopener\">SAR 79 bn by the<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/cb9e503d-90eb-4c7f-bd82-7d455ca6c784\/%253cmark%253ebudget%253c%2Fmark%253e%253cmark%253e-deficit%253c%2Fmark%253e-for-fy-2023-is-better-than-finmin-had-forecast\" style=\"\" rel=\"noopener\">end of FY 2024<\/a>, leaving it short of SAR 86 bn in total financing needs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Policymakers have accepted moderate deficits as the price of continuing to invest in growth. \u201c <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/cb9e503d-90eb-4c7f-bd82-7d455ca6c784\/%253cmark%253ebudget%253c%2Fmark%253e%253cmark%253e-deficit%253c%2Fmark%253e-for-fy-2023-is-better-than-finmin-had-forecast\" style=\"\" rel=\"noopener\">We intentionally decided to spend more<\/a> and cause the deficit. If you spend that money right, on productive assets, then it\u2019s money well spent,\u201d Finance Minister Mohamed Al Jadaan said last year. He signaled it will continue to run deficits to support the \u201cgovernment\u2019s strategic expansionary spending\u201d even as it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/63cece36-2173-462e-b416-e07d99393408\" style=\"\" rel=\"noopener\">paced out some components of select gigaprojects<\/a>. Some officials have taken to calling gigaprojects <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/90373716-a067-4b54-bad2-897195c8cd1f\/of-modular-gigaprojects-%25e2%2580%2594-and-a-30-year-timeline-to-rebuild-gaza\" style=\"\" rel=\"noopener\">modular<\/a> and Neom has gone on a drive to underscore to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d415e8f0-fa26-473b-acf6-0a2208bd6637\/\" style=\"\" rel=\"noopener\">contractors<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e8706c8f-4009-4953-8129-18c0cd862016\/\" style=\"\" rel=\"noopener\">bankers<\/a> that everything is on track. <\/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\">THE BREAKDOWN-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Non-oil activity generated some SAR 111.5 bn in revenues in 1Q 2024<\/strong>, rising 9% y-o-y and accounting for 38% of total revenues generated for the quarter. Meanwhile, oil revenues grew 2% y-o-y to SAR 181.9 bn, making up 62% of revenues. Revenues from goods and services tax brought in SAR 69.9 bn in revenues, capital gains tax revenues hit SAR 6.5 bn, and taxes on trade and other items collectively hit SAR 9.7 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Worker wages accounted for the lion\u2019s share of total public spending in 1Q 2024<\/strong>, coming in at SAR 137 bn. The government spent SAR 60.7 bn on the use of goods and services.. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Health + education + social welfare top the list of spending priorities: <\/strong>The government upped its spending on health and social welfare 28% y-o-y in the first quarter of the year to SAR 60.5 bn. Education spending came in as the second-largest spending item, growing 26% y-o-y to SAR 51.6 bn. Military spending was down 16% y-o-y to SAR 49.3 bn, making it the third-largest spending item during the quarter. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also:<\/strong> Spending on general items \u2014 which includes pensions, social ins. payments, contributions to international organizations, government programs and utilities, and emergency allocations, among others \u2014 came in at SAR 42.8 bn, down 9% y-o-y. Meanwhile, government spending on municipal services grew 157% y-o-y to SAR 26.8 bn, posting the highest growth rate this quarter. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/economy\/\">ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85847\" 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=\"85847\">\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\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/steady-growth\/\">\r\n                            Saudi\u2019s PMI remains unchanged in April as expansion holds steady                        <\/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\/05\/06\/steady-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\/05\/06\/steady-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\/05\/06\/steady-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=Steady growth&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/steady-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\/05\/06\/steady-growth\/&title=Steady 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=Steady+growth+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F06%2Fsteady-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\/05\/06\/steady-growth\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/750.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85848\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/steady-growth\/750-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/750.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"750.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/750.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/750.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85847\" class=\"content-area-description single-story post-85847 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-business tag-economy tag-enterpriseam-ksa tag-non-oil-economy tag-purchasing-managers-index-pmi-2 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\/5\/.53dd1754-a2eb-4e5c-bd00-67d4acd7ba37.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Non-oil business activity maintained a steady growth rate in April, thanks to <\/strong><strong>favorable<\/strong><strong> market conditions<\/strong> including consistently high levels of demand, growth in customer base, new investments, and heightened competition, according to the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/240.pdf\" style=\"\" rel=\"noopener\">Riyad Bank Saudi Arabia PMI (pdf)<\/a>&nbsp;out yesterday. The headline purchasing managers\u2019 index <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/5c320d7f-b687-4cae-894a-893ddd7f8db2\/non-oil-business-activity-remained-strong-in-march-2024\" style=\"\" rel=\"noopener\">remained unchanged m-o-m at 57.0<\/a>, remaining firmly above the 50 threshold that separates growth from contraction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PMI figures are a good omen for GDP growth:<\/strong> \u201cThis uptrend hints at an anticipated spike in the non-oil GDP, likely exceeding the 4.5% [growth] mark for this year,\u201d Riyadh Bank Chief Economist Naif Al Ghaith said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> The World Bank recently raised its forecast for non-oil GDP growth to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/6c7b50e3-505d-4cec-99bb-edc2bbe7119d\" style=\"\" rel=\"noopener\">4.8% in 2024<\/a>, up from its earlier projection of 4.3%. Meanwhile, the government sees non-oil activity settling between 4.5% and 5.0% this year, Economy and Planning Minister Faisal Alibrahim had said at the World Economic Forum <a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2443986\/business-economy\" style=\"\" rel=\"noopener\">in January<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Output + new orders driving growth, despite rising at a slower m-o-m pace:<\/strong> The output subindex inched down to 61.9 last month, down from 62.2 in March, while the sub-index for new orders followed a similar trend, retreating to 61 last month, down from 64, according to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-arabias-non-oil-business-activity-growth-steady-april-pmi-2024-05-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Purchasing price inflation eased in April<\/strong>, as input costs grew at their slowest rate since July2023. Output prices, however, inched up for the sixth month in a row \u2014 \u201calbeit only marginally\u201d \u2014 with firms looking to provide competitive pricing. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Inventories surged at a \u201csurvey-record\u201d clip<\/strong>, as firms upped their purchasing activity in anticipation of stronger sales. \u201cNoteworthy is the surge in new orders and inventory expansion, indicative of a proactive response to mounting demand within the market,\u201d Al Ghaith said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The wholesale &amp; retail sectors recorded record-high growth in output<\/strong>, supported by \u201ccompetitive pricing, promotional activity, investment and expanding client bases, particularly in the domestic market.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, vendor performance improved at the weakest rate in eight months<\/strong> in April despite faster delivery times. The rise in new orders and output led work backlogs to build up for the first time in three months, at the fastest rate of accumulation in 4.5 years, as capacity pressures became more apparent. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Employment levels fell for the first time in over two years in April<\/strong>, on the back of higher costs and tighter cashflows, although workers saw an uptick in their salaries. \u201cThis strategy aims to bolster productivity and ensure the retention of skilled workers within the expanding economy,\u201d Al Ghaith said. <\/p>\n<p class=\"tag-border-left\">FROM THE REGION- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt will report on 8 May. <\/strong>Meanwhile:<\/p>\n<ul>\n<li>UAE\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/249.pdf\" style=\"\" rel=\"noopener\">PMI (pdf)<\/a> fell to 55.3 in April, down from 56.9 in March;<\/li>\n<li>Qatar\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/245.pdf\" style=\"\" rel=\"noopener\">PMI (pdf)<\/a> rose to 52 in April, up from 50.6 in March;<\/li>\n<li>Kuwait\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/248.pdf\" style=\"\" rel=\"noopener\">PMI (pdf)<\/a> dipped to 51.5 in April, down from 53.2 in March.<\/li>\n<\/ul>\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\/business\/\">BUSINESS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/non-oil-economy\/\">Non-oil economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/purchasing-managers-index-pmi-2\/\">Purchasing Managers Index (PMI)<\/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=\"85849\" 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=\"85849\">\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\">CAPITAL MARKETS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/tadawul-to-host-hong-kong-edition-of-flagship-markets-conference-this-thursday\/\">\r\n                            Tadawul to host Hong Kong edition of flagship markets conference this Thursday                        <\/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\/05\/06\/tadawul-to-host-hong-kong-edition-of-flagship-markets-conference-this-thursday\/\" 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\/05\/06\/tadawul-to-host-hong-kong-edition-of-flagship-markets-conference-this-thursday\/')\">\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\/05\/06\/tadawul-to-host-hong-kong-edition-of-flagship-markets-conference-this-thursday\/\">\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=Tadawul to host Hong Kong edition of flagship markets conference this Thursday&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/tadawul-to-host-hong-kong-edition-of-flagship-markets-conference-this-thursday\/\">\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\/05\/06\/tadawul-to-host-hong-kong-edition-of-flagship-markets-conference-this-thursday\/&title=Tadawul to host Hong Kong edition of flagship markets conference this Thursday\">\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=Tadawul+to+host+Hong+Kong+edition+of+flagship+markets+conference+this+Thursday+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F06%2Ftadawul-to-host-hong-kong-edition-of-flagship-markets-conference-this-thursday%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\/05\/06\/tadawul-to-host-hong-kong-edition-of-flagship-markets-conference-this-thursday\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/266.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85850\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/tadawul-to-host-hong-kong-edition-of-flagship-markets-conference-this-thursday\/266-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/266.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"266.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/266.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/266.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85849\" class=\"content-area-description single-story post-85849 post type-post status-publish format-standard has-post-thumbnail hentry category-capital-markets tag-capital-markets 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\/5\/.819c5c14-5a21-493f-9f53-ecb7400d3e63.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul Group will host the Hong Kong edition of its Capital Market Forum this <\/strong><strong>Thursday, 9 May<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/global-cmf.com\/news-details\/saudi-tadawul-group-to-host-first-capital-markets-forum-in-hong-kong-with-hkex\" style=\"\" rel=\"noopener\">statement<\/a>. The two-day event, a partnership between Tadawul and the Hong Kong Stock Exchange (HKEX), aims to drive integration between the two bourses, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/242.pdf\" style=\"\" rel=\"noopener\">joint release (pdf<\/a>. You can find the agenda online <a target=\"_blank\" href=\"https:\/\/global-cmf.com\/#agenda\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context: <\/strong>The event is the latest on Tadawul\u2019s drive to open a Hong Kong-Riyadh investment corridor.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s on the agenda? <\/strong>Day one is split into three tracks, with the first tackling global partnerships before moving on to look at investment highlights of Hong Kong and Saudi. It wraps with a look to the future with a discussion of \u201cnext-gen\u201d nations. <strong>Corporate access meetings on both days <\/strong>will see companies presenting directly to investors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to attend? <\/strong>It\u2019s an invite-only event, but you can use <a target=\"_blank\" href=\"https:\/\/global-cmf.com\/registration-web\" style=\"\" rel=\"noopener\">this link<\/a>&nbsp;to let them know you would like to attend.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The event looks set to bring together some big names<\/strong>, including Deputy Investment Minister for Investment Transactions <strong>Saleh AlKhatbi<\/strong>; Financial Secretary to the Government of the Hong Kong Special Administrative Region <strong>Paul Chan Mo-po<\/strong>; Tadawul Group CEO <strong>Khalid AlHussan<\/strong>; HKEX CEO<strong> Bonnie Y Chan<\/strong>; Acwa Power CEO<strong> Abdulhameed AlMuhaidib<\/strong>; and Xiami CEO <strong>Alain Lam<\/strong>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Presenting companies and leading sponsors include&nbsp;<\/strong>our friends at Cenomi Centers, Al Hammadi Holding, Retal, HSBC, EFG Hermes, and CI Capital. Others include Aramco, Ades Holding, SAB, Saudi National Bank, and more. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is part of a Saudi push into Asian markets:<\/strong> The Public Investment Fund (PIF) held its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1cf6e512-02f8-4d9a-8422-73e99a9fecb5\/the%253cmark%253e-hong%253c%2Fmark%253e%253cmark%253e-kong%253c%2Fmark%253e-iteration-of-davos-in-the-desert-took-place-over-the-weekend\" style=\"\" rel=\"noopener\">FII Priority Summit<\/a> last December in Hong Kong, where the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/33e1e11d-b44e-4d51-9e35-65620bb2571f\" style=\"\" rel=\"noopener\">Financial Times<\/a> quoted FII head Richard Attias as saying that both the chair and CEO of the Hong Kong Exchange have \u201cclose friends\u201d at the FII and have been \u201cextremely active\u201d in visiting Saudi Arabia. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- <\/strong>Tadawul <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/7c67021c-c2aa-4017-983d-ceb778ff8d5a\/mous-worth-bns-inked-as-china-saudi-investment-conference-kicks-off\" style=\"\" rel=\"noopener\">signed a MoU<\/a> with the Shenzhen stock exchange \u2014 during the China-Saudi Investment Conference held last December in Beijing \u2014 that could pave the way for dual listings along with cooperation in areas of fintech, ESG, investor relations and research. <\/p>\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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85851\" 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=\"85851\">\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\">BANKING<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/banks-set-to-be-among-key-funders-of-vision-2030-says-sp-global\/\">\r\n                            Bankers seen to pour \u201csignificant amounts\u201d to fund diversification plan, says S&amp;P Global                        <\/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\/05\/06\/banks-set-to-be-among-key-funders-of-vision-2030-says-sp-global\/\" 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\/05\/06\/banks-set-to-be-among-key-funders-of-vision-2030-says-sp-global\/')\">\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\/05\/06\/banks-set-to-be-among-key-funders-of-vision-2030-says-sp-global\/\">\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=Banks set to be among key funders of Vision 2030, says S&#038;P Global&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/banks-set-to-be-among-key-funders-of-vision-2030-says-sp-global\/\">\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\/05\/06\/banks-set-to-be-among-key-funders-of-vision-2030-says-sp-global\/&title=Banks set to be among key funders of Vision 2030, says S&#038;P Global\">\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=Banks+set+to+be+among+key+funders+of+Vision+2030%2C+says+S%26%23038%3BP+Global+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F06%2Fbanks-set-to-be-among-key-funders-of-vision-2030-says-sp-global%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\/05\/06\/banks-set-to-be-among-key-funders-of-vision-2030-says-sp-global\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/956.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85852\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/banks-set-to-be-among-key-funders-of-vision-2030-says-sp-global\/956-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/956.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"956.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/956.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/956.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85851\" class=\"content-area-description single-story post-85851 post type-post status-publish format-standard has-post-thumbnail hentry category-banking tag-banking tag-enterpriseam-ksa tag-sp-global tag-vision-2030 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\/5\/.991dc305-6de4-4fd0-8586-f387f68c4baa.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Banks and capital markets are set to contribute \u201csignificant amounts\u201d to the <\/strong><strong>USD 1 tn in funding needed to advance the Kingdom\u2019s diversification plan<\/strong> over the next few years, according to a <a target=\"_blank\" href=\"https:\/\/www.spglobal.com\/ratings\/en\/research\/articles\/240502-your-three-minutes-in-saudi-vision-2030-credit-implications-for-banks-and-corporates-13093953?utm_medium\" style=\"\" rel=\"noopener\">report by S&amp;P Global<\/a>. While the Kingdom\u2019s treasury and the Public Investment Fund will make available the bulk of the funding, expect to see private capital playing an increasingly important role. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The caveat: <\/strong>\u201cThe pace and extent of the increase in leverage in the corporate sector remain uncertain,\u201d S&amp;P analysts write.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The current state of play in the banking system:<\/strong> Mortgages led lending growth by banks over the past five years, S&amp;P Global said. \u201cThis is one reason why we haven't seen lending growth translate into a material increase in publicly listed corporate debt,\u201d it said. Energy, healthcare and materials sectors saw low debt-to-equity ratios of 0.5x\u20130.7x last year, leaving them to depend on internal cashflow to finance working capital and plans for growth.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The banking system remains robust with profitability and stable dividends distribution <\/strong><strong>backing capitalization<\/strong> throughout 2025-2026, S&amp;P Global said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A \u201cbuildup of corporate debt\u201d could be curbed by the ongoing listings bonanza seen <\/strong><strong>since the start of the year<\/strong>, according to S&amp;P Global. It noted that 13 firms have announced plans for listings on Tadawul and parallel market Nomu until 2 May. The buildup could come in gradual and \u201cpotentially concentrated\u201d in some of the PIF\u2019s subsidiaries, S&amp;P Global said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More reassurances on non-oil:<\/strong> S&amp;P Global sees real GDP growth coming in 2.2% this year and 5.0% next year on the back of a growth in the non-oil sector. The Finance Ministry is targeting a GDP growth of 4.4% in its budget for this fiscal year. The IMF revised its 2024 growth forecast for the Kingdom <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\">to 2.6%<\/a> last month, pointing to the combined effects of lower oil prices and production cuts.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/banking\/\">BANKING<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/sp-global\/\">S&amp;P Global<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/vision-2030\/\">Vision 2030<\/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=\"85853\" 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=\"85853\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/lubref-net-income-down-solutions-by-stc-up-as-1q-2024-results-season-continues\/\">\r\n                            Lubref net income down, solutions by stc up as 1Q 2024 results season continues                        <\/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\/05\/06\/lubref-net-income-down-solutions-by-stc-up-as-1q-2024-results-season-continues\/\" 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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Its revenues were up 21.6% y-o-y over the same period to SAR 2.2 bn due to higher by-products prices and volumes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Highlights during the quarter: <\/strong>Luberef\u2019s facility in Yanbu completed its planned hydrocracker catalyst replacement. This will help ensure the delivery for high-quality GII base oils. It also signed a MoU with Jabeen \u2014 the investment arm of the Royal Commission for Jubail and Yanbu \u2014 and the National Industrial Development Center to identify potential investments at its lubricants value park LubeHub in Yanbu to help boost local demand for base oils.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uh, Enterprise? What are GII base oils? <\/strong>Produced through hydrocracking, group II base oils are purer than oils classified in group I and tend to behave better over a wider range of temperatures. GII oils can be used in lubricants including passenger car engine oils, gear oils, hydraulics, industrial lubricants, and \u2014 in some cases \u2014 heavy-duty engine oils. The \u201cgroup\u201d classification is a standard of the American Petroleum Institute. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cOur dedication to enhancing shareholder value remains strong, driven by transformative initiatives. Notably, the HVGO [a key production input] supply agreement broadens our GII base oil portfolio with premium heavy grades, while the Growth II project marks a significant step towards producing premium GIII base oils within the Kingdom by the second half of 2025,\u201d Luberef CEO Samer Al Hokail said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And, uh, GIII? <\/strong>They\u2019re what your filling station markets as \u201csynthetic\u201d lubricants. They\u2019re more complicated to make and are more high-performance than GII oils, with lower emissions footprints. The more sophisticated your vehicle, the more likely you are to want GIII lubricants.<\/p>\n<p class=\"tag-border-left\">SOLUTIONS BY STC<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Arabian Internet and Communications Services saw its net income <\/strong><strong>rise 16.1% y-o-y to <\/strong><strong>SAR 353 <\/strong><strong>mn<\/strong><strong>in 1Q 2023<\/strong>, the tech subsidiary of telecom operator stc 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\/jZDLDoJADEW_xQVbWlEQ3WFUjI8IEiPOxgw6jiQwQ3CU8PeOutL46q7tubc3BQIxEEEvKacqlYJmut8QZ2t7DlpjFxf-yBpiOOr2w8HQb-K0DetnAKPA1kAwb81wiT46QP7R44fy8LeefEX8zivwJuId-JJhAoRnMnn8wxNJy-VASnZgJSvNc6nHR6WKU89AA6uqMrmUPGPmTuYGvpMc5UlB_EzeuJvL3UTRPa3OmVYTvSqoqKM6T6Q-1LHQgogJKPJVjGmQr11lJ22vcQX94DAJ\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi83OTc3NC9jb21wYW55U3ltYm9sLzcyMDIvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> yesterday. Revenues were up 5% y-o-y over the same period to SAR 2.8 bn due to an increase in its core ICT services, IT managed and operational services and digital services.<\/p>\n<p class=\"tag-border-left\">TADAWUL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Tadawul Group <\/strong><strong>Holding\u2019s<\/strong><strong> net income grew 122% <\/strong><strong>y-o-y<\/strong><strong> to SAR 201.5 mn<\/strong><strong> in <\/strong><strong>1Q <\/strong><strong>2024<\/strong>, according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/246.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. Revenues were up 72.8% y-o-y to SAR 387.6 mn, with the post-trade segment accounting for SAR 207 mn of revenues, while the capital markets segment accounted for SAR 133.5 mn, and data and tech services accounted for the remainder. <\/p>\n<p class=\"tag-border-left\">SAUDI AWWAL BANK-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Awwal Bank\u2019s net income rose 15.8% y-o-y to SAR 2.0 bn in 1Q 2024<\/strong> on the back of higher operating income and a lower provision for expected credit losses, 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\/lY_RboIwFIafxQcwPWgs7JKNDVlQUXQqN6aWMyURSkpxc0-_VpYZ3Vxc04ue0-__z39IQhYkKdg-2zCViYLtdL1M6KrnUuj0HRhBf_oAFGKfzqaO5XUomZ8DzsCnMB6641HH7oH_AiT5lx7iqAfjp2jQDWECPtDb9HDluDfMT86RkXtn6wTP934Qul2H2pfALyteDPm5wxH4I2SMxXET-2rUwCJziZWoJUcy2aByi0LUBcccCxVmlfKYYmTMGd9iiHvcRWyDJDajWbrPKiErQ5Fl2zK9CrkS0iuD9LtzyNdiR5bmXUqR1lxNDyU2DSW0_de71MZx9qErCxorJvn2xJr_YZ2vUXprzZjWqxT5yYCZ5NzkbkTWqkmg8F3FR7OGS7UiQpkJnZGU-Wy2gCxoO2-P3dw5v26r9QlTUSX0\/dz\/d5\/L0lHSklna0tDbEVKSUtJS1VRb2dwUkEhIS9vSHdRQUVNSUFBQ0VFaGdDS000emxHWUVLVWxTVUtXdEcwWVdnQSEhLzRKQ2lqc1lwTWhUalVFNWxFbXQyVXR0TlF6VzdLVzFtbzVBIS9aN181QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURRNi9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy9jb21wYW55U3ltYm9sLzEwNjAvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzc5Nzcw\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> yesterday. Revenues were up 7.1% over the same period to SAR 3.4 bn. <\/p>\n<p class=\"tag-border-left\">SAUDI INVESTMENT BANK-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Saudi Investment Bank\u2019s net income grew 8.2% y-o-y to SAR 442.4 mn in 1Q 2024<\/strong>, 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\/lY_RboIwFIafxQcwPWgs7JKNDVlQUXQqN6aWMyURSkpxc0-_VpYZ3Vxc04ue0-__z39IQhYkKdg-2zCViYLtdL1M6KrnUuj0HRhBf_oAFGKfzqaO5XUomZ8DzsCnMB6641HH7oH_AiT5lx7iqAfjp2jQDWECPtDb9HDluDfMT86RkXtn6wTP934Qul2H2pfALyteDPm5wxH4I2SMxXET-2rUwCJziZWoJUcy2aByi0LUBcccCxVmlfKYYmTMGd9iiHvcRWyDJDajWbrPKiErQ5Fl2zK9CrkS0iuD9LtzyNdiR5bmXUqR1lxNDyU2DSW0_de71MZx9qErCxorJvn2xJr_YZ2vUXprzZjWqxT5yYCZ5NzkbkTWqkmg8F3FR7OGS7UiQpkJnZGU-Wy2gCxoO2-P3dw5v26r9QlTUSX0\/dz\/d5\/L0lHSklna0tDbEVKSUtJS1VRb2dwUkEhIS9vSHdRQUVNSUFBQ0VFaGdDS000emxHWUVLVWxTVUtXdEcwWVdnQSEhLzRKQ2lqc1lwTWhUalVFNWxFbXQyVXR0TlF6VzdLVzFtbzVBIS9aN181QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURRNi9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy9jb21wYW55U3ltYm9sLzEwMzAvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzc5NzY5\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> yesterday. Revenues were up 3.3% over the same period to SAR 995.1 mn.<\/p>\n<p class=\"tag-border-left\">SAUDI GERMAN HEALTH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul-listed healthcare provider Saudi German Health\u2019s net income rose 3.6% y-o-y to <\/strong><strong>SAR 51.9 mn in 1Q 2024<\/strong> due to a growth in the number of inpatients and outpatients and a better utilization of outpatient clinics, 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\/lY_RboIwFIafxQcwPWgs7JKNDVlQUXQqN6aWMyURSkpxc0-_VpYZ3Vxc04ue0-__z39IQhYkKdg-2zCViYLtdL1M6KrnUuj0HRhBf_oAFGKfzqaO5XUomZ8DzsCnMB6641HH7oH_AiT5lx7iqAfjp2jQDWECPtDb9HDluDfMT86RkXtn6wTP934Qul2H2pfALyteDPm5wxH4I2SMxXET-2rUwCJziZWoJUcy2aByi0LUBcccCxVmlfKYYmTMGd9iiHvcRWyDJDajWbrPKiErQ5Fl2zK9CrkS0iuD9LtzyNdiR5bmXUqR1lxNDyU2DSW0_de71MZx9qErCxorJvn2xJr_YZ2vUXprzZjWqxT5yYCZ5NzkbkTWqkmg8F3FR7OGS7UiQpkJnZGU-Wy2gCxoO2-P3dw5v26r9QlTUSX0\/dz\/d5\/L0lHSklna0tDbEVKSUtJS1VRb2dwUkEhIS9vSHdRQUVNSUFBQ0VFaGdDS000emxHWUVLVWxTVUtXdEcwWVdnQSEhLzRKQ2lqc1lwTWhUalVFNWxFbXQyVXR0TlF6VzdLVzFtbzVBIS9aN181QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURRNi9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy9jb21wYW55U3ltYm9sLzQwMDkvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzc5Nzcx\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> yesterday. Revenues were up 8% y-o-y over the same period to SAR 689 mn.<\/p>\n<p class=\"tag-border-left\">NADEC-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The National Agricultural Development Company reported a 169% <\/strong><strong>y-o-y<\/strong><strong> rise in net <\/strong><strong>income to SAR 101.3 mn in 1Q 2024<\/strong> on the back of higher returns from bank deposits and profitshare from its joint venture, it said in <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/28myvfd2\" style=\"\" rel=\"noopener\">a disclosure to Tadawul<\/a>. Revenues increased 14.4% y-o-y to SAR 857.6 mn in 1Q 2024, due to booking more business from the dairy and food processing, and protein segments.<\/p>\n<p class=\"tag-border-left\">TASNEE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>National Industrialization recorded a net loss of SAR 72.1 mn in 1Q 2024<\/strong>, compared to net income of SAR 82.1 mn in 1Q 2023, on the back of scheduled maintenance driving down sales volumes coupled with average selling prices falling. Meanwhile, its topline fell 14.3% y-o-y to SAR 761.4, 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-oyMjAzEA_ODVPvyA3NMIgMyA3XNdREQCsDXnR\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi83OTc2NS9jb21wYW55U3ltYm9sLzIwNjAvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>.<\/p>\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\/arabian-internet-and-communications-services-solutions\/\">Arabian Internet and Communications Services (Solutions)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/earnings-watch\/\">EARNINGS WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/luberef\/\">Luberef<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/national-agricultural-development-company-nadec\/\">National Agricultural Development Company (Nadec)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-awwal-bank-sab\/\">Saudi Awwal Bank (SAB)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-german-health\/\">Saudi German Health<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-investment-bank-saib\/\">Saudi Investment Bank (Saib)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-tadawul-group\/\">Saudi Tadawul Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/tasnee\/\">Tasnee<\/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=\"85855\" 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=\"85855\">\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\">SAUDI IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/snooker-in-saudi\/\">\r\n                            CNN Sports looks at Saudi\u2019s foray into the world of snooker                        <\/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\/05\/06\/snooker-in-saudi\/\" 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\/05\/06\/snooker-in-saudi\/')\">\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\/05\/06\/snooker-in-saudi\/\">\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=Snooker in Saudi&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/snooker-in-saudi\/\">\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\/05\/06\/snooker-in-saudi\/&title=Snooker in Saudi\">\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=Snooker+in+Saudi+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F06%2Fsnooker-in-saudi%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\/05\/06\/snooker-in-saudi\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/264.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85856\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/snooker-in-saudi\/264-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/264.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"264.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/264.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/264.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85855\" class=\"content-area-description single-story post-85855 post type-post status-publish format-standard has-post-thumbnail hentry category-saudi-in-the-news tag-enterpriseam-ksa tag-saudi-in-the-news tag-sports 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\/5\/.621b5791-0d1d-4715-91cb-74a1caf450ed.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a rather quiet morning for Saudi in the foreign press<\/strong>, save for a feature from <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/05\/05\/sport\/saudi-arabia-snooker-crucible-theatre-spt-intl\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a><a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/05\/05\/sport\/saudi-arabia-snooker-crucible-theatre-spt-intl\/index.html\" style=\"\" rel=\"noopener\">Sports<\/a>&nbsp;on <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\">Saudi\u2019s recent foray<\/a>&nbsp;into the snooker world. The precursor for the World Snooker Championship will be moving to Saudi as early as next year after the Kingdom signed a \u201clucrative\u201d agreement with World Snooker Tour, the organizers of the event, marking a change that CNN Sports says is a smart business move as Saudi Arabia \u201coffers the key\u201d to larger purses and venues for the event.<\/p>\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\/saudi-in-the-news\/\">SAUDI IN THE NEWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/sports\/\">sports<\/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=\"85857\" 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=\"85857\">\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\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/saudi-electricity-company-hits-financial-close-on-taiba-1-qassim-1-power-plants-plus-oil-and-gas-tourism-and-manufacturing\/\">\r\n                            Saudi Electricity Company reaches financial close on Taiba 1, Qassim 1 CCGT power plans. Plus: oil and gas, tourism and manufacturing                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/saudi-electricity-company-hits-financial-close-on-taiba-1-qassim-1-power-plants-plus-oil-and-gas-tourism-and-manufacturing\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/saudi-electricity-company-hits-financial-close-on-taiba-1-qassim-1-power-plants-plus-oil-and-gas-tourism-and-manufacturing\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/saudi-electricity-company-hits-financial-close-on-taiba-1-qassim-1-power-plants-plus-oil-and-gas-tourism-and-manufacturing\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Saudi Electricity Company hits financial close on Taiba 1, Qassim 1 power plants. Plus: oil and gas, tourism and manufacturing&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/saudi-electricity-company-hits-financial-close-on-taiba-1-qassim-1-power-plants-plus-oil-and-gas-tourism-and-manufacturing\/\">\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\/05\/06\/saudi-electricity-company-hits-financial-close-on-taiba-1-qassim-1-power-plants-plus-oil-and-gas-tourism-and-manufacturing\/&title=Saudi Electricity Company hits financial close on Taiba 1, Qassim 1 power plants. Plus: oil and gas, tourism and manufacturing\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Saudi+Electricity+Company+hits+financial+close+on+Taiba+1%2C+Qassim+1+power+plants.+Plus%3A+oil+and+gas%2C+tourism+and+manufacturing+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F06%2Fsaudi-electricity-company-hits-financial-close-on-taiba-1-qassim-1-power-plants-plus-oil-and-gas-tourism-and-manufacturing%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/saudi-electricity-company-hits-financial-close-on-taiba-1-qassim-1-power-plants-plus-oil-and-gas-tourism-and-manufacturing\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2232.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85858\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/saudi-electricity-company-hits-financial-close-on-taiba-1-qassim-1-power-plants-plus-oil-and-gas-tourism-and-manufacturing\/2232-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2232.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2232.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2232.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/2232.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85857\" class=\"content-area-description single-story post-85857 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-acwa-power tag-ades-holding tag-also-on-our-radar tag-dan tag-east-pipes tag-enterpriseam-ksa tag-qassim-1 tag-saudi-electricity-company-sec tag-taiba-1 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\/5\/.363a4899-e59d-43be-b35d-5737e9f663f9.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">DEBT WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Saudi Electricity Company (SEC) reached financial close for two of its<\/strong><strong> 1.8 GW <\/strong><strong>combined cycle power plants<\/strong>, Taiba 1 and Qassim 1, with financing agreements worth SAR 11.4 bn (USD 3 bn), <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2096369\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported yesterday. The financing agreements were signed between a consortium between SEC and Acwa Power and Sidra One for Electricity Company and Qudra One for Electricity Company. They <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/c2ce65ae-bed1-484a-aac4-bf6aa09897ef\/saudi-electricity-company-reports-a-32.3%2525-drop-in-net-income-in-2023\" style=\"\" rel=\"noopener\">signed last year<\/a> power purchase agreements worth SAR 14.6 bn for the two power stations.<\/p>\n<p class=\"tag-border-left\">OIL &amp; GAS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul-listed oil and gas drilling company Ades Holding <\/strong><strong>was awarded a SAR 161 mn <\/strong><strong>jack-up <\/strong><strong>drilling project in the Gulf of Suez<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/237.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The 21-month contract was awarded by Egypt\u2019s state-owned <a target=\"_blank\" href=\"https:\/\/www.suco-eg.com\/\" style=\"\" rel=\"noopener\">Suez Oil Company<\/a>, with operations scheduled to start in the coming weeks. New awards in Egypt, Qatar and Thailand bring redeployments of suspended rigs in the Kingdom to three out of five jackups, Ades said. <\/p>\n<p class=\"tag-border-left\">TOURISM-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PIF subsidiary Dan will break ground on its first project in Al Ahsa this year<\/strong>, CEO Abdulrahman Abaalkhail told <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1724685\" style=\"\" rel=\"noopener\">Argaam<\/a> yesterday, without providing further details on the project. Dan is also looking to unveil its first franchise project next year, Abaalkhail said. Al Ahsa is home to UNESCO-listed World Heritage Site Al Ahsa Oasis, the largest oasis in the world. The PIF unit <a target=\"_blank\" href=\"https:\/\/spa.gov.sa\/en\/N2012280\" style=\"\" rel=\"noopener\">launched in December<\/a> to promote agritourism and ecotourism across the Kingdom. It is expected to contribute SAR 6 bn (c. USD 1.6 bn) to non-oil GDP by 2030.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> Dan tapped Global hotel operator Hilton <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/9c29b40f-f342-4e6d-914a-a6b1be9f1b62\" style=\"\" rel=\"noopener\">in March<\/a> to run three resorts in Al Ahsa. Hilton will manage Al Ahsa Agritourism Resort under its LXR Hotels and Resorts brand and the Al Ahsa Eco Resort and Al Ahsa Adventure Resort under the Curio Collection by Hilton.<\/p>\n<p class=\"tag-border-left\">DIGITIZATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Digital cooperation + research talks with Japan:&nbsp;<\/strong>Communications and IT Minister Abdullah Alswaha discussed digital cooperation with his Japanese counterpart, Digital Transformation Minister, Taro Kono, during a meeting held in Jeddah, according to <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2096045\" style=\"\" rel=\"noopener\">state news agency SPA<\/a>. The talks also touched upon the localization of research and development centers in the Kingdom. <\/p>\n<p class=\"tag-border-left\">MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>East Pipes will manufacture and supply steel pipes to local contractor Maramer <\/strong>under a SAR 60 mn contract, 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-oyNDYyFA_ODVPvyA3NMIgMyA3XNdREQCGefQD\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi83OTc3Mi9jb21wYW55U3ltYm9sLzEzMjEvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> yesterday.<\/p>\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\/ades-holding\/\">Ades Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/dan\/\">Dan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/east-pipes\/\">East Pipes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/qassim-1\/\">Qassim 1<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-electricity-company-sec\/\">Saudi Electricity Company (SEC)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/taiba-1\/\">Taiba 1<\/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=\"85859\" 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=\"85859\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/06\/foreign-investors-were-net-sellers-on-tadawul-last-month\/\">\r\n                            Foreign investors were net sellers on Tadawul in April 2024                        <\/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\/05\/06\/foreign-investors-were-net-sellers-on-tadawul-last-month\/\" 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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GCC investors\u2019 position maintained their positive outlook for the local market in April with net purchases worth SAR 877.3 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What went down in Nomu: <\/strong>Foreigners were net sellers on parallel market Nomu, with net sales worth 59.2 mn. Local investors were net buyers of Saudi equities on Nomu, with net purchases worth SAR 57.4 mn. GCC investors followed suit with net investment positions SAR 1.8 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign investors were net sellers in the local sukuk market<\/strong>, with net sold positions worth SAR 7.6 mn, while GCC investors were net sales worth SAR 60.2k. Local investors were net buyers with net acquired positions worth SAR 7.6 mn.<\/p>\n<p class=\"tag-border-left\">AROUND THE REGION- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi flag carrier Etihad Airways has tapped more advisors for its IPO this year<\/strong>, adding Abu Dhabi Commercial Bank, Bank of America, BNP Paribas, and Morgan Stanley as joint bookrunners, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-03\/abu-dhabi-hub-carrier-etihad-said-to-add-banks-to-1-billion-ipo\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. It had already appointed Citi, HSBC, and FAB, while Rothschild is serving as independent financial advisor.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Abu Dhabi Investment Authority (Adia) was among 36 institutional investors that <\/strong><strong>bought shares in Indian healthcare firm Indegene ahead of its IPO<\/strong> on the Bombay Stock Exchange, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/258.pdf\" style=\"\" rel=\"noopener\">bourse filing (pdf)<\/a>. <\/p>\n<p class=\"tag-border-left\"> MARKETS THIS MORNING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a quiet start to the week in Asia<\/strong>, where the JPX and Korea Exchange are closed in observance of Children\u2019s Day. Hong Kong\u2019s Hang Seng is flat in early trading, while the Shanghai Composite is up 0.9%. US and European stock futures inched up overnight. <\/p>\n<p><a target=\"_blank\" id=\"t.c5f1fb30b2f7e0bf0fd4e30edef4e778fbac0247\" 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<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\">12,373<\/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: +3.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">1,551<\/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: +0.1%)<\/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>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\">26,790<\/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\">+1.3% (YTD: +9.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3.75 Sell<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3.75 Buy<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6% repo <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5.5% reverse repo<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-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>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\">26,114<\/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\">+3.3% (YTD: +4.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,037<\/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: -5.6%)<\/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>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\">4,142<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +2.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,127<\/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\">+1.3% (YTD: +7.5%)<\/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>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\">8,213<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,921<\/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: +8.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 82.96  <\/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%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.14<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+5.3%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,301  <\/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\">-0.04%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 63,699<\/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: +51.6%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> THE 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 rose 0.2% yesterday <\/strong>on turnover of SAR 5.3 bn. The index is up 3.4% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green:<\/strong> Oasis (+10%), Raydan (+8%) and Saudi Cable (+6.5%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>GIG (-9.9%), Al Baha (-7.1%) and Salama (-5.6%).<\/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\">THE CLOSING BELL: NOMU-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The NomuC<\/strong><strong> rose 1.3% yesterday <\/strong>on turnover of SAR 25 mn. The index is up 9.2% 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> Future Care (+22.4%), Raoom (+10.7%) and Horizon Food (+8.6%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> NGDC (-8%), Alqemam (-4.5%) and Clean Life (-4.2%)<\/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\">CORPORATE ACTIONS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The board of Alinma Bank approved disbursing dividends totalling SAR 621.4 mn at SAR <\/strong><strong>0.25 apiece for 1Q 2024<\/strong>, 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\/lVDLbsIwEPyWHjiCN0SEtDe3qAHEs4ECuSDHWUKkJI4cB0q_vg6piqBQUcsH73hmdnaJR5bES9kuCpmKRMpiXa88a92iFjS7NoyhO3sBC1zHms9so9O0yOKcYA8dC6YjOh032y1w3oF4_9KDO2nB9HUyNAfwBg5Y9-nhxqF39PfOKWP62NYJ-s9Ob0BN22pfEq6MeNHk9wxHwh8h-8QLY-FXC6epb9oh8SRuUKJsFFLDW6Wy_KkGNdjv941QiDDGBhdJDa5JtiJXZHnOJC6mx3W1b-6jZ5CFxFwUkiN5C1HRNBVFyjHBVA2iXHWYYmTKGd_iAHcYT1iIxC3nY8EuyoXMSxZZ1Y0Sy5ErITtZL_hBDokvYrIq35kUQcHV7JBhBSih7b_fmTZ2o09dGVBZMcm3J275PyoSH2XH15wS2kiRnAxYmZyXuSuRsa4SKPxQ7tGs4gVaMUEZCZ2RZMl8voSoV_f8g2kmNLHN87unD19eiZLV\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC8xMTUwL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzc5NzYx\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> yesterday. Dividends will be paid on Sunday, 2 June.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/financial-markets\/\">Financial markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85861\" 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\/05\/06\/85861\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85861\" class=\"content-area-description single-story post-85861 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\">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;\">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>12 May (Sunday): Bookbuilding starts for Rasan\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ipo.rasan.co\/\" style=\"\">Tadawul IPO<\/a><\/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;\">13-15 May (Monday-Wednesday): Poultry 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>13-15 May (Monday-Wednesday): Middle East Poultry 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;\">14-15 May (Tuesday-Wednesday): Saudi Great Futures, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15-16 May (Wednesday-Thursday): Arab Forum of Anti-Corruption, 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:400;\">27-28 May (Monday-Tuesday): Smart Data & AI Summit Saudi, JW Marriott Hotel, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in 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>2-3 June (Sunday-Monday): Global Project Management Forum, 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): 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;\">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: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: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;\">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:400;\">25-27 November (Monday-Wednesday): World Investment Conference, 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: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>10-13 February (Monday-Thursday): Leap 2025, the Kingdom\u2019s premier tech investment conference.<\/span><\/p>\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>Non-oil growth holds steady in April | 1Q 2024 budget deficit | Rasan plans Tadawul IPO | Bank funding will be key for Vision 2030 -S&#038;P<\/p>\n","protected":false},"featured_media":85839,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-85838","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"a0eb0ae0-6ed5-4171-9036-c73f2e0d3e66","teaser":"Non-oil growth holds steady in April | 1Q 2024 budget deficit | Rasan plans Tadawul IPO | Bank funding will be key for Vision 2030 -S&P","photo_url":"https:\/\/ent.news\/2024\/4\/840.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fintech player Rasan announces it will IPO on Tadawul - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, 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