{"id":85884,"date":"2024-05-07T00:00:00","date_gmt":"2024-05-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?post_type=issue&#038;p=85884"},"modified":"2025-12-14T18:02:12","modified_gmt":"2025-12-14T18:02:12","slug":"real-estate-developers-need-to-put-the-pedal-to-the-metal-to-keep-pace-with-demand","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/ksa\/issues\/real-estate-developers-need-to-put-the-pedal-to-the-metal-to-keep-pace-with-demand\/","title":{"rendered":"Real estate developers need to put the pedal to the metal to keep pace with demand"},"content":{"rendered":"<section id=\"85886\" 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=\"85886\">\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\/07\/aramco-is-releasing-its-1q-2024-earnings-today\/\">\r\n                            THIS MORNING: A Saudi delegation is in Islamabad for a two-day investment conference. Plus: Aramco is releasing its 1Q 2024 earnings today                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/aramco-is-releasing-its-1q-2024-earnings-today\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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data-image-title=\"371.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/371.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/371.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85886\" class=\"content-area-description single-story post-85886 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-diplomacy tag-enterpriseam-ksa tag-hospitality tag-mining tag-saudi-pakistan-relations tag-sports tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.e85d61d4-6c93-4a14-9dca-1231c73f50b5.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, ladies and gentlemen, and welcome to an unexpectedly (very) busy hump <\/strong><strong>day.<\/strong> We have news of Aramco closing in on an agreement to buy Shell\u2019s fuel station business in Malaysia, as well as a duo of reports from S&amp;P Global on growing real estate demand in the Kingdom and projections of a potential increase in government debt to finance Vision 2030 projects. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have chapter and verse on these stories and more in this morning\u2019s newswell, below.<\/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\"><strong>Aramco will release 1Q 2024 results.<\/strong> Analysts will be looking for guidance on how Opec+ production cuts could impact profitability and, as a result, the company\u2019s plans to pay some USD 34 bn in <a target=\"_blank\" href=\"https:\/\/www.aramco.com\/en\/investors\/shareholder-information\/dividends-schedule\" style=\"\" rel=\"noopener\">performance-based dividends<\/a> this year. <\/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:\/\/saudi-smartmanufacturing.com\/\" style=\"\" rel=\"noopener\">Saudi Smart Manufacturing<\/a><\/strong><strong> trade fair is in its second day at the Riyadh International <\/strong><strong>Convention &amp; Exhibition Center <\/strong>as part of 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>It\u2019s day two of the Arabian Travel Market in the UAE. <\/strong>Expect plenty more tourism and aviation news today \u2014 and check out our report in the Aviation section of this morning\u2019s news well, below. <\/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 this afternoon <\/strong>at 5pm Saudi time (7am Pacific). The expectation: 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). 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<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><strong>Riyadh<\/strong> is looking rather cloudy today with a high of 37\u00b0C and a low of 22\u00b0C. Expect some winds in <strong>Makkah<\/strong> which is still on the hot side at a high of 39\u00b0C and a low of 26\u00b0C, and more winds in <strong>Al Taif<\/strong> with a high of 30\u00b0C and a low of 19\u00b0C<\/p>\n<p class=\"tag-border-left\">DATA POINT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are some<\/strong><strong> 2.5k active licenses<\/strong><strong> in the mining sector<\/strong>, including 1.6k for building materials quarries, 611 for exploration, 195 for exploitation, 42 for reconnaissance, and 28 surplus mineral ore licenses, according to Industry and Mineral Resources Ministry <a target=\"_blank\" href=\"https:\/\/twitter.com\/mimgov\/status\/1787441351241486706\" style=\"\" rel=\"noopener\">data<\/a>. The ministry issued 20 new mining licenses in February 2024, including five exploration licenses, nine building materials quarry licenses, and six surplus mineral ores licenses.<\/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=\"wwtt1\"><\/a> <strong>#1- A delegation of senior Saudi officials led by Assistant Investment Minister <\/strong><strong>Ibrahim Al Mubarak&nbsp;<\/strong><strong>landed in Pakistan yesterday for a two-day<\/strong><strong> investment conference<\/strong>, state-run <a target=\"_blank\" href=\"https:\/\/www.app.com.pk\/photos-section\/federal-minister-for-commerce-jam-kamal-khan-welcoming-saudi-investors-delegation-led-by-assistant-minister-of-investment-h-e-ibrahim-al-mubarak-on-arrival-at-nurkhan-airbase\/\" style=\"\" rel=\"noopener\">Pakistani news wire APP reports<\/a>. The delegation is expected to sign several MoUs across sectors in Pakistan, which Al Mubarak described as \u201ca high priority economic, investment and business\u201d destination in his opening remarks at the conference (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=tQN_IePNE5o\" style=\"\" rel=\"noopener\">watch, runtime: 5:15<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- An agreement on Pakistan\u2019s Reko Diq could be coming: <\/strong>The delegation includes executives from Manara Minerals who are looking to continue talks on the acquisition of a stake in Barrick Gold\u2019s Reko Diq copper and gold mining project in Pakistan, <a target=\"_blank\" href=\"https:\/\/www.geo.tv\/latest\/542785-saudi-manara-minerals-team-in-pakistan-for-talks-on-reko-diq-mine-stake\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing a Pakistan government document it says it has seen. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>Manara is a joint venture between the Public Investment Fund and mining giant Ma\u2019aden. Manara was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ef5171e7-6692-4b5d-80be-a73cd23640b3\" style=\"\" rel=\"noopener\">said to be<\/a> close to a USD 1 bn investment in the mining project \u2014 one of the world's largest undeveloped copper-gold areas. A preliminary agreement could be made public in a matter of weeks, sources said last month. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ve been getting closer with Islamabad:<\/strong> Foreign Minister Prince Faisal bin Farhan <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d2cc076a-3ccd-4038-b2dc-874b485fd02a\/saudi-eyeing-significant-investments-in%253cmark%253e-pakistan%253c%2Fmark%253e,-says-bin-farhan\" style=\"\" rel=\"noopener\">was in<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d2cc076a-3ccd-4038-b2dc-874b485fd02a\/saudi-eyeing-significant-investments-in%253cmark%253e-pakistan%253c%2Fmark%253e,-says-bin-farhan\" style=\"\" rel=\"noopener\">the Pakistani capital<\/a> last month, nearly a week after Pakistan\u2019s prime minister <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/saudi-crown-prince-meets-pakistani-premier-stresses-india-pakistan-dialogue-2024-04-08\/\" style=\"\" rel=\"noopener\">discussed a USD 5 bn investment package<\/a> during a meeting in Makkah with Crown Prince Mohammed bin Salman. Saudi has been among key backers of crisis-hit Pakistan, <a target=\"_blank\" href=\"https:\/\/www.arabnews.pk\/node\/2417451\/pakistan\" style=\"\" rel=\"noopener\">extending the term of a USD 3 bn<\/a> in deposit at the State Bank of Pakistan for an additional year to mature in December 2024. This is in addition to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/saudi-arabia-deposits-2-bln-pakistan-central-bank-account-pakistan-finance-2023-07-11\/\" style=\"\" rel=\"noopener\">USD 2 bn<\/a> in financial assistance from the Kingdom last year to shore up the country\u2019s finances.<\/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 region\u2019s largest water theme park, courtesy of Qiddiya: <\/strong>The board of PIF\u2019s Qiddiya Investment Company has approved the launch of a new water theme park that is slated to be the first of its kind in Saudi and the largest in the region, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2096758\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reports. The water park \u2014 dubbed Aquarabia \u2014 will be home to 22 water games and attractions, including the world\u2019s first double water loop and roller coaster with the highest jump among other record-breaking water games. It is set to complement Qiddiya\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3b473a40-965c-44aa-b4d7-d023fd47bcf2\" style=\"\" rel=\"noopener\">Six Flags Theme Park<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Qiddiya, a <a target=\"_blank\" href=\"https:\/\/www.pif.gov.sa\/en\/our-investments\/giga-projects\/\" style=\"\" rel=\"noopener\">USD multi-bn development<\/a>, aims to become the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3b473a40-965c-44aa-b4d7-d023fd47bcf2\" style=\"\" rel=\"noopener\">world\u2019s largest<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3b473a40-965c-44aa-b4d7-d023fd47bcf2\" style=\"\" rel=\"noopener\">entertainment hub<\/a>. The district will be home to the world\u2019s first-ever Dragon Ball themed park and a multi-use stadium where it plans to host major sports, cultural and entertainment events, including games at the 2034 Fifa World Cup. The destination will also be home to the world\u2019s first gaming and esports district.<\/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=\"wwtt4\"><\/a> <strong>#3- The Kingdom\u2019s \u201cfirst 18-hole island golf course\u201d is coming to PIF-backed Red <\/strong><strong>Sea <\/strong><strong>Global\u2019s Shura Island <\/strong><strong>next year<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.redseaglobal.com\/en\/-\/media-center\/red-sea-global-reveals-designs-for-shura-links-golf-course\" style=\"\" rel=\"noopener\">statement<\/a>. Shura Links, a par 72 championship length course, will span across 7.5k yards of green featuring multiple tees. It was designed in partnership with acclaimed golf architect Brian Curley, who was the mastermind behind Mission Hills Golf Club, the world\u2019s largest golf facility.     <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#4- Radisson Hotel Group plans to have the Kingdom account for 70% of its <\/strong><strong>portfolio in the region <\/strong><strong>over the next three years<\/strong>, Vice President for Development Elie Milky told <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1724890\" style=\"\" rel=\"noopener\">Argaam<\/a> yesterday. Radisson currently operates 30 hotels, resorts, and hotel-apartment properties in the country, with another 20 under construction. It aims to operate 100 hotels or 20k rooms in Saudi by the end of the decade, Milky said.<\/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>#5- Local restaurants and food outlets may soon be obliged to have a tracking system for <\/strong><strong>the exact food ingredients and packaging used to prepare their meals<\/strong>, the <a target=\"_blank\" href=\"https:\/\/saudigazette.com.sa\/article\/642652\/SAUDI-ARABIA\/Restaurants-are-obliged-to-have-a-system-for-tracking-meal-ingredients\" style=\"\" rel=\"noopener\">Saudi Gazette<\/a> reported yesterday. The system would allow the operator to know and track the source and quantity of the ingredients being used to ensure food safety and quality. It would allow food items to be recalled in the event of violating food safety rules.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The system, proposed by the Housing, Rural Affairs and Municipal Ministry, follows a <\/strong><strong>recent <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4f8c0a4d-68ec-47a3-b22d-411374abe3a6\" style=\"\" rel=\"noopener\">food poisoning outbreak<\/a><\/strong> linked to a local hamburger chain. One person reportedly died of food poisoning and more than 70 were made sick. <\/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>#6- The Saudi Fund for Development (SFD) <\/strong><strong>and the UK\u2019s Foreign Commonwealth and <\/strong><strong>Development Office will work to improve the lives of the most vulnerable globally<\/strong> after signing a joint cooperation agreement, SFD said in a <a target=\"_blank\" href=\"https:\/\/www.sfd.gov.sa\/en\/n752\" style=\"\" rel=\"noopener\">statement<\/a>. The agreement will see the two collaborate on refining donor management, humanitarian aid transparency, and accountability, in addition to improving monitoring and evaluation schemes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#7- E<\/strong><strong>ight water bottling and distribution companies were fined for <\/strong><strong>engaging in <\/strong><strong>anti-competitive practices<\/strong>, the General Authority for Competition said in a <a target=\"_blank\" href=\"https:\/\/x.com\/SaudiGAC\/status\/1787455877567435241\" style=\"\" rel=\"noopener\">post on X<\/a>. The companies were handed fines ranging between SAR 100k and SAR 1 mn for price fixing. The authority didn\u2019t name the companies. <\/p>\n<p class=\"tag-border-left\">PSAs- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Tenants must <\/strong><strong>pay a one-time security deposit through the Ejar platform <\/strong><strong>against <\/strong><strong>potential <\/strong><strong>damage to the property during the rental period<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.okaz.com.sa\/news\/local\/2161003\" style=\"\" rel=\"noopener\">Okaz<\/a> reported yesterday. The security deposit can be itemized when both parties document the rental contract on Ejar, with the platform acting as a neutral party holding the deposit, it said. The agreed-upon unit delivery form dictates the process of automatic refund to both parties in their electronic wallets upon leasing contract expiration or cancellation, it added. If damage occurs, the deposit can cover costs or be returned to the tenant upon mutual agreement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>Citizens traveling outside the region must ensure their passport has a<\/strong><strong> minimum <\/strong><strong>validity <\/strong><strong>of six months<\/strong>, or three months for visits to Arab countries, the General Directorate of Passports said in a <a target=\"_blank\" href=\"https:\/\/twitter.com\/AljawazatKSA\/status\/1741792615744324000\" style=\"\" rel=\"noopener\">post on X<\/a>. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<br \/><\/strong><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong>&nbsp;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>Hamas has accepted a ceasefire proposal \u2014 Israel says it\u2019s not enough and is <\/strong><strong>hammering Rafah. <\/strong>Here\u2019s what you need to know this morning:<\/p>\n<ul>\n<li><strong>Hamas <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/wrapup1-israel-begins-evacuating-part-rafah-ahead-threatened-assault-2024-05-06\/\" style=\"\" rel=\"noopener\">accepted<\/a><\/strong> a proposal from Egyptian and Qatari mediators;<\/li>\n<li><strong>Israel says <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-06\/hamas-says-accepts-proposal-for-cease-fire-with-israel?srnd=homepage-middle-east&amp;sref=mmeFTDW1\" style=\"\" rel=\"noopener\">it doesn\u2019t go far enough<\/a><\/strong> and plans to <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2024\/05\/06\/israel-gaza-rafah-invasion-hamas-hostage-deal\" style=\"\" rel=\"noopener\">take over<\/a> the Rafah border crossing;<\/li>\n<li><strong>Israeli forces are <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2024\/05\/06\/world\/israel-gaza-war-hamas\/the-israeli-military-tells-civilians-in-eastern-rafah-to-move-to-a-humanitarian-zone?smid=url-share\" style=\"\" rel=\"noopener\">attacking<\/a><\/strong><strong> Rafah<\/strong> by air and on the ground. More than 1 mn people have sought refuge in city on Egypt\u2019s border, and the Israeli army is now telling at least <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/israel-warns-gazans-to-evacuate-rafah-neighborhoods-ahead-of-planned-offensive-8a8b156c?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">100k of them<\/a> in east Rafah to move into a so-called \u201chumanitarian zone;<\/li>\n<li><strong>Shuttle <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/14ff1d0c-23ec-419f-927b-1cfd0601071b\" style=\"\" rel=\"noopener\">diplomacy<\/a><\/strong><strong> continues today in Cairo<\/strong> after both sides said they\u2019d continue indirect talks.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Foreign Ministry has warned Israel against invading Rafah <\/strong>as part of its \u201csystematic bloody campaign\u201d against Gaza, it said in a <a target=\"_blank\" href=\"https:\/\/twitter.com\/KSAmofaEN\/status\/1787550678514126976\/photo\/1\" style=\"\" rel=\"noopener\">post on X<\/a>. Riyadh reiterated a call for the international community to intervene immediately to \u201cstop the genocide carried out by the occupation forces against defenseless civilians in the occupied Palestinian territories.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s more foreign policy ugliness in the headlines: <\/strong>Russia has rattled Western capitals with an announcement that it\u2019s <a target=\"_blank\" href=\"https:\/\/www.politico.eu\/article\/russia-preparing-non-strategic-nuclear-weapons-drills\/\" style=\"\" rel=\"noopener\">running drills on the use of tactical nuclear weapons<\/a>. Pundits say the Kremlin is putting on pressure in response to French and British statements on Ukraine. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>Tactical nukes are smaller, less-powerful weapons designed for use on the battlefield. Strategic nuclear weapons are the things designed to take-out cities. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN THE BUSINESS PAGES- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/lookout-santa-cruz-wins-pulitzer-prize-breaking-news-2024-05-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a><\/strong><strong> won a Pulitzer Prize for its long-term investigation <\/strong><strong>into Elon Musk<\/strong>\u2019s business empire, including Tesla and SpaceX. The newswire also won for its <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/pictures\/reuters-wins-pulitzer-prize-breaking-news-photography-coverage-israel-hamas-war-2024-05-06\/\" style=\"\" rel=\"noopener\">photography of the war<\/a> between Hamas and Israel. <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/investigates\/section\/musk-inc\/\" style=\"\" rel=\"noopener\">You can read the full series here<\/a>, read the <a target=\"_blank\" href=\"https:\/\/www.pulitzer.org\/news\/2024-pulitzer-prize-announcement-0\" style=\"\" rel=\"noopener\">Pulitzer announcement<\/a>, or check out <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/379.pdf\" style=\"\" rel=\"noopener\">the long list (pdf)<\/a>.<\/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 European Chamber of Commerce in the Kingdom of Saudi Arabia is set to launch <\/strong><strong>tomorrow<\/strong>, the chamber <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7191339700412944384\/\" style=\"\" rel=\"noopener\">said on LinkedIn<\/a>. It will be the first EU chamber of commerce in the Gulf. The launch event will take place 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\"><strong>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<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\/diplomacy\/\">Diplomacy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/mining\/\">mining<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"85889\">\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\">REAL ESTATE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/real-estate-developers-need-to-put-the-pedal-to-the-metal-to-keep-pace-with-demand\/\">\r\n                            Saudi restate developers need to put the pedal to the metal to keep pace with demand, 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\" 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data-image-title=\"351.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/351.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/351.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85889\" class=\"content-area-description single-story post-85889 post type-post status-publish format-standard has-post-thumbnail hentry category-real-estate tag-enterpriseam-ksa tag-real-estate tag-sp-global 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\/.eb5c29ea-9163-47db-8896-feb2f65fa155.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Growing demand for property amid an influx of expat workers and a push to <\/strong><strong>boost home ownership is giving real estate developers in the Kingdom a shot in the arm<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.spglobal.com\/ratings\/en\/research\/articles\/240506-property-shortage-and-government-push-will-fuel-growth-for-saudi-developers-13089867\" style=\"\" rel=\"noopener\">report by S&amp;P Global<\/a>. Demand for housing will remain \u201csteady\u201d thanks to appetite from Saudi buyers and streamlined ownership requirements for foreigners.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Developers need to ramp up<\/strong><strong> supply<\/strong><strong> to meet growing demand<\/strong>, as the country\u2019s population is on track to grow, with the share of expats rising to 50% from a current 42% by 2030. S&amp;P Global expects <strong>Riyadh to see the fastest population growth<\/strong>, putting more pressure on the capital\u2019s already-tight real estate market, where \u201cnew supply will likely not meet the incremental demand.\u201d Increased demand will be compounded by population flows from smaller cities to main cities Riyadh and Jeddah, S&amp;P suggests. Foreign buyers are also buying into real estate to benefit from simplified ownership and residency rules under the <a target=\"_blank\" href=\"https:\/\/pr.gov.sa\/\" style=\"\" rel=\"noopener\">premium residency program<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mortgage lending is still growing, albeit at a softer pace:<\/strong> Some 30-40% of locals buy properties with mortgage finance, which come with fixed rates, according to S&amp;P Global. Mortgage loans were estimated at SAR 607 bn at the end of 2023, although overall growth was down 45% y-o-y due to the high interest rate environment. High interest rates, coupled with tighter liquidity, pushed the number of new mortgage contracts down 33% in 2023, while mortgage lending growth decelerated to 10% last year from 23% a year earlier.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government has been a key backer of mortgage lending \u2014 and that\u2019s likely going to <\/strong><strong>continue to be the case<\/strong>, as the government continues to back overall real estate development, S&amp;P Global says. The government has rolled out several key initiatives, including the Housing Ministry\u2019s Sakani program, no-interest mortgage loans from the Real Estate Development Fund, and a lower tax of 5% on real estate sales and 2.5% tax on untapped land. It also had its PIF-owned Saudi Real Estate Refinance Company buying mortgage loans estimated at SAR 26.7 bn, representing 5% of local banks\u2019 mortgage lending book.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And its holding in real estate developers is key:<\/strong> S&amp;P Global sees the government\u2019s direct ownership in real estate developers through the PIF \u2014 including Roshn, Emaar Economic City and Saudi Real Estate Co \u2014 helping it achieve its goal of having 70% of Saudis owning homes by 2030.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Financing needs are poised to be significant given the pipeline of real estate projects and <\/strong><strong>the population boom<\/strong>, according to the report. This would require everyone in the market, including listed real estate developers, to look at diversifying funding sources and tapping capital markets amid tighter liquidity in the banking system and \u201cstill relatively high funding costs.\u201d Off-plan property sales are expected to rise, which will help curb the sector\u2019s financing needs due to its fitting model of pre-financing construction through fund collection and alleviated risks for developers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Healthy demand = profitability:<\/strong> S&amp;P Global sees a healthy demand boosting developers\u2019 net income and revenue this year and in 2025 after a \u201cmixed revenue performance\u201d last year. It said an improved average income margin since last year would help boost further growth especially as projects scale up. \u201cWe expect healthy demand will keep driving their revenue and [bottom lines] in 2024-2025, with some help from expected lower interest rates.\u201d<\/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\/real-estate\/\">Real Estate<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85891\" 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=\"85891\">\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\">MANUFACTURING<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/alat-unveils-new-units-to-help-advance-ai-infrastructure\/\">\r\n                            Alat launches new units to help meet global demand for AI infrastructure                        <\/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\/07\/alat-unveils-new-units-to-help-advance-ai-infrastructure\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The new units will \u201caddress unprecedented global demand for AI infrastructure and the urgent need to support global energy transition by strengthening electricity grid technology.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The electrification business unit will work on advancing transmission and distribution <\/strong><strong>technologies<\/strong> with a focus on connecting renewable energy sources to the grid, according to the statement. Its scope of work will include advanced technologies for gas and hydrogen generation and compression. The AI infrastructure unit aims to develop AI manufacturing solutions, including network and communications equipment, servers, data center storage and networking equipment, industry 4.0 computing, and others.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SMART POLICY- <\/strong>Alat wants to keep pace with emerging global trends for environmentally friendly computing by using renewable energy sources, including solar, wind, and others for data centers. It expects the future of AI infrastructure will include green data centers to help reduce the environmental footprint of data processing. AI infrastructure is seen playing a vital role in the electrification of transportation, especially in autonomous vehicles and electric mobility.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Alat:<\/strong> The PIF unit was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3e33ce53-fca5-4781-b9f6-80f2e858e758\" style=\"\" rel=\"noopener\">set up in February<\/a> with a focus on key sustainable manufacturing sectors, including \u201cadvanced industries and semiconductors, smart appliances, smart health, smart devices, and smart buildings, in addition to next generation infrastructure.\u201d It plans to invest USD 100 bn through 2030 across its nine business units, and contribute USD 9.3 bn in direct non-oil GDP by 2030, <a target=\"_blank\" href=\"https:\/\/alat.com\/en\/about\/what-is-alat\/\" style=\"\" rel=\"noopener\">according to its website<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Alat had a busy quarter<\/strong>, unveiling <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4a3cbdd1-60dd-4955-bd83-a2f9d378e836\" style=\"\" rel=\"noopener\">four new global partnerships<\/a> a few weeks after its launch as part of a plan to create a sustainable manufacturing hub in the Kingdom. The partnerships include Alat investing USD 150 mn with Japanese technology investment giant Softbank to create an industrial automation venture that will manufacture advanced industrial robots.<\/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\/alat\/\">Alat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/artificial-intelligence\/\">artificial intelligence<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/data-centers\/\">data centers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/manufacturing\/\">manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/public-investment-fund-pif\/\">Public Investment Fund (PIF)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/renewable-energy\/\">renewable energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85893\" 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=\"85893\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/aramco-in-talks-to-buy-shells-fuel-station-network-in-malaysia\/\">\r\n                            Aramco in talks to buy Shell\u2019s fuel station network in Malaysia                        <\/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\/07\/aramco-in-talks-to-buy-shells-fuel-station-network-in-malaysia\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The potential acquisition \u2014 which would mark the oil giant\u2019s entry into the Malaysian fuel market \u2014 could be worth as much as USD 1.06 bn, the newswire reports. A final agreement could be hammered out in the coming months, following talks that reportedly began in late 2023, one of the sources said.<\/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>The Shell-owned business is the second-largest network of its kind in Malaysia. The London-listed energy giant owns a total of 950 gas stations across the country, according to <a target=\"_blank\" href=\"https:\/\/www.shell.com.my\/business-customers\/start-up-a-shell-station\/why-shell.html#:~:text=Brand%20%26%20Heritage,Malaysia%20with%20over%20950%20stations.\" style=\"\" rel=\"noopener\">its website<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shell has been offloading assets: <\/strong>Shell plans to divest 500 gas stations this year and next year as part of a rationalization drive led by CEO Wael Sawan. It is currently in the process of <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/glencore-eyes-shell-singapore-assets-cnooc-pulls-out-sources-say-2024-02-28\/\" style=\"\" rel=\"noopener\">exiting from its refinery and<\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/glencore-eyes-shell-singapore-assets-cnooc-pulls-out-sources-say-2024-02-28\/\" style=\"\" rel=\"noopener\">petrochems<\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/glencore-eyes-shell-singapore-assets-cnooc-pulls-out-sources-say-2024-02-28\/\" style=\"\" rel=\"noopener\">facility<\/a> in Singapore. The potential sale of its fuel retail business in Malaysia follows the sale of its refinery in Singapore, which supplies the network, according to one of the sources. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It wouldn\u2019t be Aramco\u2019s first venture into Malaysia:<\/strong> The state-owned oil giant holds a 50% stake in <a target=\"_blank\" href=\"https:\/\/malaysia.aramco.com\/en\/who-we-are\/overview\/what-we-do\" style=\"\" rel=\"noopener\">Pengerang refinery in Johor<\/a> under a JV with Petronas. The complex produces up to 300k barrels of oil per day slated for local consumption and exports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The oil giant has been making moves in the fuel retail market for some time:<\/strong> Aramco recently completed its acquisition of a 100% equity stake in Chile\u2019s fuel distributor Esmax Distribuci\u00f3n, marking its entry into fuel retailing in South America, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/a98144c8-7b43-48fc-b6b9-945284fe8123\/aramco-wraps-up-its-acquisition-of-chile%25e2%2580%2599s-esmax\" style=\"\" rel=\"noopener\">in March<\/a>. It is reportedly also mulling an entry into <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/70b4a4f7-d125-4fa9-99e0-bbc7a85d12e5\/aramco-eyes%253cmark%253e-fuel%253c%2Fmark%253e%253cmark%253e-retail%253c%2Fmark%253e-in-southeast-asia-and-africa\" style=\"\" rel=\"noopener\">the fuel retail sector in Southeast Asia<\/a> and Africa as it looks to tap countries with fast-growing economies. Late last year, Aramco inked a binding agreement to acquire <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1fc623a9-e8b6-40c2-9300-df1fdc157851\/aramco-to-enter-pakistan-through-stake-in-fuel-retailer%253cmark%253e-go%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">a 40% stake in the oil retail company Gas &amp; Oil Pakistan<\/a>. It also set up a subsidiary Saudi Aramco Retail <a target=\"_blank\" href=\"https:\/\/www.aramco.com\/en\/news-media\/news\/2018\/saudi-aramco-announces-creation-of-saudi-aramco-retail-company\" style=\"\" rel=\"noopener\">in 2018<\/a> as part of a strategy to bolster its downstream value globally.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the local front:<\/strong> Aramco <a target=\"_blank\" href=\"https:\/\/www.aramco.com\/en\/news-media\/news\/2021\/aramco-and-totalenergies-launch-their-retail-network-in-saudi-arabia\" style=\"\" rel=\"noopener\">launched in 2021<\/a> with French oil giant TotalEnergies a joint retail network under a 50-50 JV that plans to invest USD 1 bn through 2025. The Aramco-TotalEnergies JV aims to expand fuel retail offering here, acquiring an existing network of 270 service stations from local Tas\u2019helat Marketing Company and Sahel Transport Company.<\/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\/aramco\/\">Aramco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ma-watch\/\">M&amp;A WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85895\" 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=\"85895\">\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\">AVIATION<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/flyadeal-plans-fleet-intl-route-expansion\/\">\r\n                            Flyadeal has major expansion plans for its fleet + international routes                        <\/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\/07\/flyadeal-plans-fleet-intl-route-expansion\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The airline hopes to hit a target of carrying 10 mn passengers by the end of 2024. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Eyeing a larger Airbus fleet:<\/strong> The operator \u2014 whose entire fleet is comprised of Airbuses \u2014 is mulling ordering more single-aisle Airbus jets and upgrading a <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/aviation\/2022\/05\/25\/saudi-arabias-flyadeal-mulls-50-jet-narrow-body-order-with-airbus-and-boeing-in-the-race\/\" style=\"\" rel=\"noopener\">separate existing order<\/a> for 50 A320neo and A321neo aircraft, Greenway said. The potential upgrade would help the airline increase maximum take-off weight, and secure jets with high performing engines along with a certification that allows for longer flights over water.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The price tag:<\/strong> The exact value of the order \u201cwill depend on the modifications\u201d Flyadeal decides to make, Greenway said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Delivery schedule:<\/strong> The airline is set to receive six aircraft this year, with its 33rd A320neo expected to arrive in a couple of weeks, Greenway said. One-third of the airline's order book consists of A321 Neos, with delivery scheduled to start in 2026, while the remaining orders are for the smaller A320 Neos model, he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>New routes in 2H 2024, with more focus on international network:<\/strong> The low-cost carrier is slated to launch new routes to southern Europe, India, and the GCC in 2H 2024, with flights between Riyadh and Dubai\u2019s second hub, Al Maktoum International Airport, slated to start on 20 June. Flyadeal wants to reach an even split between its domestic and overseas flights, which are currently at an 80-20 split in favor of domestic routes. \u201cThe real focus of the aircraft deliveries over the next couple of years will be our international network.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context: <\/strong>Flyadeal currently operates flights to 18 domestic destinations and five international destinations year-round, including Amman, Cairo, Istanbul, and Dubai. This is in addition to seven seasonal summer destinations: Antalya, Baku, Bodrum, Sarajevo, Sharm El Sheikh, Tbilisi, and Trabzon. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Flyadeal\u2019s ownership could be transferred to the Public Investment Fund (PIF) if the fund goes through with unconfirmed plans to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/8cb34099-b080-4684-a0e2-3a2488ce9c9c\/the-pif-wants-to-buy-saudia\" style=\"\" rel=\"noopener\">acquire state-owned Saudia<\/a> as soon as next year. This would add to the aviation asset portfolio of the wealth fund which launched Riyadh Air in March last year.<\/p>\n<p class=\"tag-border-left\">IN OTHER AVIATION NEWS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong>Riyadh Air is looking to make follow-up aircraft orders to meet its fleet needs,<\/strong> ahead of the airline\u2019s planned 2025 debut, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-06\/riyadh-air-teases-follow-up-aircraft-orders-ahead-of-2025-debut\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. \u201cWe need a very large fleet, we\u2019re going to make a number of additional orders,\u201d CEO Tony Douglas told the business information service. The move would add to the airline\u2019s order for up to <a target=\"_blank\" href=\"https:\/\/www.pif.gov.sa\/en\/news-and-insights\/newswire\/2023\/riyadh-air-announces-first-fleet-order-of-up-to-72-boeing-dreamliners\/\" style=\"\" rel=\"noopener\">72 Boeing Dreamliners<\/a> in March, Bloomberg says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Low-cost airline Flynas is adding Abu Dhabi, Sharjah, and the soon-to-be expanded Al <\/strong><strong>Maktoum International Airport to its network<\/strong> as of September, from its bases in Riyadh, Dammam, Jeddah, and Al Madinah, <a target=\"_blank\" href=\"https:\/\/www.khaleejtimes.com\/world\/gulf\/uae-saudi-carrier-flynas-to-add-abu-dhabi-sharjah-and-al-maktoum-airport\" style=\"\" rel=\"noopener\">Khaleej Times<\/a> reports. The expansion will take the number of routes between the countries to nine, up from four currently. Flynas said in April that it could be looking at a Tadawul IPO this year<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- A unified GCC visa could be in place by the end of the year<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.khaleejtimes.com\/world\/gulf\/unified-gcc-tourist-visa-system-will-be-in-place-by-end-of-2024-uae-official-says\" style=\"\" rel=\"noopener\">Khaleej Times<\/a> quoted Chairman of the Sharjah Commerce and Tourism Authority (SCTDA) Khalid Jasim Al Midfa as saying at 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\/aviation\/\">AVIATION<\/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=\"85897\" 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=\"85897\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">IPO WATCH-<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/neft-alsharq-issues-prospectus-for-nomu-ipo\/\">\r\n                            Neft Alsharq plans to IPO on Nomu with a 20% 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 class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/neft-alsharq-issues-prospectus-for-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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The company lined up Capital Market Approval for the IPO back in March. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The offering:<\/strong> Some 5 mn ordinary shares are up for grabs, equivalent to a 20% stake in the company after it issued new shares and upped its share capital through a capital increase. The offering is only open to qualified investors. Investors can place orders for a maximum of 1.2 mn shares, and a minimum of 100 shares each.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Use of proceeds: <\/strong>Some SAR 2 mn of the proceeds will be channeled towards covering the offering\u2019s expenses, while the rest is earmarked to support the company\u2019s asset growth and working capital needs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Neft Alsharq: <\/strong>The Riyadh-based company manufactures industrial oils, greases and engine fluids for vehicles. It bills itself as an exporter of lubricants and oils to 35 countries, most of them in the Middle East, North Africa, and East Africa. <\/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>Neft Alsharq has five substantial shareholders selling down their positions in the offering: <a target=\"_blank\" href=\"http:\/\/sabeel.group\/\" style=\"\" rel=\"noopener\">Sabeel Alriadh<\/a>, <a target=\"_blank\" href=\"https:\/\/primeholdingco.com\/%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%A3%D8%B5%D9%88%D9%84\/?lang=ar#:~:text=%D9%88%D8%AA%D9%82%D9%88%D9%85%20%D8%B4%D8%B1%D9%83%D8%A9%20%D8%A8%D8%B1%D8%A7%D9%8A%D9%85%20%D9%84%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9%20%D8%A7%D9%84%D8%A3%D8%B5%D9%88%D9%84,%D8%B9%D9%84%D9%89%20%D8%A7%D9%84%D8%AD%D9%81%D8%A7%D8%B8%20%D8%B9%D9%84%D9%89%20%D8%B1%D8%A3%D8%B3%20%D8%A7%D9%84%D9%85%D8%A7%D9%84.\" style=\"\" rel=\"noopener\">Prime Investments<\/a>, Ibrahim Ali Ibrahim Mohsen, Abdelaziz Abdullah Mohammed Alrasheed, and Assaad Rameeh Othman Alrameeh. Collectively, their shares will settle at 42.2%, down from 52.7% 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 12 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>The timeline:<\/strong> The subscription period runs from Sunday, 26 May through Sunday, 2 June. The final allocation of shares is slated for Thursday, 6 June. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- Yaqeen Capital<\/strong> is quarterbacking the transaction as financial advisor and lead manager. RSM provided counsel. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, AlJazira Capital, Riyadh Capital, ANB Capital, Albilad Capital, Al Rajhi Capital, Derayah and Saudi Fransi Capital. RSM <\/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\/neft-alsharq\/\">Neft Alsharq<\/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=\"85899\" 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=\"85899\">\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\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/govt-debt-is-still-on-a-benign-trajectory-sp-says\/\">\r\n                            The economy is strongly positioned to endure a weakening net debt position- 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\/07\/govt-debt-is-still-on-a-benign-trajectory-sp-says\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The report\u2019s base case sees both changes to project timelines and large public- and private-sector investments \u201ccould mitigate the impact on the government's balance sheet.\u201d It then builds out three other scenarios in which the government takes on more debt to finance the projects.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> In its base scenario, the credit agency sees the Kingdom\u2019s debt-to-GDP ratio rising to 26% by 2027, up from 14% in 2017, to accommodate rising financing needs for big Vision 2030 projects. PIF funding accounts for c. 30% of total debt issuance in the base case. The economy is expected to maintain a net asset position of 47% of GDP in 2027. This means that after subtracting the government\u2019s debt from its liquid assets, we will still have liquid assets that are worth 47% of GDP. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s driving the base scenario:<\/strong> Top of the list is the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/63cece36-2173-462e-b416-e07d99393408\" style=\"\" rel=\"noopener\">government\u2019s newly-adopted strategy<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/63cece36-2173-462e-b416-e07d99393408\" style=\"\" rel=\"noopener\">of pacing out growth<\/a> at a rate that doesn\u2019t strain public finances, add additional burden to its import bill, or crowd-out private-sector access to domestic bank financing. The expected debt-to-GDP ratio also factors in potential <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/edition\/am\/a0eb0ae0-6ed5-4171-9036-c73f2e0d3e66\/fintech-player-rasan-announces-it-will-ipo-on-tadawul\" style=\"\" rel=\"noopener\">private sector<\/a> and external investments, including Neom looking to raise SAR 5 bn in sukuk issuances this year alone. The capital market is also maturing to a level where listed companies are deliberately looking for funding from outside the local banking system leaving the economy with breathing room.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Beating the G20 average on both fronts:<\/strong> The forecasted hike in debt-to-GDP falls far below the expected 79% increase in debt-to-GDP ratio for G20 countries \u2014 on average.G20 countries are also expected to struggle with a net debtor position of 63% over the same period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The alternative scenarios: <\/strong>The financial solutions provider drew three scenarios in which the government and PIF issue more debt than expected for Vision 2030 projects and other spending costs. In the most pessimistic scenario \u2014 in which total government debt issuances hit USD 110 bn over the next six years, as opposed to the USD 30 bn assumed in the base case \u2014 the government would flip to a very slight net debt position by 2030. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What could make the alternative scenarios materialize:<\/strong> Potential triggers include expected foreign investments falling through, or the government and PIF continuing to line up debt to finance their diversification ambitions. PIF funding would account for the majority of total debt issuances at 55% in the alternative scenarios. Other downside risks include a decline in oil prices and \/ or sustained oil production cuts. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Backing it all:<\/strong> Each of the scenarios in the report is based on the assumption of that Brent crude will be at USD 85 per barrel in 2024 and then USD 80 through 2027. They also presume the government will raise debt rather than sell assets \u2014 and they assumes no significant interest rate hikes, which would raise the cost of debt service.<\/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\/debt\/\">debt<\/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\/finance\/\">FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/megaprojects\/\">megaprojects<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/public-investment-fund-pif\/\">Public Investment Fund (PIF)<\/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=\"85901\" 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=\"85901\">\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\">TOURISM<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/domestic-tourism-did-great-in-1q-2024\/\">\r\n                            Domestic tourism had a strong 1Q 2024, according to AlMosafer                        <\/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\/07\/domestic-tourism-did-great-in-1q-2024\/\" 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\/07\/domestic-tourism-did-great-in-1q-2024\/')\">\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\/07\/domestic-tourism-did-great-in-1q-2024\/\">\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=Domestic tourism did great in 1Q 2024&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/domestic-tourism-did-great-in-1q-2024\/\">\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\/07\/domestic-tourism-did-great-in-1q-2024\/&title=Domestic tourism did great in 1Q 2024\">\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=Domestic+tourism+did+great+in+1Q+2024+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F07%2Fdomestic-tourism-did-great-in-1q-2024%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\/07\/domestic-tourism-did-great-in-1q-2024\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/349.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85902\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/domestic-tourism-did-great-in-1q-2024\/349-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/349.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"349.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/349.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/349.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85901\" class=\"content-area-description single-story post-85901 post type-post status-publish format-standard has-post-thumbnail hentry category-tourism tag-enterpriseam-ksa tag-seera-group tag-tourism 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\/.3ca3efad-f53b-4a86-a3f9-94068f7bc7ca.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Domestic destinations<\/strong><strong> accounted for 53% of total bookings by Saudi <\/strong><strong>travelers<\/strong><strong> during the <\/strong><strong>first four months of 2024<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/324.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a>&nbsp;by Seera Group travel unit <a target=\"_blank\" href=\"https:\/\/www.almosafer.com\/en\/about-us\" style=\"\" rel=\"noopener\">Al Mosafer<\/a>. The report compares booking data from Almosafer\u2019s consumer travel business between 1 January-20 April in 2023 and 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riyadh, <\/strong><strong>Jeddah, Makkah, Al Khobar and Abha maintained their positions as top <\/strong><strong>destinations for domestic travel<\/strong>, while AlUla, Tabuk and Hail are trending destinations this year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Total bookings for domestic destinations rose 29% y-o-y<\/strong>, with flight bookings surging 27% y-o-y and hotels 40% y-o-y, the report showed. Some 91% of total bookings were made online, while 9% of bookings were made through retail channels. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For Saudis vacationing abroad, Dubai, Doha, Manama, Cairo, and Istanbul <\/strong><strong>continued to <\/strong><strong>be to<\/strong><strong>p picks<\/strong><strong>.<\/strong> Asian destinations including Tokyo, Singapore, and Bangkok are gaining popularity this season, and European capitals such as Madrid and Amsterdam are also trending as destinations, the data showed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Low-cost flight bookings accounted for 62% of total bookings in 1Q 2024<\/strong>, with international low-cost flight bookings representing 46% of bookings. Domestic bookings accounted for 72% over the same period, the data showed. The report attributes this shift to efforts in the Kingdom\u2019s aviation sector, such as the introduction of flight routes and airports with higher capacities, making low-cost carrier flight options more affordable.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>The government is investing some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/8ee2e54a-81c2-4d59-9087-99dc7d49d63d\/it%25e2%2580%2599s-the-second-day-of-the-saudi-capital-market-forum\" style=\"\" rel=\"noopener\">USD 800 bn<\/a> into the tourism sector under plans to build new future destinations, including Neom, the Red Sea, Diriyah, and Qiddiyah among others. The private sector, supported by the Tourism Development Fund, is pouring investments to build new hotels, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More travelers incoming: <\/strong>The Tourism Ministry recently doubled its target for 2030, hoping now to be host to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/a35151a1-033e-49d7-85a5-bbe29bf3da9b\" style=\"\" rel=\"noopener\">150 mn tourist trips<\/a> after it hit its target last year ahead of schedule. The new 2030 target includes 80 mn trips from domestic travelers and 70 mn from international travelers.<\/p>\n<p class=\"tag-border-left\">IN OTHER TOURISM NEWS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Kingdom and Egypt maintained their top positions in travel booking app Wego\u2019s 2024 <\/strong><strong>ranking<\/strong> of top destinations for international travel for travelers from the region, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/wego-reveals-top-trending-destinations-for-international-travel-in-2024-erx5lbj8\" style=\"\" rel=\"noopener\">statement<\/a>. Saudi and Egypt\u2019s top spots have been largely uninterrupted since the app started tracking data in 2014.<\/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\/seera-group\/\">Seera Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85903\" 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=\"85903\">\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\">STARTUP WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/saudi-startups-raised-a-combined-usd-4-8-mn-in-april\/\">\r\n                            Saudi startups raised a combined USD 4.8 mn in April                        <\/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\/07\/saudi-startups-raised-a-combined-usd-4-8-mn-in-april\/\" 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\/07\/saudi-startups-raised-a-combined-usd-4-8-mn-in-april\/')\">\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\/07\/saudi-startups-raised-a-combined-usd-4-8-mn-in-april\/\">\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 startups raised a combined USD 4.8 mn in April&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/saudi-startups-raised-a-combined-usd-4-8-mn-in-april\/\">\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\/07\/saudi-startups-raised-a-combined-usd-4-8-mn-in-april\/&title=Saudi startups raised a combined USD 4.8 mn in April\">\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+startups+raised+a+combined+USD+4.8+mn+in+April+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F07%2Fsaudi-startups-raised-a-combined-usd-4-8-mn-in-april%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\/07\/saudi-startups-raised-a-combined-usd-4-8-mn-in-april\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/361.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85904\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/saudi-startups-raised-a-combined-usd-4-8-mn-in-april\/361-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/361.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"361.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/361.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/361.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85903\" class=\"content-area-description single-story post-85903 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-ecommerce tag-enterpriseam-ksa tag-fintech tag-investment-watch tag-startup-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\/.f95e7cb8-02ea-4b73-ac5f-a9640a9d983d.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Three Saudi startups raised a combined USD 4.8 mn in April 2024<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2024\/05\/mena-startups-raise-55-million-april-2024-78-march\" style=\"\" rel=\"noopener\">Wamda<\/a> reports. That\u2019s a 60% y-o-y increase compared to the USD 3 mn three Saudi startups raised in April 2023, according to Enterprise calculations based on Wamda <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2023\/05\/mena-startups-raised-7-million-april-2023#:~:text=In%20April%202023%2C%20startups%20based,drop%20compared%20to%20April%202022.\" style=\"\" rel=\"noopener\">figures from last year<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who raised money: <\/strong>Homegrown B2B SaaS procurement platform Penny Software <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/87e41886-68d8-4601-9361-bdcc9d3fe120\/procurement-startup%253cmark%253e-penny%253c%2Fmark%253e%253cmark%253e-software%253c%2Fmark%253e-raises-pre-series-a-round\" style=\"\" rel=\"noopener\">raised an<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/87e41886-68d8-4601-9361-bdcc9d3fe120\/procurement-startup%253cmark%253e-penny%253c%2Fmark%253e%253cmark%253e-software%253c%2Fmark%253e-raises-pre-series-a-round\" style=\"\" rel=\"noopener\">undisclosed amount<\/a> in a pre-series A funding led by Dubai-based venture capital firm Iliad Partners last month. Wamda does not provide further information on the two other startups it says raised funding last month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A sharp decline on a monthly basis: <\/strong>Local startup investments dropped 97% m-o-m in April, after lining up <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\">USD 198 mn<\/a> in funding in March from 25 transactions, including a USD 130 mn <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/2f41d1d7-5e73-4b5b-b98a-f8ace220543c\/e-commerce-startup-salla-raises-usd-130-mn-pre-ipo-round\" style=\"\" rel=\"noopener\">pre-IPO round for e-commerce app Salla<\/a>. The weaker m-o-m figure is partially due to the base effect from a jump in investments made at tech event <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/a0560dfb-4dd3-4b86-bdf3-92ade74068ad\/%253cmark%253eleap%253c%2Fmark%253e-2024-attracts-%253e50%2525-more-investment-than-last-year%25e2%2580%2599s-iteration\" style=\"\" rel=\"noopener\">Leap 2024<\/a> in Riyadh.<\/p>\n<p class=\"tag-border-left\"> THE REGIONAL PICTURE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Investments in MENA startups rose 7x y-o-y to USD 55 mn <\/strong><strong>in April<\/strong>, according to our math. Meanwhile, that figure shrank 78% on a monthly basis with startups landing USD 254 mn in <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2024\/04\/mena-startups-raise-254-million-march-pushing-q1-429-million\" style=\"\" rel=\"noopener\">March 2024<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UAE reclaims top position in April,<\/strong><strong> eclipsing KSA<\/strong><strong>: <\/strong>UAE-based startups raised a combined USD 32 mn across six transactions last month, followed by Egyptian companies, with five startups raising a combined USD 8.7 mn. UAE fintech <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/586c657f-184c-496b-a0c4-fef52291fadd\/dubai-based-fintech%253cmark%253e-fortis%253c%2Fmark%253e-bags-usd-20-mn-in-series-a-funding-round\" style=\"\" rel=\"noopener\">Fortis Digital Solutions<\/a> bagged the highest ticket of the monthat USD 20 mn in a series A round, followed by Dubai-based e-commerce platform <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/4e73d5aa-7c83-474d-ac6d-8dd807afb940\/%253cmark%253ewee%253c%2Fmark%253e-marketplace-bags-usd-10-mn-in-pre-series-a-funding\" style=\"\" rel=\"noopener\">Wee Marketplace<\/a> at USD 10 mn in a pre-series A round. Tunisia\u2019s AI company Qodek bagged USD 8 in series B funding.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fintech is king: <\/strong>Four fintech companies from the region bagged USD 25.7 mn in April, followed by ecommerce at USD 10.5 mn, AI companies at USD 8 mn, and SaaS providers at USD 3.5 mn. The bulk of funding went to companies that are at stages beyond the seed level.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Investors are bullish on B2B startups<\/strong>, with USD 42.5 mn raised by B2B companies across 12 transactions, while B2B2C companies landed USD 11 mn, and those with a B2C model bagged USD 1.2 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Only one female founder was funded in April with a slim USD 100k<\/strong>, while male-founded startups reeled in USD 43 mn during the month. The remaining USD 11.9 mn went towards startups with mixed-gender leadership.<\/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\/ecommerce\/\">Ecommerce<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/fintech\/\">fintech<\/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\/startup-watch\/\">STARTUP 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=\"85905\" 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=\"85905\">\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\">MOVES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/speedinvest-taps-rana-abdel-latif-as-new-partner\/\">\r\n                            Speedinvest taps Rana Abdel Latif as new partner                        <\/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\/07\/speedinvest-taps-rana-abdel-latif-as-new-partner\/\" 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\/07\/speedinvest-taps-rana-abdel-latif-as-new-partner\/')\">\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\/07\/speedinvest-taps-rana-abdel-latif-as-new-partner\/\">\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=Speedinvest taps Rana Abdel Latif as new partner&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/speedinvest-taps-rana-abdel-latif-as-new-partner\/\">\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\/07\/speedinvest-taps-rana-abdel-latif-as-new-partner\/&title=Speedinvest taps Rana Abdel Latif as new partner\">\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=Speedinvest+taps+Rana+Abdel+Latif+as+new+partner+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F07%2Fspeedinvest-taps-rana-abdel-latif-as-new-partner%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\/07\/speedinvest-taps-rana-abdel-latif-as-new-partner\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/367.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85906\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/speedinvest-taps-rana-abdel-latif-as-new-partner\/367-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/367.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"367.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/367.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/367.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85905\" class=\"content-area-description single-story post-85905 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-enterpriseam-ksa tag-moves 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\/.dd7aa6d1-174c-426b-9907-415d43dfd918.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.speedinvest.com\/emerging-markets\" style=\"\" rel=\"noopener\">Speedinvest<\/a><\/strong> has appointed our friend <strong>Rana Abdel Latif<\/strong> (<a target=\"_blank\" href=\"https:\/\/eg.linkedin.com\/in\/rana-abdel-latif?trk=public_post_reshare-text\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) as<strong> partner<\/strong> on its emerging markets team as the European early-stage VC fund looks to expand its footprint in the region, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/287.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a>. Abdel Latif, who holds an MBA from Columbia Business School and London Business School, brings two decades of experience in asset management and banking along with prior experience in mergers and acquisitions. She is joining Speedinvest from Cairo-based fintech investment platform <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/ncludefund\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Nclude<\/a>, where she co-led the closing of six transactions for the portfolio. At regional investment firm Qalaa Holdings, Abdel Latif led M&amp;A and financing transactions across North and East Africa.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Speed invest has more than EUR 1 bn in assets under management <\/strong>from more than 40 limited partners. It has more than 300 companies in its portfolio.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The board of <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/tihama-for-advertising-public-relations%26marketing\" style=\"\" rel=\"noopener\">Tihama<\/a><\/strong><strong>, the advertising, public relations, publishing, and media group,&nbsp;<\/strong><strong>appointed <\/strong><strong>Hatem bin Ali Bargash<\/strong><strong>as chairman<\/strong>, effective this past Sunday, it said in <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/46unwkmc\" style=\"\" rel=\"noopener\">a disclosure to Tadawul<\/a>. Bargash succeeds Muhammad Al Shabib, who stepped down from the position for personal reasons. Al Shabib will continue to serve as a non-executive member of the board.<\/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\/moves\/\">MOVES<\/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=\"85907\" 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=\"85907\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/lucid-bupa-arabia-al-rajhi-takaful-report-1q-2024-results\/\">\r\n                            Lucid, Bupa Arabia + Al Rajhi Takaful report 1Q 2024 results                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/lucid-bupa-arabia-al-rajhi-takaful-report-1q-2024-results\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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While the net loss is better than the USD 779.5 mn loss it reported in the same quarter last year, it fell short of analyst expectations, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-06\/ev-maker-lucid-reports-worse-than-expected-loss-in-first-quarter?sref=mmeFTDW1\" style=\"\" rel=\"noopener\">Bloomberg<\/a> writes. The company\u2019s shares dipped nearly 5% after the announcement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>Lucid produced more than 1.7k vehicles in the quarter and delivered nearly 2k. It says it\u2019s on track to produce some 9k cars this year. Those figures agree with the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/7451606f-bcc2-4356-89ab-cee6e39ab051\/\" style=\"\" rel=\"noopener\">production update<\/a> it released last month. The company should start production this year on its Gravity SUV and a more affordable midsize sedan.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The catch: <\/strong>9k vehicles falls short of Wall Street expectations set before analysts started to sour on the near-term growth prospects of the EV market, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/lucid-posts-quarterly-revenue-beat-luxury-ev-sedan-price-cuts-boost-sales-2024-05-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a> writes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Lucid plans to ramp up its capex spending <\/strong>to about USD 1.5 bn as it launches production of the Gravity, invests in its Arizona facility, and builds out its plant in Saudi, Lucid CFO Gagan Dhingra told Reuters. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>The Public Investment Fund <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/24d261bb-f0f8-4a49-988c-7e3eeebeaa2a\/pif-doubles-down-on-lucid-with-usd-1-bn-investment\" style=\"\" rel=\"noopener\">committed another USD 1 bn to Lucid<\/a> in a follow-on investment back in March. <\/p>\n<p class=\"tag-border-left\">Bupa Arabia-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bupa Arabia for Cooperative Ins. saw its net income rise 90.6% <\/strong><strong>y-o-y<\/strong><strong>to SAR<\/strong><strong> 359.4<\/strong><strong> mn in <\/strong><strong>1Q 2024<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/43vzyjrk\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> yesterday. Revenues grew 16.6% y-o-y to SAR 4.4 bn during the quarter. Bupa Arabia attributed the rise in net income to higher net ins. services thanks to growth in its life ins. segment. Gross written premiums increased 34% y-o-y to SAR 5.4 mn in the last quarter.<\/p>\n<p class=\"tag-border-left\">AL RAJHI TAKAFUL- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Rajhi for Cooperation Ins. saw its net income rise 81.7% <\/strong><strong>y-o-y<\/strong><strong> to SAR 111.4 mn <\/strong><strong>in 1Q <\/strong><strong>2024<\/strong> on the back of a growth in net ins. services and total investment income, 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\/jZDLDoJADEW_xQVbWkEQ3WFUjI-IEgPOxgw6jiQwQ3CU-PeOutL46q7tubc3BQIJEEHPGacqk4Lmul8Td-P4LlojD-fB0BrgYtjpLfqDoImTFsTPAEaho4FwZk9xiQG6QP7R44fy8beefEWC9ivwJuId-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!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> yesterday. Ins. revenues were up 50.6% y-o-y to SAR 1.3 bn. <\/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\/earnings-watch\/\">EARNINGS 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=\"85909\" 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=\"85909\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">BANKING<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/snb-al-rajhi-led-a-strong-1q-earnings-season-for-listed-banks\/\">\r\n                            Saudi National Bank + Al Rajhi led a strong 1Q 2024 earnings season for listed banks                        <\/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\/07\/snb-al-rajhi-led-a-strong-1q-earnings-season-for-listed-banks\/\" 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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Total bank earnings grew 7.4% q-o-q in the first quarter of the year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Saudi National Bank (SNB) accounted for the lion\u2019s share of this season\u2019s gains<\/strong>, generating 27% of local banks\u2019 total net income in 1Q 2024. SNB\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/am\/2024-04-30\/7\" style=\"\" rel=\"noopener\">bottomline<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/am\/2024-04-30\/7\" style=\"\" rel=\"noopener\">recorded<\/a> a 0.4% y-o-y uptick to SAR 5 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Rajhi Bank came in second<\/strong>, reporting SAR 4.4 bn in net income, up 6.3% y-o-y in the first quarter. Riyad Bank was third with a bottomline of SAR 2.1 bn over the same period, up 2.6% y-o-y. Al Awwal Bank, Alinma Bank, Arab National Bank, Saudi Fransi Bank, Bank Albilad, Saudi Investment Bank, and Bank AlJazira followed suit in that order. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A snapshot of 2023\u2019s results: <\/strong>Listed Saudi banks reported 11.9% y-o-y growth in net income to SAR 70 bn in 2023, up from SAR 62.5 bn a year earlier.<\/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\/al-rajhi-bank\/\">Al Rajhi Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/banking\/\">BANKING<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/earnings-watch\/\">EARNINGS WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-national-bank\/\">Saudi National Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"85911\" 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=\"85911\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/sal-saudi-logistics-launches-unit-for-integrated-fulfillment-services-plus-oil-and-gas-and-desalination\/\">\r\n                            SAL Saudi Logistics launches unit for integrated fulfillment services. Plus: oil and gas and desalination                        <\/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\/07\/sal-saudi-logistics-launches-unit-for-integrated-fulfillment-services-plus-oil-and-gas-and-desalination\/\" 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\/07\/sal-saudi-logistics-launches-unit-for-integrated-fulfillment-services-plus-oil-and-gas-and-desalination\/')\">\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\/07\/sal-saudi-logistics-launches-unit-for-integrated-fulfillment-services-plus-oil-and-gas-and-desalination\/\">\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=SAL Saudi Logistics launches unit for integrated fulfillment services. Plus: oil and gas and desalination&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/sal-saudi-logistics-launches-unit-for-integrated-fulfillment-services-plus-oil-and-gas-and-desalination\/\">\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\/07\/sal-saudi-logistics-launches-unit-for-integrated-fulfillment-services-plus-oil-and-gas-and-desalination\/&title=SAL Saudi Logistics launches unit for integrated fulfillment services. Plus: oil and gas and desalination\">\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=SAL+Saudi+Logistics+launches+unit+for+integrated+fulfillment+services.+Plus%3A+oil+and+gas+and+desalination+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F07%2Fsal-saudi-logistics-launches-unit-for-integrated-fulfillment-services-plus-oil-and-gas-and-desalination%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\/07\/sal-saudi-logistics-launches-unit-for-integrated-fulfillment-services-plus-oil-and-gas-and-desalination\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/363.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"85912\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/sal-saudi-logistics-launches-unit-for-integrated-fulfillment-services-plus-oil-and-gas-and-desalination\/363-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/363.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"363.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/363.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/363.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85911\" class=\"content-area-description single-story post-85911 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-neom 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\/.67fcc4ab-9dce-4974-84b4-930f2cbc4f36.mp3\"><\/audio><\/figure><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 has secured a SAR 350 mn <\/strong><strong>jack-up drilling contract<\/strong> in Qatar from TotalEnergies, it said in <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83d2MXA0C3SydAl1c3Q0NvE30w1EVGAQHmAIVBPga-xgEGbgbmOlHEaPfAAdwNCCsPwqvEndzdAVYnAhWgMcNXvpR6Tn5SZDwyCgpKbBSNVA1KElMSSwvzVEFujE5P7cgMa8yuDI3KR-oyMjYwki_IDc0wiAzIDfcUVERAPgz7K4!\/dz\/d5\/L0lDU0NRa2dwUXBRa0tDbEVLQ2xFS0lLVVFvZ3BSSWshL1lEVUVBQUFJSUVNRUNLSUVBR0lHT0lPSUJKRkpGQkpORE5EQk5MTEhMSFBJRUVMQWdvZ292QXNDQUEhIS80SkNpaksxYkdMamlFRXBNaFNUVVU1Q21tb1pyZHJMWnpVODF1MWxzRnFLVlZHS0EvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi83OTc4MS9jb21wYW55U3ltYm9sLzIzODIvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">a disclosure to Tadawul<\/a>. Operations are slated to start in 2H 2024. The contract runs for a period of 12 months with the option of an 18-month extension. This is the second jack-up drilling contract Ades secured this week, following a SAR 161 mn jack-up drilling project in the Gulf of Suez <a target=\"_blank\" href=\"http:\/\/enterprise.news\/ksa\/en\/news\/story\/e261b098-4565-4003-8cd6-f884e67727f6\/saudi-electricity-company-reaches-financial-close-on-taiba-1,-qassim-1-ccgt-power-plans.-plus:-oil-and-gas,-tourism-and-manufacturing\" style=\"\" rel=\"noopener\">on Sunday<\/a>.<\/p>\n<p class=\"tag-border-left\">LOGISTICS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cargo firm SAL Saudi Logistics Services launched its fulfillment business unit<\/strong> to help meet growing demand for integrated fulfillment services in the local market, it said in a <a target=\"_blank\" href=\"https:\/\/www.businesswire.com\/news\/home\/20240506466603\/en\/SAL-Activates-the-Fulfillment-Sector-Warehouses-to-Transform-Logistics-Landscape-in-Saudi-Arabia\" style=\"\" rel=\"noopener\">statement<\/a> yesterday. The center, which combines air cargo handling and logistics solutions, will make available an advanced warehouse management system to allow clients real-time access to operational data and metrics. It will also allow clients to place orders, monitor progress and others. It said its integrated system will \u201cextend from the first mile to the last.\u201d Sal said it plans to open facilities in Riyadh and the ports of Jeddah and Dammam.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fulfillment center? <\/strong>The service <a target=\"_blank\" href=\"https:\/\/www.shipbob.com\/blog\/differences-warehouse-fulfillment-center\/\" style=\"\" rel=\"noopener\">serves as a center<\/a> for all logistics processes necessary to get products from sellers to customers. It handles the full order fulfillment process, helping streamline operations for retailers.<\/p>\n<p class=\"tag-border-left\">DESALINATION- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bidding for <\/strong><strong>Duba\u2019s seawater reverse osmosis (SWRO) desalination plant will wrap on <\/strong><strong>Saturday, 25 May<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/air.bncnetwork.net\/news\/NEOM%20Invite%20Bids%20for%20SWRO%20Desalination%20Plant%20in%20Duba\/MTQ2NzU\" style=\"\" rel=\"noopener\">Bnc Network<\/a>. Neom\u2019s utility subsidiary Enowa will evaluate the bids to select the EPC contractor for the SWRO facility in Tabuk. Local firm Alfanar construction is reportedly among those vying for the project.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the project<\/strong>: The SWRO desalination facility in the Red Sea coastal city is set to have a production capacity of 150 mn liters of water per day. Its components include waste treatment, storage reservoirs, chlorination systems, screening, filtering and others. <\/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\/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\/neom\/\">NEOM<\/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=\"85913\" 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=\"85913\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/difc-is-looking-forward-to-its-busiest-year-ever\/\">\r\n                            DIFC is looking forward to its \u201cbusiest year ever\u201d                        <\/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\/07\/difc-is-looking-forward-to-its-busiest-year-ever\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The financial hub is \u201calready about 50% ahead\u201d of its record registrations last year, which saw the DFSA issue <a target=\"_blank\" href=\"https:\/\/www.dfsa.ae\/news\/dfsa-continues-remarkable-growth-issuing-record-number-licences-its-inception'\" style=\"\" rel=\"noopener\">over 112 financial services licenses<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another Chinese lender will soon set up shop in DIFC<\/strong>, Johnston also said, without disclosing the name of the Chinese bank, marking the fifth to establish a presence in the business center. \u201cOf the 29 globally systemically important banks in the world, we have 27 doing business in DIFC,\u201d Johnston said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER<\/strong>- DFSA saw a 125% y-o-y uptick in registrations by hedge fund managers in 2023 and expects continued strong interest from global hedge funds looking to set up shop in DIFC, Johnston said in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/fc6e7887-5dbe-4625-a4cd-4314e8f5103a\/abu-dhabi-investment-authority-eyes-minority-stake-in-china%25e2%2580%2599s-zhuhai-wanda-%2B-lots-of-m&amp;a-news-this-morning#:~:text=%232%2D%20DIFC%20%E2%9D%A4%EF%B8%8F%20hedgies,standards%2C%E2%80%9D%20Johnston%20noted.\" style=\"\" rel=\"noopener\">February<\/a>. DIFC company registrations <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/eb25943c-f5db-4d19-b6df-30e3f3a02d63\/earnings-watch:-ad-ports,-americana-group,%253cmark%253e-difc%253c%2Fmark%253e,-union-properties-and-more#:~:text=DIFC%E2%80%99s%20company%20registrations,year%20in%20total.\" style=\"\" rel=\"noopener\">jumped 34% y-o-y<\/a>, with 1.4k firms registering to set up shop in the freezone. The record growth in registrations was \u201csupported by both financial and innovation companies and non-financial companies.\u201d<\/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>Asian markets are in the green this morning <\/strong>as traders in Korea and Japan returned from a holiday long weekend. The sole exception is the Hang Seng. US stock futures were largely unchanged in overnight trading, while European futures are doing a bit better, pointing to a comfortable start to the trading day. <\/p>\n<p><a target=\"_blank\" id=\"t.05fd0b640b0ca49551d927df8d8fab57ad637d82\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p>\n<div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\n<tr class=\"tr-row-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>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\">0.0% (YTD: +3.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">1,549<\/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: -0.1%)<\/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>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\">26,791<\/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% (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-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>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\">9,035<\/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\">0.0% (YTD: -5.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,156<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: +2.4%)<\/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>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,181<\/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\">+1.0% (YTD: +8.6%)<\/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>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\">4,957<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: +9.6%)<\/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>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 83.46<\/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%<\/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 2.19<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+2.5%<\/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>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 2,331.20<\/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\">+1.0%<\/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 63,476.20<\/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: +50.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p class=\"tag-border-left\"> THE CLOSING BELL: TADAWUL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The TASI closed flat yesterday <\/strong>on turnover of SAR 7.4 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> Bupa Arabia (+10%), MedGulf (+10%) and AlRajhi Takaful (+9.9%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Solutions (-4.5%), Saudi Cable (-3.6%) and GIG (-3%).<\/p>\n<p class=\"tag-border-left\">THE CLOSING BELL: NOMU-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The NomuC<\/strong><strong> closed flat yesterday <\/strong>on turnover of SAR 39.3 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> Academy of Learning (+6.3%), Ghida Alsultan (+4.7%) and Ladun (+4.4%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> Horizon Food (-9.8%), Future Care (-7.6%) and Raoom (-6.9%)<\/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=\"85915\" 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\/07\/85915\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-85915\" class=\"content-area-description single-story post-85915 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>4-11 May (Saturday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudismash.com\/about-us\" style=\"\">Saudi Smash 2024<\/a><\/span><span>.<\/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><span>. <\/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 style=\"font-weight:400;\">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 style=\"font-weight:400;\">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>25 May (Saturday): Bidding deadline for Duba\u2019s seawater reverse osmosis desalination plant in Tabuk.<\/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 style=\"font-weight:400;\">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 2024<\/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>Aramco buying Shell\u2019s Malaysia fuel station unit | Gov\u2019t debt on \u201cbenign\u201d trajectory -S&#038;P | New AI units for PIF\u2019s Alat | Flyadeal plans fleet expansion<\/p>\n","protected":false},"featured_media":85885,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-85884","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"86bb6b49-ba8f-4d32-91fd-5283b615fa2f","teaser":"Aramco buying Shell\u2019s Malaysia fuel station unit | Gov\u2019t debt on \u201cbenign\u201d trajectory -S&P | New AI units for PIF\u2019s Alat | Flyadeal plans fleet expansion","photo_url":"https:\/\/ent.news\/2024\/5\/384.jpg"},"yoast_head":"<!-- This site is optimized 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