{"id":86220,"date":"2024-05-16T00:00:00","date_gmt":"2024-05-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?post_type=issue&#038;p=86220"},"modified":"2025-12-14T18:07:23","modified_gmt":"2025-12-14T18:07:23","slug":"hassana-writes-usd-1-5-bn-ticket-to-bono-backed-fund","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/ksa\/issues\/hassana-writes-usd-1-5-bn-ticket-to-bono-backed-fund\/","title":{"rendered":"Hassana writes USD 1.5 bn ticket to Bono-backed fund"},"content":{"rendered":"<section id=\"86222\" 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=\"86222\">\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\/16\/red-sea-fashion-week-begins-today\/\">\r\n                            THIS MORNING: Jake Sullivan will be in town soon + It\u2019s the start of Red Sea Fashion Week                        <\/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\/16\/red-sea-fashion-week-begins-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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It\u2019s a particularly beautiful day for a Bono-backed climate investment platform run by TPG, which just landed a USD 1.5 bn commitment from pension fund manager Hassana.<\/p>\n<p class=\"tag-border-left\">HAPPENING NOW-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The CIPS MENA conference gets underway this morning <\/strong>at the Hilton Riyadh Hotel &amp; Residences - Granada. The first half of the day will see speakers and panel discussions on building sustainable supply chains, supporting local content, localization of the procurement and supply industry, addressing current challenges in supply chains and exploring the digital transformation in procurement. An awards ceremony kicks off at 6pm. You can register for the conference <a target=\"_blank\" href=\"https:\/\/www.cipsmenaconferenceandawards.com\/register\/\" style=\"\" rel=\"noopener\">here<\/a> or view the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1309.pdf\" style=\"\" rel=\"noopener\">full agenda here (pdf)<\/a>.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#2- Joe Biden\u2019s national security advisor, Jake Sullivan, is <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/white-houses-sullivan-travel-saudi-arabia-israel-2024-05-14\/\" style=\"\" rel=\"noopener\">coming back to Saudi<\/a><\/strong><strong> this <\/strong><strong>weekend<\/strong>, a senior White House official said earlier this week. He\u2019ll also be heading to Israel, where he\u2019s expected to focus on the IDF\u2019s ramp-up of its assault on Rafah. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sullivan will be the third senior US official to stop in Riyadh in less than a week. <\/strong>Energy Secretary Jennifer Granholm was here yesterday (see below) and Nasa chief Bill Nelson was also in town this week.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#2- Red Sea Fashion Week will get underway tomorrow and run until Saturday, 18 <\/strong><strong>May <\/strong>at theSt. Regis Red Sea Resort, according to <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2096864\" style=\"\" rel=\"noopener\">state news agency SPA<\/a>. The event, organized by the <a target=\"_blank\" href=\"https:\/\/fashion.moc.gov.sa\/en\" style=\"\" rel=\"noopener\">Saudi Fashion Commission<\/a>, will feature an opening show on the first day, followed by two days of runway shows showcasing collections from both Saudi and international designers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Showcasing their work at the event: <\/strong>Designers <a target=\"_blank\" href=\"https:\/\/www.timaabid.com\/\" style=\"\" rel=\"noopener\">Tima Abid<\/a>, <a target=\"_blank\" href=\"https:\/\/sara-altwaim.com\/\" style=\"\" rel=\"noopener\">Sara Altwaim<\/a>, <a target=\"_blank\" href=\"https:\/\/www.yasminaq.com\/\" style=\"\" rel=\"noopener\">Yasmina Q<\/a>, <a target=\"_blank\" href=\"https:\/\/hadiaghaleb.com\/\" style=\"\" rel=\"noopener\">Hadia<\/a><a target=\"_blank\" href=\"https:\/\/hadiaghaleb.com\/\" style=\"\" rel=\"noopener\">Ghaleb<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.notjustalabel.com\/rebirth\" style=\"\" rel=\"noopener\">Rebirth<\/a> with Turkish brand <a target=\"_blank\" href=\"https:\/\/niluu.com\/\" style=\"\" rel=\"noopener\">Niluu<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>TODAY\u2019S WEATHER- <\/strong>There\u2019s a chance of rain in<strong> Riyadh <\/strong>with a daytime high of 41\u00b0C and a low of 29\u00b0C. <strong>Makkah<\/strong> is set for a clear sky with a high of 40\u00b0C and a low of 28\u00b0C, with similar forecasts for <strong>Jeddah<\/strong> with a high of 36\u00b0C and a low of 25\u00b0C.<\/p>\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- WHISPERS- The Public Investment Fund has sold down big stakes in US equities<\/strong>, a <a target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1767640\/000101143824000359\/xslForm13F_X02\/informationtable.xml\" style=\"\" rel=\"noopener\">regulatory filing shows<\/a>. It now directly holds US-listed equities with a market value of c. USD 18 bn as of the end of 1Q 2024 \u2014 down from USD 35 bn at the end of December. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The slide in market value of the securities PIF holds reflects active selling. <\/strong>The tech-heavy Nasdaq is up more than 13% so far this year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What the PIF is unloading: <\/strong>Stakes worth USD 600 mn or more in <strong>Amazon<\/strong>, <strong>Salesforce<\/strong>, and <strong>Microsoft<\/strong>, for starters, a <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-15\/saudi-wealth-fund-slashes-reported-holdings-of-us-equities?sref=mmeFTDW1\" style=\"\" rel=\"noopener\">Bloomberg<\/a> analysis found, though it has swapped into call options for smaller stakes, giving it the option to buy into them if it wants. It has also shed more than USD 600 mn worth of <strong>BlackRock<\/strong> stock, a USD 757 mn stake in travel company <strong>Booking<\/strong>, USD 942 mn in <strong>Carnival<\/strong> shares. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What gives? <\/strong>Bloomberg offers no analysis, but we suspect it\u2019s a wave of profit-taking as the PIF comes aims to deploy more capital here at home \u2014 and faster \u2014 to support the Vision 2030 economic diversification drive. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Energy Minister Prince Abdulaziz bin Salman signed an energy cooperation roadmap <\/strong><strong>with US Energy Secretary Jennifer Granholm<\/strong>, the Energy Ministry said in a <a target=\"_blank\" href=\"https:\/\/twitter.com\/MoEnergy_Saudi\/status\/1790837299481129060\" style=\"\" rel=\"noopener\">post on X<\/a>. The roadmap outlines a timeline for cooperation in \u201ccritical projects\u201d in electricity and renewables, green hydrogen, energy efficiency and others.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Importantly, the roadmap also checks-off mention of nuclear power. <\/strong>A nuclear energy pact is one of three cornerstone agreements (along with one on defense and a third on AI and advanced technologies) that could be part of a grand accord that sees Saudi take steps to normalize relations with Israel. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART-<\/strong> Washington had originally hoped to sign the three pacts as part of a wider series of accords that would see Saudi normalize ties with Israel, but some in the Biden administration are pushing to close the bilateral agreements now to put pressure on Israel to come to the table on Gaza. While Axios is positioning that as a <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2024\/05\/14\/sullivan-saudi-arabia-israel-tension-gaza-rafah-war\" style=\"\" rel=\"noopener\">\u201clong shot,\u201d<\/a> it also notes that \u201cUS and Saudi officials say they've made significant progress in their talks.\u201d<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#3- French energy giant TotalEnergies is talking with Acwa Power about new investments <\/strong><strong>in Saudi renewables<\/strong>, Total CEO Patrick Pouyanne told Asharq Business on the sidelines of the Qatar Economic Forum (<a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/63796\/%D8%AA%D9%88%D8%AA%D8%A7%D9%84-%D8%AA%D8%AA%D8%B7%D9%84%D8%B9-%D9%84%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D8%A8%D8%A7%D9%84%D8%B7%D8%A7%D9%82%D8%A9-%D8%A7%D9%84%D9%85%D8%AA%D8%AC%D8%AF%D8%AF%D8%A9-%D9%88%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%83%D9%8A%D9%85%D8%A7%D9%88%D9%8A%D8%A7%D8%AA-%D9%81%D9%8A-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9\/\" style=\"\" rel=\"noopener\">watch, runtime: 12:43<\/a>). \u201cIn Saudi, we don\u2019t produce oil and gas but we try to achieve a mix of investments in petrochemicals and renewable energy,\u201d Pouyanne said, with<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">out providing further details. He said TotalEnergies\u2019 global strategy was focused on proving that the French firm can invest in both oil and gas and renewable energy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> The Kingdom <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/oil-and-gas\/2023\/12\/19\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%B7%D8%A7%D9%82%D8%A9-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AA%D8%B3%D8%AA%D9%87%D8%AF%D9%81-%D8%A7%D8%B6%D8%A7%D9%81%D8%A9-20-%D8%BA%D9%8A%D8%BA%D8%A7%D9%88%D8%A7%D8%B7-%D8%B3%D9%86%D9%88%D9%8A%D8%A7-%D9%85%D9%86-%D8%A7%D9%84%D8%B7%D8%A7%D9%82%D8%A9-%D8%A7%D9%84%D9%85%D8%AA%D8%AC%D8%AF%D8%AF%D8%A9\" style=\"\" rel=\"noopener\">unveiled plans in said in December<\/a> to more than double its renewables target to 130 GW by 2030. It plans to add 20 GW in renewable energy annually to reach 130 GW by 2030, up from a previous target of 58.5 GW, according to earlier statements by the Energy Minister. The government is ready to export up to 150 GW of green hydrogen or electricity, he 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>#4- Is green hydrogen stuck in a rut? <\/strong>Thyssenkrupp Nucera, the hydrogen arm of the German industrial engineering giant, \u201chas reported a drop in demand for the equipment it supplies to develop green hydrogen, the latest evidence that the nascent technology aimed at cutting emissions risks losing momentum,\u201d the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/85e0e66c-e9c0-4a4e-ab6c-b15adf4d1ff4\" style=\"\" rel=\"noopener\">Financial Times<\/a> writes this morning. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The issue: <\/strong>Would-be clients in Europe and North America are basically waiting for governments to finalize incentive packages (and, more sustainably, help create a market) that will make their projects commercially viable. They\u2019re looking for a mix of direct subsidies and, in some cases, offtake agreements at set prices that lock in their margins on the still-nascent technology. (Regulatory questions on issues such as mass balancing are also factors, as are national commitments to decarbonization targets.) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WHY DOES IT MATTER? <\/strong>Saudi is making a big push into green hydrogen at Neom, where companies including Acwa Power aim to produce as much as 600 tons per day when they flip the \u201con\u201d switch a couple of years down the road. Acwa is also working on green hydrogen projects in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/07c2dc04-e367-4fc0-abfd-00805b9497b4\/%253cmark%253eacwa%253c%2Fmark%253e%253cmark%253e-power%253c%2Fmark%253e-to-decarbonize-parts-of-azerbaijan%25e2%2580%2599s-state-oil-company,-socar\" style=\"\" rel=\"noopener\">Azerbaijan<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/838dfecd-8c87-4ca0-bb64-f125e8e5261c\/ksa,-uzbekistan-ink-agreements-worth-usd-12-bn,-mainly-in-energy\" style=\"\" rel=\"noopener\">Uzbekistan<\/a> and as far away as <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3013dc59-f141-4f39-82bc-a5a452f7527d\/%253cmark%253eacwa%253c%2Fmark%253e%253cmark%253e-power%253c%2Fmark%253e-partners-up-with-indonesia%25e2%2580%2599s-pln-for-green-hydrogen-production\" style=\"\" rel=\"noopener\">Indonesia<\/a>.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#5- Apex Group<\/strong><strong> launched a regional office in <\/strong><strong>Riyadh<\/strong>, where it will \u201cprovide a full range of innovative financial services and solutions, including managing, advisory and operating,\u201d according to <a target=\"_blank\" href=\"https:\/\/ffnews.com\/newsarticle\/fintech\/apex-group-expands-across-the-middle-east-with-new-kingdom-of-saudi-arabia-office\/\" style=\"\" rel=\"noopener\">a press release<\/a>. Apex Saudi Arabia says its team has experience with services for Islamic and private equity funds, equities, commodity, FX, and derivatives.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Saudi appeal:<\/strong> \u201cThe Kingdom is one of the fastest growing global economies, and its stable economic conditions make it an attractive jurisdiction to conduct business,\u201d Apex Group Regional Managing Director, Christiane El-Habre said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s Apex? <\/strong>The firm provides services to the finance industry and financial professionals on the corporate side, ranging from fund administration and financial platforms to services for family offices and corporations. It has clients around the world.<\/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>#4- Dubai-based Ziwo eyes Saudi expansion: <\/strong>AI-powered call-center solutions provider <a target=\"_blank\" href=\"https:\/\/www.ziwo.io\/?gad_source=1&amp;gclid=CjwKCAjwupGyBhBBEiwA0UcqaCLGur4SFXdkt8dHn0hr3msJ3RoNntU-syeR9tF_2b4eCiIlS43bZBoCA00QAvD_BwE\" style=\"\" rel=\"noopener\">Ziwo<\/a> plans to expand in the Kingdom using fresh financing from its most recent funding round, <a target=\"_blank\" href=\"https:\/\/gulfnews.com\/business\/corporate-news\/ziwo-raises-funds-unveils-ai-innovations-for-middle-east-1.1715755148300\" style=\"\" rel=\"noopener\">Gulf News<\/a> reports citing a company media release. The funding was raised at the two-day <a target=\"_blank\" href=\"https:\/\/www.terrapinn.com\/exhibition\/seamless-middle-east\/index.stm\" style=\"\" rel=\"noopener\">Seamless Middle East 2024<\/a> conference in Dubai, which wrapped up yesterday. <\/p>\n<p class=\"tag-border-left\">DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>#1- <\/strong><strong>The Kingdom\u2019s foreign reserve assets rose 3% y-o-y in April to <\/strong><strong>SAR 1.6 tn<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1727962\" style=\"\" rel=\"noopener\">Argaam<\/a>. On a monthly basis, foreign reserve assets fell 2% in April. Foreign currency reserves constitute 94% of the Kingdom\u2019s foreign reserve assets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#2- The total number of construction workers at Neom is expected to rise 43% <\/strong><strong>y-o-y to 200k<\/strong><strong> next <\/strong><strong>year<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1727697\" style=\"\" rel=\"noopener\">Argaam<\/a> quotes the company\u2019s CEO Nadhmi Al Nasr as saying during the Saudi Great Futures summit yesterday. There are currently 500k full-time employees from 100 countries living and working at the futuristic city, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Neom is seeking fresh hires, with some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/6f0a8bf0-9e90-4d03-923b-572a5c559033\/\" style=\"\" rel=\"noopener\">246 job openings<\/a> including typical contractor jobs related to the ongoing construction of the USD 500 bn development and marketing positions to promote the city in Europe and elsewhere. The hiring spree comes as Neom embarked on a drive to assure <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d415e8f0-fa26-473b-acf6-0a2208bd6637\/\" style=\"\" rel=\"noopener\">contractors<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e8706c8f-4009-4953-8129-18c0cd862016\/\" style=\"\" rel=\"noopener\">bankers<\/a> that the buildout of the city was proceeding on schedule after reports of the government scaling back the project. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<br \/><\/strong><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to subscribe? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday before 7am Riyadh time \u2014 without charge, thanks to our friends at Cenomi.<br \/><strong>***<\/strong><\/p>\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the conversation in the global business press this morning: Major Wall Street <\/strong><strong>benchmarks hit a fresh high <\/strong>yesterday as traders welcomed promising US inflation data. We have the story in this morning\u2019s Planet Finance, below. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>MEANWHILE, IN GAZA- <\/strong>Israel has started sending troops into Rafah in what <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-15\/israel-s-slow-walk-into-rafah-opens-door-to-full-scale-offensive?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> believes is the beginning of a \u201cfull-blow invasion.\u201d The Israeli military has given advance warnings to Rafah citizens as tanks and infantry make their way into the eastern part of the city bordering Egypt. The move is visibly ramping up tensions with Egypt, the European Union, and the United States. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AN ARAB ROLE IN POST-WAR GAZA? <\/strong>The Biden administration is in talks with Egypt, the UAE, and Morocco about their potential participation in a \u201cpeacekeeping force\u201d that would deploy in Gaza following the war, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/063e4b92-753a-4c9a-bbd4-e1ed40d20c62\" style=\"\" rel=\"noopener\">Financial Times<\/a> writes. The three Arab nations are considering the initiative but \u201cthey would want the US to recognise a Palestinian state first,\u201d a western official told the salmon-colored paper. Saudi Arabia has straight up rejected the idea all together. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ELSEWHERE IN GLOBAL POLITICS- You\u2019re going to be hearing a lot about Russia-China <\/strong><strong>ties in the next couple of days. <\/strong>Vladimir Putin is in Beijing today and tomorrow to meet Xi Jinping. The Financial Times worries in its Big Read that Moscow and Beijing represent \u201c<strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/19eb54ba-f6f7-48ba-a586-b8a113396955\" style=\"\" rel=\"noopener\">an economic \u2018friendship\u2019 that could rattle the world<\/a><\/strong>.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- A handful of stories in global politics about which you should know: <\/strong><\/p>\n<ul>\n<li><strong>US presidential debate: <\/strong>Donald Trump and Joe Biden will <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/elections\/biden-proposes-presidential-debates-with-trump-but-without-debate-commission-ccb58515\" style=\"\" rel=\"noopener\">debate in June and September<\/a> ;<\/li>\n<li><strong>Slovak PM shot: <\/strong>An assassin shot the Russia-friendly prime minister of Slovakia, who is now <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/europe\/shooting-after-slovak-government-meeting-tasr-agency-reports-2024-05-15\/\" style=\"\" rel=\"noopener\">\u201cfighting for his life\u201d<\/a> after a three-hour surgery;<\/li>\n<li>Another <a target=\"_blank\" href=\"https:\/\/www.businessinsider.com\/jan-leike-ilya-sutskever-resignations-superalignment-openai-superintelligence-safe-humanity-2024-5\" style=\"\" rel=\"noopener\">top OpenAI official has quit<\/a>.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OIL WATCH- <\/strong>The International Energy Agency <a target=\"_blank\" href=\"https:\/\/www.iea.org\/reports\/oil-market-report-may-2024\" style=\"\" rel=\"noopener\">lowered its forecast<\/a> for oil demand. It now sees global demand rising by 1.1 mn bpd in 2024 \u2014 140k bpd less than last month\u2019s projections \u2014 pointing to weaker demand particularly in Europe. This stands in stark contrast to OPEC\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1255.pdf\" style=\"\" rel=\"noopener\">forecast (pdf)<\/a> that oil demand will rise by 2.25 mn bpd in 2024.<\/p>\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riyadh will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.saudienergyconvention.com\/\" style=\"\" rel=\"noopener\">Saudi Energy Convention<\/a><\/strong><strong> from Sunday, 19 May to Tuesday, 21 <\/strong><strong>May.<\/strong> The convention will see energy and utilities industry leaders advance collaborative decarbonization efforts and identify innovation areas. It will also host the <strong>Saudi Utilities Convention<\/strong> and <strong>Saudi Hydrogen Convention<\/strong> to address the role and challenges of rolling out hydrogen, water and utility projects that are in line with the global energy transition. Over 10k energy professionals and 200 industry speakers will be present at the event. <\/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:\/\/futureaviationforum.com\/en\" style=\"\" rel=\"noopener\">Future Aviation Forum<\/a><\/strong><strong> will get underway on Monday, 20 May and run until <\/strong><strong>Wednesday, 22 May<\/strong> at the King Abdulaziz International Conference Center in Riyadh. The event, organized by the General Authority of Civil Aviation, will see the Kingdom showcasing some USD 100 bn worth of investment options in the aviation and logistics sector at large.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riyadh&nbsp;<\/strong><strong><a target=\"_blank\" href=\"https:\/\/waga-aci.expoplatform.com\/\" style=\"\" rel=\"noopener\">will host<\/a><\/strong><strong> the annual conference of the Airports Council International<\/strong> \u2014 also known as <a target=\"_blank\" href=\"https:\/\/aci.aero\/events\/aci-asia-pacific-aci-world-annual-general-assembly-conference-and-exhibition-waga\/\" style=\"\" rel=\"noopener\">WAGA<\/a> \u2014 from Tuesday, 21 May to Thursday, 23 May. The global gathering brings together leading senior executives from around the world to cover topics that shape the aviation industry. The event\u2019s speakers include PIF-owned airline Riyadh Air CEO Rony Douglas, Saudi Air Connectivity Program Majid Khan, Riyadh Airports CEO Ayman Aboabah and others.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Demo day for the final round of the Sanabil 500 MENA seed accelerator will kick off on <\/strong><strong>Wednesday, 29 May<\/strong> in Riyadh with seven finalists. Applications for the next batch <a target=\"_blank\" href=\"https:\/\/mena.aplica.500.co\/\" style=\"\" rel=\"noopener\">are now open<\/a> and will close on 6 August 2024. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riyadh will host a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/globalaisummit\/status\/1789658478690078841\" style=\"\" rel=\"noopener\">Global AI Summit<\/a><\/strong><strong> from 10-12 September<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2101219\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported yesterday. The event, which is organized by the Saudi Authority for Data and Artificial Intelligence, will focus on key AI topics and trends, delving into its local and global adoptions, ethics, and infrastructure.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dammam will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.saudimaritimecongress.com\/en\/home.html\" style=\"\" rel=\"noopener\">Saudi Maritime and Logistics Congress<\/a><\/strong><strong> from Wednesday, 18 <\/strong><strong>September to Thursday, 19 September.<\/strong> The two-day event looks to gather up to 10k attendees and 200 exhibitors, and will discuss topics including interlinked logistics, developments in supply chains, digitalisation, decarbonisation, the energy transition, and workforce development.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div 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to YOURS<\/span>\r\n                <\/div>\r\n            <\/div>\r\n                <\/div>\r\n    <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"86225\" 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=\"86225\">\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\">PRIVATE EQUITY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/hassana-writes-usd-1-5-bn-ticket-to-a-tpg-climate-fund\/\">\r\n                            Saudi pension fund manager Hassana writes USD 1.5 bn ticket to a TPG climate fund                      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data-image-meta=\"[]\" data-image-title=\"1763.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1763.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1763.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86225\" class=\"content-area-description single-story post-86225 post type-post status-publish format-standard has-post-thumbnail hentry category-private-equity tag-enterpriseam-ksa tag-general-organization-for-social-ins-gosi tag-hassana-investment tag-infrastructure tag-investment-watch tag-private-equity tag-renewables tag-tpg 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\/.e405c51a-3e40-488a-b79e-82bd86d7cf43.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>An arm of the Kingdom\u2019s pension fund will write a USD 1.5 bn ticket to a <\/strong><strong>TPG climate fund. <\/strong><a target=\"_blank\" href=\"https:\/\/hassana.com.sa\/\" style=\"\" rel=\"noopener\">Hassana Investment<\/a>, the investment arm of the Saudi\u2019s pension fund, the <a target=\"_blank\" href=\"https:\/\/www.gosi.gov.sa\/en\" style=\"\" rel=\"noopener\">General Organization for Social Insurance<\/a> (Gosi), is backing two climate funds run by US private equity firm TPG, according to a <a target=\"_blank\" href=\"https:\/\/www.tpg.com\/news-and-insights\/tpg-and-hassana-investment-company-announce-1-5-billion-strategic-partnership-in-tpg-rise-climate-platform-for-global-decarbonization-and-energy-transition\/\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the money\u2019s going: <\/strong>Hassana will make a \u201csubstantial anchor commitment\u201d to TPG Rise Climate\u2019s new Transition Infrastructure fund. \u201cThe remainder of Hassana\u2019s commitment will be allocated to the TPG Rise Climate II fund,\u201d <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-15\/saudi-arabia-set-to-back-tpg-s-climate-fund-in-1-5-billion-pact\" style=\"\" rel=\"noopener\">Bloomberg<\/a> said. Hassana manages about USD 320 bn for Gosi<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>TPG Rise Climate invests in sectors including energy transition, green <\/strong><strong>mobility<\/strong>, and sustainable fuels. It has a focus on \u201cinfrastructure and real assets that are critical to global decarbonization and energy transition marketplaces,\u201d according to a <a target=\"_blank\" href=\"https:\/\/www.tpg.com\/news-and-insights\/scott-lebovitz-joins-tpg-as-partner-to-lead-tpg-rise-climate-infrastructure-investing\/\" style=\"\" rel=\"noopener\">February statement<\/a>. Former co-head of Goldman Sachs Scott Lebovitz was appointed partner and head of the infrastructure fund and strategy. <a target=\"_blank\" href=\"https:\/\/therisefund.com\/tpgriseclimate\" style=\"\" rel=\"noopener\">TPG Rise Climate<\/a> is part of the <a target=\"_blank\" href=\"https:\/\/therisefund.com\/\" style=\"\" rel=\"noopener\">Rise Fund<\/a> created by TPG and Bono, the U2 frontman.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Hassana Investment:<\/strong> Hassana has become an \u201cincreasingly prominent global investor\u201d after the government merged two of its pension and ins. funds together in 2021, Bloomberg writes, adding that \u201cthe firm signed an MoU with BlackRock in 2022 to promote and develop an infrastructure strategy.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The region is ramping up its investments in green infrastructure:<\/strong> Hassana and TPG\u2019s partnership comes after the UAE announced plans during COP28 to put <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/71017814-88a9-452e-870e-3bae48d2dd38\/loss-and-damage-agreement-finalized-%2B-uae-launches%253cmark%253e-usd-30-bn%253c%2Fmark%253e-alterra-climate-accelerator\" style=\"\" rel=\"noopener\">USD 30 bn<\/a> into a new climate fund aimed at backing projects that reduce emissions, especially in developing countries.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/general-organization-for-social-ins-gosi\/\">General Organization for Social Ins. (Gosi)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/hassana-investment\/\">Hassana Investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/private-equity\/\">private equity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/renewables\/\">RENEWABLES<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/tpg\/\">TPG<\/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=\"86227\" 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=\"86227\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/inflation-was-unchanged-in-april-2024\/\">\r\n                            Saudi inflation came in at 1.6% in April 2024 \u2014 unchanged from the previous month                        <\/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\/16\/inflation-was-unchanged-in-april-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\/16\/inflation-was-unchanged-in-april-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\/16\/inflation-was-unchanged-in-april-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=Inflation was unchanged in April 2024&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/inflation-was-unchanged-in-april-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\/16\/inflation-was-unchanged-in-april-2024\/&title=Inflation was unchanged in April 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=Inflation+was+unchanged+in+April+2024+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F16%2Finflation-was-unchanged-in-april-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\/16\/inflation-was-unchanged-in-april-2024\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1252.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86228\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/inflation-was-unchanged-in-april-2024\/1252-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1252.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1252.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1252.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1252.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86227\" class=\"content-area-description single-story post-86227 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-inflation 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\/6\/.59c68039-81f7-42e2-85b8-ce5e82f4050c.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Inflation was unchanged in April 2024, coming in at 1.6% <\/strong>\u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e6ee8f50-c1ec-4213-89af-bb8afa8ada62\" style=\"\" rel=\"noopener\">the same rate as<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e6ee8f50-c1ec-4213-89af-bb8afa8ada62\" style=\"\" rel=\"noopener\">the previous month<\/a> according to fresh figures from the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1180.pdf\" style=\"\" rel=\"noopener\">General Authority for Statistics (Gastat) (pdf)<\/a>. That\u2019s a bit slower than the 1.8% y-o-y pace at which prices rose in February. On a monthly basis, consumer prices rose 0.3% m-o-m last month, driven by a 0.4% increase in housing, water, electricity, gas, and other fuel prices.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Real estate remained the biggest factor, with villas driving up rents: <\/strong>A 9.4% y-o-y increase in villa rental prices led to a 10.4% y-o-y hike in the price of the overall rent sector last month, according to Gastat.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Eating out and domestic travel have also gotten more expensive<\/strong>, with restaurant and hotel prices rising 2% y-o-y in April. Food and beverages inched up 0.8% y-o-y, while tuition and other education-related expenses rose 1.1% y-o-y last month. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s getting cheaper? Clothes and cars. <\/strong>The 6.6% y-o-y drop in the price of ready-made clothing drove a 4.2% y-o-y decline in the overall clothing and footwear sector last month. It\u2019s the third month in a row that clothing and footwear prices have fallen. Transportation prices also dropped 1.6% y-o-y, fueled by a 2.9% y-o-y decline in car prices, despite car prices reportedly <a target=\"_blank\" href=\"http:\/\/enterprise.news\/ksa\/en\/news\/story\/3fdec3ad-1508-429a-a2a6-013e3406f40c\/this-morning:-over-300-british-companies-will-start-landing-in-riyadh-today\" style=\"\" rel=\"noopener\">rising 15% over the last five years<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Producer prices rose 3.4% y-o-y in April<\/strong>, fueled by a 14.5% increase in the price of basic chemicals, and a 12% hike in that of refined petroleum products .Meanwhile, wholesale prices dipped 0.4% m-o-m last month, <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1179.pdf\" style=\"\" rel=\"noopener\">Gastat data shows (pdf)<\/a>. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/economy\/\">ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/inflation\/\">Inflation<\/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=\"86229\" 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=\"86229\">\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\">VENTURE CAPITAL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/shorooq-partners-latest-venture-debt-fund-looking-for-more-exposure-to-saudi\/\">\r\n                            UAE\u2019s Shorooq Partners is looking for more exposure to Saudi startups looking for venture debt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/shorooq-partners-latest-venture-debt-fund-looking-for-more-exposure-to-saudi\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/545.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86230\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/shorooq-partners-latest-venture-debt-fund-looking-for-more-exposure-to-saudi\/545-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/545.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"545.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/545.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/545.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86229\" class=\"content-area-description single-story post-86229 post type-post status-publish format-standard has-post-thumbnail hentry category-venture-capital tag-enterpriseam-ksa tag-fintech tag-nahda-fund tag-shorooq-partners tag-startups tag-venture-capital 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\/.417d348b-1442-40de-8cd7-2071e5b801aa.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.shorooq.com\/\" style=\"\" rel=\"noopener\">Shorooq Partners<\/a><\/strong><strong>\u2019 USD 100 mn venture debt fund is eyeing fast-growing startups in <\/strong><strong>Saudi<\/strong> and the UAE, Founding Partner Mahmoud Adi told Asharq Business (<a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/63748\/%D8%B4%D8%B1%D9%88%D9%82-%D8%A8%D8%A7%D8%B1%D8%AA%D9%86%D8%B1%D8%B2-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A%D8%A9-%D8%AA%D8%B7%D9%84%D9%82-%D8%B5%D9%86%D8%AF%D9%88%D9%82%D9%87%D8%A7-%D8%A7%D9%84%D8%A7%D8%A6%D8%AA%D9%85%D8%A7%D9%86%D9%8A-%D8%A7%D9%84%D8%AB%D8%A7%D9%86%D9%8A-%D8%A8%D9%80100-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\/\" style=\"\" rel=\"noopener\">watch, runtime, 6:31<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The targets: <\/strong>Fast-growing, profitable tech firms. It already has two fintech startups in its investment pipeline, Adi said. The fund, named Nahda II, follows Shorooq\u2019s first venture debt fund, which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1947f6d7-352f-45ae-8e1b-8fe4ede0f333\/\" style=\"\" rel=\"noopener\">launched in 2021<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The local angle: <\/strong>Nahda I provided USD 50 mn in <a target=\"_blank\" href=\"https:\/\/tamara.co\/en-SA\/tamara-400m-financing-goldman-sachs-shorooq\" style=\"\" rel=\"noopener\">mezzanine finance<\/a> to homegrown BNPL platform <a target=\"_blank\" href=\"https:\/\/tamara.co\/en-SA\" style=\"\" rel=\"noopener\">Tamara<\/a> in November 2023. The Shorooq fund was joined at the time by Goldman Sachs, which arranged USD 200 mn in senior debt for Tamara. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUNT SMART- What\u2019s venture debt? <\/strong>Firms offering venture debt are effectively competing with banks. Why work with one, then? Venture debt providers have \u2014 by definition \u2014 higher risk appetite. They may charge more, but they\u2019re also a lot more likely to understand and extend finance to a startup than many traditional lenders. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/fintech\/\">fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/nahda-fund\/\">Nahda Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/shorooq-partners\/\">Shorooq Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/startups\/\">Startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/venture-capital\/\">venture capital<\/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=\"86231\" 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=\"86231\">\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\">BANKING<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/foot-dragging-by-the-fed-on-rate-cuts-is-good-news-for-gcc-banks-sp-global\/\">\r\n                            Foot-dragging by the Fed on rate cuts is good news for GCC banks: 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\/16\/foot-dragging-by-the-fed-on-rate-cuts-is-good-news-for-gcc-banks-sp-global\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The monetary tightening cycle has served banks in the Gulf, where central banks mirror rates due to their currencies being pegged to the USD, S&P notes. Banks\u2019 asset quality is also expected to remain strong on the back of \u201csupportive economies, contained leverage, and a high level of precautionary reserves.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context: <\/strong>The Federal Reserve <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/fed-hold-rates-steady-inflation-dims-hopes-policy-easing-2024-05-01\/\" style=\"\" rel=\"noopener\">kept rates unchanged<\/a> earlier this month, with Fed boss Jay Powell <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/853171ea-6141-4c0e-ab99-26af50b09d5d\" style=\"\" rel=\"noopener\">making it clear<\/a> that the central bank is in no hurry to start cutting rates after a surprise uptick in US inflation this year. \u201cIt is likely to take longer for us to gain confidence that we are on a sustainable path down to 2% inflation,\u201d Powell said. \u201cI don\u2019t know how long it will take.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By S&P Global\u2019s math: <\/strong>Cutting rates by 100 basis points would trim rated Gulf banks\u2019 net income by c. 9%, S&P Global said, basing its calculation on banks\u2019 disclosures at year-end 2023. However, lower interest rates help banks slash unrealized losses that have been accumulated throughout the past years, S&P Global said, estimating these losses at c. USD 2.8 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expect the GCC bank profitability to take a hit in 2025<\/strong>, as the Fed could start cutting rates in December, S&P Global said. However, the report sees some factors helping to alleviate the impact on banks\u2019 bottom lines, including a repositioning of banks\u2019 balance sheets through fixing interest rates at current levels or swapping variable rates for fixed ones before the Federal Reserve starts cutting rates. It also sees deposit migration to interest-bearing instruments in some of Gulf markets helping weaken the impact. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other factors include a forecast lower cost of risk for lenders<\/strong>, with S&P Global seeing firms having \u201cadditional breathing room that could help their creditworthiness and ultimately reduce banks' provisioning needs\u201d due to banks repricing corporate loans on the back of the potential interest rate cuts. It also sees higher volumes of lending make up for lower margins, especially in Saudi which is seeing growth in lending volumes due to its diversification plan.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some will be impacted more than others due to interest rate cuts:<\/strong> S&P Global sees Gulf banks with high volumes of corporate lending more likely to be at risk than their peers as they reprice loans. It said the \u201cmost vulnerable bank\u201d in its sample is expected to have c. 30% of its net income shaved with every 100 bps cut in rates.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/banking\/\">BANKING<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/federal-reserve\/\">Federal Reserve<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/interest-rates\/\">interest rates<\/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=\"86233\" 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=\"86233\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/our-british-besties-hail-landmark-commitment-to-boost-saudi-uk-trade-investment\/\">\r\n                            Our British besties hail \u201clandmark commitment\u201d to boost Saudi-UK trade, investment                        <\/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\/16\/our-british-besties-hail-landmark-commitment-to-boost-saudi-uk-trade-investment\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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   <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1265.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86234\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/our-british-besties-hail-landmark-commitment-to-boost-saudi-uk-trade-investment\/1265-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1265.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1265.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1265.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1265.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86233\" class=\"content-area-description single-story post-86233 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-enterpriseam-ksa tag-investment tag-investment-watch tag-saudi-great-futures 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\/.cea41884-4fdd-4064-831c-adc6a937f9ab.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>More praise + warmer ties as Saudi Great Futures closes:<\/strong> The two-day Saudi Great Futures investment conference \u2014 which is backed by our friends at HSBC \u2014 wrapped up yesterday <a target=\"_blank\" href=\"https:\/\/twitter.com\/cabinetofficeuk\/status\/1790762069479788756\/photo\/1\" style=\"\" rel=\"noopener\">with an agreement<\/a> on a (vague) \u201clandmark commitment to increase bilateral trade\u201d between Saudi and the UK as officials once again stressed that investment ties between the two countries are \u201cstronger than ever.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER- <\/strong>Execs from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ffe0075f-b1c3-4a7c-8322-596bb5528be1\" style=\"\" rel=\"noopener\">hundreds of British companies<\/a> were in town as part of a delegation led by UK Deputy Prime Minister Oliver Dowden to \u201cconnect with senior government and business decision-makers from Saudi Arabia\u2019s ultra-ambitious giga-projects, and establish long-lasting relationships,\u201d according to the summit\u2019s webpage, in addition to mulling over \u201chow to make Vision 2030 a reality.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Investment goes both ways:<\/strong> Investment Minister Khalid Al Falih sat down with UK Investment Minister Dominic Johnson to \u201cdiscuss the bns of investment flows\u201d between the two countries, according to a <a target=\"_blank\" href=\"https:\/\/twitter.com\/DBTInvestment\/status\/1790684998514745353\" style=\"\" rel=\"noopener\">post on X<\/a>. The two countries signed an agreement to \u201caccelerate strategic investments into both Kingdoms,\u201d Johnson <a target=\"_blank\" href=\"https:\/\/twitter.com\/DBTInvestment\/status\/1790686552990888052\/photo\/1\" style=\"\" rel=\"noopener\">said<\/a>, without providing further details. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And London \u2014 or at least The City \u2014 is calling for Saudi businesses:<\/strong> The ministers also chaired a meeting to identify funding solutions for local companies seeking growth. \u201cThe UK is a leading global financial hub, and we are open to providing funding solutions to firms to meet their funding requirements,\u201d Johnson <a target=\"_blank\" href=\"https:\/\/twitter.com\/DBTInvestment\/status\/1790687666884718736\/photo\/1\" style=\"\" rel=\"noopener\">said<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pitching Neom:<\/strong> Neom CEO Nadhmi Al Nasr <a target=\"_blank\" href=\"https:\/\/twitter.com\/NEOM\/status\/1790713748023386333\" style=\"\" rel=\"noopener\">highlighted massive potential investments<\/a> available to British investors in the city. \u201cAligned with the objectives of Saudi Vision 2030, we are contributing to solving some of the world\u2019s most complex challenges, with a view to building a better future for people and the planet,\u201d he said. Neom has been active in the past weeks to drum up investment interest, with a recent <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/083185a1-da33-46d9-809b-4562199b25b6\/\" style=\"\" rel=\"noopener\">trip to China<\/a> to lure interest from Hong Kong, Beijing, and Shanghai.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And bringing in more tourists: <\/strong>The Saudi Tourism Authority (STA) signed a declaration of intent with UK\u2019s national tourism agency VisitBritain to look at how to cooperate on boosting tourism between the two countries, according to a <a target=\"_blank\" href=\"https:\/\/www.visitbritain.org\/britains-national-tourism-agency-visitbritain-and-saudi-tourism-authority-sign-agreement-boost\" style=\"\" rel=\"noopener\">statement<\/a> on Tuesday. Over 165k British tourists visited Saudi between January and March this year, Tourism Minister and STA Chairman Ahmed Al Khateeb said. He said Saudi hopes some of its tourism projects \u201cbecome as iconic as UK attractions like the Tower of London and Stonehenge\u201d to lure in more visitors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>British Airways returns to Jeddah:<\/strong> British Airways will resume flights to Jeddah starting Monday, 4 November, ending a three-year hiatus that began during covid-19, according to a <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7196488260330676224\/\" style=\"\" rel=\"noopener\">statement<\/a> by the Saudi Air Connectivity Program. The airline will operate four weekly flights between London and Jeddah, the statement said. The British flagship carrier <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/world\/europe\/british-airways-cancels-several-long-haul-routes-in-2021-1.1130669\" style=\"\" rel=\"noopener\">suspended flights<\/a> to Jeddah and other long-haul destinations including Abu Dhabi in 2021 in a bid to slash losses caused by the grounding of flights due to the pandemic.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And more cooperation in education + arts: <\/strong>Education Minister Yousef Al Benyan signed a cooperation program agreement with Johnson to advance the fields of technical and vocational education, Technical Vocational Training Corp said in a <a target=\"_blank\" href=\"https:\/\/x.com\/tvtcweb\/status\/1790784895444197645\" style=\"\" rel=\"noopener\">post on X<\/a>. On the arts and culture front, Saudi and the UK unveiled an initiative to promote cross-cultural understanding, <a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2510636\/saudi-arabia\" style=\"\" rel=\"noopener\">Arab News<\/a> reports. Titled \u201cA Shared Heritage of Two Kingdoms,\u201d the campaign kicked off with a number of workshops focused on the traditional crafts of Najdi wooden doors and Sadu weaving in both Riyadh. A similar workshop will be hosted in London today.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Nothing is complete without some AI talk: <\/strong>Experts from Saudi and the UK discussed how artificial intelligence could be leveraged to enhance healthcare, <a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2510671\/business-economy\" style=\"\" rel=\"noopener\">Arab News<\/a> reported. \u201cIn Saudi Arabia, we have embraced digital health as a priority because of its potential to enhance healthcare delivery, improve patient outcomes, and drive economic growth,\u201d the CEO of Vision 2030\u2019s Health Sector Transformation Program Khalid Al Shaibani said. The UK\u2019s Under Secretary of State in the Department of Health and Social Care Nick Markham highlighted the growing importance of AI in healthcare, saying that AI sees and analyzes health patterns and data in ways that people can\u2019t. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/investment\/\">Investment<\/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\/saudi-great-futures\/\">Saudi Great Futures<\/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=\"86235\" 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=\"86235\">\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\">REGULATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/e-wallets-for-anyone-and-everyone\/\">\r\n                            Saudi Central Bank puts new e-wallet regulations up for public consultation                        <\/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\/16\/e-wallets-for-anyone-and-everyone\/\" 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\/16\/e-wallets-for-anyone-and-everyone\/')\">\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\/16\/e-wallets-for-anyone-and-everyone\/\">\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=E-wallets for anyone and everyone&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/e-wallets-for-anyone-and-everyone\/\">\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\/16\/e-wallets-for-anyone-and-everyone\/&title=E-wallets for anyone and everyone\">\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=E-wallets+for+anyone+and+everyone+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F16%2Fe-wallets-for-anyone-and-everyone%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\/16\/e-wallets-for-anyone-and-everyone\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/587.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86236\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/e-wallets-for-anyone-and-everyone\/587-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/587.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"587.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/587.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/587.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86235\" class=\"content-area-description single-story post-86235 post type-post status-publish format-standard has-post-thumbnail hentry category-regulation-watch tag-digital-payments tag-e-wallets tag-enterpriseam-ksa tag-regulation-watch tag-saudi-central-bank-sama 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\/.1868c6e5-594c-4dbd-8db9-67b692a5393f.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Saudi Central Bank (Sama) is out with <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1236.pdf\" style=\"\" rel=\"noopener\">proposed regulations (pdf)<\/a><\/strong><strong> for <\/strong><strong>opening <\/strong><strong>electronic wallets<\/strong> as it looks to regulate the sector. The rules, which aim to set regulatory and supervisory requirements for electronic payment institutions, have been put up on the government\u2019s survey platform <a target=\"_blank\" href=\"https:\/\/istitlaa.ncc.gov.sa\/ar\/Finance\/SAMA\/ElectronicWallets\/Pages\/default.aspx\" style=\"\" rel=\"noopener\">Istitlaa<\/a> for public consultation until Thursday, 30 May.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E-wallets for all:<\/strong> Individuals (whether local or expats) looking to open e-wallets can do so through their national IDs or residency cards. Children under 18 can also have access to their own e-wallets provided that they are opened through their parents or legal guardians. Digital wallets for underage children do not allow access for cash withdrawals or cross-border transactions, with Sama setting the maximum limit for monthly payments for these wallets. Companies, NGOs, and freelancers can also open e-wallets provided that they present required paperwork, which includes commercial registers, licenses and freelance services contracts among others.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Clients can close their digital wallets after <\/strong><strong>financial <\/strong><strong>service providers approve their <\/strong><strong>request&nbsp;<\/strong>provided there is no order for a seizure of funds. They, along with GGC citizens, would not be required to update their data as a prerequisite to shut down their wallets. However, expats must provide a valid residency or a final exit visa to close their wallets. If a wallet remains inactive for a year \u2014 except if there were payments on hold \u2014 the financial institution will notify the customer and close the wallet after 30 days of the notification period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Strict monitoring for financial fraud:<\/strong> Electronic payment institutions should have a clear understanding of clients\u2019 activities and nature of transactions before they proceed with opening e-wallets. They should implement customer verification procedures similar to ones used with fintech clients to help combat possible fraud when using e-wallets. They would also be required to use automated surveillance systems to monitor possible internal and external fraud when using the digital wallets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context:<\/strong> The new draft regulations come amid a cashless push as Sama clears more fintech companies to provide digital payments solutions to customers. Some of the <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/pulse\/unveiling-potential-digital-wallets-saudi-arabia-markntel-advisors\/\" style=\"\" rel=\"noopener\">authorized e-wallet providers<\/a> include STC Pay, BayanPay, Hala, Alinma Pay, URPay, and others. The local digital wallet market is <a target=\"_blank\" href=\"https:\/\/www.marknteladvisors.com\/research-library\/saudi-arabia-digital-wallet-market.html\" style=\"\" rel=\"noopener\">forecast to grow<\/a> at a CAGR of 8.8% during 2023 to 2028 on the back of more people using their smartphones to make online transactions.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/digital-payments\/\">digital payments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/e-wallets\/\">e-wallets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/regulation-watch\/\">REGULATION WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-central-bank-sama\/\">Saudi Central Bank (SAMA)<\/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=\"86237\" 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=\"86237\">\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\">CAPITAL MARKETS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/moving-on-up\/\">\r\n                            Natural Gas Distribution + International Company for Human Resources gearing up for main market transition                        <\/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\/16\/moving-on-up\/\" 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\/16\/moving-on-up\/')\">\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\/16\/moving-on-up\/\">\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=Moving on up&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/moving-on-up\/\">\n                    X                    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<\/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\/16\/moving-on-up\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/325.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86238\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/moving-on-up\/325-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/325.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"325.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/325.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/325.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86237\" class=\"content-area-description single-story post-86237 post type-post status-publish format-standard has-post-thumbnail hentry category-capital-markets tag-capital-markets tag-enterpriseam-ksa tag-natural-gas-distribution-ngdc tag-nomu 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\/.6644cede-c886-499d-9de8-275fee8b4f9e.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Two Nomu-listed companies are planning to move to Tadawul\u2019s main <\/strong><strong>market<\/strong>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong>Nomu-listed state-owned <\/strong><strong><a target=\"_blank\" href=\"http:\/\/www.ngdc.com.sa\/Default.aspx?lang=en\" style=\"\" rel=\"noopener\">Natural Gas Distribution (NGDC)<\/a><\/strong> 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_xQVbWh8gusMoGB8RJQacjRl0HElghuAo8e8ddYXx1V3bc29vCgRiIIJeUk5VKgXNdL8h9tZybWyNHVz4XmuES683WA5HfhOnHYjqAIaBpYFg3p7hCn20gfyjxw_l4m89-Yr43VfgTcQH8CXDBAjPZPL8hyuStsOBlOzASlaa51KPj0oVp76BBlZVZXIpecbMncwNfCc5ypOCuE7eubvLw0TRPa3OmVYTvSqouIbXPJH6UM9q2hAyAUW-jjEN8shRVtJxGzdPUSq4\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi84MDA5OC9jb21wYW55U3ltYm9sLzk1MTYvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">filing to Tadawul<\/a> yesterday that its board had signed off on the move, but didn\u2019t provide any other details.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About NGDC:<\/strong> Established in 2000, the state-owned natural gas distribution player is one of the largest in its segment, second only to Aramco, according to its website. NGDC supplies natural gas to factories in Riyadh\u2019s second industrial city, with 66 factories currently linked to its supplies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>NGDC will have to make some changes to make the cut:<\/strong> To earn regulatory approval, it will need to boost its market cap, which currently stands at SAR 215 mn, according to <a target=\"_blank\" href=\"https:\/\/www.marketwatch.com\/investing\/stock\/9516?countrycode=sa\" style=\"\" rel=\"noopener\">market data<\/a>. Companies must have a market cap of SAR 300 mn to upgrade to the main market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Issuers on main market Tadawul are also required to have at least 200 public shareholders at the time of listing and a minimum of three years worth of audited financial statements. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How NGDC fared in 2023: <\/strong>The company\u2019s net income rose 14.4% y-o-y to SAR 3.8 mn last year, and revenues inched up 1.6% y-o-y to SAR 92.5 mn, 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\/jZDLDoJADEW_xQVbWh8gusMoGB8RJQacjRl0HElghuAo8e8ddYXx1V3bc29vCgRiIIJeUk5VKgXNdL8h9tZybWyNHVz4XmuES683WA5HfhOnHYjqAIaBpYFg3p7hCn20gfyjxw_l4m89-Yr43VfgTcQH8CXDBAjPZPL8hyuStsOBlOzASlaa51KPj0oVp76BBlZVZXIpecbMncwNfCc5ypOCuE7eubvLw0TRPa3OmVYTvSqouIbXPJH6UM9q2hAyAUW-jjEN8shRVtJxGzdPUSq4\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi83OTA2Ny9jb21wYW55U3ltYm9sLzk1MTYvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">a previous disclosure<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax:<\/strong> The company\u2019s share price remained unchanged at SAR 43.00 at yesterday\u2019s close.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">AL DAWLIAH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Recruitment and HR agency the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ihr.sa\/en\/about-company\/\" style=\"\" rel=\"noopener\">International Company for Human Resources<\/a><\/strong><strong> \u2014 <\/strong><strong>better known as Al Dawliah \u2014 has appointed Yaqeen Capital<\/strong> as a financial advisor on its potential transfer to the main market Tadawul, 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_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83Z29TAwC_Rx9DSxdLY0MDAz1w_Wj9KOQlRgEB5gaBLoF-Br7GAQZuBuYQRUY4ACOBvrBiUX6BdnZaY6OiooAv9Q02w!!\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFrZ29ncFJDaUNsRWlRL1lMVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRURETExITEhETFBQQXZBalBNSW9FRUEhIS80SkNpaksyTVhIRUlKU1pDbXFwSnlGRk5UVG1VR2EzYXkyYzFQTmJ0WmJCYWtWVlJrZyEhL1o3XzVBNjAySDgwTzBIVEMwNjBTRzZVVDgxRFE2L1o2XzVBNjAySDgwTzBIVEMwNjBTRzZVVDgxREkzL3ZpZXcvbm9ybWFsL2FyL2NvbXBhbnlTeW1ib2wvOTU0NS9nbG9iYWwvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvODAwNzM!\/\" style=\"\" rel=\"noopener\">a statement to the exchange<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Al Dawliah:<\/strong> The company has been in business for more than 15 years, with six branches split between the Kingdom, the UAE, Jordan, and Egypt, according to its website. Al Dawliah has served north of 1.6 mn users, with clients including FedEx Express, Saudi Airlines, Dr Sulaiman Al Habib Medical Group, Al Rajhi Bank, and several ministries. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The financials:<\/strong> Al Dawliah reported SAR 2.8 mn in net income in 2023, down 34.1% y-o-y. The lower bottom line comes despite the company\u2019s revenues rising 45% y-o-y to SAR 112.1 mn during the year, which Al Dawliah said was because it \u201cformed an allowance for credit losses\u201d worth SAR 1.3 mn, while zakat expenses rose 74% y-o-y in 2023. The company\u2019s market capitalization currently stands at SAR 209.0 mn, according to market data.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax:<\/strong> The company\u2019s share price remained rose 0.2% to SAR 4.20 at yesterday\u2019s close.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/capital-markets\/\">Capital Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/natural-gas-distribution-ngdc\/\">Natural Gas Distribution (NGDC)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/nomu\/\">Nomu<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"86239\" 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=\"86239\">\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\">MOVES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/new-appointments-across-royal-govt-institutions\/\">\r\n                            A fresh Royal decree with new appointments across royal, gov\u2019t institutions. PLUS: The managing director of Emaar, The Economic city resigns                        <\/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\/16\/new-appointments-across-royal-govt-institutions\/\" 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=\"1310.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1310.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1310.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86239\" class=\"content-area-description single-story post-86239 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-enterpriseam-ksa tag-gigaprojects tag-mansour-al-salem 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\/.37248274-d42d-4c68-a7b3-f7532adbeec9.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>King Salman bin Abdulaziz Al Saud issued a number of royal appointments yesterday<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2103468\" style=\"\" rel=\"noopener\">SPA<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Here\u2019s what you need to know:<\/strong><\/p>\n<ul>\n<li><strong>Prince <\/strong><strong>Abdulaziz bin Mohammed bin Abdulaziz bin Ayyaf Al-Muqrin was appointed special adviser to King Salman With the rank of minister<\/strong>. He will also handle the responsibilities of <strong>deputy minister of the National Guard<\/strong>;<\/li>\n<li>Al-Rabdi bin Fahd bin Abdulaziz Al-Rabdi was appointed as head of the <strong>National Data Management Office<\/strong>;<\/li>\n<li>Abdul Mohsen bin Saad bin Abdulmohsen Al Khalaf is now <strong>deputy finance minister<\/strong>;<\/li>\n<li>Abdulaziz bin Saud bin Abdulaziz Al-Dahim was named <strong>assistant commerce minister<\/strong>;<\/li>\n<li>Anas bin Abdullah bin Hamad Al-Sulai was appointed <strong>assistant tourism minister<\/strong>;<\/li>\n<li>Sami bin Abdullah Muqeem was named vice president of the <strong>Saudi Authority for Data and Artificial Intelligence<\/strong>.<\/li>\n<li>Abdullah bin Ali bin Muhammad Al-Ahmari was named <strong>assistant minister<\/strong> for planning and development at the <strong>Industry and Mineral Resources Ministry<\/strong>;<\/li>\n<li>Shihana Alazzaz was appointed chairman of the board of directors of the <strong>Saudi Authority for Intellectual Property<\/strong>, after being relieved of his duty as deputy secretary-general of the Council of Ministers. He was succeeded by Khalid bin Mohammed bin Abdulaziz Al-Abdulkarim;<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul-listed Emaar, The Economic City (EEC) has accepted the resignation of <\/strong><strong>Managing Director <\/strong><strong>Mansour Al Salem<\/strong> (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/mansour-alsalem-mba-41384819\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), Emaar 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\/lVDLbsIwEPyWHjiCN0SEtDe3qAHEKwQK5IIcs4RISRw5Din9-uaBhGihopYP3vHM7OwSl6yJG7Nj4DMViJiFRb1xjW2HGtDumzCF_uINDHAsY7kwtV7bIKtrgjm2DLAn1J62ux2wPoC4_9KDM-uA_T4b6yOYgwXGY3q4c-gD_d1rypQ-d4sEw1drMKK6aXR_Em6M-KPJ7xkqwh8hh8T1Q-HVC6exp5s-cSXuUaJsZbKAD0ol6UsDGpDnecsXwg-xxUXUgFuSg0gVWV8ziYNxta7u3X0MNLKSmIpMciRzHxWNY5HFHCOM1ShIVY8pRmzO-AFHeMRwxnwkTjkf2x2DVMi0ZJFNiaTIlZC9ZLA716fIE2H9TqTYZVwtTgnWgBKF9fmdFKZO8FVUGtRGTPLDhVv-T7LIQ9nzyEYvob0U0cWAlal5mbkWadumVjXBT-VUZjVvVyhmKANRJkyi5XINwaDpeiddj2hk6tc3p0_fk2e1vA!!\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC80MjIwL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwMDYz\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Once the resignation goes into effect on Friday, 31 May, Al Salem will move on to the position of a non-executive board member. He\u2019s currently also serving as a director at the Public Investment Fund, which holds a 25% stake in EEC.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/gigaprojects\/\">Gigaprojects<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/mansour-al-salem\/\">Mansour Al Salem<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/moves\/\">MOVES<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"86241\" 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=\"86241\">\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\">SAUDI IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/more-sports-talk\/\">\r\n                            More sports talk                        <\/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\/16\/more-sports-talk\/\" 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\/16\/more-sports-talk\/')\">\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\/16\/more-sports-talk\/\">\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=More sports talk&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/more-sports-talk\/\">\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\/16\/more-sports-talk\/&title=More sports talk\">\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=More+sports+talk+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F16%2Fmore-sports-talk%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\/16\/more-sports-talk\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86241\" class=\"content-area-description single-story post-86241 post type-post status-publish format-standard hentry category-saudi-in-the-news tag-casemiro tag-cristiano-ronaldo tag-enterpriseam-ksa tag-mohamed-salah tag-raphael-varane tag-saudi-in-the-news wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.eef65e62-9564-4f19-8628-f63d735a91e7.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sports continues to dominate coverage of Saudi in the foreign press this morning<\/strong>, with a number of Saudi Pro League clubs on the hunt for top transfers to boost the local league\u2019s strength. <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/football\/article\/2024\/may\/15\/mohamed-salah-and-alisson-among-saudi-pro-leagues-top-transfer-targets\" style=\"\" rel=\"noopener\">The Guardian<\/a> is looking at some of the target transfers which include Manchester United\u2019s Casemiro and Rapha\u00ebl Varane and Liverpool\u2019s Mohamed Salah and Alisson. <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/football\/article\/2024\/may\/15\/ronaldo-saudi-pro-league-stars-euros\" style=\"\" rel=\"noopener\">The Guardian<\/a> also looks at how Al Nassr\u2019s Cristiano Ronaldo and peers from Europe could perform at Euro 2024 in June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A taste for rugby? <\/strong>Former England rugby captain Mike Tindall is all for Saudi investing in the oval ball game, <a target=\"_blank\" href=\"https:\/\/www.telegraph.co.uk\/rugby-union\/2024\/05\/15\/mike-tindall-calls-for-saudi-investment-rugby-premiership\/\" style=\"\" rel=\"noopener\">The Telegraph<\/a> reports. Saudi Arabia has been investing in several other sports, Tindall said, pointing out that rugby could do with a financial boost from the Kingdom as what the players put in, the hard work on the field, is just not backed up by the finances off the field.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, Dubai-based boutique advisory deNovo Partners sees Saudi luring in more <\/strong><strong>FDI from its Vision 2030 projects<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-15\/dubai-advisory-setting-up-shop-in-saudi-arabia-is-upbeat-on-fdi\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported. The advisory firm is looking to set up shop in Saudi to capitalize on the Kingdom\u2019s appetite for FDI, the company\u2019s Executive Chairwoman May Nasrallah said. She said a lack of significant foreign investment was not \u201csomething that will be there forever.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/casemiro\/\">Casemiro<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/cristiano-ronaldo\/\">Cristiano Ronaldo<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/mohamed-salah\/\">Mohamed Salah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/raphael-varane\/\">Raphael Varane<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-in-the-news\/\">SAUDI IN THE NEWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"86242\" 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=\"86242\">\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\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/novotel-riyadh-sahafa-is-now-open-plus-manufacturing-healthcare-electricity-oil-and-gas-and-saudization-news\/\">\r\n                            Novotel Riyadh Sahafa is now open. PLUS: Manufacturing, healthcare, electricity, oil and gas, and Saudization news                        <\/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\/16\/novotel-riyadh-sahafa-is-now-open-plus-manufacturing-healthcare-electricity-oil-and-gas-and-saudization-news\/\" 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\/16\/novotel-riyadh-sahafa-is-now-open-plus-manufacturing-healthcare-electricity-oil-and-gas-and-saudization-news\/')\">\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\/16\/novotel-riyadh-sahafa-is-now-open-plus-manufacturing-healthcare-electricity-oil-and-gas-and-saudization-news\/\">\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=Novotel Riyadh Sahafa is now open. PLUS: Manufacturing, healthcare, electricity, oil and gas, and Saudization news&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/novotel-riyadh-sahafa-is-now-open-plus-manufacturing-healthcare-electricity-oil-and-gas-and-saudization-news\/\">\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\/16\/novotel-riyadh-sahafa-is-now-open-plus-manufacturing-healthcare-electricity-oil-and-gas-and-saudization-news\/&title=Novotel Riyadh Sahafa is now open. PLUS: Manufacturing, healthcare, electricity, oil and gas, and Saudization news\">\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=Novotel+Riyadh+Sahafa+is+now+open.+PLUS%3A+Manufacturing%2C+healthcare%2C+electricity%2C+oil+and+gas%2C+and+Saudization+news+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F16%2Fnovotel-riyadh-sahafa-is-now-open-plus-manufacturing-healthcare-electricity-oil-and-gas-and-saudization-news%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\/16\/novotel-riyadh-sahafa-is-now-open-plus-manufacturing-healthcare-electricity-oil-and-gas-and-saudization-news\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1246.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86243\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/novotel-riyadh-sahafa-is-now-open-plus-manufacturing-healthcare-electricity-oil-and-gas-and-saudization-news\/1246-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1246.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1246.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1246.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1246.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86242\" class=\"content-area-description single-story post-86242 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-and-saudization tag-electricity tag-enterpriseam-ksa tag-healthcare tag-manufacturing tag-oil-and-gas 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\/.97614ebb-7b24-4694-b7c6-cd5fa81c3ca9.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">TOURISM-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Novotel has launched its ninth property in the Kingdom<\/strong>, the four-star Novotel Riyadh Sahafa, according to <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/novotel-riyadh-sahafa-opens-its-doors-to-guests-in-the-heart-of-saudi-arabia-kxx04plx\" style=\"\" rel=\"noopener\">a press release<\/a>. The hotel has 232 rooms and suites and is led by the Kingdom\u2019s first woman hotel general manager, <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/hessamaz\/?originalSubdomain=sa\" style=\"\" rel=\"noopener\">Hessa Al Mazroa<\/a>. No details were provided on the project\u2019s investment size<\/p>\n<p class=\"tag-border-left\">AGRIFOODS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Danish Baader Food Processing Machinery will supply poultry processing equipment to&nbsp;<\/strong><strong>Nomu-listed Balady Poultry under a <\/strong><strong>SAR 81 mn <\/strong><strong>contract<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/ldBNC4JAEAbgX-MxZrJWs9tKuiWGmoi2l1grTNDVgxX--5Y6CfY1t4HnhXcGOGTApbiVhejKRopK7XtuHAg1UF8vMAioZWLkejbb-HTmRHNIh4C5uqOAZUcrh02RmcD_ymMcEgXC7czHHTI0fsvjm6H4Pc-HZOSCIRip-AQfOnjAi6rJX_-8dF271FDDTpzE_VppquOxqVsh-7iv80YhixAL4rOEtk6SDMuwTif0AaG_gZA!\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi84MDA3Ny9jb21wYW55U3ltYm9sLzk1NTkvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> yesterday. The two-year contract aims to raise Balady\u2019s production capacity through its factory which boasts two lines with a production capacity of 25k birds per hour.<\/p>\n<p class=\"tag-border-left\">TECH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cognite Data Fusion now available to Google Cloud customers in Saudi:<\/strong> Cognite Data Fusion, the flagship Industrial DataOps product of <a target=\"_blank\" href=\"https:\/\/cntxt.com\/about-us\/\" style=\"\" rel=\"noopener\">CNTXT<\/a> \u2014 a JV between Aramco and Norwegian industrial software provider Cognite \u2014 is now available on Google Cloud to local customers, according to a <a target=\"_blank\" href=\"https:\/\/cntxt.com\/news\/cognite-data-fusion-now-available-on-google-cloud-in-saudi-arabia\/\" style=\"\" rel=\"noopener\">statement by Cognite<\/a>. The product uses AI and data analytics to help industrial sectors such as energy, manufacturing, and logistics migrate their data in an efficient way and provides operational insights to improve efficiency.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART-<\/strong> Industrial DataOpsis a data management practice that involves the automation and monitoring of data flows within an organization to ensure that data is readily available for analysis, while also maintaining data quality and security. It's used to improve the quality and reduce the cycle time of data analytics in industrial settings.<\/p>\n<p class=\"tag-border-left\">ELECTRICITY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.sptc.com.sa\/\" style=\"\" rel=\"noopener\">Saudi Power<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.sptc.com.sa\/\" style=\"\" rel=\"noopener\">Transformers<\/a><\/strong><strong> \u2014 a unit of Tadawul-listed <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.eic.com.sa\/\" style=\"\" rel=\"noopener\">Electrical Industries (EIC)<\/a><\/strong><strong> \u2014 is <\/strong><strong>planning<\/strong><strong> a SAR 192 mn expansion<\/strong> that will see it set up extra high voltage transformers and reactors in a bid to up its power generation capacity, EIC said in <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/jZDLDoJADEW_xQVbWkUQ3WEUjI-IEiPOxgw6DiQwQ3CU-PeOutL46q7tubc3BQIxEEHPGacqk4Lmut8QZ2t7DrZGLs4DvzXEhd_tLwbDoImTNqyfAYxCWwPhzJriEgN0gPyjxw_l4W89-YoEnVfgTcQ78CXDGAjPZfL4hycSy-VAKnZgFavMU6XHqVLlsWeggXVdm1xKnjNzJwsD30lSeVQQP5M37uZyN1F0T-tTrtVEr0oqLtGlSKQ-1LTQgogJKItVjFlYrF1lJ22vcQW8jeb0\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi84MDEwMS9jb21wYW55U3ltYm9sLzEzMDMvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">a filing to Tadawul<\/a>. The company will use its own resources and bank facilities to finance the project. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The timeline: <\/strong>Construction work is slated for kickoff in 2H 2024, and is expected to be completed in 4Q 2026, after which a six-month trial period will begin in 1Q 2027, before the plant is commercially operational by 3Q 2027. <\/p>\n<p class=\"tag-border-left\">OIL &amp; GAS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul-listed <\/strong><strong>Saudi Steel Pipes has a SAR <\/strong><strong>138.6 mn contract from Aramco<\/strong> which will run for up to 12 months, according to <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVDLbsIwEPyWHjiCN0SEtDe3qAHEs4ECuSDHWUKkJI4cB0q_vg6piqBQUcsH73hmdnaJR5bES9kuCpmKRMpiXa88a92iFjS7NoyhO3sBC1zHms9so9O0yOKcYA8dC6YjOh032y1w3oF4_9KDO2nB9HUyNAfwBg5Y9-nhxqF39PfOKWP62NYJ-s9Ob0BN22pfEq6MeNHk9wxHwh8h-8QLY-FXC6epb9oh8SRuUKJsFFLDW6Wy_KkGNdjv941QiDDGBhdJDa5JtiJXZHnOJC6mx3W1b-6jZ5CFxFwUkiN5C1HRNBVFyjHBVA2iXHWYYmTKGd_iAHcYT1iIxC3nY8EuyoXMSxZZ1Y0Sy5ErITtZL_hBDokvYrIq35kUQcHV7JBhBSih7b_fmTZ2o09dGVBZMcm3J275PyoSH2XH15wS2kiRnAxYmZyXuSuRsa4SKPxQ7tGs4gVaMUEZCZ2RZMl8voSoV_f8g2kmNLHN87unD19eiZLV\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC8xMzIwL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwMDc5\/\" style=\"\" rel=\"noopener\">a disclosure to Tadawul<\/a>.<\/p>\n<p class=\"tag-border-left\">HEALTHCARE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Faisaliah Medical Systems \u2014 a unit of Tibbiyah \u2014 received two fresh purchase orders&nbsp;<\/strong><strong>worth SAR 23.8 mn<\/strong> from the National Unified Procurement Company, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVDLbsIwEPyWHjiCN0SEtDe3qAHEs4ECuSDHWUKkJI4cB0q_vg6piqBQUcsH73hmdnaJR5bES9kuCpmKRMpiXa88a92iFjS7NoyhO3sBC1zHms9so9O0yOKcYA8dC6YjOh032y1w3oF4_9KDO2nB9HUyNAfwBg5Y9-nhxqF39PfOKWP62NYJ-s9Ob0BN22pfEq6MeNHk9wxHwh8h-8QLY-FXC6epb9oh8SRuUKJsFFLDW6Wy_KkGNdjv941QiDDGBhdJDa5JtiJXZHnOJC6mx3W1b-6jZ5CFxFwUkiN5C1HRNBVFyjHBVA2iXHWYYmTKGd_iAHcYT1iIxC3nY8EuyoXMSxZZ1Y0Sy5ErITtZL_hBDokvYrIq35kUQcHV7JBhBSih7b_fmTZ2o09dGVBZMcm3J275PyoSH2XH15wS2kiRnAxYmZyXuSuRsa4SKPxQ7tGs4gVaMUEZCZ2RZMl8voSoV_f8g2kmNLHN87unD19eiZLV\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC85NTMwL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwMDc1\/\" style=\"\" rel=\"noopener\">disclosure on Tadawul<\/a>.<\/p>\n<p class=\"tag-border-left\">FOOD SECURITY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul-listed Almunajem Foods signed an MoU with the government\u2019s National <\/strong><strong>Industrial Development Center to build a food factory in Jeddah<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83d2MXA0C3SydAl1c3Q0NvE30w1EVGAQHmAIVBPga-xgEGbgbmOlHEaPfAAdwNCCsPwqvEndzdAVYnAhWgMcNXvpR6Tn5SZDwyCgpKbBSNVA1KElMSSwvzVEFujE5P7cgMa8yuDI3KR-oyMTQzEg_ODVPvyA3NMIgMyA3XNdREQCvWPdH\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi84MDA5Mi9jb21wYW55U3ltYm9sLzQxNjIvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul.<\/a> The MoU is valid for two years ending 13 May, 2026. No further details were provided.<\/p>\n<p class=\"tag-border-left\">SAUDIZATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Human Resources Development Fund signed an MoU with state-owned mining giant <\/strong><strong>Ma\u2019aden<\/strong> to strengthen the localization of jobs across the mining sector, it said in a <a target=\"_blank\" href=\"https:\/\/hrdf.org.sa\/NewsDetails?NewsId=43t1hbbpjpn9z4m19gvamazh4e\" style=\"\" rel=\"noopener\">statement<\/a> yesterday. Under the MoU, local suppliers will be trained and incorporated within Ma\u2019aden\u2019s local content program Tharwah. Both parties will also explore avenues to achieve sustainability in the mining and mineral resources sector. They agreed on forming a joint working group to activate areas of cooperation in the industry.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/and-saudization\/\">and Saudization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/healthcare\/\">healthcare<\/a>\n             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class=\"index-number\">12<\/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\/16\/traders-send-us-stocks-to-record-high-after-promising-inflation-data\/\">\r\n                            Traders send US stocks to record high after promising inflation data                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/traders-send-us-stocks-to-record-high-after-promising-inflation-data\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1305.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86245\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/16\/traders-send-us-stocks-to-record-high-after-promising-inflation-data\/1305-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1305.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1305.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1305.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1305.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86244\" class=\"content-area-description single-story post-86244 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam-ksa tag-inflation tag-planet-finance tag-us-federal-reserve 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\/.73d976a4-6e46-40c5-9fbd-835d79807fc3.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>One story is driving the conversation in the global business press this morning: US <\/strong><strong>stocks are at an all-time high. <\/strong>Wall Street\u2019s benchmark indexes \u2014 the S&amp;P 500, Nasdaq, and Dow \u2014 all hit record highs last night as traders cheered data showing US consumer prices rising at a slower rate in April. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The numbers: <\/strong>US inflation cooled to 3.4% in April, coming in below analyst expectations and 0.1 percentage points below the 3.5% recorded in March, according to Bureau of Labor Statistics <a target=\"_blank\" href=\"https:\/\/www.bls.gov\/cpi\/latest-numbers.htm\" style=\"\" rel=\"noopener\">figures<\/a> released yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Traders react: <\/strong>The figure reignited trader optimism that the Federal Reserve could start cutting interest rates this year. Fed chair Jay Powell has said time and time again that the central bank will not cut rates before it ensures that the country is on a sustainable path to 2% inflation \u2014 its core target. \u201cThe news on core inflation was better than expected. Retail sales also showed some deceleration from the previously hot consumer sector. Taken together, this supports a Fed rate-cut in the fall,\u201d one analyst told <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/05\/14\/stock-market-today-live-updates.html\" style=\"\" rel=\"noopener\">CNBC<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the markets settled: <\/strong>The S&amp;P 500 was up 1.2%, hitting a record 5,308. Dow Jones was up 0.9% and the tech-heavy Nasdaq jumped 1.4%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Stocks rise, treasuries fall. <\/strong>Yields on <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ef0028e6-ec29-4521-80fa-2cb6531adb39\" style=\"\" rel=\"noopener\">two-year US treasuries fell<\/a> to their lowest level since early April. <\/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>Major Asian benchmarks are all comfortably in the green this morning<\/strong>, following Wall Street\u2019s lead. Futures suggest both European and US markets are on track to open in positive territory at the opening bell today.<\/p>\n<p><a target=\"_blank\" id=\"t.ebf67ad0917f2d7c46f2ad9c83b0079aad57adb6\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p>\n<div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>TASI<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,103<\/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: +1.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">1,512<\/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: -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>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\">26,666<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.03% (YTD: +8.7%)<\/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\">6.5% repo <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5.5% reverse repo<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">25,316<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +1.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,021<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: -5.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,093<\/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\">-1.1% (YTD: +0.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,308<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.2% (YTD: +11.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">8,446<\/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: +9.2%)<\/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\">5,101<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +12.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 82.94<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2.42<\/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\">+3.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,395<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 65,831<\/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\">+6.9% (YTD: +55.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p class=\"tag-border-left\"> THE CLOSING BELL: TADAWUL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The TASI <\/strong>fell 0.2% <strong>yesterday <\/strong>on turnover of SAR 6.3 bn. The index is up +1.1% 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> Sidc (+10%), Wafrah (+9.9%) and Al Baha (+7.7%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>BCI (-7.6%), Saudi Electricity (-5.6%) and Bupa Arabia (-4.9%).<\/p>\n<p class=\"tag-border-left\">THE CLOSING BELL: NOMU-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The NomuC<\/strong> rose 0.03% <strong>yesterday <\/strong>on turnover of SAR 33.4 mn. The index is up 8.7% 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> Burgerizzr (+5%), Al Dawliah (+4.5%) and Mulkia (+4.3%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> Ghida AlSultan (-11.3%), Pro Medex (-7%) and Apico (-5%)<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/inflation\/\">Inflation<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/us-federal-reserve\/\">US Federal Reserve<\/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=\"86246\" 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\/16\/86246\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86246\" class=\"content-area-description single-story post-86246 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">MAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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>16-18 May (Thursday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.spa.gov.sa\/en\/N2096956#:~:text=Red%20Sea%20Fashion%20Week%20Makes%20Its%20Debut%20in%20May%202024&text=Riyadh%2C%20May%2006%2C%202024%2C,Resort%20development%20in%20Saudi%20Arabia.\" style=\"\">Red Sea Fashion Week<\/a><\/span><span style=\"font-weight:400;\">, The St. Regis Red Sea Resort. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>19-21 May (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudienergyconvention.com\/\" style=\"\">Saudi Energy Convention<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>20-21 May (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/fpf.sa\/en\" style=\"\">Future Projects Forum<\/a><\/span><span style=\"font-weight:400;\">, Four Seasons Hotel, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20-22 May (Monday-Wednesday): Future Aviation Forum, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>21-23 May (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.thesaudifoodshow.com\/\" style=\"\">The Saudi Food Show<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><span>21-23 May (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/aci.aero\/events\/aci-asia-pacific-aci-world-annual-general-assembly-conference-and-exhibition-waga\/\" style=\"\">WAGA 2024<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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:400;\">29 May (Wednesday): Sanabil 500 MENA seed accelerator demo day, 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: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;\">1 June (Saturday): OPEC+ meeting.<\/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>4-7 June (Tuesday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudisportshow.com\/\" style=\"\">Saudi Sports Show<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>4-7 June (Tuesday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/aqaratexpo.com\/en\/home\/\" style=\"\">Aqarat Expo<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5 June (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.unep.org\/news-and-stories\/press-release\/saudi-arabia-host-world-environment-day-2024-focus-land-restoration\" style=\"\">World Environment Day<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5 June (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/optimism.enterprise.news\/\" style=\"\">The Optimism Forum<\/a><\/span><span style=\"font-weight:400;\">, Cairo, Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>5 June (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/digitransformationsummit.com\/ksa\/\" style=\"\">Digital Transformation Summit<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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>10-12 September (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/twitter.com\/globalaisummit\/status\/1789658478690078841\" style=\"\">Global AI Summit<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11-12 September (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/informaconnect.com\/saudi-event-show\/\" style=\"\">The Saudi Event Show<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>17-19 September (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/evautoshowonline.com\/\" style=\"\">EV Auto Show<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><span>18-19 September (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudimaritimecongress.com\/en\/home.html\" style=\"\">Saudi Maritime & Logistics Congress<\/a><\/span><span style=\"font-weight:400;\">, Dammam.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>24-26 September (Tuesday-Thursday) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudiinfrastructureexpo.com\/\" style=\"\">Saudi Infrastructure Expo<\/a><\/span><span style=\"font-weight:400;\">, Riyadh International Convention and Exhibition Center, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">23 September (Monday): National Day (national holiday).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER<\/span><\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><span>21-22 October (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/smartportstransformation.com\/\" style=\"\">Smart Ports & Logistics Transformation Summit<\/a><\/span><span>, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span 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>26-28 November (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudiarabia-energy.com\/en\/home.html\" style=\"\">Saudi Electricity Expo<\/a><\/span><span style=\"font-weight:400;\">, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11-14 November (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cityscapeglobal.com\/en\/home.html\" style=\"\">Cityscape Global<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><span>18-20 November (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.theheatshow.com\/beta\/\" style=\"\">The Heavy Equipment and Truck Show<\/a><\/span><span style=\"font-weight:400;\">, Dammam.<\/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\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>PIF selling US equities | Hassana\u2019s USD 1.5 bn climate ticket | E-wallet regs out for consultation | Inflation unchanged | Fed foot-dragging is good for GCC banks<\/p>\n","protected":false},"featured_media":86221,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-86220","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"a363729b-dfe6-4c0a-a7b6-36bfa7b8e4bf","teaser":"PIF selling US equities | Hassana\u2019s USD 1.5 bn climate ticket | E-wallet regs out for consultation | Inflation unchanged | Fed foot-dragging is good for GCC banks","photo_url":"https:\/\/ent.news\/2024\/5\/1312.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Hassana writes USD 1.5 bn ticket to Bono-backed fund - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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