{"id":86504,"date":"2024-05-26T00:00:00","date_gmt":"2024-05-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?post_type=issue&#038;p=86504"},"modified":"2025-12-14T18:11:38","modified_gmt":"2025-12-14T18:11:38","slug":"pif-in-the-spotlight-after-reuters-report","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/ksa\/issues\/pif-in-the-spotlight-after-reuters-report\/","title":{"rendered":"PIF in the spotlight after Reuters report"},"content":{"rendered":"<section id=\"86506\" 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=\"86506\">\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\/26\/is-crown-prince-mohamed-bin-salman-set-to-visit-iran\/\">\r\n                            THIS MORNING: Is Crown Prince Mohamed bin Salman set to visit Iran?                        <\/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\/26\/is-crown-prince-mohamed-bin-salman-set-to-visit-iran\/\" 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\/26\/is-crown-prince-mohamed-bin-salman-set-to-visit-iran\/')\">\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\/26\/is-crown-prince-mohamed-bin-salman-set-to-visit-iran\/\">\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=Is Crown Prince Mohamed bin Salman set to visit Iran?&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/is-crown-prince-mohamed-bin-salman-set-to-visit-iran\/\">\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\/26\/is-crown-prince-mohamed-bin-salman-set-to-visit-iran\/&title=Is Crown Prince Mohamed bin Salman set to visit Iran?\">\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=Is+Crown+Prince+Mohamed+bin+Salman+set+to+visit+Iran%3F+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F26%2Fis-crown-prince-mohamed-bin-salman-set-to-visit-iran%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\/26\/is-crown-prince-mohamed-bin-salman-set-to-visit-iran\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86506\" class=\"content-area-description single-story post-86506 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-enterpriseam-ksa tag-goldman-sachs tag-kkr tag-lucid tag-saudi-iran-relations tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.96cc1ae4-940e-4270-808e-d139f406a4db.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends<\/strong>, and welcome to a busy issue with which to start the workweek. And there\u2019s lots more to come: We expect the pace of news to accelerate in the coming weeks as we hurtle toward the Eid Al Adha holiday in mid-June. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT FIRST- The Friday premier of \u201cBad Boys: Ride or Die\u201d in Riyadh got lots of ink over <\/strong><strong>the weekend. <\/strong>It was Saudi\u2019s first Hollywood premier and was attended by the film\u2019s headliners, actors Will Smith and Martin Lawrence. The <a target=\"_blank\" href=\"https:\/\/apnews.com\/video\/saudi-arabia-movies-e1980a26722a4894a6c4ff365224b7b5\" style=\"\" rel=\"noopener\">Associated Press<\/a> has more, and odds are good if you\u2019re in Riyadh that he\u2019s all over your <a target=\"_blank\" href=\"https:\/\/www.instagram.com\/reel\/C7YTP5PhrGZ\/\" style=\"\" rel=\"noopener\">IG \/ TikTok \/ whatever<\/a>.<\/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- Goldman Sachs is inching closer to setting up its regional shop in the <\/strong><strong>Kingdom&nbsp;<\/strong>after it received a license from the Ministry of Investment, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-23\/saudi-arabia-goldman-gs-is-first-wall-street-bank-to-get-saudi-hq-license\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports citing unnamed sources it says are familiar with the matter. There\u2019s no publicly available information about the planned size or scope of the bank\u2019s activities at its Saudi office, or the number of employees it plans to hire here. Others including <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/21971744-56a6-435d-a24e-362419866213\/\" style=\"\" rel=\"noopener\">BlackRock<\/a>, JPMorgan Chase, Deutsche Bank, and HSBC have ramped-up their hiring in the Kingdom.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/kkrsaudi.com\/\" style=\"\" rel=\"noopener\">KKR Saudi<\/a><\/strong><strong>, the local arm of global investment firm KKR, has added fund and <\/strong><strong>investment management <\/strong>services to its license, the Capital Market Authority said in a <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/en\/Market\/News\/pages\/CMA_N_3557.aspx\" 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>#2- <\/strong><strong>Saudi<\/strong><strong> is looking<\/strong><strong> to attract some USD 3 tn in investment by 2030<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.saudigazette.com.sa\/article\/643097\/SAUDI-ARABIA\/Saudi-Arabia-aims-to-attract-over-$3-trillion-in-investments-by-2030\" style=\"\" rel=\"noopener\">Saudi<\/a><a target=\"_blank\" href=\"https:\/\/www.saudigazette.com.sa\/article\/643097\/SAUDI-ARABIA\/Saudi-Arabia-aims-to-attract-over-$3-trillion-in-investments-by-2030\" style=\"\" rel=\"noopener\">Gazette<\/a> reported Investment Minister Khalid Al Falih as saying China-GCC investment conference in China. The event saw a high-profile Saudi delegation, led by Al Falih, descend on Xiamen. Crown Prince and Prime Minister Mohammed Bin Salman was due to lead both the Xiamen mission and an earlier one to Japan, but reportedly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/97e9efde-1f9d-4fc9-9e56-6cde1f4e264d\/washington-signals-a-security-and-nuclear-pact-with-riyadh-is-nearly-over-the-line\" style=\"\" rel=\"noopener\">called off travel plans plans<\/a> due to the King\u2019s health, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/saudi-delegation-heads-china-without-crown-prince-due-kings-illness-sources-2024-05-22\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported. King Salman continues to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/311f2ce9-ef89-4431-9b5e-112d8dec79f6\" style=\"\" rel=\"noopener\">undergo medical treatment<\/a> at Jeddah\u2019s Al Salam Royal Palace for inflammation in the lungs.<\/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>#3- PIF-backed EV maker Lucid is set to reduce its workforce by 6%<\/strong>, cutting 400 jobs before the end of 3Q as it looks to cut costs amid a slowdown in electric car sales, the <a target=\"_blank\" href=\"https:\/\/ir.lucidmotors.com\/static-files\/622f6a04-5b5f-4046-a549-9996ec81bd74\" style=\"\" rel=\"noopener\">company said in a disclosure<\/a>. The plan is expected to set the company back some USD 21-25 mn in the current quarter. Lucid reported a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/353686fa-c327-4899-a6b1-232206a47f7d\/%253cmark%253elucid%253c%2Fmark%253e,-bupa-arabia-%2B-al-rajhi-takaful-report-1q-2024-results#:~:text=PIF%2Dbacked%20EV%20maker%20Lucid%20reported%20a%20net%20loss%20of%20nearly%20USD%20685%20mn%20on%20revenues%20of%20USD\" style=\"\" rel=\"noopener\">net loss of USD 685<\/a> mn in 1Q 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong>Lucid plans to ramp up its capex spending to about USD 1.5 bn as it launches production of the Gravity, invests in its Arizona facility, and builds out its plant in Saudi. The PIF <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/24d261bb-f0f8-4a49-988c-7e3eeebeaa2a\/pif-doubles-down-on-lucid-with-usd-1-bn-investment\" style=\"\" rel=\"noopener\">committed USD 1 bn to Lucid<\/a> in a follow-on investment back in March.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In other EV news: \u201cSaudi Arabia\u201d is in talks with California-based electric flying car <\/strong><strong>manufacturer <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.archer.com\/usher\/\" style=\"\" rel=\"noopener\">Archer Aviation<\/a><\/strong><strong> for potential partnerships<\/strong><strong> in Riyadh and Jeddah<\/strong>, along with some of the mega projects across the Kingdom, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/saudi-woos-electric-flying-taxi-company-archer-gulf-rivals-vie-be-aviation-hub-2024-05-22\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing remarks by Archer\u2019s company\u2019s chief commercial officer, Nikhil Goel. The newswire didn\u2019t name the Saudi company involved in the talks. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s the second mention of flying cars this month:<\/strong> US-based electric aircraft maker <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/74c15db1-6014-44fa-b810-6c9bccb094a7\/so.-much.-aviation.\" style=\"\" rel=\"noopener\">Joby<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/74c15db1-6014-44fa-b810-6c9bccb094a7\/so.-much.-aviation.\" style=\"\" rel=\"noopener\">Aviation plans to expand into the local market<\/a> after it signed a MoU with Aramco aviation subsidiary Mukamalah. Mukamalah, which operates the world\u2019s largest fleet of corporate aircraft, plans to introduce Joby\u2019s eVTOL to the Saudi market. \"Since we made our first several announcements in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/c907c59d-7976-4fea-ae6b-b9c1a683d403\/airline-expansions,-tourism-forecasts,-and-evtol-updates-from-day-two-of-atm\" style=\"\" rel=\"noopener\">the UAE<\/a> that has piqued interest\" across the region.<\/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- <\/strong><strong>Crown Prince and Prime Minister Mohammed bin Salman has reportedly <\/strong><strong>accepted an invitation to visit Tehran<\/strong>, Iran\u2019s <a target=\"_blank\" href=\"https:\/\/en.mehrnews.com\/news\/215646\/Saudi-crown-prince-Bin-Salman-to-visit-Iran\" style=\"\" rel=\"noopener\">Mehr news agency<\/a> reported yesterday. Saudi officials have yet to confirm the invitation, which Mehr says was extended by Iran\u2019s interim president, Mohammad Mokhber. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>State news agency SPA confirmed that the Crown Prince and Mokhber had had a call<\/strong>, but stopped short of mentioning a visit. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context: <\/strong>Tehran and Riyadh have taken cautious steps in the past 12 months or so to patch up relations. The visit, if it goes through, would be the first by a Saudi royal in more than two decades. <\/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>#5- <\/strong><strong>The Saudi Air Connectivity Program is expected to announce \u201cbig news\u201d in <\/strong><strong>the first week of <\/strong><strong>June <\/strong>on a new route connecting Asia to the Kingdom, CEO Majid Khan told Asharq Business (<a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/64129\/%D8%A8%D8%B1%D9%86%D8%A7%D9%85%D8%AC-%D8%A7%D9%84%D8%B1%D8%A8%D8%B7-%D8%A7%D9%84%D8%AC%D9%88%D9%8A-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A-%D9%8A%D8%B6%D9%8A%D9%81-50-%D9%88%D8%AC%D9%87%D8%A9-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D9%85%D9%86%D8%B0-%D8%A5%D8%B7%D9%84%D8%A7%D9%82%D9%87\/\" style=\"\" rel=\"noopener\">watch, runtime: 5:38<\/a>). He expects another announcement on a destination \u201cfrom the west\u201d after the summer, Khan said, refusing to disclose further details. \u201cWe are working on a pipeline not only for 2024 but from now on towards 2030 because we need to make sure [we reach] the 70 mn inbound travelers [target],\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context-<\/strong> The program, which was launched in 2021, aims to boost connectivity to the Kingdom from Europe, Asia and the Americas. It has attracted three new <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/6c9fa888-91d8-4d66-b39b-aa812e00dd59\" style=\"\" rel=\"noopener\">Chinese airlines<\/a> and three <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/5f9ff1a1-f605-440b-ac0d-451928305e4b\" style=\"\" rel=\"noopener\">European carriers<\/a> to launch flights to Saudi this year, according to Khan.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- Five<\/strong><strong> investors and a local firm were hit with SAR 4.8 mn in fines and orders for <\/strong><strong>repayment <\/strong>after an appeals committee by the Capital Market Authority (CMA) upheld findings that they had engaged in market manipulation as well as insider trading.<\/p>\n<p class=\"tag-border-left\">DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The Kingdom aims to boost its daily water desalination capacity to 16.2 mn cubic <\/strong><strong>meters,<\/strong> up from the current 9.4 mn cubic meters by 2030, <a target=\"_blank\" href=\"https:\/\/www.aleqt.com\/2024\/05\/23\/article_2728871.html\" style=\"\" rel=\"noopener\">Aleqtisadiah<\/a> reports quoting Environment Minister official Saud Al-Murshed. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Some <\/strong><strong>54 industrial <\/strong><strong>licenses for projects worth a combined SAR 1 bn were issued in <\/strong><strong>March 2024 <\/strong>by the Industry and Mineral Resources Ministry, it said in a <a target=\"_blank\" href=\"https:\/\/x.com\/Jarrah_4\/status\/1793592977249710239\" style=\"\" rel=\"noopener\">statement on X<\/a>. The authority said it issued nine licenses for \u201cnon-metal products,\u201d eight licenses for food businesses, and seven for metal products.<\/p>\n<p class=\"tag-border-left\">OIL WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Opec+<\/strong><strong> is expected extend voluntary oil cuts well into 2H 2024 when it meets next <\/strong><strong>week<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-24\/opec-to-hold-next-month-s-meeting-online-rather-than-in-vienna\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. The group of oil-producing nations is scheduled to review and decide on output policy during an online meeting on Sunday, 2 June, instead of the usual in-person meeting previously planned on 1 June. They will decide on whether to extend oil-market-balancing production cuts of 2 mn barrels per day into the second half of the year. <\/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>Is the G7 angling for a trade war with China? <\/strong>Finance ministers meeting in Italy yesterday warned that they are upset with the role China is playing in global business \u2014 and could move to take action. \u201cWhile reaffirming our interest in a balanced and reciprocal collaboration, we express concerns about China\u2019s comprehensive use of non-market policies and practices that undermines our workers, industries, and economic resilience. We will continue to monitor the potential negative impacts of overcapacity and will consider taking steps to ensure a level playing field.\u201d <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-25\/china-slammed-in-g-7-show-of-unity-threatening-trade-escalation?srnd=homepage-middle-east&amp;sref=mmeFTDW1\" style=\"\" rel=\"noopener\">Bloomberg<\/a> has more.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Israel <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-presses-with-strikes-gaza-after-world-court-ruling-2024-05-25\/\" style=\"\" rel=\"noopener\">continues to attack Rafah<\/a><\/strong> despite the International Court of Justice (ICJ) <a target=\"_blank\" href=\"https:\/\/news.un.org\/en\/story\/2024\/05\/1150196\" style=\"\" rel=\"noopener\">order to immediately cease all military operations<\/a> in Rafah on Friday. <strong>The court also ordered Israel to open the Rafah crossing to aid <\/strong>and allow investigators into the area. The court\u2019s non-binding rulings come days after the ICJ chief prosecutor requested arrest warrants for a number of Israeli and Hamas officials. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another round of talks ahead? <\/strong>Mediators are expected to return to the negotiating table this week, one official with knowledge of the matter told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-presses-with-strikes-gaza-after-world-court-ruling-2024-05-25\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. Negotiations will reportedly discuss \u201cnew proposals led by the mediators, Egypt and Qatar and with active US involvement,\u201d the official said. Israeli, Qatari, and US officials met in Paris over the weekend <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2024\/05\/25\/world\/israel-gaza-war-hamas-rafah#negotiators-hope-to-restart-israel-gaza-hostage-and-cease-fire-talks-within-a-week-officials-say\" style=\"\" rel=\"noopener\">for preliminary discussions<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not working: The USD 320 mn pier built by US forces<\/strong>, who are not allowed by White House policy to set foot in Gaza to help distribute aid. The equivalent of 71 truckloads of aid made it in through the pier last week \u2014 far short of the 90 per day US officials were hoping for. The <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/the-u-s-built-a-320-million-pier-to-get-aid-to-gazans-little-of-it-has-reached-them-f14e0175\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> has a deep dive.<\/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>AND IN AI NEWS- Google\u2019s AI Overview is under fire for being extremely flawed. <\/strong>AI Overview shows users quick summaries when they Google a question, supposedly saving users a lot of scrolling, but it has become the subject of scrutiny online for its complete nonsense results. AI Overview has suggested users use glue to ensure their cheese sticks to their pizza base or recommended users consume \u201cat least one small rock a day.\u201d <strong>Google is taking swift action to tackle the issue<\/strong>, a company spokesman told <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/05\/24\/google-criticized-as-ai-overview-makes-errors-like-saying-president-obama-is-muslim.html\" style=\"\" rel=\"noopener\">CNBC<\/a> \u2014 an approach that right now involves <a target=\"_blank\" href=\"https:\/\/www.theverge.com\/2024\/5\/24\/24164119\/google-ai-overview-mistakes-search-race-openai\" style=\"\" rel=\"noopener\">taking down some of the dumbest suggestions by hand<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not seeing AI Overview on your search results page? <\/strong>The feature is only widely available in the US right now. <\/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>ALSO worth knowing about this morning:<\/strong><\/p>\n<ul>\n<li><strong>Rishi Sunak is promising to <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/138e4d90-a92c-4a14-8978-580984ce72cd\" style=\"\" rel=\"noopener\">bring back 12 months of compulsory national service<\/a><\/strong> for 18 year-olds if he\u2019s re-elected prime minister;<\/li>\n<li><strong>Tesla shareholders are being told to vote against a proposed <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-25\/tesla-shareholders-should-reject-musk-s-pay-glass-lewis-says\" style=\"\" rel=\"noopener\">USD 56 bn pay<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-25\/tesla-shareholders-should-reject-musk-s-pay-glass-lewis-says\" style=\"\" rel=\"noopener\">package<\/a><\/strong> for Elon Musk as well as a plan to relocate the company\u2019s headquarters to Texas;<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A WARNING from the Wall Street Journal: <\/strong><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/style\/fashion\/sweatpant-jeans-rag-and-bone-miramar-denim-sofie-26bc7c7c?mod=wknd_pos1\" style=\"\" rel=\"noopener\">I regret to inform you that sweatpant-jeans are<\/a><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/style\/fashion\/sweatpant-jeans-rag-and-bone-miramar-denim-sofie-26bc7c7c?mod=wknd_pos1\" style=\"\" rel=\"noopener\">sweeping America<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expect a quiet news day <\/strong>out of the USA today and tomorrow: Our American friends are off through Monday for a three-day weekend in observance of Memorial Day. <\/p>\n<p class=\"tag-border-left\">PSAs-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The next round of e-invoicing:<\/strong> Companies that had more than SAR 10 mn in revenues subject to VAT in 2022 or 2023 will have to \u201cintegrate their e-invoicing solutions with Zatca\u2019s Fatoora platform from 1 December 2024,\u201d Zatca said in a <a target=\"_blank\" href=\"https:\/\/zatca.gov.sa\/en\/MediaCenter\/News\/Pages\/news_1243.aspx\" style=\"\" rel=\"noopener\">post on X<\/a>. It\u2019s the latest phase of a e-invoicing rollout that began in late 2021.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2- The Hajj and Umrah Ministry is mulling a one-day Hajj package solely for <\/strong><strong>Makkah <\/strong><strong>residents in a bid to curb illegal pilgrimage<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.alwatan.com.sa\/article\/1147415\" style=\"\" rel=\"noopener\">Al Watan<\/a> reported. The package would include transportation to Arafat and Mina but would not bundle-in accommodation in the holy sites. Individuals who qualify must be Saudi citizens or expats with residency in Makkah provided who have not performed Hajj before.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>Expect clear skies in <strong>Riyadh <\/strong>with a daytime high of 42\u00b0C and a low of 29\u00b0C. <strong>Makkah<\/strong> is on the windy side with a high of 43\u00b0C and a low of 30\u00b0C, with Jeddah seeing a similar weather with a high of 37\u00b0C and a low of 28\u00b0C.<\/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>Demo day for the final round of the Sanabil 500 MENA seed accelerator will take place<\/strong><strong> on 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>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/gemtechforum.com\/\" style=\"\" rel=\"noopener\">Global EV and Mobility Tech Forum<\/a><\/strong><strong> will open its doors on Wednesday, 10 July to <\/strong><strong>Thursday, 11 July at the Riyadh International Convention and Exhibition Center. <\/strong>The event will bring together policymakers, NGOs, and startups. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>Saudi will host the UN Trade and Development Global Supply Chain Forum in <\/strong><strong>2026<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/mawani.gov.sa\/article?news=230524\" style=\"\" rel=\"noopener\">statement<\/a> by Saudi Ports Authority (Mawani). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Arabia will host the eleventh World Water Forum<\/strong>, which is set to be held in 2027 under the theme \u201cTogether for a better tomorrow,\u201d state-run news agency <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2109925\" style=\"\" rel=\"noopener\">SPA<\/a> reports. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/goldman-sachs\/\">Goldman Sachs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/kkr\/\">KKR<\/a>\n                <!-- <span 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class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n      <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n        <span class=\"has-primary-color stk-highlight\"> This publication is proudly sponsored by<\/span>\r\n    <\/h4>\r\n    <div class=\"issue-sponsor-slides-div\">\r\n        \r\n            <div class=\"issue-sponsor-slide issue-sponsor-slide--single-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/42493.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.tasheelfinance.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/15549.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Easier life with Tasheel<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            \r\n            <div class=\"issue-sponsor-slide issue-sponsor-slide--single-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/42494.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/hap.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/15542.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>From OUR FAMILY 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=\"86508\" 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=\"86508\">\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\">GIGAPROJECTS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/pif-to-reorganize-management-review-mckinsey-and-bcg-contracts-reuters-says\/\">\r\n                            Reuters says the Public Investment Fund will \u201creorganize management\u201d                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img 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             <\/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\/26\/pif-to-reorganize-management-review-mckinsey-and-bcg-contracts-reuters-says\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1619.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86509\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/pif-to-reorganize-management-review-mckinsey-and-bcg-contracts-reuters-says\/1619-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1619.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1619.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1619.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1619.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86508\" class=\"content-area-description single-story post-86508 post type-post status-publish format-standard has-post-thumbnail hentry category-gigaprojects tag-economy tag-gigaprojects tag-neom wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.dff6076e-21f2-48d7-95f8-0beaff8d32f0.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> The <strong>sovereign wealth fund is mulling a \u201creorganization\u201d of management<\/strong>, will review its contracts with global consultancies McKinsey and BCG, and could prioritize plans with short-term impact, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-sovereign-wealth-fund-reorganize-management-amid-budget-crunch-sources-say-2024-05-24\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports in an exclusive. Part of the reorganization could see Public Investment Fund Governor Yasir Al-Rumayyan delegate some responsibilities to managers at the PIF, the newswrite adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A shift of focus, not a change of plan: <\/strong>The fund will reportedly prioritize projects that have a higher chance of success, the newswire\u2019s unnamed sources said. There\u2019s no publicly available information about which projects are expected to be paced out. The newswire joins <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-05\/saudis-scale-back-ambition-for-1-5-trillion-desert-project-neom\" style=\"\" rel=\"noopener\">Bloomberg<\/a> which has reported earlier that progress as the glass-walled city \u2014 better known as The Line \u2014 would be scaled back. Neom officials have recently <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ec1a5a17-e4c2-4d18-bcd5-0c94dffd7445\/no-overheating\" style=\"\" rel=\"noopener\">assured contractors and bankers<\/a> that the buildout of the city was proceeding on schedule.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rationalizing costs + attracting foreign investments:<\/strong> The USD 925 bn fund is looking to drum up foreign investment while rationalizing spending on expensive consultancy contracts, Reuters adds. This is in line with the Finance Ministry\u2019s plan to pace out growth in some of the country\u2019s mega projects <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ec1a5a17-e4c2-4d18-bcd5-0c94dffd7445\/no-overheating\" style=\"\" rel=\"noopener\">not to \u201coverheat\u201d the economy<\/a> as Finance Minister Mohamed Al Jadaan put it earlier this month. Al Jadaan first alluded to this view on allowing the economy to catch up with the government\u2019s projects in December, when he hinted that the government could strategically slow down the execution of some of its economic transformation projects, meaning some could wrap past their initial 2030 deadlines.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Neom also recently came off the road in China with officials looking to rally interest from Hong Kong, Beijing, and Shanghai. It is looking to diversify its funding sources away from PIF, securing a fresh revolving credit facility worth SAR 10 bn from local banks and reportedly planning what could be its first-ever sukuk sale.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- <\/strong>Design and engineering firms can now bid for works in the next phase of the Mukaab project of the PIF-owned New Murabaa Development, <a target=\"_blank\" href=\"https:\/\/saudigazette.com.sa\/article\/643085\" style=\"\" rel=\"noopener\">Saudi Gazette<\/a> reports. Some 5 mn cubic meters of excavation work is complete and the final design is expected to be ready in 3Q 2024.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/economy\/\">ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/gigaprojects\/\">Gigaprojects<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/neom\/\">NEOM<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"86510\" 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=\"86510\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">CAPITAL MARKETS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/aramco-could-pull-the-trigger-on-a-secondary-share-sale-in-the-coming-weeks\/\">\r\n                            Aramco could pull the trigger on a secondary share sale in the coming weeks                        <\/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\/26\/aramco-could-pull-the-trigger-on-a-secondary-share-sale-in-the-coming-weeks\/\" 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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USD 10 bn<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/saudi-arabia-plans-aramco-share-sale-soon-june-sources-say-2024-05-24\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports citing two unnamed sources it says are familiar with the matter. Aramco has not confirmed the share sale, which some originally said <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4b51a41c-d94e-4d73-adeb-17186d5bb104\/inching-closer-to-a-blockbuster%253cmark%253e-aramco%253c%2Fmark%253e%253cmark%253e-share%253c%2Fmark%253e%253cmark%253e-sale%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">could be worth as much as USD 20 bn<\/a>. The newswire expects Aramco to put on a full roadshow to market the offering rather than doing an accelerated book build.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PIF has increased its stake in Aramco ahead of the expected sale:<\/strong> Sovereign wealth fund <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e07c7da8-cdae-4c02-8d5a-33637252b1b9\/%253cmark%253earamco%253c%2Fmark%253e-reports-lower-net-income-in-1q-2024,-but-looks-on-track-to-boost-this-year%25e2%2580%2599s-dividend\" style=\"\" rel=\"noopener\">PIF doubled its stake in Aramco to 16%<\/a> in March, which Aramco says did not affect its total number of issued shares nor its operations, strategy or dividend distribution policy, maintaining that the Saudi government holds its largest stake at 82.19% in direct shareholding.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aramco\u2019s net income fell 14.4% y-o-y to SAR 102.3 bn (USD 27.3 bn) in 1Q 2024<\/strong>, and its revenues dipped 3.7% y-o-y to SAR 402.0 bn (USD 107.2 bn), which it attributed to lower crude oil sales and falling refining and chemicals margins. The oil giant will <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e07c7da8-cdae-4c02-8d5a-33637252b1b9\/aramco-reports-lower-net-income-in-1q-2024,-but-looks-on-track-to-boost-this-year%25e2%2580%2599s-dividend\" style=\"\" rel=\"noopener\">nevertheless boost its dividend this year by as much as 30%<\/a> over 2023 thanks to a performance-based payout.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- The oil giant is reportedly eyeing Shell\u2019s downstream assets in South <\/strong><strong>Africa,&nbsp;<\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-24\/adnoc-aramco-said-to-mull-bids-for-shell-south-africa-assets\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing unnamed sources it says are familiar with the matter. The potential sale could have a price tag of USD 800 mn and would be the latest move in Shell\u2019s divestment South Africa after it offloaded the country\u2019s biggest oil refinery in 2022. Talks are ongoing with \u201cseveral highly credible parties,\u201d Bloomberg quotes Shell\u2019s spokesperson as saying. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s on the table: <\/strong>The sale would include the company\u2019s aviation, marine, construction and road, trading and supply, commercial fuels, and lubricant operations, Bloomberg reports citing the company\u2019s announcement earlier this month. Shell owns a network of 600 stations across the country. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other potential bidders reportedly include Abu Dhabi National Oil (Adnoc)<\/strong>, South Africa\u2019s chemicals and energy player Sasol, Swiss-based Puma Energy, and Glencore.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/capital-markets\/\">Capital Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"86512\" 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=\"86512\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/moodys-gives-the-kingdoms-local-and-foreign-currency-rating-a-boost-to-aa1\/\">\r\n                            Moody's upgrades Kingdom\u2019s local and foreign currency rating to Aa1                        <\/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\/26\/moodys-gives-the-kingdoms-local-and-foreign-currency-rating-a-boost-to-aa1\/\" 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\/26\/moodys-gives-the-kingdoms-local-and-foreign-currency-rating-a-boost-to-aa1\/')\">\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\/26\/moodys-gives-the-kingdoms-local-and-foreign-currency-rating-a-boost-to-aa1\/\">\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=Moody's gives the Kingdom\u2019s local and foreign currency rating a boost to Aa1&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/moodys-gives-the-kingdoms-local-and-foreign-currency-rating-a-boost-to-aa1\/\">\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\/26\/moodys-gives-the-kingdoms-local-and-foreign-currency-rating-a-boost-to-aa1\/&title=Moody's gives the Kingdom\u2019s local and foreign currency rating a boost to Aa1\">\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=Moody%27s+gives+the+Kingdom%E2%80%99s+local+and+foreign+currency+rating+a+boost+to+Aa1+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F26%2Fmoodys-gives-the-kingdoms-local-and-foreign-currency-rating-a-boost-to-aa1%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\/26\/moodys-gives-the-kingdoms-local-and-foreign-currency-rating-a-boost-to-aa1\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/555.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86513\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/moodys-gives-the-kingdoms-local-and-foreign-currency-rating-a-boost-to-aa1\/555-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/555.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"555.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/555.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/555.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86512\" class=\"content-area-description single-story post-86512 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam-ksa tag-moodys tag-non-oil tag-sp-global wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.15c50975-65fc-453b-b018-5de19cbdcb2f.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>An Aa1 from Moody\u2019s: <\/strong>Rating agency Moody\u2019s has upgraded Saudi\u2019s local and foreign currency rating to Aa1 from Aa2 on the back of improved government decision-making and institutional reforms, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/currencies\/moodys-raises-saudi-arabias-local-foreign-currency-rating-aa1-2024-05-24\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported, citing a report by Moody\u2019s. It said the upgrade came due to \"increased predictability of policies and decision-making processes affecting non-government issuers given institutional improvements.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Key insights<\/strong>: The report said a \u201czero-notch gap\u201d between the foreign currency and local currency ratings was backed by robust forex reserves by Saudi central bank Sama. This signals minimal risks associated with transfers or convertibility.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Something to watch out for: <\/strong>The rating agency said a \u201cthree-notch gap\u201d between the local currency rating and the <a target=\"_blank\" href=\"https:\/\/www.mof.gov.sa\/en\/MediaCenter\/news\/Pages\/News_24052024.aspx\" style=\"\" rel=\"noopener\">A1 sovereign rating<\/a> came due to a heavy reliance on a single revenue source \u2014 read: oil \u2014 for the public and private sector and growing geopolitical risks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Finance Minister Mohamed Al Jadaan <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/a2fddbf3-6f07-42c5-a909-bf47af342a97\" style=\"\" rel=\"noopener\">said recently<\/a> that the Kingdom could drive faster GDP growth by pumping more oil, but it wouldn\u2019t be \u201ccomprehensive and sustainable growth. \u2026 If we wanted, we could produce 10 mn barrels of oil per day instead of 9.5 mn and achieve a much larger growth in GDP,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What the others are saying: <\/strong>S&amp;P Global Ratings <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/5f3a1da6-1cae-44f2-b686-435f934dd72b\" style=\"\" rel=\"noopener\">affirmed in March<\/a> the Kingdom\u2019s long- and short-term foreign and local currency sovereign credit ratings at A\/A-1 with a stable outlook on the back of continued economic and social reforms. It expects Vision 2030 projects will lead to a more diversified economy, create jobs, and result in an inclusive labor force.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/economy\/\">ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/moodys\/\">Moody\u2019s<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/non-oil\/\">non-oil<\/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=\"86514\" 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=\"86514\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">AVIATION<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/chinese-aircraft-maker-comac-sets-sights-on-the-kingdom\/\">\r\n                            China\u2019s Comac is setting its sights on Saudi Arabia, looks to compete with Western planemakers                        <\/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\/26\/chinese-aircraft-maker-comac-sets-sights-on-the-kingdom\/\" 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\/26\/chinese-aircraft-maker-comac-sets-sights-on-the-kingdom\/')\">\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\/26\/chinese-aircraft-maker-comac-sets-sights-on-the-kingdom\/\">\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=Chinese aircraft maker Comac sets sights on the Kingdom&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/chinese-aircraft-maker-comac-sets-sights-on-the-kingdom\/\">\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\/26\/chinese-aircraft-maker-comac-sets-sights-on-the-kingdom\/&title=Chinese aircraft maker Comac sets sights on the Kingdom\">\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=Chinese+aircraft+maker+Comac+sets+sights+on+the+Kingdom+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F26%2Fchinese-aircraft-maker-comac-sets-sights-on-the-kingdom%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\/26\/chinese-aircraft-maker-comac-sets-sights-on-the-kingdom\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2009.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86515\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/chinese-aircraft-maker-comac-sets-sights-on-the-kingdom\/2009-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2009.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2009.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2009.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2009.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86514\" class=\"content-area-description single-story post-86514 post type-post status-publish format-standard has-post-thumbnail hentry category-aviation tag-aviation tag-comac tag-enterpriseam-ksa tag-manufacturing tag-saudi-china-relations 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\/.78aff4e8-dc8d-41a8-b417-21c289d2ca08.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Chinese state-owned planemaker Comac is setting its sights on the Kingdom<\/strong> in a bid to compete with Western manufacturers, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/china-planemaker-comac-eyes-saudi-arabia-global-expansion-2024-05-23\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported, citing statements by its chairman Dongfeng He. \u201cComac envisions enhancing global connectivity and diversity by contributing to Saudi Arabia's aviation transportation development,\u201d He said last week during an aviation forum in Riyadh. He said two of the group\u2019s operational planes \u2014 the C919 and ARJ21 regional jet \u2014 could boost Saudi\u2019s flight market both domestically and regionally.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>Flagship carrier Saudia confirmed to Reuters earlier media reports that it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/74c15db1-6014-44fa-b810-6c9bccb094a7\" style=\"\" rel=\"noopener\">has<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/74c15db1-6014-44fa-b810-6c9bccb094a7\" style=\"\" rel=\"noopener\">invited Comac<\/a> to set up an assembly line in Jeddah. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A hurdle along the way:<\/strong> Aviation sources told Reuters that Comac still has a long way to go before it can credibly expand overseas due to the lack of key certifications from the US or European Union and the need for more efficient planes. The US added the Chinese manufacturer in 2021 to its list of companies affiliated to the Chinese military, banning any investments by American firms in it.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/aviation\/\">AVIATION<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/comac\/\">Comac<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/manufacturing\/\">manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-china-relations\/\">Saudi-China relations<\/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=\"86516\" 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=\"86516\">\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\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/non-oil-exports-dropped-a-bit-more-than-5-in-1q-2024\/\">\r\n                            Saudi Arabia\u2019s non-oil exports fell on an annual basis in 1Q 2024, while imports are on an upward trend                        <\/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\/26\/non-oil-exports-dropped-a-bit-more-than-5-in-1q-2024\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/non-oil-exports-dropped-a-bit-more-than-5-in-1q-2024\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/non-oil-exports-dropped-a-bit-more-than-5-in-1q-2024\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Non-oil exports dropped a bit more than 5% in 1Q 2024&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/non-oil-exports-dropped-a-bit-more-than-5-in-1q-2024\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/non-oil-exports-dropped-a-bit-more-than-5-in-1q-2024\/&title=Non-oil exports dropped a bit more than 5% in 1Q 2024\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Non-oil+exports+dropped+a+bit+more+than+5%25+in+1Q+2024+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F26%2Fnon-oil-exports-dropped-a-bit-more-than-5-in-1q-2024%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/non-oil-exports-dropped-a-bit-more-than-5-in-1q-2024\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1984.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86517\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/non-oil-exports-dropped-a-bit-more-than-5-in-1q-2024\/1984-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1984.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1984.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1984.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1984.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86516\" class=\"content-area-description single-story post-86516 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-trade 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\/.04517b53-fff8-4b55-bb2b-e17138ef99e9.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Non-oil exports fell 5.2% y-o-y in 1Q 2024<\/strong>, according to the latest data from the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1952.pdf\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1952.pdf\" style=\"\" rel=\"noopener\">General Authority for Statistics (Gastat) (pdf)<\/a>. Including re-exports \u2014 which increased in value by 31.5% y-o-y \u2014 total non-oil exports rose 3.3% last quarter.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ratio of non-oil exports \u2014 including re-exports \u2014 to imports dropped to 34.7% in 1Q<\/strong>, down from 35.8% in 1Q 2023, as imports rose 6.4%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A monthly snapshot: <\/strong>Merchandise exports in March, excluding re-exports, fell 6.3% y-o-y, while total exports dipped 0.8% y-o-y. The value of re-exported goods rose 17.6% y-o-y, according to another <a target=\"_blank\" href=\"https:\/\/www.stats.gov.sa\/sites\/default\/files\/ITR%20MAR2024E_1.pdf\" style=\"\" rel=\"noopener\">Gastat release (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What are re-exports?<\/strong> These are products that one country imports and re-sells to another country as-is, without providing added value or labor input in the process. This can happen for various reasons, including taking advantage of price differences between markets, fulfilling orders, or redistributing goods to other markets where there is demand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China remains Saudi\u2019s biggest trade partner:<\/strong> Saudi exports to China accounted for 15% of total exports in 1Q 2024, followed by South Korea at 9.8%, and India at 9.5%. Chinese products and services also accounted for the largest share of Saudi\u2019s imports during the quarter (21%), followed by the United States (8%), the UAE (6.8%), and India.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Chemical products accounted for 25% of non-oil exports in 1Q 2024<\/strong> \u2014 the most exported products last quarter \u2014 despite falling 18% y-o-y. Plastics came second, accounting for 23% of total non-oil exports.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/economy\/\">ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/trade\/\">trade<\/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=\"86518\" 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=\"86518\">\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\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/hassan-allam-construction-saudi-to-build-primary-coral-reef-nursery-in-neom-plus-ma-investment-and-hospitality\/\">\r\n                            Hassan Allam Construction Saudi to build primary coral reef nursery in Neom. Plus: M&amp;A, investment and hospitality                        <\/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\/26\/hassan-allam-construction-saudi-to-build-primary-coral-reef-nursery-in-neom-plus-ma-investment-and-hospitality\/\" 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\/26\/hassan-allam-construction-saudi-to-build-primary-coral-reef-nursery-in-neom-plus-ma-investment-and-hospitality\/')\">\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\/26\/hassan-allam-construction-saudi-to-build-primary-coral-reef-nursery-in-neom-plus-ma-investment-and-hospitality\/\">\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=Hassan Allam Construction Saudi to build primary coral reef nursery in Neom. Plus: M&#038;A, investment and hospitality&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/hassan-allam-construction-saudi-to-build-primary-coral-reef-nursery-in-neom-plus-ma-investment-and-hospitality\/\">\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\/26\/hassan-allam-construction-saudi-to-build-primary-coral-reef-nursery-in-neom-plus-ma-investment-and-hospitality\/&title=Hassan Allam Construction Saudi to build primary coral reef nursery in Neom. 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The agreement sees Hassan Allam in charge of carrying out external and internal infrastructure works on a total built-up area of 24.7k square meters. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the project: <\/strong>The <strong><a target=\"_blank\" href=\"https:\/\/www.kaust.edu.sa\/html\/reefscape\/\" style=\"\" rel=\"noopener\">Kaust Coral Restoration Initiative<\/a><\/strong> is designed to counter the negative impact of climate change and rising sea water temperatures on coral reefs. It covers Neom\u2019s Haddah beach.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>Our friends at Hassan Allam Holding, the regional construction, engineering, and infrastructure giant, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/770be086-67a5-427c-9082-9135b50f1b61\" style=\"\" rel=\"noopener\">opened in March<\/a> their regional headquarters in Riyadh after securing an investment license from the Investment Ministry. The new headquarters comes as part of the group\u2019s ongoing expansion in the Middle East and Africa.<\/p>\n<p class=\"tag-border-left\">M&amp;A-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The board of homegrown supermarket group BinDawood has approved the full <\/strong><strong>acquisition of <\/strong><strong>Jumeirah Trading&nbsp;<\/strong>in a transaction worth as much as SAR 186.5 mn, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVDLbsIwEPyWHjiCN0SEtDe3qAHEs4ECuSDHWUKkJI4cB0q_vg6piqBQUcsH73hmdnaJR5bES9kuCpmKRMpiXa88a92iFjS7NoyhO3sBC1zHms9so9O0yOKcYA8dC6YjOh032y1w3oF4_9KDO2nB9HUyNAfwBg5Y9-nhxqF39PfOKWP62NYJ-s9Ob0BN22pfEq6MeNHk9wxHwh8h-8QLY-FXC6epb9oh8SRuUKJsFFLDW6Wy_KkGNdjv941QiDDGBhdJDa5JtiJXZHnOJC6mx3W1b-6jZ5CFxFwUkiN5C1HRNBVFyjHBVA2iXHWYYmTKGd_iAHcYT1iIxC3nY8EuyoXMSxZZ1Y0Sy5ErITtZL_hBDokvYrIq35kUQcHV7JBhBSih7b_fmTZ2o09dGVBZMcm3J275PyoSH2XH15wS2kiRnAxYmZyXuSuRsa4SKPxQ7tGs4gVaMUEZCZ2RZMl8voSoV_f8g2kmNLHN87unD19eiZLV\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC80MTYxL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwMzQ2\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. This acquisition is still subject to both shareholder ad regulatory approval; BinDawood hopes to conclude the transaction in the second half of this year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:<\/strong> The acquisition comes under BinDawood\u2019s strategy to expand distribution operations, reduce supply chain risks, and improve profit margins through vertical integration.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Jumeirah:<\/strong> It is engaged in the wholesale, retail and distribution of food, household products, toys and luggage across Saudi. Its net income nearly doubled y-o-y in 2023 to report SAR 22.2 mn, while its revenues were up 28.7% y-o-y last year to SAR 142.9 mn.<\/p>\n<p class=\"tag-border-left\">INVESTMENT WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Local venture builder <\/strong><strong><a target=\"_blank\" href=\"https:\/\/bimventures.com\/\" style=\"\" rel=\"noopener\">BIM Ventures<\/a><\/strong><strong> signed an MoU with Tokyo-based financial group <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.sbigroup.co.jp\/english\/\" style=\"\" rel=\"noopener\">SBI<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.sbigroup.co.jp\/english\/\" style=\"\" rel=\"noopener\">Holdings<\/a><\/strong><strong> to establish a USD 100 mn joint investment fund<\/strong> dedicated to supporting startups in Saudi, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1963.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The statement said the Investment Ministry will support the efforts which \u201cwill create new opportunities for Saudi and Japanese startups, as well as create jobs in the Kingdom.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SBI Holdings has been looking to expand its footprint here and beyond:<\/strong> It <a target=\"_blank\" href=\"https:\/\/finance.yahoo.com\/news\/japan-sbi-holdings-signs-mou-051133337.html\" style=\"\" rel=\"noopener\">signed in<\/a><a target=\"_blank\" href=\"https:\/\/finance.yahoo.com\/news\/japan-sbi-holdings-signs-mou-051133337.html\" style=\"\" rel=\"noopener\">December<\/a> an MoU with oil giant Aramco to explore investments in digital assets. It set up in February a regional HQ in Riyadh \u201cas a base of operations for conducting business in the Middle East.\u201d<\/p>\n<p class=\"tag-border-left\">HOSPITALITY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hong Kong<\/strong><strong>-based airport lounge operator Plaza Premium Group (PPG) plans to invest <\/strong><strong>USD 70 mn to develop its services in the local market<\/strong>, Deputy CEO Ali Bora Isbulan told <a target=\"_blank\" href=\"https:\/\/www.aleqt.com\/2024\/05\/24\/article_2729076.html\" style=\"\" rel=\"noopener\">Aleqisadiah<\/a>. Isbulan said that PPG discussed opening at <a target=\"_blank\" href=\"https:\/\/www.pif.gov.sa\/en\/news-and-insights\/press-releases\/2022\/king-salman-international-airport\/\" style=\"\" rel=\"noopener\">King Salman International Airport<\/a> in Riyadh and the Red Sea project. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About PPG:<\/strong> PPG is currently active in over 250 locations across more than 70 airports around the world, with three lounges in Saudi \u2014 on each in Riyadh, Jeddah, and Dammam, according to its <a target=\"_blank\" href=\"https:\/\/www.plazapremiumgroup.com\/about\/\" style=\"\" rel=\"noopener\">website<\/a>.<\/p>\n<p class=\"tag-border-left\">STARTUP WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Homegrown fintech Hala has secured undisclosed <\/strong><strong>funding from US-based private equity <\/strong><strong>firm TPG<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.menabytes.com\/hala-tpg\/\" style=\"\" rel=\"noopener\">Menabytes<\/a> reported, citing a report by The Information. No further details were provided on the investment from TPG, which has previously injected capital into global players including Spotify, Airbnb, Box, and Calm. Hala\u2019s <a target=\"_blank\" href=\"https:\/\/www.menabytes.com\/hala-series-a\/\" style=\"\" rel=\"noopener\">last-disclosed financing round<\/a> was a USD 6.5 mn Series A led by local Impact46 in 2021.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Hala: <\/strong>The Riyadh-based startup provides banking services to SMEs and freelancers, including POS solutions, bank accounts, debit cards and budget management options, according to its <a target=\"_blank\" href=\"https:\/\/hala.com\/home\" style=\"\" rel=\"noopener\">website<\/a>.<\/p>\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bonyan REIT has completed the transfer of a mixed-use commercial center in Riyadh <\/strong>at a transaction estimated at SAR 200 mn, fund manager Saudi Fransi Capital said in a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/mtcm9a4f\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The 1991 Center, which is located in the Hittin neighborhood, spans 8k sqm, featuring 7 showrooms and 31 offices, the disclosure read. Saudi Fransi Capital said announcements on the signing of lease contracts would follow.<\/p>\n<p class=\"tag-border-left\">MANUFACTURING<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Naqi Water signed a 20-year leasing contract with the Saudi Authority for Industrial Cities <\/strong><strong>and Technology Zones (Modon) for industrial land to set up a bottled drinking water factory<\/strong> in Jazan Industrial City, 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\/lVDLbsIwEPyWHjiCN0SEtDe3qAHEKwQK5IIcs4RISRw5Din9-uaBhGihopYP3vHM7OwSl6yJG7Nj4DMViJiFRb1xjW2HGtDumzCF_uINDHAsY7kwtV7bIKtrgjm2DLAn1J62ux2wPoC4_9KDM-uA_T4b6yOYgwXGY3q4c-gD_d1rypQ-d4sEw1drMKK6aXR_Em6M-KPJ7xkqwh8hh8T1Q-HVC6exp5s-cSXuUaJsZbKAD0ol6UsDGpDnecsXwg-xxUXUgFuSg0gVWV8ziYNxta7u3X0MNLKSmIpMciRzHxWNY5HFHCOM1ShIVY8pRmzO-AFHeMRwxnwkTjkf2x2DVMi0ZJFNiaTIlZC9ZLA716fIE2H9TqTYZVwtTgnWgBKF9fmdFKZO8FVUGtRGTPLDhVv-T7LIQ9nzyEYvob0U0cWAlal5mbkWadumVjXBT-VUZjVvVyhmKANRJkyi5XINwaDpeiddj2hk6tc3p0_fk2e1vA!!\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC8yMjgyL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwMzIx\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The total contract value for the 15.1k sqm was set at SAR 301k excluding value-added tax, according to the disclosure. The move comes under Naqi Water\u2019s strategy to expand production lines. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Naqi Water transferred <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ab9b6303-65a6-4cfe-99fa-d2df8b0a84bd\" style=\"\" rel=\"noopener\">earlier this year<\/a> land lease rights to PepsiCo for SAR 9.5 mn in Riyadh\u2019s second industrial city after saying it found a better-suited location for its planned factory. <\/p>\n<p class=\"tag-border-left\">EDUCATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>King Saud University signed an MoU with the University of Tokyo for economic <\/strong><strong>cooperation in physics, chemistry and geoscience<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2110256\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. They also discussed future partnerships between the two universities.<\/p>\n<p class=\"tag-border-left\">TRANSPORTATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi has secured membership in the International Transport Forum (ITF) <\/strong>on the sidelines of this year\u2019s edition hosted in Germany's Leipzig, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2109194\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. Transport and Logistics Services Minister Saleh bin Nasser AI Jasser said Saudi\u2019s membership will allow it to enact legislation and regulation to help enhance and develop transportation globally.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi in the global logistics scene: <\/strong>Saudi Arabia <a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2291606\/business-economy\" style=\"\" rel=\"noopener\">has made<\/a> substantial progress in logistics, notably rising 17 places to the 38th rank in the World Bank\u2019s Logistics Performance Index 2023. It also <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/w1920201\" style=\"\" rel=\"noopener\">advanced<\/a> to 13th place in IATA\u2019s international air connectivity index.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/bim-ventures\/\">BIM ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/bindawood\/\">BinDawood<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/bonyan-reit\/\">Bonyan REIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/hala\/\">Hala<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/hassan-allam-construction-saudi\/\">Hassan Allam Construction Saudi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/hassan-allam-holding\/\">Hassan Allam Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/jumeirah-trading\/\">Jumeirah Trading<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/king-abdullah-university-of-science-and-technology-kaust\/\">King Abdullah University of Science and Technology (Kaust)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/naqi-water\/\">Naqi Water<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/plaza-premium-group-ppg\/\">Plaza Premium Group (PPG)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/sbi-holdings\/\">SBI Holdings<\/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=\"86520\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"86520\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/adnoc-drilling-sells-usd-935-mn-stake-in-rare-uae-secondary-sale\/\">\r\n                            Adnoc Drilling sells USD 935 mn stake in UAE secondary sale                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/26\/adnoc-drilling-sells-usd-935-mn-stake-in-rare-uae-secondary-sale\/\" 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 share sale increases the Adnoc subsidiary\u2019s free float to 16.5%, with Adnoc holding onto a 78.5% stake. The company set its final offering price at AED 3.90 per share, 70% above its IPO price of AED 2.30.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Adnoc announced plans to offer up a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/edition\/am\/3262bc3a-95da-4ff1-8bb3-c6ca934de9d7\/adnoc-drilling-to-sell-5.5%2525-stake\" style=\"\" rel=\"noopener\">5.5% stake (or 880 mn shares)<\/a> in its drilling unit, Adnoc Drilling, in a secondary sale to institutional investors on Wednesday. The stake was initially valued at USD 989 mn, based on Adnoc Drilling\u2019s closing share price of AED 4.13 at the time. Adnoc Drilling went public in <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/details\/1395302974136\" style=\"\" rel=\"noopener\">October 2021<\/a>, offering an 11% stake and raising USD 1.1 bn. Adnoc retained an 84% stake, while Baker Hughes held a 5% stake in the drilling arm.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The larger float may provide a pathway to allow Adnoc Drilling to join the MSCI <\/strong><strong>Emerging Market Index<\/strong> at the next quarterly index review, according to the disclosure. It will also \u201cenhance liquidity and trading in Adnoc Drilling\u2019s ordinary shares and diversify its shareholder base\u201d the oil and gas giant said in an earlier <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1831.pdf\" style=\"\" rel=\"noopener\">disclosure (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT: <\/strong>This one of only a handful of secondary sales to take place on a UAE exchange, according to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-24\/abu-dhabi-s-ihc-eyes-buyback-as-stock-cools-after-43-000-jump\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> Our friends at <strong>EFG Hermes UAE<\/strong>, along with <strong>First Abu Dhabi Bank<\/strong>, <strong>Goldman <\/strong><strong>Sachs International<\/strong>, and <strong>JP Morgan Securities<\/strong> are joint global coordinators and joint bookrunners for the offering.<\/p>\n<p><a target=\"_blank\" id=\"t.72d4dc43903fdeecbc59c0d5c89f3cdcbae0df3d\" 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\">11,996<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.3% (YTD: +0.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">1,494<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.0% (YTD: -3.7%)<\/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>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\">26,679<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6% (YTD: +8.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD : SAR (SAMA)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3.75 Sell<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">3.75 Buy<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6% repo <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5.5% reverse repo<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27,205<\/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: +9.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">8,833<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6% (YTD: -4.6%)<\/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\">4,012<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: -1.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,305<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: 28.1%)<\/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>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\">8,317<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +7.6%)<\/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>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\">5,035<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: +11.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 82.12  <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.52  <\/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\">-5.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,356.90<\/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%<\/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><a target=\"_blank\" href=\"https:\/\/www.coindesk.com\/price\/bitcoin\" style=\"\" rel=\"noopener\">BTC<\/a><\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 69,320.32<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8% (YTD: +64.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p class=\"tag-border-left\"> THE CLOSING BELL: TADAWUL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The TASI fell 1.3% on Thursday <\/strong>on turnover of SAR 5.6 bn. The index is up 0.2% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green:<\/strong> Al Baha (+7.7%), Ayyan (+6.3%) and Riyadh Cables (+5.7%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Bupa Arabia (-6.6%), BSF (-5.1%) and Gulf General (-4.8%).<\/p>\n<p class=\"tag-border-left\">THE CLOSING BELL: NOMU-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The NomuC<\/strong><strong> fell 0.6% on Thursday <\/strong>on turnover of SAR 49.2 mn. The index is up 8.8% 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> Al Rasheed (+13.6%), Al Modawat (+6.9%) and Dar AlMarkabah (+6.6%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> NBM (-9.6%), Bena (-5.8%) and Rawasi (-5.3%).<\/p>\n<p class=\"tag-border-left\">CORPORATE ACTIONS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Shareholders of<\/strong><strong> Tadawul-listed Banque Saudi Fransi have approved a dividend of <\/strong><strong>SAR 1.2 bn <\/strong><strong>at <\/strong><strong>SAR 1 per share for 2H 2023<\/strong>, it said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/1956.pdf\" style=\"\" rel=\"noopener\">a regulatory filing to Tadawul (pdf)<\/a>. The distribution date was set for Tuesday, 11 June. This brings the total dividends distributed to shareholders for FY 2023 to SAR 2.3 bn at SAR 1.95 apiece. Shareholders also approved a share buyback of up to 2.9 mn shares to be earmarked for the bank\u2019s share-based employee remuneration program. The self-financed buyback is set to materialize within a maximum period of 12 months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Shareholders of Tadawul-listed National Medical Care have <\/strong><strong>approved a dividend of <\/strong><strong>SAR 89.7 mn&nbsp;<\/strong>at SAR 2 per share for FY 2023, 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\/lZFBb4JAEIV_DVdmBFm2vVGbIgaLFKmwl2apFGmAJYgS_30Xe8KKsXOb5Hvz3ssAgwhYxY95xttcVLyQe8zIh2ER1OYUPZyvZ0gwsEm4ppNnR4fNEKBLm6D_avmeZhpovyOwf-kxWBnov6yWuotvaCO5T48jY93hz4aIZz2YMsHiyXZcS6fEvASuVLww-dvhDNwKeTOmRiDgDcSyqjkK-RLq73yKsubVKTiViSggniIasACWFSL5_eeubetHBRVs-ZZ3h0KR9ryqZryFaDIOOFuIKOoa9ohVJTrNgDXpV9qkjXpo5Oletz8Lu65TMyGyIlVlHOWqZCf20nBIQl2GYYS58z3lCT3pxdFNNz_uQ8QI\/dz\/d5\/L0lHSkovd0RNQUZrQUVnQSEhLzROVkUvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Eligible shareholders will be able to cash out on Wednesday, 12 June. They also approved a share buyback of up to 160k shares to allocate them within the company\u2019s employee stock program.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The board of Tadawul-listed <\/strong><strong>Saudi Steel Pipe has recommended a dividend <\/strong><strong>distribution<\/strong><strong> of SAR 37.5 mn <\/strong>at SAR 0.74 per share for FY 2023, 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\/lVDLbsIwEPyWHjiCN0SEtDe3qCGId6BALsgxSxIpiSPHgdKvbx5IiBYqavngHc_Mzi5xyZq4CTuEPlOhSFhU1BvX2HaoAe2-CRPoL97AAMcylgtT67UNsrommCPLgNmYzibtbgesDyDuv_TgTDswe5-O9CHMwQLjMT3cOfSB_u41ZUKfu0WCwatlD6luGt2fhBsj_mjye4aK8EfIAXH9SHj1wmni6aZPXIl7lChbuSzgQKk0e2lAA47HY8sXwo-wxUXcgFuSQGSKrK-ZxMGkWlf37j5sjawkZiKXHMncR0WTROQJxxgTNQwz1WOKkRlnPMAhHjCaMh-JU87HdocwEzIrWWRTIhlyJWQvtXfn-hR7IqrfqRS7nKvFKcUaUKKwPr_TwtQJv4pKg9qISR5cuOX_OI89lD2PbNoltJcivhiwMjUvM9cibdvUqib4qZzKrObtCsUUZSjKhGm8XK4htJuud9L1mMamfn2P9OkbK6f_eg!!\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC8xMzIwL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwMzM1\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- <\/strong><strong>The board of Tadawul-listed Aljazira Takaful <\/strong><strong>Taawuni<\/strong><strong> has recommended a dividend <\/strong><strong>of SAR 19.8 mn <\/strong>at SAR 0.30 apiece for FY 2023, 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\/lVDLbsIwEPyWHjiCN0SEtDe3qCGId6BALshxlhApiSPHgdKvbx5IiBYqavngHc_Mzi5xyZq4CTuEAVOhSFhU1BvX2HaoAe2-CRPoL97AAMcylgtT67UNsrommCPLgNmYzibtbgesDyDuv_TgTDswe5-O9CHMwQLjMT3cOfSB_u41ZUKfu0WCwatlD6luGt2fhBsj_mjye4aK8EfIAXGDSHj1wmni6WZAXIk7lChbuSzgvVJp9tKABhyPx1YgRBBhi4u4Abcke5Epsr5mEgeTal3du_uwNbKSmIlcciTzABVNEpEnHGNM1DDMVI8pRmac8T0O8YDRlAVInHI-5h_CTMisZJFNiWTIlZC91PbP9Sn2RFS_Uyn8nKvFKcUaUKKwPr_TwtQJv4pKg9qISb6_cMv_cR57KHse2XRKaCdFfDFgZWpeZq5F2rapVU3wUzmVWc3zC8UUZSjKhGm8XK4htJuud9L1mMamfn2P9OkbwO6YRA!!\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC84MDEyL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwMzA1\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- The Capital Market Authority has cleared ICT solutions provider Perfect Presentation <\/strong><strong>for Commercial Services (2P) to double its capital to SAR 300 mn<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/en\/Market\/News\/pages\/CMA_N_3559.aspx\" style=\"\" rel=\"noopener\">statement<\/a>. The capital increase will see the transfer of SAR 150 mn in retained earnings to the company\u2019s capital.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- The Capital Market Authority has cleared pipes manufacturer Arabian Pipes to <\/strong><strong>increase its capital by 50% to SAR 150 mn<\/strong> t, according to a <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/en\/Market\/NEWS\/Pages\/CMA_N_3558.aspx\" style=\"\" rel=\"noopener\">statement<\/a>. The capital hike will see the transfer of SAR 50 mn from retained earnings to the company\u2019s capital.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/adnoc\/\">Adnoc<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/energy\/\">ENERGY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/financial-markets\/\">Financial markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"86522\" 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\/26\/86522\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86522\" class=\"content-area-description single-story post-86522 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;\">26-27 May (Sunday-Monday): Bookbuilding for retail investors in Smasco IPO.        <\/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;\">2 June (Sunday): 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:\/\/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;\">JULY <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>4 July-25 August: (Thursday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/esportsworldcup.com\/\" style=\"\">Esports World Cup<\/a><\/span><span style=\"font-weight:400;\">, Boulevard Riyadh City, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10-11 July: (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/gemtechforum.com\/\" style=\"\">Global EV & Mobility Tech Forum<\/a><\/span><span>, Riyadh International <\/span><span>Convention & Exhibition Center, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">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 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 style=\"font-weight:400;\">31 October (Thursday): No-visa travel for Saudis to Montenegro on charter flights expires. <\/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:400;\">11 December (Wednesday): FIFA Congress, which will decide the hosting countries for the FIFA World Cup 2030 and 2034<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Signposted to happen sometime in 2024:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">The AFC Champions League Elite<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2025<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FEBRUARY 2024<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10-13 February (Monday-Thursday): Leap 2025, the Kingdom\u2019s premier tech investment conference.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            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