{"id":86592,"date":"2024-05-28T00:00:00","date_gmt":"2024-05-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?post_type=issue&#038;p=86592"},"modified":"2025-12-14T18:13:10","modified_gmt":"2025-12-14T18:13:10","slug":"and-then-there-were-three","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/ksa\/issues\/and-then-there-were-three\/","title":{"rendered":"And then there were three\u2026"},"content":{"rendered":"<section id=\"86594\" 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=\"86594\">\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\/28\/diplomacy-heavy-week-continues-in-madrid\/\">\r\n                            THIS MORNING: Arab foreign ministers\u2019 diplomacy-heavy week continues in Madrid                        <\/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\/28\/diplomacy-heavy-week-continues-in-madrid\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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It\u2019s an IPO-heavy kind of morning<\/strong>, with news from Talco, Fakeeh Care, and Miahona. All three have enjoyed strong investor appetite for their main-market offerings, suggesting there\u2019s plenty of interest out there in quality Saudi names even as the Tadawul has underperformed global markets so far this year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Happening today:<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#1- IPO WATCH- The two-day bookbuilding window for the retail tranche of Al <\/strong><strong>Taiseer Group Talco Industrial\u2019s (Talco) IPO starts today<\/strong> with a maximum of 1.2 mn shares up for grabs. Talco priced its IPO on Tadawul\u2019s main market at SAR 43 per share, pegging it at the top of its initial price range, after its institutional offering drew in strong demand with a 68.5x oversubscription rate. The aluminum products maker is  <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e4da0e33-8975-4fbe-9a11-1f4ae81456a4\/\" style=\"\" rel=\"noopener\">taking a 30% stake to the market<\/a>  in a secondary share sale. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#2- Arab foreign ministers led by Foreign Minister Prince Faisal bin Farhan <\/strong><strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/KSAmofaEN\/status\/1795145026625827260\" style=\"\" rel=\"noopener\">arrived<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/twitter.com\/KSAmofaEN\/status\/1795145026625827260\" style=\"\" rel=\"noopener\">in Madrid last night<\/a><\/strong><strong>, where they will push <\/strong><strong>for an immediate ceasefire in Palestine<\/strong>, as Israel intensifies its attack on Rafah. The foreign trip by the Arab foreign ministers saw stops in Paris and Brussels. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have more on both stories in this morning\u2019s news well, below. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The Taiwan Business Forum in Riyadh kicks off today at the Riyadh International <\/strong><strong>Convention a<\/strong><strong>nd Exhibition Center.<\/strong> The Jeddah iteration of the event wrapped up yesterday with 21 Taiwanese companies poking the tires of sectors including tech, foodstuffs, and medical devices, <a target=\"_blank\" href=\"https:\/\/www.aleqt.com\/2024\/05\/26\/article_2729471.html\" style=\"\" rel=\"noopener\">Aleqtisadiah<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- Riyadh<\/strong> could see dusty winds with a daytime high of 41\u00b0C and a low of 28\u00b0C. <strong>Jeddah <\/strong>will see clear skies with a daytime high of 38\u00b0C and a low of 27\u00b0C, with <strong>Makkah <\/strong>set for a high of 45\u00b0C and a low of 29\u00b0C.<\/p>\n<p class=\"tag-border-left\">HAPPENING TOMORROW-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Miral Dental Clinics will make its debut <\/strong><strong>on parallel<\/strong><strong> market Nomu tomorrow<\/strong> in a direct listing, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/news-details\/!ut\/p\/z1\/vVLLcoIwFP0Vu-gykysggSV9oQ5WEVFhwwSINi0EH6n08xu1C3V8tJtmdU_mJOfeew6O8RTHgm74nEpeCVooHMVm0nJM0NoW9N2R1wR_TDxr7I-a0DHwGMc4zoRcyDccSZrT-rNImLiHNUU_cFcvVjxjaypyLnKmqt2lYPW-KOnqg8k9zOQBRI2Sr2jRKPhacjFvaARBC2mgGVvdospowXDExBYtMp7jKNWI0dRtGwFkgAzCbGTPdB2RnECeplkz1S08OR7L6rkm-K-O39dIC9wx4Pj61CfvIRi0wH8Z9HQPhuCC-bv3cOE4N_UDNXGk_iAXSY4S2XBW41BUq1I5GfxxRYo9eewlfvg8VEoHm24D7t7qT8WGvy-XsaOyUQnJviSe_ms4Jtv-D3vsOzZRFnUf3I7n6JZJTglnMnBMOGPyjnDFxUVZWnqJwnBa1yMWJU_eLOhw5-4bQl1RnQ!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?locale=en\" style=\"\" rel=\"noopener\">Tadawul statement<\/a>. Shares will be allowed to trade within daily price fluctuation limits of \u00b130% and static price fluctuation limits of \u00b110%. The dental group <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/eb0fc709-ef22-4f5d-bb5b-cfebbacb085e\" style=\"\" rel=\"noopener\">had set a price guidance<\/a> of SAR 100 per share for its direct listing on Nomu, with trading limited to qualified investors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Demo day for the final round of the Sanabil 500 MENA seed accelerator will take place <\/strong><strong>tomorrow<\/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 class=\"tag-border-left\">DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#1- The total value of vehicle ins. premiums paid in the Kingdom rose 38% y-o-y to <\/strong><strong>a record high SAR 14.3 bn in 2023<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/www.aleqt.com\/2024\/05\/25\/article_2729266.html\" style=\"\" rel=\"noopener\">Aleqtisadiah<\/a> analysis of data from Tadawul and the Saudi Central Bank. The rise comes on the back of recently-introduced regulations that require ins. coverage for all vehicles, as well as an increase in the total number of drivers on the road as more women get behind the wheel, the newspaper suggests.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#2- Saudi\u2019s<\/strong><strong> trade surplus with GCC nations grew 38% y-o-y to SAR 14 <\/strong><strong>bn in 1Q <\/strong><strong>2024<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.mubasher.info\/news\/4295741\/%D9%81%D8%A7%D8%A6%D8%B6-%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D9%85%D8%B9-%D8%AF%D9%88%D9%84-%D8%A7%D9%84%D8%AE%D9%84%D9%8A%D8%AC-%D9%8A%D8%B1%D8%AA%D9%81%D8%B9-%D9%84%D9%80-3-74-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%A8%D8%A7%D9%84%D8%B1%D8%A8%D8%B9-%D8%A7%D9%84%D8%A3%D9%88%D9%84-%D9%85%D9%86-2024\/\" style=\"\" rel=\"noopener\">Mubasher<\/a> reported, citing compiled data from statistics agency Gastat. This increase was driven primarily by the Kingdom\u2019s trade surplus with the UAE, which more than doubled y-o-y during the period to SAR 6.9 bn. Trade surplus with Bahrain rose 76.7% to SAR 6 bn while surplus with Qatar more than tripled to SAR 522 mn.<\/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- Cargo flights between Saudi and Nigeria are set to resume soon<\/strong>, Nigeria\u2019s Aviation and Aerospace Development Minister Festus Keyamo said in a <a target=\"_blank\" href=\"https:\/\/x.com\/fkeyamo\/status\/1792901813487722767\" style=\"\" rel=\"noopener\">post on X<\/a>. Officials discussed \u201cthe resumption of cargo flights operations between both countries that had gone comatose over the years\u201d during the Future Aviation Forum last week in Riyadh, Keyamo said. Saudi had <a target=\"_blank\" href=\"https:\/\/saudigazette.com.sa\/article\/614539\" style=\"\" rel=\"noopener\">suspended flights<\/a> to and from Nigeria during the pandemic in 2021, and cargo service has never really returned.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>The Saudi Roadway Code will be rolled out in three phases <\/strong>as officials look to standardize the planning, design, construction, operation, and maintenance of roads across the Kingdom, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2111413\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. The breakdown:<\/p>\n<ul>\n<li><strong>Awareness raising <\/strong>from now through year-end;<\/li>\n<li><strong>Government entities <\/strong>need to adhere to the code from 1 January 2025;<\/li>\n<li><strong>The private sector <\/strong>will be required to follow it by from 1 July 2025.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the code:<\/strong> The code includes 25 guidelines covering road, bridge and tunnel planning, implementation, maintenance and safety. It will also have a special code on the effects of road works on the environment, with another related to requirements of self-driving vehicles.<\/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>Pilgrims from Pakistan, Malaysia, Indonesia, Morocco, and Turkey will have access to <\/strong><strong>special lounges at Jeddah and Madinah airports<\/strong>, courtesy of the General Authority of Civil Aviation at Jeddah and Madinah airports, according to a <a target=\"_blank\" href=\"https:\/\/gaca.gov.sa\/web\/en-gb\/news\/27-may-2024\" style=\"\" rel=\"noopener\">statement<\/a>. The countries \u2014 along with Bangladesh and Ivory Coast \u2014 are part of the Makkah Route Initiative which aims to deliver high-quality services to pilgrims from the beneficiary countries upon their arrival to Saudi until their departure.<\/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>One story is on every front page this morning: Israel\u2019s deadly strike in Rafah<\/strong> and Israeli troops exchanging fire with Egyptian forces at the Rafah crossing. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s been a global outcry after Israel killed at least 45 people in a Rafah tent camp.<\/strong> Even its closest allies in the US have piled on, though two US officials told <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2024\/05\/27\/rafah-tent-camp-strike-biden-israel-red-line\" style=\"\" rel=\"noopener\">Axios<\/a> that the Biden administration is still deciding whether the attack crosses a red line. European Union foreign ministers have for the first time \u201cengaged in \u2018significant\u2019 discussion on sanctioning Israel if it doesn\u2019t comply with international humanitarian law,\u201d <a target=\"_blank\" href=\"https:\/\/www.politico.eu\/article\/eu-foreign-ministers-sanctions-against-israel-micheal-martin\/\" style=\"\" rel=\"noopener\">Politico<\/a> reports, citing remarks by Irish Foreign Minister Miche\u00e1l Martin. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PRESENTED WITHOUT COMMENT- A \u201ctragic mistake,\u201d says Netanyahu:<\/strong> Addressing the Israeli Parliament yesterday, Prime Minister Benjamin Netanyahu said that the deaths were due to a \u201ctechnical failure\u201d and came despite Israel\u2019s \u201cimmense efforts to avoid harming the non-involved\u201d (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=-ofsZVm3F9s\" style=\"\" rel=\"noopener\">watch, runtime: 0:45<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The news is everywhere this morning:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/egyptian-guard-killed-shooting-rafah-border-israel-egypt-investigating-2024-05-27\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/cc2b8b0f-b6c1-42a5-9f90-26764887bbc4\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/05\/27\/world\/middleeast\/egypt-shooting-border-crossing-rafah.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"http:\/\/timesofisrael.com\/egyptian-soldier-killed-in-clash-with-israeli-troops-at-rafah-crossing\/\" style=\"\" rel=\"noopener\">Times of<\/a><a target=\"_blank\" href=\"http:\/\/timesofisrael.com\/egyptian-soldier-killed-in-clash-with-israeli-troops-at-rafah-crossing\/\" style=\"\" rel=\"noopener\">Israel<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-palestinians-hamas-war-news-05-27-2024-7b743a848ef8bfbe69a9659a4a5dd047\" style=\"\" rel=\"noopener\">Associated Press<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt4\"><\/a> <strong>AND- An Egyptian officer was shot dead <\/strong>during an exchange of fire between Israeli and Egyptian forces yesterday. The Egyptian Armed Forces are <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyArmySpox\/posts\/pfbid02Rribct35GtAi6AAvFHSVTuuyDLdWB6uDkVkDsgQxne6Xni8Guw5aYKgjZSMQhPASl\" style=\"\" rel=\"noopener\">investigating<\/a>, a military spokesman said. The two sides are in talks to de-escalate, according to a statement from the Israeli side picked up by the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/cc2b8b0f-b6c1-42a5-9f90-26764887bbc4\" style=\"\" rel=\"noopener\">Financial Times<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expect Egypt to remain firmly engaged as a mediator <\/strong>as diplomats resume shuttle diplomacy this week on a potential ceasefire in Gaza. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- It\u2019s crickets in the global business press this morning.<\/strong> Both US and UK markets were closed yesterday for national holidays. <\/p>\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The two-day <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.gpmf.sa\/\" style=\"\" rel=\"noopener\">Global Project Management Forum<\/a><\/strong><strong> will open in Riyadh on Sunday, 2 June<\/strong>, bringing together project managers and stakeholders for talks on the project management ecosystem and emerging technologies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.hashgrowth.org\/events\/growth-summit-2024-riyadh\/#getinvite\" style=\"\" rel=\"noopener\">The #Growth Summit<\/a><\/strong><strong> is set to kick off on Wednesday, 5 June<\/strong>, bringing together marketing, product and growth experts at the InterContinental in Riyadh. You can request your invite <a target=\"_blank\" href=\"https:\/\/www.hashgrowth.org\/events\/growth-summit-2024-riyadh\/#getinvite\" style=\"\" rel=\"noopener\">here<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>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\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\/faisal-bin-farhan\/\">Faisal bin Farhan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/insurance\/\">insurance<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/what-were-tracking-today\/\">WHAT WE\u2019RE TRACKING TODAY<\/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=\"86595\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div 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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=\"86596\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/talco-sets-final-ipo-price-at-the-top-of-the-range\/\">\r\n                            Talco prices IPO at top range ahead of retail subscription                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" 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\r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/talco-sets-final-ipo-price-at-the-top-of-the-range\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1384.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86597\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/talco-sets-final-ipo-price-at-the-top-of-the-range\/1384-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1384.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1384.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1384.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1384.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86596\" class=\"content-area-description single-story post-86596 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-al-taiseer-group-talco-industrial-talco tag-enterpriseam-ksa tag-ipo-watch tag-tadawul 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\/.32a6a7f2-d1b1-4a89-bc7b-5b27bf4ac935.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Aluminum products maker Al Taiseer Group Talco Industrial (Talco) priced <\/strong><strong>its Tadawul IPO <\/strong><strong>at SAR 43 per share<\/strong>, financial advisor Alinma Investment said in a <a target=\"_blank\" href=\"https:\/\/www.alinmainvestment.com\/wps\/portal\/investmentNew\/AlinmaInvestment\/Menu\/News\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziff0tTTy8TQy9DTwCTQ0cPU1dPCxMnY3cfcz1w_EpMDA3048iRr8BDuBoQFh_FD4lYBeAFXgYGjgb-gMV-PuZmhg4Briaeni5BRobGBhBFeBxQ3Bqnn5BbmiEQWZAOgD-lkdr\/?1dmy&amp;urile=wcm%3apath%3a%2Falinmainvestmenten%2Fnews%2Fannouncement%2Bof%2Bthe%2Bfinal%2Bprice%2Bfor%2Bthe%2Binitial%2Bpublic%2Boffering%2Bof%2Baltaiseer%2Bgroup%2Btalco%2Bindustrial%2Bcompany\" style=\"\" rel=\"noopener\">statement<\/a> yesterday. The institutional tranche of the main market offering closed last week with a 68.5x oversubscription rate, signaling strong investor appetite. Talco is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e4da0e33-8975-4fbe-9a11-1f4ae81456a4\/\" style=\"\" rel=\"noopener\">taking a 30% stake to market<\/a> in a secondary share sale.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pricing + valuation:<\/strong> The share price means Talco is set to raise SAR 516 mn from the IPO and give it a market cap of up to SAR 1.7 bn at the start of trading, according to our calculations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next<\/strong>? The two-day book building process for retail investors starts today and wraps up tomorrow. Investors can subscribe to a maximum of 1.2 mn offer shares, according to Alinma\u2019s statement. The final allocation of shares will take place by Sunday, 2 June, while the first trading day remains contingent on fulfilling regulatory requirements.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Use of proceeds: <\/strong>Talco\u2019s selling shareholders will take the transaction\u2019s proceeds home after covering transaction related-expenses, which are estimated at SAR 16 mn. All the proceeds will be divided between the selling shareholders on a pro rata basis.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The pitch: <\/strong>Talco is a leader in the industry, with a footprint in 26 countries across the GCC, MENA region and East Asia, Europe, US, and Australia. Several expansions throughout the years helped bring its aluminum production capacity to 60k MT as of June 2023. It currently operates two factories in Riyadh and one in Jeddah.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> <strong>Alinma Investment<\/strong> is quarterbacking the transaction as financial advisor, lead manager, bookrunner and underwriter, while <strong>Stat Law Firm<\/strong> is acting as counsel. <strong>PwC<\/strong> is Talco\u2019s financial due diligence advisor. <strong>Front &amp; Sullivan<\/strong> is serving as market consultant, while <strong>KPMG<\/strong> is acting as the company\u2019s auditor. The receiving agents are <strong>Alinma Bank<\/strong>, <strong>Al Rajhi Bank<\/strong>, and <strong>Riyad Bank<\/strong>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/al-taiseer-group-talco-industrial-talco\/\">Al Taiseer Group Talco Industrial (Talco)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/tadawul\/\">Tadawul<\/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=\"86598\" 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=\"86598\">\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\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/fakeeh-care-miahona-closer-to-tadawul-listings\/\">\r\n                            Fakeeh Care + Miahona wrap up retail offering                        <\/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\/28\/fakeeh-care-miahona-closer-to-tadawul-listings\/\" 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\/28\/fakeeh-care-miahona-closer-to-tadawul-listings\/')\">\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\/28\/fakeeh-care-miahona-closer-to-tadawul-listings\/\">\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=Fakeeh Care + Miahona closer to Tadawul listings&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/fakeeh-care-miahona-closer-to-tadawul-listings\/\">\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\/28\/fakeeh-care-miahona-closer-to-tadawul-listings\/&title=Fakeeh Care + Miahona closer to Tadawul listings\">\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=Fakeeh+Care+%2B+Miahona+closer+to+Tadawul+listings+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F28%2Ffakeeh-care-miahona-closer-to-tadawul-listings%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\/28\/fakeeh-care-miahona-closer-to-tadawul-listings\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1730.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86599\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/fakeeh-care-miahona-closer-to-tadawul-listings\/1730-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1730.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1730.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1730.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1730.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86598\" class=\"content-area-description single-story post-86598 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-ipo-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.5da781f8-9b21-4619-aa21-f4cd14282a67.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Two retail offerings wrap:<\/strong> Fakeeh Care and Miahona both closed the retail portion of their IPOs on Tadawul\u2019s main market yesterday, with each reporting a healthy subscription book.<\/p>\n<p class=\"tag-border-left\">FAKEEH CARE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The retail tranche of healthcare provider Fakeeh Care\u2019s IPO was 14.5x oversubscribed<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1730953\" style=\"\" rel=\"noopener\">Argaam<\/a> reported, citing a statement from our friends at HSBC Saudi Arabia, which is the sole financial advisor and bookrunner. The final allocation of shares wrapped up yesterday with a minimum of three pieces per retail subscriber. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> The institutional offering was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/49df4304-4dc9-4573-b7d6-1e6540d7469d\" style=\"\" rel=\"noopener\">119x oversubscribed<\/a>, signaling strong investor appetite for the Riyadh-based healthcare provider\u2019s offering, which is set to become <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/108d78f3-ae8f-43fc-aeaa-39f9d514e131\/rasan-one-step-closer-to-tadawul-ipo\" style=\"\" rel=\"noopener\">the largest IPO so far this year<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The IPO <\/strong><strong>has lured<\/strong><strong> in UAE\u2019s Adia:<\/strong> Abu Dhabi Investment Authority (Adia), the UAE\u2019s largest sovereign wealth fund, has emerged as a key buyer in the IPO with a cornerstone investment of 1.04 mn shares, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/5\/2189.pdf\" style=\"\" rel=\"noopener\">supplementary prospectus<\/a>. Alongside Olayan Saudi Investment \u2014 the other cornerstone investor \u2014 the two funds will together buy 1.99 mn shares out of a total of 4.98 mn shares on offer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next: <\/strong>Rump shares will be distributed proportionally among the subscribers based on the size of their demand compared to the total offering at an allotment ratio of 1.4%, according to Argaam. Fakeeh has yet to announce when trading will begin on its shares.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>Fakeeh Care is taking a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/341bef0a-b671-4d76-8852-f8d5914c345c\" style=\"\" rel=\"noopener\">21.5% stake to market<\/a> through an offering of both new and existing shares. The IPO was priced top of the range at <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/49df4304-4dc9-4573-b7d6-1e6540d7469d\" style=\"\" rel=\"noopener\">SAR 57.5 per share<\/a>, giving the family business a market cap of 13.3 bn post-listing, with the offering set to reel in some SAR 2.9 bn in proceeds.<\/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>HSBC<\/strong> are acting as sole financial adviser. <strong>HSBC<\/strong> is joint bookrunner together with our friends at <strong>EFG Hermes<\/strong> as well as <strong>ANB Capital<\/strong>. <strong>Moelis<\/strong> is advising the selling shareholders, while <strong>AlRajhi Bank, Saudi National Bank, Arab National Bank, SAB, Alinma Bank and Bank Aljazira<\/strong> are serving as receiving banks.<\/p>\n<p class=\"tag-border-left\">MIAHONA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Water treatment outfit Miahona\u2019s retail offering was 6.1x oversubscribed<\/strong>, with retail investors set to secure a minimum of 10 shares each, lead manager Saudi Fransi Capital said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83d2MXA0C3SydAl1c3Q0NvE30w1EVGAQHmAIVBPga-xgEGbgbmOlHEaPfAAdwNCCsPwqvEndzdAVYnAhWgMcNXvpR6Tn5SZDwyCgpKbBSNVA1KElMSSwvzVEFujE5P7cgMa8yuDI3KR-oyNDAwFQ_ODVPvyA3NMIgMyA3XNdREQC75UHT\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi84MDQwMy9jb21wYW55U3ltYm9sLzEwMDUvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. A strong demand from retail investors will see the total offering for institutional investors fall to 80% despite it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/0c079d3d-57fd-428f-bbc5-271112fe5ac7\" style=\"\" rel=\"noopener\">being 170x covered<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>Rump shares will be allocated to subscribers on a pro-rata basis to fulfill the remaining demand, with an allocation ratio of 11.6% for every subscribed share, according to the disclosure. Miahona\u2019s date of listing is yet to be announced. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>The sole owner of Miahona \u2014 Vision Invest \u2014 is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1d76fa50-9aa2-4166-875f-2d6f8737e79a\" style=\"\" rel=\"noopener\">selling a 30% stake<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1d76fa50-9aa2-4166-875f-2d6f8737e79a\" style=\"\" rel=\"noopener\">on<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1d76fa50-9aa2-4166-875f-2d6f8737e79a\" style=\"\" rel=\"noopener\">Tadawul\u2019s main<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1d76fa50-9aa2-4166-875f-2d6f8737e79a\" style=\"\" rel=\"noopener\">marke<\/a> t in a secondary share sale. The IPO was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/64487eae-b41b-4768-8cd8-8aea40b3a0f6\" style=\"\" rel=\"noopener\">priced top<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/64487eae-b41b-4768-8cd8-8aea40b3a0f6\" style=\"\" rel=\"noopener\">of the range<\/a> at SAR 11.5 per share, valuing the IPO at SAR 555.5 mn, and giving the company a market cap of SAR 1.85 bn post-listing. The selling shareholder will take home the proceeds from the offering after paying an estimated SAR 28 mn in fees associated with the transaction.<\/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 KSA<\/strong> and <strong>Saudi Fransi Capital (SFC)<\/strong> are quarterbacking the transaction as financial advisor, bookrunner, and underwriter. SFC is also separately acting as the lead manager. <strong>SFC<\/strong> and <strong>Riyad Bank<\/strong> are receiving agents. <strong>Latham &amp; Watkins<\/strong> is acting as legal counsel, while <strong>PwC <\/strong>is financial due diligence advisor, <strong>KPMG<\/strong> are serving as auditors, and <strong>Arthur D. Little<\/strong> as market consultant.<\/p>\n<p class=\"tag-border-left\">A RUNDOWN OF THE SAUDI IPO PIPELINE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other transactions that are now in the market or expected soon:<\/strong><\/p>\n<ul>\n<li>Riyadh-based aluminum products maker <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e4da0e33-8975-4fbe-9a11-1f4ae81456a4\/\" style=\"\" rel=\"noopener\">Al Taiseer Group Talco Industrial (Talco)<\/a><\/strong> plans to sell a 30% stake and has just priced its offering at the top of the range (see above);<\/li>\n<li>Fintech startup <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d80bed9b-5ebc-4ef3-816d-535ab9cf2825\/%253cmark%253erasan%253c%2Fmark%253e-prices-its-ipo-at-the-top-of-the-range-ahead-of-retail-subscriptions\" style=\"\" rel=\"noopener\">Rasan<\/a><\/strong> is set to sell a 30% stake, pricing its offering at the top end of the range after its institutional tranche closed 129.1x oversubscribed;<\/li>\n<li>Labor agency <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/8a0c26ac-91ab-4953-9ea7-fb4b2e3dd793\/labor-agency%253cmark%253e-smasco%253c%2Fmark%253e-prices-ipo-at-the-top-of-the-range\" style=\"\" rel=\"noopener\">Saudi Manpower Company (Smasco)<\/a><\/strong> is selling a 30% stake and also priced its shares at the top of its initial range following strong institutional investor demand;<\/li>\n<li>Hotels and resorts operator <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/c8620363-c996-408b-8d01-914668fdbb63\" style=\"\" rel=\"noopener\">Boudl<\/a><\/strong> has filed to go public;<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/9da021c4-8337-47f8-b4f7-7e13f94d0e7e\" style=\"\" rel=\"noopener\">Fourth Milling Company<\/a><\/strong> will list before the end of June;<\/li>\n<li>Singapore\u2019s <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/927c9005-50b0-4a1f-b4e5-599628a82d8b\" style=\"\" rel=\"noopener\">Olam Group<\/a><\/strong> is mulling the IPO of its Olam Agri subsidiary on Tadawul;<\/li>\n<li>Hypermarket operator&nbsp;<strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/eaeb2656-fa3e-4e48-8d21-772adfd9470f\" style=\"\" rel=\"noopener\">Lulu<\/a><\/strong> is said to be eyeing a dual listing on Tadawul and ADX;<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/78df2631-68ae-4b15-86cd-59bab3c278b7\" style=\"\" rel=\"noopener\">Aster DM Healthcare<\/a><\/strong> looks set to spin off its GCC assets and seek a dual listing on Tadawul and in the UAE;<\/li>\n<li>PIF-backed lender Riyad Bank is considering the listing of its investment banking arm <strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/291a8d44-0629-42f6-ae3b-2f9c2eb7bcbd\" style=\"\" rel=\"noopener\">Riyad Capital<\/a><\/strong>;<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1c55c7a4-ce77-4a0c-a7bd-1ad23a8256e0\" style=\"\" rel=\"noopener\">Nupco<\/a><\/strong> \u2014 a unit of the PIF \u2014 has reportedly tapped Rothschild &amp; Co as financial advisor for its potential Tadawul IPO;<\/li>\n<li>Budget airline <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e299d7ad-c3f0-4533-bc3f-4dfb58ab2eb4\/\" style=\"\" rel=\"noopener\">Flynas<\/a> is reportedly looking to go public this year.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"86600\" 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=\"86600\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/pif-in-talks-to-get-a-piece-of-egyptian-agriculture-firm-daltex\/\">\r\n                            PIF in talks to get a piece of Egyptian agriculture firm Daltex                        <\/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\/28\/pif-in-talks-to-get-a-piece-of-egyptian-agriculture-firm-daltex\/\" 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\" 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alt=\"\" data-attachment-id=\"86601\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/pif-in-talks-to-get-a-piece-of-egyptian-agriculture-firm-daltex\/2172-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2172.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2172.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2172.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2172.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86600\" class=\"content-area-description single-story post-86600 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-agriculture tag-egypt tag-enterpriseam-ksa tag-ma-watch tag-public-investment-fund-pif 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\/.ff08dd9a-d5bc-4566-92ba-597ea3073da4.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Public Investment Fund (PIF) is reportedly in talks to acquire an <\/strong><strong>unspecified minority stake in Egyptian agriculture firm <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.daltexcorp.com\/?fbclid=IwZXh0bgNhZW0CMTAAAR1NtcTEpoAxLG9K-MKJF6u0NR7gURBXS7PgqyGwdU4kFN61fyahWnvyciQ_aem_ATzGXM4Ah_B49549gt2kuiGOyucRms-14q1gKnTw-bU8SMY9bfmywfA6n7UrUff0bQUOxEaM6UFoZO7ey7LBZLWi\" style=\"\" rel=\"noopener\">Daltex Corporation<\/a><\/strong> through a capital increase, Egyptian media outlet <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%84%d8%b5%d9%86%d8%af%d9%88%d9%82-%d8%a7%d9%84%d8%b3%d9%8a%d8%a7%d8%af%d9%89-%d8%a7%d9%84%d8%b3%d8%b9%d9%88%d8%af%d9%89-%d9%8a%d8%aa%d9%81%d8%a7%d9%88%d8%b6-%d9%84%d9%84%d8%a7%d8%b3%d8%aa\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports, citing unnamed sources it says have knowledge of the matter.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s still early days: <\/strong>The talks are still in the early stages and both sides are yet to reach an agreement or sign a contract, the sources added. If the acquisition goes through, Daltex would use the funds from the transaction to finance the company\u2019s expansions, and finance its exports of production requirements.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Daltex: <\/strong>The agriculture player has been operating in the Egyptian market since 1964 and has established itself as a \u201c <a target=\"_blank\" href=\"https:\/\/www.daltexcorp.com\/?fbclid=IwZXh0bgNhZW0CMTAAAR1NtcTEpoAxLG9K-MKJF6u0NR7gURBXS7PgqyGwdU4kFN61fyahWnvyciQ_aem_ATzGXM4Ah_B49549gt2kuiGOyucRms-14q1gKnTw-bU8SMY9bfmywfA6n7UrUff0bQUOxEaM6UFoZO7ey7LBZLWi\" style=\"\" rel=\"noopener\">leading exporter of Egyptian potatoes<\/a> and a fully-integrated player operating across all aspects of the agricultural value chain.\u201d <\/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 EFG Hermes are reportedly financial advisors to Daltex, while Matouk Bassiouny and Adsero Ragy Soliman &amp; Partners are counsel. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PIF has been interested in more than one Egyptian company of late:<\/strong> The fund\u2019s wholly owned subsidiary the Saudi Egyptian Investment Company submitted an offer <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/a8d732b1-e23e-4b6c-adb2-5132b7b08943\" style=\"\" rel=\"noopener\">earlier this month<\/a> to acquire up to 100% of leading Egyptian education company CIRA Education. <\/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\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/egypt\/\">Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ma-watch\/\">M&amp;A WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/public-investment-fund-pif\/\">Public Investment Fund (PIF)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"86602\" 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=\"86602\">\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\">TECHNOLOGY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/prince-alwaleed-bin-talal-kingdom-holding-invest-in-elon-musks-ai-startup\/\">\r\n                            Prince Alwaleed Bin Talal and investment vehicle among investors in latest funding round by Elon Musk\u2019s xAI                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li 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href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/prince-alwaleed-bin-talal-kingdom-holding-invest-in-elon-musks-ai-startup\/\">\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=Prince Alwaleed Bin Talal + Kingdom Holding invest in Elon Musk\u2019s AI startup&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/prince-alwaleed-bin-talal-kingdom-holding-invest-in-elon-musks-ai-startup\/\">\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\" 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     <\/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\/28\/prince-alwaleed-bin-talal-kingdom-holding-invest-in-elon-musks-ai-startup\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2279.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86603\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/prince-alwaleed-bin-talal-kingdom-holding-invest-in-elon-musks-ai-startup\/2279-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2279.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2279.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2279.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2279.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86602\" class=\"content-area-description single-story post-86602 post type-post status-publish format-standard has-post-thumbnail hentry category-technology tag-elon-musk tag-enterpriseam-ksa tag-kingdom-holding tag-prince-alwaleed-bin-talal tag-technology tag-xai 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\/.550ab20e-74ee-4dc2-88d2-3df3b9861bf7.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Prince Alwaleed bin Talal is backing Musk\u2019s AI startup: <\/strong><a target=\"_blank\" href=\"https:\/\/x.ai\/\" style=\"\" rel=\"noopener\">xAI<\/a> \u2014 a California-based artificial intelligence startup owned by tech bn\u2019aire Elon Musk \u2014 recently closed a USD 6 bn series B funding round that saw the participation of several key investors, including Prince Alwaleed bin Talal and his investment vehicle Kingdom Holding, according to a <a target=\"_blank\" href=\"https:\/\/x.ai\/blog\/series-b\" style=\"\" rel=\"noopener\">blog post<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also investing in the round:<\/strong> Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, and Fidelity Management and Research Company, among others. The size of each investor's contribution was not disclosed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know: <\/strong>The funding will help xAI launch its first AI-powered products, optimize infrastructure, and fast-track its research and development efforts, the startup said in the statement. The round brings the startup\u2019s valuation at USD 24 bn, up from a pre-funding valuation of USD 18 bn, Musk said in a <a target=\"_blank\" href=\"https:\/\/x.com\/elonmusk\/status\/1794976923317149914\" style=\"\" rel=\"noopener\">post on X<\/a>. \u201cThere will be more to announce in the coming weeks,\u201d Musk said in a separate <a target=\"_blank\" href=\"https:\/\/x.com\/elonmusk\/status\/1794964816211087660\" style=\"\" rel=\"noopener\">post<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Prince Alwaleed + Musk are more than acquainted: <\/strong>Prince Alwaleed, together with the Kingdom Holding <a target=\"_blank\" href=\"https:\/\/www.forbes.com\/sites\/mattdurot\/2022\/10\/31\/saudi-prince-alwaleed-becomes-twitters-second-largest-shareholder\/\" style=\"\" rel=\"noopener\">became the second largest shareholder in X<\/a> (previously known as Twitter at the time) in October 2022 after Musk took the social media platform private. Prince Alwaleed and KHC collectively own a 4% stake in X.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About xAI: <\/strong>Founded in 2023 by Musk, xAI is looking to build advanced AI systems, \u201cthat are truthful, competent, and maximally beneficial for all of humanity,\u201d with the goal of understanding \u201cthe true nature of the universe,\u201d the statement read.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- Plenty of appetite for AI: <\/strong>The Kingdom is cooking up a world-scale AI play that could see the new technology contribute as much as USD 135 bn to the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/9c0add98-f820-4884-b888-5c3493d09bfb\" style=\"\" rel=\"noopener\">local<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/9c0add98-f820-4884-b888-5c3493d09bfb\" style=\"\" rel=\"noopener\">economy<\/a> by 2030, according to <a target=\"_blank\" href=\"https:\/\/www.pwc.com\/m1\/en\/publications\/potential-impact-artificial-intelligence-middle-east.html#:~:text=The%20US%24320%20billion%20impact%20of%20AI%20for%20the%20Middle%20East&amp;text=When%20we%20look%20at%20the,equivalent%20to%20US%24320%20billion.\" style=\"\" rel=\"noopener\">a recent report from PwC<\/a>. Additionally, the Public Investment Fund is looking to set up a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/399e70a3-e2fe-4f5f-8a42-286b5b4ce2db\" style=\"\" rel=\"noopener\">USD 40 bn AI-focused fund<\/a> that would make it the world\u2019s largest investor in artificial intelligence.<\/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\/elon-musk\/\">Elon Musk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/kingdom-holding\/\">Kingdom Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/prince-alwaleed-bin-talal\/\">Prince Alwaleed bin Talal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/technology\/\">Technology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/xai\/\">xAI<\/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=\"86604\" 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=\"86604\">\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\">STARTUP WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/saudi-startups-outpace-mena-peers-on-vc-funding-in-1q-2024-magnitt\/\">\r\n                            Saudi startups raised USD 240 mn in 1Q 2024, beating their MENA peers -Magnitt                        <\/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\/28\/saudi-startups-outpace-mena-peers-on-vc-funding-in-1q-2024-magnitt\/\" 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\/28\/saudi-startups-outpace-mena-peers-on-vc-funding-in-1q-2024-magnitt\/')\">\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\/28\/saudi-startups-outpace-mena-peers-on-vc-funding-in-1q-2024-magnitt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Saudi startups outpace MENA peers on VC funding in 1Q 2024 -Magnitt&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/saudi-startups-outpace-mena-peers-on-vc-funding-in-1q-2024-magnitt\/\">\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\/28\/saudi-startups-outpace-mena-peers-on-vc-funding-in-1q-2024-magnitt\/&title=Saudi startups outpace MENA peers on VC funding in 1Q 2024 -Magnitt\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Saudi+startups+outpace+MENA+peers+on+VC+funding+in+1Q+2024+-Magnitt+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F28%2Fsaudi-startups-outpace-mena-peers-on-vc-funding-in-1q-2024-magnitt%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\/28\/saudi-startups-outpace-mena-peers-on-vc-funding-in-1q-2024-magnitt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86604\" class=\"content-area-description single-story post-86604 post type-post status-publish format-standard hentry category-startup-watch tag-enterpriseam-ksa tag-investment-watch tag-startup-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.a7ba0b6f-a27f-4133-87d4-a62a98529fde.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Total capital committed by VC firms to Saudi startups fell 42% y-o-y in 1Q <\/strong><strong>2024 to<\/strong><strong> USD 240 mn across 35 transactions<\/strong>, according to venture data platform Magnitt\u2019s <a target=\"_blank\" href=\"https:\/\/magnitt.com\/research\/q1-2024-ksa-venture-investment-report-50934\" style=\"\" rel=\"noopener\">1Q KSA Venture Investment Report<\/a>. <strong>Saudi attracted 65% of the total capital raised by startups in the MENA region in 1Q.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Salla led the charge:<\/strong> The pre-IPO round of e-commerce app Salla accounted for more than half of the funds raised during the first quarter of the year, with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/2f41d1d7-5e73-4b5b-b98a-f8ace220543c\/e-commerce-startup-salla-raises-usd-130-mn-pre-ipo-round\" style=\"\" rel=\"noopener\">USD 130 mn in investment tickets<\/a> during Leap 2024 last March. The round was the region\u2019s only megadeal during the quarter. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Smaller tickets, but not a \u201cretreat in investor sentiment\u201d:<\/strong> The MENA region as a whole saw a downturn in VC investments during the quarter, said Magnitt Founder and CEO Philip Bahoshy. \u201cWhile funding saw a downturn, the deal flow in Saudi Arabia remained nearly flat, posting a modest 13% decrease in 1Q 2023. Digging deeper, it becomes evident that while the overall funding has diminished, the Kingdom\u2019s entrepreneurial ecosystem continues to attract investors.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How Saudi startups are faring in 2Q 2024 so far: <\/strong>Three Saudi startups raised a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/da82600a-6afe-43b7-a9c8-2653c1138f7a\/saudi-startups-raised-a-combined-usd-4.8-mn-in-april\" style=\"\" rel=\"noopener\">combined<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/da82600a-6afe-43b7-a9c8-2653c1138f7a\/saudi-startups-raised-a-combined-usd-4.8-mn-in-april\" style=\"\" rel=\"noopener\">USD 4.8 mn in April.<\/a> That\u2019s a 60% y-o-y increase compared to the USD 3 mn three Saudi startups raised in April 2023.<\/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\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/startup-watch\/\">STARTUP WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"86605\" 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=\"86605\">\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\">TECHNOLOGY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/everything-you-need-to-know-about-two-tech-focused-events-coming-to-riyadh-next-week\/\">\r\n                            Everything you need to know about two tech-focused events coming to Riyadh next week                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/everything-you-need-to-know-about-two-tech-focused-events-coming-to-riyadh-next-week\/\" 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\/28\/everything-you-need-to-know-about-two-tech-focused-events-coming-to-riyadh-next-week\/')\">\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\/28\/everything-you-need-to-know-about-two-tech-focused-events-coming-to-riyadh-next-week\/\">\n   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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\/28\/everything-you-need-to-know-about-two-tech-focused-events-coming-to-riyadh-next-week\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2203.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86606\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/everything-you-need-to-know-about-two-tech-focused-events-coming-to-riyadh-next-week\/2203-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2203.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2203.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2203.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2203.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86605\" class=\"content-area-description single-story post-86605 post type-post status-publish format-standard has-post-thumbnail hentry category-technology tag-digital-transformation-summit tag-enterpriseam-ksa tag-exito tag-saudi-manufacturing-show tag-startup-world-cup tag-technology 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\/.e0be82ab-27d9-4130-a103-807618001ea6.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Business solutions platform Exito<\/strong><strong> is hosting the Digital Transformation <\/strong><strong>Summit (DTS) on Wednesday, 5 June, at the <\/strong><strong>Crowne Plaza Riyadh Minhal.<\/strong> DTS is set to feature more than 300 senior executives, and 600 speakers from the tech segments of artificial intelligence, Web 3.0, internet of things, quantum computing, cybersecurity and other \u201cfourth industrial revolution technologies,\u201d according to its <a target=\"_blank\" href=\"https:\/\/digitransformationsummit.com\/ksa\/\" style=\"\" rel=\"noopener\">website<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The industry in brief:<\/strong> ICT spending in the Kingdom is worth c. USD 34.5 bn, the summit\u2019s website says, without providing a timeframe. AI is forecasted to contribute USD 135.2 bn to domestic GDP by 2030, foreign investment in the local IT market currently stands at USD 2.13 bn, while investment in the tech sector amounts to USD 6.4 bn, according to the website. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Talking points: <\/strong>Smart cities and infrastructure, high-speed networks, generative AI, smart collaboration, AI-powered customer experience, and cyber risks are top of the agenda.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the speaker list:<\/strong><\/p>\n<ul>\n<li><strong>Razan AlMazroo<\/strong>, director of beneficiary experience at the Digital Government Authority;<\/li>\n<li><strong>Jayesh Maganlal<\/strong>, group chief information and digital officer at Roshn;<\/li>\n<li><strong>Abdullah <\/strong><strong>Biary<\/strong>, chief information security officer at United Cooperative Assurance;<\/li>\n<li><strong>Filip Nekvinda<\/strong>, chief information and digital officer at Abdul Latif Jameel Enterprises;<\/li>\n<li><strong>Ibraheem Sheerah<\/strong>, CTO at Saudi Airlines Holding;<\/li>\n<li><strong>Akram Nour<\/strong>, chief digital transformation at the Economic Cities and Special Zones Authority;<\/li>\n<li><strong>Naser Al Abeedi<\/strong>, director of IT strategies and architecture at Ma'aden;<\/li>\n<li><strong>Irfan Bhatti<\/strong>, vice president for enterprise architecture &amp; core banking at Banque Saudi Fransi;<\/li>\n<li><strong>Atiq Bajwa<\/strong>, director enterprise risk management at Saudi Arabia Military Industries;<\/li>\n<li><strong>Bander Al Shahrani<\/strong>, head of digital and innovation at PIF-owned Ardara;<\/li>\n<li><strong>Mahmoud Bin Eid<\/strong>, training planning director at the Ministry of Communications and Information Technology.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An extra<\/strong><strong> for startups:<\/strong> DTS is hosting the <a target=\"_blank\" href=\"https:\/\/digitransformationsummit.com\/ksa\/startup-lounge\/\" style=\"\" rel=\"noopener\">Riyadh Startups Showdown<\/a> which is part of the <a target=\"_blank\" href=\"https:\/\/www.startupworldcup.io\/\" style=\"\" rel=\"noopener\">Startup World Cup 2024 Silicon Valley Regional competitions<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> Exito is also hosting the <a target=\"_blank\" href=\"https:\/\/saudimanufacturingshow.com\/\" style=\"\" rel=\"noopener\">Saudi Manufacturing Show<\/a> which is set to feature tech executives from the local manufacturing sector on Thursday, 6 June. The invite-only event exclusively for tech leaders and government officials has discussions on the agenda including the impact of future trends and emerging tech on the future of manufacturing, cybersecurity, and AI-enabled manufacturing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Speaking at the show: <\/strong><\/p>\n<ul>\n<li><strong>Luay Ayyash<\/strong>, director of construction at The Royal Commission for AlUla;<\/li>\n<li><strong>Anbasa Kandiel<\/strong>, advisor to the vice minister of Industry and Mineral Resources;<\/li>\n<li><strong>Mohammed Alshangiti<\/strong>, director of the Procurement Center of Excellence at Ma\u2019aden;<\/li>\n<li><strong>Ahmad Khraishi<\/strong>, executive director at Dussur;<\/li>\n<li><strong>Faisal AlNasser<\/strong>, CIO at Almarai;<\/li>\n<li><strong>Wassim Ghaida<\/strong>, director of operations at AlYemni Group;<\/li>\n<li><strong>Damian Baldysz<\/strong>, manufacturing systems director at Ceer;<\/li>\n<li><strong>Ali Mousa Al-Jabrah<\/strong>, CEO at Astra Mining.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/digital-transformation-summit\/\">Digital Transformation Summit<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/exito\/\">Exito<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-manufacturing-show\/\">Saudi Manufacturing Show<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/startup-world-cup\/\">Startup World Cup<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/technology\/\">Technology<\/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=\"86607\" 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=\"86607\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">SAUDI IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/prince-alwaleeds-investment-into-musks-ai-startup-is-getting-attention\/\">\r\n                            Prince Alwaleed\u2019s investment into Musk\u2019s AI startup is getting attention                        <\/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\/28\/prince-alwaleeds-investment-into-musks-ai-startup-is-getting-attention\/\" 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\/28\/prince-alwaleeds-investment-into-musks-ai-startup-is-getting-attention\/')\">\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\/28\/prince-alwaleeds-investment-into-musks-ai-startup-is-getting-attention\/\">\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=Prince Alwaleed\u2019s investment into Musk\u2019s AI startup is getting attention&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/prince-alwaleeds-investment-into-musks-ai-startup-is-getting-attention\/\">\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\/28\/prince-alwaleeds-investment-into-musks-ai-startup-is-getting-attention\/&title=Prince Alwaleed\u2019s investment into Musk\u2019s AI startup is getting attention\">\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=Prince+Alwaleed%E2%80%99s+investment+into+Musk%E2%80%99s+AI+startup+is+getting+attention+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F05%2F28%2Fprince-alwaleeds-investment-into-musks-ai-startup-is-getting-attention%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\/28\/prince-alwaleeds-investment-into-musks-ai-startup-is-getting-attention\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2219.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86608\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/prince-alwaleeds-investment-into-musks-ai-startup-is-getting-attention\/2219-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2219.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2219.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2219.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2219.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86607\" class=\"content-area-description single-story post-86607 post type-post status-publish format-standard has-post-thumbnail hentry category-saudi-in-the-news tag-artificial-intelligence tag-elon-musk tag-enterpriseam-ksa tag-kingdom-holding tag-prince-alwaleed-bin-talal tag-saudi-in-the-news tag-xai 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\/.3cc35ba9-6cb1-472c-a7e0-32e93dfc86e7.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Prince Alwaleed bin Talal and his investment company Kingdom <\/strong><strong>Holding\u2019s investment<\/strong> <strong>into Elon Musk\u2019s AI startup xAI is leading the conversation on Saudi<\/strong> in the foreign press this morning, with coverage from the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/05\/27\/business\/elon-musk-xai-funding.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/technology\/article\/2024\/may\/27\/elon-musk-xai-raises-openai-funding-round\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/05\/27\/tech\/elon-musk-xai-6-billion-funding\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a>. The series B round is also making the rounds \u2014 sans mention of Saudi \u2014 in <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-27\/musk-s-xai-raises-6-billion-in-sequioa-backed-series-b-funding\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/elon-musks-xai-raises-6-bln-series-b-funding-round-2024-05-27\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/0b6f634e-dbf0-4238-a319-1dc1bbc0b62e\" style=\"\" rel=\"noopener\">Financial Times<\/a>. We have chapter and verse in the newswell, above. <\/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\/artificial-intelligence\/\">artificial intelligence<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/elon-musk\/\">Elon Musk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/kingdom-holding\/\">Kingdom Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/prince-alwaleed-bin-talal\/\">Prince Alwaleed bin Talal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-in-the-news\/\">SAUDI IN THE NEWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/xai\/\">xAI<\/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=\"86609\" 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=\"86609\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/pif-launches-space-company-in-localization-drive-plus-real-estate-infrastructure-and-healthcare\/\">\r\n                            PIF launches space company in localization drive                        <\/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\/28\/pif-launches-space-company-in-localization-drive-plus-real-estate-infrastructure-and-healthcare\/\" 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\/28\/pif-launches-space-company-in-localization-drive-plus-real-estate-infrastructure-and-healthcare\/')\">\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\/28\/pif-launches-space-company-in-localization-drive-plus-real-estate-infrastructure-and-healthcare\/\">\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=PIF launches space company in localization drive. Plus: real estate, infrastructure and healthcare&url=https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/pif-launches-space-company-in-localization-drive-plus-real-estate-infrastructure-and-healthcare\/\">\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\/28\/pif-launches-space-company-in-localization-drive-plus-real-estate-infrastructure-and-healthcare\/&title=PIF launches space company in localization drive. 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The fresh funds were earmarked to boost the \u201cprivate sector participation\u201d in the Arts District \u2014 one of Sports Boulevard\u2019s <a target=\"_blank\" href=\"https:\/\/sportsboulevard.sa\/en\/our-districts\" style=\"\" rel=\"noopener\">eight districts<\/a> \u2014 it said in a <a target=\"_blank\" href=\"https:\/\/sportsboulevard.sa\/en\/sports-boulevard-doubles-the-value-of-private-real-estate-investment-funds-for-the-arts-district-to-reach-sar-2-billion\" 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>A look at the fund\u2019s structure:<\/strong> The Sports Boulevard Development Company remains the major unitholder in the fund, with the structure seeing Ajdan Real Estate Development Company as a developer and primary investor and Albilad Capital as the fund manager. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the Riyadh megaproject: <\/strong>Inspired by Salmani architectural style, Sports Boulevard \u2014 one of the capital\u2019s megaprojects \u2014 is a large-scale linear park that aims to promote the capital to be among the world\u2019s most liveable cities. It spans over 135 km on Prince Mohammed bin Salman bin Abdulaziz Road to connect the capital\u2019s east to the west through dedicated green pathways for athletes, cyclists, pedestrians and others.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- PIF-backed master developer Diriyah Company broke ground on a premium office <\/strong><strong>space in Diriyah<\/strong>, the original home of the Saudi royal family, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2111262\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. It will build five low-rise sustainable office buildings offering 39k sqm of gross leasable area and a total gross floor area of 47k sqm. The exterior facade of the buildings, which could accommodate 4k people, will be inspired by the traditional Najdi architecture.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>Roshn partners up with Saudi Credit Bureau for accurate <\/strong><strong>home-buying info<\/strong>: PIF-backed real estate developer Roshn inked an agreement with the Saudi Credit Bureau (Simah) to enhance the home-buying experience for its customers using precise financial data, it said in <a target=\"_blank\" href=\"https:\/\/x.com\/Roshnksa\/status\/1795034910006149132\" style=\"\" rel=\"noopener\">a post on X<\/a>. No further details were provided.<\/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>#4- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ritzcarlton.com\/en\/hotels\/ejhrz-nujuma-a-ritz-carlton-reserve\/overview\/\" style=\"\" rel=\"noopener\">Nujuma<\/a><\/strong><strong> \u2014 the first Ritz-Carlton reserve in the region \u2014 opened its doors earlier this <\/strong><strong>week to welcome its first guests<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.redseaglobal.com\/en\/-\/media-center\/nujuma-a-ritz-carlton-reserve-opens-its-doors-at-the-red-sea\" style=\"\" rel=\"noopener\">statement<\/a>. The 63-key resort is located on PIF-backed Red Sea Global\u2019s Ummahat Islands. Nujuma is Red Sea Global\u2019s third operational resort after the <a target=\"_blank\" href=\"https:\/\/www.sixsenses.com\/en\/resorts\/southern-dunes-the-red-sea\/\" style=\"\" rel=\"noopener\">Six Senses Southern Dunes<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.marriott.com\/en-us\/hotels\/ejhxr-the-st-regis-red-sea-resort\/overview\/\" style=\"\" rel=\"noopener\">St Regis Red Sea Resort<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Already breaking records:<\/strong> Stays at Nujuma start from SAR 9.9k (c. USD 2.6k) per night, beating Dubai\u2019s Burj Al Arab as the most expensive hotel in the region. Villa rates at the Maldives-inspired island retreat start from SAR 8.8k per night, while its most expensive Royal Nujuma Villa has rates starting at SAR 81k per night.<\/p>\n<p class=\"tag-border-left\">EARNINGS WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abdul Mohsen Al Hokair Group for Tourism and Development (Al Hokair Group) has <\/strong><strong>trimmed its accumulated losses by 1.3% to reach 34.9% of its current capital<\/strong>, or SAR 110 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\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83Z29TAwC_Rx9DSxdLY0MDAz1w_Wj9KOQlRgEB5gaBLoF-Br7GAQZuBuYQRUY4ACOBvoF2dmBAERHA9g!\/dz\/d5\/L0lDU0NRa2dwUXBRa0tDbEVLQ2xFSklLSUtVUW9ncFJJa0EhIS9ZUFVFQUFBSUlFTUVDS0lFQUdJR09JT0lCSkZKRkJKTkROREJORUxMSEhQSFBMSEFnb2dvckFzQ0FBISEvNEpDaWpLMWJHTGppRUVwTWhUVlVrNUNpbXBwektETmJ0WmJPYW5tdDJzdGd0U0txb3lRIS9aN181QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURRNi9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy92aWV3L25vcm1hbC9lbi9jb21wYW55U3ltYm9sLzE4MjAvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwNDAw\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Al Hokair Group has taken steps to cut accumulated losses, including restructuring the company\u2019s sectors, divesting from \u201cpoorly performing projects\u201d that generate losses among others. <\/p>\n<p class=\"tag-border-left\">SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Public Investment Fund launched a <\/strong><strong>commercial satellite and space company named <\/strong><strong>Neo Space Group<\/strong><strong>, <\/strong>it said in <a target=\"_blank\" href=\"https:\/\/www.pif.gov.sa\/en\/news-and-insights\/press-releases\/2024\/pif-launches-neo-space-group-to-boost-saudi-arabias-satellite-and-space-industries\/\" style=\"\" rel=\"noopener\">a press release<\/a>. \u201cThe group will invest in localization, technology, start-ups, and knowledge in the space and satellite sector in Saudi Arabia.\u201d The Kingdom could be running space tourism trials later this year, Saudi Space Agency CEO Mohammed Al Tamimi said at the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/027bea23-9269-4073-8314-6a784852c0ed\/day-1-of-the-future-aviation-forum-ends-on-a-high-note\" style=\"\" rel=\"noopener\">Future Aviation Forum last week<\/a>. \u201cWithin a window of 60 days from now, there will be an announcement to do some trials here in Saudi Arabia about space tourism,\u201d he said.<\/p>\n<p class=\"tag-border-left\">DEBT WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Alkhorayef Water and Power Technologies obtained a Shariah-compliant banking facility <\/strong><strong>worth SAR 275 mn from Bank Albilad<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83d2MXA0C3SydAl1c3Q0NvE30w1EVGAQHmAIVBPga-xgEGbgbmOlHEaPfAAdwNCCsPwqvEndzdAVYnAhWgMcNXvpR6Tn5SZDwyCgpKbBSNVA1KElMSSwvzVEFujE5P7cgMa8yuDI3KR-oyMjAwlA_ODVPvyA3NMIgMyA3XNdREQDbrVaq\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi84MDQwNS9jb21wYW55U3ltYm9sLzIwODEvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The funding will be channeled to issue all types of governmental and non-governmental guarantees, letters of credit, and payments for projects.<\/p>\n<p class=\"tag-border-left\">INFRASTRUCTURE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Royal Commission at Yanbu signed an MoU with local <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/skytowersaudi\/\" style=\"\" rel=\"noopener\">SkyTower Investments<\/a><\/strong><strong> to <\/strong><strong>develop petrochemical, speciality chemicals and renewable energy projects<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/x.com\/RcjyYanbu\/status\/1794953932529176737\" style=\"\" rel=\"noopener\">post on X<\/a>. The MoU comes under the commission\u2019s plan to lure in local and foreign investments to the Yanbu Industrial City. No further details were provided.<\/p>\n<p class=\"tag-border-left\">HEALTHCARE <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nomu-listed healthcare provider Al Modawat Specialized Medical will fast-track the <\/strong><strong>expansion of its <\/strong><strong>general hospital in Asir <\/strong>\u201cto address high occupancy rates,\u201d 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\/jZFRb4IwFIV_jY9LryCl7A0VK0aKFTqhL6ZO40ikmIVp_PfrNFkGDmPfmvude8-5F0mUIanVqdiruqi0Oph_LvHa8TFYUwIxTNMRYEgoFinpj0MbrZoAnVgB8Ik35OOA9oG6SP4tx77nmvJsSMO5bwd80NZDsnAMsIjsOSyBAm7qu-ZDx_PhOf0vQCKKgTOfx5brAH17Qi-byD8baPW4j3gFHmV46MLCbaC5ZoLvPNzHnCG5P1Sb28k_6vr42oMe1Gqrzl-HnrHwXpVHpS_JpdxUBvIcb9CFKq1HqkZZvxsItygjYHsEJTuNcnMEtzMfx2h1KnZnJHT1WRqHyU8cn7FYsFEQBSxdMxENgyXKby1l221-dZuaHTycciyFEBkUYbEoV6R2NoN8dmIv_BtP9qiW\/dz\/d5\/L0lHSkovd0RNQU5rQUVnQSEhLzROVkUvYXI!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The hospital\u2019s expansion is expected to cost SAR 16.3 mn, though the final cost could vary with labor expenses, Al Modawat said. The hospital group first <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/6fb9e7ef-968a-405d-8303-8cb17bafcb2a\" style=\"\" rel=\"noopener\">announced the expansion<\/a> in March.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the expansion plan:<\/strong> The expansion of the western building spans 3k sqm in the second floor to add inpatients rooms, while the eastern building will see the addition of 42 clinics and a radiology department spanning an area of 3.6k sqm. It will also see a 2k sqm area that includes a men\u2019s gym and another 2k sqm that includes a women\u2019s gym.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/al-hokair-group\/\">Al Hokair Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/al-modawat-specialized-medical\/\">Al Modawat Specialized Medical<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/alkhorayef-water-and-power-technologies\/\">Alkhorayef Water and Power Technologies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/bank-albilad\/\">Bank Albilad<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/diriyah\/\">Diriyah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/neo-space-group-nsg\/\">Neo Space Group (NSG)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/public-investment-fund-pif\/\">Public Investment Fund (PIF)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/roshn\/\">Roshn<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/royal-commission-at-yanbu\/\">Royal Commission at Yanbu<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-credit-bureau-simah\/\">Saudi Credit Bureau (Simah)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/skytower-investments\/\">SkyTower Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/sports-boulevard-foundation\/\">Sports Boulevard Foundation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            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href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/ecb-on-track-to-cut-interest-rates-next-week-top-bank-officials-suggest\/\">\r\n                            ECB on track to cut interest rates next week, top bank officials suggest                        <\/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\/28\/ecb-on-track-to-cut-interest-rates-next-week-top-bank-officials-suggest\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> 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size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86612\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/ecb-on-track-to-cut-interest-rates-next-week-top-bank-officials-suggest\/2281-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2281.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2281.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2281.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2281.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86611\" class=\"content-area-description single-story post-86611 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam-ksa tag-european-central-bank tag-financial-markets tag-interest-rates tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.6ae917d8-cf59-4da4-93ac-b9d1c511afa2.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The European Central Bank could start cutting interest rates as early as its <\/strong><strong>June 6 meeting<\/strong>, the bank\u2019s chief economist Philip Lane said in an <a target=\"_blank\" href=\"https:\/\/www.ecb.europa.eu\/press\/inter\/date\/2024\/html\/ecb.in240527~ffaddc865d.en.html\" style=\"\" rel=\"noopener\">interview<\/a> with the Financial Times. \u201cBarring major surprises, at this point in time there is enough in what we see to remove the top level of restriction,\u201d Lane said. A cut would make the ECB the first major central bank to loosen monetary policy after raising rites almost three years ago to tamp down inflation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Finland\u2019s central bank governor is also suggesting the cut will come in June. <\/strong>Olli Rehn, who also sits on the ECB\u2019s governing council, <a target=\"_blank\" href=\"https:\/\/www.suomenpankki.fi\/en\/media-and-publications\/speeches-and-interviews\/2024\/governor-olli-rehn-price-dynamics\/\" style=\"\" rel=\"noopener\">said yesterday<\/a> that inflation is falling across the Eurozone \u201cin a sustained way,\u201d meaning \u201cthe time is thus ripe in June to ease the monetary policy stance and start cutting rates.\u201d He flagged geopolitics and oil prices as risks to that forecast.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t expect the ECB to go nuts:<\/strong> While rate cuts are on the cards, interest rates will need to stay high enough to keep a lid on inflation, Lane suggested. \u201cThings will be bumpy and gradual. The best way to frame the debate this year is that we still need to be restrictive all year long,\u201d he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The trigger:<\/strong> Eurozone inflation registered <a target=\"_blank\" href=\"https:\/\/ec.europa.eu\/eurostat\/en\/web\/products-euro-indicators\/w\/2-17052024-ap\" style=\"\" rel=\"noopener\">2.4% in April<\/a>, down from a peak of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bef8898b-77e6-43e7-b29e-fcf0ff68ff96\/\" style=\"\" rel=\"noopener\">over 10%<\/a> in October 2022, inching closer to the bank\u2019s <a target=\"_blank\" href=\"https:\/\/www.ecb.europa.eu\/mopo\/strategy\/pricestab\/html\/index.en.html\" style=\"\" rel=\"noopener\">2% target<\/a>. Cooling inflation data have led investors to pencil in a 25 bps cut for the benchmark deposit rate at next week\u2019s meeting, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/74b0bd6b-e7f3-4e96-bf3e-ee09e6fc3205\" style=\"\" rel=\"noopener\">FT<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When can we expect rates to normalize? <\/strong>\u201cUnder the baseline forecasts, next year, when we expect wages to have visibly decelerated, when some of the base effects of fiscal measures which are pushing up inflation this year have faded out, then there will be a discussion about normalization,\u201d Lane said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uh, Enterprise? What does that mean in plain English? <\/strong>Lane is suggesting the ECB is watching for two things on the inflation front before more aggressively cutting rates: For <strong>wages to grow at a slower pace<\/strong> next year \u2014 and for economies to fully <strong>adjust to the phase-out of energy subsidies and tax cuts<\/strong>. The subsidies and tax cuts were designed to shield consumers from high energy prices after Russia\u2019s invasion of Ukraine and to ease the bite of inflation. They were <a target=\"_blank\" href=\"https:\/\/www.politico.eu\/article\/european-central-bank-christine-lagarde-energy-price-support-eurozone-inflation\/\" style=\"\" rel=\"noopener\">in place throughout 2023<\/a> and are being phased out in much of the Eurozone this year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The ECB <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/221d86aa-15ae-47a4-ba58-bdbbb347b2eb\/\" style=\"\" rel=\"noopener\">held rates steady<\/a> at its last policy meeting in April, keeping the deposit rate at a record 4% that\u2019s been in place since September.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WHAT TO WATCH for later this week: <\/strong>Friday\u2019s release of US core personal consumption expenditures, a key gauge watched by the Fed.<\/p>\n<p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are mixed this morning<\/strong>, with the Nikkei and Shanghai Composite both starting the day in the red, while the Kospi and Hang Seng are basically flat. Traders seem to have welcomed the ECB\u2019s remarks as they look forward to a shorter trading week in the US and UK, where futures were up in overnight trading. European futures are also up at dispatch time. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- Why do equities traders care about interest rates? <\/strong>Lower rates mean lower returns for investors in debt, resulting in more money in the hands of businesses and consumers. As debt yields decrease, some investors will shift back into stocks in search of better returns, even though stocks are generally more volatile than debt.<\/p>\n<p><a target=\"_blank\" id=\"t.f9ec7d9deb068ac5d1cd7865261f8898bcbc1c3d\" 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\">11,831<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: -1.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>MSCI Tadawul 30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">1,470<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: -5.2%)<\/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>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\">26,449<\/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: +7.8%)<\/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\">27,287<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.9% (YTD: +9.6%)<\/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>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\">8,831<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.00% (YTD: -7.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,027<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: -0.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,305<\/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: +11.2%)<\/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>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\">8,318<\/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-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,059<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +11.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 83.10<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.2%<\/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 (Nymex) <\/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 2.50<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,376<\/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%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 69,647<\/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\">+1.4% (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 0.2% yesterday <\/strong>on turnover of SAR 5.9 bn. The index is down 1.1% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green:<\/strong> Spm (+4.9%), Chubb (+4.0%) and Mesc (+3.5%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>East Pipes (-5.8%), Riyadh Cables (-5.6%) and Saudi German Health (-3.8%).<\/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 0.7% yesterday <\/strong>on turnover of SAR 28.6 mn. The index is up 7.8% 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> Osool and Bakheet (+9.2%), View (+6.5%) and Al Modawat (+6.2%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> Naseej Tech (-9.2%), Marble Design (-8.5%) and Al Mohafaza For Education (-7.3%)<\/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>The Capital Market Authority has cleared the merger between two of SNB <\/strong><strong>Capital\u2019s GCC <\/strong><strong>equity funds into one entity<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/en\/Market\/NEWS\/Pages\/CMA_N_3561.aspx\" style=\"\" rel=\"noopener\">statement<\/a>. The SNB Capital Al Ataa GCC Equity Fund and SNB Capital Al Jood GCC Equity Fund were merged into the SNB Capital GCC Growth and Income Fund.<\/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\/european-central-bank\/\">European Central Bank<\/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\/interest-rates\/\">interest rates<\/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=\"86613\" 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=\"86613\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">DIPLOMACY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/arab-foreign-ministers-european-counterparts-voice-support-for-irreversible-steps-towards-two-state-solution\/\">\r\n                            Arab foreign ministers, European counterparts voice support for \u201cirreversible steps\u201d towards two-state solution                        <\/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\/28\/arab-foreign-ministers-european-counterparts-voice-support-for-irreversible-steps-towards-two-state-solution\/\" target=\"_blank\">\n                    Open in 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      \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/arab-foreign-ministers-european-counterparts-voice-support-for-irreversible-steps-towards-two-state-solution\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2224.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"86614\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/05\/28\/arab-foreign-ministers-european-counterparts-voice-support-for-irreversible-steps-towards-two-state-solution\/2224-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2224.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2224.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2224.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2224.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86613\" class=\"content-area-description single-story post-86613 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-diplomacy tag-enterpriseam-ksa tag-european-union tag-gaza tag-prince-faisal-bin-farhan tag-rafah 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\/.4cd4a7e7-c1db-44da-9a5d-bf1fcb9699d9.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A ceasefire in Gaza and \u201cirreversible steps\u201d towards a two-state solution for Palestine <\/strong><strong>and Israel were the two biggest talking points in Brussels yesterday<\/strong>, where Arab foreign ministers led by Foreign Minister Prince Faisal bin Farhan met with their European counterparts, the Foreign Ministry said in a <a target=\"_blank\" href=\"https:\/\/twitter.com\/KSAmofaEN\/status\/1795185558580330655\" style=\"\" rel=\"noopener\">post on X<\/a>. The meeting, which was co-hosted by bin Farhan and his Norwegian counterpart Espen Barth Eide, saw discussions on \u201cconcrete measures\u201d to establish a two-state solution through empowering the Palestinian Authority \u2014 which is controlled by Hamas rival Fatah.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All for peace in the region:<\/strong> The meeting aimed to \u201crealize a just, comprehensive and lasting peace\u201d that guarantees the rights of the Palestinian people and the security of Israel and the wider region, the ministers said. \u201cThis will pave the way for normal relations among nations in the region,\u201d the statement said, without providing further details.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rafah assault must end:<\/strong> The Arab FMs stressed during a meeting with the EU Foreign Affairs Council the necessity of the international community undertaking its responsibilities to stop the massacres in Rafah, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2111315\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. The meeting came hours after an Israeli airstrike <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israeli-attack-rafah-tent-camp-draws-global-condemnation-2024-05-27\/\" style=\"\" rel=\"noopener\">killed at least 45 people<\/a>, including women and children, at a tent camp in Rafah overnight. The attack by Israeli forces, which caused global outrage, comes days after the top UN court <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/article\/2024\/may\/24\/icj-orders-israel-to-halt-rafah-offensive-new-ruling\" style=\"\" rel=\"noopener\">ordered Israel<\/a> to halt its attacks on Rafah.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/diplomacy\/\">Diplomacy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/european-union\/\">European Union<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/gaza\/\">Gaza<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/prince-faisal-bin-farhan\/\">Prince Faisal bin Farhan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/rafah\/\">Rafah<\/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=\"86615\" 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\/28\/86615\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-86615\" class=\"content-area-description single-story post-86615 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>3-4 June (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.chamber.org.sa\/sites\/English\/MediaCenter\/ChamberNews\/Pages\/NewsDetails.aspx?Title=Al-Raziza:%20Electronic%20Applications%20Exhibition%202024%20contributes%20to%20enhancing%20digital%20commerce\" style=\"\">Electronic Applications Exhibition<\/a><\/span><span>, Al Dammam. <\/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.hashgrowth.org\/events\/growth-summit-2024-riyadh\/#getinvite\" style=\"\">GROWTH Summit Riyadh<\/a><\/span><span style=\"font-weight:400;\">, InterContinental Riyadh, 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>, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>6 June (Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudimanufacturingshow.com\/\" style=\"\">Saudi Manufacturing Show<\/a><\/span><span>, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10 June (Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.teamlab.art\/e\/jeddah\/\" style=\"\">#teamLabBorderless<\/a><\/span><span>, Jeddah.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">10 June (Monday): Deadline to register for school bus services for the upcoming academic year.<\/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 style=\"font-weight:400;\">, Riyadh International 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>29-31 October (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/fii-institute.org\/press\/unveiling-the-8th-future-investment-initiatives-theme-infinite-horizons-investing-todayshaping-tomorrow\/\" style=\"\">Future Investment Initiative Conference<\/a><\/span><span>, 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 style=\"font-weight:400;\">10-13 February (Monday-Thursday): Leap 2025, the Kingdom\u2019s premier tech investment conference.<\/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;\">2026<\/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\">UN Trade and Development Global Suppl Chain Forum <\/span><span style=\"font-weight:400;\">to take place in Saudi Arabia.<\/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\">2027<\/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\">World Water Forum <\/span><span>takes place in Riyahd. <\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>IPO news from Talco + Fakeeh + Miahona | PIF eyeing Egypt\u2019s Daltex? VC funding in KSA dips in 1Q | Prince Alwaleed banks on Musk\u2019s AI<\/p>\n","protected":false},"featured_media":86593,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-86592","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"5eaec9d7-2f49-4d9c-a11b-05610536dfa2","teaser":"IPO news from Talco + Fakeeh + Miahona | PIF eyeing Egypt\u2019s Daltex? VC funding in KSA dips in 1Q | Prince Alwaleed banks on Musk\u2019s AI","photo_url":"https:\/\/ent.news\/2024\/5\/1730.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>And then there were three\u2026 - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/ksa\/issues\/and-then-there-were-three\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"And then there were three\u2026\" \/>\n<meta property=\"og:description\" content=\"IPO news from Talco + Fakeeh + Miahona | PIF eyeing Egypt\u2019s Daltex? 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