{"id":87094,"date":"2024-06-12T00:00:00","date_gmt":"2024-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?post_type=issue&#038;p=87094"},"modified":"2025-12-14T18:21:00","modified_gmt":"2025-12-14T18:21:00","slug":"aramco-just-closed-the-biggest-secondary-offering-in-emea-since-2000","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/ksa\/issues\/aramco-just-closed-the-biggest-secondary-offering-in-emea-since-2000\/","title":{"rendered":"Aramco just closed the biggest secondary offering in EMEA since 2000"},"content":{"rendered":"<section id=\"87096\" 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=\"87096\">\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\/06\/12\/smasco-shares-hit-the-tadawul-today\/\">\r\n                            THIS MORNING: Smasco shares start trading on the Tadawul today                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/smasco-shares-hit-the-tadawul-today\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Meanwhile, the World Bank maintained its growth forecast for the Kingdom in 2024 and 2025, with expectations that the economy will pick up steam next year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have chapter and verse on these stories and more in this morning\u2019s news well, below. <\/p>\n<p class=\"tag-border-left\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a>  <strong>Shares of <\/strong><strong>Saudi Manpower Solutions <\/strong><strong>start<\/strong><strong> trading on Tadawul\u2019s main market this<\/strong> <strong>morning at SAR 7.50 apiece.<\/strong> The Riyadh-based labor agency\u2019s stock will be allowed to trade within a \u00b130% range for the first three days before being capped at no more than 10% up or down after that before circuit breakers kick in. (All shares on Tadawul are subject to the 10% up-or-down rule.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Smasco\u2019s IPO <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\">drew in strong demand<\/a>, with the institutional tranche of the offering closing 128x oversubscribed, drawing in orders worth SAR 115 bn. The company is taking a 30% stake to market in a secondary share sale, with the pricing of the offering set to raise some SAR 900 mn for Smasco. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Up next for capital markets:<\/strong> Miahona, Rasan, and Fourth Mills are all in the last legs of their IPOs.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- The Public Investment Fund\u2019s FII Priority summit is on its second day today<\/strong><strong> in Rio de Janeiro<\/strong> and comes to a close tomorrow. The invitation-only event, headlined Invest in Dignity, will bring together government officials and senior business and finance executives to deliberate on key topics including renewables, AI tech, and biodiversity. Check out the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/885.pdf\" style=\"\" rel=\"noopener\">event\u2019s factsheet (pdf)<\/a>. The last such event was held in February 2024 in Miami, while the Asia iteration was held <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1cf6e512-02f8-4d9a-8422-73e99a9fecb5\/the-hong-kong-iteration-of-davos-in-the-desert-took-place-over-the-weekend\" style=\"\" rel=\"noopener\">in Hong Kong in December 2023<\/a>. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- Look for more heat, with some thunderstorms:<\/strong> Riyadh will see thunderstorms with a daytime high of 45\u00b0C which will drop towards 31\u00b0C at night. Makkah will see cloudy weather with a daytime high of 44\u00b0C and a low of 31\u00b0C, while Madinah is set for the mercury to peak at 45\u00b0C and hit a low of 31\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>Crown Prince Mohammed bin Salman is scheduled to attend the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.g7italy.it\/en\/summit\/\" style=\"\" rel=\"noopener\">G7 Summit<\/a><\/strong><strong>,<\/strong><strong> which kicks off tomorrow <\/strong><strong>in Italy\u2019s Borgo Egnazia resort in Apulia.<\/strong> Talks are set to focus on AI, energy, and addressing opportunities and challenges in Africa, China, and the Mediterranean. The summit wraps on Saturday.<\/p>\n<p class=\"tag-border-left\">PSAs- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong>The Industry and Mineral Resources Ministry has updated<\/strong><strong> requirements to obtain<\/strong><strong> industrial licenses<\/strong>, it said in <a target=\"_blank\" href=\"https:\/\/x.com\/mimgov\/status\/1800489070432493622\" style=\"\" rel=\"noopener\">a post on X<\/a>. The list of requirements \u2014 which varies depending on the industrial project\u2019s progress \u2014 include a valid commercial register covering all industrial activity, safety and environmental approvals from authorities and other approvals from relevant authorities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2- <\/strong><strong>All government entities in the Kingdom are going to be required to integrate their e-services into the<\/strong> <strong><a target=\"_blank\" href=\"https:\/\/ta.sdaia.gov.sa\/index-en.html\" style=\"\" rel=\"noopener\">Tawakkalna platform<\/a><\/strong> as mandated by The Digital Governance Authority (DGA), <a target=\"_blank\" href=\"https:\/\/www.okaz.com.sa\/news\/local\/2163690\" style=\"\" rel=\"noopener\">Okaz reported<\/a> citing a directive from the DGA governor. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The first phase of the integration process will cover about 30% of government e-services, with the second phase aiming to add another 35% by the end of 3Q 2024, reaching a total of 65% by 2025, it said. The DGA is looking to have all government bodies integrated into Tawakkalna by July 2026.<\/p>\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#1- <\/strong><strong>Shalfa gets green light for Nomu IPO:<\/strong> Riyadh-based waste management company <a target=\"_blank\" href=\"https:\/\/shalfa.sa\/\" style=\"\" rel=\"noopener\">Shalfa<\/a><a target=\"_blank\" href=\"https:\/\/shalfa.sa\/\" style=\"\" rel=\"noopener\">Group<\/a> has lined up Capital Market Authority (CMA) approval to debut its shares on Tadawul\u2019s parallel market Nomu, according to <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/Market\/News\/pages\/CMA_N_3572.aspx\" style=\"\" rel=\"noopener\">a CMA statement<\/a>. Shalfa is looking to offer a 15% stake in the company to qualified investors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Abu Dhabi-based investment firm <\/strong><strong><a target=\"_blank\" href=\"https:\/\/eshraquae.com\/\" style=\"\" rel=\"noopener\">Eshraq Investments<\/a><\/strong><strong> is looking to expand in the<\/strong><strong> UAE and Saudi in a handful of \u201ckey\u201d sectors<\/strong>, including technology, artificial intelligence, and healthcare, Chairman Fahad Al Qassim told CNBC Arabia (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=OgCeiIckDK0\" style=\"\" rel=\"noopener\">watch, runtime: 13:54<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Some 351 residential and commercial properties across the Kingdom are part of 26<\/strong><strong> public auctions<\/strong> held by the Entrustment and Liquidation Center (Infath), according to <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2120478\" style=\"\" rel=\"noopener\">state news agency SPA<\/a>. The auctions \u2014 which kicked off yesterday and run until the end of the month \u2014 will be held in Riyadh, Makkah, Madinah, Al Qassim, Al Jawf, Hail, Tabuk, Asir, Al Sharqiya, and Jizan. More details are available on the <a target=\"_blank\" href=\"https:\/\/infath.gov.sa\/web\/guest\/auctions?sort=ddm__keyword__1717382__Status_String_sortable\" style=\"\" rel=\"noopener\">Infath Auction Page<\/a>.<\/p>\n<p class=\"tag-border-left\">DATA POINT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>R<\/strong><strong>emittances from expats living in the Kingdom rose 14% y-o-y to SAR 11.4 bn in April<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2528186\/business-economy\" style=\"\" rel=\"noopener\">Arab News<\/a> reported, citing data from Saudi Central Bank (Sama). <\/p>\n<p class=\"tag-border-left\">OIL WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a>  <strong>#1- Opec still expects strong global oil demand:<\/strong> Opec maintained predictions that global oil demand will grow 2.2 mn barrels per day (bbl \/ d) this year and 1.85 mn bbl \/ d next year, the group said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1101.pdf\" style=\"\" rel=\"noopener\">monthly report (pdf)<\/a>. It expects the services sector to maintain \u201cstable momentum\u201d throughout the second half of the year. \u201cIt is projected to be the main contributor to the economic growth dynamic in 2H24, particularly supported by travel and tourism, with a consequent positive impact on oil demand,\u201d the report said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Kingdom\u2019s crude oil production was slightly down by 32k barrels in May to 9 mn<\/strong><strong> barrels per day<\/strong>, the report says, citing figures from secondary sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong>Opec+ <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/23b2bb82-242d-42f7-a587-6812413add07\" style=\"\" rel=\"noopener\">could start pumping<\/a> more oil into the market over the fall. The alliance will keep in place current production cuts of 3.66 mn bbl \/ d until the end of September, before beginning to \u201cphase out the cuts of 2.2 mn bbl \/ d over the course of a year from October 2024 to September 2025.\u201d They are scheduled to meet again on Sunday, 1 December.<\/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- <\/strong><strong>China-bound oil exports are set to take a dip in July:<\/strong> Traders see Saudi crude oil deliveries to China falling to 36 mn barrels next month from 39 mn barrels in June, as Chinese refineries opt for cheaper sources of oil, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/saudi-crude-oil-exports-china-fall-3rd-straight-month-july-sources-say-2024-06-11\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. This comes even as Aramco cut its July official selling prices to Asian buyers, ending a five-month hike, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/saudi-arabia-cuts-july-arab-light-crude-oil-osp-asia-2024-06-06\/\" style=\"\" rel=\"noopener\">the newswire reported earlier<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More Russian oil is flowing into Beijing: <\/strong>China\u2019s oil imports from Moscow rose 166% to 378 mn tons in the first four months of the year, while that from Riyadh fell 16.5% to 1.6 mn bbl \/ d.<\/p>\n<p class=\"tag-border-left\">SPORTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The national team lost 1-2 to Jordan in the AFC FIFA World Cup qualifiers at Al Awwal <\/strong><strong>Stadium in Riyadh yesterday. <\/strong>Jordan now sits at the top of their group with 13 points after five wins and a loss, with Saudi coming in second with 13 points following four victories, a tie, and a loss.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Formula E is set <\/strong><strong>to return<\/strong><strong> to Saudi in a double-header<\/strong>, with the two races taking place on 14 and 15 February at a new track location in Diriyah, according to Formula E\u2019s <a target=\"_blank\" href=\"https:\/\/www.fiaformulae.com\/en\/news\/501062\" style=\"\" rel=\"noopener\">season calendar<\/a>. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<br \/><\/strong><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong> 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>The global press\u2019 attention is squarely focused on the ongoing courtroom drama that is<\/strong><strong> US politics<\/strong>, with news that US President Joe Biden\u2019s son Hunter was <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/us-news\/hunter-biden-gun-trial-guilty-4dd4263f?mod=hp_lead_pos2\" style=\"\" rel=\"noopener\">convicted<\/a> for obtaining a gun by lying about his drug use dominating the front pages in the states and beyond. Some think the verdict could be a help, rather than a hindrance, to the Biden campaign, with the New York Times <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/06\/11\/us\/politics\/donald-trump-hunter-biden.html\" style=\"\" rel=\"noopener\">writing<\/a> that the verdict undercuts a key Trump talking point \u2014 and fundraising pitch \u2014 about a rigged justice system.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE IN TECH NEWS- Apple\u2019s AI collab with OpenAI already seems to be paying<\/strong> <strong>off<\/strong>, with Apple shares shooting up 7.3% on the Nasdaq by the end of trading yesterday after having fallen nearly 2% the day before. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The expected boost in iPhone sales could see Apple become the world\u2019s largest <\/strong><strong>company once again<\/strong>, with its market cap now sitting at USD 3.18 tn, just behind the world\u2019s most valuable company Microsoft with USD 3.22 tn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FROM THE FRONT LINES OF THE TRADE WAR- The US Treasury is <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com.\/content\/1ba434bb-e579-4819-977b-cff6b6b98ecc\" style=\"\" rel=\"noopener\">turning up the heat<\/a><\/strong><strong> on foreign financial institutions with ties to Russia <\/strong>with plans to expand its secondary sanctions on the country. Any foreign financial institutions involved with sanctioned Russian entities will now be treated as if it's dealing with Russia\u2019s military-industrial complex.<\/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><a target=\"_blank\" href=\"https:\/\/www.norahmovie.com\/\" style=\"\" rel=\"noopener\">Norah<\/a><\/strong><strong> \u2014 Saudi\u2019s first film to screen at Cannes \u2014 will hit theaters at home and abroad<\/strong> <strong>starting Thursday, 20 June<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2109515\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. It tells the story of an illiterate young orphan Norah, crossing paths with an artist called Nader, who moved to the village to be a school teacher. The encounter helps Norah unleash a passion for art and a better future.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Film Nights by the Film Commission will land in Australia this month with <\/strong><strong>screenings of four Saudi films<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2118062\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. Movie enthusiasts in Sydney and Melbourne can watch adventure movie <a target=\"_blank\" href=\"https:\/\/redseafilmfest.com\/en\/rsiff_film\/hajjan\/\" style=\"\" rel=\"noopener\">Hajjan<\/a>, short film <a target=\"_blank\" href=\"https:\/\/redseafilmfest.com\/en\/rsiff_film\/me-aydarous\/\" style=\"\" rel=\"noopener\">Me &amp; Aydarous<\/a>, comedy film <a target=\"_blank\" href=\"https:\/\/www.netflix.com\/eg-en\/title\/81724610\" style=\"\" rel=\"noopener\">Alhamour H.A<\/a> and animated short movie <a target=\"_blank\" href=\"https:\/\/redseafilmfest.com\/en\/rsiff_film\/saleeg\/\" style=\"\" rel=\"noopener\">Saleeg<\/a> between Wednesday, 26 June to Friday, 28 June.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ipo-watch\/\">IPO watch<\/a>\n  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<div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"87099\">\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\">CAPITAL MARKETS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/aramco-completes-secondary-share-offering\/\">\r\n                            Aramco raises USD 11.2 bn in follow-on 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 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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"87100\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/aramco-completes-secondary-share-offering\/1123-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1123.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1123.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1123.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1123.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-87099\" class=\"content-area-description single-story post-87099 post type-post status-publish format-standard has-post-thumbnail hentry category-capital-markets tag-aramco tag-capital-markets tag-enterpriseam-ksa 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\/6\/.482ff280-1969-4eab-83cf-bc58c8d3020f.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Aramco closed its follow-on offering, raising USD 11.2 bn in what was the<\/strong><strong> \u201clargest secondary offering in EMEA since 2000,\u201d<\/strong> the government and the state-owned oil giant said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1109.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The offering was also the largest in equity capital markets in the region since Aramco\u2019s own blockbuster IPO in 2019. Newly sold shares <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d674c818-d50d-4e1b-9794-d8fb0a8bb3ef\" style=\"\" rel=\"noopener\">began trading on Tadawul on Sunday<\/a>, after the final allocation of shares took place on Friday, 7 June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cThis landmark transaction achieves the goals of diversifying and broadening Aramco\u2019s shareholder base with strong participation from new international and local investors, further supporting the liquidity of our shares,\u201d Aramco\u2019s CEO Amin Nasser said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER-<\/strong> The oil giant <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/fd34328f-48aa-47ad-bedd-50beec37d6b8\" style=\"\" rel=\"noopener\">set the final price<\/a> for its secondary share sale below expectations at SAR 27.25 per share, pricing its stock in the lower half of its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/bd32dae8-0647-4cfb-b15b-3c271cc470f6\" style=\"\" rel=\"noopener\">proposed range of SAR 26.7 to SAR 29.0 a share<\/a>. Foreign investors were big buyers in the offering, with the majority of the institutional tranche \u2014 which accounts for 90% of the shares on offer \u2014 allocated to \u201cinvestors located outside of the Kingdom,\u201d according to Aramco. The follow-on offering saw foreign institutional ownership in the oil giant <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d674c818-d50d-4e1b-9794-d8fb0a8bb3ef\" style=\"\" rel=\"noopener\">clock in<\/a> at a 0.73% stake.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aramco could still raise more if stabilizing manager Merrill Lynch KSA exercises a<\/strong> <strong>greenshoe option.<\/strong> The investment bank can purchase up to 10% of shares being offered at the set final price \u201cto cover short positions resulting from any overallotments.\u201d If the greenshoe is exercised, Aramco could raise the stake on offer to 0.7% \u2014 up from 0.64% \u2014 to raise roughly USD 12.4 bn. The stabilization period runs until Tuesday, 9 July.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> The transaction comes as the government looks to unlock non-oil sources of income to plug its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/c2fc3553-9b62-45b2-976c-e59edea1878e\" style=\"\" rel=\"noopener\">budget deficit<\/a> and push USD bns worth of gigaprojects <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3b473a40-965c-44aa-b4d7-d023fd47bcf2\" style=\"\" rel=\"noopener\">out of the pipeline<\/a>. Think massive investments in sports, AI, tourism, and infrastructure. Proceeds from the sale will likely go into the Public Investment Fund\u2019s coffers, analysts previously told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/saudi-arabia-poised-price-aramco-shares-727piece-sources-say-2024-06-07\/\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> SNB Capital is lead manager. HSBC, BofA, Citi, Goldman Sachs, JP Morgan, Morgan Stanley, Merrill Lynch, and SNB Capital are joint global coordinators, bookrunners and financial advisors. Our friends at EFG Hermes KSA are domestic bookrunners alongside Al Rajhi Capital, Riyad Capital, and Saudi Fransi Capital. Meanwhile, M. Klein and Company and Moelis are independent financial advisors. Merrill Lynch is the stabilization manager. White &amp; Case is legal counsel to Aramco, while PwC is auditor. Receiving agents include Alinma Bank, Al Rajhi Banking and Investment Corporation, Arab National Bank, Banque Saudi Fransi, Riyad Bank, Saudi Awwal Bank, Saudi National Bank.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/aramco\/\">Aramco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/capital-markets\/\">Capital Markets<\/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=\"87101\" 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=\"87101\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/world-bank-maintains-saudis-economic-growth-forecast-at-2-5-in-2024\/\">\r\n                            World Bank sees Saudi\u2019s economic growth at 2.5% in 2024, 5.9% in 2025                        <\/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\/06\/12\/world-bank-maintains-saudis-economic-growth-forecast-at-2-5-in-2024\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The unchanged outlook comes after the multilateral lender <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/6c7b50e3-505d-4cec-99bb-edc2bbe7119d\" style=\"\" rel=\"noopener\">slashed<\/a> its growth expectations in April, saying it expects GDP to grow at a 2.5% clip in 2024, down from the 4.1% it had penciled in back in January. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Picking up steam:<\/strong> The World Bank also kept its forecast for 2025 unchanged, saying it sees the economy growing 5.9% next year. This remains an upward revision from its January 4.2% forecast. The Finance Ministry is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/69383103-be0f-428c-9c90-dcb717acf955\" style=\"\" rel=\"noopener\">targeting GDP growth of 4.4%<\/a> in its budget for this fiscal year, Finance Minister Mohamed Al Jadaan said in December 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The drop in oil production \u201cconstrained\u201d oil activity across Saudi and other GCC nations<\/strong>, the World Bank said, leading the Saudi economy to contract in 1Q 2024. State statistics agency Gastat data out earlier this week showed GDP contracting during the first quarter of the year, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/5ddc1dba-6aad-4fe6-a686-8e54ad4263e1\" style=\"\" rel=\"noopener\">falling 1.7%<\/a> y-o-y to SAR 1 bn. This is a slightly smaller figure than the 1.8% y-o-y drop that the authority <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/68931201-4c28-44b8-a4ed-eaf5a6ff4e7d\" style=\"\" rel=\"noopener\">had initially forecast<\/a> on the back of a decline in oil activity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Non-oil activity will continue to lead the charge as oil output takes a step back<\/strong>, according to the World Bank. \u201cThis growth is attributed to robust non-oil activity, driven by strong private consumption and investment, supported by fiscal and monetary policies. In 2025, a gradual resumption of oil activity is expected to raise growth,\u201d the World Bank said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Non-oil growth is central to the government\u2019s diversification push, designed to reduce the economy's reliance on oil revenues.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT, BUT, BUT\u2026 Fiscal surpluses are expected to continue shrinking in Saudi and other<\/strong> <strong>nations <\/strong>on the back of a drop in oil revenues and higher expenditures on mega projects, the World Bank said. The government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/730d70af-1544-402a-a451-1b7b212ad097\" style=\"\" rel=\"noopener\">recorded a budget deficit<\/a> of SAR 81 bn \u2014 2% of GDP \u2014 in FY 2023, compared to a SAR 16 bn surplus in its approved budget for the year. This is in line with an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/63cece36-2173-462e-b416-e07d99393408\" style=\"\" rel=\"noopener\">openness by policymakers<\/a> to accept small deficits as the price of continuing to invest in growth.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/economy\/\">ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/mohamed-al-jadaan\/\">Mohamed Al Jadaan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/non-oil\/\">non-oil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"87103\" 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=\"87103\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/brazils-patria-investments-wants-in-on-saudis-vision-2030\/\">\r\n                            Brazil\u2019s Patria Investments looking to expand in Saudi as it banks on growth potential                        <\/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\/06\/12\/brazils-patria-investments-wants-in-on-saudis-vision-2030\/\" 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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At least three of Patria\u2019s companies, including gym club operator Smartfit and acai maker Frooty, are looking to expand to the local market, Saigh said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A reciprocal arrangement: <\/strong>Patria \u2014 one of the leading asset managers in Latin America \u2014 is also looking to purchase fertilizers from Saudi on top of bitumen it already imports for a highway project in Brazil that it is working on with the Public Investment Fund (PIF), Saigh said. He did not provide details on the ongoing cooperation with the PIF.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Saudi pitch: <\/strong>\u201cWe see Saudi Arabia as a country to expand in. A very interesting place with a young population and rising middle class \u2014 a lot of [potential],\u201d Saigh said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Patria sees value in Vision 2030: <\/strong>Brazil could play a key role in Vision 2030, allowing the Kingdom to boost its efforts for diversification, mining, green energy and food security, Saigh told the business information service. Both nations list one another as top 20 trading partners, with c. USD 7 bn of inflows last year, according to data compiled by Bloomberg. This figure could grow further to reach USD 10 bn by 2030 as Saudi focuses on some of its booming non-oil industries, including tourism and hospitality as it brings in more imports from Brazil, according to Gulf Research Center. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Saudi and Brazil have been cozying up since a <a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2416626\/saudi-arabia\" style=\"\" rel=\"noopener\">key visit<\/a> by Brazilian President Luiz Inacio Lula da Silva to the Kingdom in November for talks focused on strengthening bilateral ties. Earlier this year, some 150 local and Brazilian investors <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/en\/N2058518\" style=\"\" rel=\"noopener\">took part<\/a> in the Saudi-Brazilian Business Forum to mull potential investments between the two countries. Earlier this month, Brazilian private equity firm EB Capital Gestao de Recursos said <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/8390d548-b6c1-497f-93ad-6cc5d77580b5\" style=\"\" rel=\"noopener\">it is seeking<\/a> USD 300 mn from Saudi investors to launch a USD 600 mn fund with a launch set by 3Q 2024. The two countries also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/def7bc48-df72-40e7-9146-c2194800fa07\" style=\"\" rel=\"noopener\">inked an MoU<\/a> recently to cooperate on developing and localizing defense technologies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More to come? <\/strong>Rio de Janeiro is hosting this week the PIF-backed FII Institute\u2019s first Latin America-focused investment conference as officials from both countries look to deepen ties. Dubbed <a target=\"_blank\" href=\"https:\/\/fii-institute.org\/conference\/fii-priority-rio-de-janeiro-brazil\/\" style=\"\" rel=\"noopener\">FII Priority Rio de Janeiro 2024<\/a>, the event will bring together Brazil\u2019s Lula and PIF boss Yasir Al Rumayyan along other Saudi and Brazilian officials. The event \u2014 which wraps up tomorrow \u2014 will also see the participation of several leading Brazilian firms, including miner Vale, meat processor JBS and digital banking platform Nu Holdings, according to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-11\/saudi-arabia-brazil-hope-to-kindle-investment-with-deeper-ties\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The last such event was held in February 2024 in Miami, while the Asia iteration was held in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1cf6e512-02f8-4d9a-8422-73e99a9fecb5\" style=\"\" rel=\"noopener\">Hong Kong in December 2023<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some of these are familiar faces: <\/strong>Manara Minerals \u2014 a JV between Saudi Arabian Mining (Ma\u2019aden) and the PIF set up for international mining investment \u2014 completed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1e626509-bb2c-4938-9947-ab2106259b40\" style=\"\" rel=\"noopener\">last month<\/a> the acquisition of a minority stake in Brazilian miner Vale Base Metals. The transaction is worth an estimated USD 2.6 bn. Brazilian planemaker Embraer has also partnered with the Kingdom to help develop its aerospace industry, hoping to secure the sale of 33 planes to Saudi, according to <a target=\"_blank\" href=\"https:\/\/archive.is\/3YR45\" style=\"\" rel=\"noopener\">local Brazilian media<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And more is coming in the pipeline: <\/strong>Brazil\u2019s BRF \u2014 one of the world\u2019s largest poultry suppliers \u2014 is planning a new plant in Saudi that could see the Kingdom produce chicken locally for the first time, the business information service reported, citing sources it says are of the know. The plans come nearly a year after PIF-owned Saudi Agricultural and Livestock Investment Company (Salic) <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/idUSL1N38Q0Q5\/\" style=\"\" rel=\"noopener\">acquired a 10.7% stake<\/a> in BRF. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What the pundits are saying: <\/strong>Deeper ties between Saudi and Brazil \u201cis born of a desire to increase the relevance of the Global South and position it as a counterweight to the traditional dominance by the US and West,\u201d Goldman Sachs economist Farouk Soussa told Bloomberg. \u201cBrazil has many industries complimentary to Saudi Arabia,\u201d he said. \u201cIt can be a key ally in food security and metals.\u201d<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/brazil\/\">Brazil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/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=\"87105\" 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=\"87105\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">CAPITAL MARKETS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/acwa-power-plans-capital-increase\/\">\r\n                            Acwa Power set to increase capital by SAR 7.1 bn to fund expansions                        <\/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\/06\/12\/acwa-power-plans-capital-increase\/\" 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\/06\/12\/acwa-power-plans-capital-increase\/')\">\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\/06\/12\/acwa-power-plans-capital-increase\/\">\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=Acwa Power plans capital increase&url=https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/acwa-power-plans-capital-increase\/\">\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\/06\/12\/acwa-power-plans-capital-increase\/&title=Acwa Power plans capital increase\">\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=Acwa+Power+plans+capital+increase+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F06%2F12%2Facwa-power-plans-capital-increase%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\/06\/12\/acwa-power-plans-capital-increase\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1121.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"87106\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/acwa-power-plans-capital-increase\/1121-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1121.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1121.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1121.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1121.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-87105\" class=\"content-area-description single-story post-87105 post type-post status-publish format-standard has-post-thumbnail hentry category-capital-markets tag-acwa-power tag-capital-markets tag-enterpriseam-ksa 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\/6\/.81c071c7-488f-4be9-8633-b5bb90f848a3.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The board of renewables giant Acwa Power has recommended increasing <\/strong><strong>its capital by <\/strong><strong>SAR 7.1 bn through a rights issuance<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVDLbsIwEPyWHjiCN0SEtDe3qAHEs4ECuSDHWUKkJI4cB0q_vg6piqBQUcsH73hmdnaJR5bES9kuCpmKRMpiXa88a92iFjS7NoyhO3sBC1zHms9so9O0yOKcYA8dC6YjOh032y1w3oF4_9KDO2nB9HUyNAfwBg5Y9-nhxqF39PfOKWP62NYJ-s9Ob0BN22pfEq6MeNHk9wxHwh8h-8QLY-FXC6epb9oh8SRuUKJsFFLDW6Wy_KkGNdjv941QiDDGBhdJDa5JtiJXZHnOJC6mx3W1b-6jZ5CFxFwUkiN5C1HRNBVFyjHBVA2iXHWYYmTKGd_iAHcYT1iIxC3nY8EuyoXMSxZZ1Y0Sy5ErITtZL_hBDokvYrIq35kUQcHV7JBhBSih7b_fmTZ2o09dGVBZMcm3J275PyoSH2XH15wS2kiRnAxYmZyXuSuRsa4SKPxQ7tGs4gVaMUEZCZ2RZMl8voSoV_f8g2kmNLHN87unD19eiZLV\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC8yMDgyL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwODAw\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> yesterday. The funds will be channeled towards supporting Acwa Power\u2019s growth plans, which aim to triple its assets by 2030.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In numbers:<\/strong> Acwa Power sees spending on its projects between 2025 and the end of the decade surging to USD 2-2.5 bn annually from an earlier range of USD 1-1.3 bn annually, according to the disclosure. \u201cThis capital increase will allow Acwa Power to continue to invest in the growth of its portfolio while maintaining a strong financial position,\u201d Acwa Power said.<\/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 recommendation is still subject to the approval of regulatory authorities and the general assembly, Acwa Power said. The company also needs to appoint a financial advisor for the issuance and submit the necessary paperwork to the Capital Market Authority.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax:<\/strong> Acwa Power\u2019s fell 8% during intraday trading, but pared back its losses to close down 2.7%. The company is gearing up for the capital increase amid a 570% surge in its share price since its 2021 listing, according to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-11\/saudi-utility-plans-1-9-billion-stock-sale-to-fund-expansion?srnd=undefined\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the company:<\/strong> Acwa Power is a leading power generation, renewable energy, and water desalination company that is 44% owned by PIF. Its portfolio includes mega projects in Central Asia, Africa and others. Most of its projects <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f1cf2e8d-d470-4c55-862f-6dddec2dd1ce\" style=\"\" rel=\"noopener\">are overseas<\/a>, with Acwa Power <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/7a867c0d-a494-4f3b-a7f2-9611b8ab29c4\" style=\"\" rel=\"noopener\">planning expansions<\/a> to China. Its portfolio \u2014 which has an investment size of USD 87.9 bn \u2014 has an energy generation capacity of 57.1 GW and a desalination capacity of 8 mn m3\/day, according to its <a target=\"_blank\" href=\"https:\/\/www.acwapower.com\/en\/about-us\/introduction\/\" style=\"\" rel=\"noopener\">website<\/a>. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/acwa-power\/\">ACWA power<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/capital-markets\/\">Capital Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/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=\"87107\" 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=\"87107\">\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\">SAUDI IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/all-aramco-all-the-time\/\">\r\n                            All Aramco, all the time                        <\/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\/06\/12\/all-aramco-all-the-time\/\" 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\/06\/12\/all-aramco-all-the-time\/')\">\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\/06\/12\/all-aramco-all-the-time\/\">\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=All Aramco, all the time&url=https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/all-aramco-all-the-time\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            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 <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/all-aramco-all-the-time\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1117.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"87108\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/all-aramco-all-the-time\/1117-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1117.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1117.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1117.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1117.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-87107\" class=\"content-area-description single-story post-87107 post type-post status-publish format-standard has-post-thumbnail hentry category-saudi-in-the-news tag-aramco tag-enterpriseam-ksa tag-neom tag-saudi-in-the-news tag-the-line wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.9b212d72-eb10-4b70-bc1a-b2ff705a63a7.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Surprising no one, Aramco is still the hot topic in Saudi for the foreign press.<\/strong> News of Aramco completing its follow-on offering yesterday is getting coverage from <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/saudi-aramco-announces-completion-secondary-share-sale-112-bln-2024-06-11\/\" style=\"\" rel=\"noopener\">Reuters<\/a>, <a target=\"_blank\" href=\"https:\/\/www.barrons.com\/news\/saudi-aramco-announces-end-of-share-sale-worth-11-2-bn-8a1b57fa\" style=\"\" rel=\"noopener\">AFP<\/a> and others. <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/over-year-making-aramco-stake-sale-brings-rare-foreign-investment-saudi-2024-06-11\/\" style=\"\" rel=\"noopener\">Reuters<\/a> is also putting the offering \u2014 which took a year in the making \u2014 in perspective and how the sale largely dominated by foreign investors would have been \u201ca far cry from five years ago\u201d where Aramco\u2019s blockbuster IPO in 2019 was left reliant on local buyers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>Saudi is looking to tap <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ac256b14-457a-49d2-a374-1899a9f7c93b\" style=\"\" rel=\"noopener\">new pockets to fund<\/a> the economy\u2019s diversification away from oil and plug the government\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/c2fc3553-9b62-45b2-976c-e59edea1878e\" style=\"\" rel=\"noopener\">budget deficit<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Neom\u2019s The Line also got a mention in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/06\/11\/opinion\/saudi-arabia-the-line.html\" style=\"\" rel=\"noopener\">The New York Times<\/a><\/strong>, in which guest columnist Philip Oldfield is the latest to opine on the project\u2019s sustainability and affordability. Neom officials have repeatedly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ec1a5a17-e4c2-4d18-bcd5-0c94dffd7445\" style=\"\" rel=\"noopener\">assured contractors and bankers<\/a> that the buildout of the city was proceeding on schedule.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/aramco\/\">Aramco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/neom\/\">NEOM<\/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\/the-line\/\">The Line<\/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=\"87109\" 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=\"87109\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/aramcos-waed-ventures-invests-in-uae-based-contech-startup-tenderd\/\">\r\n                            Aramco\u2019s Wa\u2019ed Ventures invests in UAE-based contech startup Tenderd                        <\/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\/06\/12\/aramcos-waed-ventures-invests-in-uae-based-contech-startup-tenderd\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n    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size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"87110\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/aramcos-waed-ventures-invests-in-uae-based-contech-startup-tenderd\/1066-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1066.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1066.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1066.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1066.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-87109\" class=\"content-area-description single-story post-87109 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-2p tag-also-on-our-radar tag-aramco tag-cellpoint-digital tag-enterpriseam-ksa tag-export-credit-greece tag-hail-cement-company-hcc tag-kidana-development tag-ltimindtree tag-naseej-tech tag-nazaha tag-qassim-cement tag-riyadh-air tag-riyadh-infrastructure-projects-center tag-saudi-export-import-bank tag-stake tag-tenderd tag-thimar-development tag-waed-ventures wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.8e75fb2f-daf4-4e6d-871a-c3ec06735f87.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">STARTUP WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- <\/strong><strong>Aramco\u2019s <\/strong><strong>Wa\u2019ed Ventures backs another UAE-based tech startup: <\/strong>UAE-based contech startup <a target=\"_blank\" href=\"https:\/\/tenderd.com\/?utm_source=Linkedin&utm_medium=Organic&utm_campaign=Page\" style=\"\" rel=\"noopener\">Tenderd<\/a> raised USD 30 mn in a series A funding round from new and existing investors, including Aramco-backed VC fund Wa\u2019ed Ventures, according to a <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2024\/06\/tenderd-secures-30-million-series-a-led-ap-moller\" style=\"\" rel=\"noopener\">statement<\/a>. The round was led by <a target=\"_blank\" href=\"https:\/\/apmoller.com\/\" style=\"\" rel=\"noopener\">AP Moller Holding<\/a>. New investors include <a target=\"_blank\" href=\"https:\/\/quadriventures.com\/\" style=\"\" rel=\"noopener\">Quadri Ventures<\/a> and Saurya Prakash (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/saurya-prakash-sinha-19aab521\/?originalSubdomain=in\" style=\"\" rel=\"noopener\">Linkedin<\/a>), while Nakhla Ventures, <a target=\"_blank\" href=\"https:\/\/somacap.com\/\" style=\"\" rel=\"noopener\">SOMA Capital<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.liquid2.vc\/\" style=\"\" rel=\"noopener\">Liquid 2 Ventures<\/a> made follow-on investments. Tenderd will use the funds to develop its technology and expand its global footprint.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tenderd<\/strong><strong> has some plans with Aramco up its sleeves:<\/strong> \u201cWe are in the process of engaging with Aramco and we have plans in the works,\u201d Tenderd CEO Arjun Mohan told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-11\/thiel-backed-ai-startup-draws-more-funding-from-aramco-vc-arm\" style=\"\" rel=\"noopener\">Bloomberg<\/a>, without providing further details.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the startup:<\/strong> Tenderd was founded in 2018 by Arjun Mohan (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/mohanarjun\/\" style=\"\" rel=\"noopener\">Linkedin<\/a>), and offers customers AI-generated data analytics to optimize asset usage and lower emissions, specifically catering to heavy industries like construction, energy, and logistics. Tenderd's current investors include Peter Thiel, Paul Graham, and Y Combinator.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Some <\/strong><strong>20 startups graduated from King Faisal University\u2019s sector-agnostic<\/strong> <strong>startup <\/strong><strong>accelerator program in Al Ahsa<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/www.monshaat.gov.sa\/ar\/node\/118125\" style=\"\" rel=\"noopener\">a statement<\/a>. The fresh graduates made sales worth a combined SAR 900k and created 92 new jobs during their time at the accelerator. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">REAL ESTATE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong>Thimar Development <\/strong><strong>has committed SAR 6 mn to Osool and Bakhit\u2019s real estate fund to<\/strong><strong> finance the development of a new residential tower in Riyadh<\/strong> for 37 months, it said in <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVDLbsIwEPyWHjiCN0SEtDe3qCGId6BALsgxSxIpiSPHgdKvbx5IiBYqavngHc_Mzi5xyZq4CTuEPlOhSFhU1BvX2HaoAe2-CRPoL97AAMcylgtT67UNsrommCPLgNmYzibtbgesDyDuv_TgTDswe5-O9CHMwQLjMT3cOfSB_u41ZUKfu0WCwatlD6luGt2fhBsj_mjye4aK8EfIAXH9SHj1wmni6aZPXIl7lChbuSzgQKk0e2lAA47HY8sXwo-wxUXcgFuSQGSKrK-ZxMGkWlf37j5sjawkZiKXHMncR0WTROQJxxgTNQwz1WOKkRlnPMAhHjCaMh-JU87HdocwEzIrWWRTIhlyJWQvtXfn-hR7IqrfqRS7nKvFKcUaUKKwPr_TwtQJv4pKg9qISR5cuOX_OI89lD2PbNoltJcivhiwMjUvM9cibdvUqib4qZzKrObtCsUUZSjKhGm8XK4htJuud9L1mMamfn2P9OkbK6f_eg!!\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC80MTYwL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwNzk3\/\" style=\"\" rel=\"noopener\">a filing to Tadawul<\/a>. Construction will be carried out by Four Ways International in its capacity as developer. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>Kidana Development \u2014 the main developer of holy sites \u2014 completed work on its<\/strong> <strong>Kidana Al Wadi project <\/strong>which will feature 10 residential towers in Makkah\u2019s Mina and accommodate over 30k pilgrims, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2120715\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported.<\/p>\n<p class=\"tag-border-left\">AVIATION- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riyadh Air partners up with CellPoint Digital to improve cross-border payment: <\/strong>The Public Investment Fund\u2019s new flagship carrier Riyadh Air will provide cross-border payment tech for the airline as part of a partnership with omni-channel payment provider <a target=\"_blank\" href=\"https:\/\/cellpointdigital.com\/\" style=\"\" rel=\"noopener\">CellPoint Digital<\/a>, according to a <a target=\"_blank\" href=\"https:\/\/www.riyadhair.com\/en\/media-center\/riyadh-air--saudi-arabia-s-newest-airline-with-a-digital-first-v\" style=\"\" rel=\"noopener\">joint statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The pitch: <\/strong>Riyadh Air will use CellPoint Digital\u2019s payment orchestration platform to process transactions. The platform\u2019s intelligent routing minimizes the number of declined transactions, preventing travelers from abandoning the booking. <\/p>\n<p class=\"tag-border-left\">TRADE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Saudi Export-Import Bank (Saudi Exim Bank) signed an MoU with Export Credit<\/strong> <strong>Greece<\/strong><strong> to boost Saudi non-oil exports to Greece<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/x.com\/SaudiEXIM\/status\/1800129042676343015\" style=\"\" rel=\"noopener\">post on X<\/a>. The MoU comes <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/05b33b72-3aa0-44be-b54c-db57d90b048c\" style=\"\" rel=\"noopener\">a few weeks<\/a> after Saudi Exim Bank signed a non-binding agreement with Australian investment bank Macquarie Group to provide credit facilities worth USD 500 mn to fund exports of non-oil products. It also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/cb8ca5c9-2b46-4c5f-b7ec-c1ecaf3d376c\" style=\"\" rel=\"noopener\">recently signed<\/a> a line of credit agreement worth USD 100 mn with Turkish state-owned Ziraat Bank to fund exports of Saudi\u2019s non-oil products.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">GOVERNANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oversight and anti-corruption authority <\/strong><strong>Nazaha inked a <\/strong><strong>financing<\/strong> <strong>agreement with the United Nations Office on Drugs and Crime<\/strong>, it said in <a target=\"_blank\" href=\"https:\/\/x.com\/nazaha_gov_sa\/status\/1800205175770030242\" style=\"\" rel=\"noopener\">a social media post on X<\/a>. The agreement will see the setup of a platform, Safe Riyadh for Information Exchange, to cooperate on combating corruption and exchanging expertise. No further information on the agreement was provided. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">INFRASTRUCTURE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Riyadh Infrastructure Projects Center issued its inaugural drilling license for<\/strong> <strong>infrastructure works <\/strong><strong>in the capital <\/strong>earlier this week, it said in a <a target=\"_blank\" href=\"https:\/\/twitter.com\/RIPC_KSA\/status\/1800197684629827960\" style=\"\" rel=\"noopener\">post on X<\/a>. This is the first license to be issued by the center since it became <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/976a924e-8aa6-4cbe-829d-d8e57dee64e5\" style=\"\" rel=\"noopener\">earlier this year<\/a> the main authority to issue licenses for infrastructure projects before commencement of work. The center\u2019s scope of authority allows it to amend, renew, withdraw, revoke or cancel licenses whether temporarily or permanently, along with fees collection.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TECH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul-listed Perfect Presentation (2P) will provide digital solutions to hospitals<\/strong> <strong>affiliated with the Hafar Al Batin health cluster<\/strong> after securing a SAR 63.3 mn project from the Health Ministry, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVDLbsIwEPyWHjiCN0SEtDe3qAHEs4ECuSDHWUKkJI4cB0q_vg6piqBQUcsH73hmdnaJR5bES9kuCpmKRMpiXa88a92iFjS7NoyhO3sBC1zHms9so9O0yOKcYA8dC6YjOh032y1w3oF4_9KDO2nB9HUyNAfwBg5Y9-nhxqF39PfOKWP62NYJ-s9Ob0BN22pfEq6MeNHk9wxHwh8h-8QLY-FXC6epb9oh8SRuUKJsFFLDW6Wy_KkGNdjv941QiDDGBhdJDa5JtiJXZHnOJC6mx3W1b-6jZ5CFxFwUkiN5C1HRNBVFyjHBVA2iXHWYYmTKGd_iAHcYT1iIxC3nY8EuyoXMSxZZ1Y0Sy5ErITtZL_hBDokvYrIq35kUQcHV7JBhBSih7b_fmTZ2o09dGVBZMcm3J275PyoSH2XH15wS2kiRnAxYmZyXuSuRsa4SKPxQ7tGs4gVaMUEZCZ2RZMl8voSoV_f8g2kmNLHN87unD19eiZLV\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC83MjA0L2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwODE1\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EDUCATION- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nomu-listed <\/strong><strong>Naseej Technology has landed a SAR 16.2 mn project with King Abdulaziz <\/strong><strong>University <\/strong>that will see it upgrade and provide technical support for the school\u2019s academic system, according to <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVDLbsIwEPyWHjiCN0SEtDe3qAHEs4ECuSDHWUKkJI4cB0q_vg6piqBQUcsH73hmdnaJR5bES9kuCpmKRMpiXa88a92iFjS7NoyhO3sBC1zHms9so9O0yOKcYA8dC6YjOh032y1w3oF4_9KDO2nB9HUyNAfwBg5Y9-nhxqF39PfOKWP62NYJ-s9Ob0BN22pfEq6MeNHk9wxHwh8h-8QLY-FXC6epb9oh8SRuUKJsFFLDW6Wy_KkGNdjv941QiDDGBhdJDa5JtiJXZHnOJC6mx3W1b-6jZ5CFxFwUkiN5C1HRNBVFyjHBVA2iXHWYYmTKGd_iAHcYT1iIxC3nY8EuyoXMSxZZ1Y0Sy5ErITtZL_hBDokvYrIq35kUQcHV7JBhBSih7b_fmTZ2o09dGVBZMcm3J275PyoSH2XH15wS2kiRnAxYmZyXuSuRsa4SKPxQ7tGs4gVaMUEZCZ2RZMl8voSoV_f8g2kmNLHN87unD19eiZLV\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC85NTM4L2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwODAx\/\" style=\"\" rel=\"noopener\">a filing to Tadawul<\/a>. No further information was provided. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DIGITAL SOLUTIONS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>LTIMindtree sets up shop in Saudi: <\/strong>Global digital solutions firm <a target=\"_blank\" href=\"https:\/\/www.ltimindtree.com\/\" style=\"\" rel=\"noopener\">LTIMindtree<\/a> opened its regional headquarters in Riyadh as part of expansion to the region, it said in a <a target=\"_blank\" href=\"https:\/\/www.businesswire.com\/news\/home\/20240611029750\/en\/\" style=\"\" rel=\"noopener\">statement<\/a>. \u201cWe believe Saudi Arabia's ambitious Vision 2030 provides an ideal framework for us to leverage our extensive technology expertise and help empower the Kingdom\u2019s talent and technological landscape,\u201d LTIMindtree\u2019s CEO and Managing Director Debashis Chatterjee said. <\/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\/2p\/\">2P<\/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\/aramco\/\">Aramco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/cellpoint-digital\/\">CellPoint Digital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"87111\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/expectations-of-only-one-rate-cut-this-year-rise-as-the-fed-wraps-two-day-meeting-today\/\">\r\n                            Expectations of only one rate cut this year rise as the Fed wraps two-day meeting today                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" 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data-image-meta=\"[]\" data-image-title=\"1080.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1080.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1080.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-87111\" class=\"content-area-description single-story post-87111 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-economy tag-enterpriseam-ksa tag-financial-markets tag-interest-rates tag-planet-finance tag-us-federal-reserve wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.267fd363-1a3a-48ef-898c-e7885f5728fe.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The US Federal Reserve is now expected to make one only interest rate cut this <\/strong><strong>year, <\/strong>down from expectations of at least two or three rate cuts this year, amid persistent concerns about the lingering inflationary pressures, according to a new <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/644336f8-4b89-4c2f-8cc2-e1efead03824\" style=\"\" rel=\"noopener\">Financial Times-Chicago Booth<\/a> economist poll. Over half of the 39 polled academic economists forecast a single 25-bps cut in 2024, while a quarter of the analysts anticipate no cuts at all. The forecast comes as the Fed wraps its two-day June meeting today.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>With only four meetings left in the year, \u201crapid-fire\u201d cuts in the current climate are unlikely<\/strong>, economists say. \u201cThe Fed\u2019s narrative is going to be very similar to what we\u2019ve been hearing: \u2018We\u2019ve made progress bringing down inflation; we\u2019re not in a hurry to cut rates,\u2019\u201d Nathan Sheets, a former senior economist at the Fed, currently global chief economist at Citi, told the <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/federal-reserve-inflation-prices-interest-rates-cuts-bdc7b2c3fd2b8fa736cae737124c8870\" 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\"><strong>The key data everyone is waiting for: <\/strong>US inflation figures will be out today, ahead of the Fed\u2019s \u201cdot plot,\u201d which will set expectations for the rate cuts to come. Inflation fell to 3.4% in April. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When will the Fed deliver the cut?<\/strong> A third of the polled economists anticipate the Fed pulling the trigger on the first cut in September, the Fed\u2019s final meeting before the presidential elections. Investors are also banking on the Fed to begin cutting rates in September as well, according to the <a target=\"_blank\" href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\" style=\"\" rel=\"noopener\">CME FedWatch Tool<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Traders are already unwinding their positions on a rally following the meeting<\/strong>, as investors price in just one cut this year, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-11\/bond-traders-are-quick-to-abandon-long-wagers-before-fed-meeting-cpi-data?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. Yields on 10-year notes have also climbed near 4.48% earlier this week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Economists\u2019 optimism for a soft landing for the US economy has also increased, <\/strong>with 52% of FT\u2019s poll respondents now predicting that the US will not fall into a recession until 2026 or beyond, compared to 46% in March. <\/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 once again mixed<\/strong> as investors mull inflation data out in China, as well as expectations of inflation data from India and the US later today. Hong Kong\u2019s Hang Seng and Japan\u2019s Nikkei both opened lower, while South Korea\u2019s Kospi was up 0.45%. Wall Street futures are little changed as traders await the Fed\u2019s decision today. <\/p>\n<p><a target=\"_blank\" id=\"t.04c75b18fd1bcccad54936f19b8b33632145d094\" 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\">11,775<\/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: -1.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">1,473<\/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: -5.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">26,848<\/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: +9.5%)<\/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\">USD 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\">USD 3.75 Buy<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6% repo <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5.5% reverse repo<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">26,082<\/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: +4.8%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,000<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: -6.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DF<\/strong><strong>M<\/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\">4,009<\/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: -1.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,375<\/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: +12.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">8,148<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.0% (YTD: +5.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,965<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.0% (YTD: +9.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 81.92<\/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%<\/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 3.11<\/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 2,333.00<\/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%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 67,298.30<\/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\">-3.4% (YTD: +59.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p class=\"tag-border-left\"> THE CLOSING BELL: TADAWUL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The TASI fell 0.7% yesterday <\/strong>on turnover of SAR 11.5 bn. The index is down 1.6% 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> Mihaona (+10.0%), Cenomi Retail (+9.4%) and Chemical (+8.6%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Bahri (-3.3%), Acwa Power (-2.7%) and Srmg (-2.6%).<\/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> rose 0.3% yesterday <\/strong>on turnover of SAR 187.6 mn. The index is up 9.5% 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 (+10.3%), Naseej Tech (+10.0%) and Keir (+3.1%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> Alqemam (-6.8%), Food Gate (-6.7%) and Meyar (-5.4%)<\/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>Shareholders of Tadawul-listed Tanmiah Food approved paying SAR 38 mn in dividends<\/strong> <strong>for FY 2023 <\/strong>at SAR 1.9 per share, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVDLbsIwEPyWHjiCN0SEtDe3qAHEs4ECuSDHWUKkJI4cB0q_vg6piqBQUcsH73hmdnaJR5bES9kuCpmKRMpiXa88a92iFjS7NoyhO3sBC1zHms9so9O0yOKcYA8dC6YjOh032y1w3oF4_9KDO2nB9HUyNAfwBg5Y9-nhxqF39PfOKWP62NYJ-s9Ob0BN22pfEq6MeNHk9wxHwh8h-8QLY-FXC6epb9oh8SRuUKJsFFLDW6Wy_KkGNdjv941QiDDGBhdJDa5JtiJXZHnOJC6mx3W1b-6jZ5CFxFwUkiN5C1HRNBVFyjHBVA2iXHWYYmTKGd_iAHcYT1iIxC3nY8EuyoXMSxZZ1Y0Sy5ErITtZL_hBDokvYrIq35kUQcHV7JBhBSih7b_fmTZ2o09dGVBZMcm3J275PyoSH2XH15wS2kiRnAxYmZyXuSuRsa4SKPxQ7tGs4gVaMUEZCZ2RZMl8voSoV_f8g2kmNLHN87unD19eiZLV\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC8yMjgxL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwNzk5\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The distribution date is set for Thursday, 4 July.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Eligible shareholders of national shipping company Bahri will cashout on dividends of<\/strong><strong> SAR <\/strong><strong>0.55 apiece for FY 2023 on Monday, 1 July<\/strong>, Bahri said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVDLbsIwEPyWHjiCN0SEtDe3qCGId6BALsgxSxIpiSPHgdKvbx5IiBYqavngHc_Mzi5xyZq4CTuEPlOhSFhU1BvX2HaoAe2-CRPoL97AAMcylgtT67UNsrommCPLgNmYzibtbgesDyDuv_TgTDswe5-O9CHMwQLjMT3cOfSB_u41ZUKfu0WCwatlD6luGt2fhBsj_mjye4aK8EfIAXH9SHj1wmni6aZPXIl7lChbuSzgQKk0e2lAA47HY8sXwo-wxUXcgFuSQGSKrK-ZxMGkWlf37j5sjawkZiKXHMncR0WTROQJxxgTNQwz1WOKkRlnPMAhHjCaMh-JU87HdocwEzIrWWRTIhlyJWQvtXfn-hR7IqrfqRS7nKvFKcUaUKKwPr_TwtQJv4pKg9qISR5cuOX_OI89lD2PbNoltJcivhiwMjUvM9cibdvUqib4qZzKrObtCsUUZSjKhGm8XK4htJuud9L1mMamfn2P9OkbK6f_eg!!\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC80MDMwL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwNzk1\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. This comes a week after shareholders approved the board\u2019s recommendation on a dividend payout of SAR 406 mn. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/economy\/\">ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/us-federal-reserve\/\">US Federal Reserve<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"87113\" 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=\"87113\">\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\">DIPLOMACY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/crown-prince-bin-salman-discuss-bilateral-ties-regional-crisis-with-kuwaiti-crown-prince\/\">\r\n                            Crown Prince bin Salman discuss bilateral ties, regional crisis with Kuwaiti Crown Prince                        <\/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\/06\/12\/crown-prince-bin-salman-discuss-bilateral-ties-regional-crisis-with-kuwaiti-crown-prince\/\" 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\/06\/12\/crown-prince-bin-salman-discuss-bilateral-ties-regional-crisis-with-kuwaiti-crown-prince\/')\">\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\/06\/12\/crown-prince-bin-salman-discuss-bilateral-ties-regional-crisis-with-kuwaiti-crown-prince\/\">\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=Crown Prince bin Salman discuss bilateral ties, regional crisis with Kuwaiti Crown Prince&url=https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/crown-prince-bin-salman-discuss-bilateral-ties-regional-crisis-with-kuwaiti-crown-prince\/\">\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\/06\/12\/crown-prince-bin-salman-discuss-bilateral-ties-regional-crisis-with-kuwaiti-crown-prince\/&title=Crown Prince bin Salman discuss bilateral ties, regional crisis with Kuwaiti Crown Prince\">\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=Crown+Prince+bin+Salman+discuss+bilateral+ties%2C+regional+crisis+with+Kuwaiti+Crown+Prince+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F06%2F12%2Fcrown-prince-bin-salman-discuss-bilateral-ties-regional-crisis-with-kuwaiti-crown-prince%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\/06\/12\/crown-prince-bin-salman-discuss-bilateral-ties-regional-crisis-with-kuwaiti-crown-prince\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1119.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"87114\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/12\/crown-prince-bin-salman-discuss-bilateral-ties-regional-crisis-with-kuwaiti-crown-prince\/1119-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1119.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1119.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1119.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1119.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-87113\" class=\"content-area-description single-story post-87113 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-crown-prince-mohammed-bin-salman tag-diplomacy tag-enterpriseam-ksa tag-kuwait wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.556e7bfe-4c93-4877-87eb-2e6eccaec310.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Crown Prince and Prime Minister Mohammed bin Salman discussed bilateral ties and<\/strong> <strong>regional developments with newly-appointed Kuwaiti Crown Prince Sabah Khaled Al Sabah<\/strong> during a meeting in Riyadh, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2120701\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. The Kuwaiti Crown Prince delivered a letter to King Salman, where he expressed his appreciation for special ties with the Kingdom and \u201ckeenness to move forward with consolidating and developing cooperation across all sectors\u2026amid challenges in the region and the world.\u201d<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/crown-prince-mohammed-bin-salman\/\">crown prince mohammed bin salman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/kuwait\/\">Kuwait<\/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=\"87115\" 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\/06\/12\/87115\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-87115\" class=\"content-area-description single-story post-87115 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;\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1-30 June (Saturday- Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.monshaat.gov.sa\/ar\/node\/107809\" style=\"\">Monsha\u2019at\u2019s support meetings<\/a><\/span><span style=\"font-weight:400;\">, Riyadh, Jeddah, Alkhobar, and Madinah.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10-16 June:<\/span> <span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.spa.gov.sa\/N2120369\" style=\"\">Hajj Media Forum<\/a><\/span><span style=\"font-weight:400;\">, Makkah. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>13-15 June (Thursday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.consilium.europa.eu\/en\/press\/press-releases\/2024\/06\/07\/forging-a-new-era-of-cooperation-article-by-president-charles-michel\/\" style=\"\">G7 Summit<\/a><\/span><span style=\"font-weight:400;\">, Italy.<\/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>20 June (Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.spa.gov.sa\/N2109515\" style=\"\">Norah<\/a><\/span><span style=\"font-weight:400;\"> premiers in theaters.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>28 June (Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.spa.gov.sa\/N2115329\" style=\"\">Start of Jeddah Season 2024<\/a><\/span><span style=\"font-weight:400;\">, 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: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>12 July (Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/pflmena.com\/\" style=\"\">PFL MENA 2<\/a><\/span><span style=\"font-weight:400;\">, The Green Halls, 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:\/\/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>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;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.idc.com\/mea\/events\/71254-idc-saudi-arabia-cio-summit-2024\" style=\"\">IDC Saudi Arabia CIO Summit 2024<\/a><\/span><span style=\"font-weight:400;\">, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>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>1-3 October ( Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/intersec-ksa.ae.messefrankfurt.com\/ksa\/en.html\" style=\"\">Intersec Saudi Arabia 2024<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><span>21-22 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 style=\"font-weight:400;\">, Riyadh. <\/span><\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><span style=\"font-weight:400;\">31 October (Thursday): No-visa travel for Saudis to Montenegro on charter flights expires. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">NOVEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2-9 November (Saturday- Saturday): WTA Finals, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>26-28 November (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudiarabia-energy.com\/en\/home.html\" style=\"\">Saudi Electricity Expo<\/a><\/span><span style=\"font-weight:400;\">, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11-14 November (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cityscapeglobal.com\/en\/home.html\" style=\"\">Cityscape Global<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><span>18-20 November (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.theheatshow.com\/beta\/\" style=\"\">The Heavy Equipment and Truck Show<\/a><\/span><span style=\"font-weight:400;\">, Dammam.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">25-27 November (Monday-Wednesday): World Investment Conference, Riyadh.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DECEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1 December (Sunday): Opec+ to meet. <\/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>23-26 December (Monday-Thursday): <\/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 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>14-15 February (Friday-Saturday):<\/span> <span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.fiaformulae.com\/en\/news\/501062\" style=\"\">Formula E<\/a><\/span><span style=\"font-weight:400;\">, Diriyah.<\/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 Supply 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\">The World Water Forum <\/span><span>takes place in Riyadh. <\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Aramco closes secondary offering | Smasco hits Tadawul today | World Bank maintains growth forecast | Acwa\u2019s capital increase | Only one Fed rate cut?<\/p>\n","protected":false},"featured_media":87095,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-87094","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"3b29260b-bd28-4f52-93b9-62c5f066efd0","teaser":"Aramco closes secondary offering | Smasco hits Tadawul today | World Bank maintains growth forecast | Acwa\u2019s capital increase | Only one Fed rate cut?","photo_url":"https:\/\/ent.news\/2024\/6\/708.jpeg"},"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>Aramco just closed the biggest secondary offering in EMEA since 2000 - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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