{"id":87364,"date":"2024-06-27T00:00:00","date_gmt":"2024-06-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?post_type=issue&#038;p=87364"},"modified":"2025-12-14T18:25:21","modified_gmt":"2025-12-14T18:25:21","slug":"fourth-milling-joins-arabian-mills-in-ipo-pipeline-will-sell-30-stake","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/ksa\/issues\/fourth-milling-joins-arabian-mills-in-ipo-pipeline-will-sell-30-stake\/","title":{"rendered":"Fourth Milling joins Arabian Mills in IPO pipeline, will sell 30% stake"},"content":{"rendered":"<section id=\"87366\" 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=\"87366\">\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\/27\/mizuho-japans-second-largest-bank-will-make-riyadh-its-regional-headquarters\/\">\r\n                            THIS MORNING: Mizuho, Japan\u2019s second-largest bank, will make Riyadh its regional headquarters                        <\/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\/27\/mizuho-japans-second-largest-bank-will-make-riyadh-its-regional-headquarters\/\" 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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We made it through another workweek together<\/strong> and our reward is a nice, relaxing weekend. We have a packed issue to send you into the final workday of the week, with plenty of investment and M&amp;A news and yet another miller set to IPO. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT FIRST, a look at what\u2019s happening today <\/strong>and into the weekend:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a><strong> #1- Leaf Global Environmental Services shares begin trading on the Nomu parallel <\/strong><strong>market <\/strong><strong>today<\/strong>, Tadawul said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/news-details?1dmy&amp;urile=wcm:path:\/Tadawul_en\/SA-Tadawul\/SA-PricesAndIndeces\/SA-News\/SA-MarketNews\/CT-marketnews-20240625_Listing\" style=\"\" rel=\"noopener\">statement<\/a>. The Jeddah-based environment consultant is selling a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/0cc58c0f-fd29-427c-a17b-d7d08cd22820\/three-more-companies-line-up-to-list-on-nomu,-tadawul%25e2%2580%2599s-parallel-market\" style=\"\" rel=\"noopener\">30% stake<\/a> in an offering that was 1.25x oversubscribed, according to <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1736765\" style=\"\" rel=\"noopener\">Argaam<\/a>. Leaf Global\u2019s shares will debut at SAR 50.0 apiece.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> Al Khair Capital is quarterbacking the transaction as financial advisor and lead manager.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Speaking of IPOs: Shares of Riyadh-based advisor, brokerage house, and asset manager <\/strong><strong>Yaqeen Capital closed in red<\/strong> on their first day of trading on parallel market Nomu. Yaqeen shares dropped 19.4% to SAR 32.30 at yesterday\u2019s close. The firm, itself a top advisor on Nomu IPOs, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4e5ca942-40dd-422b-97d5-18ea183f6fe8\" style=\"\" rel=\"noopener\">took a 20% stake<\/a> to market.<\/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- A Saudi delegation is in Washington for a meeting of the Saudi-US Trade and Investment <\/strong><strong>Council<\/strong>, which kicked off on Sunday and wrap up tomorrow. The delegation, led by Saudi General Authority of Foreign Trade (SGAFT) Deputy Governor Abdulaziz Alsakran, also includes reps from the Public Investment Fund as well as the commerce, energy, investment, education, tourism, and industry ministries. Some 20 Saudi agencies are there.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a><strong> #3- Our friends at the US Chamber of Commerce <\/strong>are hosting tomorrow a Friday a private-sector meeting on the sidelines of the government-to-government TIFA meeting. We\u2019ll have more on that next week. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- A Saudi delegation is at the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.transportlogistic-china.com\/\" style=\"\" rel=\"noopener\">2024 Global Logistics Forum<\/a><\/strong><strong>, which is on its last day <\/strong><strong>today in Shanghai.<\/strong> The delegation includes representatives from the transport and logistics services and investment ministries, the Transport General Authority, Mawani, and Saudi Arabia Railways, among several others. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- The World Economic Forum\u2019s \u201cannual meeting of the new champions\u201d <\/strong>continues this morning. You can <a target=\"_blank\" href=\"https:\/\/www.weforum.org\/events\/annual-meeting-of-the-new-champions-2024\/\" style=\"\" rel=\"noopener\">live stream select public sessions here<\/a>, with topics including Chinese innovation, healthcare analytics, and US-China relations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.kfshrc.edu.sa\/en\/events\/2024\/06\/conference-of-mechanical-circulatory-support\" style=\"\" rel=\"noopener\">Mechanical Circulatory Support Conference<\/a><\/strong><strong> kicks off today in Riyadh<\/strong> at the King Salman Auditorium at King Faisal Specialist Hospital and Research Centre. The event, which wraps this Saturday, brings together medical professionals from around the world in over 20 interactive scientific meetings, discussion sessions, and workshops. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#7- In Geneva? Love camels? <\/strong>A Saudi exhibition on camels and their contribution to food security and economic growth runs in Geneva over the weekend, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2129275\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> writes. The four-day exhibition is organized by the Kingdom\u2019s permanent mission to Geneva, which is working with Bolivia to bring the show to life.<\/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- Riyadh and Makkah are looking at a daytime high of 45\u00b0C today and a <\/strong><strong>nighttime low of 30\u00b0C. <\/strong>Meanwhile in Madinah, the mercury will peak at 46\u00b0C before dropping to a balmy 29\u00b0C. <\/p>\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong> #1- Mizuho is coming to town: <\/strong>Japan\u2019s second-largest bank, Mizuho, is set to open its regional headquarters in the Kingdom after receiving a license from the Investment Ministry, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-26\/saudi-arabia-mizuho-follows-goldman-sachs-gets-nod-to-set-up-regional-hq?embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. The report did not include details of how large an operation Mizuho is looking to plant here. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mizuho currently runs its Saudi business out of Dubai<\/strong> and has taken pieces of debt capital market transactions for clients including the Public Investment Fund (PIF), the Finance Ministry, and Aramco, among others. It has had an investment banking license in Riyadh since 2009.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> Earlier this year, the government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ae469b11-e29f-4dd2-a4b0-f5c317c075f4\" style=\"\" rel=\"noopener\">rolled out tax incentives<\/a> for foreign companies that relocate their regional headquarters to the Kingdom \u2014 and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/38b098bf-b85e-4e3a-9248-233901e3bd1f\" style=\"\" rel=\"noopener\">state institutions are helping with the push<\/a>. The incentives are part of a plan that is a cornerstone of Crown Prince and Prime Minister Mohammed bin Salman\u2019s drive to build a diversified, globally significant non-oil economy, and has been in the works since February 2021. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s helping <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/067158f7-78df-4d49-aea6-8eaf602740eb\/\" style=\"\" rel=\"noopener\">turbocharge<\/a><\/strong><strong> real estate prices<\/strong>, which continue to drive inflation as dozens of big global companies including <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/abfac736-4b6c-40b4-9b9d-6c7e0d1605a7\/\" style=\"\" rel=\"noopener\">Goldman Sachs<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/7518f1a9-9659-492d-b37c-0a350c5bc507\/\" style=\"\" rel=\"noopener\">Merck<\/a>, and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/af606559-333c-470a-883a-24a5e4f245a9\/\" style=\"\" rel=\"noopener\">EY<\/a> name Riyadh their regional headquarters.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a><strong> #2- <\/strong><strong>The Kingdom is looking to attract some 5 <\/strong><strong>mn Chinese<\/strong><strong> tourists by 2030<\/strong>, up from 100k visitors from the country last year, Saudi Tourism Society Chairman Emad Monshi told Asharq Business (<a target=\"_blank\" href=\"https:\/\/now.asharq.com\/clip\/%D9%83%D9%8A%D9%81-%D8%AA%D8%B3%D8%AA%D8%B9%D8%AF-%D8%A7%D9%84%D9%85%D9%85%D9%84%D9%83%D8%A9-%D9%84%D8%AA%D9%83%D9%88%D9%86-%D9%88%D8%AC%D9%87%D8%A9-%D8%B3%D9%8A%D8%A7%D8%AD%D9%8A%D8%A9-%D9%84%D9%84%D8%B5%D9%8A%D9%86%D9%8A%D9%8A%D9%86\" style=\"\" rel=\"noopener\">watch, runtime: 7:48<\/a>) on Tuesday. China spends over USD 250 bn on tourism-related activities every year, he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- Earlier this week, China added Saudi to its list of countries with an <\/strong><strong>\u201capproved <\/strong><strong>destination status.\u201d <\/strong>The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/706b54fb-d25a-4b22-8dc6-51d901e25d64\/neft-alsharq,-yaqeen-capital-get-ready-for-nomu-debuts-today-and-tomorrow\" style=\"\" rel=\"noopener\">ADS<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/706b54fb-d25a-4b22-8dc6-51d901e25d64\/neft-alsharq,-yaqeen-capital-get-ready-for-nomu-debuts-today-and-tomorrow\" style=\"\" rel=\"noopener\">label<\/a>, which comes into effect on Monday, 1 July, means that Saudi is now on the list of countries to which Chinese tour agencies can organize group trips. The Saudi Tourism Authority has also worked to facilitate visas, improve air connectivity, and ensure Chinese tourists will be able to access travel information on <a target=\"_blank\" href=\"http:\/\/192.168.1.1\/#\/home?randid=937420922%3Fupdataredirect%3Dwww.visitsaudi.cn\" style=\"\" rel=\"noopener\">Visit Saudi<\/a> in Mandarin, Tourism Minister Ahmed Al Khateeb said.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The General Authority for Competition (GAC) took legal action last year against 107 <\/strong><strong>car distributors it said had engaged in market manipulation<\/strong>, it said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1736.pdf\" style=\"\" rel=\"noopener\">annual report (pdf)<\/a>. Seventeen companies made requests to settle the charges. The authority accused the distributors of offenses including price-fixing and bids to lock some distributors out of specific geographical areas. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> GAC has been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/931bbeb3-2a58-4f0d-ae44-5e0ac1b674db\/\" style=\"\" rel=\"noopener\">cracking down<\/a> on car distributors and dealerships whose practices the authority claims had been driving up the price of cars. That drive may be working: <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/df88a147-d153-4dc8-aef5-36c763ea7295\/\" style=\"\" rel=\"noopener\">New vehicle prices fell 4.1% y-o-y in April<\/a>, the latest month for which inflation figures are out. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- <\/strong><strong>International flight bookings to Saudi climbed 57% y-o-y in the days following the Eid <\/strong><strong>Al <\/strong><strong>Adha holiday<\/strong>, at an average cost of USD 207 a seat, <a target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2024\/06\/26\/2904255\/0\/en\/Leading-Travel-Marketplace-WINGIE-Anticipates-Up-to-60-Expansion-in-Saudi-Arabia-s-Post-Eid-Tourism-Growth.html\" style=\"\" rel=\"noopener\">online travel platform Wingie<\/a> reports. Travelers from Egypt, Turkey, Germany, India, and the UAE are the big drivers of demand as the Kingdom gears up to host some of its biggest summer events this season, Wingie said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What are people coming in for?<\/strong><\/p>\n<ul>\n<li>The Esports World Cup runs from Thursday, 4 July to Sunday, 25 August in Riyadh;<\/li>\n<li>Saudi Summer (May-September)<\/li>\n<li>Summer in AlUla (May-August) <\/li>\n<li>Jeddah Season (June-August). <\/li>\n<\/ul>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- More debt relief for Somalia? <\/strong>Finance Minister Mohamed Al Jadaan signed a bridge loan agreement with the Opec Fund for International Development to provide debt relief for Somalia, according to a <a target=\"_blank\" href=\"https:\/\/x.com\/MAAljadaan\/status\/1806008260438208640\" style=\"\" rel=\"noopener\">post on X<\/a> by the minister. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>Officials of the Paris Club group of creditor countries canceled <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/somalia-secures-99-debt-cancellation-paris-club-creditor-nations-2024-03-13\/\" style=\"\" rel=\"noopener\">earlier this year<\/a> 99% of debt owed by Somalia to some of the world\u2019s wealthiest countries. Some of Somalia\u2019s creditors, including the US, UK, and Russia, said they had canceled USD 2 bn in debt on \u201cvoluntary and bilateral basis.\u201d Mogadishu is looking to return to the global financial system after over 30 years in exclusion in the wake of its civil war.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF DEBT- <\/strong>Saudi has joined other Paris Club creditors including India in giving Ethiopia until 30 June to reach an agreement with the International Monetary Fund on a new assistance program. The creditors had given Ethiopia a two-year payment holiday that runs through the end of this year on the condition that Addis inks an agreement with the IMF, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-24\/creditors-ready-to-give-ethiopia-more-time-to-negotiate-imf-deal\" style=\"\" rel=\"noopener\">Bloomberg<\/a> notes.<\/p>\n<p class=\"tag-border-left\">OIL WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Reassured by Opec\u2019s approach to phasing out production cuts, portfolio investors are <\/strong><strong>piling back into crude oil<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/hedge-funds-rebuild-oil-position-after-opec-round-trip-kemp-2024-06-25\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing records filed to exchanges. Fund managers bought the equivalent of 69 mn barrels of Brent crude oil futures and options last week, marking the fourth-highest weekly growth rate in positions in over a decade. The move helped crude prices recover to the same levels as before Opec\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/23b2bb82-242d-42f7-a587-6812413add07\" style=\"\" rel=\"noopener\">last meeting<\/a> at the beginning of the month. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong>Energy Minister Prince Abdulaziz bin Salman said the oil cartel could <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/b3936f58-1f4b-4298-b83d-ca2915973d42\/fresh-aramco-shares-start-trading-today\" style=\"\" rel=\"noopener\">backtrack on planned oil production increases<\/a> if the market was not strong enough, Reuters reported earlier. Bin Salman criticized Goldman Sachs for having a bearish outlook on oil, which he said is based on incorrect data. Some media reports and forecasts \u201cfiddle with the market,\u201d the minister said. <\/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>What everyone in the global press is talking about now: <\/strong><a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/06\/26\/world\/americas\/bolivia-unrest-military.html\" style=\"\" rel=\"noopener\">Troops in Bolivia<\/a> have pulled back from the presidential palace and nearby areas after trying to occupy the compound. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they\u2019ll be talking about when the business day begins: <\/strong>The 31 largest US banks have <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ba8980db-2f9e-472f-98b1-37268ac0f652\" style=\"\" rel=\"noopener\">passed their annual \u201cstress tests,\u201d<\/a> with this year\u2019s scenario testing who could be wiped out by a hypothetical scenario that included 10% unemployment in the midst of a deep recession that also saw real estate prices drop 36-40%. The impact on the sector would be nasty, but banks including Goldman Sachs and JPMorgan Chase would all meet minimum regulatory standards. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they\u2019ll be talking about tonight and into the weekend: <\/strong><a target=\"_blank\" href=\"https:\/\/www.politico.com\/news\/2024\/06\/26\/trump-debate-preparation-00165187\" style=\"\" rel=\"noopener\">Donald Trump<\/a> and <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/interactive\/2024\/06\/26\/us\/biden-debate-style.html\" style=\"\" rel=\"noopener\">Joe<\/a><a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/interactive\/2024\/06\/26\/us\/biden-debate-style.html\" style=\"\" rel=\"noopener\">Biden<\/a> face off tonight in the first of two presidential election debates. The fireworks start at 9pm Eastern (that\u2019s 4am in Cairo and Riyadh, 5am in Abu Dhabi and Dubai). You\u2019ll need to tune in to CNN to catch it, though it looks like they also plan to <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=-v-8wJkmwBY\" style=\"\" rel=\"noopener\">stream it on Youtube<\/a>. <\/p>\n<p class=\"tag-border-left\">BRIEFLY NOTED-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/fortune.com\/2024\/06\/26\/saudi-aramco-ai-artificial-intelligence-oil-drilling\/\" style=\"\" rel=\"noopener\">Fortune<\/a><\/strong><strong> is out with a piece looking at how Aramco is using artificial intelligence to <\/strong><strong>streamline its business <\/strong>as it looks to a post-oil world. Its use of AI can help it maximize oil production with limited human intervention, detect potential blockages across its pipelines early, and experiment with ways to best capture carbon from the atmosphere. \u201cAI will give certain companies a huge advantage over others,\u201d Aramco\u2019s Executive VP for Innovation and Tech Ahmad Khowaiter told Fortune. \u201cAnd this is where we believe we are going to be able to take the lead.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>The Kingdom ranked number 16 in a 67-country ranking of the world\u2019s most <\/strong><strong>competitive <\/strong><strong>economies.<\/strong> That\u2019s one spot higher than Saudi ranked in last year\u2019s <a target=\"_blank\" href=\"https:\/\/worldcompetitiveness.imd.org\/rankings\/WCY\" style=\"\" rel=\"noopener\">IMD World Competitiveness Ranking (WCR)<\/a>, which gauges competitiveness based economic performance, government efficiency, business efficiency, and infrastructure. The Kingdom \u2014 which came in fourth among G20 economies \u2014 scored higher in economic performance and government efficiency. It led global rankings in several sub-indicators in the 2024 IMD World Competitiveness Yearbook, including cybersecurity, internet penetration per 1k people and others. It also came in second in stock market capitalization, venture capital and others.<\/p>\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.icho2024.sa\/en\/Pages\/default.aspx\" style=\"\" rel=\"noopener\">International Chemistry Olympiad<\/a><\/strong><strong> \u2014 a competition for the world\u2019s brightest <\/strong><strong>chemistry students \u2014 will kick off in Riyadh on Sunday, 21 July.<\/strong> The three-day annual event is set to take place in King Saud University and will see teams of four students and two mentors from around the world undergo practical and theoretical assessments in chemistry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The inaugural <\/strong><strong><a target=\"_blank\" href=\"https:\/\/aussieexpo.com\/about\" style=\"\" rel=\"noopener\">Aussie Expo<\/a><\/strong><strong> in Riyadh will open its doors to visitors from Monday, 21 <\/strong><strong>October to Tuesday, 22 October <\/strong>at the KAFD Conference Centre in Riyadh. Held under the theme \u201cAccelerating Partnerships, Unlocking New Opportunities,\u201d the one-day event will showcase potential investments between Saudi and Australia in agriculture, mining, technology, infrastructure, healthcare and education sectors. It is organized by Australian conglomerate <a target=\"_blank\" href=\"https:\/\/trademarkgroup.com.au\/\" style=\"\" rel=\"noopener\">Trademark Group of Companies<\/a> seeking the entry of Australian firms to Saudi and the GCC.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The second <\/strong><strong><a target=\"_blank\" href=\"https:\/\/awards.atharfestival.com\/\" style=\"\" rel=\"noopener\">Athar Festival Awards<\/a><\/strong><strong>, honoring creative marketing in the Kingdom, will be <\/strong><strong>held on 6 November<\/strong> at the Crowne Plaza in Riyadh. The award categories include campaign, leadership, young talent, and team awards. You can register for early bird entries until next Thursday, 6 July. Standard entry deadline is 29 August. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/leaf-global-environmental-services\/\">Leaf Global Environmental Services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/nomu\/\">Nomu<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> 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decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/108985.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>The Luxury of Certainty<\/span>\r\n                <\/div>\r\n            <\/div>\r\n                <\/div>\r\n    <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"87369\" 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=\"87369\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/the-more-millers-the-merrier\/\">\r\n                            Fourth Milling Company shareholders will sell a 30% stake in Tadawul IPO                        <\/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\/27\/the-more-millers-the-merrier\/\" 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 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         <\/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\/27\/the-more-millers-the-merrier\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1731.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"87370\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/the-more-millers-the-merrier\/1731-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1731.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1731.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1731.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1731.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-87369\" class=\"content-area-description single-story post-87369 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-arabian-mills-food-products tag-capital-market-authority-cma tag-enterpriseam-ksa tag-fourth-milling-company-mc4 tag-ipo-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.3f2e4645-79ba-4e36-a7be-c89f14129ee0.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We now have two milling companies planning to IPO in the same window: <\/strong>The <a target=\"_blank\" href=\"https:\/\/www.mc4.com.sa\/\" style=\"\" rel=\"noopener\">Fourth<\/a><a target=\"_blank\" href=\"https:\/\/www.mc4.com.sa\/\" style=\"\" rel=\"noopener\">Milling Company (MC4)<\/a> has been cleared by the Capital Market Authority (CMA) to offer a 30% stake (or abut 162 mn shares) on Tadawul, the market regulator said in a <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/en\/Market\/News\/pages\/CMA_N_3586.aspx\" style=\"\" rel=\"noopener\">statement<\/a>. The CMA provided no further details other than its standard note that the company\u2019s prospectus would be published \u201cwithin sufficient time prior to the start of the subscription period.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MC4 joins Arabian Mills Food Products in exploring a sale. <\/strong>Arabian Mills said earlier this week it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/94d96193-5208-4a19-99a7-93a1a625fa13\" style=\"\" rel=\"noopener\">plans to offer a 30% stake<\/a> on Tadawul.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We first heard of this IPO last year: <\/strong>Sources had told <a target=\"_blank\" href=\"https:\/\/www.bnnbloomberg.ca\/saudi-arabian-milling-firm-mc4-plans-ipo-next-year-1.1988669\" style=\"\" rel=\"noopener\">Bloomberg<\/a> last year that MC4 was gearing up for an IPO in 2024, with the company later tapping Riyad Capital as financial advisor for the transaction <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3ede1094-8051-47d2-ac1b-16fa0be844f7\" style=\"\" rel=\"noopener\">back in January<\/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>MC4 produces flour, feed, bran and wheat derivatives through its factories in Riyadh, Madinah and the Eastern Region, according to its website. It has a daily milling capacity of 3.1k tons of wheat grains and daily production of 450 tons of animal feed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND:<\/strong> MC4 is among several state-owned milling firms that were sold to the private sector in recent years. MC4 was <a target=\"_blank\" href=\"https:\/\/english.mubasher.info\/news\/3830491\/Abdullah-Al-Othaim-acquires-Fourth-Milling-for-SAR-859m\/\" style=\"\" rel=\"noopener\">acquired in 2021<\/a> by a consortium that includes Abdullah Al Othaim Markets, Allana International Company, and United Feed Manufacturing Company for SAR 859 mn (c. USD 229 mn). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The drive to \u201cmonetize\u201d: <\/strong>Modern Mills Company (MMC), previously known as Second Milling Company, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/bf94604c-d669-4f0d-9946-a119503f7306\" style=\"\" rel=\"noopener\">made its debut<\/a> on the main market in March when it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e425aed8-1eec-447b-b368-6ffa94c86197\" style=\"\" rel=\"noopener\">sold a 30% stake<\/a> in an IPO that saw strong demand from retail investors, valuing the company at a SAR 3.9 bn. Our friends at First Milling led the way <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/article\/idUSL4N37R1NS\/\" style=\"\" rel=\"noopener\">last year<\/a> when they went public with a USD 266 mn IPO.<\/p>\n<p class=\"tag-border-left\">LISTINGS SET TO PICK UP PACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other transactions in the pipeline:<\/strong><\/p>\n<ul>\n<li>Hotels and resorts operator <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/c8620363-c996-408b-8d01-914668fdbb63\" style=\"\" rel=\"noopener\">Boudl<\/a> has filed to go public;<\/li>\n<li>Electronics retailer Extra plans to IPO the unit that owns and operates <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/b0baadd8-46d4-4499-bd0b-9eaec84bcfef\/\" style=\"\" rel=\"noopener\">Tasheel<\/a>, its consumer finance arm, with many in the market expecting the transaction will now come in fall;<\/li>\n<li>Perfume maker <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/acfb93b7-3303-41eb-ab39-7e6ef6f8bebc\/\" style=\"\" rel=\"noopener\">Arabian Oud<\/a> is said to have appointed bankers ahead of a share sale;<\/li>\n<li>PIF-backed lender Riyad Bank is considering the listing of its investment banking arm <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/291a8d44-0629-42f6-ae3b-2f9c2eb7bcbd\" style=\"\" rel=\"noopener\">Riyad Capital<\/a> ;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1c55c7a4-ce77-4a0c-a7bd-1ad23a8256e0\" style=\"\" rel=\"noopener\">Nupco<\/a> \u2014 a unit of the PIF \u2014 has reportedly tapped Rothschild &amp; Co as financial advisor for its potential Tadawul IPO;<\/li>\n<li>Singapore\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/927c9005-50b0-4a1f-b4e5-599628a82d8b\" style=\"\" rel=\"noopener\">Olam Group<\/a> is mulling the IPO of its Olam Agri subsidiary on Tadawul;<\/li>\n<li>Budget airline <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e299d7ad-c3f0-4533-bc3f-4dfb58ab2eb4\/\" style=\"\" rel=\"noopener\">Flynas<\/a> is reportedly looking to go public this year.<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/78df2631-68ae-4b15-86cd-59bab3c278b7\" style=\"\" rel=\"noopener\">Aster DM Healthcare<\/a> looks set to spin off its GCC assets and seek a dual listing on Tadawul and in the UAE;<\/li>\n<li>Hypermarket operator <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/eaeb2656-fa3e-4e48-8d21-772adfd9470f\" style=\"\" rel=\"noopener\">Lulu<\/a> is said to be eyeing a dual listing on Tadawul and ADX.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT-<\/strong> The local exchange <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/28c368e0-2bbf-4a76-9da6-07c40821fb11\" style=\"\" rel=\"noopener\">welcomed 13 new listings<\/a> in 1Q 2024, including: three IPOs on the main market and six Nomu IPOs. They collectively raised SAR 7.3 bn (c. USD 1 bn) in IPO proceeds in 1Q 2024 after raising SAR 13 bn in 2023 to account for 70% of GCC IPOs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN OTHER IPO NEWS- Another Nomu listing is in the works: <\/strong>The <a target=\"_blank\" href=\"https:\/\/www.gapp.sa\/\" style=\"\" rel=\"noopener\">Gulf Applications<\/a><a target=\"_blank\" href=\"https:\/\/www.gapp.sa\/\" style=\"\" rel=\"noopener\">Company (Gapp)<\/a> is planning to offer a 20% stake (c. 6.2 mn shares) on Nomu, Tadawul\u2019s parallel market, according to a <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/en\/Market\/News\/pages\/CMA_N_3587.aspx\" style=\"\" rel=\"noopener\">statement from the CMA<\/a>. The prospectus will be published within sufficient time prior to the start of offering, the market regulator said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the company: <\/strong>Established in 2007, Gapp is a value-added IT distributor of advanced technology products, ICT, cloud, network energy, servers, wireless mobility and power generators among others, according to its website.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/arabian-mills-food-products\/\">Arabian Mills Food Products<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/capital-market-authority-cma\/\">Capital Market Authority (CMA)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/fourth-milling-company-mc4\/\">Fourth Milling Company (MC4)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"87371\" 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=\"87371\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/abdul-latif-jameel-backed-ev-maker-rivian-to-get-usd-5-bn-investment-from-volkswagen\/\">\r\n                            Abdul Latif Jameel-backed EV maker Rivian to get USD 5 bn investment from Volkswagen                        <\/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\/27\/abdul-latif-jameel-backed-ev-maker-rivian-to-get-usd-5-bn-investment-from-volkswagen\/\" 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\/27\/abdul-latif-jameel-backed-ev-maker-rivian-to-get-usd-5-bn-investment-from-volkswagen\/')\">\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\/27\/abdul-latif-jameel-backed-ev-maker-rivian-to-get-usd-5-bn-investment-from-volkswagen\/\">\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=Abdul Latif Jameel-backed EV maker Rivian to get USD 5 bn investment from Volkswagen&url=https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/abdul-latif-jameel-backed-ev-maker-rivian-to-get-usd-5-bn-investment-from-volkswagen\/\">\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\/27\/abdul-latif-jameel-backed-ev-maker-rivian-to-get-usd-5-bn-investment-from-volkswagen\/&title=Abdul Latif Jameel-backed EV maker Rivian to get USD 5 bn investment from Volkswagen\">\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=Abdul+Latif+Jameel-backed+EV+maker+Rivian+to+get+USD+5+bn+investment+from+Volkswagen+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F06%2F27%2Fabdul-latif-jameel-backed-ev-maker-rivian-to-get-usd-5-bn-investment-from-volkswagen%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\/27\/abdul-latif-jameel-backed-ev-maker-rivian-to-get-usd-5-bn-investment-from-volkswagen\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1690.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"87372\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/abdul-latif-jameel-backed-ev-maker-rivian-to-get-usd-5-bn-investment-from-volkswagen\/1690-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1690.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1690.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1690.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1690.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-87371\" class=\"content-area-description single-story post-87371 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-enterpriseam-ksa tag-evs tag-investment-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.f39500d6-d1c0-43c2-b0ef-d6369a147026.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>German automaker Volkswagen is set to invest up to USD 5 bn in Abdul Latif <\/strong><strong>Jameel-backed EV start-up <\/strong><strong><a target=\"_blank\" href=\"https:\/\/rivian.com\/\" style=\"\" rel=\"noopener\">Rivian<\/a><\/strong> to enhance <a target=\"_blank\" href=\"https:\/\/www.aptiv.com\/en\/insights\/article\/what-is-a-software-defined-vehicle\" style=\"\" rel=\"noopener\">software-defined vehicle<\/a> (SDV) platforms, according to a <a target=\"_blank\" href=\"https:\/\/rivian.com\/newsroom\/article\/rivian-and-volkswagen-group-announce-plans-for-joint-venture\" style=\"\" rel=\"noopener\">statement<\/a>. The partnership \u2014 which will be established as a 50\/50 joint venture \u2014 grants VW immediate access to Rivian's EV software for its vehicles. Both companies will use the tech from their JV to develop vehicles before 2030. Rivian shares have surge more than 35% since the announcement, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/e465b45f-5d6d-4903-8c36-216c1b453581\" style=\"\" rel=\"noopener\">Financial Times<\/a> reported. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>The investment will include an initial USD 1 bn convertible loan that will turn into Rivian stock pending regulatory approval scheduled and an additional USD 4 bn committed as part of the overall investment, the statement adds. VW will also invest USD 2 bn in Rivian\u2019s common stock in two USD 1 bn tranches during 2025 and 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A lifeline for Rivian:<\/strong> The EV maker has been grappling with financial challenges exacerbated by higher interest rates and softening US demand for electric vehicles, sending Rivian\u2019s shares down about 90% since it went public in 2021. (Its market cap was larger than VW\u2019s at the time.) Rivian posted a loss of USD 1.4 bn in 1Q 2024 as it lost around USD 38k on each of its USD 70k vehicles. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company is working with other major players: <\/strong>Rivian partnered with Amazon \u2014 one of its <a target=\"_blank\" href=\"https:\/\/www.nasdaq.com\/market-activity\/stocks\/rivn\/institutional-holdings\" style=\"\" rel=\"noopener\">biggest shareholders<\/a> \u2014 to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/077f2927-f66d-46a9-b05f-284e22483446\" style=\"\" rel=\"noopener\">unroll electric trucks<\/a> for order deliveries in the Saudi market over the next seven years. They also partnered to launch <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/fb44fd6f-1b38-4968-80cf-42c50c8d362a\" style=\"\" rel=\"noopener\">300 Rivian trucks<\/a> in Munich, Berlin, and Dusseldorf over the next few years. <\/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\">ALSO FROM ABDUL LATIF JAMEEL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Almar eyes investment in Chilean lithium: <\/strong>Abdul Latif Jameel-backed water infrastructure developer <a target=\"_blank\" href=\"https:\/\/almarwater.com\/\" style=\"\" rel=\"noopener\">Almar Water Solutions<\/a> is looking to partner with Chile\u2019s state-backed mining company <a target=\"_blank\" href=\"https:\/\/www.codelco.com\/\" style=\"\" rel=\"noopener\">Codelco<\/a> on its Maricunga lithium project, according to data seen by <a target=\"_blank\" href=\"https:\/\/attaqa.net\/2024\/06\/26\/%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AA%D8%AE%D8%B7%D8%B7-%D9%84%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D8%A8%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D8%AA%D8%B9%D8%AF%D9%8A%D9%86\/\" style=\"\" rel=\"noopener\">Attaqa<\/a>. Almar aims to extract lithium to be used in car batteries by leveraging its water treatment technology. Codelco has tapped financial advisor Rothschild to select a partner for the project by next year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>LOOKING AHEAD- <\/strong>Industry and Mineral Resources Minister Bandar Alkhorayef is set to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/fef72cac-2efd-4123-8eca-c874dff5d8b2\" style=\"\" rel=\"noopener\">touch<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/fef72cac-2efd-4123-8eca-c874dff5d8b2\" style=\"\" rel=\"noopener\">down<\/a> in Chile \u2014 the world\u2019s second-largest lithium producer \u2014 next month, to look into the possibility of sourcing lithium, a key component for EV and battery storage production.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/investment-watch\/\">INVESTMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"87373\" 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=\"87373\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/tadawul-group-snaps-up-32-6-stake-in-dubai-mercantile-exchange\/\">\r\n                            Tadawul Group snaps up 32.6% stake in Dubai Mercantile Exchange                        <\/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\/27\/tadawul-group-snaps-up-32-6-stake-in-dubai-mercantile-exchange\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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href=\"https:\/\/x.com\/intent\/post?text=Tadawul Group snaps up 32.6% stake in Dubai Mercantile Exchange&url=https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/tadawul-group-snaps-up-32-6-stake-in-dubai-mercantile-exchange\/\">\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\/27\/tadawul-group-snaps-up-32-6-stake-in-dubai-mercantile-exchange\/&title=Tadawul Group snaps up 32.6% stake in Dubai Mercantile Exchange\">\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 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alt=\"\" data-attachment-id=\"87374\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/tadawul-group-snaps-up-32-6-stake-in-dubai-mercantile-exchange\/1763-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1763.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1763.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1763.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1763.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-87373\" class=\"content-area-description single-story post-87373 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-cme-group tag-dme-holdings-limited tag-enterpriseam-ksa tag-gulf-mercantile-exchange tag-ma-watch tag-saudi-tadawul-group 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\/.afa252a2-830b-49c9-8c39-20e841b3b1f8.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Saudi Tadawul Group signed a sale and purchase agreement to acquire a 32.6% stake in <\/strong><strong>Dubai Mercantile Exchange (DME) for USD 28.5 mn<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83d2MXA0C3SydAl1c3Q0NvE30w1EVGAQHmAIVBPga-xgEGbgbmOlHEaPfAAdwNCCsPwqvEndzdAVYnAhWgMcNXvpR6Tn5SZDwyCgpKbBSNVA1KElMSSwvzVEFujE5P7cgMa8yuDI3KR-oyBAI9INT8_QLckMjDDIDcsN1HRUBo4lsag!!\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi84MDk5OC9jb21wYW55U3ltYm9sLzExMTEvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to the exchange<\/a>. The acquisition was first agreed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/25ee98c1-6444-409c-a183-4764e24ae11d\/%253cmark%253e%253c%2Fmark%253etadawul%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253etakes%253cmark%253e%253c%2Fmark%253e-%253e%253cmark%253e%253c%2Fmark%253e32%253cmark%253e%253c%2Fmark%253e%2525%253cmark%253e%253c%2Fmark%253e%253cmark%253e%253c%2Fmark%253estake%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ein%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253edubai%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253emercantile%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eexchange%253cmark%253e%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">in January<\/a> under the same terms, and gives Tadawul the option to buy more shares in the future.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fine print:<\/strong> Tadawul Group will take a strategic stake in DME\u2019s parent company, DME Holdings, making it the joint largest shareholder alongside financial services company <a target=\"_blank\" href=\"https:\/\/www.cmegroup.com\/company\/history\/index.html\" style=\"\" rel=\"noopener\">CME Group<\/a>. Other DME Holdings shareholders include Oman Investment Authority and Dubai Holding. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A regional rebrand:<\/strong> Saudi Tadawul will rebrand the DME as the Gulf Mercantile Exchange, which it says is meant to emphasize the exchange\u2019s regional and global significance. The Gulf Mercantile Exchange will continue to operate out of the Dubai International Finance Center and be regulated by the Dubai Financial Services Authority. CME Group will continue to provide the exchange\u2019s technology and clearing services.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Leaving the DME Oman contract out of it:<\/strong> The agreement stipulates that no changes will occur to any aspect of DME Oman contract and that \u201cno Saudi Arabian crude oil contract will be traded, sold or bought on, or indexed to, nor will Saudi crude be delivered against, the DME Oman contract via DME\u201d to maintain neutrality and price discovery.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What is the DME Oman contract? <\/strong>DME hosts the DME Oman contract, the world\u2019s largest physically delivered crude oil generator. This contract ranks as the third most important global benchmark for crude oil and is used by five national oil companies in GCC countries.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/cme-group\/\">CME Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/dme-holdings-limited\/\">DME Holdings Limited<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/gulf-mercantile-exchange\/\">Gulf Mercantile Exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ma-watch\/\">M&amp;A WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-tadawul-group\/\">Saudi Tadawul Group<\/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=\"87375\" 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=\"87375\">\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\">ENERGY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/aramco-close-to-acquiring-a-25-stake-in-texas-lng-export-plant\/\">\r\n                            Aramco close to acquiring a 25% stake in Texas LNG export plant                        <\/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\/27\/aramco-close-to-acquiring-a-25-stake-in-texas-lng-export-plant\/\" 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 agreement would also include Aramco locking down five mn tons of LNG shipments from the plant each year for 20 years, according to the business information service. No further information on the financial details of the agreement were provided, but the two sides \u201csaid they expect to reach a binding agreement,\u201d Bloomberg said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All part of a LNG push: <\/strong>\u201cThis agreement is a major step in Aramco\u2019s strategy to become a leading global LNG player,\u201d said Nasir Al Naimi, Aramco\u2019s upstream business president. Aramco has been pushing further into the LNG market as of late as it seeks to compete for a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/457c0f82-b56f-415c-92b4-22934df905ad\/it%25e2%2580%2599s-the-last-day-of-leap-2024,-deepfest-and-the-efg-hermes-one-on-one#:~:text=%232%2D%20Another%20day%2C%20another%20LNG%20play%20by%20Aramco%3A%20Aramco%20and%20UAE%E2%80%99s%20Adnoc%20are%20reportedly%20in\" style=\"\" rel=\"noopener\">market share<\/a> in the flourishing gas market. It made its entry into the business last year with a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ac89b719-2b25-4f9f-aef1-cefc0a2eecf8\/aramco-pushes-ahead-with-usd-7.7-bn-fadhili-natural-gas-plant-expansion#:~:text=It%E2%80%99s%20already%20been%20an%20eventful%20year%20for%20Aramco%3A%20Aramco%20made%20a%20surprise%20announcement%20in\" style=\"\" rel=\"noopener\">minority stake acquisition<\/a> in Australia\u2019s MidOcean Energy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And the push is bearing fruit:<\/strong> Aramco also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/5376567f-abae-4535-8dd0-13d59a70f583\/aramco-land-long-term-%253cmark%253elng%253c%2Fmark%253e-supply-agreement-with-nextdecade#:~:text=%231%2D%20Aramco%20signed%20a%20non%2Dbinding%20agreement%20with%20US%20liquefied%20natural%20gas%20(LNG)\" style=\"\" rel=\"noopener\">signed a non-binding agreement<\/a> with US liquefied natural gas (LNG) development company <a target=\"_blank\" href=\"https:\/\/www.next-decade.com\/\" style=\"\" rel=\"noopener\">NextDecade<\/a> to supply 1.2 mn tons per annum of LNG for 20 years. Aramco <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/39ce45dd-e610-40e9-a4ee-c17cca6557ed\" style=\"\" rel=\"noopener\">had been in talks<\/a> with NextDecade for a long-term gas purchase agreement from the Texan company\u2019s Rio Grande facility. It has also been involved in negotiations with Houston-based Tellurian over a potential stake purchase in the US firm\u2019s 27.6 mn metric ton per annum (mtpa) Driftwood LNG plant in Louisiana.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/aramco\/\">Aramco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/energy\/\">ENERGY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/shell\/\">Shell<\/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=\"87377\" 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=\"87377\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/tvm-capital-healthcare-makes-usd-35-mn-investment-in-local-pharma-group-boston-oncology-arabia\/\">\r\n                            TVM Capital Healthcare pours USD 35 mn in investments in Saudi\u2019s Boston Oncology to help access global suppliers                        <\/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\/27\/tvm-capital-healthcare-makes-usd-35-mn-investment-in-local-pharma-group-boston-oncology-arabia\/\" 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\/27\/tvm-capital-healthcare-makes-usd-35-mn-investment-in-local-pharma-group-boston-oncology-arabia\/')\">\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\/27\/tvm-capital-healthcare-makes-usd-35-mn-investment-in-local-pharma-group-boston-oncology-arabia\/\">\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=TVM Capital Healthcare makes USD 35 mn investment in local pharma group Boston Oncology Arabia&url=https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/tvm-capital-healthcare-makes-usd-35-mn-investment-in-local-pharma-group-boston-oncology-arabia\/\">\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\/27\/tvm-capital-healthcare-makes-usd-35-mn-investment-in-local-pharma-group-boston-oncology-arabia\/&title=TVM Capital Healthcare makes USD 35 mn investment in local pharma group Boston Oncology Arabia\">\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=TVM+Capital+Healthcare+makes+USD+35+mn+investment+in+local+pharma+group+Boston+Oncology+Arabia+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F06%2F27%2Ftvm-capital-healthcare-makes-usd-35-mn-investment-in-local-pharma-group-boston-oncology-arabia%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\/27\/tvm-capital-healthcare-makes-usd-35-mn-investment-in-local-pharma-group-boston-oncology-arabia\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1700.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"87378\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/tvm-capital-healthcare-makes-usd-35-mn-investment-in-local-pharma-group-boston-oncology-arabia\/1700-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1700.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1700.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1700.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1700.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-87377\" class=\"content-area-description single-story post-87377 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-enterpriseam-ksa tag-healthcare tag-investment-watch tag-tvm-capital-healthcare 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\/.1fe0a9f8-a081-4631-ad8a-023c05b3a681.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>TVM Capital Healthcare<\/strong><strong> said it has invested USD 35 mn in Riyadh-based pharma <\/strong><strong>manufacturer <\/strong><strong><a target=\"_blank\" href=\"https:\/\/bostononcology.com\/boston-oncology-arabia\/\" style=\"\" rel=\"noopener\">Boston Oncology Arabia<\/a><\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.businesswire.com\/news\/home\/20240623348376\/en\/TVM-Capital-Healthcare-Announces-USD-35-Million-Investment-into-Boston-Oncology-Arabia\" style=\"\" rel=\"noopener\">statement<\/a>. The investment will go towards accelerating Boston Oncology\u2019s transition to \u201cfull formulation and fill and finish manufacturing\u201d at its local production hub at Sudair Industrial City. TVM will also provide strategic support and expand the company\u2019s access to international suppliers through its global network. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s TVM? <\/strong>The firm is a healthcare-focused private equity investor with offices in Dubai and Singapore that \u2014 interestingly \u2014 invests in both MENA and Southeast Asia. The firm\u2019s strategy is the partner with management teams to build \u201cnational champions,\u201d but it will also work with European and North American firms looking to expand into SEA and MEA. TVM has offices in Riyadh \u2014 where it has been operating since 2015 \u2014 and Ho Chi Minh City as well as supporting offices in Munich and Boston.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>TVM Capital just closed a fund to invest in Saudi healthcare: <\/strong>The private equity firm <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/337f73c9-97e1-4385-881c-59cf8ad6cb59\" style=\"\" rel=\"noopener\">closed<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/337f73c9-97e1-4385-881c-59cf8ad6cb59\" style=\"\" rel=\"noopener\">last month<\/a> a dedicated healthcare fund targeting Saudi, raising USD 250 mn from investors led by the Public Investment Fund\u2019s Jada Fund of Funds and other investors. Its new investment vehicle is named Afiyah Fund.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In TVM\u2019s pipeline: <\/strong>Investments in <strong>Baraya Extended Care<\/strong>, a Riyadh-based long-term rehabilitation clinics chain; <strong>DEBx Medical<\/strong>, a Dutch med-tech and chronic-wound drugmaker looking to enter the Saudi market; and <strong>NeuroCare Group<\/strong>, a German company specialized in mental health services eyeing an expansion into the region, among others.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cWe are proud to back Boston Oncology Arabia in bringing the highest quality, affordable, and locally manufactured generics and biosimilar drugs to the Kingdom. In addition to supporting their local manufacturing expansion plans, we look forward to further strengthening their licensing relationships in Europe and the US with our well-established international networks,\u201d TVM Capital Healthcare Chairman and CEO Helmut Schuehsler said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s Boston Oncology Arabia?<\/strong> Boston Oncology is a bio-generic drugs manufacturing company that focuses on developing and manufacturing specialty drugs including generics and biosimilars. It saw its first biosimilar product registered with the Saudi Food and Drug Authority (Sfda) for local manufacturing in 2020, with 44 products pending Sfda\u2019s approval as of early 2022, according to its website. Its manufacturing facility has an annual vial capacity of over 30 mn units.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>POLICY BACKGROUND- <\/strong>Crown Prince and Prime Minister Mohammed bin Salman launched <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/9f581b67-7ac3-43e0-9315-ba92eda7d79b\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/9f581b67-7ac3-43e0-9315-ba92eda7d79b\" style=\"\" rel=\"noopener\">earlier this year<\/a> the National Biotechnology Strategy under a bid to position the Kingdom as a regional and global biotech player. The strategy focuses on the localization of vaccines, bio-manufacturing, genomics and plant optimization. It is expected to contribute SAR 130 bn to non-oil GDP by 2040.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/healthcare\/\">healthcare<\/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\/tvm-capital-healthcare\/\">TVM Capital Healthcare<\/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=\"87379\" 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=\"87379\">\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\">SOLAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/developers-of-5-5-gw-worth-of-solar-capacity-just-got-a-boost\/\">\r\n                            Saudi Power Procurement Company will buy 5.5 GW of power from three new solar facilities                        <\/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\/27\/developers-of-5-5-gw-worth-of-solar-capacity-just-got-a-boost\/\" 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\/27\/developers-of-5-5-gw-worth-of-solar-capacity-just-got-a-boost\/')\">\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\/27\/developers-of-5-5-gw-worth-of-solar-capacity-just-got-a-boost\/\">\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=Developers of 5.5 GW worth of solar capacity just got a boost&url=https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/developers-of-5-5-gw-worth-of-solar-capacity-just-got-a-boost\/\">\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\/27\/developers-of-5-5-gw-worth-of-solar-capacity-just-got-a-boost\/&title=Developers of 5.5 GW worth of solar capacity just got a boost\">\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=Developers+of+5.5+GW+worth+of+solar+capacity+just+got+a+boost+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F06%2F27%2Fdevelopers-of-5-5-gw-worth-of-solar-capacity-just-got-a-boost%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\/27\/developers-of-5-5-gw-worth-of-solar-capacity-just-got-a-boost\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1729.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"87380\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/developers-of-5-5-gw-worth-of-solar-capacity-just-got-a-boost\/1729-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1729.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1729.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1729.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1729.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-87379\" class=\"content-area-description single-story post-87379 post type-post status-publish format-standard has-post-thumbnail hentry category-solar tag-acwa-power tag-aramco tag-enterpriseam-ksa tag-renewables tag-saudi-power-procurement-company-sppc tag-solar 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\/.63931210-d967-4035-9773-2d2b753f37e2.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The Saudi Power Procurement Company (Sppc) signed power purchase agreements for <\/strong><strong>5.5 GW of green electricity<\/strong> that will be generated by three new solar photovoltaic projects. The three are being built by a consortium that includes renewables giant Acwa Power, the PIF\u2019s Water and Electricity Holding Company (Badeel), and oil giant Aramco subsidiary Aramco Power, according to a <a target=\"_blank\" href=\"https:\/\/www.moenergy.gov.sa\/en\/MediaCenter\/News\/Pages\/SPPC-Signs-PPA-for-Three-New-Solar-Energy-Projects-with-5500MW-Capacity.aspx\" style=\"\" rel=\"noopener\">statement from the Energy Ministry<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know:<\/strong> Two of the solar PV projects \u2014 Haden and Al Muwaih \u2014 will be set up in Makkah with a capacity of 2 GW each. The third, Al Khushaybi in Qassim, will have a capacity of 1.5 GW.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>The new renewable energy projects with a total capacity of 6.7 GW have been tendered since the start of 2024, the ministry said, adding that it plans to tender more projects later this year to help it hit the sought 20 GW target of annual tendered capacities. The ministry hopes to reach 100 to 130 GW by the end of the decade, it said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Growing interest in renewables as Saudi eyes a future beyond oil: <\/strong>Earlier this week, the Energy Ministry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/0a2508ab-9e16-4f4e-aeeb-eeba315430ce\" style=\"\" rel=\"noopener\">launched<\/a> an \u201cunprecedented\u201d geographic survey project to identify suitable sites to develop renewable energy sites across the Kingdom. Contracts for the project, which the ministry says is the first of its kind, were awarded to local firms to install 1.2k stations to measure solar and wind energy over 850k sqm. It comes under the Kingdom plan to generate 50% of its electricity from renewable energy sources by 2030.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/acwa-power\/\">ACWA power<\/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\/renewables\/\">RENEWABLES<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-power-procurement-company-sppc\/\">Saudi Power Procurement Company (SPPC)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/solar\/\">solar<\/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=\"87381\" 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=\"87381\">\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\">MINING<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/five-companies-get-mining-exploration-licenses\/\">\r\n                            Saudi awards six mining exploration licenses to five companies                        <\/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\/27\/five-companies-get-mining-exploration-licenses\/\" 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\/27\/five-companies-get-mining-exploration-licenses\/')\">\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\/27\/five-companies-get-mining-exploration-licenses\/\">\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=Five companies get mining exploration licenses&url=https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/five-companies-get-mining-exploration-licenses\/\">\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\/27\/five-companies-get-mining-exploration-licenses\/&title=Five companies get mining exploration licenses\">\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=Five+companies+get+mining+exploration+licenses+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F06%2F27%2Ffive-companies-get-mining-exploration-licenses%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\/27\/five-companies-get-mining-exploration-licenses\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1766.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"87382\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/five-companies-get-mining-exploration-licenses\/1766-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1766.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1766.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1766.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/1766.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-87381\" class=\"content-area-description single-story post-87381 post type-post status-publish format-standard has-post-thumbnail hentry category-mining tag-al-masane-al-kobra-mining-amak tag-enterpriseam-ksa tag-mining tag-royal-road-minerals tag-saudi-arabian-mining-maaden 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\/.b8ae608e-f463-41b0-87ac-31f43c4f3e42.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Industry and Mineral Resources Ministry has handed exploration licenses at six <\/strong><strong>mining sites <\/strong><strong>to five companies<\/strong>, granting them the right to explore for gold, silver, zinc, and copper, it said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1689.jpg\" style=\"\" rel=\"noopener\">a statement<\/a>. The sites have a combined total area of 1k sq km.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who got what?<\/strong><\/p>\n<ul>\n<li><strong>Al Masane Al Kobra Mining (AMAK) received two separate licenses<\/strong>, setting aside SAR 46 mn for technical works in Jabal Qaran which spans 46 sq km and holds reserves of gold, copper and lead. AMAK also set aside an identical fee for exploration works at the 274 sq km Al Hijra site which includes gold, copper and zinc reserves;<\/li>\n<li><strong>Ma\u2019aden was awarded the An Nimas site<\/strong>, which spans 228 sq km and has gold, silver and copper reserves. Ma\u2019aden set aside SAR 17.9 mn for exploration and excavation works;<\/li>\n<li><strong>Eqleed Group and Indotan Mining received the license for Makman Hijab<\/strong>, a Riyadh site spanning 180 sq km with gold and silver reserves; <\/li>\n<li><strong>Royal Roads Arabia received the Al Miyah site in Mecca<\/strong>, pledging SAR 14.6 mn for exploration works at the 228 sq km site which contains gold, silver and copper reserves;<\/li>\n<li><strong>Discovery Arabian Mining secured the license for the Al Halahilah site<\/strong>, which spans 34 sq km and contains gold, zinc and copper reserves. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The next round of bidding is scheduled for 3Q 2024<\/strong>, with nine licenses up for grabs. More details on the licenses that will be on offer on the <a target=\"_blank\" href=\"https:\/\/taadeen.sa\/ar\/exploration-enablement-program\" style=\"\" rel=\"noopener\">Taadeen platform<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER- <\/strong>The ministry <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/saudi-arabia-allocates-182-mln-mineral-exploration-incentives-mining-minister-2024-01-10\/\" style=\"\" rel=\"noopener\">announced plans<\/a> earlier this year for an incentive program to encourage exploration. It has gold and phosphate in mind, among others. The nation\u2019s untapped mineral resources could be worth as much as USD 2.5 tn, or 90% more than the last forecast in 2016, officials said <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/01\/10\/saudi-arabia-nearly-doubles-estimate-for-the-value-of-its-mineral-resources-.html\" style=\"\" rel=\"noopener\">in January<\/a>. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/al-masane-al-kobra-mining-amak\/\">Al Masane Al Kobra Mining (AMAK)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/mining\/\">mining<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/royal-road-minerals\/\">Royal Road Minerals<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-arabian-mining-maaden\/\">Saudi Arabian Mining (Ma\u2019aden)<\/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=\"87383\" 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=\"87383\">\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\">THURSDAY KUDOS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/a-round-of-applause-for-saudia-group-and-flynas\/\">\r\n                            A round of applause for Saudia Group and Flynas at the 2024 SkyTrax World Airline Awards                        <\/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\/27\/a-round-of-applause-for-saudia-group-and-flynas\/\" 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\/27\/a-round-of-applause-for-saudia-group-and-flynas\/')\">\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\/27\/a-round-of-applause-for-saudia-group-and-flynas\/\">\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=A round of applause for Saudia Group and Flynas&url=https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/a-round-of-applause-for-saudia-group-and-flynas\/\">\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\/27\/a-round-of-applause-for-saudia-group-and-flynas\/&title=A round of applause for Saudia Group and Flynas\">\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=A+round+of+applause+for+Saudia+Group+and+Flynas+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F06%2F27%2Fa-round-of-applause-for-saudia-group-and-flynas%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\/27\/a-round-of-applause-for-saudia-group-and-flynas\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1741.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"87384\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/a-round-of-applause-for-saudia-group-and-flynas\/1741-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1741.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1741.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1741.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1741.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-87383\" class=\"content-area-description single-story post-87383 post type-post status-publish format-standard has-post-thumbnail hentry category-thursday-kudos tag-aviation tag-enterpriseam-ksa tag-flynas tag-king-khalid-international-airport tag-saudia tag-thursday-kudos 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\/.b063dc09-8bf8-40cf-ad95-3d7ee5690a67.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- National carrier Saudia Group and low-cost airline flynas took home gongs from the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.worldairlineawards.com\/a-z-airline-awards-winners-2024\/\" style=\"\" rel=\"noopener\">2024<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.worldairlineawards.com\/a-z-airline-awards-winners-2024\/\" style=\"\" rel=\"noopener\">SkyTrax World Airline Awards<\/a><\/strong> in London earlier this week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudia<\/strong> <strong><a target=\"_blank\" href=\"https:\/\/www.worldairlineawards.com\/worlds-top-100-airlines-2024\/\" style=\"\" rel=\"noopener\">ranked 20th<\/a><\/strong><strong> in SkyTrax\u2019s Top 100 Airlines for the year and snagged four awards:<\/strong><\/p>\n<ul>\n<li>World's most-improved airline;<\/li>\n<li>Best economy-class onboard catering;<\/li>\n<li>Most-improved airline in the Middle East;<\/li>\n<li>Best economy-class onboard catering in the Middle East.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Flynas, which claimed the 48th spot among top 100 airlines for 2024, was named <\/strong><strong>best <\/strong><strong>low-cost airline in the Middle East<\/strong>. It also <a target=\"_blank\" href=\"https:\/\/www.worldairlineawards.com\/worlds-best-low-cost-airlines-2024\/\" style=\"\" rel=\"noopener\">ranked 4th<\/a> among the world\u2019s best low-cost airlines for 2024<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- King Khalid International Airport in Riyadh was number one in on-time performance <\/strong><strong>among its global peers in May<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2129421\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported, citing data by independent aviation analyst <a target=\"_blank\" href=\"https:\/\/www.cirium.com\/thoughtcloud\/cirium-monthly-on-time-performance-reports-2024\/\" style=\"\" rel=\"noopener\">Cirium Diio<\/a>. The capital\u2019s airport hit an on-time performance figure of 88.2% in May, up from 86.7% in April.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/aviation\/\">AVIATION<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/flynas\/\">flynas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/king-khalid-international-airport\/\">King Khalid International Airport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudia\/\">Saudia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/thursday-kudos\/\">THURSDAY KUDOS<\/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=\"87385\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"87385\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/06\/27\/the-fruits-of-a-global-bnaire-tax-scheme\/\">\r\n                            Global bn\u2019aire tax scheme would raise USD 250 bn annually -G20 report                        <\/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\/27\/the-fruits-of-a-global-bnaire-tax-scheme\/\" 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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Commissioned by Brazil, which currently holds the G20 presidency, the study highlights that the OECD\u2019s <a target=\"_blank\" href=\"https:\/\/www.weforum.org\/agenda\/2024\/02\/oecd-minimum-tax-rate\/\" style=\"\" rel=\"noopener\">recently introduced 15% global corporate tax<\/a> attests to the potential success of imposing a global tax on wealthy individuals. Initially proposed by Brazil\u2019s finance minister in <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/brazil-g20-economy-finance-ministers-tax-super-rich-282e2982e53bfb7f63752bc969da6d72\" style=\"\" rel=\"noopener\">February<\/a> and <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/france-backs-global-minimum-tax-billionaires-g20-2024-02-28\/\" style=\"\" rel=\"noopener\">endorsed<\/a> by French Finance Minister Bruno Le Maire, the draft proposal will be on the table for discussion at the upcoming G20 finance ministers\u2019 meeting in Rio de Janeiro next month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The study proposes a minimum annual tax of 2% on individuals with a net worth exceeding USD 1 bn.<\/strong> That\u2019s a departure from the current average tax rate among b\u2019naires of 0.3%, albeit far below the global average income tax rate. Zucman recommends an additional levy to ensure b\u2019naires contribute at least 2% of their wealth in taxes each year. The estimated tax revenue would be directed towards funding public services like education, healthcare, and climate change mitigation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not everyone is on board:<\/strong> Implementing a global tax could be impractical with the \u201ctwo countries with the largest number of b\u2019naires [being] the US and China. Neither will realistically implement this,\" one tax policy pundit told the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/8e7adbe6-22c7-45c6-8b81-b2173240d78c\" style=\"\" rel=\"noopener\">Financial Times<\/a>, expressing skepticism about the practicality of the proposal. For the tax to be effective, the report stressed that it is essential for countries to establish enhanced cross-border information sharing mechanisms on affluent individuals, including improving the identification of beneficial ownership across various assets such as financial holdings, properties, companies, and other legal entities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not going to be easy, but it\u2019s feasible \u2014 even with current global political turbulence<\/strong>, Zucman maintains. He points to the recent global corporate tax \u2014 which was met with <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/cd88500d-a063-4f15-b6ad-e453a1d8b16d\" style=\"\" rel=\"noopener\">fierce pushback<\/a> and is yet to be ratified by the US Congress \u2014 as evidence of possible change, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-25\/brazil-unveils-global-billionaire-tax-plan-that-has-split-g-20\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. However, for Brazil to garner support for the proposal after the end of its G20 presidency, it must demonstrate success with smaller reforms, as its \u201creal challenge is to maintain visibility and momentum,\" former chief broker for the global corporate tax agreement Pascal Saint-Amans told the news outlet. <\/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>All five major Asian benchmarks we follow are solidly in the red in early trading this <\/strong><strong>morning. <\/strong>The ASX 200 (-1.3%) and the Nikkei (-1.1%) are leading the dip, followed by the Hang Seng, Kospi, and Shanghai Composite. The selldown comes as the JPY hit a 38-year low against the greenback, <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/06\/27\/asia-markets-live-yen-hits-near-38-year-low-overnight-.html\" style=\"\" rel=\"noopener\">CNBC<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">And if futures are any indicator, <strong>US and European markets are also looking at selling <\/strong><strong>pressure <\/strong>when the opening bell sounds later today.<\/p>\n<p><a target=\"_blank\" id=\"t.a23469bf3d7568cd74e14ee2e0592f2a270727de\" 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\">11,656<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6% (YTD: -2.6%)<\/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\">1,459<\/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: -5.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">26,355<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +7.5%)<\/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\">27,501<\/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: +10.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,966<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: -6.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,006<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: -1.3%)<\/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\">5,478<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +14.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">8,225<\/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: +6.4%)<\/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\">4,916<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: +8.7%)<\/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>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 85.25<\/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>Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.63<\/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\">-4.6%<\/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>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 2,312.20<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 61,044.30<\/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\">-1.4% (YTD: +44.4%)<\/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 0.6% yesterday <\/strong>on turnover of SAR 5.5 bn. The index is down 2.6% 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> Miahona (+8.9%), Rasan (+5.9%) and GIG (+5.4%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Ades (-4.6%), SRMG (-3.5%) and Acwa Power (-3.3%).<\/p>\n<p class=\"tag-border-left\">THE CLOSING BELL: NOMU-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The NomuC<\/strong><strong> fell 0.3% yesterday <\/strong>on turnover of SAR 96.6 mn. The index is up 7.5% 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> SPC (+8.7%), Munawla (+8.6%) and Al Babtain Food (+7.3%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> Yaqeen (-19.4%), NGDC (-7.7%) and Neft Alsharq (-3.9%)<\/p>\n<p class=\"tag-border-left\">CORPORATE ACTIONS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Shareholders of Tadawul-listed Perfect Presentation (2P) approved the board\u2019s <\/strong><strong>recommendation to double its capital to SAR 300 mn<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1719.pdf\" style=\"\" rel=\"noopener\">regulatory filing (pdf)<\/a>. 2P will finance the increase by capitalizing SAR 150 mn from its retained earnings and granting one share for every owned share by shareholders. The capital increase aims to bolster the company\u2019s capital base and future plans.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Shareholders of Nomu-listed Academy of Learning approved the board\u2019s <\/strong><strong>recommendation to increase its capital by 50% to SAR 90 mn <\/strong>through, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVDLbsIwEPyWHjiCN0SEtDe3qAHEs4ECuSDHWUKkJI4cB0q_vg6piqBQUcsH73hmdnaJR5bES9kuCpmKRMpiXa88a92iFjS7NoyhO3sBC1zHms9so9O0yOKcYA8dC6YjOh032y1w3oF4_9KDO2nB9HUyNAfwBg5Y9-nhxqF39PfOKWP62NYJ-s9Ob0BN22pfEq6MeNHk9wxHwh8h-8QLY-FXC6epb9oh8SRuUKJsFFLDW6Wy_KkGNdjv941QiDDGBhdJDa5JtiJXZHnOJC6mx3W1b-6jZ5CFxFwUkiN5C1HRNBVFyjHBVA2iXHWYYmTKGd_iAHcYT1iIxC3nY8EuyoXMSxZZ1Y0Sy5ErITtZL_hBDokvYrIq35kUQcHV7JBhBSih7b_fmTZ2o09dGVBZMcm3J275PyoSH2XH15wS2kiRnAxYmZyXuSuRsa4SKPxQ7tGs4gVaMUEZCZ2RZMl8voSoV_f8g2kmNLHN87unD19eiZLV\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC85NTQxL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwOTkw\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The capital increase comes under the company\u2019s growth and expansion plans.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Shareholders of Nomu-listed Pan Gulf Marketing (PGM) approved the board\u2019s recommendation <\/strong><strong>to raise the company\u2019s capital by 50% to SAR 75 mn<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/jVLLboJAFP2WLlw2c3kN0B0gjlABEVBgY8ZHLAmCMRRDv76jJk1BId7dZM49r1yUohilBa2zA62ysqA5eycpXksaBn6qgAfT0AAMAcFRqHBjS0CrNkBxCAbf1XyPlyWAgEdp63s8NsCffCpTGzweOOjuQzCXGGDuCDNYAAHc3u_Th57R4LX9PwCZ8CbTV3V_bBIOiNze9zRVZt-2TqyZJpi-OJyfLF_QTzsVPTbY4Xis6AYY6qDN8CTkoE0edwHtHhQsD6e49pCwouR_EktDZBKeSJyZwhFRQqs6219QVJTnIzu84MqYl1ua71FCzyhk_HKvQx8jG6WHvNzcb_arqk4fIxhBRXf08p2PWAfb8niiRRM0x03JQKqkCn1QWhQGrVDM9QOsHYoVUBXpIdiDsyfBNNf1ItcwHdMN127k6OYCJXe6tOs0uTkNWAenY8QmhszKrPfErhunkjaN8KO7Un3R3t5-ARsosTo!\/dz\/d5\/L0lHSkovd0RNQUhrQUVnQSEhLzROVkUvZW4!\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The capital hike comes under PGM\u2019s plans to support its capital base and future plans. PGM listed on the parallel market <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/b46383a8-0302-491d-9416-f67af2fbb82f\" style=\"\" rel=\"noopener\">in February<\/a> after taking a 12% stake to market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- <\/strong><strong>Shareholders of Tadawul-listed Gulf Ins. Group (GIG) have signed off the board\u2019s <\/strong><strong>recommendation to distribute SAR 78.8 mn in dividends <\/strong>at SAR 1.50 per share for FY 2023, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVDLbsIwEPyWHjiCN0SEtDe3qAHEKwQK5IIcs4RISRw5Din9-uaBhGihopYP3vHM7OwSl6yJG7Nj4DMViJiFRb1xjW2HGtDumzCF_uINDHAsY7kwtV7bIKtrgjm2DLAn1J62ux2wPoC4_9KDM-uA_T4b6yOYgwXGY3q4c-gD_d1rypQ-d4sEw1drMKK6aXR_Em6M-KPJ7xkqwh8hh8T1Q-HVC6exp5s-cSXuUaJsZbKAD0ol6UsDGpDnecsXwg-xxUXUgFuSg0gVWV8ziYNxta7u3X0MNLKSmIpMciRzHxWNY5HFHCOM1ShIVY8pRmzO-AFHeMRwxnwkTjkf2x2DVMi0ZJFNiaTIlZC9ZLA716fIE2H9TqTYZVwtTgnWgBKF9fmdFKZO8FVUGtRGTPLDhVv-T7LIQ9nzyEYvob0U0cWAlal5mbkWadumVjXBT-VUZjVvVyhmKANRJkyi5XINwaDpeiddj2hk6tc3p0_fk2e1vA!!\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC84MjUwL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwOTcz\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The distribution date was set for Sunday, 30 June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- Shareholders of Nomu-listed Sure Global Tech approved the board\u2019s recommendation to <\/strong><strong>distribute SAR 11.5 mn in dividends <\/strong>at SAR 1.50 per share for FY 2023, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1721.pdf\" style=\"\" rel=\"noopener\">regulatory filing (pdf)<\/a>. The distribution date is set to be announced at a later date.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- <\/strong><strong>Shareholders of Nomu-listed View United Real Estate Development have approved the <\/strong><strong>board\u2019s recommendation to distribute SAR 9.9 mn<\/strong> in dividends for FY 2023, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1675.pdf\" style=\"\" rel=\"noopener\">regulatory filing (pdf)<\/a>. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/financial-markets\/\">Financial markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/taxation\/\">taxation<\/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=\"87387\" 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\/27\/87387\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-87387\" class=\"content-area-description single-story post-87387 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>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>21-30 July (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.icho2024.sa\/en\/Pages\/default.aspx\" style=\"\">International Chemistry Olympiad<\/a><\/span><span style=\"font-weight:400;\">, King Saud University, 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:400;\">18 August (Sunday): New academic year begins. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>27-29 August (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudifashiontexexpo.com\/\" style=\"\">Saudi Fashiontex 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;\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2-4 September (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudilogisticsexpo.com\/\" style=\"\">Saudi Warehousing & Logistics 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>2-4 September (Monday-Wednesday):  <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudiwoodexpo.com\/\" style=\"\">Saudi Wood 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>9-11 September (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.internationalmanufacturingcongress.com\/\" style=\"\">International Manufacturing Congress<\/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 September (Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.marketsgroup.org\/forums\/Saudi-Arabia-Investors-Forum-2024\" style=\"\">Saudi Arabia Investors Forum<\/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:\/\/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>16-19 September (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.foodexsaudiexpo.com\/?gad_source=1&gclid=Cj0KCQjwsuSzBhCLARIsAIcdLm7BzGZMtFoN5ZBuM4XYhTt2S_vcu4EXhoXp4W0W6h0ZQatZb4yjLQ0aAnZlEALw_wcB\" style=\"\">Foodex Saudi<\/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>29 September (Sunday) - 1 October (Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.jeddahconstruct.com\/\" style=\"\">Jeddah Construct Expo<\/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;\">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>5-7 October (Saturday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/meetes-sa.com\/\" style=\"\">Middle East Education & Training Exhibition 2024<\/a><\/span><span style=\"font-weight:400;\">, Jeddah. <\/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>21-22 October (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/app.glueup.com\/event\/the-aussie-expo-riyadh-2024-eoi-109871\/\" style=\"\">Aussie Expo<\/a><\/span><span style=\"font-weight:400;\">, King Abdullah Financial District Conference Center, 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>4-7 November (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudi-build.com\/\" style=\"\">Saudi Build<\/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>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>1 December (Sunday): <\/span><span>Opec+<\/span><span style=\"font-weight:400;\"> 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 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: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\">JUNE 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:400;\">26 June (Thursday): 2024-2025 academic year ends.<\/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\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>ALJ-backed Rivian to gets USD 5 bn from Volkswagen | Tadawul closes Dubai Mercantile stake buy | TVM Capital Healthcare invests in Boston Oncology Arabia<\/p>\n","protected":false},"featured_media":87365,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-87364","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"c3b31a0e-aada-4a01-bd75-501a58b4392e","teaser":"ALJ-backed Rivian to gets USD 5 bn from Volkswagen | Tadawul closes Dubai Mercantile stake buy | TVM Capital Healthcare invests in Boston Oncology Arabia","photo_url":"https:\/\/ent.news\/2024\/6\/1782.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fourth Milling joins Arabian Mills in IPO pipeline, will sell 30% stake - 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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