{"id":90139,"date":"2024-10-02T00:00:00","date_gmt":"2024-10-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?post_type=issue&#038;p=90139"},"modified":"2025-12-14T19:09:19","modified_gmt":"2025-12-14T19:09:19","slug":"our-first-look-at-next-years-budget","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/ksa\/issues\/our-first-look-at-next-years-budget\/","title":{"rendered":"Our first look at next year\u2019s budget"},"content":{"rendered":"<section id=\"90141\" 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=\"90141\">\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\/10\/02\/cma-approves-two-tadawul-ipos-two-nomu-debuts\/\">\r\n                            THIS MORNING: CMA approves two Tadawul IPOs + two Nomu debuts                        <\/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\/10\/02\/cma-approves-two-tadawul-ipos-two-nomu-debuts\/\" 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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Leading our news well this morning is the government\u2019s pre-budget statement for 2025, which sees the budget deficit narrowing next year while GDP growth is expected to rebound. <\/p>\n<p class=\"tag-border-left\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- Opec+\u2019s joint ministerial monitoring committee is expected to leave its oil output policy<\/strong><strong> unchanged when it meets at 3pm KSA today<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/opec-unlikely-change-output-policy-oct-2-panel-meeting-2024-10-01\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports, citing five unnamed sources from the group. The expectation that the group is likely to stick to its current output policy, which includes plans to phase out the voluntary production cuts starting December, comes despite oil prices falling below USD 70 \/ bbl for the first time in three years. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.sirha-arabia.com\/en\" style=\"\" rel=\"noopener\">The Sirha Arabia Food Trade Exhibition<\/a><\/strong><strong> is on its second day today<\/strong> and will wrap tomorrow at Riyadh Front Expo. The event will showcase 300 exhibitors from the food products and equipment, bakery, pastry, and coffee industries. Sirha Arabia will also be hosting selection contests for the Bocuse d'Or and the Pastry World Cup, which start in 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/intersec-ksa.ae.messefrankfurt.com\/ksa\/en.html?gad_source=1&gclid=Cj0KCQjwxsm3BhDrARIsAMtVz6MFnyK10eg-5UKF4hgDbCx9ZdttctOmQj1_3kyLiTp2GR9KyrHpINoaAn-HEALw_wcB\" style=\"\" rel=\"noopener\">Intersec Saudi Arabia<\/a><\/strong><strong> is also on its second and penultimate day<\/strong>, with experts in the security, safety and fire protection industries convening to address the role of AI and VR in the sector. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong><strong>Sun\u2019s out:<\/strong> Riyadh is looking at a daytime high of 41\u00b0C and a nighttime low of 28\u00b0C today. Over in Makkah, the temperature will peak at 42\u00b0C before dropping to 27\u00b0C. Meanwhile, Jeddah \u2014 the coolest of three \u2014 will see a high of 36\u00b0C and a low of 28\u00b0C.<\/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\">PSA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Property owners <\/strong><strong>in six Medina neighborhoods will have until tomorrow to register their <\/strong><strong>units<\/strong>, the Real Estate General Authority said in a <a target=\"_blank\" href=\"https:\/\/rega.gov.sa\/en\/media-center\/news\/%D9%87%D9%8A%D8%A6%D8%A9-%D8%A7%D9%84%D8%B9%D9%82%D8%A7%D8%B1-%D8%A7%D9%84%D8%AE%D9%85%D9%8A%D8%B3-%D8%AA%D9%86%D8%AA%D9%87%D9%8A-%D9%85%D8%AF%D8%A9-%D8%AA%D8%B3%D8%AC%D9%8A%D9%84-%D8%A7%D9%84%D8%B9%D9%82%D8%A7%D8%B1%D8%A7%D8%AA-%D9%81%D9%8A-%D8%A7%D9%84%D8%B3%D8%AC%D9%84-%D8%A7%D9%84%D8%B9%D9%82%D8%A7%D8%B1%D9%8A-%D9%84%D9%80-6-%D8%A3%D8%AD%D9%8A%D8%A7%D8%A1-%D8%A8%D8%A7%D9%84%D9%85%D8%AF%D9%8A%D9%86%D8%A9-%D8%A7%D9%84%D9%85%D9%86%D9%88%D8%B1%D8%A9\/?page=1&search=&sort=\" style=\"\" rel=\"noopener\">statement<\/a>. The areas include parts of King Fahd, Al Aqoul, Jama Umm Khalid, Sikkat Al Hadid, Al Khadra, and Abyar Al Mashi. Property owners must register through the <a target=\"_blank\" href=\"https:\/\/rer.sa\/\" style=\"\" rel=\"noopener\">real estate registry platform<\/a> before the deadline to avoid fines.<\/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=\"wwtt2\"><\/a>  <strong>#1- CMA gives the all-clear for two Tadawul IPOs:<\/strong> Saudi healthcare provider <a target=\"_blank\" href=\"https:\/\/almoosahealthgroup.org\/ar\/\" style=\"\" rel=\"noopener\">Almoosa Health<\/a> has lined up approval from the Capital Market Authority (CMA) to proceed with an IPO that will see the firm offer 13.3 mn shares representing a 30% stake, according to a CMA <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/en\/Market\/News\/pages\/CMA_N_3637.aspx\" style=\"\" rel=\"noopener\">statement<\/a>. A prospectus for the offering is yet to be published. The regulator also gave <a target=\"_blank\" href=\"https:\/\/entaj.com\/\" style=\"\" rel=\"noopener\">Arabian Company Agriculture and Industrial Investments<\/a> (Entaj) the green light to offer a 30% stake (9 mn share) in an IPO, according to another <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/en\/Market\/News\/pages\/CMA_N_3638.aspx\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2026and two Nomu debuts:<\/strong> The capital market regulator approved Hedab Alkhaleej Trading\u2019s offering of a 10.7% stake (800k shares) on parallel market Nomu, according to a <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/en\/Market\/News\/pages\/CMA_N_3639.aspx\" style=\"\" rel=\"noopener\">statement<\/a>. The CMA also approved a request by <a target=\"_blank\" href=\"https:\/\/www.lamasat.com.sa\/home\" style=\"\" rel=\"noopener\">Lamasat<\/a> to offer a 7.4% stake (6 mn shares) on Nomu, it said in a <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/en\/Market\/News\/pages\/CMA_N_3640.aspx\" style=\"\" rel=\"noopener\">separate statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> The regulator\u2019s approval for an IPO offering is valid for six months, with additional information to be provided pending the publication of each offering\u2019s prospectus.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#3- Carbon trading market to launch next month: <\/strong>Saudi is planning to launch a voluntary carbon market exchange in November, CEO of PIF\u2019s Regional Voluntary Carbon Market Company (RVCMC) Riham ElGizy told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/economics\/55224\/%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AA%D8%B9%D8%AA%D8%B2%D9%85-%D8%A5%D8%B7%D9%84%D8%A7%D9%82-%D8%B3%D9%88%D9%82-%D8%A7%D9%84%D9%83%D8%B1%D8%A8%D9%88%D9%86-%D8%A7%D9%84%D8%B7%D9%88%D8%B9%D9%8A-%D9%81%D9%8A-%D9%86%D9%88%D9%81%D9%85%D8%A8%D8%B1\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> on the sidelines of the Portfolio Egypt conference earlier this week. The launch will feature the company\u2019s largest auction to date, with carbon credits ranging between USD 2.5-3 mn tons. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who will participate?<\/strong> Regional and Saudi companies, including Aramco and Sabic, will participate in the auction, said ElGizy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- RVCMC has long been preparing for the Saudi carbon market:<\/strong> RVCMC <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/8c31243b-17d7-4147-be74-d979794043c5\" style=\"\" rel=\"noopener\">hired<\/a> global ESG commodities exchange platform Xpansiv in April to provide a tech base for the carbon credit exchange. The company also signed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f64b3a62-1813-43d3-8a57-9d63ff264a14\" style=\"\" rel=\"noopener\">two MoUs<\/a> with Kenya\u2019s main dry cell battery maker Eveready East Africa and Carbon Vista Nigeria to set up high-quality and impactful carbon projects in the two countries last year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>InterContinental Hotel<\/strong><strong> Group (IHG) plans to expand its Saudi team by adding 6k new <\/strong><strong>employees <\/strong>as part of its regional expansion strategy, the group\u2019s Regional Managing Director Haitham Mattar was quoted as saying by <a target=\"_blank\" href=\"https:\/\/gulfnews.com\/business\/markets\/intercontinental-plans-to-create-6000-new-jobs-at-its-hotels-in-saudi-arabia-1.1727761638930\" style=\"\" rel=\"noopener\">Gulf News<\/a>. The group currently employs 30k people across the Middle East, Africa, and India.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The group expects to have 22 new hotels open by the end of this year<\/strong>, bringing IHG\u2019s hotel portfolio in the region to around 220. Meanwhile next year, the group plans to open 19 new hotels, with 2026 expected to \u201cbe the biggest in terms of new hotel openings,\u201d Mattar said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#4- Azerbaijan is looking to establish a joint sovereign investment fund with Saudi Arabia<\/strong> to boost investment in priority sectors in both countries, Azerbaijani Economy Minister Mikail Jabbarov told Federation of Saudi Chambers (FSC) Chairman Hassan bin Moajab Al Huwaizi, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2180748\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reports. Jabbarov discussed the idea with Al Huwaizi during his <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/200c39e7-1ed8-4209-892e-db8152ff7f6e\/al-nassr-vs.-qatar%25e2%2580%2599s-al-rayyan-today\" style=\"\" rel=\"noopener\">visit to Azerbaijan<\/a> at the head of an FSC trade mission. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The potential investment areas:<\/strong> Officials discussed channeling Saudi investments towards Azerbaijan\u2019s energy, renewables, manufacturing, tourism, infrastructure, livestock, agriculture, and mining sectors, while also facilitating Azerbaijani companies' involvement in infrastructure projects in Saudi Arabia and exports of foodstuffs to the Kingdom. Incentives for Saudi investors at Azerbaijan's freezones were also on the agenda.<\/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\">DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>#1- The Tadawul All Share Index (TASI) rose 2.4% week-on-week<\/strong>, with turnover of SAR 27.4 bn by the end of last week, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/Resources\/Reports-v2\/Weekly_en.html\" style=\"\" rel=\"noopener\">weekly report<\/a> from the exchange. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Rajhi was the most traded in terms of value at SAR 1.162 bn despite falling 0.3% WTD<\/strong>, followed closely by Red Sea International (SAR 1.16 bn in trades), which saw its shares increase 19.9%. Saudi Fisheries edged out Aramco for third spot at SAR 1.1 bn, with its shares rising 21.9% \u2014 the largest increase seen during the week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Deep dive: <\/strong>Saudi individual investors traded on turnover of 32.7 bn, while turnover for Saudi institutional investors came in at SAR 6.3 bn. Meanwhile, qualified foreign investors traded on turnover of 13.2 bn , and GCC institutional investors traded on turnover of 799.8 mn, according to Tadawul\u2019s weekly <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/2256.pdf\" style=\"\" rel=\"noopener\">stock market ownership and trading activity report (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#2- <\/strong><strong>The <\/strong><strong>Saudi Central Bank\u2019s (Sama)<\/strong><strong> net foreign assets rose <\/strong><strong>9.6%<\/strong><strong> y-o-y in August to SAR<\/strong><strong> 1.67 tn<\/strong>, according to Sama\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/87.pdf\" style=\"\" rel=\"noopener\">monthly bulletin (pdf)<\/a>. Meanwhile, net foreign assets at commercial banks fell to negative SAR 19.70 bn from SAR 66.63 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Consumer spending in Saudi Arabia rose 5% y-o-y to SAR 120.9 bn in August 2024<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1757958\" style=\"\" rel=\"noopener\">Argaam<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Ejar logs over 10 mn rental contracts since launch:<\/strong> Ejar, a rental platform developed by the General Authority for Real Estate, has registered over 10 mn rental contracts across the Kingdom since <a target=\"_blank\" href=\"https:\/\/www.vision2030.gov.sa\/en\/explore\/explore-more\/ejar\" style=\"\" rel=\"noopener\">its launch in 2018<\/a>, with a daily rate of 19k contracts, the authority said in a <a target=\"_blank\" href=\"https:\/\/rega.gov.sa\/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2-%D8%A7%D9%84%D8%A7%D8%B9%D9%84%D8%A7%D9%85%D9%8A\/%D8%A7%D9%84%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1\/%D8%A5%D9%8A%D8%AC%D8%A7%D8%B1-%D8%AA-%D8%B3%D8%AC-%D9%84-%D8%A3%D9%83%D8%AB%D8%B1-%D9%85%D9%86-10-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%B9%D9%82%D8%AF-%D8%A5%D9%8A%D8%AC%D8%A7%D8%B1%D9%8A-%D9%85-%D9%86%D8%B0-%D8%A5%D8%B7%D9%84%D8%A7%D9%82%D9%87%D8%A7\/?page=1&search=&sort=\" style=\"\" rel=\"noopener\">statement<\/a>. Residential contracts accounted for 82.3%, or 8.3 mn, of the total contracts, while commercial contracts made up the remaining 17.6%, or 1.7 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The platform registered over 1.5 mn contracts in the year-to-date<\/strong>, 1.2 mn of which were residential rental contracts.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- Marine fisheries recorded a total catch of 74.7k tons in 2023, up 16.2% y-o-y<\/strong>, while aquaculture production reached 139.9k tons, a 56.3% increase since 2021, according to the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/2280.pdf\" style=\"\" rel=\"noopener\">Marine Fishery and Aquaculture report (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saltwater farms produced 92.5k tons of fish, while inland water farms produced 47.5k<\/strong> <strong>tons.<\/strong> Geographically, the Arabian Gulf accounted for 47k tons of the marine fishing total, and the Red Sea contributed 27.7k of the marine catch. Shrimp production led with over 66.5k tons, followed by Nile tilapia (45.2k tons), and sea bass (13.1k tons).<\/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\">OIL WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The oil market is stable, and we have <\/strong><strong>OPEC+<\/strong><strong> policy to thank for it: <\/strong>Despite growing regional tensions and macro headwinds, the global oil market has remained stable, \u201cwith fluctuations within expected bounds,\u201d due to OPEC's decision to pump below full capacity, Russian Deputy Prime Minister Alexander Novak tells Alarabiya in an interview (<a target=\"_blank\" href=\"https:\/\/english.alarabiya.net\/webtv\/programs\/hgs\/2024\/09\/30\/russian-deputy-pm-novak-on-oil-price-volatility-middle-east-tensions-energy-outlook\" style=\"\" rel=\"noopener\">watch: runtime: 22:30<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In his words: <\/strong>\u201cWe don\u2019t see extreme volatility. The market is generally stable now,\u201d Novak said, adding that any market change would still align with the group\u2019s policy. \u201cThis agreement allows us to manage the volatility.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Long-term demand is in the cards, with no peak in sight: <\/strong>Novak sees global demand for oil on the up through to 2050. \u201cWe expect oil demand to increase by 20 mn bbl \/ d over the next 25 years,\" he stated, adding that the boom will be driven by increased energy consumption from emerging technologies and the ongoing global push for electrification.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>OPEC\u2019s crude production took a major hit in September, dropping by 480 bbl \/ d to 26.62 mn bbl, as political turmoil in Libya cut the member country\u2019s output by 38%, according to a <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-01\/opec-s-crude-output-fell-sharply-in-september-on-libyan-disruption\" style=\"\" rel=\"noopener\">Bloomberg survey<\/a>. Libya's disruptions provided unintended support for the broader bloc, which has been working to limit production to prop up oil prices. The cartel is due to convene today to decide on its oil strategy moving forward.<\/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\">SPORTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Brazilian forward Neymar has returned to full training after nearly a year of recovery from<\/strong><strong> injuries<\/strong> which he sustained in October 2023, just two months after his joining Al Hilal, according to the <a target=\"_blank\" href=\"https:\/\/saudigazette.com.sa\/article\/645919\/Sports\/Neymar-returns-to-Al-Hilal-training-after-a-year-long-injury-absence\" style=\"\" rel=\"noopener\">Saudi Gazette<\/a>. While Neymar resumed individual training in July, he has not yet been registered for the local league but is included in the AFC Champions League squad.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Cristiano<\/strong> <strong>Ronaldo and Sadio Mane scored two goals for Al Nassr in the AFC Champions <\/strong><strong>League <\/strong><strong>Elite group stage<\/strong>, defeating Qatar\u2019s Al Rayyan 2-1 victory and taking his club to 4th place in the group standings with 11 points, <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/asian-champions-ronaldo-c0a0571745afc458e6aa29ba4fc7d3e8\" style=\"\" rel=\"noopener\">AP<\/a> reports.<\/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>***<\/strong><strong>You\u2019re reading EnterpriseAM Saudi<\/strong>, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We\u2019re out Sunday through Thursday by 7am Riyadh time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM Saudi is available without charge <\/strong>thanks to the generous support of our friends at Cenomi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\" rel=\"noopener\">saudi@enterpriseAM.com<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW <\/strong>that we also cover <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\" rel=\"noopener\">Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">the UAE<\/a>, the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">logistics<\/a> and  <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\" style=\"\" rel=\"noopener\">climate<\/a>  industries?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/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.<br \/><strong>***<\/strong><\/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\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Iran fired some 200 missiles at Israel last night in a massive escalation of regional <\/strong><strong>violence<\/strong>, with the Israeli army saying it has intercepted most missiles and reporting one dead in the West Bank. Israeli Prime Minister Benjamin Netanyahu said the attack was a \u201cbig mistake\u201d and vowed retaliation during the opening meeting of his security cabinet yesterday, with the US promising to support Israel in its retaliation, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-01\/israel-says-iran-has-launched-missiles-in-direct-attack?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Iranian Foreign Minister Sayed Abbas Araqchi said Iran\u2019s attacks were \u201cfinished,\u201d <\/strong>unless Israel retaliates, in which case their response will be \u201cstronger and more powerful\u201d <a target=\"_blank\" href=\"https:\/\/x.com\/araghchi\/status\/1841224537834230244?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\" style=\"\" rel=\"noopener\">on X<\/a> a few hours ago.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Market reax: Oil prices surged 5% following the attacks, with Brent settling at USD 73.56 per barrel, and several indices on Wall Street and in the region ending lower. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Iranian attack is getting plenty of play:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/iran-says-it-has-finished-attack-israel-amid-fears-spreading-conflict-2024-10-02\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-lebanon-hezbollah-gaza-news-10-01-2024-eb175dff6e46906caea8b9e43dfbd3da\" style=\"\" rel=\"noopener\">AP<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnn.com\/2024\/10\/01\/world\/video\/iran-missile-attack-aftermath-video-israel-digvid\" style=\"\" rel=\"noopener\">CNN<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/c70w1j0l488o\" style=\"\" rel=\"noopener\">BBC<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>US elections are also back on front pages as the country gears up for the first and only vice presidential debate <\/strong>between Kamala Harris\u2019 VP Tim Walz and Donald Trump\u2019s pick, JD Vance, later today. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN OTHER US NEWS- East Coast and Gulf Coast dockworkers\u2019 kicked off their biggest strike in 50 years <\/strong>after negotiations for a new labor contract broke down, halting nearly half of the country\u2019s shipping and potentially costing bns of USD in damages. (<a target=\"_blank\" href=\"https:\/\/www.cnbcafrica.com\/2024\/east-and-gulf-coast-ports-strike-stranding-billions-in-trade-and-threatening-u-s-economy\/\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/us-east-coast-dockworkers-head-toward-strike-after-deal-deadline-passes-2024-10-01\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also causing plenty of damage: <\/strong>Hurricane Helene, which has killed at least 130 people across six states, with analysts estimating more than USD 30 bn in damages so far. (<a target=\"_blank\" href=\"https:\/\/www.semafor.com\/article\/09\/30\/2024\/hurricane-helene-leaves-110-dead-30-billion-in-damage-across-six-states\" style=\"\" rel=\"noopener\">Semafor<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND IN TECH NEWS- <\/strong><\/p>\n<ul>\n<li><strong>OpenAI launched a slew of new tools<\/strong>, including one that will make it easier for developers to build AI voice applications, and another that will improve responses generated using images and text, as the company shifts its focus to agent systems, (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/artificial-intelligence\/openai-introduces-new-tools-developers-fast-track-building-ai-models-2024-10-01\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/30677465-33bb-4f74-a8e6-239980091f7a\" style=\"\" rel=\"noopener\">FT<\/a>) <\/li>\n<li><strong>Apple is preparing to unveil a new version of its budget iPhone, iPhone SE, alongside new iPad Air models<\/strong> and new keyboards. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-01\/apple-readies-iphone-se-4-upgraded-ipad-air-for-early-2025?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>)<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\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 2024 <\/strong><strong><a target=\"_blank\" href=\"https:\/\/saudigames.sa\/\" style=\"\" rel=\"noopener\">Saudi Games<\/a><\/strong><strong> are coming back tomorrow at Riyadh\u2019s Boulevard<\/strong><strong> City<\/strong>, with musical performances from <a target=\"_blank\" href=\"https:\/\/www.instagram.com\/thesaudiarwa\/?hl=en\" style=\"\" rel=\"noopener\">The Saudi Arwa<\/a> and <a target=\"_blank\" href=\"https:\/\/x.com\/abdulwahab_moo?lang=en\" style=\"\" rel=\"noopener\">Abdulwahab<\/a> kicking off the annual sporting competition, according to a <a target=\"_blank\" href=\"https:\/\/x.com\/TheSaudiGames\/status\/1840043073494994991\" style=\"\" rel=\"noopener\">post on X<\/a>. The event will see upwards of 9k male and female athletes compete in 52 sports. The two-week event runs from until 17 October. You can grab tickets <a target=\"_blank\" href=\"https:\/\/webook.com\/en\/events\/saudi-games-24\" style=\"\" rel=\"noopener\">here<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The three-day 6 Kings Slam event at Riyadh\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/riyadhseason.com\/en-US\/zone\/the-venue\" style=\"\" rel=\"noopener\">Venue<\/a><\/strong><strong> kicks off on Wednesday, 16 October, <\/strong><strong>featuring all-star players competing for the largest purse in tennis history.<\/strong> The matches will see face offs between tennis champs Novak Djokovic, Rafael Nadal, Jannik Sinner, Carlos Alcaraz, Daniil Medvedev, and Holger Rune (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1502251807094847\" style=\"\" rel=\"noopener\">watch, runtime: 5:15<\/a>). The final and third-place match will be held on Saturday, 19 October. Book your tickets <a target=\"_blank\" href=\"https:\/\/webook.com\/en\/events\/6-kings-slam-rs24-394573\" style=\"\" rel=\"noopener\">here<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Professional Fighters League\u2019s (PFL) <\/strong><strong><a target=\"_blank\" href=\"https:\/\/pflmma.com\/BattleoftheGiants\" style=\"\" rel=\"noopener\">Battle of the Giants<\/a><\/strong><strong> is coming to Riyadh on<\/strong><strong> Saturday, 19 October.<\/strong> Headlining the card, MMA superstar Francis Ngannou will face PFL heavyweight champion Renan Ferreira for the title of inaugural PFL Super Champion. Meanwhile, women\u2019s featherweight champion Cris Cyborg will square off against Larissa Pachecho for the World Title Fight in the co-main event. Expect fireworks with additional matchups featuring Johnny Eblen vs. Fabian Edwards and A.J. McKee vs. Paul Hughes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The two-day <\/strong><strong><a target=\"_blank\" href=\"https:\/\/mipforum.org\/\" style=\"\" rel=\"noopener\">Multilateral Industrial Policy Forum<\/a><\/strong><strong> will kick off in Riyadh on Wednesday, 23<\/strong><strong> October.<\/strong> The forum will address global industrial challenges, focusing on topics like industrial policy, clean energy, and advanced manufacturing tech. The forum is organized by The Industry and Mineral Resources Ministry in partnership with UNIDO. The Kingdom will also host the <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2176960\" style=\"\" rel=\"noopener\">UNIDO General Conference in 2025<\/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\/almoosa-health\/\">Almoosa Health<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/arabian-company-agriculture-and-industrial-investments-entaj\/\">Arabian Company Agriculture and Industrial Investments (Entaj)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/capital-markets\/\">Capital Markets<\/a>\n                <!-- <span 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class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/finmin-expects-growth-to-jump-to-4-6-in-2025\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/110.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"90145\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/finmin-expects-growth-to-jump-to-4-6-in-2025\/110-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/110.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"110.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/110.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/110.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-90144\" class=\"content-area-description single-story post-90144 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam-ksa tag-finance-ministry tag-gdp tag-inflation tag-state-budget 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\/10\/.1a9d4a00-80a8-4746-a465-34a3cc1cb976.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The government expects Saudi\u2019s GDP to register 4.6% growth in 2025<\/strong>, the Finance Ministry said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/64.pdf\" style=\"\" rel=\"noopener\">pre-budget statement for FY 2025 (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The statement expects the budget deficit to come in at 2.3% of GDP, narrowing 0.6 <\/strong><strong>percentage points<\/strong> from the government\u2019s expectation of a 2.9% deficit in 2024. The budget deficit is expected to come in at SAR 101 bn in 2025, the ministry said, as a faster decline in expenditures offsets some of the fall in revenues. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Money in, money out: <\/strong>Total revenues are expected to come in at SAR 1.18 tn in 2025, as the government maintains a reserved outlook on oil and non-oil revenues. That\u2019s a notch above the SAR 1.17 tn the ministry had initially budgeted for 2024, but is below the estimated actual revenue of SAR 1.24 tn this year. Expenditures are expected to come in at SAR 1.29 tn in 2025, which again is above the initial budget figures but below the estimated actual figures for 2024. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT-<\/strong> The government continues to double down on diversification plans and gigaprojects while <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ec1a5a17-e4c2-4d18-bcd5-0c94dffd7445\" style=\"\" rel=\"noopener\">staying clear of \u201coverheating\u201d<\/a> the national economy. Officials have also said that they\u2019re willing to accept <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/730d70af-1544-402a-a451-1b7b212ad097\" style=\"\" rel=\"noopener\">modest fiscal deficits<\/a> as the price of pursuing long-term diversification.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FinMin\u2019s budget scenarios for 2025:<\/strong><\/p>\n<ul>\n<li><strong>Baseline scenario: <\/strong>A budget deficit of SAR 101 bn \u2014 with revenues at SAR 1.18 tn and expenditures at SAR 1.29 tn;<\/li>\n<li><strong>Low scenario: <\/strong>A budget deficit of SAR 164 bn \u2014 with revenues at SAR 1.12 tn and expenditures at SAR 1.29 tn;<\/li>\n<li><strong>High scenario: <\/strong>A budget deficit of SAR 44 bn \u2014 with revenues at SAR 1.24 tn and expenditures at SAR 1.29 tn.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Plugging the gap:<\/strong> The Kingdom will continue to draw on debt markets to meet its financing needs, as its strong fiscal position allows it to maintain its reserves and draw on an \u201cadditional fiscal space\u201d to fill funding gaps. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new annual borrowing plan? <\/strong>FinMin is set to introduce an annual medium-term borrowing plan through the National Debt Management Center as it looks to shore up debt sustainability and diversify funding by accessing global debt markets, it said in the statement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What the pundits are saying:<\/strong> \u201cOn the expenditure side, the Saudis are forecasting a cut in spending, but persistent past spending overshoots make this doubtful,\u201d <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-30\/saudi-arabia-plans-spending-cuts-as-lower-oil-curbs-ambition\" style=\"\" rel=\"noopener\">Bloomberg<\/a> cites Goldman Sachs MENA economist Farouk Soussa as saying. Soussa also raises \u201cbig questions around production targets and global oil prices\u201d and how those will affect revenue targets. <\/p>\n<p class=\"tag-border-left\">HOW 2024 IS LOOKING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Real GDP is forecasted to grow at a <\/strong><strong>0.8%<\/strong><strong> clip in 2024<\/strong>, on the back of a 3.7% increase in non-oil activities, as well as growth in private consumption and investment, according to the pre-budget statement. The latest estimate represents a downgrade from the 4.4% GDP growth forecast Finance Minister Mohamed Al Jadaan had outlined for 2024 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/05ff811b-9eff-456e-ac29-1f92de557a06\/finmin-unveils-2024-state-budget-%2B-no-word-yet-on-mbc%25e2%2580%2599s-tadawul-ipo-pricing\" style=\"\" rel=\"noopener\">last December<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER:<\/strong> Saudi\u2019s GDP <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/dce6acc6-5b86-406a-80f9-32785e245dca\/%253cmark%253egdp%253c%2Fmark%253e-continues-to-shrink,-albeit-at-a-slower-pace\" style=\"\" rel=\"noopener\">shrank 0.4% in 2Q 2024<\/a>, marking the fourth consecutive quarter of contraction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Economic growth forecasts have trended downward all year: <\/strong>Saudi\u2019s GDP was initially pegged by Saudi officials in January to grow at around <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1dfc08e3-862b-4799-ad63-f7e3163627d7\/fitch-sees-rising-private-borrowing,-strong-year-ahead-for-non-oil-businesses-in-the-gulf#:~:text=REMEMBER%2D%20The%20government%20is%20positive%20on%20its%20non%2Doil%20GDP%2C\" style=\"\" rel=\"noopener\">4.5-5.0%<\/a> this year, with the World Bank expecting 4.1% growth. The World Bank later <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/6c7b50e3-505d-4cec-99bb-edc2bbe7119d\" style=\"\" rel=\"noopener\">slashed its estimate to 2.5%<\/a> \u2014 a number it later <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/affbdcc3-297f-4bc8-b91a-6529d9a0471e\/%253cmark%253eworld-bank%253c%2Fmark%253e-maintains-saudi%25e2%2580%2599s-economic-growth-forecast-at-2.5%2525-in-2024\" style=\"\" rel=\"noopener\">maintained in June<\/a>. Meanwhile, the IMF cut back an earlier 4% forecast to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/7d444a42-5759-4a7e-8680-6f4261ef0abc\/imf-trims-the-kingdom%25e2%2580%2599s-growth-outlook\" style=\"\" rel=\"noopener\">2.7% in January<\/a>, before slashing it again 2.6% in April, and finally <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/38d7a9ac-18f0-41ad-a4e6-56c1b6ccce7f\" style=\"\" rel=\"noopener\">to 1.7% in July<\/a>. More recently, a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/6e7a9190-2f11-4f61-a970-122be8975b9b\/saudi%253cmark%253e-gdp%253c%2Fmark%253e-growth-to-fall-behind-peers-in-the-gcc,-poll-suggests\" style=\"\" rel=\"noopener\">Reuters poll<\/a> and a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/72ef6c27-3537-4c7d-a5c2-a2f00f18408c\/gdp-set-to-grow-at-a-1.5%2525-clip-this-year,-riyad-capital-says\" style=\"\" rel=\"noopener\">Riyad Capital forecast<\/a> penciled in growth clips of 1.3% and 1.5%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government expects to record a budget deficit of SAR 118 bn (2.9% of GDP) in 2024<\/strong>, compared to a SAR 79 bn deficit in its approved budget for the year, and marking a 45.7% y-o-y increase from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/730d70af-1544-402a-a451-1b7b212ad097\/state-budget-closes-fy-2023-in-deficit\" style=\"\" rel=\"noopener\">2023's SAR 81 bn deficit<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expenditures rose faster than revenues, with both categories up:<\/strong> Total expenditures for 2024 are forecasted at SAR 1.4 tn, SAR 104 bn more than budgeted, while total revenues are estimated at SAR 1.2 tn, SAR 65 bn than the figure penciled in for the year\u2019s budget. Despite revenues being higher than expected, \u201cspending is where the increase happened,\u201d <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-arabia-expects-2024-deficit-widen-3-gdp-2024-09-30\/\" style=\"\" rel=\"noopener\">Reuters<\/a> cited Riyad Bank's Chief Economist Naif al Ghaith as saying.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Inflation is set to cool to 1.7% in 2024<\/strong>, down from 2023\u2019s 2.3%, on the back of \u201cproactive measures and policies to control rising prices,\u201d the ministry said in its report. Inflation will then accelerate to 1.9% the following year and stabilize there until 2027. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/economy\/\">ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/inflation\/\">Inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/state-budget\/\">state budget<\/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=\"90146\" 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=\"90146\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">CAPITAL MARKETS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/saudi-aum-top-usd-250-bn-in-1h-2024\/\">\r\n                            AUM in Saudi top USD 250 bn in 1H 2024, up 13.5% y-o-y -Fitch Ratings                        <\/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\/10\/02\/saudi-aum-top-usd-250-bn-in-1h-2024\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The agency sees the Kingdom\u2019s asset management industry expanding into the second half of 2024 and next year supported by regulatory reforms, a booming capital market and heightened demand for Saudi\u2019s asset management services from high-net-worth individuals. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And the outlook is positive:<\/strong> \u201cSaudi AUM could cross USD 300 bn within a couple of years, driven by Vision 2030\u2019s Financial Sector Development Program,\u201d Global Head of Islamic Finance at Fitch Ratings Bashar Al Natoor said. Demand for islamic funds is solid, with nearly 95% of mutual funds in the Kingdom being shariah-compliant, Al Natoor added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market breakdown:<\/strong> AUM accounted for 22% of GDP last year, with private funds holding three times more assets than public funds, according to Al Natoor. AUM by private funds are concentrated in equities (43%) and real estate (40.5%), while public funds favor money markets (28%) ahead of equities (25.6%), with REITs and debt trailing at 18.7% and 16%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FOR REFERENCE- <\/strong>Saudi is home to the largest AMI in the GCC and the second-largest market for public Islamic finds globally, while Tadawul is the largest stock exchange in the Gulf and the world\u2019s tenth largest. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Logging strong returns:<\/strong> Capital market institutions booked USD 1.1 bn in net income in 1H 2024, up 29% y-o-y. Return on equity hit 15% in 2023, while the industry\u2019s capital adequacy ratio stood at 28.1% at the end of 1H 2024, comfortably above the 8% minimum requirement. Nevertheless, fluctuations in oil prices and interest rates present risks to Saudi\u2019s asset management industry, Fitch Ratings said.<\/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\/asset-management\/\">asset management<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/capital-markets\/\">Capital Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/fitch-ratings\/\">Fitch Ratings<\/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=\"90148\" 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=\"90148\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/red-sea-global-to-borrow-at-least-sar-14-bn-to-finance-tourism-developments\/\">\r\n                            Red Sea Global to borrow at least SAR 14 bn to finance tourism developments                        <\/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\/10\/02\/red-sea-global-to-borrow-at-least-sar-14-bn-to-finance-tourism-developments\/\" 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\/10\/02\/red-sea-global-to-borrow-at-least-sar-14-bn-to-finance-tourism-developments\/')\">\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\/10\/02\/red-sea-global-to-borrow-at-least-sar-14-bn-to-finance-tourism-developments\/\">\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=Red Sea Global to borrow at least SAR 14 bn to finance tourism developments&url=https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/red-sea-global-to-borrow-at-least-sar-14-bn-to-finance-tourism-developments\/\">\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\/10\/02\/red-sea-global-to-borrow-at-least-sar-14-bn-to-finance-tourism-developments\/&title=Red Sea Global to borrow at least SAR 14 bn to finance tourism developments\">\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=Red+Sea+Global+to+borrow+at+least+SAR+14+bn+to+finance+tourism+developments+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F10%2F02%2Fred-sea-global-to-borrow-at-least-sar-14-bn-to-finance-tourism-developments%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\/10\/02\/red-sea-global-to-borrow-at-least-sar-14-bn-to-finance-tourism-developments\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/153.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"90149\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/red-sea-global-to-borrow-at-least-sar-14-bn-to-finance-tourism-developments\/153-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/153.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"153.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/153.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/153.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-90148\" class=\"content-area-description single-story post-90148 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt tag-debt-watch tag-enterpriseam-ksa tag-hospitality tag-public-investment-fund-pif tag-red-sea-global tag-tourism 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\/10\/.f2b93f63-6ebb-4c08-8781-4a3751e80052.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>PIF-owned developer Red Sea Global is planning to borrow \u201cat least\u201d SAR <\/strong><strong>14 bn (USD 3.7 bn) over the next 12 months<\/strong>, Group Head of Investments and Legal Gregory Djererjjan tells <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-01\/saudi-red-sea-developer-weighs-raising-3-7-billion-in-12-months\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The debt will be used to finance Red Sea Global\u2019s development of several projects, including the construction of Amaala, which will include 29 hotels, Djerejjan told the business information service. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Past financing:<\/strong> The developer \u2014 which is also <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-05-08\/saudi-red-sea-developer-weighs-public-offering-as-soon-as-2026\" style=\"\" rel=\"noopener\">mulling a potential IPO in 2026<\/a> \u2014 had previously borrowed SAR 14.1 bn in 2021 to finance the construction of the first phase of the Red Sea project, Bloomberg notes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Red Sea Global expects that six hotels will be operational before the year is out, with another 20 slated to open their doors next year.<\/strong> The plan for next year\u2019s hotel operations include eight hotels at Amaala, according to Djerejjan. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF WHICH- The developer also <\/strong><strong>inked an agreement with Marriott<\/strong> <strong>International <\/strong><strong>to open the Ritz-Carlton Amaala in 2025<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.redseaglobal.com\/en\/-\/media-center\/red-sea-global-and-marriott-international-unveil-the-ritz-carlton-as-latest-luxury-property-expected-to-open-in-amaala\" style=\"\" rel=\"noopener\">press release<\/a>. The development will feature 391 luxury rooms with sea views. Amaala, one of the Kingdom\u2019s flagship regenerative tourism projects along the Red Sea coast in northwestern Saudi Arabia, is fast becoming a global luxury destination. <\/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\">IN OTHER DEBT NEWS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- PIF-owned real estate developer Roshn Group signed a SAR 9 bn (USD 2.4 bn) <\/strong><strong>syndicated credit facility<\/strong> to finance the company\u2019s \u201cgrowth and expansion plans,\u201d according to <a target=\"_blank\" href=\"https:\/\/www.roshn.sa\/en\/news\/2024-October-01-ROSHN-SCF\" style=\"\" rel=\"noopener\">a statement<\/a>. The unsecured revolving facility carries a five-year tenor. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Saudi National Bank, Arab National Bank, and Riyad Bank were bookrunners and mandated lead arrangers, while Bank Al Bilad and Alinma Bank participated were lead arrangers. Saudi Awwal Bank was an arranger. Riyad Bank acted as the documentation & agent bank. AS&H Clifford Chance provided counsel for the banks and White & Case was counsel for Roshn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Aldrees Petroleum bought into Riyad Bank\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f5e780ce-1a9a-448c-bf16-5389333af8c0\/riyad-bank-plans-usd-denominated-sukuk-issuance\" style=\"\" rel=\"noopener\">USD-denominated sukuk<\/a><\/strong><strong> issuance,<\/strong> purchasing USD 59.7 mn of the instruments, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=82742&anCat=1&cs=4200&locale=en\" style=\"\" rel=\"noopener\">filing to the exchange<\/a>. The sukuks have an annual return of 5.5% over a five-and-a-half-year period, with semi-annual dividend distributions. Aldrees made the purchase to diversify its investments via secure holdings of sukuks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>Riyad Bank <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/82aa3076-00f3-4f80-9491-e4488ee46a21\/%253cmark%253eriyad-bank%253c%2Fmark%253e-closes-usd-750-mn-sustainable-sukuk-issuance\" style=\"\" rel=\"noopener\">closed<\/a> a USD 750 mn additional tier 1 sustainable sukuk issuance on Monday, with settlement set for tomorrow. The 3,750 sukuk, priced at USD 200k each, will be listed on the London Stock Exchange\u2019s International Securities Market.<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/public-investment-fund-pif\/\">Public Investment Fund (PIF)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/red-sea-global\/\">Red Sea Global<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/tourism\/\">tourism<\/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=\"90150\" 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=\"90150\">\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\">CABINET WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/cabinet-signs-off-on-new-regs-for-temporary-visas\/\">\r\n                            Cabinet signs off on new regs for temporary visas                        <\/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\/10\/02\/cabinet-signs-off-on-new-regs-for-temporary-visas\/\" target=\"_blank\">\n                    Open in new tab   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href=\"https:\/\/api.whatsapp.com\/send?text=Cabinet+signs+off+on+new+regs+for+temporary+visas+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F10%2F02%2Fcabinet-signs-off-on-new-regs-for-temporary-visas%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\/10\/02\/cabinet-signs-off-on-new-regs-for-temporary-visas\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/151.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"90151\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/cabinet-signs-off-on-new-regs-for-temporary-visas\/151-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/151.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"151.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/151.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/151.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-90150\" class=\"content-area-description single-story post-90150 post type-post status-publish format-standard has-post-thumbnail hentry category-cabinet-watch tag-cabinet tag-cabinet-watch tag-enterpriseam-ksa 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\/10\/.79955e67-d5ed-4174-9d02-64984b227254.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Cabinet OKs temporary work visa regs + key international agreements: <\/strong>The Council of Ministers, led by Crown Prince Mohammed bin Salman, approved yesterday nine decisions, including new rules for temporary work visas, specifically for Hajj and Umrah services, aiming to streamline labor support in the religious tourism sector, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/en\/N2181005\" style=\"\" rel=\"noopener\">state news agency SPA reports<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Here\u2019s what you need to know about the new work visa rules: <\/strong>The amendments are set to offer increased flexibility to the private sector, aligning visa provisions with market demands that peak during Hajj and Umrah seasons, the Human Resources and Social Development Ministry said in <a target=\"_blank\" href=\"https:\/\/www.hrsd.gov.sa\/ar\/media-center\/news\/011020241\" style=\"\" rel=\"noopener\">a statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The provisions in a nutshell: <\/strong><\/p>\n<ul>\n<li>The \u201cseasonal work visa\u201d is now called the \u201ctemporary work visa for Hajj and Umrah services;\u201d<\/li>\n<li>The grace period has been extended from mid-Shaaban until the end of Muharram;<\/li>\n<li>Medical ins. is now mandatory;<\/li>\n<li>To curb misuse, the regulations include penalties; <\/li>\n<li>Temporary work visas can be extended for up to 90 days;<\/li>\n<li>The amendments will come into effect 180 days following their approval.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Cabinet also authorized the Investment Ministry to sign a draft agreement with the<\/strong><strong> Egyptian government on promoting and protecting mutual investments<\/strong>, along with a handful of international agreements with Romania, Kuwait, Kosovo and the Maldives focusing on fisheries, customs, and geological cooperation. <\/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\/cabinet\/\">Cabinet<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/cabinet-watch\/\">CABINET 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=\"90152\" 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=\"90152\">\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\">MOVES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/saudi-re-swissport-name-new-ceos\/\">\r\n                            Saudi Re + Swisport name new CEOs                        <\/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\/10\/02\/saudi-re-swissport-name-new-ceos\/\" 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\/10\/02\/saudi-re-swissport-name-new-ceos\/')\">\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\/10\/02\/saudi-re-swissport-name-new-ceos\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Saudi Re + Swissport name new CEOs&url=https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/saudi-re-swissport-name-new-ceos\/\">\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\/10\/02\/saudi-re-swissport-name-new-ceos\/&title=Saudi Re + Swissport name new CEOs\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Saudi+Re+%2B+Swissport+name+new+CEOs+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F10%2F02%2Fsaudi-re-swissport-name-new-ceos%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\/10\/02\/saudi-re-swissport-name-new-ceos\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/149.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"90153\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/saudi-re-swissport-name-new-ceos\/149-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/149.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"149.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/149.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/149.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-90152\" class=\"content-area-description single-story post-90152 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-enterpriseam-ksa tag-moves tag-saudi-re tag-swissport 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\/10\/.32762972-5a58-4036-8038-1b008e6b2565.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Re has tapped Ahmed Ali Al Jabr (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/ahmed-aljabr-599580b\/?originalSubdomain=sa\" style=\"\" rel=\"noopener\">LinkedIn<\/a><\/strong><strong>) as CEO<\/strong>, the company said in <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=82740&anCat=1&cs=8200&locale=en\" style=\"\" rel=\"noopener\">a<\/a><a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=82740&anCat=1&cs=8200&locale=en\" style=\"\" rel=\"noopener\">filing to<\/a><a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=82740&anCat=1&cs=8200&locale=en\" style=\"\" rel=\"noopener\">Tadawul<\/a>. Al Jabr comes with 25 years of experience in the ins. sector and has held several leadership positions before joining Saudi Re in 2011. He holds an MBA degree from Bradford University in the UK. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Swissport has appointed Hamad Alhemede (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/hamad-alhemede\/?originalSubdomain=sa\" style=\"\" rel=\"noopener\">LinkedIn<\/a><\/strong><strong>) as its new CEO for Saudi <\/strong><strong>Arabia<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/105.pdf\" style=\"\" rel=\"noopener\">a press release (pdf)<\/a>. Alhemede has 17 years of experience in the aviation industry, having most recently served as Saudi Ground Services\u2019 Vice President of Commercial. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/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\/moves\/\">MOVES<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-re\/\">Saudi Re<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/swissport\/\">Swissport<\/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=\"90154\" 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=\"90154\">\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\">SAUDI IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/canada-is-not-off-limits-to-saudi-mining-ambitions-al-khorayef-says\/\">\r\n                            Canada is not off-limits to Saudi mining ambitions, Al Khorayef says                        <\/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\/10\/02\/canada-is-not-off-limits-to-saudi-mining-ambitions-al-khorayef-says\/\" 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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Al Khorayef, who is currently in Toronto meeting with Canadian mining firms, underscored the government\u2019s confidence in state-backed funds\u2019 ability to nab stakes in Canadian metal companies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/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\/mining\/\">mining<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-in-the-news\/\">SAUDI IN THE NEWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"90156\" 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=\"90156\">\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\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/al-baha-gets-board-sign-off-for-elegant-centers-acquisition\/\">\r\n                            Al Baha gets board sign-off for Elegant Centers acquisition                        <\/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\/10\/02\/al-baha-gets-board-sign-off-for-elegant-centers-acquisition\/\" 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\/10\/02\/al-baha-gets-board-sign-off-for-elegant-centers-acquisition\/')\">\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\/10\/02\/al-baha-gets-board-sign-off-for-elegant-centers-acquisition\/\">\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=Al Baha gets board sign-off for Elegant Centers acquisition&url=https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/al-baha-gets-board-sign-off-for-elegant-centers-acquisition\/\">\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\/10\/02\/al-baha-gets-board-sign-off-for-elegant-centers-acquisition\/&title=Al Baha gets board sign-off for Elegant Centers acquisition\">\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=Al+Baha+gets+board+sign-off+for+Elegant+Centers+acquisition+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F10%2F02%2Fal-baha-gets-board-sign-off-for-elegant-centers-acquisition%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\/10\/02\/al-baha-gets-board-sign-off-for-elegant-centers-acquisition\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/837.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"90157\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/al-baha-gets-board-sign-off-for-elegant-centers-acquisition\/837-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/837.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"837.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/837.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/837.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-90156\" class=\"content-area-description single-story post-90156 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-al-baha-investment-and-development tag-al-moammar-information-systems-mis tag-aldrees tag-also-on-our-radar tag-enterpriseam-ksa tag-mahd-academy tag-obeikan-glass tag-red-sea-global tag-retal tag-riyad-bank tag-saudi-fransi-capital-sfc 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\/10\/.fb1801aa-a38b-481c-9bd9-34b60b63b25a.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">M&A WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- Al Baha Investment Development\u2019s board of directors signed off on the<\/strong><strong> company\u2019s planned acquisition of the remaining 13% of Elegant Centers<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=82734&anCat=1&cs=4130&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Al Baha already holds 87% of Elegant Centers and the remaining acquisition will make Al Baha <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/cb8ca5c9-2b46-4c5f-b7ec-c1ecaf3d376c\" style=\"\" rel=\"noopener\">its sole owner<\/a>. The two companies had signed an MoU for the agreement <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ea28f737-f675-48a8-ad4d-c3f994146019\/al-baha-wraps-up-due-diligence-for-its-full-acquisition-of-subsidiary-elegant-centers.-plus:-debt,-startup,-infrastructure,-real-estate-news\" style=\"\" rel=\"noopener\">in August<\/a>, valuing the transaction at SAR 19.6 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- SPM exits Moroccan Paper Manufacturing: <\/strong>Saudi Paper Manufacturing (SPM) has sold its entire stake in Moroccan Paper Manufacturing to an individual buyer in a SAR 7.3 mn (MAD 19 mn) transaction, according to <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=82737&anCat=1&cs=2300&locale=en\" style=\"\" rel=\"noopener\">a filing to Tadawul<\/a>. The sale was made through SPM\u2019s investment arm Saudi Investment and Industrial Development, which owned 100% of Moroccan Paper Manufacturing. The sale is pending approval from Moroccan authorities. Proceeds from the sale boost the company\u2019s liquidity and will be funneled towards covering high-cost loans.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/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\">MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Obeikan Glass\u2019 board signed off on establishing a second float glass production line at<\/strong><strong> its plant in the Royal Commission for Yanbu<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=82746&anCat=1&cs=9531&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The new line is expected to cost SAR 520 mn and will have a production capacity of 650 tons per day , contributing to the manufacturing of new types of float and tinted glass for automotives, construction, and mirrors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Financing will primarily be sourced from government funding institutions, bank loans,<\/strong><strong> and the company\u2019s internal resources.<\/strong> The project\u2019s completion and start to commercial production are slated for 2027. <\/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\">CONSTRUCTION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Retal Urban Development inked a SAR 142.4 mn agreement with subsidiary Building<\/strong> <strong>Construction to develop 263 residential units in Riyadh<\/strong>, it said in <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=82731&anCat=1&cs=4322&locale=en\" style=\"\" rel=\"noopener\">a disclosure to Tadawul<\/a>. The contract runs for a 30-month period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EDUCATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t launches the Kingdom\u2019s first public middle schools for students gifted in sports:<\/strong> Sports Minister Abdulaziz bin Turki Alfaisal and Education Minister Yousef bin Abdullah Al-Benyan inaugurated the first public middle school for athletically gifted students at the Prince Faisal bin Fahad Olympic Complex in Riyadh, state news agency <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2180445\" style=\"\" rel=\"noopener\">SPA reports<\/a>. The school has already registered 354 students who are talented in football, athletics, and martial arts in the first phase.<\/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\">DIGITIZATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Fransi Capital will invest SAR 82.6 mn to increase the capacity of the six data<\/strong><strong> centers <\/strong>that are being built by Al Moammar Information Systems (MIS), MIS said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=82749&anCat=1&cs=7200&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The facilities were originally valued at SAR 1.2 bn under the contract signed in 2021 between Saudi Fransi Capital, which will own the centers through a Shariah-compliant private investment fund, and MIS.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More are on the way: <\/strong>The new investment is part of Saudi Fransi Capital\u2019s plan to increase the capacity of the 24-MW data centers by 64 MW at a cost of SAR 1.95-2.5 bn. A letter of intent was signed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/7016a518-00f9-4293-a18b-b1833493e8f6\/mis-is-expanding-saudi-fransi%25e2%2580%2599s%253cmark%253e-data%253c%2Fmark%253e%253cmark%253e-center%253c%2Fmark%253e-capacity\" style=\"\" rel=\"noopener\">last month<\/a> between Saudi Fransi Capital and MIS.<\/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\">HEALTHCARE<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Healthtrip sets up shop in the Kingdom: <\/strong>International medical travel outfit <a target=\"_blank\" href=\"https:\/\/www.healthtrip.com\/\" style=\"\" rel=\"noopener\">Healthtrip<\/a> opened a regional headquarters in Riyadh, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/health-tourism-giant-healthtripcom-expands-to-middle-east-bd221bhz\" style=\"\" rel=\"noopener\">press release<\/a>. The company will offer its medical services in key cities like Makkah and Medina, in addition to wellness retreats in Amala and Abha.<\/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-baha-investment-and-development\/\">Al Baha Investment and Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/al-moammar-information-systems-mis\/\">Al Moammar Information Systems (MIS)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/aldrees\/\">Aldrees<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/mahd-academy\/\">Mahd Academy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/obeikan-glass\/\">Obeikan Glass<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/red-sea-global\/\">Red Sea Global<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/retal\/\">Retal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/riyad-bank\/\">Riyad Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-fransi-capital-sfc\/\">Saudi Fransi Capital (SFC)<\/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=\"90158\" 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=\"90158\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/gcc-sovereign-wealth-funds-accounted-for-40-of-global-sovereign-investments-in-9m-2024\/\">\r\n                            GCC sovereign wealth funds accounted for 40% of global sovereign investments in 9M 2024                        <\/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\/10\/02\/gcc-sovereign-wealth-funds-accounted-for-40-of-global-sovereign-investments-in-9m-2024\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The lion\u2019s share of investments from the GCC\u2019s sovereign wealth funds \u2014 some USD 52 bn \u2014 were deployed during the first half of the year, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-01\/mideast-domination-of-sovereign-backed-deals-at-15-year-high\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported previously. In 1H 2024, GCC SWFs accounted for 56% of all the capital deployed by global SWFs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Leading the pack:<\/strong> The Public Investment Fund (PIF), the Abu Dhabi Investment Authority (ADIA), ADQ, Mubadala, and the Qatar Investment Authority, which are collectively known as the Oil Five. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AUM is heading towards the USD 5 tn mark:<\/strong> Sovereign wealth funds and other sovereign investors in the gulf \u2014 including Saudi\u2019s General Organization for Social Ins. and Aramco PF, as well as the Investment Corporation of Dubai \u2014 have some USD 4.9 tn in collective assets under management (AUM), the report says. That figure is expected to grow to USD 5 tn early next year and hit USD 7.3 tn by 2030. Although the forecast for the end of the decade is \u201ca shade lower than the USD 7.6 tn the consultancy forecast in its December report, it still represents a 49% increase from 2024,\u201d <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-01\/uae-saudi-gcc-sovereign-investors-deals-spree-makes-hiring-easier\" style=\"\" rel=\"noopener\">Bloomberg<\/a> notes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown:<\/strong> Sovereign wealth funds in the UAE have the largest share of AUM within the GCC, with the report forecasting USD 2.2 tn of AUM by the end of 2024, according to <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/wealth\/funds\/gcc-sovereign-wealth-funds-deployed-55bln-in-first-nine-months-of-2024-owa0qq1o\" style=\"\" rel=\"noopener\">Zawya<\/a>. In Saudi, some USD 1.1 tn are held by the country\u2019s sovereign investors, the report shows. The PIF\u2019s AUM reached USD 900 bn (SAR 3.47 tn) by the end of August, a 21% increase from SAR 2.87 tn at the end of 2023, making the fund the world\u2019s sixth-largest sovereign wealth fund, according to the Finance Ministry\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/67.pdf\" style=\"\" rel=\"noopener\">FY2025 Pre-Budget Statement (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where\u2019s the money going?<\/strong> China appears to be emerging as the darling destination for GCC SWF capital, drawing in USD 9.5 bn in investments from the region, the report says. The increased focus on China comes as Western investors have been withdrawing from Chinese investments amid increased pressure and regulatory restrictions. In 2023, sovereign wealth funds from the Middle East had <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/bf9fadce-9733-4ab5-bcb9-96116585e4bb\/mideast-sovereign-wealth-fund-flows-to-china-up-2.2k%2525-y-o-y-in-2023\" style=\"\" rel=\"noopener\">invested USD 2.3 bn in Chinese companies<\/a>, marking a 2.2k% y-o-y increase from the year prior. the Hong Kong Monetary Authority previously said. Meanwhile, traditional investment destinations the US and UK still attracted a \u201csignificant\u201d portion of investments from GCC SWFs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The tides are changing: <\/strong>\u201cSovereign investors such as ADIA have traditionally invested over 50% of their portfolio in the US just because there were more opportunities on the rise. However, they have been trying for years to diversify into the East,\u201d Zawya quotes Global SWF founder and Managing Director Diego Lopez as saying. \u201cWe have seen increased activity in both China and India.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> The EU and US hiked tariffs on Chinese imports <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/af606559-333c-470a-883a-24a5e4f245a9\/ey-declares-mena-its-regional-headquarters-and-kfh-says-it%25e2%2580%2599s-eyeing-more-than-one-possible-saudi-target\" style=\"\" rel=\"noopener\">in recent years<\/a> in a bid to contain the country\u2019s rise in sectors that much of the developed world sees as a threat to their own economies. <\/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>It\u2019s a mixed picture in the markets<\/strong>, with Japan\u2019s Nikkei down in early trading, while the Hang Seng is trading in the green. Mainland Chinese markets are closed for the entire week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, Wall Street futures are just barely in the green<\/strong>, although Dow futures are down 0.1% in pre-market trading. <\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table markets-table'>\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>TASI<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,254<\/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: +2.4%)<\/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>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\">1,534<\/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: -1.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">25,309<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5% (YTD: +3.2%)<\/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\">5.5% repo <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5.0% 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\">31,866<\/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: +28.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,406<\/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: -1.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,477<\/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: +10.3%)<\/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>S&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\">5,709<\/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: +19.7%)<\/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>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\">8,277<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +7.0%)<\/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\">4,954<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.9% (YTD: +9.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-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 74.40<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+3.8%<\/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>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 2.90<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,690<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.2%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 60,803<\/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\">-4.7% (YTD: +44.0%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> THE CLOSING BELL: TADAWUL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The TASI <\/strong>rose 0.2% <strong>yesterday <\/strong>on turnover of SAR 6.4 bn. The index is up 2.4% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green:<\/strong> Al Baha (+9.1%), MESC (+7.8%) and Chubb (+7.6%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Salama (-3.6%), Astra Industrial (-3.1%) and Budget Saudi (-3.0%).<\/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\">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> fell 0.5% <strong>yesterday <\/strong>on turnover of SAR 29.8 mn. The index is up 3.2% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green:<\/strong> Al Mohafaza for Education (+11.2%), Ghida Al Sultan (+10.0%) and NBM (+8.6%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> Osool and Bakheet (-7.2%), Knowledge Tower (-6.3%) and iOud (-5.8%)<\/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\">CORPORATE ACTIONS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Academy of Learning\u2019s board recommended a buyback of a maximum of 800k shares<\/strong>, to be retained as treasury shares for the firm\u2019s long-term employee incentive program, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=82726&anCat=1&cs=9541&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The Nomu-listed company did not specify a share price for the transaction which will be financed via its internal resources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Albilad Capital is distributing SAR 258 mn in dividends at SAR 0.026 per unit to<\/strong><strong> unitholders of Albilad Saudi Sovereign Sukuk ETF for September 2024<\/strong>, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=82730&anCat=1&cs=9403&locale=en\" style=\"\" rel=\"noopener\">filing to Tadawul<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"90160\" 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=\"90160\">\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\">DIPLOMACY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/saudi-signs-trade-agreement-with-maldives\/\">\r\n                            Saudi and the Maldives ink trade agreement to boost bilateral trade                        <\/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\/10\/02\/saudi-signs-trade-agreement-with-maldives\/\" 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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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\/10\/02\/saudi-signs-trade-agreement-with-maldives\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/93.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"90161\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/10\/02\/saudi-signs-trade-agreement-with-maldives\/93-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/93.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"93.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/93.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/93.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-90160\" class=\"content-area-description single-story post-90160 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-diplomacy tag-enterpriseam-ksa tag-general-authority-of-foreign-trade-gaft tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.f29007ff-b87c-49d0-97ec-f75162caedd5.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Kingdom and the Maldives eye more trade:<\/strong> Commerce Minister Majed Al Kassabi inked an MoU with his Maldivian counterpart Mohamed Saeed to boost bilateral trade in goods and services, according to a <a target=\"_blank\" href=\"https:\/\/gaft.gov.sa\/en\/media-center\/news\/pages\/%D8%A7%D9%84%D9%82%D8%B5%D8%A8%D9%8A-%D9%8A%D8%AC%D8%AA%D9%85%D8%B9-%D8%A8%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%AA%D9%86%D9%85%D9%8A%D8%A9-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9-%D9%88%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D9%8A%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D8%AF%D9%8A%D9%81%D9%8A---%D9%88%D9%8A%D9%88%D9%82%D8%B9-%D9%85%D8%B0%D9%83%D8%B1%D8%A9-%D8%AA%D9%81%D8%A7%D9%87%D9%85-%D9%84%D8%AA%D8%B9%D8%B2%D9%8A%D8%B2-%D8%A7%D9%84%D8%AA%D8%B9%D8%A7%D9%88%D9%86-%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D9%8A.aspx\" style=\"\" rel=\"noopener\">statement<\/a> from the General Authority of Foreign Trade. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/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\/diplomacy\/\">Diplomacy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/general-authority-of-foreign-trade-gaft\/\">General Authority of Foreign Trade (GAFT)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"90162\" 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\/10\/02\/90162\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-90162\" class=\"content-area-description single-story post-90162 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;\">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>1-3 October (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sirha-arabia.com\/en\" style=\"\">Sirha Arabia Food Trade Exhibition<\/a><\/span><span style=\"font-weight:400;\">, Riyadh Front Expo, 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 style=\"font-weight:400;\">12 October (Saturday): Riyadh Season.<\/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;\">12 October (Saturday): Shakur Stevenson x Joe Cordina, 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>12-14 October (Saturday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.glforum.org\/\" style=\"\">Global Logistics 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>15-16 October (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.terrapinn.com\/exhibition\/solar-show-ksa\/index.stm\" style=\"\">Solar & Storage Live KSA<\/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>16-17 October (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/gaaf2024.com\/\" style=\"\">Global Airport & Aviation Forum<\/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>19 October (Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/webook.com\/en\/events\/battle-of-the-giants-198238\" style=\"\">Battle of the Giants<\/a><\/span><span style=\"font-weight:400;\">, Mayadeen Hall, Riyadh.<\/span><\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><span>21-22 October (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/smartportstransformation.com\/\" style=\"\">Smart Ports & Logistics Transformation Summit<\/a><\/span><span style=\"font-weight:400;\">, Riyadh.<\/span><\/p>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><span>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>21-23 October (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.globalhealthsaudi.com\/en\/home.html\" style=\"\">Global Health Exhibition 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>23-24 October (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.unido.org\/news\/unido-and-saudi-arabia-announce-mipf-2024-riyadh-challenges-industrial-policy-solutions\" style=\"\">UNIDO\u2019s Multilateral Industrial Policy Forum<\/a><\/span><span style=\"font-weight:400;\"> (MIPF), 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>26 October (Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.spa.gov.sa\/en\/N2159416\" style=\"\">Donor Conference to Support Refugees in Sahel and Lake Chad Regions<\/a><\/span><span style=\"font-weight:400;\">, TBD. <\/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>27-28 (Sunday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/globalproptechsummit.com\/\" style=\"\">The Global PropTech Summit<\/a><\/span><span style=\"font-weight:400;\">, Movenpick Hotels & Resorts, 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>30 October-3 November (Wednesday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/press-release\/events-and-conferences\/hia-hub-the-regions-largest-fashion-beauty-and-lifestyle-conference-returns-for-its-fourth-edition-bcyavjex\" style=\"\">Hia Hub 4.0<\/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>3-23 November (Sunday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.neom.com\/en-us\/newsroom\/neom-beach-games-returns#:~:text=NEOM%2C%20Kingdom%20of%20Saudi%20Arabia,of%20athletes%20and%20competitive%20events.\" style=\"\">NEOM Beach Games<\/a><\/span><span style=\"font-weight:400;\">, Neom. <\/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;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><span>11-12 November (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wamsaudi.com\/\" style=\"\">World Advanced Manufacturing Logistics Summit & Expo<\/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>11-12 November (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudiairportexhibition.com\/\" style=\"\">Saudi Airport Exhibition<\/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>11-12 November (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/x.com\/ExproForum\/status\/1830578273019215910\" style=\"\">Expenditure Efficiency Forum<\/a><\/span><span style=\"font-weight:400;\">, The Hilton, 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;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16 November (Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.spa.gov.sa\/N2169475\" style=\"\">Latino Night at Riyadh Season<\/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;\">19-20 November (Tuesday-Wednesday): The Women's Economic Forum 2024, 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>19-21 November (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/simrsnf.com\/\" style=\"\">Saudi International Maritime Forum<\/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 style=\"font-weight:400;\">23 November (Saturday): Red Sea 600, Jeddah Yacht Club and Marina. <\/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>26-28 November (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudi-electricityexpo.com\/en\/home.html\" style=\"\">Future Power 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>28 November-14 December (Thursday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/riyadhart.sa\/en\/noor-riyadh\/\" style=\"\">Noor Riyadh<\/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>29 November-2 December 2024 (Sunday-Wednesday): World Sailing <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sailing.org\/2024\/05\/23\/jeddah-yacht-club-marina-to-host-2024-world-sailing-youth-match-racing-championships-and-womens-match-racing-world-championships\/\" style=\"\">Youth Match Racing World Championship<\/a><\/span><span style=\"font-weight:400;\">, Jeddah Yacht Club and Marina.<\/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;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><span>2-3 December (Monday-Tuesday) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.iata.org\/en\/events\/all\/wings-of-change-middle-east\/\" style=\"\">Wings of Change Middle East<\/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>3-5 December (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/press-release\/events-and-conferences\/ibex-events-unveils-the-inaugural-future-stadiums-and-arenas-summit-and-expo-ev8nxkwb\" style=\"\">The International Business Exchange \u2013 IBEX EVENTS<\/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>11 December (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.billboard.com\/pro\/billboard-arabia-music-awards-date-december-2024\/\" style=\"\">Billboard Arabia Music Awards (BBAMAs)<\/a><\/span><span style=\"font-weight:400;\">, King Abdullah Financial District, 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;\">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>5-8 December (Thursday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sailing.org\/2024\/05\/23\/jeddah-yacht-club-marina-to-host-2024-world-sailing-youth-match-racing-championships-and-womens-match-racing-world-championships\/\" style=\"\">World Sailing Women\u2019s Match Racing World Championship<\/a><\/span><span style=\"font-weight:400;\">, Jeddah Yacht Club and Marina. <\/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>15-19 December (Sunday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/igfriyadh2024.sa\/\" style=\"\">Internet Governance Forum<\/a><\/span><span style=\"font-weight:400;\">, King Abdulaziz International Conference Center, Riyadh. <\/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\">JANUARY 2025<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>14-16 January (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.futuremineralsforum.com\/\" style=\"\">Future Minerals Forum<\/a><\/span><span style=\"font-weight:400;\">, King Abdulaziz International Conference Center, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>27-29 January (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/therff.com\/new\/index_en.php\" style=\"\">Real Estate Future Forum<\/a><\/span><span style=\"font-weight:400;\">, Four Seasons Hotel, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>28-29 January (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/sustainmideast.com\/\" style=\"\">Sustainability Forum Middle East<\/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>29-30 January (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/x.com\/Global_LMC?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor\" style=\"\">Global Labor Market Conference<\/a><\/span><span>, Riyadh.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">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;\">6-8 February (Thursday-Saturday): Liv Golf season opener, Riyadh Golf Club, 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;\">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>FinMin sees GDP at 4.6%, deficit narrowing in 2025 | RSG eyes more debt | Cabinet approves visa regs | More in IPO pipeline | GCC SWFs lead global pack<\/p>\n","protected":false},"featured_media":90140,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-90139","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"c70925f0-60d2-40f9-bfb2-5403cb588f3a","teaser":"FinMin sees GDP at 4.6%, deficit narrowing in 2025 | RSG eyes more debt | Cabinet approves visa regs | More in IPO pipeline | GCC SWFs lead global pack","photo_url":"https:\/\/ent.news\/2024\/7\/1226.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>Our first look at next year\u2019s budget - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/ksa\/issues\/our-first-look-at-next-years-budget\/\" \/>\n<meta property=\"og:locale\" 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