{"id":91222,"date":"2024-11-05T00:00:00","date_gmt":"2024-11-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?post_type=issue&#038;p=91222"},"modified":"2025-12-14T19:26:14","modified_gmt":"2025-12-14T19:26:14","slug":"budget-deficit-widens-in-3q-2024","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/ksa\/issues\/budget-deficit-widens-in-3q-2024\/","title":{"rendered":"Budget deficit widens in 3Q 2024"},"content":{"rendered":"<section id=\"91224\" 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=\"91224\">\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\/11\/05\/saudi-us-pacts-without-normalization-with-israel-on-the-table\/\">\r\n                            THIS MORNING: Saudi-US pacts without normalization with Israel on the table?                        <\/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\/11\/05\/saudi-us-pacts-without-normalization-with-israel-on-the-table\/\" 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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National Security Adviser Musaad bin Mohammed Al Aiban reportedly met recently with US National Security Adviser Jake Sullivan and US Secretary of State Antony Blinken in Washington to discuss the agreements, which Axios said would not include the full defense scope initially discussed. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> A proposed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/538fa1db-058f-44d5-bcdb-d9ed1a99cf6b\/blinken-suggests-us-saudi-defense-and-nuclear-pacts-could-wrap-up-in-a-matter-of-%253cmark%253eweeks%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">defense pact<\/a> between the two countries was originally envisioned to see Washington provide security assurances to Riyadh, along with cooperation on the development of a domestic nuclear power industry, as well as on artificial intelligence and other technologies. Saudi Arabia normalizing diplomatic ties with Israel was set as a precondition for the agreements, but the stipulation has caused negotiations to stall in the past several months as Israel continues its assault on Palestine. Saudi has been adamant in its stance that there would be no normalization with Israel without a credible pathway to a Palestinian state.<\/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>Riyadh is looking at a high of 32\u00b0C and a low of 20\u00b0C today. Over in Makkah, the temperature will peak at 36\u00b0C and hit a low of 23\u00b0C. Meanwhile, Dammam will see a high of 32\u00b0C and a low of 23\u00b0C.<\/p>\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- Acwa Power is looking to triple its production capacity to 180 GW by 2030<\/strong>, and also increase its desalination production to 8 mn cubic meters per day \u2014 making it the world\u2019s largest private desalination company, <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1765149\" style=\"\" rel=\"noopener\">Argaam<\/a> quotes its CTO Bart Bosmans as saying. The renewables giant\u2019s investments are split right down the middle in their distribution across local and foreign markets, Bosmans said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>The Saudi Power Procurement Company initiated the bidding process for four <\/strong><strong>battery<\/strong><strong> energy storage p<\/strong><strong>rojects<\/strong> located in the Makkah, Qassim, and Hail regions, each with a capacity of 500 MW and a storage duration of four hours, according to <a target=\"_blank\" href=\"https:\/\/spb.com.sa\/ar\/%d8%a7%d9%84%d8%b4%d8%b1%d9%83%d8%a9-%d8%a7%d9%84%d8%b3%d8%b9%d9%88%d8%af%d9%8a%d8%a9-%d9%84%d8%b4%d8%b1%d8%a7%d8%a1-%d8%a7%d9%84%d8%b7%d8%a7%d9%82%d8%a9-%d8%a7%d9%84%d9%85%d8%b4%d8%aa%d8%b1%d9%8a-3\/\" style=\"\" rel=\"noopener\">a statement<\/a>. The selected bidders will have full ownership and will develop the projects under a build-own-operate model. Each project will be part of a 15-year agreement with the main buyer, the statement read. No details regarding the investment tickets were disclosed. The project is part of the Energy Ministry\u2019s national renewable energy <a target=\"_blank\" href=\"https:\/\/powersaudiarabia.com.sa\/web\/index.html\" style=\"\" rel=\"noopener\">program<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#3- <\/strong><strong>Maaden draws closer to upping its stake in Mosaic + Sabic JV:<\/strong> Saudi Arabian Mining (Maaden) has lined up Capital Market Authority approval for a capital hike to fund its planned acquisition of an additional 25% stake in the Sabic-Mosaic JV Maaden Wa\u2019ad Al Shamal Phosphate (MWSPC), <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/en\/Market\/News\/pages\/CMA_N_3666.aspx\" style=\"\" rel=\"noopener\">the authority said in a statement<\/a>. The move will see Maaden issue 111 mn new ordinary shares, bringing its total capital up nearly 3% to SAR 38 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This has been brewing for months: <\/strong>The mining giant <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3ec899bd-7a3f-439f-87c0-8dacf57de897\/ma%25e2%2580%2599aden-acquires-25%2525-stake-in-jv-with%253cmark%253e-mosaic%253c%2Fmark%253e-%2B-sabic\" style=\"\" rel=\"noopener\">inked a share purchase agreement<\/a> with Mosaic Phosphates BV to buy its entire stake in MWSPC back in April of this year. The agreement also includes Mosaic\u2019s marketing rights, and will bring Maaden\u2019s stake in MWSPC to 85%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Saudi and Turkey want to drive bilateral trade up to USD 10 bn by 2025<\/strong>, with that figure forecasted to surpass USD 8 bn this year, Turkish outlet <a target=\"_blank\" href=\"https:\/\/www.trtworld.com\/turkiye\/turkiye-saudi-arabia-aim-to-boost-trade-to-dollar10-billion-18228043\" style=\"\" rel=\"noopener\">TRT World<\/a> quotes Commerce Minister Abdullah Al Qasabi and Turkish Trade Minister Omer Bolat as saying at the T\u00fcrkiye-Saudi Arabia Business Forum. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- The Public Investment Fund signed an MoU with Mitsubishi UFJ Financial Group<\/strong><strong> (MUFG)<\/strong> to \u201ccollaborate on opportunities of mutual interest to both MUFG and PIF,\u201d according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/321.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a>. The agreement will see MUFG facilitating investments for the PIF, with a focus \u201con sectors in which MUFG has strong expertise, notably infrastructure and project financing,\u201d and will also see MUFG supporting PIF on potential investments in Japan as part of Saudi Vision 2030. <\/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\"><strong>#1- The Industry and Mineral Resources Ministry <\/strong><strong><a target=\"_blank\" href=\"https:\/\/x.com\/Jarrah_4\/status\/1853327494142734623\" style=\"\" rel=\"noopener\">issued 28 new mining licenses<\/a><\/strong><strong> in<\/strong><strong> August<\/strong>, split between 10 exploration licenses, nine licenses for building material quarries, six surplus mineral raw material licenses, and three reconnaissance licenses. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The Real Estate Development Fund deposited over SAR 8.8 bn in the accounts of<\/strong><strong> Sakani <\/strong><strong>program beneficiaries in 9M 2024<\/strong>, according to the program\u2019s <a target=\"_blank\" href=\"https:\/\/jed-s3.bluvalt.com\/sakani-cms-service-prod\/sites\/61a6e4e5811b9f450388c11f\/content_entry62f478ac811b9fa02d0b8895\/672777474331a986762ae37b\/files\/______________________.pdf?1730639687\" style=\"\" rel=\"noopener\">quarterly report.<\/a> The program is part of a government-run housing initiative that facilitates homeownership for citizens via several financing options, including rent-to-own and mortgage loans.<\/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>Oil prices were up nearly 3% yesterday following <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/512d9cc1-e6a0-445e-b21a-114fc0e4c10e\/rybakina-vs.-zheng-%2B-paolini-vs.-sabalenka-at-wta-finals-today\" style=\"\" rel=\"noopener\">Opec+\u2019s decision to postpone its<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/512d9cc1-e6a0-445e-b21a-114fc0e4c10e\/rybakina-vs.-zheng-%2B-paolini-vs.-sabalenka-at-wta-finals-today\" style=\"\" rel=\"noopener\">output hike<\/a><\/strong><strong> and markets buckled up for the US presidential elections<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/oil-prices-rise-by-over-1-opec-output-hike-delay-2024-11-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. Brent crude futures were up 2.7% to USD 1.98 per barrel (bbl), while West Texas Intermediate rose 2.9% to USD 71.47 \/ bbl, the newswire said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Markets aren\u2019t doing as bad as everyone thinks, Opec says: <\/strong>\u201cThere is a bit too much doom and gloom and pessimism in terms of the demand outlook,\u201d Opec Sec-Gen Haitham Al Ghais told CNBC on the sidelines of the ADIPEC forum in Abu Dhabi (<a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/11\/04\/opec-chief-is-bullish-on-oil-demand-despite-extended-production-cuts-.html\" style=\"\" rel=\"noopener\">watch, runtime: 03:50<\/a>). The group is pegging oil demand growth at 1.9 mn bbl \/ d this year, which exceeds pre-pandemic averages and the post-pandemic recovery rate of 1.2 mn bbl \/ d, Al Ghais said, citing China\u2019s recent stimulus package and strong performance in the US economy as driving factors.<\/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>The Kingdom\u2019s crude oil production slipped 9.3% y-o-y in 2023 to 3.5 bn<\/strong><strong> bbl<\/strong>, with exports also down 9.6% at 2.4 bn barrels, according to the latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/282.pdf\" style=\"\" rel=\"noopener\">oil and gas statistics (pdf)<\/a> from the General Authority for Statistics. Gasoline production fell 2.6% y-o-y in 2023 to 224 mn bbl, while kerosene and jet fuel output rose 2.7% to 57 mn bbl.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, total fuel exports declined 10.3% y-o-y in 2023 to 67 mn bbl<\/strong>, while imports jumped 25.9% to 88 mn bbl.<\/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- World no.1 Aryna Sabalenka is still on a tear at the WTA Finals in Riyadh<\/strong>, beating Italy\u2019s Jasmine Paolini 6-3, 7-5 yesterday in her penultimate group stage match. Meanwhile, China\u2019s Qinwen Zheng rebounded from her loss to Sabalenka earlier this week, beating Kazakhstan\u2019s Elena Rybakina in a three-set match (7-6, 3-6, 6-1).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Coming up today:<\/strong> The US\u2019 Jessica Pegula plays against the Czech Republic\u2019s Barbara Krej\u010d\u00edkov\u00e1 at 2:30pm, followed by Iga Swiatek vs. Coco Gauff at 5pm. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>English golfer Charley Hull secured a three-shot victory at the Aramco Ladies Team <\/strong><strong>series in Riyadh<\/strong>, marking her first title in two years and a return to form after multiple runner-up finishes, <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/sport\/golf\/articles\/c0k83gk8dj1o\" style=\"\" rel=\"noopener\">BBC Sports<\/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>It\u2019s election day in the US of A, which means very few other stories will top headlines<\/strong> in the international press. Donald Trump and Kamala Harris were both in Pennsylvania overnight, where each candidate pushed final messaging in a bid to secure what is widely seen as one of the most critical swing states in the election. Meanwhile, both candidates\u2019 campaigns continued to work on boosting voter turnout in the last stretch before today\u2019s vote, with each taking different approaches, the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/11\/04\/us\/election-ground-game.html\" style=\"\" rel=\"noopener\">New York Times<\/a> notes. The <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/defcece1-8ea5-43e5-8f99-10d08c161195\" style=\"\" rel=\"noopener\">Financial Times<\/a>, the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/elections\/trump-harris-election-day-challenges-2024-02eb2e6b\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/elections\/us-election-live-trump-harris-final-push-78-million-vote-2024-11-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-04\/trump-says-election-ours-to-lose-as-candidates-mobilize-voters\" style=\"\" rel=\"noopener\">Bloomberg<\/a> also have coverage of the final campaigning push.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Speaking of (unorthodox) methods of boosting turnout:<\/strong> Elon Musk\u2019s USD 1 mn daily voter giveaway \u2014 designed to encourage voter turnout \u2014 is being allowed to proceed after a Pennsylvania judge ruled that the contest was not designed as an \u201cillegal lottery.\u201d <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/judge-weighs-challenge-elon-musks-1-million-voter-giveaway-2024-11-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-04\/musk-1-million-voter-giveaway-can-proceed-after-lawsuit\" style=\"\" rel=\"noopener\">Bloomberg<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2024\/11\/04\/musks-1-million-sweepstakes-not-lottery-court\" style=\"\" rel=\"noopener\">Axios<\/a> have more. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we can expect:<\/strong> Politico has rundowns of each of <a target=\"_blank\" href=\"https:\/\/www.politico.com\/news\/2024\/11\/04\/kamala-harris-election-win-scenario-00187156\" style=\"\" rel=\"noopener\">Harris\u2019<\/a> and <a target=\"_blank\" href=\"https:\/\/www.politico.com\/news\/2024\/11\/04\/donald-trump-election-win-scenario-00187154\" style=\"\" rel=\"noopener\">Trump\u2019s<\/a> paths to securing the vote, while the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/04eb7126-1331-447b-b15a-6b316391bce8\" style=\"\" rel=\"noopener\">Financial Times<\/a> looks at what each outcome would mean for Trump.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER:<\/strong> The Electoral College, not the popular vote, ultimately decides who becomes president. Each state is allocated electors equal to its congressional representation (senators plus representatives). Voters in each state choose electors, pledged to presidential candidates. Taking the popular vote in a state usually means a candidate gets all its electoral votes (except in Maine and Nebraska). A candidate needs 270 of 538 electoral votes to take the presidency. <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-04\/swing-state-history-why-2024-election-depends-on-7-battlegrounds\" style=\"\" rel=\"noopener\">Bloomberg<\/a> also goes deeper.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BELOW THE FOLD- Israel killed another 16 Palestinians in Gaza\u2019s Beit Lahiya and <\/strong><strong>Zawayda<\/strong> in airstrikes yesterday. Meanwhile, Tel Aviv has also limited aid trucks\u2019 entry into Gaza even further, bringing the daily average to 30 \u2014 equivalent to \u201conly 6% of the commercial and humanitarian supplies that used to enter Gaza before the war,\u201d according to UNRWA head Philippe Lazzarini. <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israeli-strikes-kill-10-people-gaza-keep-up-pressure-north-2024-11-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a> has the story. <\/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\"> CIRCLE YOUR CALENDAR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.terrapinn.com\/exhibition\/saudi-rail\/index.stm\" style=\"\" rel=\"noopener\">Saudi Rail Conference and Exhibition<\/a><\/strong><strong> will take place on 20-21 November<\/strong> at the Riyadh International Convention and Exhibition Center. The event will showcase developments in the railway sector and provide insights from over 150 local and international speakers.<\/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:\/\/impaq.media.gov.sa\/\" style=\"\" rel=\"noopener\">Impact Makers Forum (ImpaQ)<\/a><\/strong><strong> is set to open its doors on 18 December<\/strong>, bringing together media influencers, industry experts, and digital content creators in Riyadh\u2019s Mayadeen Hall. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.dakar.com\/en\/overall-route\" style=\"\" rel=\"noopener\">2025 Dakar Rally in Saudi<\/a><\/strong><strong> is set to bring 14 days of racing to the Bisha and <\/strong><strong>Shubaytah deserts<\/strong>, with its 12 stages taking place between 3-17 January. Scrutineering will start on the first day of the new year and close the following day, with the prologue to all the racing tacked on to the end of that on 3 January. All racing will conclude on Friday, 17 January. <\/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\/opec\/\">OPEC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/sakani\/\">Sakani<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/what-were-tracking-today\/\">WHAT WE\u2019RE TRACKING TODAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"91226\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n      <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n        <span class=\"has-primary-color stk-highlight\"> This publication is proudly sponsored by<\/span>\r\n    <\/h4>\r\n    <div class=\"issue-sponsor-slides-div\">\r\n        \r\n            <div class=\"issue-sponsor-slide issue-sponsor-slide--single-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/42493.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.tasheelfinance.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/15549.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Easier life with Tasheel<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            \r\n            <div class=\"issue-sponsor-slide issue-sponsor-slide--single-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/42494.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/hap.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/15542.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>From OUR FAMILY to YOURS<\/span>\r\n                <\/div>\r\n            <\/div>\r\n                <\/div>\r\n    <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"91227\" 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=\"91227\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/05\/saudi-arabia-records-budget-deficit-in-3q-2024\/\">\r\n                            Saudi Arabia records budget deficit in 3Q 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\/11\/05\/saudi-arabia-records-budget-deficit-in-3q-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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Total government revenues grew 20% y-o-y to SAR 309.2 bn, while expenditure rose 15% to SAR 339.4 bn. <\/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>On a 9M basis: <\/strong>The Kingdom recorded a budget deficit of SAR 58 bn during the first nine months of the year, well within the ministry's earlier forecasts. Government expenditures came in at SAR 1 tn with revenues clocking in at SAR 956.2 bn in 9M 2024. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER- <\/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>Oil revenues accounted for 62% of total government income in 3Q 2024<\/strong>, at a total of SAR 190.9 bn \u2014 rising 30% y-o-y. Meanwhile, non-oil revenues made up the remaining 38%, coming in at a combined SAR 118.3 bn, up 6% compared to the same period last year. <\/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 BREAKDOWN-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Total expenditures for 3Q 2024 rose 15% y-o-y to reach SAR 339.4 bn<\/strong>, with most sectors seeing considerable growth in public spending aside from grants, which fell 9% y-o-y. Subsidies doubled y-o-y to SAR 7.4 bn. Employee compensation accounted for the lion\u2019s share of public spending at SAR 138.6 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Kingdom\u2019s biggest expenses in 9M: <\/strong>Employee compensation clocked in at SAR 416 mn \u2014 the largest line item during the period \u2014 followed by goods and services usage at SAR 219 bn and financing expenses at SAR 32.8 bn. Total expenditure rose 13% y-o-y to SAR 1 tn in the first nine months of the year.<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"91229\" 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=\"91229\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/05\/digital-research-company-is-taking-a-20-stake-to-nomu\/\">\r\n                            Digital Research Company is taking a 20% stake to Nomu                        <\/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\/11\/05\/digital-research-company-is-taking-a-20-stake-to-nomu\/\" 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 market researcher lined up Capital Market Authority approval for the move in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/14ae0fd7-cac7-4d45-9940-b25f91c27d5d\/saudi-medical-team-completes-first-robotic-heart-transplant\" style=\"\" rel=\"noopener\">September<\/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>More details on the offering:<\/strong> The 337.5k shares on offer are composed of 150k existing shares and 187.5k newly-issued shares. Existing shares included in the offering will be primarily pooled from the six majority shareholders who will be selling down their collective stake to 61.9% from 77.2%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Use of proceeds:<\/strong> SAR 2.6 mn of proceeds will go towards covering IPO-related expenses. Net proceeds will be partly distributed to selling shareholders and partly retained by the firm. The firm will commit its share from the offering\u2019s proceeds towards financing the procurement of SAR 15 mn in operational assets. The company will deploy its own liquidity to assets to fill funding gaps If the company\u2019s allocation of offering proceeds fails to meet the funding target. Surplus proceeds will be diverted towards bolstering working capital. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Lock-up period:<\/strong> Major shareholders will be restricted from executing any transactions on their shares for 12 months from the first day of trading.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IPO timeline: <\/strong>Qualified investors can book shares between Monday, 25 November and Sunday, 1 December with a minimum subscription limit of 10 shares and a maximum of 84,360 shares. The final allocation is slated for Wednesday, 4 December, and excess funds will be refunded by Sunday, 8 December. The first day of trading will be announced once all regulatory requirements have been met.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Earnings snapshot: <\/strong>DRC reported a net income of SAR 3.2 mn in 1H 2024, down 6.5% y-o-y according to <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/financial-reports\/company-report\/17384\/2024\/71\" style=\"\" rel=\"noopener\">Argaam<\/a>. The company logged SAR 27.7 mn in revenues during the same period, marking a 22.6% increase. The company\u2019s net income came in at SAR 10.5 mn in FY 2023, while revenues were SAR 54.3 mn, according to audited financials published in the prospectus. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About DRC: <\/strong>Established in 2014, the company specializes in market research, data analytics, and consulting. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Value Capital is quarterbacking the transaction as financial advisor and bookrunner. Receiving agents include SNB Capital, Al Rajhi Capital, BSF Capital, Alnima Investment, Riyad Capital, Aljazira Capital, Alistithmar Capital, Albilad Capital, ANB Capital, SAB Invest, Derayah, Yaqeen Capital, Alkhabeer Capital, and Sahm Capital. <\/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\/digital-research-company-drc\/\">Digital Research Company (DRC)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/nomu\/\">Nomu<\/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=\"91231\" 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=\"91231\">\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\">BANKING<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/05\/household-mortgages-climbed-to-sar-607-bn-in-2023\/\">\r\n                            Household mortgages climbed to SAR 607 bn in 2023                        <\/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\/11\/05\/household-mortgages-climbed-to-sar-607-bn-in-2023\/\" 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\/11\/05\/household-mortgages-climbed-to-sar-607-bn-in-2023\/')\">\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\/11\/05\/household-mortgages-climbed-to-sar-607-bn-in-2023\/\">\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=Household mortgages climbed to SAR 607 bn in 2023&url=https:\/\/enterpriseam.com\/ksa\/2024\/11\/05\/household-mortgages-climbed-to-sar-607-bn-in-2023\/\">\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\/11\/05\/household-mortgages-climbed-to-sar-607-bn-in-2023\/&title=Household mortgages climbed to SAR 607 bn in 2023\">\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=Household+mortgages+climbed+to+SAR+607+bn+in+2023+https%3A%2F%2Fenterpriseam.com%2Fksa%2F2024%2F11%2F05%2Fhousehold-mortgages-climbed-to-sar-607-bn-in-2023%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\/11\/05\/household-mortgages-climbed-to-sar-607-bn-in-2023\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/2020.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"91232\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/05\/household-mortgages-climbed-to-sar-607-bn-in-2023\/2020-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/2020.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2020.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/2020.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/2020.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-91231\" class=\"content-area-description single-story post-91231 post type-post status-publish format-standard has-post-thumbnail hentry category-banking tag-banking tag-enterpriseam-ksa tag-moodys tag-saudi-vision-2030 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\/11\/.1aad9ae9-378d-41f1-9063-34d4972e297e.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Saudi banks\u2019 credit is projected to rise on the back of a heightened push for <\/strong><strong>funding megaprojects<\/strong> coupled with a growing appetite for homeownership, according to <a target=\"_blank\" href=\"https:\/\/www.moodys.com\/reports?sector=Bank_fin&region=Saudi_Arabia\" style=\"\" rel=\"noopener\">a recent report<\/a> from rating agency Moody\u2019s. The firm sees the government\u2019s wide-reaching economic transformation plans providing ample business and lending prospects for the domestic banking sector. <\/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>Big projects call for hefty loans:<\/strong> The government is looking to tap Saudi banks for financing major developments like Expo 30 and the FIFA World Cup 2034 as well as infrastructure projects. \u201cPlanned mega projects to diversify the economy include the tourism, real estate, and infrastructure sectors, and the government provides the country\u2019s banks the [chance] to help fund them,\u201d Moody\u2019s assistant VP and analyst Abdullah Al Hammadi said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Homeownership gains, mortgage booms: <\/strong>Household mortgages climbed to SAR 607 bn last year, marking a sixfold increase over the last eight years. This is in line with the Vision 2030 target of raising home ownership to 70% by 2030, compared to 47% in 2016. Mortgages have been a major driver of credit growth in Saudi banks over the last five years, now accounting for some 24% of total banking sector loans, according to the report. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A margin squeeze may be in the cards: <\/strong>\u201cThis could place pressure on margins,\u201d Al Hammadi said, noting the fixed-rate nature of these mortgages with tenors of about 25-30 years. \u201cWe believe that larger banks will be hit hardest due to their dominant position in the Saudi mortgage market,\u201d he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign deposits + sukuk are set for a comeback:<\/strong> Moody\u2019s also flagged a potential funding crunch, with deposit growth trailing behind credit expansion. \u201cThe banks will need to tap more confidence-sensitive market funding. This could entail foreign deposits, interbank syndications, and debt issuance, particularly Islamic bonds or sukuk,\u201d said Al Hammadi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Opting for a long-term strategy is key:<\/strong> \u201cReliance on short-term foreign funding is riskier,\u201d the report noted, advocating for longer-term debt like senior unsecured bonds and Tier 1 allocations to align with banks' loan portfolios and support Vision 2030\u2019s infrastructure push.<\/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\/banking\/\">BANKING<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/moodys\/\">Moody\u2019s<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/saudi-vision-2030\/\">Saudi Vision 2030<\/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=\"91233\" 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=\"91233\">\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\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/05\/balsm-alofoq-issues-prospectus-for-nomu-ipo\/\">\r\n                            Medical firm Balsm Alofoq issues prospectus for Nomu IPO                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/05\/balsm-alofoq-issues-prospectus-for-nomu-ipo\/\" 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 firm lined up capital market approval for the move back in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/14ae0fd7-cac7-4d45-9940-b25f91c27d5d\/saudi-medical-team-completes-first-robotic-heart-transplant\" style=\"\" rel=\"noopener\">September<\/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>Use of <\/strong><strong>proceeds<\/strong><strong>: <\/strong>SAR 2.35 mn of the offering\u2019s proceeds will go towards covering IPO-related expenses. Net proceeds from the sale will be channeled towards funding the company\u2019s expansion plans \u2014 expected to cost SAR 24.9 mn \u2014 including the procurement of medical equipment and the development of warehouses. The company will turn to alternative financing such as bank loans if the offering proceeds fail to meet the targeted funding, while surplus funds will be allocated towards boosting working capital. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Timeline:<\/strong> Qualified investors can book a maximum of 62,490 shares and a minimum of 10 shares during the subscription period which runs between Sunday, 1 December and Thursday, 5 December. The final allocation is slated for Tuesday, 10 December and any excess funds will be refunded by Thursday, 12 December. The first day of trading will be announced once all regulatory requirements have been met.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Post-IPO structure + lockup: <\/strong>The outfit\u2019s three major shareholders \u2014 Khamis Abdallah Al Harbi, Ghadeer Khamis Al Harbi, and Raghad Khamis Al Harbi \u2014 will see their ownership diluted from a combined 88.75% stake down to 71%. They will not be able to sell down their positions for a period of 12 months from the first day of trading. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A snapshot of FY <\/strong><strong>2023<\/strong><strong>: <\/strong>The company logged SAR 4.2 mn in net income last year, up from the SAR 3.5 mn it posted for 2022, according to audited earnings results published in the prospectus. Revenues came in at SAR 18 mn for the year, up from SAR 17 mn in 2022. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Balsm Alofoq:<\/strong> Founded in 2012, the Buraidah-based company specializes in the operation of hospitals, clinics, one day surgery centers, medical laboratories, and the wholesale of medical devices, according to the prospectus. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- Yaqeen Capital <\/strong>is quarterbacking the transaction as financial advisor and lead manager. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, Al Jazira Capital, Riyad Capital, ANB Capital, Albilad Capital, Al Rajhi Capital, Saudi Fransi Capital, SAB Invest, Alkhabeer Capital, Sahm Capital, among others. <\/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\/balsm-alofoq-medical\/\">Balsm Alofoq Medical<\/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\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/nomu\/\">Nomu<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/tadawul\/\">Tadawul<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"91235\" 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=\"91235\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/05\/sabic-stc-bupa-arabia-sal-saudi-logistics-services-ades-holding-and-mouwasat-report-earnings\/\">\r\n                            Sabic, STC, Bupa Arabia, SAL Saudi Logistics Services, Ades Holding, and Mouwasat report earnings                        <\/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 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/320.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"320.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/320.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/320.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-91235\" class=\"content-area-description single-story post-91235 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-ades-holding tag-bupa-arabia tag-earnings-watch tag-enterpriseam-ksa tag-mouwasat tag-sabic tag-sal-saudi-logistics-services tag-stc 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\/11\/.2e002229-5de3-4129-8c52-82895b441497.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">SABIC-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Aramco petrochem subsidiary <\/strong><strong>Sabic reported SAR 1 bn in net<\/strong><strong> income in 3Q <\/strong><strong>202<\/strong><strong>4<\/strong>, recovering from a SAR 2.8 bn loss in the same quarter last year, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/224.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a> and <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=83362&anCat=1&cs=2010&locale=en\" style=\"\" rel=\"noopener\">a disclosure to Tadawul<\/a>. Sabic attributed the reversal to higher margins and gains from divestments and FX changes. Revenues grew 2.5% y-o-y to SAR 36.9 bn over the period as improved average selling prices offset a slight drop in sales volumes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The petrochem giant\u2019s 3Q results fell below analyst expectations of a SAR 1.6 bn<\/strong><strong> bottomline<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/petrochemicals-firm-sabic-swings-profit-q3-misses-analysts-forecasts-2024-11-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported citing LSEG data. Net income was also lower than the previous quarter\u2019s SAR 2.18 bn gain. Higher feedstock prices and lower selling prices continue to weigh on earnings, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-04\/saudi-chemicals-giant-misses-on-profit-as-recovery-stalls\" style=\"\" rel=\"noopener\">Bloomberg<\/a> notes. \u201cOvercapacity continues to weigh on the market,\u201d CEO Abdulrahman Al Fageeh said, adding that utilization rates are below long run averages.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a 9M basis:<\/strong> Sabic reported SAR 3.4 bn in net income for the first nine months of the year, overturning the previous year\u2019s SAR 1.04 bn loss. Revenues fell 1.2% to SAR 105.3 bn during the period as a bump in selling prices was offset by declining sales volumes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead: <\/strong>Sabic has pared down capex guidance for the year to USD 3.3-3.9 bn, down from an earlier USD 5-5 bn floor, Bloomberg said. This comes as Sabic and parent company Aramco cut plans for a new Saudi refining hub, with the pair shifting downstream investments to assets in Asia <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/51218718-e3c5-4e5d-9a37-ca9fd7139376\/aramco-reportedly-scraps-plans-for-ras-al-khair-refining-and-chemical-plant\" style=\"\" rel=\"noopener\">in a bid to lock-in future demand<\/a> for Saudi crude. Aramco is set to report its third quarter results today. <\/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\">STC-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Stc\u2019s net income fell 5.3% y-o-y to SAR 4.6 bn in 3Q 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=83348&anCat=1&cs=7010&locale=en\" style=\"\" rel=\"noopener\">disclosure to<\/a><a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=83348&anCat=1&cs=7010&locale=en\" style=\"\" rel=\"noopener\">Tadaw<\/a><a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=83348&anCat=1&cs=7010&locale=en\" style=\"\" rel=\"noopener\">ul<\/a>. The decline was attributed to higher operating expenses and reduced other income, partially offset by a SAR 1.5 bn withholding tax reversal. Meanwhile, revenues grew 3.4% y-o-y to SAR 18.6 bn for the same period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a 9M basis:<\/strong> The company\u2019s bottom line grew 1.9% y-o-y to SAR 11.2 bn, with revenues up 3.9% to SAR 56.6 bn, reaching an all-time high for the period, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/222.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. The increase was driven by gains from Stc\u2019s commercial, mobility, and residential segments as well as its subsidiaries, which compensated for declines in the business, carriers, and wholesale units.<\/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\">BUPA ARABIA FOR COOPERATIVE INS.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bupa Arabia for Cooperative Ins. reported a net income of SAR 356.3 mn in 3Q 2024<\/strong>, a 29.4% increase y-o-y, driven by gains from ins. services (up 35.7%) and net investments (up 22.9%), despite a 32.7% rise in other operating expenses, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=83336&anCat=1&cs=8210&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Meanwhile, revenues rose 11.2% y-o-y to SAR 4.6 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a 9M basis:<\/strong>The company\u2019s bottom line grew 34.1% y-o-y to SAR 1.1 bn and its revenues increased 15% to SAR 13.5 bn. <\/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\">ADES HOLDING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt-born Ades Holding\u2019s net income rose 132.7% y-o-y to SAR 203.3 mn in <\/strong><strong>3Q 2024<\/strong>, with higher depreciation costs due to the rolling out of new rigs in Saudi, Kuwait, and India limiting the company\u2019s net income growth, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/236.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a> and <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=83358&anCat=1&cs=2382&locale=en\" style=\"\" rel=\"noopener\">a disclosure to Tadawul<\/a>. Revenues were up 45.8% y-o-y to SAR 1.6 bn over the same period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a 9M basis:<\/strong> The company\u2019s net income increased 114.2% y-o-y to SAR 606.3 mn during the first nine months of the year on the back of revenue growth and higher profitability that were partly offset by higher depreciation costs. Revenues grew 51.3% to SAR 4.6 bn over the period, due to newly deployed and reactivated onshore and offshore rigs across different locations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ades had a busy 3Q:<\/strong> The company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/aa6c8bb3-f967-43b1-8734-654230e6ac23\/%253cmark%253eades%253c%2Fmark%253e-lands-10-year-renewal-contracts-from-aramco-for-two-onshore-rigs\" style=\"\" rel=\"noopener\">secured 10-year renewals<\/a> from Aramco for two of its Saudi onshore rigs, Ades 13 and Ades 14, at some SAR 946 mn, last month. Ades Holding subsidiary Ades International Holding also directly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/8a96daa4-e8ee-42a8-a5f6-e92cfeb444d2\/%253cmark%253eades%253c%2Fmark%253e-boosts-southeast-asia-footprint\" style=\"\" rel=\"noopener\">acquired two jack-up rigs<\/a> in Southeast Asia from <a target=\"_blank\" href=\"https:\/\/vantagedrilling.com\/\" style=\"\" rel=\"noopener\">Vantage Drilling<\/a> in a transaction valued at USD 190 mn, earlier in September.<\/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\">SAL SAUDI LOGISTICS SERVICES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SAL\u2019s net income increased 34.1% <\/strong><strong>y-o-y<\/strong><strong> to SAR 155.5 mn in 3Q 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=83344&anCat=1&cs=4263&locale=en\" style=\"\" rel=\"noopener\">disclosure<\/a><a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=83344&anCat=1&cs=4263&locale=en\" style=\"\" rel=\"noopener\">to Tadawul<\/a> and <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/233.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. Revenues were up 0.4% y-o-y to SAR 367.3 mn, fueled by growth in cargo handling revenue, though this was offset by a decline in the logistics division due to changes in project timing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a 9M basis:<\/strong>The company\u2019s bottom line grew 57.8% y-o-y to SAR 519.4 mn and its revenues increased 17.2% to SAR 1.2 bn, driven by higher air cargo volumes and the company's expansion into the logistics business, alongside effective cost management.<\/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\">MOUWASAT- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mouwasat Medical Services\u2019 net income fell 4.3% y-o-y at SAR 149.6 mn in 3Q <\/strong><strong>2024<\/strong>, on the back of higher debt provision formations and costs, according to <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=83383&anCat=1&cs=4002&locale=en\" style=\"\" rel=\"noopener\">a disclosure to Tadawul<\/a>. Revenues came in at SAR 710.7 mn over the same period, marking a 10.9% increase compared to 3Q 2023. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a 9M basis:<\/strong>The company\u2019s bottomline remained basically unchanged y-o-y during the first nine months of the year at SAR 473.9 mn, while revenues were up 9.9% at SAR 2.1 bn. <\/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\/ades-holding\/\">Ades Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/bupa-arabia\/\">Bupa Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/earnings-watch\/\">EARNINGS WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/mouwasat\/\">Mouwasat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/sabic\/\">SAbic<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/sal-saudi-logistics-services\/\">SAL Saudi Logistics Services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/stc\/\">STC<\/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=\"91237\" 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=\"91237\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">ALSO ON OUR RADAR<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/05\/after-seic-capital-injection-social-impact-capital-launches-mto-for-egypts-cira-education\/\">\r\n                            After SEIC capital injection, Social Impact Capital launches MTO for Egypt\u2019s CIRA Education                        <\/a>\r\n                    <\/h3>\r\n\r\n                    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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/312.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"91238\" data-permalink=\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/05\/after-seic-capital-injection-social-impact-capital-launches-mto-for-egypts-cira-education\/312-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/312.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"312.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/312.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/312.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-91237\" class=\"content-area-description single-story post-91237 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-albilad-capital tag-also-on-our-radar tag-asyad-holding-group-wafi-energy tag-avalon-pharma tag-edafa-ventures tag-elm tag-enterpriseam-ksa tag-mobily tag-national-environmental-recycling-tadweer tag-obeikan-glass tag-shell-pakistan-limited-spl tag-sico-bsc tag-sico-capital tag-telecom-egypt 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\/11\/.9b2aea5f-06f1-43c3-b13b-7e35847239e0.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>Leading Egyptian education provider CIRA Education majority shareholder Social Impact<\/strong><strong> Capital (SIC) has submitted a mandatory tender offer<\/strong> to acquire up to an additional 48.78% of CIRA, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/277.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> from Egypt\u2019s Financial Regulatory Authority. SIC currently holds a 51.2% stake in the country\u2019s leading private education company. The offer is currently being reviewed by the FRA.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All part of PIF\u2019s plan to take over CIRA: <\/strong>The Saudi Egyptian Investment Company \u2014 a wholly-owned subsidiary of the Public Investment Fund \u2014 said in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a82c702-10eb-4631-b5ba-77ad9f1a1781\/pif-returns-to-market-in-first-post-float-investment,-aims-to-take-cira-education-private-in-partnership-with-founders\" style=\"\" rel=\"noopener\">May<\/a> that it would buy into SIC. SIC used the cash injection to launch its mandatory tender offer for the rest of CIRA\u2019s shares.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ve seen this movie before: <\/strong>PIF has a proven track record of turning national players into regional champions, with the global growth of born-in-Egypt driller Ades Holding being a case in point. Since acquiring Ades and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ccb1a651-d6f5-4d96-9a08-7fd1c549c903\" style=\"\" rel=\"noopener\">taking it private<\/a>, PIF has helped Ades land contracts in Saudi Arabia and new markets, refine its strategy, and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/05d3ae64-de32-4e1c-96d0-f185c0e7cba0\" style=\"\" rel=\"noopener\">go public again on Tadawul<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.sicocapital.com\/\" style=\"\" rel=\"noopener\">Sico Capital<\/a><\/strong><strong>, the Saudi <\/strong><strong>subsidiary of Bahraini investment bank Sico BSC,<\/strong><strong> launched a<\/strong> <strong>USD 250 mn residential real estate fund<\/strong>, which has already acquired three projects in Riyadh, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/sico-announces-500mln-in-new-investment-products-at-gateway-gulf-2024-q7tqa9qs\" style=\"\" rel=\"noopener\">press release<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">TELECOM-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mobily will deploy the first Saudi submarine cable connecting the Kingdom with Egypt in<\/strong> <strong>partnership with Telecom Egypt<\/strong>, Egypt\u2019s state-run telecom operator, according to a Telecom Egypt <a target=\"_blank\" href=\"https:\/\/ir.te.eg\/en\/CorporateNews\/PressRelease\/207\/Mobily-Partners-with-Telecom-Egypt-to-Land-the-First-Saudi-Submarine-Cable-Linking-Saudi-Arabia-and-Egypt-through-the-Red-Sea\" style=\"\" rel=\"noopener\">statement<\/a>. The cable, which is fully owned by Mobily, will run across the Red Sea and will be anchored at the Kingdom\u2019s Duba landing station and its counterpart in Egypt\u2019s Sharm El Sheikh. The project aims to enhance connectivity between Asia and Africa, and open access to potential connections to Europe. <\/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\">TOURISM-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PIF-owned IT solutions firm <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.elm.sa\/en\/Pages\/default.aspx\" style=\"\" rel=\"noopener\">Elm<\/a><\/strong><strong> agreed to develop an e-platform for the Jeddah Historic<\/strong> <strong>District <\/strong><strong>Program<\/strong> to monitor excavation and infrastructure projects in the area and automate the processing of municipal licensing requests, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/en\/N2200488\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reports. The partnership between Elm and the Culture Ministry-run program also includes establishing a project coordination office, operating a beneficiary communication center, and equipping a monitoring and control room.<\/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\">DEBT WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Glass manufacturer <\/strong><strong><a target=\"_blank\" href=\"https:\/\/obeikanglass.sa\/\" style=\"\" rel=\"noopener\">Obeikan Glass<\/a><\/strong><strong> secured a SAR 50 mn shariah-compliant loan<\/strong> <strong>from Riyad Bank to finance its working capital needs,<\/strong> according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=83337&anCat=1&cs=9531&locale=en\" style=\"\" rel=\"noopener\">filing to Tadawul<\/a>. The loan will carry a three-year tenor. <\/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.avalonpharmaceutical.com\/\" style=\"\" rel=\"noopener\">Middle East Pharma Industries (<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.avalonpharmaceutical.com\/\" style=\"\" rel=\"noopener\">Avalon Pharma)<\/a><\/strong><strong> obtained SAR 30 mn in a one-year<\/strong> <strong>shariah-compliant<\/strong><strong> loan from Saudi Awwal <\/strong><strong>Bank to fund its operations<\/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=83341&anCat=1&cs=4016&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>National Environmental Recycling (Tadweer) has lined up SAR 50 mn in a<\/strong> <strong>shariah-compliant<\/strong><strong>loan<\/strong> from the Saudi Export-Import bank, it said in <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=83372&anCat=1&cs=9540&locale=en\" style=\"\" rel=\"noopener\">a filing to Tadawul<\/a>. The one-year financing agreement will help it shore up liquidity to fund its working capital requirements. <\/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\">M&A WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asyad Group subsidiary Wafi Energy has finalized the purchase of a <\/strong><strong>77.4% majority stake<\/strong> <strong>in Shell <\/strong><strong>Pakistan Limited<\/strong>, raising its total ownership to 87.8%, according to a <a target=\"_blank\" href=\"https:\/\/www.shell.com.pk\/media\/news-and-media-releases-2024\/wafi-energy-becomes-the-majority-shareholder-of-shell-pakistan-limited.html\" style=\"\" rel=\"noopener\">press release<\/a>. The Shell brand will continue operating in Pakistan through retail and brand licensing agreements, with SPL serving as the exclusive licensee, <a target=\"_blank\" href=\"https:\/\/www.dawn.com\/news\/1869052\/wafi-energy-completes-shell-pakistan-acquisition\" style=\"\" rel=\"noopener\">Dawn<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This has been in the works for a while:<\/strong> Plans for the sale of Shell's assets in Pakistan were first made in June last year under the global energy giant\u2019s plan to \u201chigh-grade its mobility network.\u201d It later <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/1fc623a9-e8b6-40c2-9300-df1fdc157851\/aramco-to-enter%253cmark%253e-pakistan%253c%2Fmark%253e-through-stake-in-fuel-retailer-go\" style=\"\" rel=\"noopener\">agreed<\/a> in November to sell its majority interest in Shell Pakistan to Asyad\u2019s Wafi Energy. The acquisition got the greenlight from Pakistan\u2019s competition authority in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/a3440b61-9f2c-470a-b654-71c73ced46f4\/pakistan%25e2%2580%2599s-competition-authority-okays-asyad%25e2%2580%2599s-acquisition-of%253cmark%253e-shell-pakistan%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">July<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HOSPITALITY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Albilad Capital acquired the 359-key M\u00f6venpick Hotel and Residences in Riyadh\u2019s <\/strong><strong>Al-Ghadir district for around SAR 1 bn<\/strong> through its Albilad Hospitality Fund I, it said in a <a target=\"_blank\" href=\"https:\/\/www.albilad-capital.com\/en\/news\/Pages\/new9.aspx\" style=\"\" rel=\"noopener\">statement<\/a>. The fund\u2019s annual return on investment is expected to clock in at around 8.7% on average over the next 3 years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">STARTUP WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Edafa Ventures acquired a 35% stake in Cairo-born social networking platform <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/business-lobby-networking\/\" style=\"\" rel=\"noopener\">Business<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/business-lobby-networking\/\" style=\"\" rel=\"noopener\">Lobby<\/a><\/strong><strong> for an <\/strong><strong>undisclosed sum<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/business-lobby-networking_business-lobby-announces-partnership-with-activity-7259235628217737216-RD__?utm_source=share&utm_medium=member_desktop\" style=\"\" rel=\"noopener\">a LinkedIn post<\/a>. No further details were given. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is the third investment made by Edafa in an Egyptian startup this week:<\/strong> The Saudi VC <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/edition\/am\/a0c0a680-331f-44d9-a9c8-b6ed816b4334\/the-pif-now-holds-a-majority-stake-in-mbc\" style=\"\" rel=\"noopener\">recently<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/edition\/am\/a0c0a680-331f-44d9-a9c8-b6ed816b4334\/the-pif-now-holds-a-majority-stake-in-mbc\" style=\"\" rel=\"noopener\">acquired<\/a> a USD multi-mn \u201cstrategic stake\u201d in Egypt-based corporate solutions app TaskedIn, and a 25% stake in Cairo-based edtech player Bonyan. <\/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\/albilad-capital\/\">Albilad Capital<\/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\/asyad-holding-group-wafi-energy\/\">Asyad Holding Group. Wafi Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/avalon-pharma\/\">Avalon Pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/edafa-ventures\/\">Edafa Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/elm\/\">Elm<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/mobily\/\">Mobily<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/national-environmental-recycling-tadweer\/\">National Environmental Recycling (Tadweer)<\/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\/shell-pakistan-limited-spl\/\">Shell Pakistan Limited (SPL)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/sico-bsc\/\">SICO BSC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/sico-capital\/\">SICO Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/telecom-egypt\/\">Telecom Egypt<\/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=\"91239\" 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=\"91239\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/05\/election-jitters-and-fed-rate-decision-set-to-shake-wall-street-this-week\/\">\r\n                            Election jitters and Fed rate decision set to shake Wall Street this week                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/ksa\/2024\/11\/05\/election-jitters-and-fed-rate-decision-set-to-shake-wall-street-this-week\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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As one portfolio manager put it, \u201c5 November is going to be a blindfolded mud-wrestle in a minefield,\u201d pointing out the uncertainty revolving around the elections this time around.<\/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 as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Everybody is preparing for the big night:<\/strong> Major banks like JPMorgan and Goldman Sachs are staffing up to ensure their trading desks are ready to handle high volumes and volatility throughout the election night. \u201cWe will stay as long as we need \u2014 if that\u2019s 2 am, it\u2019s 2 am. If we have to sleep over, we will,\u201d said Glen Capelo of Mischler Financial Group.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Focus on bonds and currencies:<\/strong> The ICE BofA Move index \u2014 a key measure of expected volatility in the US bond market \u2014 surged by 40% last month, while the CME index of implied volatility across major currencies hit its highest level since early 2023. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What happens if who wins?<\/strong> Traders have been putting their money on former president Donald Trump winning for weeks, pushing up stocks, currencies, and crypto, all while bond yields were on the rise. After a poll showed that the Democratic Party\u2019s Kamala Harris has a lead over Trump in Iowa, the Bloomberg USD Index dropped to its lowest since August, yields on 10-year Treasuries fell, and BTC slipped. Traders are eyeing the return of popular \u201cTrump trades\u201d \u2014 going long on the USD and short on bonds \u2014 with plans to either capitalize on or swiftly unwind these positions, depending on how the results go. But if Harris pulls the rug from under Trump\u2019s feet, Trump trades could reverse, leaving behind dramatic swings in the market overnight.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Lessons from the past:<\/strong> Traders are revisiting the 2016 elections, when markets initially misread the results of the polls, pushing US futures to swing widely. This time, hedge funds are scaling back risks and preparing for any unexpected moves. \u201cEquity markets collapsed after Trump was elected [in 2016], but that lasted a day, then they rallied,\u201d noted Ed Al Hussainy of Columbia Threadneedle Investments. Traders are adopting a neutral stance to shore up their liquidity. \u201cWe\u2019ve spent a lot of time cleaning up our inventory and our own positions in order to be as neutral as possible to approach the event from the perspective of providing that intermediation,\u201d Citi\u2019s Vikram Prasad said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It's not just the Oval Office that matters<\/strong>, as market reactions also hinge on Congressional outcomes. A Republican sweep could trigger inflation and higher bond yields, as Trump\u2019s plans to cut tax and import tariffs could very much reverse the course on inflation and increase US national debt, while a divided Congress may limit policy shifts, offering some balance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ongoing market volatility could extend beyond today<\/strong>, as Wall Street braces for potentially delayed or contested election results. Such scenarios could lead to a prolonged market uncertainty, making it difficult for traders to navigate. There\u2019s also the Federal Reserve\u2019s upcoming rate decision on Thursday, where a second consecutive rate cut is widely expected, with one survey showing that 98% of traders are banking on a 25 bps cut by the end of this week. The Fed\u2019s decision will play a key role in shaping post-election market dynamics, as traders balance election outcomes with potential shifts in monetary policy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax:<\/strong> It was a sea of red across US markets with the Dow Jones ending the first trading day of the week down 0.6%, the S&P 500 dipping 0.3%, and the Nasdaq falling 0.3%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story is all over international press<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/features\/2024-11-03\/how-traders-are-preparing-to-watch-2024-election-night-results?srnd=homepage-middle-east&embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/8fce4fc5-c2e7-474a-9053-55c749aca88a\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/11\/03\/stock-market-today-live-updates.html\" style=\"\" rel=\"noopener\">CNBC<\/a>. <\/p>\n<p class=\"tag-border-left\"> MARKETS THIS MORNING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are mixed at dispatch time<\/strong> as investors sit awaiting the results of the US presidential election and the Federal Reserve\u2019s decision when it meets later this week. Japan\u2019s Nikkei is up 1.3% and South Korea\u2019s Kospi is down 0.5%. <\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>TASI<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,039<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +0.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">1,512<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: -2.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>NomuC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28,063<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+2.8% (YTD: +14.4%)<\/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-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">30,650<\/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: +23.1%)<\/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>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\">9,331<\/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: -2.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,585<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.8% (YTD: +12.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,713<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +19.8%)<\/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>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\">8,184<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +5.8%)<\/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>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\">4,852<\/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: +7.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 75.12<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+2.8%<\/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>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 2.78<\/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\">+4.4%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,746<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-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 68,072<\/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% (YTD: +60.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\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>fell 0.1% <strong>yesterday <\/strong>on turnover of SAR 6.2 bn. The index is up +0.6% YTD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green:<\/strong> Burgerizzr (+10.0%), Retal (+9.6%) and Al Baha (+7.1%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Epcco (-6.8%), SRMG (-4.2%) and APC (-4.0%).<\/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> rose 2.8% <strong>yesterday <\/strong>on turnover of SAR 93.1 mn. The index is up 14.4% 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> Jahez (+12.9%), Paper Home (+8.9%) and Al Hasoob (+8.7%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> Meyar (-7.1%), Taqat (-6.6%) and NGDC (-4.6%)<\/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-<\/strong> <strong>Walaa Cooperative Ins. has issued a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/265.pdf\" style=\"\" rel=\"noopener\">prospectus (pdf)<\/a><\/strong><strong> for a SAR 467.5 mn rights issue <\/strong><strong>at SAR 11 per share to boost capital.<\/strong> The capital increase \u2014 which represents nearly 50% of current capital \u2014 is intended to support the company\u2019s expansion plans and to maintain its credit rating. The funds will be funneled towards investments and to increase its statutory deposit as per Sama regulations. Unsubscribed shares will be grouped into a rump offering for institutional investors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Walaa tapped Aljazira Capital as financial advisor, lead manager, and underwriter for the sale. Khaligyoun Legal Advisors is stepping in as legal advisor while Crowe Solutions and El Sayed El Ayouty will serve as auditors. <\/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:\/\/sauditop.com.sa\/\" style=\"\" rel=\"noopener\">Saudi Top<\/a><\/strong><strong>\u2019s board tapped <\/strong><strong><a target=\"_blank\" href=\"https:\/\/wathiqconsultancy.com\/\" style=\"\" rel=\"noopener\">Wathiq Financial Company<\/a><\/strong><strong> as a financial advisor to<\/strong><strong> manage its transition from Nomu to Tadawaul\u2019s main market<\/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=83339&anCat=1&cs=9552&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. The move is still subject to CMA approval and to fulfilling requirements for the upgrade.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- SAL Saudi Logistics Services\u2019 board greenlit a SAR 116 mn dividend distribution <\/strong>at SAR 1.45 per share for 3Q 2024, to be distributed by Saturday, 30 November, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=83353&anCat=1&cs=4263&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Saudi Telecom Company (Stc) will distribute SAR 2 bn in dividends at SAR 0.4 per<\/strong><strong> share <\/strong>for 3Q 2024, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=83349&anCat=1&cs=7010&locale=en\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. Distribution is set for Tuesday, 26 November.<\/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\/federal-reserve\/\">Federal Reserve<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/financial-markets\/\">Financial markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/planet-finance\/\">PLANET FINANCE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/ksa\/tag\/wall-street\/\">Wall Street<\/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=\"91241\" 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\/11\/05\/91241\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-91241\" class=\"content-area-description single-story post-91241 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;\">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>5-9 November (Tuesday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bibanglobal.sa\/en\" style=\"\">Biban24 Forum<\/a><\/span><span style=\"font-weight:400;\">, The Front Exhibition and Conference Center, Riyadh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11 November (Monday): Last day for qualified investors to subscribe to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2024\/10\/918.pdf\" style=\"\">Mufeed's 10% stake (pdf)<\/a><\/span> <span> on Nomu.<\/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:\/\/cityscapeglobal.com\/?utm_source=google&utm_medium=paid-search&utm_campaign=aec24sau-jh-google-prospecting&gad_source=1&gclid=Cj0KCQjw05i4BhDiARIsAB_2wfDfBbmOYXOHRTsyHdX9gTKIvzl_Sr560b_AP9JPewie42f2OQFFbIMaAi8zEALw_wcB\" style=\"\">Cityscape Global<\/a><\/span><span style=\"font-weight:400;\">, Riyadh Exhibition and Convention Center. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>11-22 November (Monday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wipo.int\/diplomatic-conferences\/en\/design-law\/practical-information.html\" style=\"\">The Diplomatic Conference to Conclude and Adopt a Design Law Treaty<\/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;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><span>11-13 November (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/informaconnect.com\/saudi-intermobility-expo\/\" style=\"\">Saudi Intermobility Expo 2024<\/a><\/span><span style=\"font-weight:400;\">, Jeddah.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>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;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>20-21 November (Wednesday-Thursday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.terrapinn.com\/template\/live\/add2diary.aspx?e=10826\" style=\"\">Saudi Rail Conference and Exhibition<\/a><\/span><span style=\"font-weight:400;\">, Riyadh International Convention and Exhibition 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>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>26-28 November (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.saudiarabia-energy.com\/en\/home.html\" style=\"\">Saudi Electricity Expo<\/a><\/span><span style=\"font-weight:400;\">, Riyadh. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>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>4-5 December (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/zatca.gov.sa\/en\/MediaCenter\/News\/Pages\/news_1294.aspx\" style=\"\">Zakat, Tax and Customs 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>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>18-19 December (Wednesday-Thursday): <\/span> <span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/impaq.media.gov.sa\/\" style=\"\">Impact Makers Forum (ImpaQ)<\/a><\/span><span style=\"font-weight:400;\">, Mayadeen Hall, 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>31 December (Tuesday): Last day for taxpayers to benefit from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/zatca.gov.sa\/en\/MediaCenter\/News\/Pages\/news_1301.aspx\" style=\"\">Zatca\u2019s fines and penalties waiving initiative<\/a><\/span><span>.<\/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;\">2025<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1Q: BinDawood Holding expected to close <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1765279\" style=\"\">100% acquisition<\/a><\/span><span> of Zahrat Al Rawdah Pharma  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>Saudi and Turkey plan to raise their bilateral<\/span><span> trade volume to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.trtworld.com\/turkiye\/turkiye-saudi-arabia-aim-to-boost-trade-to-dollar10-billion-18228043\" style=\"\">USD 10 bn<\/a><\/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>1-17 January (Wednesday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.dakar.com\/en\/overall-route\" style=\"\">2025 Dakar<\/a><\/span><span style=\"font-weight:400;\">, Bisha and Shubaytah. <\/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>4-5 February (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.prnewswire.com\/news-releases\/rlc-global-forum-debuts-in-riyadh-shaping-the-future-of-global-retail-302264227.html\" style=\"\">The RLC Global 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>6 February (Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/x.com\/RERSaudi\/status\/1853003668976538016\" style=\"\">Property registration deadline<\/a><\/span><span> for owners in several districts of seven Qassim cities.<\/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>19-21 February (Wednesday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/saudimf.sa\/en\" style=\"\">Saudi Media 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 style=\"font-weight:400;\">22 February (Saturday): Founding Day.<\/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;\">MARCH 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;\">31 March- 3 April (Monday-Thursday): Eid Al Fitr.<\/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;\">MAY 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;\">31 May-5 June (Saturday-Thursday): Hajj.<\/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;\">6-9 June ( Friday-Monday): Eid al-Adha.<\/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\">JULY 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;\">31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022\/2023 revenues to integrate e-invoicing solutions with Fatoora. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER 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;\">23 September (Tuesday): Saudi National Day.  <\/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:400;\">26-29 October (Monday-Thursday): World Energy Congress, 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\">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 style=\"font-weight:400;\">takes place in 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\">The Ocean Race<\/span><span style=\"font-weight:400;\"> finishes in Amaala on the Red Sea.<\/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":"","protected":false},"featured_media":91223,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-91222","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"47b9c5c8-e336-4368-889c-44b0a6c8e255","teaser":"","photo_url":"https:\/\/ent.news\/2024\/1\/2272.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>Budget deficit widens in 3Q 2024 - 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\/budget-deficit-widens-in-3q-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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