{"id":82022,"date":"2024-01-18T00:00:00","date_gmt":"2024-01-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/01\/18\/aramco-doubles-down-on-venture-capital-turkish-company-eyes-usd-5-bn-steel-plant\/"},"modified":"2024-01-18T00:00:00","modified_gmt":"2024-01-18T00:00:00","slug":"aramco-doubles-down-on-venture-capital-turkish-company-eyes-usd-5-bn-steel-plant","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/01\/18\/aramco-doubles-down-on-venture-capital-turkish-company-eyes-usd-5-bn-steel-plant\/","title":{"rendered":"Aramco doubles down on venture capital, Turkish company eyes USD 5 bn steel plant"},"content":{"rendered":"

Good morning, everyone. <\/strong>We hope the workweek has treated you well and that you\u2019re looking forward to the weekend as much as we are. <\/p>\n

We\u2019re delighted to let our zero-issue readers know that we\u2019ll be launching EnterpriseAM <\/strong>Saudi to the wider world on Sunday, 28 January. <\/strong>If you\u2019re on the list now, you\u2019re on the list for launch day, and you can point friends and colleagues here if they want to sign up, too<\/a>. <\/p>\n

ALSO- We launched EnterpriseAM UAE this Monday<\/strong> and are honored that thousands of execs, investors, and diplomats have signed up to receive it. You can subscribe here<\/a>. <\/p>\n

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News this morning is still largely dominated by what\u2019s happening on the ground in <\/strong>Davos<\/strong>, but we\u2019ve seen a nice uptick in standard business news, too, as you\u2019ll see below. Expect more of the same today and tomorrow \u2014 the gathering waps up on Friday.<\/p>\n

We have a full recap <\/strong>in the news well, below, of what happened yesterday. <\/p>\n

<\/a> HAPPENING TODAY: Always well-spoken Economy and Planning Minister Faisal <\/strong>Alibrahim will take to the stage <\/strong>in a session headlined MENA's Economic Dilemma: Reforming amid uncertainty<\/a> at 3:15 pm KSA. Egypt\u2019s International Cooperation Minister, Rania Al Mashat<\/strong>, will also be speaking on the panel along with Moroccan Finance Minister Nadia Fettah Alaoui<\/strong>.<\/p>\n

TOMORROW: Finance Minister Mohammed Al Jadaan will speak as Davos comes to an end. <\/strong>His panel is headlined The<\/a>Global Economic Outlook<\/a> and starts at 1pm KSA <\/p>\n

** You can watch select live sessions <\/strong>here<\/a><\/strong> and check out the full program <\/strong>here<\/a><\/strong>.<\/strong><\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a> #1- Aramco will pour an additional USD 4 bn to its global venture capital arm, <\/strong>Aramco<\/a><\/strong>Ventures<\/a><\/strong>, more than doubling its capital to USD 7 bn over the next four years, it said in a statement<\/a> yesterday. The additional funding will boost investments in \u201cnew energies, chemicals and the materials transition, diversified industrial businesses, and digital technologies,\u201d it said. Aramco also owns and manages the USD 500 mn Wa\u2019ad Ventures, which focuses on investments in local startups. The story is getting ink in the Financial Times<\/a>.<\/p>\n

Refresher- <\/strong>Aramco Ventures manages three funds including the USD 500 mn Digital \/ Industrial Fund, USD 1 bn Prosperity7 Ventures Fund<\/a>, and USD 1.5 bn Sustainability Fund<\/a>.<\/p>\n

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#2- Turkey\u2019s Tosyali eyes USD 5 bn steel plant: <\/strong>Turkish steelmaker Tosyali Holding<\/a> could invest as much as USD 5 bn in a planned steel plant here as part its international growth plans, chairman Fuat Tosyali told Bloomberg<\/a> on the sidelines of the World Economic Forum (WEF) in Davos. <\/p>\n

BACKGROUND- <\/strong>Tosyali inked a MoU last week<\/a> with the National Industrial Development Center (NIDC) to set up a flat rolled steel complex in Ras Al Khair industrial zone. The facility will produce 4 mn tons per year of hot and cold rolled coil, galvanized coil, and electrical steel for sale to the automotive, machinery and energy sectors. <\/p>\n

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<\/a> #3-<\/strong> EFG Holding unit mulls <\/strong>minority stake in e-payment app PayTabs: <\/strong>EFG Finance, the non-bank financial services arm of EFG Holding, might look into acquiring a stake in Saudi-headquartered PayTabs, EFG Finance CEO Aladdin El Afifi told Asharq Business<\/a>. EFG Finance would consider the option of giving up its 50% stake in PayTabs Egypt<\/a> \u2014 a joint venture between EFG Holding and PayTabs \u2014 for a minority stake in the local parent company, El Afifi said. EFG Finance \u201cwould like to have a seat at the table\u201d to help accelerate cross-border expansions, he added.<\/p>\n

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#4- We know more about ADCB\u2019s plans for Saudi: <\/strong>Abu Dhabi Commercial Bank is looking to offer \u201ca comprehensive range services for both corporate and institutional clients, including financing and working capital solutions\u201d under a foreign banking branch license.\u201d The bank is specifically looking to capture a share of the trade and investment flows between the two economies, it said in a statement (pdf)<\/a>. <\/p>\n

BACKGROUND- <\/strong>As we reported yesterday<\/a>, ministers at their weekly cabinet meeting signed off on a license for ADCB. <\/p>\n

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<\/a> #5- OPEC left unchanged its global oil demand forecasts for 2024,<\/strong> expecting a \u201crobust growth\u201d in demand for hydrocarbons in 2025 in an early forecast, it said in its monthly report (pdf)<\/a>. It sees demand for oil unchanged this year at 2.2 mn barrels per day. Demand in China and the Middle East will demand additional production capacity in 2025, it said. <\/p>\n

Oil prices were largely flat yesterday <\/strong>as a hit to US production on the back of cold weather balanced out energy demand concerns due to a lower-than-expected economic growth in China, Reuters<\/a> reports. Brent crude futures dipped USD 0.41 to USD 77.88, while US West Texas Intermediate crude futures were up USD 0.16 to USD 72.56.<\/p>\n

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#6- Work is in progress to integrate the KSA into BRICS, <\/strong>Russian news agency TASS<\/a> reported yesterday, citing statements by Kremlin spokesman Dmitry Peskov at Davos. \u201cThe work on the integration of Saudi Arabia with the BRICS countries continues; we consider it very important,\u201d he said. His statements come one day after Commerce Minister Majid Al Kasabi said the Kingdom has not formally joined BRICS yet, clarifying where it stands after the proposed joining date of 1 January passed.<\/p>\n

#7- An adventure hub that looks like an oil rig: <\/strong>The Oil Park Development Co \u2014 a subsidiary of the Public Investment Fund (PIF) \u2014 will develop an off-shore entertainment destination dubbed The Rig inspired by the Kingdom\u2019s offshore oil platforms, SPA<\/a> reported yesterday. It will be home to several water-related activities, including a splash park, diving center, e-sports hub, and a multi-purpose area.<\/p>\n

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PSAs-<\/p>\n

#1- Authorities have scrapped a three-year ban on expats who fail to return to the Kingdom <\/strong>before the expiry of their exit and reentry visa, Okaz<\/a> reported yesterday, citing sources it says have knowledge of the decision. Analysts say the move aims to create an attractive environment for investments and employment.<\/p>\n

#2- <\/strong>Some 10k citizens will be able to buy homes at an affordable interest rate of up to <\/strong>2.59%<\/strong>, according to a<\/a>National Housing Authority (NHC) statement<\/a> yesterday.The authority made the initiative available for everyone, scrapping a previously imposed income ceiling for applicants.<\/p>\n

First come, first serve: <\/strong>This special rate applies to the first 10k off-plan contracts sealed with four partner banks: Al Rajhi Bank, National Bank of Saudi Arabia, Albilad Bank, and Alawwal Bank. <\/p>\n

Locations: <\/strong>Homes on offer are in five suburban and urban communities developed by the Real<\/a>Estate Development Fund<\/a>. The fund started taking reservations yesterday through its sales offices. Find out more about the offered projects through this link<\/a>.<\/p>\n

<\/a> #3- Riyadh will host the first revamped edition of the Supercoppa Italiana today<\/strong> through Monday, 22 January, a statement (pdf)<\/a> by organizers read yesterday. The competition has been expanded to include the first and second finishers from Serie A and the Coppa Italia instead of a previous format of a one-off match between the winners of the league and cup. The mini-tournament will feature Inter Milan, Lazio, Napoli and Fiorentina.<\/strong><\/p>\n

WEATHER- <\/strong>Expect a delightful day in Riyadh with clear skies and abundant sunshine, with the weather cooling off from last week\u2019s highs. Al Hofuf and Taif should also be clear with some drifting clouds.<\/p>\n