{"id":82062,"date":"2024-01-21T00:00:00","date_gmt":"2024-01-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/01\/21\/riyadh-will-play-host-to-world-economic-forum-meeting-in-april\/"},"modified":"2024-01-21T00:00:00","modified_gmt":"2024-01-21T00:00:00","slug":"riyadh-will-play-host-to-world-economic-forum-meeting-in-april","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/01\/21\/riyadh-will-play-host-to-world-economic-forum-meeting-in-april\/","title":{"rendered":"Riyadh will play host to World Economic Forum meeting in April"},"content":{"rendered":"

Good morning, friends, and welcome to our final week of zero issues. <\/strong>EnterpriseAM Saudi will go live to the outside world on Sunday, 28 January. <\/p>\n

We look forward to seeing some of you in Riyadh this evening<\/strong> for the launch of Mithaq Law<\/a>Firm<\/a> in Association with ALC Alieldean Weshahi and Partners<\/a>. The firm will be the latest member of the Grimaldi Alliance<\/a>.<\/p>\n

Want to have coffee this week? <\/strong>Email patrick@enterprisemea.com<\/a>. <\/p>\n

Tap or click here<\/a><\/strong> to get <\/strong>EnterpriseAM Saudi in your inbox <\/strong>on launch day.<\/p>\n

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THE BIG STORY of the morning? Still the World Economic Forum<\/strong>, which key members of the cabinet economic team used as a global platform to drive forward the global conversation on the Saudi opportunity. We have the latest in this morning\u2019s news well, below. <\/p>\n

<\/a> Don\u2019t expect the conversation to end there: <\/strong>Riyadh <\/strong>will host a special meeting of the World Economic Forum <\/strong>28-29 April<\/a><\/strong>. <\/strong>Global collaboration, growth, and energy will lead the agenda, said Economy Minister Faisal Alibrahim said on Friday in Davos. WEF in Riyadh won\u2019t steal the spotlight from the Future Investment Forum<\/strong>, he added. <\/p>\n

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WATCH THIS SPACE-<\/p>\n

#1- Not just another Bric in the wall:<\/strong>The government is still considering joining the Brics alliance as it assesses benefits, two sources told Reuters<\/a> last week. \u201cSaudi Arabia is assessing the benefits and then will make a decision, there is a process happening,\u201d one of the sources said. They clarified that a set date of 1 January was not a deadline for the decision. Their statements come days after Commerce Minister Majid Al Kasabi said the Kingdom had not formally joined BRICS just yet.<\/p>\n

The take-home message: <\/strong>\u201cThe Kingdom is a part of many multilateral platforms and multilateral institutions and whenever the kingdom is invited into one of them it goes through a process that is a multi-step process and at the end of it a decision is made,\u201d Economy MInister Faisal Alibrahim said.<\/p>\n

#2- <\/strong>PGM extends IPO subscription period<\/strong>: <\/strong>Stationary supplier Pan Gulf Marketing<\/a>(PGM)<\/a> has extended the subscription period for its planned IPO on Nomu until Monday, 29 January, Argaam<\/a> reported last week, citing a complementary prospectus by the company. The book-building period for qualified investors was originally set for 10-18 January, with a set price range of SAR 51 to SAR 59 per share.<\/p>\n

Background:<\/strong> PGM is planning to offer<\/a> 600k shares \u2014 good for 12% of the company\u2019s 50 mn capital. Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager, while PKF is acting as the legal advisor.<\/p>\n

#3- <\/strong>Johnny Depp is back in the director\u2019s chair \u2014 this time for Saudi-backed film Modi<\/strong>. <\/strong>No, not that Modi: The film, backed by Jeddah-based Red Sea Film Foundation<\/a>, follows the life of Italian artist Amedeo Modigliani, the foundation said on Instagram<\/a> yesterday. Al Pacino plays a supporting role as real-life French art collector Maurice Gangnat. It\u2019s Depp\u2019s first directorial outing in two decades. <\/p>\n

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DATA POINTS-<\/p>\n

<\/a> #1- Non-oil GDP is forecast to grow between 4.5% to 5% this year<\/strong>, Al Arabiya<\/a> reports, citing statements by Economy and Planning Minister Faisal Alibrahim at the WEF in Davos. He also projected the tourism sector to grow by c. 4.4% this year. <\/p>\n

In tune with what the pundits are saying:<\/strong> Non-oil GDP is expected to grow 3-4% every year through 2030 on the back of efforts to diversify away from oil, according to Moody\u2019s Analytics in December<\/a>. The World Bank said in November<\/a> that it expects the non-oil economy to grow at a 4.3% y-o-y clip this year on the back of \u201clooser fiscal policy, robust private consumption, and public investment drive,\u201d cushioning a sluggish oil economy. The Finance Ministry is penciling<\/a> in a more optimistic growth rate of 5.9% for non-oil activity in 2023.<\/p>\n

#2- <\/strong>Tourist <\/strong>arrivals exceeded pre-pandemic levels recorded in 2019, growing 56% <\/strong>in 2023<\/strong>, according to the latest UNWTO Barometer (pdf)<\/a>. The Middle East was the only region to achieve growth on the 2019 figures with a 22% increase in tourist arrivals.<\/p>\n

#3- Foreign investment jumped 4% y-o-y in 3Q 2023 to <\/strong>SAR 2.5 trn, Argaam<\/a> reported last week, citing figures from SAMA. FDI account for 41%, or SAR 1.03 trn, of total foreign investment in the Kingdom.<\/p>\n

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HAPPENING TODAY<\/p>\n

<\/a> The Green Falcons will take on Kyrgyzstan today at 8:30pm KSA<\/strong> in their second game in the 2023 AFC Asian Cup in Doha. <\/p>\n

The main message from coach Roberto Mancini?<\/strong> Don\u2019t suffer a shock loss like tournament favorites Japan, which lost 2-1 against Iraq on Friday. \"Kyrgyzstan are a very good team. You know what happened yesterday with Japan against Iraq -- nobody thought Iraq can beat Japan,\" he said yesterday<\/a>.<\/p>\n

ICYMI-<\/strong> It was a stunning comeback for the national team, who topped Oman 2-1 in their opener last week. Confusion over the VAR that saw a goal by defender Ali Al Bulayhi disallowed in injury time before it was awarded in the last minutes.<\/p>\n

WEATHER-<\/strong> Expect clear skies in Riyadh and Al Khobar today with some sun and cloudy periods in Tabuk. Look for generally warmer weather this week before the mercury starts to dip next weekend.<\/p>\n