{"id":82442,"date":"2023-11-30T00:00:00","date_gmt":"2023-11-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2023\/11\/30\/riyadh-cement-gets-update-to-main-market-from-nomu\/"},"modified":"2023-11-30T00:00:00","modified_gmt":"2023-11-30T00:00:00","slug":"riyadh-cement-gets-update-to-main-market-from-nomu","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2023\/11\/30\/riyadh-cement-gets-update-to-main-market-from-nomu\/","title":{"rendered":"Riyadh Cement gets update to main market from Nomu"},"content":{"rendered":"

Good morning, wonderful people, and welcome to our sixth zero issue <\/strong>of EnterpriseAM KSA. We\u2019ve got a packed issue for you this morning, so we\u2019re going to dispense with the pleasantries and jump right in after this brief distraction:<\/p>\n

<\/a> A lesson on how to court clients, the Elon Musk Edition:<\/strong> \u201cDon\u2019t advertise. If somebody did try to blackmail me with advertising, blackmail me with money, go [redact] yourself. Go. [Redact]. Yourself. Is that clear?<\/strong>\u201d Musk said on stage in New York yesterday after being asked about an advertiser walkout amid claims Musk was promoting anti-Semitism. The X boss then turned, looked for Bob Iger, whose Disney is among the brands that pulled ads, said, \u201cHey Bob.\u201d Catch the video on Threads for yourself.<\/a> <\/p>\n

** You\u2019re reading Zero Issue #004 of EnterpriseAM KSA. <\/strong><\/p>\n

** Think of a zero issue as a \u201cbeta.\u201d<\/strong> This issue has not been published or distributed to a wide audience. The sponsor logos above are not correct because we\u2019re still developing the new Saudi template.<\/p>\n

** Did you receive this as a forward?<\/strong> Email editorial@enterprisemea.com and let us know if you\u2019d like to be added to our list of beta readers ahead of our launch.<\/p>\n

** Have a comment, criticism, or story tip? <\/strong>Hit up patrick@enterprisemea.com<\/a>. <\/p>\n

HAPPENING TODAY-<\/strong><\/p>\n

At least two big stories are competing for your attention this morning:<\/strong> The kickoff of COP28 in Dubai and a virtual OPEC+ ministerial expected later today. <\/p>\n

<\/a> #1- To cut or not to cut, OPEC+ edition:<\/strong> OPEC+ member states are meeting today<\/a> to discuss how the cartel of oil-producing nations will respond to falling oil prices, decide on next year\u2019s production targets, and make a decision on whether to prolong production cuts. <\/p>\n

Pundits are still banking on a cut: <\/strong>\u201cWith fundamentals softening and market sentiment bearish, OPEC+ may need to announce another formal cut,\u201d analysts at Eurasia Group said in a report picked up by Bloomberg<\/a>.<\/p>\n

Crude prices on both sides of the Atlantic have been whipsawing all week long <\/strong>after the meeting to talk about output levels was postponed to today from Sunday to give the cartel time to get on the same page. Saudi and Russia want cuts, while Angola and Nigeria want to pump more in 2024. <\/p>\n

It doesn\u2019t look like another delay to the meeting is in the cards<\/strong> despite chatter earlier this week that could be the case. Reports out overnight all talk about the depth of possible cuts (here<\/a> and here<\/a>), not about postponing the virtual meeting. <\/p>\n

MEANWHILE- There\u2019s chatter ahead of the meeting that Saudi Aramco could drop the <\/strong>price to Asia of its flagship Arab Light grade of crude<\/strong> as it looks to fend off less-costly US and European offerings, Bloomberg reports<\/a>. <\/p>\n

\n

\n

#2- It\u2019s finally COP28 o\u2019clock: <\/strong>Dubai might seem a bit busier than usual this morning as a who's who of business leaders, climate experts, NGOs, and journalists land in the emirate for two weeks of climate talks at COP28<\/a>. World leaders will make their appearance for two days<\/a> on Friday and Saturday. <\/p>\n

What\u2019s on the agenda for KSA? <\/strong>We\u2019ve got you covered in this morning\u2019s news well, below. <\/p>\n

Want to go deeper? <\/strong>Enterprise Climate has got your back<\/a>.<\/p>\n

\n

\n

<\/a> #3- <\/strong>Riyadh Cement gets its upgrade to the main market:<\/strong> Riyadh Cement said it has obtained Tadawul\u2019s approval to transfer its shares from parallel market Nomu to the main market, it said in a disclosure to Tadawul<\/a> yesterday. It said that Tadawul will suspend trading on the company\u2019s shares starting today, and will announce the start of listing on the main market as soon as the transition procedures are completed. <\/p>\n

That makes two upgrades from the baby bourse to the big show in as many weeks<\/strong> after homegrown burger chain Burgerizzr made the leap last week.<\/p>\n

\n

\n

SIGN OF THE TIMES- That Saudi ETF that started trading in Hong Kong yesterday? China <\/strong>wants more. <\/strong>Hong Kong\u2019s government has reportedly set up a taskforce to attract Mideast investors \u2014 and Mideast listings \u2014 to the financial hub, the Financial Times<\/a> reports this morning. The Hong Kong Exchange is looking to make up for lost trading volumes as Western investors have shied away from Chinese equities listed in the city, and as fewer investors look to access mainland shares through Hong Kong\u2019s \u201cStock Connect\u201d program. <\/p>\n

^^ We have more on the ETF in this morning\u2019s news well, below<\/p>\n

KSA: CENTER OF THE GOLF UNIVERSE?<\/strong><\/p>\n

<\/a>We will be next week. That\u2019s when PGA Tour chief Jay Monahan will be in Riyadh to meet <\/strong>with PIF boss Yasir Al-Rumayyan<\/strong>, Manahan said on stage yesterday at the New York Times\u2019 DealBook conference<\/a>. The PGA and PIF-backed LIV Golf have a 31 December deadline to consummate their marriage, turning a loose agreement into a final document. <\/p>\n

Just about everything is still undecided with a month to go<\/strong>, the Wall Street Journal<\/a> claims: \u201cThe format of a joint venture between the Tour and the Saudis, the involvement of other investors, the return of the LIV players \u2014 and even the deadline itself.\u201d<\/p>\n

Monahan says he\u2019s actively talking with other investors <\/strong>who may want to join the investment agreement with PIF, CNBC<\/a> reports. <\/p>\n

A little bit of color: <\/strong>Tiger Woods (now the world\u2019s 1,328th-ranked golfer) says of the lashup: \u201cIt\u2019s murky<\/strong>,\u201d reflecting the tizzy into which the potential merger has thrown the golf world<\/a>. <\/p>\n

\n

\n

WATCH THIS SPACE #1-<\/strong>A new investment law in the making:<\/strong>Cabinet is inching closer to a final draft of a new investment law to replace the current Foreign Investment Law<\/a>, Al<\/a>Eqtisadiah<\/a> reports, quoting Deputy Investment Minister Baker Al Haboob. The law is expected to further open the kingdom to foreign investment. Information about the timeframe and the amendments targeted in the new legislation wasn\u2019t made public. <\/p>\n

BACKGROUND- The National Investment Strategy launched in 2021 aims to draw foreign <\/strong>investment worth <\/strong>USD 100 bn<\/a><\/strong> on an annual basis by 2030.<\/strong><\/p>\n

WATCH THIS SPACE #2-<\/strong>Close-out netting is coming to the derivatives market: <\/strong>The Saudi Central Bank (SAMA) is inching closer to issuing new rules on close-out netting and collateral arrangements, it said in a statement<\/a> on Tuesday. The regs aim to \u201creduce credit risk in financial derivatives\u201d and make it easier to hedge against both market movements and counterparty risk, SAMA said. SAMA is currently seeking feedback from the public on the regulation. <\/p>\n

WATCH THIS SPACE #3- Sri Lanka wants KSA to agree to restructure its debt. <\/strong>The South Asian has already reached an agreement in principle with India, the Paris Club, and other creditors to restructure some USD 5.9 bn worth of debt and now needs to figure out fresh terms on anther USD 274 mn held by Saudi Arabia, Pakistan, Kuwait and Iran, according to Bloomberg<\/a>.<\/p>\n

In other debt news: <\/strong>The Saudi Fund for Development has rolled over a USD 3 bn deposit at <\/strong>the Central Bank of Pakistan<\/strong> for another year, media in Pakistan report<\/a>.<\/p>\n

\n

\n

<\/a>PSA- <\/strong>Japan is relaxing visa requirements for Saudi nationals: <\/strong>Japan said it will relax visa requirements for nationals, introducing a multiple-entry visa scheme for those who meet \u201ccertain financial requirements\u201d starting 4 December, the Japanese Embassy in KSA announced on X<\/a> yesterday. <\/p>\n

The details: <\/strong>The new visa covers short-term 90-day stays for the purposes of tourism, business and family visits with a validity for three years. You\u2019ll need to apply at the embassy, though, if you want a multiple-entry visa \u2014 only folks opting for a single-entry visa for tourism can apply for a Japan eVisa, it said. <\/p>\n

DATA POINT- <\/strong><\/p>\n

Remittances from expats living in the kingdom dropped 15.1% y-o-y in 10M 2023 <\/strong>to SAR 104.1 bn (c. USD 27.8 bn), Mubasher<\/a> reported yesterday, citing figures by SAMA. Remittances in October fell 3.1% y-o-y to c. SAR 11 bn (c. USD 3 bn), down from SAR 11.2 bn in the same period last year, before spiking in in October to its highest monthly highest level in five months. <\/p>\n

ICYMI:<\/strong> Remittances by expats in the kingdom fell in 2022 by 6.9% y-o-y to hit its lowest level in three years. <\/p>\n

FOR FOOTBALL FANS-<\/strong><\/p>\n

\u26bdAl Hilal appoints Man. City\u2019s Esteve Calzada as its new CEO:<\/strong>Esteve Calzada (Linkedin)<\/a> will take the helm at Al Hilal as CEO starting January 2024, succeeding Abdullah Al Jarbou, the club announced on X<\/a> yesterday.<\/p>\n

\n
\n
\n
\n

Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

THE BIG STORIES ABROAD-<\/strong><\/p>\n

#1- TRUCE EXTENDED- <\/strong>With just minutes to spare, Israel and Hamas agreed this morning to extend for one more day their temporary truce. Egypt and Qatar mediated the discussions. <\/p>\n

Saudi pushed hard for another extension. <\/strong>Speaking in New York before going into a UN Security Council meeting, Foreign Minister Prince Faisal bin Farhan Al Saud said that if the truce expired, we would all see a \u201creturn to the killing at the scale that we have seen, which is unbearable. So we are here to make a clear statement that a truce is not enough.\u201d<\/p>\n

Standing with bin Farhan <\/strong>were Arab and Muslim foreign ministers including those of Egypt, Qatar, Jordan, Turkey, Indonesia and Malaysia. See more in the New York Times<\/a> and the Saudi Gazette<\/a>.<\/p>\n

AND- Are we using economic muscle to keep Iran on the sidelines? <\/strong>That\u2019s the claim in Bloomberg<\/a>, which cites unnamed Arab and Western officials \u201cclose to the matter\u201d as saying that we\u2019re proposing a deepening of ties and possibly investment if Iran keeps its regional proxies, including armed groups in Lebanon, Palestine, Iraq, Syria, and Yemen, from turning Israel\u2019s war in Gaza into a regional conflict. <\/p>\n

#2- Kissinger dead at 100:<\/strong> Henry Kissinger, one of the most influential diplomats of the 20th century, has passed away at the age of 100, his consultancy said early this morning. A polarizing figure, the former US secretary of state is praised by his supporters for negotiating an end to the Vietnam War, ushering in warmer relations with the Soviet Union and China, and holding the Middle East together in the wake of the 1973 war. Among his critics, the Harvard University professor will be remembered for the brutal bombing of Cambodia and Laos, alleged complicity in Indonesia\u2019s genocidal campaign in East Timor, and backing of General Augusto Pinochet\u2019s seizure of power in Chile. (Associated Press<\/a> | Reuters<\/a> | Bloomberg<\/a> | Washington Post<\/a> | Wall Street Journal<\/a>)<\/p>\n

#3- Kuwait\u2019s emir hospitalized<\/strong>: Kuwait\u2019s ruling emir Sheikh Nawaf Al Ahmad Al Sabah was hospitalized yesterday due to an unspecified \u201cemergency health problem.\u201d The emir is now in stable condition<\/a>. Sheikh Nawaf is 86 years old. (Associated Press<\/a> | Reuters<\/a>)<\/p>\n

WHAT TO DO THIS WEEKEND- <\/strong><\/p>\n

The <\/strong>Red Sea Film Festival<\/a><\/strong>kicks off in Jeddah today<\/strong> and runs through Saturday, 9 December.<\/p>\n

This year\u2019s Noor Riyadh festival also begins today<\/strong>, continuing until 16 December with an expanded roster of new and returning artists. More than 120 pieces from over 100 artists drawn from 35 countries around the world are set to participate.<\/p>\n

Riyadh Laughs continues this weekend at Boulevard\u2019s Muvi Cinemas. <\/strong>On stage:<\/p>\n