{"id":82483,"date":"2023-12-04T00:00:00","date_gmt":"2023-12-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2023\/12\/04\/tiktok-is-still-on-the-naughty-list-were-exploring-a-rare-earths-exchange\/"},"modified":"2023-12-04T00:00:00","modified_gmt":"2023-12-04T00:00:00","slug":"tiktok-is-still-on-the-naughty-list-were-exploring-a-rare-earths-exchange","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2023\/12\/04\/tiktok-is-still-on-the-naughty-list-were-exploring-a-rare-earths-exchange\/","title":{"rendered":"TikTok is still on the naughty list + we\u2019re exploring a rare earths exchange"},"content":{"rendered":"

Good morning, wonderful people, and welcome to another busy Monday <\/strong>as we resume our four-day publication week. We\u2019re still in zero issues and won\u2019t move to a five-day-a-week publication schedule until a little closer to our January launch slot. <\/p>\n

We have tons of news for you this morning<\/strong>, so we\u2019re going to jump right in today without further preamble. <\/p>\n

<\/a> HAPPENING NOW- TikTok is still on the naughty list. <\/strong>Google Trends shows a 25% drop in use in KSA of the Chinese social network in the face of a popular boycott triggered by allegations that it was censoring or downplaying Saudi accounts from cheering for the social and economic changes sweeping the Kingdom. Arab News<\/a> has more.<\/p>\n

PSA #1- Zatca really, really wants you to pay your taxes. <\/strong>The Zakat, Tax, and Customs Authority is warning folks with unpaid taxes that they have until year\u2019s end to pay up or face fines and the possibility of jail time. <\/p>\n

PSA #2- Warning to late-filers: <\/strong>Privately held companies could face fines ranging from SAR 8k-25k for failing to file their financial statements on time, Okaz<\/a>, citing an official at the Trade Ministry. <\/p>\n

PSA #3- Cloudy skies over Riyadh this morning will clear by afternoon<\/strong>, setting up a sunny day with a high of 24\u00b0C. Look for a mix of sun and clouds in Dammam (high of 26\u00b0C), while in Jeddah it\u2019s going to be a warm 33\u00b0C at this afternoon\u2019s peak, according to our favorite weather app.<\/p>\n

** You\u2019re reading Zero Issue #007 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

WATCH THIS SPACE <\/strong><\/p>\n

<\/a> #1- Industry Ministry mulls a rare earths trading platform: <\/strong>The Kingdom is looking into the feasibility of a new commodity trading platform focused on raw materials that are key to battery technology, smartphones, computers, and our green future, including lithium and rare earth minerals, Vice Minister of Industry and Mineral Resources Khalid bin Saleh Al Mudaifer told Reuters<\/a> in an interview last week. <\/p>\n

What he said: <\/strong>\u201cTo be a minerals hub, you have to have it all and we are studying a future minerals commodity exchange for graphite, rare earths, lithium, cobalt, and even nickel, as there is no efficient commodity exchange nor price-finding mechanism for some,\u201d he said.<\/p>\n

A final decision is at least six months out<\/strong>, Al Mudaifer said, noting that the platform, under discussion for three months now, may still turn out not to be feasible: \u201cThe quantities are small and the specifications differ. It's not as easy as aluminum or crude oil,\u201d he said. <\/p>\n

Uh, Enterprise, what\u2019s a rare earth? <\/strong>Rare earth elements are a family of 17 metallic elements that are used in high-tech consumer products (smartphones, laptops), electric and hybrid vehicles, lasers, guidance systems, and more. <\/p>\n

Where do they come from? <\/strong>The market is largely split right now between producers in China (38% of output), the US (33%) and Australia (12%). In our corner of the world, Egypt is making a play as many countries look to curb Chinese and US dominance in the market, which is hotly political: The US has invoked a Cold War statute<\/a> to boost its supply.<\/p>\n

\n

\n

<\/a> #2- Chinese, Korean textile companies face anti-dumping probe: <\/strong>The General Authority for Foreign Trade has launched an anti-dumping probe<\/a> that will look into claims raised by Filing and Packing Materials Manufacturing Co, (FIPCO<\/a>) affiliate FPC<\/a> alleging that competitors have been dumping PVC-coated textiles and fabrics on the Saudi market. The probe could take as long as 12 months. <\/p>\n

Sound smart-<\/strong> Dumping allegations are typically raised when a commodity is sold in export markets at below-market prices thanks to either subsidies and \/ or a supply glut in the market of origin.<\/p>\n

Background- <\/strong>It\u2019s the second fair competition investigation GAFT has launched in as many weeks after opening in late November an investigation of whether China and Russia are dumping SNF, a key cement and textiles additive, on Saudi shores.<\/p>\n

COP WATCH-<\/strong><\/p>\n

It\u2019s day five of COP28 in Dubai. <\/strong>It\u2019s finance day and another track is set to look at gender and climate. \u201cWith world leaders having left the conference in Dubai, expect the finance talk to be a little more detailed and the announcements a little less bold, with nitty-gritty discussions meant to improve financial plumbing but not necessarily grab headlines or photo ops,\u201d Reuters<\/a> writes. <\/p>\n

Also happening in Dubai today: The <\/strong>Saudi Green Initiative Forum<\/a><\/strong>at COP28, bringing together corporate leaders, policy types, and government officials. <\/p>\n

Big news for the oil and gas industry:<\/strong><\/p>\n

<\/a> Saudi Arabia is headlining the <\/strong>decarbonization of the hydrocarbon industry at COP28: <\/strong>The Kingdom and the COP28 Presidency jointly launched a landmark Oil and Gas Decarbonization Charter (OGCD) in a bid to cut operational emissions from the sector by 2050, a statement by COP28<\/a> read on Saturday. Saudi Aramco is one of the headline backers of the agreement.<\/strong><\/p>\n

Why this matters: <\/strong>Some 50 companies, representing over 40% of global oil production, have signed the charter. State-owned producers accounted for 60% companies that have signed on. <\/p>\n

What they\u2019re promising to do: <\/strong>Producers are committing to:<\/p>\n