{"id":83891,"date":"2024-02-29T00:00:00","date_gmt":"2024-02-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/29\/singapores-olam-group-is-still-looking-at-a-saudi-ipo-for-is-agriculture-unit\/"},"modified":"2024-02-29T00:00:00","modified_gmt":"2024-02-29T00:00:00","slug":"singapores-olam-group-is-still-looking-at-a-saudi-ipo-for-is-agriculture-unit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/29\/singapores-olam-group-is-still-looking-at-a-saudi-ipo-for-is-agriculture-unit\/","title":{"rendered":"Singapore\u2019s Olam Group is still looking at a Saudi IPO for is agriculture unit"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s another big morning for capital markets as we prepare to slide into the weekend, so we\u2019re going to jump right in. <\/p>\n

<\/a> UP FIRST- Grab a jacket this morning before you go out the door. <\/strong>Riyadh is looking at a daytime high of just 18\u00b0C. The cool weather will continue into the weekend, according to our favorite weather app. It\u2019s probably the last gasp of winter \u2014 enjoy every minute of it.<\/p>\n

Among the stories on which we\u2019re keeping an eye <\/strong>on this fine winter morning:<\/p>\n

<\/a> IPO WATCH- Singapore\u2019s Olam Group still looking at Saudi IPO: <\/strong>Singapore-based agricultural trader Olam Group said it \u201cremains committed\u201d to a dual listing of its subsidiary Olam Agri in the Kingdom and in Singapore after plans for the offering were delayed, it said in an earnings release (pdf)<\/a> yesterday. It said the IPO was delayed from an initially set frame of 1H 2024 as \u201cthe regulatory framework is still being finalized to enable the listing of foreign companies.\u201d Olam is 51% owned by Singapore wealth fund Temasek Holding.<\/p>\n

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<\/a> TOURISM WATCH- Hilton Worldwide Holdings aims to have a portfolio of 100 properties <\/strong>in the Kingdom<\/strong>, it said in a statement picked<\/a> yesterday as Hilton President and CEO Chris Nassetta visited the Kingdom. Nassetta said the hotel group plans to open more than 60 new properties in the coming years. Two-thirds of Hilton\u2019s pipeline of projects here is currently in the works, according to the statement.<\/p>\n

By the numbers:<\/strong> Hilton currently operates 18 hotels here, with properties in Jeddah, Makkah and Riyadh. Its Saudi pipeline includes new brands like LXR Hotels and Resorts, Canopy by Hilton, and Embassy Suites by Hilton.<\/p>\n

REMEMBER- Saudi is just getting started:<\/strong>The Tourism Ministry recently more than doubled<\/a> its target for 2030, hoping now to be host to 150 mn tourist trips after it hit its target last year ahead of schedule. The new 2030 target sees 80 mn by domestic travelers and 70 mn by international travelers.We <\/strong>welcomed<\/a><\/strong> 106.2 mn tourists last year, drawing in 27.4 mn foreign tourists and 79.3 mn domestic travelers.<\/strong><\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- The Kingdom\u2019s financial district wants to be a SEZ: <\/strong>Riyadh\u2019s mixed-use financial district King Abdullah Financial District (Kafd)<\/a> has submitted a proposal to turn the area into a special economic zone (SEZ), CEO Gautam Sashittal told Al Eqtisadia<\/a> yesterday. The move will make it more attractive for foreign companies to base themselves here, he suggested. <\/p>\n

By the numbers:<\/strong>Some 24 companies have set up regional headquarters at Kafd, which is owned by the Public Investment Fund. <\/p>\n

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#2- Sabic eyes big gains from Hadeed sale: <\/strong>Petrochemicals giant Saudi Basic Industries Corp (Sabic) expects the sale of its steel subsidiary Hadeed to the PIF to draw in USD 1.7 bn-USD 1.9 bn upon its completion, it told Al Arabiya<\/a> yesterday. It said it hopes to close the transaction during the first half of the year. The remarks came after the company reported a net loss of SAR 2.8 bn in 2023 \u2014 probably the first time the company has ever been in the red on a full-year basis. <\/p>\n

BACKGROUND-<\/strong> Sabic agreed last year<\/a> to sell its steel subsidiary Hadeed to the Public Investment Fund last year at an enterprise value of SAR 12.5 bn. It said the divestment would allow it to \u201coptimize its portfolio and focus on its core business.\u201d The transaction, which is subject to customary conditions and regulatory approvals, is set to close before the end of this quarter.<\/p>\n

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INVESTING IN PEOPLE-<\/p>\n

<\/a> #1- The Kingdom\u2019s first master\u2019s school for public policy: <\/strong>Energy Minister Prince Abdelaziz bin Salman launched Saudi\u2019s first graduate-level public policy school studies, state news agency SPA<\/a> reported yesterday. The KAPSARC School of Public Policy (KSPP) will offer a two-year master's degree and executive education programs. It aims to \u201cdevelop the knowledge and skills that the new generation needs to shape public policy both locally and globally,\u201d the minister said.<\/p>\n

#2- We\u2019re getting a strategy to develop talent in industry and mining: <\/strong>Industry and Mineral Resources Minister Bandar Al Khorayef launched a strategy aimed at developing talent (officials are calling it \u201chuman capacity\u201d) in the industry and mining sectors, SPA<\/a> said. The strategy, launched during the Human Capability Initiative forum, will focus on attracting talent to the sectors and boosting productivity, Al Khorayef said. <\/p>\n

Al Khorayef also launched an industry-focused academy<\/strong> aimed at providing training programs for skilled and fresh graduates in the sector. Some 18 training programs will be offered through training providers, he said. The National Academy for Training will also provide incentives and facilitate partnerships within the sector, he said, without providing further details.<\/p>\n

BY THE NUMBERS- <\/strong>75% of energy jobs are set to be Saudized by 2030, <\/strong>bin Salman said, according to a ministry post on X<\/a>. Some 150k jobs will be offered to citizens as part of the plan, he said in statements picked up by Mubasher<\/a>.<\/p>\n

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THE BIG STORY ABROAD- <\/p>\n

It might be a <\/strong>Leap Year<\/a><\/strong>, but we feel stuck in a <\/strong>Hot Tub Time Machine<\/a><\/strong>: Donald Trump owns <\/strong>the front pages <\/strong>of the global business press this morning with two stories:<\/p>\n