{"id":84084,"date":"2024-03-06T00:00:00","date_gmt":"2024-03-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/06\/its-day-three-of-leap-2024-deepfest-and-the-efg-hermes-one-on-one\/"},"modified":"2024-03-06T00:00:00","modified_gmt":"2024-03-06T00:00:00","slug":"its-day-three-of-leap-2024-deepfest-and-the-efg-hermes-one-on-one","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/06\/its-day-three-of-leap-2024-deepfest-and-the-efg-hermes-one-on-one\/","title":{"rendered":"It\u2019s day three of Leap 2024, Deepfest, and the EFG Hermes One on One"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. <\/strong>We are 4-5 sleeps away from Ramadan and there is no slowing down in terms of news from day two of Leap 2024 and co-hosted Deepfest in Riyadh as well as from EFG Hermes\u2019 One on One conference in Dubai.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE BIG STORY AT HOME: USD 888 mn.<\/strong> That\u2019s the total value of investments disclosed yesterday in Riyadh during day two of Leap 2024 and Deepfest, the AI-focused offshoot. The vast majority of the investments (USD 835 mn) are pledges for new investment funds that aim to boost early-stage startups in the local market and regionally, while the rest (USD 53.4 mn) was raised by six tech-powered startups.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That brings to north of USD 13 bn the total value of investments <\/strong>in tech announced during the high-profile gathering. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have the rundown at the head of this morning\u2019s news well as well as in our report of yesterday. We\u2019ll have ongoing coverage tomorrow and Sunday (Leap and Deepfest end tomorrow), but we expect we\u2019ve now seen the majority of the \u201cbig\u201d announcements. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The lineup today at Leap<\/strong> includes industry leaders and top global execs, among them:<\/p>\n<ul>\n<li><strong>Aramco <\/strong>vice president and chief digital officer Nayef Al-Otaibi;<\/li>\n<li><strong>Aramco Digital<\/strong> CEO Tareq Amin;<\/li>\n<li><strong>Google X<\/strong>\u2019s former chief business officer turned motivational speaker Mo Gawdat;<\/li>\n<li><strong>McKinsey Digital <\/strong>senior partner Johannes-Tobias Lorenz;<\/li>\n<li><strong>Microsoft Arabia<\/strong> president Turki Badhris;<\/li>\n<li><strong>PWC Ventures <\/strong>scale lead Patricia Keating;<\/li>\n<li><strong>Huawei <\/strong>managing director Alan Qi;<\/li>\n<li><strong>KBW Group<\/strong> founder Khaled Bin Alwaleed bin Talal Al Saud;<\/li>\n<li><strong>PepsiCo<\/strong> sustainability lead for Saudi Arabia Tala Alem.<\/li>\n<\/ul>\n<p class=\"tag-border-left\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>IPO WATCH #1- Retail investors have until the close of business today to put in <\/strong><strong>orders for <\/strong><strong>shares in <\/strong><strong>Modern Mills\u2019 IPO. <\/strong>The subscription period for 2.5 mn shares (or 10% of the offering) <strong><a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1710114\" style=\"\" rel=\"noopener\">ends today<\/a><\/strong>. Modern Mills has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3b32e4ca-0d4c-45e1-aca2-11988dc2559c\" style=\"\" rel=\"noopener\">priced its IPO shares at SAR 48<\/a> each, generating an order book of SAR 150 bn from institutional investors and valuing the company at SAR 3.9 bn. The milling company is taking 24.5 mn shares to market \u2014 good for a 30% stake \u2014 in a SAR 1.2 bn secondary sale.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>IPO WATCH #2- The book-building process for the Nomu IPO of scrap metal <\/strong><strong>recycler Taqat Mineral kicks off <\/strong><strong>today <\/strong>for qualified investors and wraps up on Wednesday, 13 March, Taqat\u2019s financial advisor, Miyar Capital, said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83Z29TAwC_Rx9DSxdLY0MDAz1w_Wj9KOQlRgEB5gaBLoF-Br7GAQZuBuYQRUY4ACOBvoF2dmBAERHA9g!\/dz\/d5\/L0lDU0NRa2dwUXBRa0tDbEVLQ2xFSklLSUtVUW9ncFJJa0EhIS9ZUFVFQUFBSUlFTUVDS0lFQUdJR09JT0lCSkZKRkJKTkROREJORUxMSEhQSFBMSEFnb2dvckFzQ0FBISEvNEpDaWpLMWJHTGppRUVwTWhUVlVrNUNpbXBwektETmJ0WmJPYW5tdDJzdGd0U0txb3lRIS9aN181QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURRNi9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy92aWV3L25vcm1hbC9lbi9jb21wYW55U3ltYm9sLzExNjQvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzc4NTQ4\/\" style=\"\" rel=\"noopener\">regulatory filing<\/a> yesterday. The IPO on the parallel market was priced at SAR 18 apiece. Taqat received the nod from the Capital Market Authority in December to list 20% of its shares.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>AND- Speaking of IPOs: Seera\u2019s Almosafer plans to go public within the next two <\/strong><strong>to three years<\/strong>, CEO Muzzammil Ahussain told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/bdf2t83b\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- The offering of <\/strong><strong>Al Rajhi Bank\u2019s sustainable <\/strong><strong>five-year USD-denominated <\/strong><strong>sukuk wraps up <\/strong><strong>today<\/strong><strong> for both domestic and international investors<\/strong>, the bank said in <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/jZDLDoJADEW_xQVbWlAQ3WFUjI-IEgPOxgw6jiQwQ3CU-PeOutL46q7tubc3BQIJEEHPGacqk4Lmul8Td-P4LtojD-fB0B7gYtjpLfqDwMJJC-JnAKPQ0UA4a05xiQG6QP7R44fy8beefEWC9ivwJuId-JJhDITnMn38wxdp0-NAKrZnFavMU6XHB6XKY9dAA-u6NrmUPGfmVhYGvpMc5FFB8kzeuJvL3UTRHa1PuVYTvSqpuESXIpX6kGXZCBETUBarBLOwiD3lpC2_cQUaPzP5\/dz\/d5\/L0lDU0NTQ2xDbENRb0tVUW9LVVFvZ3BSQ2lDbEVpUSEhL1lGVUVBQUFJSUVNQ0lFQUtJS0dJR0lPQkpCSk9CRk5GTk9GRERMRExISUVFRFBQQXZBblBNSW9FTUEhIS80SkNpaksyTVhIRUlKU1pDa21vcHlGTk5Relc3V1d6bXA1cmRyTFlMVVVxcU1VQSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvdmlldy9ub3JtYWwvQU5OT1VOQ0VNRU5UX05VTUJFUi83ODU0NC9jb21wYW55U3ltYm9sLzExMjAvaHR0cDolMCUwdGFkYXd1bCUwL2FubkNhdC8xL2FuSWQvZW4!\/\" style=\"\" rel=\"noopener\">a filing to Tadawul<\/a>. This is part of the lender\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/b7b7806d-d47b-460c-a8f8-8796bae0e268\" style=\"\" rel=\"noopener\">USD 4 bn Trust Certificate Issuance Programme<\/a>. The minimum subscription value is set at USD 200k and in increments of USD 1k in excess. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- Expect a cloudy day in Riyadh and Dammam <\/strong>with some sun in Jeddah.<\/p>\n<ul>\n<li><strong>Riyadh:<\/strong> 25\u00b0C daytime \/ 13\u00b0C overnight<\/li>\n<li><strong>Jeddah:<\/strong> 29\u00b0C daytime \/ 22\u00b0C overnight<\/li>\n<li><strong>Dammam:<\/strong> 25\u00b0C daytime \/ 16\u00b0C overnight<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT- <\/strong><strong>The Human Resources Development Fund invested SAR 8.7 bn last year <\/strong>in training programs for 1.9 mn citizens, benefiting 120k establishments, and contributing to the recruitment of 374k Saudis, it said in <a target=\"_blank\" href=\"https:\/\/www.hrdf.org.sa\/NewsDetails?NewsId=4e19f8fd11d443csw49q4qv3c5\" style=\"\" rel=\"noopener\">a statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- Aramco, Shell shortlisted for acquisition of Temasek\u2019s Pavilion Energy <\/strong><strong>LNG assets:<\/strong>Oil giant Aramco and Shell have been shortlisted among other companies by Singapore\u2019s Temasek Holdings for the sale of its LNG trading firm subsidiary Pavilion Energy\u2019s assets, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/singapores-temasek-shortlists-saudi-aramco-shell-sale-pavilion-energy-assets-2024-03-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported yesterday, citing sources it says are close to the matter. Singapore\u2019s state-owned investment firm, Temasek is currently reviewing bids for the assets, excluding its gas pipeline business, one of the sources said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All under one big ambitious plan by Aramco: <\/strong>An acquisition of Pavilion Energy\u2019s LNG assets would help Aramco spur its LNG business, one of the sources said. \"Aramco is late to the LNG party, but they have the money to catch up,\u201d the source said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#2- Our friends at EFG Hermes are building a USD 300 mn fund directed to <\/strong><strong>educational investments in the Gulf with a focus on Saudi<\/strong>, Karim Moussa, the co-CEO of its investment bank, said in an interview with Asharq Business (<a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/article\/61198\/efg-%D8%AA%D8%A4%D8%B3%D8%B3-%D8%B5%D9%86%D8%AF%D9%88%D9%82%D8%A7%D9%8B-%D8%A8%D9%80300-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%84%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D8%A8%D8%A7%D9%84%D8%AA%D8%B9%D9%84%D9%8A%D9%85-%D9%81%D9%8A-%D8%A7%D9%84%D8%AE%D9%84%D9%8A%D8%AC\/\" style=\"\" rel=\"noopener\">watch, runtime: 6:36<\/a>). \u201cThe Saudi market is big \u2026 the second-largest educational in the region with 6.5 mn students where 85% of them go to public schools and the remainder are in private schools,\u201d he said. Only 10% of the private education market is controlled by four top educational players in the Kingdom, paving the way for further investments in the sector. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Don\u2019t get your hopes up for a lower value-added tax, Finance Minister Mohammed Al <\/strong><strong>Jadaan <\/strong>said yesterday in an interview with popular local podcast Socrates (<a target=\"_blank\" href=\"https:\/\/thmanyah.com\/post\/1jyc3rhw5z_1jhggnmybp\" style=\"\" rel=\"noopener\">listen, runtime: 2:50:00<\/a>). <strong>There are no plans to cut the tax <\/strong>from its current 15% level, the minister said, adding that the VAT came into effect partially to fund the Citizens Account, a cash handout program for vulnerable citizens to help offset the impact of economic reforms, including the phaseout of subsidies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT- The government is reconsidering monthly fees for the dependents of expats<\/strong>, Al Jadaan added. He said the decision was made based on studies recommending the levy on grounds that expats were benefiting from oil, electricity, and water subsidies, among others. \u201cThe government is currently reviewing monthly fees the dependents of expats, especially that we\u2019re now looking to lure in talent,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>The dependent fee was initially set at SAR 100 per person in 2017 before increasing gradually to reach SAR 400 since 2020. The fees came as officials pushed to create more jobs for Saudis as part of the Kingdom\u2019s diversification away from oil. Some in the business community contest the fees, saying the are driving up the cost of employing staff. businesses on grounds that they drive operating expenses up. Some reports have suggested the fees <a target=\"_blank\" href=\"https:\/\/saudigazette.com.sa\/article\/616000\" style=\"\" rel=\"noopener\">were a factor<\/a> in a 10% contraction of the Kingdom\u2019s foreign workforce between the start of 2018 and 3Q 2021. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- The Tourism Ministry is looking to attract up to USD 80 bn in private investments<\/strong> to push the Kingdom\u2019s growing tourism sector further, Tourism Minister Ahmed Al Khateeb told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-05\/saudi-seeks-80-billion-in-investments-in-push-for-more-tourists\" style=\"\" rel=\"noopener\">Bloomberg<\/a> in an interview yesterday. \u201cI want the private sector to represent the majority of investment,\u201d Al Khateeb said. It is seeking to raise USD 60 bn to USD 80 bn in private sector investments by 2030. \u201cThis is a very ambitious target,\u201d he said. His statements came as the ministry launched a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/edition\/am\/e31e9ca9-0879-4c06-85c3-6d393fc40f70\/day-1-reports-from-leap-%2B-efg-hermes-one-on-one\" style=\"\" rel=\"noopener\">new tourism investment program<\/a> aimed at facilitating doing business and attracting local and foreign investors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> The ministry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4d43f6ce-8ecc-41b8-8135-0da085f9952c\" style=\"\" rel=\"noopener\">recently 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.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- US design, marketing, video, and audio software giant <\/strong><strong>Adobe<\/strong><strong> is gearing up to launch <\/strong><strong>its new regional headquarters in Riyadh<\/strong>, set to open by early 2025, after it received approval from the Investment Ministry, it said in <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/adobe-announces-plans-for-new-regional-headquarters-in-riyadh-hmykntrc\" style=\"\" rel=\"noopener\">a press release<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>HAPPENING TOMORROW-<\/strong>Jeddah will host the <a target=\"_blank\" href=\"https:\/\/www.bloombergmedia.com\/press\/bloomberg-media-and-srmg-announce-inaugural-bloomberg-power-players-summit-in-jeddah-saudi-arabia\/#:~:text=The%20Summit%20will%20take%20place,disruption%20and%20multibillion%20dollar%20investments.\" style=\"\" rel=\"noopener\">Bloomberg Power Players Summit<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.formula1.com\/en\/racing\/2024\/Saudi_Arabia.html\" style=\"\" rel=\"noopener\">2024 Saudi Arabian Grand Prix<\/a> tomorrow. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">OIL WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Market sentiment is improving in the outlook for oil and gas prices<\/strong> against the backdrop of a decline in US shale share drilling and an extended OPEC+ voluntary oil output cut until the end of 1H 2024, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/oil-prices-rise-funds-scale-back-bearish-positions-kemp-2024-03-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. Hedge funds are closing out short positions and buying oil as they eye potential price appreciation. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">SPORTS <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>We\u2019re getting a cutting-edge F1 track in Qiddiya:<\/strong> Qiddiya Investment Company (QIC) unveiled a new F1 circuit as the Kingdom aims to position itself as one of the world\u2019s top motorsport venues, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/ar\/w2059111\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported yesterday. The configurable Speed Park Track includes 21 corners with an elevation gain of 108 meters. It was designed by ex-F1 driver Alex Wurz and German circuit designer Hermann Tilke. The track will be host to major events including the Formula 1 Grand Prix and MotoGP races.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#7- A home run<\/strong><strong>?<\/strong> Baseball United \u2014 the Middle East and South Asia\u2019s first professional baseball league \u2014 inked an agreement with the Saudi Baseball and Softball Federation (SBSF) to host its league and tournament here, <a target=\"_blank\" href=\"https:\/\/www.devdiscourse.com\/article\/sports-games\/2850064-exclusive-baseball-united-to-bring-professional-baseball-to-saudi-arabia\" style=\"\" rel=\"noopener\">Reuters<\/a> reported yesterday, citing a source in the know. The partnership will see Baseball United setting up a subsidiary in Saudi to help develop the sports. It will also support the formation of a national team to compete in the next World Baseball Softball Confederation Tournaments. The partnership is set to be announced this week.<\/p>\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s \u201cSuper Tuesday\u201d in the United States<\/strong>, and Republican frontrunner Donald Trump has so far taken 10 of the 15 states holding Republican primaries overnight. Challenger Nikki Haley, the former South Carolina governor and Trump\u2019s ambassador to the UN, took only the District of Columbia and the primary in Vermont remains too close to call. The Donald will still need to pick up delegates in primaries later this month to hit the 1,215 figure that will ensure him the nomination at the party\u2019s convention in July. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sound smart- <\/strong>Biden is also racking up primary victories this morning. If each takes his party\u2019s nomination this summer, it will be the first time since 1956 that two candidates have faced each other in an election rematch. (<a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2024\/03\/05\/us\/super-tuesday-election-updates\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/super-tuesday-primary-election-2024\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/trump-seeks-knockout-super-tuesday-states-choose-nominees-2024-03-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China <\/strong><strong>eyes 5% growth in 2024:<\/strong> The Chinese government is targeting an GDP growth of around 5% in 2024 despite persistent property crisis and rising debts, where even the Chinese Premier Li Qiang acknowledged that it is going to be challenging to achieve. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/china\/china-targets-2024-gdp-growth-around-5-government-work-report-2024-03-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a> <br \/> <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-05\/china-s-gdp-growth-target-this-year-set-around-5-reuters-says\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/china-economy-congress-qiang-jinping-1fc37c644ca06a4ab1133b26c5a7b146\" style=\"\" rel=\"noopener\">The Associated Press<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The world\u2019s second-largest economy saw its GDP expand 5.2% last year \u2014 matching its official c. 5% target for the year \u2014 though the IMF forecast China\u2019s growth to slow down to 4.6% in 2024 and to further reach 3.5% by 2028.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tourism Ministry wants to draw USD 80 bn in private investments<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[139,1300,547,10,29,2735,921,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84084","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-aramco","tag-deepfest","tag-efg-hermes","tag-enterpriseam-ksa","tag-ipo-watch","tag-leap","tag-tourism-ministry","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"55cee431-e20b-4bf6-9c18-58e6a0c0ab79","is_powered_by":false,"story_type":"4","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: It\u2019s day three of Leap 2024, Deepfest, and the EFG Hermes One on One","related_issue":[84082],"teaser":"Tourism Ministry wants to draw USD 80 bn in private investments","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.7c539f35-eec1-4065-9cf8-ddc1306aa78e.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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