{"id":84219,"date":"2024-03-11T00:00:00","date_gmt":"2024-03-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/11\/aramex-opens-regional-hq-in-saudi-arabia\/"},"modified":"2024-03-11T00:00:00","modified_gmt":"2024-03-11T00:00:00","slug":"aramex-opens-regional-hq-in-saudi-arabia","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/11\/aramex-opens-regional-hq-in-saudi-arabia\/","title":{"rendered":"Aramex opens regional HQ in Saudi Arabia"},"content":{"rendered":"

Good morning, friends. We welcome the first day of Ramadan with a light issue. <\/strong>Aramco\u2019s results and an unexpected slowdown in economic growth last year are the two big stories of the day. <\/p>\n

ALSO- Happy Flag Day<\/strong>, everyone. The observance is a normal workday. <\/p>\n

So, when do we eat? <\/strong>Maghrib is at 6:01 pm today. You\u2019ll have until fajr prayers at 4:47 am tomorrow to finish your sohour. <\/p>\n

The weather today in the capital city is looking warm (33\u00b0C) with wind picking up as early <\/strong>as 11am<\/strong>and continuing through taraweeh prayers. Look for sun with cloudy periods and a high of 24\u00b0C on Tuesday.<\/p>\n

<\/a> UP FIRST- King Salman bin Abdulaziz Al Saud called on the international <\/strong>community to assume its responsibilities and \u201cput <\/strong>an end to brutal crimes\u201d by Israel against Gaza<\/strong>, state news agency SPA<\/a> reported yesterday. <\/p>\n

\u201cIt pains us that we observe Ramadan this year amid the suffering of Palestinians,\u201d<\/strong> he said in a speech delivered by Media Minister Salman Al Dosari ahead of the Holy Month.<\/p>\n

DATA POINTS-<\/p>\n

#1- The Industrial production Index (IPI) fell 8.8% y-o-y in January 2024<\/strong>, state statistics agency Gastat said in a report (pdf)<\/a> yesterday. The drop came on the back of a decline in mining and quarrying activity, which accounts for 61.4% of the index weight. <\/p>\n

<\/a> #2- Riyadh Season drew 20 mn local and<\/strong> foreign <\/strong>visitors <\/strong>between the start of the festival in October and its end this past Saturday, General Entertainment Authority (GEA) Chairman Turki Al Sheikh said in a statement (pdf)<\/a> yesterday. He did not provide a breakdown of visitors from outside the country. The 20 mn figure is well above<\/a> the 10-12 mn organizers were hoping to see pass through the festival.<\/p>\n

<\/a> #3- Spending on credit cards grew 17% y-o-y in 2023<\/strong>, American Express Saudi Arabia (Amex) CEO Fahad Al Guthami told Argaam<\/a>. E-commerce transactions grew 40% y-o-y last year to over SAR 900 mn, he said, putting the number of POS machines at more than one mn.<\/p>\n

\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- UAE-based logistics company <\/strong>Aramex<\/a><\/strong> has inaugurated its <\/strong>regional headquarters in Riyadh<\/strong> in a bid to boost the company\u2019s capacity to serve both new and existing businesses in the region, according to a press release<\/a>. It first announced its plan to establish a regional HQ here back in 2021.<\/p>\n

#2- D<\/strong>igital security firm Elm is still in talks to buy the Public Investment <\/strong>Fund <\/strong>(PIF)\u2019s <\/strong>stake in business service provider Thiqah<\/strong>, Elm CEO AbdulRahman Aljadhai told Al Arabiya in an interview (watch, runtime: 7:06<\/a>). \u201cThe talks are moving in a good direction,\u201d Aljadhai said, adding that Thiqah\u2019s product offering aligns with Elm\u2019s growth strategy and would help the company boost its market position. Elm began talks in June<\/a> to fully acquire the PIF\u2019s stake in Thiqah. The PIF is a majority shareholder in both Elm and Thiqah.<\/strong><\/p>\n

#3- We have a timeline for Ceer\u2019s planned EV production facility:<\/strong> Ceer \u2014 the Kingdom\u2019s first electric vehicle brand \u2014 expects to complete works at its electric vehicle complex \u201cwithin two years,\u201d Chief Public Relations Officer Mohammed Abuazzah told Al Arabiya in an interview yesterday (watch, runtime: 6:59<\/a>). He refrained from providing an exact figure for the plant\u2019s production capacity but said it was estimated in the multiples of 100k of vehicles. Ceer awarded last week<\/a> a SAR 5 bn (USD 1.3 bn) construction contract for the complex to local contractor Modern Building Leaders.<\/p>\n

#4- The Royal Commission for Riyadh broke ground on the 75.4 hectare <\/strong>Al<\/a><\/strong>Urubah Park<\/a><\/strong>, state news agency SPA<\/a> reported yesterday. The park will be home to a 3 km panoramic pathway showcasing a full view of the capital\u2019s landmarks. It is part of the ambitious urban forestation project Green Riyadh Initiative<\/a>, which aims to plant 7.5 mn trees across the capital and raise vegetation cover to 9% of total area.<\/p>\n

In context:<\/strong> 75.5 hectares is big enough to enclose about 122 football pitches. <\/p>\n

#5- A new Saudization target rate for private-sector dental professionals <\/strong>went<\/strong> into <\/strong>effect yesterday<\/strong>, according to a post on X<\/a>. The new 35% rate, up from 30% previously, covers general practitioners, dental consultants, surgeons, dental practitioners for children, and orthodontists. It applies to private-sector establishments employing three or more people, according to a procedural guide (pdf)<\/a>.<\/p>\n

Saudization hitting the engineering sector in the summer:<\/strong> Private companies employing five or more engineers will be required<\/a> to hire Saudi nationals for at least 25% of their engineering headcount starting 21 July. The rate is up from an applied 20% Saudization target for engineering professions.<\/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

\n

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

It\u2019s a quiet Monday morning in the global business press \u2014 and quieter still across the <\/strong>Arab world <\/strong>with the start of Ramadan. No single story has gripped the imagination of the business press. <\/p>\n

Dueling \u201cred lines\u201d: Joe Biden says that Israeli forces invading Rafah would be a \u201cred <\/strong>line,\u201d <\/strong>prompting Benjamin Netanyahu to reply<\/a> that his red line is preventing another Hamas attack. Biden told MSNBC<\/a> on Saturday that he would not accept \u201c30k more Palestinians dead.\u201d<\/p>\n

Palestinians in Rafah are starting the Holy Month on the verge of starvation. <\/strong>We have no words. <\/p>\n

THE WEEK AHEAD:<\/strong><\/p>\n