{"id":84304,"date":"2024-03-13T00:00:00","date_gmt":"2024-03-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/13\/retail-and-e-commerce-player-metro-brazil-is-now-in-saudi\/"},"modified":"2024-03-13T00:00:00","modified_gmt":"2024-03-13T00:00:00","slug":"retail-and-e-commerce-player-metro-brazil-is-now-in-saudi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/13\/retail-and-e-commerce-player-metro-brazil-is-now-in-saudi\/","title":{"rendered":"Retail and e-commerce player Metro Brazil is now in Saudi"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>Much of the country may be looking forward to rain, but it\u2019s a sunny day on the news front as we shrug off the torpor of the first few days of Ramadan. <\/p>\n

We have debt and capital markets news for you this morning<\/strong>, some climate-themed investments to note, and handful of places you might want to consider for an iftar out in Riyadh this Ramadan. <\/p>\n

BUT FIRST- Al Hilal SFC set a new world record <\/strong>for consecutive victories as they beat Al-Ittihad 2-0 last night in the Asian Champions League quarterfinals. The victory gave Al Hilal a record that eclipses the 27 consecutive wins racked up by the Welsh Premier League\u2019s The New Saints and a 26-game streak put together by Amsterdam\u2019s Ajax dating back to the 1970s. <\/p>\n

HAPPENING TODAY-<\/p>\n

WEATHER- <\/strong>Expect some scattered clouds over Riyadh today<\/strong> with a daytime high of 26\u00b0C and an overnight low of 14\u00b0C. <\/p>\n

Thunderstorm warning: <\/strong>Civil defense officials are warning that rain and thunderstorms are in the forecast through Sunday for Asir, Jazan, Qassim, the Eastern Province, Madinah, Hail, and the Northern Borders<\/strong>. Expect moderate to heavy rain with a risk of flash floods \u2014 and the risk of blowing sand. <\/p>\n

Taif, Tabuk, and Madinah<\/strong> could also see periods of heavy rain through the weekend. <\/p>\n

\n

DATA POINTS- <\/p>\n

<\/a> King Abdulaziz Port in Dammam handled a record high<\/strong> 235.8k containers in <\/strong>February 2024<\/strong> \u2014 a 25.4% y-o-y increase \u2014 Saudi Ports Authority (Mawani) said in a news release<\/a> yesterday. Additionally, the number of incoming containers surged 49% y-o-y to 142.7k last month, while outgoing containers rose 25% y-o-y to 86.3k containers.<\/p>\n

<\/a> Seventeen transactions got the go-ahead from competition watchdog GAC last <\/strong>month<\/strong>, nearly a third more than it approved in January, Argaam<\/a> reports. Requests for clearance on acquisitions accounted for 71% of total requests, while joint ventures made up 18%. <\/p>\n

Among the transactions we know of: <\/strong>The approvals by GAC include the PIF-backed Tamimi Market\u2019s full acquisition of retailer Al Raya<\/a> and a takeover of Hail Cement<\/a> by Qassim Cement. They also include a joint venture<\/a> between Madinah Municipility\u2019s investment arm Al Maqar Development, UAE\u2019s Beeah and PIF subsidiary Saudi Investment Recycling Company (SIRC).<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>Metro Brazil has expanded <\/strong>here <\/strong>as it looks to capture a share of the Saudi shapewear and stocking market, projected to be worth USD 7 mn by 2028, it said in a press release<\/a> yesterday. The retail and e-commerce website will be setting up showrooms in Jeddah and Riyadh. The size of the investment wasn\u2019t made public.<\/p>\n

#2- The Culture Ministry has introduced a cultural heritage preservation plan <\/strong>under the Saudi Cultural Memory Center, Saudi Gazette<\/a> reported yesterday. The plan will identify and preserve cultural heritage through the collection, documentation and archiving of cultural assets with relevant cultural stakeholders. <\/p>\n

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PSAs- <\/p>\n

<\/a> Zakaty for zakat:<\/strong> Individuals can now pay zakat through Zakat, Tax and Customs Authority (ZATCA)\u2019s new application Zakaty, according to a statement by ZATCA<\/a> yesterday. The application accepts secure bank payment methods, Sadad and Apple Pay. It features an algorithm that calculates Zakat automatically on various assets \u2014 including funds, gold, silver, shares, investment funds, real estate and others.<\/p>\n

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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 STORY ABROAD- <\/p>\n

It\u2019s a big morning in Washington, DC<\/strong>, where the House of Representatives will vote this afternoon (Riyadh time) on a bill that could ban Tiktok<\/a>. Meanwhile, Joe Biden has just lined up enough delegates to clinch the Democratic nomination<\/a> to seek another term. <\/p>\n

The Biden administration is (kind of) applying more pressure on Israel<\/strong>, saying there is \u201cno credible plan\u201d to protect civilians and warning the IDF against \u201csmashing into Rafah.\u201d<\/a> Plans are now afoot that could see the US and its allies have commercial vessels deliver aid to Gaza<\/a> before the US Navy can act.<\/p>\n

MUST READ- Good news for Ras Al Khair? <\/strong>Shipbuilding is the latest front in the global economic competition between the United States and China, the Financial Times<\/a> writes in its Big Read this morning. The US has become a virtual non-factor in global shipbuilding, eclipsed by the rise of China, South Korea and Japan. <\/p>\n

The local angle: <\/strong>International Maritime Industries<\/a> is positioning its Ras Al Khair facility as the region\u2019s largest shipbuilding facility. It\u2019s a partnership between Aramco, Bahri, Lamprell, and Hyundai Heavy Industries and aims to build Ras Al Khair into the world\u2019s largest shipyard. <\/p>\n

\n

OIL WATCH-<\/p>\n

OPEC still sees strong demand for oil this year and next<\/strong>, saying its its latest monthly report that it still sees demand rising 2.25 mn barrels per day this year and 1.85 mn bpd in 2025. It sees some room for global growth to pick up and, if it does, drive even more demand. You can check out the full report (pdf) here.<\/a> <\/p>\n

AND- There are zero indications that Russia will break ranks with OPEC. <\/strong>President Vladimir Putin said yesterday<\/a> that OPEC+ and the production cuts it has enacted to put a floor under oil \u201chas his full support.\u201d<\/p>\n

Watch this space: <\/strong>The International Energy Agency will release its forecast on Thursday. OPEC is bullish on oil and sees demand growing for at least the next two decades, but the IAE (focused as it is on industrialized nations) sees demand peaking in 2030.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Individuals can now pay zakat through Zakaty mobile app<\/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":[10,1455,1454,1453,1224,9,2758],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84304","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-enterpriseam-ksa","tag-general-authority-for-competition-gac","tag-king-abdulaziz-port-in-dammam","tag-metro-brazil","tag-saudi-arabian-amiantit","tag-what-were-tracking-today","tag-zakat","wpautop","entry"],"acf":{"mongo_id":"0f30add8-223d-4802-86e0-61ae80caac84","is_powered_by":false,"story_type":"4","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Retail and e-commerce player Metro Brazil is now in Saudi","related_issue":[84302],"teaser":"Plus: Individuals can now pay zakat through Zakaty mobile app","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.0b33b332-2689-444b-97e7-9abe6f05924f.mp3"},"yoast_head":"\nRetail and e-commerce player Metro Brazil is now in Saudi - 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