{"id":84595,"date":"2024-03-21T00:00:00","date_gmt":"2024-03-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/21\/nomu-listed-delivery-app-jahez-wants-to-move-to-tadawuls-main-market\/"},"modified":"2024-03-21T00:00:00","modified_gmt":"2024-03-21T00:00:00","slug":"nomu-listed-delivery-app-jahez-wants-to-move-to-tadawuls-main-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/21\/nomu-listed-delivery-app-jahez-wants-to-move-to-tadawuls-main-market\/","title":{"rendered":"Nomu-listed delivery app Jahez wants to move to Tadawul\u2019s main market"},"content":{"rendered":"

Good mornings, friends. <\/strong>It\u2019s another busy news morning, with everything from thoughts on the corporate landscape through year\u2019s end to another IPO announcement, Jahez looking to upgrade to Tadawul\u2019s main market, and the dawn of \u201cdata sovereignty\u201d regulations. <\/p>\n

But first:<\/strong><\/p>\n

MORNING MUST-READ- Sometimes, generative AI is brilliant. Other times, it lies to you <\/strong>with both great confidence and all of <\/strong>the skill of a not-so-bright intern. <\/strong>(Obligatory footnotes to Nilay Patel<\/a> and Ben Evans<\/a>.)<\/p>\n

Yesterday<\/a><\/strong>, we asked you to read A16Z co-founder Marc Andreessen\u2019s essays<\/strong> on why AI<\/a>will save the world<\/a> alongside his Techno-Optimist Manifesto<\/a>.<\/p>\n

This morning: <\/strong>For a reminder of the current limits of the technology \u2014 and why you really don\u2019t want your junior staff using it without training and supervision \u2014 go check out Bloomberg\u2019s report on how it\u2019s not exactly fit to run your recruitment program. \u201cRecruiters are eager to use generative AI, but a Bloomberg experiment found bias against job candidates based on their names alone.\u201d The story is brilliantly illustrated on the web and really well-reported. <\/p>\n

Read: <\/font><\/strong>OpenAI\u2019s GPT is a recruiter\u2019s dream tool. Tests show there\u2019s racial bias.<\/a> <\/p>\n

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DIPLOMACY- Crown Prince and Prime Minister Mohammed bin Salman <\/strong>held discussions with US Secretary of State Antony Blinken<\/a> yesterday for yet another round of discussions<\/a> on normalizing relations between Riyadh and Tel Aviv along with the prospects of a ceasefire and the release of Israeli hostages in Gaza. Riyadh has on several occasions<\/a> made it crystal clear that a Palestinian state and an immediate ceasefire to the war in Gaza are prerequisites for any substantial progress on normalization. <\/p>\n

Blinken lands in Cairo today<\/strong> where he will be meeting with senior officials in the Sisi administration before making his last stop in Israel. This is Blinken\u2019s sixth visit to our corner of the world <\/strong>\u2014 he\u2019s accumulating frequent-flyer points faster than he\u2019s making progress on his foreign policy agenda.<\/p>\n

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WEATHER- There\u2019s a chance of showers in Riyadh today<\/strong>, with a 23\u00b0C high and a low of 14\u00b0C. <\/p>\n

Look for meh weather over the weekend and into next week: <\/strong>The capital city will see cloudy skies with a chance of rain and an occasional thunderstorm on Friday, mostly cloudy skies with a chance of rain on Saturday, and high winds on Sunday with a chance of rain and thunder in the evening. <\/p>\n

In Makkah<\/strong>, it\u2019s going to be sunny today with scattered clouds. The holy city will see a high of 35\u00b0C before cooling down to 22\u00b0C. <\/p>\n

Meanwhile, Madinha <\/strong>is in for a cloudy day and quite possibly some rain with a high of 30\u00b0C and low of 16\u00b0C.<\/p>\n

So, when do we eat?<\/strong> Maghrib prayers are at 6:05 pm in the capital city, and you\u2019ll have until 4:37 am tomorrow to hydrate and caffeinate ahead of fajr. Today is day 11 of Ramadan \u2014 we\u2019re almost halfway there<\/a>. <\/p>\n

WATCH THIS SPACE-<\/p>\n

#1- IPO WATCH-<\/strong> Nomu-listed food delivery app Jahez (our personal favorite) is gearing up to transition to the main market Tadawul, it said in a filing to the exchange<\/a>. Jahez has already listed a 13% stake on Nomu, according to its prospectus (pdf)<\/a>. <\/p>\n

2023 KPIs: <\/strong>The company\u2019s net income rose 10% y-o-y to SAR 58 mn in 1H 2023, and its revenue increased 13% y-o-y to SAR 835.6 mn, according to its latest results (pdf)<\/a>.<\/p>\n

About Jahez:<\/strong> The startup offers on-demand services, quick commerce and last mile delivery through its online application (App Store<\/a> | Google Play<\/a>). Jahez has three \u201csubstantial corporate shareholders\u201d who together hold a combined 48% of the company. Jahez claims to have served 1 mn customers with 45k drivers across the Kingdom, according to its website<\/a>.<\/p>\n

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<\/a> #1- The folks at US investment manager Franklin Templeton have taken out <\/strong>Capital <\/strong>Market Authority (CMA) licenses<\/strong> to run investment management, fund operations, and securities advisory operations in the Kingdom, according to a statement by the CMA<\/a>. Franklin Templeton is one of the world\u2019s largest asset managers with USD 1.5 trn in assets under management.<\/p>\n

#2- King Abdullah Financial District (KAFD) plans to launch a monorail project in 2026<\/strong> in a bid to facilitate movement around the financial district, its CEO Gautam Sashittal told Al Eqtisadiah<\/a> yesterday. The move comes under KAFD\u2019s planned 10-minute city concept, which includes 40 pedestrian crossings connected to the district\u2019s buildings and metro station. No further details were provided on the six-station monorail project.<\/p>\n

#3- Some 17 new laws and programs have been put up on the government\u2019s survey <\/strong>platform <\/strong>Istitlaa<\/a> <\/strong>for <\/strong>public consultation<\/strong>, state news agency SPA<\/a> reported. The list includes executive regulations for the sale and leasing of real estate projects<\/strong>. <\/p>\n

<\/a> #4- The government is looking to change how it regulates <\/strong>freelance and other <\/strong>\u201cflexible\u201d work<\/strong>: <\/strong>The Human Resources and Social Development Ministry plans to unveil amendments to a freelance and flexible work system sometime between next week and just after Eid Al Fitr, Al Eqtisadiah<\/a> reported yesterday. The report, which provided little in the way of detail, positioned the move as part of a drive to boost employment in the Kingdom. <\/p>\n

In perspective:<\/strong> Companies inked some 2.3 mn freelance services contracts in the first half of 2023, according to ministry data. Businesses also signed some 377k flexible-work contracts and employed 115k remote workers, it said.<\/p>\n

<\/a> #5- Talks are currently ongoing with the Saudi Central Bank to set up an awqaf <\/strong>bank<\/strong>, Al Eqtisadiah<\/a> reported yesterday, citing statements by Rajis Al Dosari, the general supervisor of the awqaf center in the Riyadh Chamber of Commerce. The proposal is among a number of solutions that he said could help \u201cresolve funding problems\u201d for religious endowments. He added that the set-up of an awqaf bank is \u201cstill challenging,\u201d but didn\u2019t unpack what he meant. <\/p>\n

DATA POINTS-<\/p>\n

The Industrial production Index (IPI) was up 0.3% m-o-m in January 2024<\/strong>, state news<\/a>agency SPA reported yesterday<\/a>. The marginal monthly increase came on the back of a rise in mining and quarrying activity, which accounts for 61.4% of the index weight.<\/p>\n

Speaking of mining: Four salt ore exploration licenses will be up for grabs<\/strong> at the Eastern Province\u2019s Ras Al Quraya complex, according to a statement on X<\/a> by the Industry and Mineral Resources Ministry yesterday. The ministry will begin receiving applications for the tender starting Sunday, 24 March until Thursday, 18 April, it said.<\/p>\n

Sound smart: <\/strong>Salt ores are refined to produce everything from table and industrial salts to road salt and salts used in chemical processes. Major producers include the United States, Canada, China, India, and Poland.<\/p>\n

PSAs- <\/p>\n

<\/a> Companies have until Sunday, 31 March to<\/strong>file their tax returns<\/a><\/strong> for February 2024<\/strong>, according to the Zakat, Tax and Customs Authority (ZATCA). The requirement applies tobusinesses that are subject to value-added tax (VAT) and have annual revenues of more than SAR 40 mn. Late filers will face 5-25% surcharges.<\/p>\n

SPORTS-<\/p>\n

The national U-23 football team tied 1-1 against Jordan yesterday<\/strong> in the West Asian Football Federation (WAFF) Championship held in Al Ahsa.<\/p>\n

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

The US Federal Reserve\u2019s guidance that it\u2019s on track to deliver as many as three rate <\/strong>cuts this year <\/strong>is the big story in the global business press. We have the rundown in this morning\u2019s Planet Finance, below. <\/p>\n

Also worth knowing about: <\/strong><\/p>\n