{"id":85056,"date":"2024-04-04T00:00:00","date_gmt":"2024-04-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/04\/hotels-and-resorts-operator-boudl-says-it-will-file-to-go-public-this-year\/"},"modified":"2024-04-04T00:00:00","modified_gmt":"2024-04-04T00:00:00","slug":"hotels-and-resorts-operator-boudl-says-it-will-file-to-go-public-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/04\/hotels-and-resorts-operator-boudl-says-it-will-file-to-go-public-this-year\/","title":{"rendered":"Hotels and resorts operator Boudl says it will file to go public this year"},"content":{"rendered":"

Good morning, friends. <\/strong>Just a couple more workdays left and we can all slide into Eid Al Fitr vacation. We hope you\u2019re looking forward to it as much as we are \u2014 and that you\u2019re able to unwind a little bit this weekend. In the meantime: The late-Ramadan news slowdown is in full effect.<\/strong><\/p>\n

<\/a> BUT FIRST- White House national security advisor Jake Sullivan postponed his planned <\/strong>trip to Saudi Arabia<\/strong>, Axios<\/a> wrote overnight. A spokesman for the Biden administration told the outlet that Sullivan is recovering from a cracked rib suffered in a \u201cminor accident.\u201d<\/p>\n

In the works: <\/strong>A \u201cmega-deal\u201d that would include normalization of ties with Israel, a US defense pact, a nuclear agreement, and an irreversible path to statehood for Palestine. <\/p>\n

WEATHER UPDATE- It will be a game of contrasts today in Riyadh. Expect cloudy skies<\/strong>with a high of 30\u00b0C, prompting T-shirts and summer abayas, and a low of 16\u00b0C, that will have us ready with sweaters and jackets. It\u2019s more of the same over in AlUla<\/strong>. Meanwhile, the folks in Al Taif <\/strong>better pack an umbrella, as there\u2019s a chance of rain and thunderstorms with a high of 25\u00b0C and a low of 15\u00b0C. <\/p>\n

Looking ahead: <\/strong>There\u2019s a chance of rain every day next week, according to the long-range forecast for the capital city.<\/p>\n

So, when do we eat?<\/strong> Maghrib prayers are at 6:11pm in the capital city, and you\u2019ll have until 4:21am tomorrow to hydrate and caffeinate ahead of fajr. Today is day 25 of Ramadan.<\/p>\n

** Tap or click here to read this section on our website<\/strong> and access all of the external links.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- IPO WATCH- Hotels and resorts operator <\/strong>Boudl<\/a><\/strong> is looking to list on Tadawul this year, Managing Director Khaled Alkhelaiwi to Al Eqtisadiah<\/a>. He did not provide further details on the plan, but said Boudl was also looking to enter a number of regional markets, including Egypt, Morocco, Oman, and Turkey, as part of an expansion plan.<\/p>\n

About Boudl:<\/strong> Established in 1959, Boudl has grown to become one of Saudi\u2019s top hotels operators. It manages 60 hotels across the Kingdom under its brand name with its range including three-, four-, and five-start hotel offerings and hotel apartments.<\/p>\n

<\/a> #2- The Ministry of Industry and Mineral <\/strong>Resources has put six exploration licenses up for grabs <\/strong>for local and international mining companies, state news agency SPA<\/a> reports. The ministry hopes prospectors will find gold, silver ores, copper, zinc, and lead. Technical bids are due by the beginning of May 2024 and a list of preferred bidders will be disclosed by the end of June.<\/p>\n

REMEMBER- The ministry unveiled last month a <\/strong>fresh incentives package worth SAR 685<\/a><\/strong>mn<\/a> <\/strong>to <\/strong>boost mineral exploration in the Kingdom. <\/strong>The program is being rolled out in collaboration with the Investment Ministry and aims to reduce early-stage risk for exploration companies.<\/p>\n

#3- Fertilizers maker Sabic Agri-Nutrients has plans to launch a number of <\/strong>decarbonization projects in the next decade <\/strong>starting in 2026 in a bid to reach net-zero by 2050, according to the company\u2019s BoD 2023 annual report (pdf)<\/a> <\/p>\n

DATA POINTS-<\/p>\n

<\/a> #1- <\/strong>MENA startups raised USD 429 mn in 1Q 2024, a 62% y-o-y decline<\/strong>, according<\/a>to Wamda<\/a>. Meanwhile, they raised USD 254 mn through 54 transactions in March 2024 with a 1.2% y-o-y increase. <\/p>\n

Saudi startups dominated the charts in March<\/strong>, lining up USD 198 mn in funding through 25 transactions, including a USD 130 mn pre-IPO round for e-commerce app Salla. Twelve startups in the UAE raised USD 39 mn, while eight in Egypt raised USD 7 mn. <\/p>\n

<\/a> #2- Retail <\/strong>e-payments advanced 13% y-o-y in 2023, accounting for 70% of total <\/strong>retail <\/strong>payments<\/strong>, SAMA said in a post on X<\/a>. Card payments via point of Sale (POS) increased by 24% y-o-y to 9 bn transactions, while mada card online payments rose 43% y-o-y to 874 mn, and payments through instant payment service (Sarie) saw a 26% y-o-y increase to 437 mn transactions.<\/p>\n

#3- Some 118 industrial licenses were issued in February 2024 for projects with a <\/strong>combined investment of SAR 1.9 bn<\/strong>, the Industry and Mineral Resources Ministry said in a post on X<\/a>. This is down 22.4% m-o-m from 152 issued industrial licenses in January<\/a>.<\/p>\n

***
<\/strong>DID YOU KNOW that we also cover <\/strong>Egypt<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

Were you forwarded this email? <\/strong>Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday before 7am Riyadh time \u2014 without charge, thanks to our friends at Cenomi.
***<\/strong><\/p>\n

PSA- <\/p>\n

You might be able to zip through passport control a bit quicker in Riyadh <\/strong>as the General Authority of Civil Aviation rolls out Saudi\u2019s first self-service passport checks at King Khalid International Airport\u2019s terminal three, GACA said in a post on X<\/a>.<\/p>\n

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

The scramble to make sense of (and money with) generative AI dominates headlines <\/strong>on an otherwise quiet morning in the global business press. Here\u2019s what you need to know: <\/p>\n