{"id":85439,"date":"2024-04-23T00:00:00","date_gmt":"2024-04-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/23\/hundreds-of-bankers-flying-in-to-neom-this-week-for-show-and-tell\/"},"modified":"2024-04-23T00:00:00","modified_gmt":"2024-04-23T00:00:00","slug":"hundreds-of-bankers-flying-in-to-neom-this-week-for-show-and-tell","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/23\/hundreds-of-bankers-flying-in-to-neom-this-week-for-show-and-tell\/","title":{"rendered":"\u201cHundreds\u201d of bankers flying in to Neom this week for show-and-tell"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends. We\u2019ve got a packed issue this morning<\/strong> with everything from the PIF cooking up the next big thing in the region\u2019s telecoms industry, to Aramco\u2019s appetite for China, more investments in Egyptian companies, Acwa Power cementing its reach in Azerbaijan, and IPO news in both the news well and Planet Finance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UP FIRST- The Public Investment Fund has acquired a controlling stake in <\/strong><strong>stc-owned Telecoms <\/strong><strong>Towers Company<\/strong>, better known as Tawal, in an agreement that will see PIF consolidate its telecoms assets under what\u2019s being positioned as the region\u2019s largest telecom infrastructure company with capital of SAR 1.2 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have more on the story at the head of this morning\u2019s news well, below, along with an a look back at what PIF got up to in 1Q.<\/p>\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>HAPPENING TODAY- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.unep.org\/inc-plastic-pollution\/session-4\" style=\"\" rel=\"noopener\">Global talks<\/a><\/strong><strong> on eliminating plastic waste get underway this morning <\/strong><strong>in Ottawa<\/strong>, Canada. Negotiators hope to move closer to an agreement by year\u2019s end on what would be the first-ever global pact setting limits on plastic pollution and setting out goals to reduce it. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some 3.5k people are set to attend<\/strong>, including diplomats, business leaders, and lobbyists, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/climate-energy\/what-do-countries-companies-want-global-plastic-treaty-talks-2024-04-22\/\" style=\"\" rel=\"noopener\">Reuters<\/a> adds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Arabia, Iran and China are being called the Like-Minded Countries<\/strong>, which have so far opposed language on production caps, scheduled reduction target, or requirements to disclose the chemicals used in production, the newswire writes.<\/p>\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- \u201cHundreds\u201d of bankers will fly to Neom this week as the USD 500 <\/strong><strong>b<\/strong><strong>n <\/strong><strong>development seeks new funding options and looks to drum up business<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-22\/neom-hosts-show-and-tell-for-bankers-as-it-scours-for-more-cash?srnd=homepage-europe\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported yesterday, citing sources it says are in the know. They said Neom\u2019s CEO Nadhmi Al Nasr plans to show visiting bankers progress on the city\u2019s flagship project The Line. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the agenda: <\/strong>Bankers will see actual work being done in the futuristic city instead of virtual reality videos showcased by Neom during previous roadshows in the US and UK. Neom just came off the road in China \u2014 officials have been particularly interested in driving interest from Hong Kong, Beijing, and Shanghai.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> Bloomberg reported recently that the buildout of The Line was moving <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/083185a1-da33-46d9-809b-4562199b25b6\/\" style=\"\" rel=\"noopener\">slower<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/083185a1-da33-46d9-809b-4562199b25b6\/\" style=\"\" rel=\"noopener\">than planned<\/a>. Officials at Neom replied quickly, bringing in top execs from some 100 global construction firms last week to assure them <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d415e8f0-fa26-473b-acf6-0a2208bd6637\/\" style=\"\" rel=\"noopener\">the buildout is proceeding on schedule<\/a> \u2014 and that more business is in the pipeline. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Neom is <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/11d20e6c-678e-468e-879b-82edc958350b\" style=\"\" rel=\"noopener\">looking to diversify<\/a><\/strong><strong> its funding sources away from the PIF<\/strong>, which has poured most of the funding into the project in the form of equity. Its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/11d20e6c-678e-468e-879b-82edc958350b\" style=\"\" rel=\"noopener\">plans include<\/a> a SAR-denominated bond sale in what could be the giga-project\u2019s first-ever sukuk sale.<\/p>\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\"><a id=\"wwtt2\"><\/a> <strong>#2- First-time Saudi and GCC visa applicants will be allowed to stay longer in the <\/strong><strong>Shengen zone: <\/strong>The European Commission will roll out relaxed rules for Schengen visas for Saudis and several other GCC countries, <a target=\"_blank\" href=\"https:\/\/www.okaz.com.sa\/news\/local\/2160045\" style=\"\" rel=\"noopener\">Okaz<\/a> reported yesterday. they include five-year multiple-entry visas for applicants from Saudi, Bahrain and Oman, with the longer visa validity also offered to first-time applicants, according to <a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2497346\/saudi-arabia\" style=\"\" rel=\"noopener\">Arab News<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is not entirely what GCC officials wanted <\/strong>\u2014 they <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/2076ef60-066c-4602-9e47-958abb155dcf\" style=\"\" rel=\"noopener\">have been looking<\/a> to strike an agreement with the EU that would see Gulf citizens exempted from Schengen visas entirely. GCC Secretary General Jasem Al Budaiwi <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/399e70a3-e2fe-4f5f-8a42-286b5b4ce2db\" style=\"\" rel=\"noopener\">said that talks<\/a> with the EU on the Schengen visa waiver scheme \u201crequires a series of long procedures on the European side.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in Luxembourg yesterday: <\/strong>GCC and EU officials talked about boosting strategic and security cooperation, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2087951\" style=\"\" rel=\"noopener\">state news agency SPA<\/a>. Foreign Minister Prince Faisal bin Farhan also met with several of his European counterparts on the sidelines of the forum (<a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2087817\" style=\"\" rel=\"noopener\">here<\/a>, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2087820\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2087830\" style=\"\" rel=\"noopener\">here<\/a>)<\/p>\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\"><a id=\"wwtt3\"><\/a> <strong>#3- <\/strong><strong>Tomorrow <\/strong><strong>is the bid deadline for hosting the tenth Masters 1000 event on the <\/strong><strong>ATP Tour.&nbsp;<\/strong>Saudi, Dubai, Doha, Abu Dhabi, and Australia were invited to bid, <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/sport\/tennis\/articles\/c4n1kjgze1ko\" style=\"\" rel=\"noopener\">BBC<\/a> reports. That will be followed by a two-day meeting of the ATP Board, which can either select the host or run a final round of bidding. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>If we\u2019re successful, the first Masters 1000 here will be in 2027<\/strong>, and we\u2019ll be waiting until 2H 2025 for specific dates. <\/p>\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\"><a id=\"wwtt1\"><\/a> <strong>#4- The first batch of Iranian umrah pilgrims in nine years traveled to Saudi <\/strong><strong>yesterday<\/strong>, Iran\u2019s state-owned media agency <a target=\"_blank\" href=\"https:\/\/en.irna.ir\/photo\/85453014\/First-group-of-Iran-s-umrah-pilgrims-depart-for-Saudi-Arabia\" style=\"\" rel=\"noopener\">IRNA<\/a> reported yesterday. Some 85 Iranians traveled to Madinah yesterday to mark the resumption of flights between the two countries as ties improve. It comes months after flights between Saudi and Iran <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/ef97e0ed-eb0f-450f-a0c8-c26ae025a465\/\" style=\"\" rel=\"noopener\">were delayed in December<\/a> on the back of what Tehran officials said were technical issues.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters:<\/strong> It\u2019s a significant sign that relations are improving. Iranians were previously only allowed to perform hajj, but officials said they would permit umrah visits after Riyadh and Tehran reestablished ties in March 2024. <\/p>\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\"><a id=\"wwtt4\"><\/a> <strong>#5- <\/strong><strong>China Eastern Airlines will fly into Riyadh starting next Saturday<\/strong>, the General Authority of Civil Aviation (GACA) said in a <a target=\"_blank\" href=\"https:\/\/twitter.com\/ksagaca\/status\/1782465207475806657\" style=\"\" rel=\"noopener\">post on X<\/a> yesterday. The Chinese carrier will run three weekly flights between Shanghai Pudong Airport and Riyadh\u2019s King Khalid International Airport, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/67552659-9ba7-4ad6-9245-8f0eae1efab1\/\" style=\"\" rel=\"noopener\">we noted last month<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Budget carrier <\/strong><strong>Flynas will resume in late June service between Riyadh and Al <\/strong><strong>Jouf<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2087766\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- Local fintech<\/strong><strong> Thuluthain<\/strong><strong> has gotten Capital Market Authority permission to test <\/strong><strong>robo-advisory <\/strong>as part of its product offering, the <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/en\/Market\/News\/pages\/CMA_N_3536.aspx\" style=\"\" rel=\"noopener\">CMA said in a statement<\/a> yesterday. No further details were provided.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#7- Fee collection for environmental permits is now expected to take not more than a few <\/strong><strong>seconds, down from a 10 day-long wait <\/strong>through the deployment of Virtual Robotic Process Automation (RPA), <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2087498\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported yesterday. The automated system helps process 8-10k requests daily, helping eliminate human error.<\/p>\n<p class=\"tag-border-left\">PSAs- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>Seven more days for businesses on the hook for VAT to submit their tax returns:&nbsp;<\/strong>VAT-liable businesses with annual revenues exceeding SAR 40 mn have until Tuesday, 30 April, to submit their tax returns for March 2024, and those with revenues less than SAR 40 mn have to do the same for their 1Q 2024 tax returns, according <a target=\"_blank\" href=\"https:\/\/zatca.gov.sa\/ar\/MediaCenter\/News\/Pages\/news_1230.aspx\" style=\"\" rel=\"noopener\">a statement<\/a> by the Zakat, Tax, and Customs Authority (ZATCA). <strong>Non-complying businesses will face fines ranging from 5% to 25% of the tax owed. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>Expect light showers with a high of 33\u00b0C and a low of 22\u00b0C in the <strong>capital, <\/strong>according to our favorite weather app. It\u2019s more of the same in<strong> Al-Taif, <\/strong>while the<strong> AlUla <\/strong>folks will be enjoying a sunny day with clear skies all along.<\/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\"><span style=\"background-color: transparent;\"><\/span><\/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 a pleasantly slow morning in the international business press.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yesterday saw opening arguments in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.politico.com\/news\/2024\/04\/22\/trump-hush-money-trial-gag-order-contempt-00153154\" style=\"\" rel=\"noopener\">Donald Trump\u2019s criminal hush-money trial<\/a><\/strong> \u2014 today will see prosecutors argue that The Donald is also in contempt of court for refusing to abide by a gag order against attacking prosecutors, jury members, and witnesses.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not a great time to be in professional services (outside of Saudi): <\/strong><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/pwc-looks-to-shrinknewu-s-consulting-partner-class-by-more-than-50-150a3388?mod=business_feat2_c-suite_pos1\" style=\"\" rel=\"noopener\">PwC is looking to cut<\/a> in half (compared to last year) the number of people it makes partners in the United States. Blame slowing demand for advisory services. McKinsey, meanwhile, is at the forefront of a movement among big consulting firms to cull underperformers. A <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/8c3679c4-b34a-41d0-93c9-af96ea6f90e2\" style=\"\" rel=\"noopener\">\u201cbrutal round of career reviews\u201d<\/a> is now in process at the high-flying firm.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The noise about tech stocks is about to go to 11: <\/strong>Tesla reports its 1Q earnings today, Meta follows suit tomorrow, while Google parent Alphabet and Microsoft both release on Thursday. They\u2019re all filing financials after a rough couple of weeks for tech stocks in New York.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>US colleges are having a moment <\/strong>as student protests of Israel\u2019s war against Gaza (and US backing for it) continues to grow. Egypt-born Columbia President Dame Minouche Shafik has suspended in-person classes to allow a cooling off period after she sent police to arrest over 100 protestors. Police have separately arrested over 50 protesters at Yale and Harvard is closing campus gates to non-students. Activists have organized \u201ctent cities\u201d at all three. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SIGN OF THE TIMES- The UAE\u2019s Emirates still needs <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-22\/emirates-says-needs-time-to-clear-backlog-as-clark-says-sorry\" style=\"\" rel=\"noopener\">\u201csome more days\u201d<\/a><\/strong> to clear a backlog of \u201crebooked passengers\u201d from more than 400 canceled flights and some 30k pieces of luggage left at the airport after last week\u2019s once-a-century (isA) storm. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/optimism.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/221.jpg?ssl=1\"><\/a> <\/p>\n<p class=\"tag-border-left\">OUR NEXT FORUM IN CAIRO-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign investors are falling in love with Egypt again\u2026<\/strong> Foreign investors we speak with (debt, equity, and strategic alike) have growing appetite for Egypt. They\u2019re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that\u2019s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: <strong>It\u2019s a massive consumer opportunity and a regional export hub of tomorrow.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Enterprise Optimism Forum 2024 will do exactly what it says on the tin:<\/strong> Spark conversations about a future that sees Saudi Arabia, Egypt, and the the UAE at the heart of a more vital Middle East economy \u2014 and provide an early, actionable roadmap for those who are \u201clong Egypt.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;orphans:2;widows:2;text-align:left\"><strong>We\u2019ll be talking with you about the agenda over the coming couple of weeks.<\/strong>It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow\u2019s opportunities \u2014 and who aren\u2019t afraid to answer some tough questions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/optimism.enterprise.news\/\" style=\"\" rel=\"noopener\">** Interested in attending? Tap or click here to let us know<\/a><\/strong><strong>.<\/strong> Seating is limited. <\/p>\n<hr style=\"page-break-before:always;display:none;\">\n","protected":false},"excerpt":{"rendered":"<p>Plus: Will Saudi be cast as a spoiler at global talks to curb the growth of plastic waste?<\/p>\n","protected":false},"author":1,"featured_media":85440,"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":[446,100,8,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-climate","tag-neom","tag-sports","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"e8706c8f-4009-4953-8129-18c0cd862016","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/4\/925.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: \u201cHundreds\u201d of bankers flying in to Neom this week for show-and-tell","related_issue":[85437],"teaser":"Plus: Will Saudi be cast as a spoiler at global talks to curb the growth of plastic waste?","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.8e9f9f4b-ada4-45f0-b468-d78dcc8845c5.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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