{"id":85986,"date":"2024-05-09T00:00:00","date_gmt":"2024-05-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/09\/jazan-is-getting-its-first-coffee-factory\/"},"modified":"2024-05-09T00:00:00","modified_gmt":"2024-05-09T00:00:00","slug":"jazan-is-getting-its-first-coffee-factory","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/09\/jazan-is-getting-its-first-coffee-factory\/","title":{"rendered":"Jazan is getting its first coffee factory"},"content":{"rendered":"

Good morning, wonderful people<\/strong>, and happy THURSDAY to you all. We hope you\u2019re looking forward to the weekend as much as we are \u2014 and offer you a nice, compact little issue this morning to send you on your way. <\/p>\n

<\/a> HAPPENING NOW: Commerce Minister Majed Al Qasabi is in Thailand through tomorrow to talk trade <\/strong>and the economy<\/strong>, state-run SPA reports<\/a>. Al Qasabi is expected to sign an MoU with the Thai Commerce Ministry to develop trade relations between the two countries. The Saudi-Thai Business Council will also convene during the minister\u2019s visit. <\/p>\n

WEATHER- <\/strong>There\u2019s a chance of rainfall in Riyadh<\/strong>, which is looking at a daytime high of 34\u00b0C and a low of 22\u00b0C. Meanwhile, the mercury in Makkah is rising further still to peak at 43\u00b0C, with a low of 24\u00b0C, although the National Center of Meteorology said on X<\/a> to expect strong winds in the city. Al Taif will be nice and sunny with a high of 32\u00b0C and a low of 17\u00b0C.<\/p>\n

DATA POINTS-<\/p>\n

<\/a> #1- Some 260k Saudi citizens are employed in the Kingdom\u2019s ride hailing sector<\/strong>, Al Arabiya<\/a> reported yesterday, citing sources it says have knowledge of the figure. Around 190k ride hailing trips are made daily across the country, Al Arabiya quotes the sources as saying. <\/p>\n

REMEMBER-<\/strong> Recently introduced rules<\/a> for ride-hailing apps now ban non-Saudi drivers from working with ride-hailing companies.<\/p>\n

<\/a> #2- <\/strong>Total cement sales rose 13.2% <\/strong>y-o-y<\/strong> to 3.1 mn tons in April<\/strong>, according to Mubasher<\/a>. Sales to the local market accounted for 2.9 mn tons during the month, up 12.5% y-o-y, while exports rose 25% y-o-y to 180k tons. Yamama Cement sold the highest volumes last month, with 358k tons sold, up 14% y-o-y, while Northern Cement sold the lowest volumes at 28k tons, down 66.7% y-o-y. <\/p>\n

WATCH THIS SPACE-<\/p>\n

#1- Saudi Coffee Company now has a construction license for Jazan\u2019s first coffee factory<\/strong>, after receiving approval from the Royal Commission for Jubail and Yanbu, it said in a post on X<\/a>. The PIF-owned coffee company will build a 30k sqm facility to produce and export \u201cthe finest types of Saudi coffee\u201d from the facility, it said, without providing details on the construction timeline or the cost of the facility.<\/p>\n

#2- <\/strong>More air travel options to Belarus could be coming:<\/strong> The General Authority of Civil Aviation is in the process of formalizing a bilateral agreement with the Belarusian Transport and Communications Ministry to boost air transport services between the two countries, the authority said on X<\/a>. No further information was provided. <\/p>\n

PSAs- <\/p>\n

<\/a> Residents of the Bahamas, Barbados and Grenada can now get visas to Saudi <\/strong>online<\/strong>, the Foreign Affairs and Tourism ministries said in a joint statement<\/a> yesterday. The addition brings the total number of countries under the Kingdom\u2019s e-visa scheme to 66. <\/p>\n

KUDOS-<\/p>\n

The Kingdom\u2019s competition regulations were given a perfect score in the <\/strong> 2023 <\/strong>Competition Law Index<\/a>(pdf)<\/a> from the UN Economic and Social Commission for Western Asia (ESCWA). The index is a gauge of the overall strictness of the regulatory framework that guided business operations in a country. They are categorized according to the maturity of eight criteria, including anti-monopoly laws. Saudi\u2019s competition laws were scored as \u201cvery strong\u201d in the 2023 edition, moving up from \u201cstrong\u201d in 2020, \u201cdemonstrating an enhanced and more comprehensive framework that targets multiple competition policies and unfair practices,\u201d according to the report. <\/p>\n

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

The war in Gaza and a dysfunctional global EV market <\/strong>are two of the big stories that you need to know this morning. <\/p>\n

#1- Joe Biden has warned Israel that he will cut off shipments of offensive weapons <\/strong>(we\u2019re \u2026 not sure what weapon isn\u2019t offensive?) to Israel \u201cif they go into Rafah.\u201d<\/strong><\/p>\n

In his own words: <\/strong>\u201cI made it clear that if they go into Rafah \u2014 they haven\u2019t gone in Rafah yet \u2014 if they go into Rafah, I\u2019m not supplying the weapons that have been used historically to deal with Rafah, to deal with the cities \u2014 that deal with that problem,\u201d he said in an {exclusive with CNN}<\/a>.<\/p>\n

The story is leading front pages around the world: <\/strong>Politico<\/a> | Financial Times<\/a> | Wall Street<\/a>Journal<\/a> | Bloomberg<\/a> | Reuters<\/a>.<\/p>\n

\n

#2- <\/strong>The global EV market is a mess. <\/strong>Sales of EVs are up sharply at BMW \u2014 and the Bavarian carmaker saw its margins collapse in 1Q as a result, reports Germany\u2019s Handelsblatt<\/a>. The culprit? Competition is rising in a softening market in which many players have tons of excess product, forcing it to cut selling prices. <\/p>\n

A lot of that oversupply is coming from China<\/strong>, where companies are now pushing EVs on other markets \u2014 including here in the Middle East. That has even friendly trade partners on edge and saw the European Union this week threaten to impose sanctions on Chinese EVs unless Beijing takes action in the short term, Bloomberg<\/a> notes. EC boss Ursula von der Leyen said China is \u201cflooding our market with massively subsidized electric cars,\u201d Reuters<\/a> adds.<\/p>\n

Chinese companies could look to start producing EVs in other countries <\/strong>in a bid to ease tensions \u2014 much as Japanese automakers did to smooth-out economic relations with the US back in the 1980s. Two cases in point: EV leader Byd as well as Neta Auto plan to start producing EVs in the lucrative Indonesian market, with Byd saying it will invest USD 1 bn in its plant, the Financial Times<\/a> reports.<\/p>\n

\n

AND- <\/strong>Top French business daily Les Echos<\/a> reports that European officials are worried about <\/strong>deep fakes and disinformation<\/strong> campaigns heading into the 6-9 June European Parliament elections. <\/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

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

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

CIRCLE YOUR CALENDAR-<\/p>\n

Are you subject to withholding tax?<\/strong> You have until Sunday, 12 May to submit and pay withholding taxes for April, according to a Zatca statement<\/a>. Late payers will face a fine equivalent to 1% of unpaid fees for every 30 days of delay. <\/p>\n

The <\/strong>Saudi Giga Projects Summit<\/a><\/strong> will open next Monday, 13 May<\/strong> at the Hilton Riyadh Hotel and Residences. The Meed event will showcase Saudi\u2019s USD 870 bn giga projects drive. It brings together contractors, suppliers and relevant stakeholders from the region and elsewhere for discussions on potential investments.<\/p>\n

The <\/strong>MENA Construction Summit<\/a><\/strong> will kick off next Tuesday, 14 May<\/strong> at the Hilton Riyadh Hotel & Residences. Also organized by Meed, the one-day event will bring together developers, contractors, key executives and others to discuss the latest innovations in the construction industry. <\/p>\n

Red Sea Fashion Week will make its debut on Thursday, 16 May and run until Saturday, <\/strong>18 May <\/strong>at theSt. Regis Red Sea Resort, according to state news agency SPA<\/a>. The event, organized by the Saudi Fashion Commission<\/a>, will feature an opening show on the first day, followed by two days of runway shows showcasing collections from both Saudi and international designers.<\/p>\n

The <\/strong>Future Aviation Forum<\/a><\/strong> will get underway on Monday, 20 May and run until <\/strong>Wednesday, 22 May<\/strong> at the King Abdulaziz International Conference Center in Riyadh. The event, organized by the General Authority of Civil Aviation, will see the Kingdom showcasing some USD 100 bn worth of investment options in the aviation and logistics sector at large. <\/p>\n","protected":false},"excerpt":{"rendered":"

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