{"id":86967,"date":"2024-06-09T00:00:00","date_gmt":"2024-06-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/09\/fresh-aramco-shares-start-trading-today\/"},"modified":"2024-06-09T00:00:00","modified_gmt":"2024-06-09T00:00:00","slug":"fresh-aramco-shares-start-trading-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/09\/fresh-aramco-shares-start-trading-today\/","title":{"rendered":"Fresh Aramco shares start trading today"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good afternoon, friends, and welcome to the start of a new week.<\/strong> It\u2019s a relatively calm Sunday morning \u2014 as is typically the case \u2014 with updates on Aramco\u2019s secondary offering continuing to take the spotlight. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- We sat down with homegrown restaurant management player Foodics<\/strong> CEO and co-founder, Ahmad AlZaini, for a chat about his business and future financing and expansion plans. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have both these stories and more in this morning\u2019s news well, below. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Before we get started:<\/strong> Do you enjoy EnterpriseAM Saudi? If so, the best thing you can do to help us is to hit \u201cforward\u201d on this email and send it to a friend with a suggestion that they subscribe, too, if they find it valuable.<\/p>\n<p class=\"tag-border-left\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Aramco\u2019s newly<\/strong><strong> sold shares will start trading on Tadawul today<\/strong>, after the final allocation of shares took place this past Friday. Excess subscription funds if any will be refunded by Tuesday, 11 June. We have more updates on the offering in this morning\u2019s news well, below.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#2- Gulf foreign ministers are in Doha today to attend a GCC ministerial meeting <\/strong>to review the implementation of a declaration agreed during the <a target=\"_blank\" href=\"https:\/\/gcc-sg.org\/en-us\/MediaCenter\/NewsCooperation\/News\/Pages\/news2023-12-5-1.aspx\" style=\"\" rel=\"noopener\">Doha summit<\/a> last December, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2118669\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. They will also review reports by the GCC ministerial and technical committees related to joint Gulf action and strategic ties between GCC nations and global counterparts and blocs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- <\/strong>GCC ministers will hold two separate meetings with Turkey and Yemen, according to SPA. The GCC-Turkey meeting will focus on a joint action plan and bolstering cooperation across the board between Gulf nations and Turkey, while the GCC-Yemen meeting will focus on supporting the political process in Yemen.<\/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>WEATHER- It\u2019s going to be another scorcher, complete with thunderstorms:<\/strong> Makkah will withstand a daytime high of 46\u00b0C which will drop towards 31\u00b0C at night with thunderstorms expected at some point. Riyadh will experience some heat as well with a daytime high of 44\u00b0C and a low of 29\u00b0C during the night. Jeddah is the cooler of the three, experiencing highs of 40\u00b0C and lows of 28\u00b0C. <\/p>\n<p class=\"tag-border-left\"> HAPPENING TOMORROW-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Blinken is coming back to the region \u2014 with no stop in Saudi? <\/strong>US Secretary of State Antony Blinken will visit Egypt, Israel, Qatar, and Jordan starting tomorrow until Wednesday to hold discussions on the latest ceasefire proposal laid out by US President Joe Biden, the <a target=\"_blank\" href=\"https:\/\/www.state.gov\/secretary-blinkens-travel-to-france-egypt-israel-jordan-qatar-and-italy\/\" style=\"\" rel=\"noopener\">State Department said<\/a>. Saudi does not appear to be part of Blinken\u2019s travel itinerary. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the agenda:<\/strong> Blinken is set to \u201cemphasize the importance of Hamas accepting the proposal on the table, which is nearly identical to one Hamas endorsed last month.\u201d Blinken will also attend a conference in Amman co-hosted by Jordan, Egypt and the UN on urgent humanitarian response to war-torn Gaza.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER<\/strong><strong>- <\/strong>Blinken said <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/538fa1db-058f-44d5-bcdb-d9ed1a99cf6b\" style=\"\" rel=\"noopener\">last month<\/a> that Riyadh and Washington may only be \u201cweeks away\u201d from concluding a bilateral defense pact. However, US Ambassador to Saudi Arabia Michael Ratney said <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d12ac23a-d873-42ae-82c6-0a3c85f80802\" style=\"\" rel=\"noopener\">last week<\/a> that the agreement was still in the works as officials continue negotiating the terms. A timeline for the pact remains unclear, Ratney said, with a finalization of an agreement largely dependent on Israel\u2019s approval of a two-state solution with Palestine as a precondition for the agreement along with a clearance from the US Senate.<\/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\"><strong>#1- You can now make Eid plans:<\/strong> Businesses will be off for four days for Eid Al Adha starting Saturday, 15 June, the Human Resources and Social Development Ministry said in a <a target=\"_blank\" href=\"https:\/\/x.com\/HRSD_SA\/status\/1798784160133247156\" style=\"\" rel=\"noopener\">post on X<\/a>. Tadawul <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/d12ac23a-d873-42ae-82c6-0a3c85f80802\" style=\"\" rel=\"noopener\">will be closed<\/a> to trading after the closing bell on Thursday, 13 June and will reopen on Sunday, 23 June in observance of Eid Al Adha,<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Good news for travelers heading to Madinah:<\/strong> Passengers arriving at the Prince Mohammed Bin Abdulaziz International Airport will see a smoother entry into Madinah thanks to the newly inaugurated smart path solution, according to <a target=\"_blank\" href=\"https:\/\/www.moi.gov.sa\/wps\/portal\/Home\/sectors\/passports\/contents\/!ut\/p\/z1\/rVPLTuswEN33K7rJMvXEdlLDzqogKRd0KagvbyInmDSoiUNiGvh7HF4CiTZCYFlje3Rm5szDSAyGw8EArexhL5_FlwcSpdzlmTS5LuUWrdBaBDFMKY08iv8xenkKfIbPJnwyxSwM0PIFMAl5RMfnAOw89GHKo_nV0YwQ4ASJ_fbhKX2zhz2LQ5_9Agkk0tJUZoPWlWyaStemceDjOpS1A4XMSwdK1Tav0irTTb5TDmQ3VdxpYghcuzFgmsSy7rxWaX6D1sRTAZHguYrh1KUB9tyE0sSlmJHUx4EMAv8F3bQdXIz3sl1479nuL6c4XIyzvnJcW-rLjs5nGHBmYZwsomg8w_-Z9wY41LU-JutDqbJwjJa7XLVoXuq6sHN0_cOCRn0RGP5lhB73_i_dH-xU12n7s_K7-3vB7fjq0qhHg1Z_OL82frbVyesX5mVCWIZErW5VrerRQ23VG2Oq5tgBB9q2HWVaZ1s1SnXhwHcmG91Ygl-RqCrm84KRwl09neSXxSRhFyfEz4r4wrAnss2eAcm29wM!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/\" style=\"\" rel=\"noopener\">an Interior Ministry statement<\/a>. The new system uses AI and biometric technology including face cameras to reduce the time and effort typically required for entry into the holy city. A similar system was rolled out at the King Khalid International Airport in Riyadh <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/business\/travel-and-tourism\/faceprint-instead-of-boarding-pass-at-riyadh-airport-gd8357d7\" style=\"\" rel=\"noopener\">last year<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Prospective investors in<\/strong><strong> Al Baha\u2019s planned coffee city project<\/strong><strong> can bid for the project<\/strong> <strong>through the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/furas.momra.gov.sa\/\" style=\"\" rel=\"noopener\">Furas<\/a><\/strong><strong> platform<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2118289\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. The site at the Qilwah governorate covers 5.5 mn sqm, while the site in Al Mandaq spans 581.7k sqm.<\/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- Showing the flag at the upcoming G7 summit: <\/strong>Crown Prince and Prime Minister Mohammed bin Salman will join 12 other heads of state in Italy for the G7 summit on 13-15 June, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/saudi-arabian-crown-prince-joins-long-guest-list-g7-summit-2024-06-07\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. This is the Kingdom\u2019s first invitation to the summit. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s on the agenda:<\/strong> Leaders are expected to chew over topics on artificial intelligence, energy, along with discussing challenges in Africa, China, and the Mediterranean.<\/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>#2- Amended rules for buyback, sale of listed companies shares up for national<\/strong><strong> dialogue: <\/strong>The Capital Market Authority (CMA) has put forth proposed amendments to the buyback and sale of listed companies\u2019 shares on the government\u2019s survey platform <a target=\"_blank\" href=\"https:\/\/istitlaa.ncc.gov.sa\/en\/Trade\/CMA\/AmendingCompaniesLawforListedJointStockCompanies\/Pages\/default.aspx\" style=\"\" rel=\"noopener\">Istitlaa<\/a> for public consultation until Saturday 6 July. You can review the draft <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/678.pdf\" style=\"\" rel=\"noopener\">here (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know: <\/strong>The proposed amendments see a share buy-back cap in a single day increased to 25% of the average trading volume of a company\u2019s shares in the five days preceding a transaction. This would be raised from a current cap of 10% of total quantity approved by the general assembly in one trading day. The CMA said the amendment aims to scrap a link between the number of shares bought back during a single trading day and the percentage of shares approved for buyback by the general assembly. The maximum limit for treasury share sales was also increased to 25% based on the same rationale from a current cap of 10%.<\/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>#3- Texas-based design firm HKS has set up shop in Saudi<\/strong>, expanding its office network to 29 cities globally, it said in a <a target=\"_blank\" href=\"https:\/\/www.hksinc.com\/our-news\/articles\/hks-opens-new-office-in-riyadh\/\" style=\"\" rel=\"noopener\">statement<\/a>. HKS already boasts around 50 years of experience worth of design projects in the Kingdom, delivering work on the <a target=\"_blank\" href=\"https:\/\/www.hksinc.com\/what-we-do\/case-studies\/the-arena-at-diriyah\/\" style=\"\" rel=\"noopener\">Arena in Diriyah<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.hksinc.com\/what-we-do\/case-studies\/amaala-triple-bay-master-plan\/\" style=\"\" rel=\"noopener\">AMAALA Triple Bay Master Plan<\/a> among others, according to the statement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- S<\/strong><strong>ubscription to Sedco Capital\u2019s SAR 1 bn multi-asset shariah-compliant traded <\/strong><strong>fund will <\/strong><strong>run until Thursday, 27 June<\/strong>, a three-week extension from its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/15b9315d-1cd3-4760-83f5-dd8c91d59ed4\/novel-financing-for-small-healthcare-providers-%2B%253cmark%253e-sedco%253c%2Fmark%253e-capital-seeks-sar-1-bn-for-new-multi-asset-fund\" style=\"\" rel=\"noopener\">original deadline<\/a> of Thursday 6 June, <a target=\"_blank\" href=\"https:\/\/x.com\/tadawul\/status\/1798739257752002837\" style=\"\" rel=\"noopener\">Tadawul said in a statement on X<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- Sedco wants to place 70% of the fund with institutional investors <\/strong>and will build a \u201cdiversified portfolio of local and international private and public investments that are compatible with Shariah standards and controls.\u201d It will invest up to 80% of its assets in local and global equities and \u201cincome assets\u201d and another 20% in less-liquid \u201cglobal private equity investments.\u201d<\/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>#5- The Kingdom has been elected as a member of the UN\u2019s Economic and Social<\/strong><strong> Council <\/strong><strong>(ECOSOC) for the 2025-2027 term<\/strong>, the Foreign Ministry said in a <a target=\"_blank\" href=\"https:\/\/twitter.com\/KSAMOFA\/status\/1799193902622380186\" style=\"\" rel=\"noopener\">post on X<\/a>. The Kingdom will aim through its membership to advance its sustainable development goals, digital transformation and others, the ministry said.<\/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>#6- We might be getting direct flight routes connecting Saudi and Russia<\/strong> with talks currently underway between authorities in both countries to establish direct flights, an official at the Russian Embassy in Riyadh told <a target=\"_blank\" href=\"https:\/\/www.aleqt.com\/2024\/06\/07\/article_2733096.html\" style=\"\" rel=\"noopener\">Aleqtisadiah<\/a>. It is still too early to determine exact dates for the launch of direct flights between different airports in both countries, the official said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#7- <\/strong><strong>The Environment Ministry launched an environmental grants and incentives program<\/strong> aimed at boosting investments in the sector, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/en\/N2117748\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. The program will provide incentives and grants to small and medium sized enterprises, companies, research centers, and others. It aims to promote investments in the environment and meteorology sector and improve environmental adherence across various development sectors. <\/p>\n<p class=\"tag-border-left\">DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Some <\/strong><strong>30.8k additional Saudi employees joined the private workforce <\/strong><strong>last month<\/strong>, the National Labor Observatory said in a <a target=\"_blank\" href=\"https:\/\/twitter.com\/NLO_sa\/status\/1798323977192145182\" style=\"\" rel=\"noopener\">post on X<\/a>. The total number of private sector workers reached 11.37 mn \u2014 including 2.35 mn Saudi nationals comprising 1.38 mn men and 971.3k women. A total of 9 mn expats are employed in the private sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Tasi snapped its longest losing weekly streak since the end of 2022 to close in the<\/strong><strong> green <\/strong><strong>last week at 11.5k points<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.aleqt.com\/2024\/06\/07\/article_2733166.html\" style=\"\" rel=\"noopener\">Aleqtisadiah<\/a> reported. The weekly rise was driven by a rally in listed banks.<\/p>\n<p class=\"tag-border-left\">OIL WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oil prices slipped at market close on Friday<\/strong> on the back of US employment data lowering expectations of near-term rate cuts by the Federal Reserve, which investors \u201cweighed against\u201d Opec+\u2019s decision on the phaseout of voluntary cuts starting October, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/oil-prices-climb-opec-reassures-markets-ecb-cuts-interest-rate-2024-06-07\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported. Brent crude futures fell 0.3% to USD 79.62 a barrel, while US West Texas Intermediate slightly slipped to USD 75.53. Despite oil prices being supported by Opec+, crude still posted its third consecutive weekly loss with Brent down 2.5% and WTI dipping 1.9%. Meanwhile, US labor data showed an accelerated job surge, maintaining the Federal Reserve\u2019s plans to begin lowering rates until September at the earliest.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- Opec+ <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/23b2bb82-242d-42f7-a587-6812413add07\" style=\"\" rel=\"noopener\">could start pumping<\/a><\/strong><strong> more oil into the market over the fall. <\/strong>The alliance will keep in place current production cuts of 3.66 mn barrels per day (bbl \/ d) until the end of this September, before beginning to \u201cphase out the cuts of 2.2 mn bbl \/ d over the course of a year from October 2024 to September 2025.\u201d They are scheduled to meet again on Sunday, 1 December 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>Also on the Opec+ front: <\/strong>Energy Minister Prince Abdulaziz bin Salman said the oil cartel could backtrack on planned oil production increases if the market was not strong enough, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/opec-could-tweak-oil-pact-if-needed-ministers-say-2024-06-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported. Bin Salman criticized Goldman Sachs for having a bearish outlook on oil, which he said is based on incorrect data. Some media reports and forecasts \u201cfiddle with the market,\u201d <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/energy\/2024\/06\/06\/opec-move-to-unwind-output-cuts-not-driven-by-market-share-concerns-saudi-minister-says\/\" style=\"\" rel=\"noopener\">The National<\/a> quotes the minister as saying. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Opec+ can still work around market uncertainties:<\/strong> \u201cIt's a year and a half agreement, it has all the mechanics, some of the mechanics are not new, we have also exercised it before... Especially this issue of pausing or reversing,\u201d bin Salman said on the alliance previously pausing the pumping of more oil when necessary.<\/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\"><strong>***<br \/><\/strong><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to subscribe?&nbsp;<\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">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.<br \/><strong>***<\/strong><\/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>An Israeli raid to release hostages is dominating headlines across the globe<\/strong>, but the detail that 210 Palestinians were killed in the operation targeting four hostages is tellingly absent from much of the international press. \u201cTo [release] four people, Israel killed dozens of innocent civilians,\u201d a paramedic told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-rescues-four-hostages-gaza-palestinians-say-50-dead-israeli-assault-2024-06-08\/\" style=\"\" rel=\"noopener\">Reuters<\/a>, describing the bombardment that centered on a market place and mosque as a \u201cmassacre.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some corners of the international business press are focused once again on tech oligarch<\/strong><strong> Elon Musk<\/strong> and Tesla shareholder opposition to his record USD 56 bn pay award, with a Norwegian sovereign wealth fund making clear its intention to <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/cfc9a674-8d7f-4b79-8104-14f7080a1255\" style=\"\" rel=\"noopener\">vote no<\/a> on the award when it comes up for a vote on Thursday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- the European Central Bank <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2024\/html\/ecb.mp240606~2148ecdb3c.en.html\" style=\"\" rel=\"noopener\">slashed rates<\/a><\/strong><strong> on Thursday for the<\/strong><strong> first time in five years<\/strong>, just a day after the Bank of Canada <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91c430c2-4817-498e-aa92-36db7b8466c0\/is-egypt-looking-to-make-its-return-to-the-international-debt-market%3F\" style=\"\" rel=\"noopener\">also<\/a> cut rates. But we won\u2019t be seeing the Fed following suit anytime soon, say traders, who <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/06\/06\/economy\/ecb-europe-interest-rate-cut\/index.html\" style=\"\" rel=\"noopener\">still see<\/a> rates keeping steady when the Fed meets to review interest rates this week and then again when it meets in July. <\/p>\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.g7italy.it\/en\/summit\/\" style=\"\" rel=\"noopener\">G7 Summit<\/a><\/strong><strong> in which the Crown Prince is expected to take part <\/strong><strong>will begin on Thursday, 13 June to Saturday, 15 June in Italy\u2019s Borgo Egnazia resort in Apulia.<\/strong> Talks are set to focus on AI, energy, and addressing opportunities and challenges in Africa, China, and the Mediterranean.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Film Nights by the Film Commission will land in Australia this month with <\/strong><strong>screenings of four Saudi films<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2118062\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. Movie enthusiasts in Sydney and Melbourne can watch adventure movie <a target=\"_blank\" href=\"https:\/\/redseafilmfest.com\/en\/rsiff_film\/hajjan\/\" style=\"\" rel=\"noopener\">Hajjan<\/a>, short film <a target=\"_blank\" href=\"https:\/\/redseafilmfest.com\/en\/rsiff_film\/me-aydarous\/\" style=\"\" rel=\"noopener\">Me &amp; Aydarous<\/a>, comedy film <a target=\"_blank\" href=\"https:\/\/www.netflix.com\/eg-en\/title\/81724610\" style=\"\" rel=\"noopener\">Alhamour H.A<\/a> and animated short movie <a target=\"_blank\" href=\"https:\/\/redseafilmfest.com\/en\/rsiff_film\/saleeg\/\" style=\"\" rel=\"noopener\">Saleeg<\/a> between Wednesday, 26 June to Friday, 28 June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/gemtechforum.com\/\" style=\"\" rel=\"noopener\">Global EV and Mobility Tech Forum<\/a><\/strong><strong> will open its doors on Wednesday, 10 July to <\/strong><strong>Thursday, 11 July at the Riyadh International Convention and Exhibition Center. <\/strong>The event will bring together policymakers, NGOs, and startups. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Conference on Arbitration and Dispute Resolution in Energy, Oil, and Gas will be <\/strong><strong>held in GCC countries for the first time in 2025<\/strong>, coming off the signing of a partnership between the GCC Commercial Arbitration Center, the Scottish Arbitration Center, and the International Conference on Law, according to <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/en\/N2114338\" style=\"\" rel=\"noopener\">state news agency SPA<\/a>. The conference will bring together experts in international arbitration to discuss the legal, geopolitical, economic, and security aspects and challenges related to energy disputes in the GCC.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLUS: GCC ministerial meeting gets underway in Doha<\/p>\n","protected":false},"author":1,"featured_media":86968,"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":[913,139,202,10,2149,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-antony-blinken","tag-aramco","tag-capital-market-authority","tag-enterpriseam-ksa","tag-madinah","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"b3936f58-1f4b-4298-b83d-ca2915973d42","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/6\/141.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Fresh Aramco shares start trading today","related_issue":[86965],"teaser":"PLUS: GCC ministerial meeting gets underway in Doha","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.1a823b12-3a2e-42ff-83ea-5c8488c3077f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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