{"id":87006,"date":"2024-06-10T00:00:00","date_gmt":"2024-06-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/10\/saudi-gdp-shrinks-but-at-a-slower-pace-than-initially-thought\/"},"modified":"2024-06-10T00:00:00","modified_gmt":"2024-06-10T00:00:00","slug":"saudi-gdp-shrinks-but-at-a-slower-pace-than-initially-thought","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/10\/saudi-gdp-shrinks-but-at-a-slower-pace-than-initially-thought\/","title":{"rendered":"Saudi GDP shrinks, but at a slower pace than initially thought"},"content":{"rendered":"

Good morning, wonderful people.<\/strong> It\u2019s another oddly quiet morning in the Kingdom, with only a small handful of big stories moving things along.<\/p>\n

THE BIG STORY TODAY<\/strong> is the latest data from Gastat indicating that the Kingdom\u2019s economy shrank at a slightly slower pace than was initially forecasted during the first quarter of the year, with the non-oil economy continuing to grow as oil activity declines. <\/p>\n

HAPPENING TODAY-<\/p>\n

The <\/strong>Global EV and Mobility Tech Forum<\/a><\/strong> will get underway in a few hours at the Riyadh<\/strong> International Convention and Exhibition Center. <\/strong>The two-day event will bring together policymakers, NGOs, and startups.<\/p>\n

ALSO- <\/strong>The Grand Hajj Symposium<\/a> also kicks off today, hosting around 500 Islamic scholars.<\/p>\n

WEATHER- Expect more of the same today, minus the thunderstorms: <\/strong>Riyadh will see a daytime high of 44\u00b0C which will drop towards 30\u00b0C at night. Dammam will experience some heat as well with a daytime high of 44\u00b0C and a low of 30\u00b0C during the night. AlUla is the cooler of the three, experiencing highs of 42\u00b0C and lows of 27\u00b0C.<\/p>\n

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HAPPENING TOMORROW-<\/p>\n

<\/a> Saudi will<\/strong> play against Jordan tomorrow in the AFC FIFA World Cup qualifiers <\/strong>at Al Awwal Stadium in Riyadh at 7pm. The Green Falcons have already secured their spot in the next round as they sit on top of their group with 13 points, followed by Jordan with 10.<\/p>\n

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PSAs- <\/p>\n

<\/a> #1- Today is the deadline to register for school bus services<\/strong> for the upcoming academic year. Parents can register for the services via the Education Ministry\u2019s Noor<\/a> e-platform for SAR 200 per year. Students with disabilities and children from social security families are exempt from transportation fees.<\/p>\n

<\/a> #2- Make sure your vaccinations are up to date before heading to Hajj:<\/strong> The Hajj Ministry is revoking Hajj permits from unvaccinated pilgrims and has issued a reminder<\/a> for Hajj-goers to make sure they\u2019ve received the meningococcal vaccine. <\/p>\n

#3- The Saudi Authority for Accredited Valuers (Taqeem) issued a warning against scam <\/strong>websites impersonating its platform for estimating vehicle damage, <\/strong>Taqdeer<\/a><\/strong>, state news agency SPA<\/a> reports. Taqeem stressed that its appointment booking service does not charge a fee.<\/p>\n

What to do: <\/strong>The authority thinks it best for customers to rely on Taqeem\u2019s hotline (920011244) or the Taqdeer website<\/a> as official information and communication channels and to immediately report suspicious sites to the relevant authorities. <\/p>\n

WATCH THIS SPACE-<\/p>\n

#1- A fresh tender for Madinah\u2019s BRT infrastructure works + design: <\/strong>Al Madinah Region Development Authority has invited interested companies to submit qualification documents for the design and infrastructure works of the planned bus rapid transit (BRT) system in Madinah by no later than Wednesday, 26 June, it said in a post on X<\/a>. It said it will start evaluating the qualification documents by bidders the day after.<\/p>\n

We know a name or two from the list:<\/strong> Sources told Meed<\/a> earlier this year that the authority issued requests for proposals for a contract to develop the network, with some of the prequalified bidders including European and local firms. Those include a consortium of French public transport operator Transdev and local firm Nesma and another between Spanish transport company Also and UK\u2019s National Express. Other bidders include Saptco, Petromin, Hafil, France\u2019s Keolis, and others.<\/p>\n

What we know about the project:<\/strong> The Madinah BRT project is part of a plan to improve the city\u2019s public transport system to help reduce traffic congestion during peak seasons and ensure access to safe transportation modes for residents and visitors. It aims to have up to 500 stations covering 80-90% of the city by 2030. Earlier this year, a consortium led by French engineering groups Egis and Systra was awarded<\/a> the BRT network\u2019s project management and construction management services contract.<\/p>\n

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<\/a> #4- PIF-backed Jadwa Investment is launching its first regional blind-pool private equity<\/strong> fund this year<\/strong>, Argaam<\/a> quotes Private and Institutional Client Investments Head Ghannam Suliman as saying. The fund will focus on high-growth companies in the region, Suliman said, without providing further details. The company has closed six fresh real estate funds and is on the verge of introducing another one, he added. <\/p>\n

DATA POINT-<\/strong> Jadwa\u2019s assets under management currently stand at SAR 85 bn, rising from SAR 79 bn at the end of 2023. <\/p>\n

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#5- Products sold by an unnamed Chinese e-commerce company were devoid of any toxic <\/strong>substances when tested<\/strong> by the Saudi Standards, Metrology and Quality Organization (Saso), Saso in a post on X<\/a>. The announcement comes after the Seoul government said children\u2019s goods sold by Chinese e-commerce giant Shein were found containing<\/a> toxic substances exceeding those of acceptable limits. The Korean government sampled eight products which were found to contain high levels of the phthalates chemical, which has been linked to cause hormonal imbalance, some cancers, heart disease and other health issues. <\/p>\n

#4- Aictec one step closer to main market transition:<\/strong> Advance International Company for Communication and Information Technology (Aictec) has submitted a request to move from parallel market Nomu to main market Tadawul, it said in a disclosure to Tadawul<\/a>. The move comes months after Aictec\u2019s board approved the transition<\/a> in December last year. The upgrade is still subject to regulatory approvals.<\/p>\n

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DATA POINTS-<\/p>\n

#1- The private sector accounted for a record 48.3% of GDP in 1Q 2024<\/strong>, equivalent to SAR 419.4 bn, Aleqtisadiah<\/a> reports. This is 2.4 percentage points higher than its contribution during the same quarter last year, and marks a 1.5 percentage point increase on a quarterly basis. The government aims to increase the private sector\u2019s share of total GDP to 65% under Vision 2030.<\/p>\n

#2-<\/strong> Saudi Ports Authority (Mawani<\/strong>) saw 8.09% <\/strong>y-o-y<\/strong> growth in cargo throughput in May,<\/strong> hitting 27.6 mn tons compared to 25.6 mn tons a year earlier, according to a press release<\/a>. Exported containers boosted 13.61% to 255.3k TEU and imported containers gained 5.3% at 260k TEU. Meanwhile, transshipment container volumes dipped 46.77% at 132.5k TEUs. <\/p>\n

#3- Saudi\u2019s construction pipeline was valued at USD 1.5 tn<\/strong>, accounting for 39% of total unawarded projects pipeline value in the MENA region, according to a recent report (pdf)<\/a> by real estate and investment management firm JLL. <\/p>\n

#4- The total number of rooms in Makkah\u2019s hospitality sector rose 38% y-o-y in 1Q 2024<\/strong> to reach 227k rooms<\/strong>, Saudi Gazette<\/a> reports. This includes 801 hotels, 12 serviced apartments, and 3 tourist inns.<\/p>\n

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SPORTS-<\/p>\n

Tie-up between PIF-backed Liv Golf and the PGA Tour on track: <\/strong>Negotiations between the PIF-backed LIV Golf and PGA Tour enterprises \u201ccontinue to progress,\u201d most recently after a recent in-person meeting on Friday in New York with PIF boss Yasir Al Rumayyan and PGA\u2019s negotiating committee, PGA Tour said in a statement<\/a>. The statement said the two sides have been \u201cmeeting multiple times weekly to work through potential [agreement] terms\u2026\u201d without providing further details. <\/p>\n

The PGA Tour wants to strike the perfect balance:<\/strong> \u201cWe want to get this right, and we are approaching discussions with careful consideration for our players, our fans, our partners and the game\u2019s future,\u201d the statement said.<\/p>\n

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\n

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

With little to no business news in sight, the global business press is <\/strong>zeroing in on<\/a><\/strong> French President Emmanuel Macron\u2019s call for a snap election<\/strong> to be held in the next 30 days, after the far-right National Rally swamped his centrist Renaissance party in the 2024 EU parliamentary elections and sent alarm bells running through the halls of the \u00c9lys\u00e9e. \u201cI have confidence in our democracy, in letting the sovereign people have their say. I\u2019ve heard your message, your concerns, and I won\u2019t leave them unanswered,\u201d Macron said in a presidential address announcing the surprise election (watch, runtime: 5:05<\/a>). <\/p>\n

Also grabbing the <\/strong>headlines<\/a><\/strong> is news that \u201ccentrist\u201d Israeli war cabinet minister Benny <\/strong>Gantz and his party has left Netanyahu\u2019s emergency government<\/strong>, leaving Netanyahu ever more reliant on far-right and ultranationalist parties to keep his slim coalition majority in the Knesset.<\/p>\n

MEANWHILE IN TRADE WAR NEWS- Swedish auto giant Volvo is <\/strong>moving<\/a><\/strong> its EV<\/strong> manufacturing<\/strong> out of China <\/strong>to Belgium as the EU gears up to follow<\/a> the US in imposing harsher tariffs on Chinese-made EVs.<\/p>\n

AND IN TECH NEWS- Siri may soon finally be useful<\/strong>, with Apple rumored to announce a new and improved version of the virtual assistant next week at its annual WWDC conference this week, writes The Verge<\/a>.<\/p>\n

\n

CIRCLE YOUR CALENDAR-<\/p>\n

The <\/strong>G7 Summit<\/a><\/strong> in which the Crown Prince is expected to take part will begin on <\/strong>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

Saudi Film Nights by the Film Commission will land in Australia this month with <\/strong>screenings of four Saudi films<\/strong>, state news agency SPA<\/a> reported. Movie enthusiasts in Sydney and Melbourne can watch adventure movie Hajjan<\/a>, short film Me & Aydarous<\/a>, comedy film Alhamour H.A<\/a> and animated short movie Saleeg<\/a> between Wednesday, 26 June to Friday, 28 June.<\/p>\n

The <\/strong>Global EV and Mobility Tech Forum<\/a><\/strong> will open its doors on Wednesday, 10 July to <\/strong>Thursday, 11 July at the Riyadh International Convention and Exhibition Center. <\/strong>The event will bring together policymakers, NGOs, and startups. <\/p>\n

The Conference on Arbitration and Dispute Resolution in Energy, Oil, and Gas will be <\/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 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":"

PLUS: PIF-backed Jadwa Investment is launching its first regional blind-pool PE fund this year<\/p>\n","protected":false},"author":1,"featured_media":87007,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","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":[27,10,8,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-economy","tag-enterpriseam-ksa","tag-sports","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"481cb799-5afc-48c7-b7ff-65352b1d27ca","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/6\/853.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: GDP shrinks, but at a slower pace than initially thought","related_issue":[87004],"teaser":"PLUS: PIF-backed Jadwa Investment is launching its first regional blind-pool PE fund this year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.12d22a74-762f-48a5-97db-1fe73c172e96.mp3"},"yoast_head":"\nSaudi GDP shrinks, but at a slower pace than initially thought - 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