{"id":87049,"date":"2024-06-11T00:00:00","date_gmt":"2024-06-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/11\/the-rio-de-janeiro-iteration-of-davos-in-the-desert-begins-today\/"},"modified":"2024-06-11T00:00:00","modified_gmt":"2024-06-11T00:00:00","slug":"the-rio-de-janeiro-iteration-of-davos-in-the-desert-begins-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/11\/the-rio-de-janeiro-iteration-of-davos-in-the-desert-begins-today\/","title":{"rendered":"The Rio de Janeiro iteration of Davos in the Desert begins today"},"content":{"rendered":"

Good morning, wonderful people, and happy hump day.<\/strong> Our apologies for being late this morning \u2014 we ran into tech gremlins, but they're now back under control.<\/p>\n

We lead this morning\u2019s issue <\/strong>with the latest Industrial Production Index, which dipped in April as mining and quarrying activity declined during the month. Meanwhile, the World Travel & Tourism Council has a bullish outlook on the Kingdom\u2019s tourism sector for the year and decade ahead, penciling in more job creation and tourist spending. <\/p>\n

HAPPENING TODAY-<\/p>\n

<\/a> The Public Investment Fund\u2019s FII Priority summit gets underway <\/strong>today<\/strong> in Rio de Janeiro<\/strong> and wraps on Thursday. The invitation-only event, headlined Invest in Dignity, will bring together government officials and senior business and finance executives to deliberate on key topics including renewables, AI tech, and biodiversity. Check out the event\u2019s factsheet (pdf)<\/a>. The last such event was held in February 2024 in Miami, while the Asia iteration was held in Hong Kong in December 2023<\/a>. <\/p>\n

Newly-appointed Kuwaiti Crown Prince Sabah Khaled Al Sabah will touch base in Riyadh<\/strong> today<\/strong>, according to Kuwaiti state news agency (KUNA)<\/a>. No details were provided on his itinerary. <\/p>\n

Saudi will play against Jordan tonight in the AFC FIFA World Cup qualifiers at Al Awwal<\/strong> Stadium in Riyadh <\/strong>at 9pm<\/strong>.<\/strong> The Green Falcons have already secured their spot in the next round as they sit at the top of their group with 13 points, followed by Jordan with 10.<\/p>\n

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WEATHER- We\u2019re looking at another day of blazing heat: <\/strong>Riyadh will see a daytime high of 45\u00b0C which will drop towards 29\u00b0C at night. Makkah will see a windy weather with a daytime high of 44\u00b0C and a low of 32\u00b0C, with Madinah experiencing a similar weather with highs of 45\u00b0C and lows of 33\u00b0C. <\/p>\n

PSAs- <\/p>\n

#1- Workers employed by the private sector will be prohibited from <\/strong>working under the <\/strong>sun <\/strong>between 12pm and 3pm starting Saturday, 15 June until Sunday, 15 September<\/strong>, the Human Resources and Social Development Ministry said in a post on X<\/a>. The midday ban is meant to protect workers\u2019 health and safety amid rising temperatures.<\/p>\n

#2- <\/strong>Saudi expats residing in Egypt for more than six months must<\/strong> obtain residency cards<\/strong> before a set deadline of Sunday, 30 June<\/strong>, the Kingdom\u2019s Embassy in Cairo said in a post on X<\/a>. Those who fall under the rule must register with the Egyptian General Administration of Passports, Immigration and Nationality, and are required to carry their residency cards at all times and present them to authorities upon request. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Foreigners could be allowed to set up law firms here soon: <\/strong>The Justice Ministry has made public draft amendments that would allow foreign law firms to set up shop here with branches that are wholly owned by foreigners, the proposed rules (pdf)<\/a> showed. The amendments, which are now up for public consultation on the government\u2019s survey platform Istitlaa<\/a>, would allow these firms to provide legal advisory services and plead before courts through practicing Saudi lawyers. Public consultation runs until Sunday, 7 July.<\/p>\n

The rationale:<\/strong> The amendment aims to lure in foreign investment and have more firms move their regional headquarters to Saudi. It also aims to develop the profession and raise the quality of offered legal services among others.<\/p>\n

REMEMBER- <\/strong>More global law firms have been encouraged<\/a> to open offices here after the government removed a requirement<\/a> last year obliging the firms to work through affiliated Saudi law firms. At least six US and global law firms said they opened offices or obtained licenses to work here.<\/p>\n

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<\/a> #2- The government has reportedly revived plans for the first <\/strong>USD 8 bn p<\/strong>hase of<\/strong> Makkah\u2019s planned metro project<\/strong> with updated feasibility studies by French engineering firm Systra, Meed<\/a> reported, citing sources it says are familiar with the project. The updated studies will encompass transport planning and economic, financial and legal analysis, with plans to expand the metro service to other areas in the city. Plans for the project were reportedly delayed over budgeting constraints, however officials retracted statements in 2016<\/a> on lags as they stressed that the project was progressing.<\/p>\n

A change in ownership: <\/strong>The project\u2019s ownership has been transferred to the Royal Commission for Makkah City and Holy Sites from the Makkah Mass Rail Transit and the National Centre for Privatization. <\/p>\n

REFRESHER-<\/strong> The government has embarked on a plan in recent years to revamp the transport system to help accommodate an influx of visitors and pilgrims. Last week, Al Madinah Region Development Authority invited interested companies<\/a> to submit qualification documents for the design and infrastructure works of the planned bus rapid transit (BRT) system in Madinah. It 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. A metro service is also planned<\/a> for the capital Riyadh.<\/p>\n

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<\/a> #3- Ride-hailing app Uber is looking to introduce self-driving and eVTOL options in <\/strong>the local market<\/strong>, CEO Dara Khosrowshahi told Asharq Al Awsat<\/a> during a visit to Riyadh. No further information was provided.<\/p>\n

DATA POINT-<\/p>\n

Tadawul\u2019s market cap fell 5% m-o-m in May to SAR 10.2 tn<\/strong>, according to the latest Tadawul<\/a><\/a>data<\/a>. Saudi investors held 95.7% ownership in the market<\/a>, while foreign investors held 3.8%, and GCC investors held 0.7%.<\/p>\n

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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

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

Enter <\/strong>Apple Intelligence<\/a><\/strong>, <\/strong>Apple\u2019s shot at establishing itself as an AI player to be reckoned with in partnership with none other than OpenAI. Apple boss Tim Cook announced the \u201cnext big step\u201d that will see the iPhone and Macbook maker integrate ChatGPT on its devices and reintroduce Siri as the virtual assistant it was originally promised to be. Check out Axios\u2019 full rundown of what to expect coming to an Apple device near you soon here<\/a> or watch the full WWDC24 keynote here<\/a>.<\/p>\n

Not everyone is thrilled though<\/strong>, including Tesla CEO Elon Musk who took to his personal venting platform X to say that he would ban Apple devices<\/a> at his companies if the tech giant integrates OpenAI into its operating systems on the back of it being an \u201cunacceptable security violation.\u201d<\/p>\n

And that includes Wall Street<\/strong>, which despite the mostly excited media hype around the announcement saw Apple shares falling nearly 2% on the Nasdaq yesterday.<\/p>\n

While in our neck of the woods<\/strong>, hopes for a ceasefire in Gaza are building again with the UN Security Council giving its backing<\/a> to a US resolution to end the 248-day-old conflict that has already claimed over 37k lives.<\/p>\n

And over in Europe,<\/strong> it looks like Macron\u2019s wager on a snap election is at risk of backfiring, with the nation\u2019s first opinion poll following the announcement forecasting<\/a> Marine Le Pen\u2019s far-right National Rally coming in first.<\/p>\n

CIRCLE YOUR CALENDAR-<\/p>\n

The <\/strong>G7 Summit<\/a><\/strong> in which the Crown Prince is expected to take part is scheduled from<\/strong> Thursday-Saturday, <\/strong>13-15 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

Norah<\/a><\/strong> \u2014 Saudi\u2019s first film to screen at Cannes \u2014 will hit theaters at home and abroad<\/strong> starting Thursday, 20 June<\/strong>, state news agency SPA<\/a> reported. It tells the story of an illiterate young orphan Norah, crossing paths with an artist called Nader, who moved to the village to be a school teacher. The encounter helps Norah unleash a passion for art and a better future.<\/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","protected":false},"excerpt":{"rendered":"

PLUS: Saudi vs Jordan in AFC World Cup qualifiers tonight<\/p>\n","protected":false},"author":1,"featured_media":87050,"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":[10,1151,718,8,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam-ksa","tag-public-investment-fund-pif","tag-saudi-kuwait-relations","tag-sports","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"83b4eb7f-ed91-48cd-88b9-3e908372045f","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/6\/1018.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: The Rio de Janeiro iteration of Davos in the Desert begins today","related_issue":[87047],"teaser":"PLUS: Saudi vs Jordan in AFC World Cup qualifiers tonight","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.86b05f91-275b-4508-8371-69943fc52ff5.mp3"},"yoast_head":"\nThe Rio de Janeiro iteration of Davos in the Desert begins today - 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