{"id":87323,"date":"2024-06-26T00:00:00","date_gmt":"2024-06-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/26\/ey-declares-mena-its-regional-headquarters-and-kfh-says-its-eyeing-more-than-one-possible-saudi-target\/"},"modified":"2024-06-26T00:00:00","modified_gmt":"2024-06-26T00:00:00","slug":"ey-declares-mena-its-regional-headquarters-and-kfh-says-its-eyeing-more-than-one-possible-saudi-target","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/26\/ey-declares-mena-its-regional-headquarters-and-kfh-says-its-eyeing-more-than-one-possible-saudi-target\/","title":{"rendered":"EY declares MENA its regional headquarters and KFH says it\u2019s eyeing more than one possible Saudi target"},"content":{"rendered":"

Good morning, wonderful people, and happy almost-THURSDAY. <\/strong>We have a packed, finance-heavy issue for you this morning \u2014 and word that EY is making a big move by declaring KAFD its regional headquarters. <\/p>\n

HAPPENING TODAY-<\/p>\n

<\/a> #1- <\/strong>Yaqeen C<\/strong>apital shares will also start trading on Nomu<\/strong>, Tadawul said in a statement<\/a>. Yaqeen Capital \u2014 which is itself a top advisor on Nomu IPOs \u2014 is selling a 20% stake<\/a>. The Riyadh-based advisor, brokerage house, and asset manager priced its shares at SAR 40 apiece. <\/p>\n

ADVISORS-<\/strong> Alinma Investment is quarterbacking the transaction as the sole lead manager and financial advisor. <\/p>\n

Speaking of IPOs-<\/strong> Automotive oil manufacturer Neft Alsharq\u2019s shares gained in their first day of trading in Nomu, rising 14.4% to SAR 4.10 apiece at yesterday\u2019s close. Neft\u2019s offering of a 20% stake<\/a> was oversubscribed as it priced its IPO at the top range of SAR 3.60 per share.<\/p>\n

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#2- A Saudi delegation is at the <\/strong>2024 Global Logistics Forum<\/a><\/strong>, which <\/strong>kicked off <\/strong>yesterday <\/strong>in <\/strong>Shanghai and wraps tomorrow.<\/strong> The delegation includes representatives from the transport and logistics services and investment ministries, the Transport General Authority, Mawani, and Saudi Arabia Railways, among several others. The forum brings together over 680 visitors from 67 countries delving into multiple facets of the logistics industry, including such as logistics services, air cargo, ports & shipping logistics, road & railway transportation, logistics real estate, fresh foods logistics, smart logistics, logistics equipment, and special purpose vehicles. <\/p>\n

<\/a> #3- Look for more news out of the World Economic Forum\u2019s \u201cannual meeting of the <\/strong>new champions\u201d in China<\/strong>, where Economy Minister Faisal Al-Ibrahim spoke yesterday. Al-Ibrahim repeated the Kingdom\u2019s AI pitch<\/strong> in a session yesterday, telling delegates that we have \u201ca lot to offer\u201d top global players in artificial intelligence. Arab News has a rundown on his remarks<\/a> and you can check out the event website here<\/a>. The gathering runs through Saturday.<\/p>\n

PSA- <\/strong>WEATHER- Riyadh<\/strong> will see a daytime high of 44\u00b0C today and a nighttime low of 31\u00b0C. In Makkah<\/strong>, the mercury will peak at 43\u00b0C before dropping to a balmy 30\u00b0C, while Madinah<\/strong> will see a high of 45\u00b0C during the day and 29\u00b0C at night.<\/p>\n

HAPPENING THIS WEEK-<\/p>\n

A Saudi delegation is in Washington for a meeting of the Saudi-US Trade and Investment <\/strong>Council<\/strong>, which kicked off on Sunday and will conclude this Friday, 28 June, according to the Saudi Gazette<\/a>. The delegation, led by Saudi General Authority of Foreign Trade (SGAFT) Deputy Governor Abdulaziz Alsakran, will also include reps from the Public Investment Fund as well as the commerce, energy, investment, education, tourism, and industry ministries. Some 20 Saudi agencies will attend, according to an SGAFT statement<\/a>.<\/p>\n

Our friends at the US Chamber of Commerce <\/strong>will be organizing on Friday a private-sector meeting on the sidelines of the government-to-government TIFA meeting, we\u2019re told. The US Chamber is also organizing the SelectUSA Investment Summit<\/a> on Wednesday.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>Saudi is halfway<\/strong> to achieving the goals it laid out in Vision 2030<\/strong>, Economy and Planning Minister Faisal bin Fadel Al Ibrahim said at the World Economic Forum's annual meeting of the New Champions, reports state run news agency SPA<\/a>. The minister did not disclose further details or figures on the Kingdom\u2019s progress on its goals, but said that the government\u2019s priorities moving forward include ramping up economic diversification and doubling down on the development of human capital. <\/p>\n

REFRESHER-<\/strong> Saudi Vision 2030 (pdf)<\/a> has set several goals to reform the Kingdom and create a stronger, more diversified economy, develop its governance to create what the vision calls \u201can ambitious nation,\u201d and create a \u201cvibrant society.\u201d The goals include lowering the national unemployment rate by nearly 5 percentage points to 7%, growing SME contributions to GDP, introducing more women in the labor force, growing the Public Investment Fund\u2019s assets more than tenfold to SAR 7 tn, and increasing the private sector\u2019s contribution to the economy. <\/p>\n

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<\/a> #2- UPDATE- Kuwait Finance House (KFH) is \u201cconducting careful studies\u201d on potential <\/strong>expansion in Saudi<\/strong>, including \u201cmore than one bank,\u201d it said in a statement to Boursa Kuwait<\/a>. KFH also said that it has yet to sign an MoU or any other agreement with any Saudi banks. The statement came in response to media reports we picked up yesterday<\/a> claiming that KFH is exploring the acquisition of a \u201csignificant stake\u201d in Saudi Investment Bank. <\/p>\n

#3- EY MENA is relocating its regional HQ to King Abdullah Financial District (KAFD) in <\/strong>Riyadh<\/strong> later this year, it said in a statement<\/a>. The HQ will also feature the Riyadh EY Wavespace Center, a collaborative space spanning 930 sqm, that features advanced tech like AI, cloud computing, and blockchain.<\/p>\n

AND- KIA is following suit: <\/strong>The Kuwait Investment Authority, that country\u2019s sovereign wealth fund with USD 800 bn in assets under management, will open an office in Saudi as it aims to bolster \u201ctrade and investment exchange\u201d between the two countries, it said in a post on Instagram<\/a>. Kuwait state news agency Kuna has more<\/a>. <\/p>\n

REMEMBER-<\/strong> Earlier this year, the government rolled out tax incentives<\/a> for foreign companies that relocate their regional headquarters to the Kingdom. The incentives are part of a plan that is a cornerstone of Crown Prince and Prime Minister Mohammed bin Salman\u2019s drive to build a diversified, globally significant non-oil economy, and has been in the works since February 2021.<\/p>\n

#4- Barber shops across the country are now banned from using tanning, tattoo, laser, <\/strong>and acupuncture devices<\/strong> after the Municipal, Rural Affairs, and Housing Ministry issued a decision, Okaz reports<\/a> citing a government source. The draft regulations on barber shops also ban women from working at male-only barber shops unless the shop\u2019s services are limited to children. <\/p>\n

SPORTS-<\/p>\n

Is Al Qadsiah closing in on Real Madrid\u2019s Fernandez?<\/strong> Real Madrid captain Nacho Fernandez is officially leaving the club after a 23-year stint as his contract expires, the club said in a statement<\/a>. The 34-year old is set to leave the European Champions after securing six Champions League titles with Los Merengues. His departure comes after weeks of unconfirmed media reports linking him with multiple Saudi clubs<\/a>, especially Al Qadsiah, which the New York Times<\/a> says remains \u201cimminent.\u201d <\/p>\n

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

An eclectic mix of stories is playing out across the front pages of the global business <\/strong>press<\/strong>, with coverage of the EU\u2019s latest bid to \u201ctame\u201d big tech playing out alongside stories about Volkswagen, Citigroup, and the prospect of war in Asia. <\/p>\n

The Financial Times is going all-in with its coverage of how European Union regulators <\/strong>are looking to bring Big Tech to heel. <\/strong>Earlier this week, the bloc accused Apple of breaking so-called \u201cgatekeeper rules\u201d<\/a>, for which they\u2019re threatening to fine the company up to 10% of its global revenues. Yesterday, they went after Microsoft<\/a> with antitrust violations over Teams.<\/p>\n

Those are just the latest charges the EU has levied against big US tech firms, and Apple <\/strong>is sending a message of its own: <\/strong>The company is delaying the rollout to users in the EU<\/a> of a bunch of new features in the new iOS due out this fall \u2014 including Apple Intelligence \u2014 because of uncertainty about how the EU will view them under the Digital Markets Act.<\/p>\n

A must read <\/strong>for those of you who want to go deeper: What are the battle lines between the EU<\/a>and Big Tech?<\/a> <\/p>\n

MEANWHILE- Volkswagen<\/strong> is getting prominent front-page play in the FT<\/a>, the Wall Street<\/a>Journal<\/a>, and Handelsblatt<\/a> after saying it will invest up to USD 5 bn in EV maker Rivian<\/strong> and the FT<\/a> says time is running out for Jane Fraser\u2019s turnaround bid at Citigroup<\/strong>.<\/p>\n

CLOSER TO HOME:<\/strong><\/p>\n