{"id":87454,"date":"2024-07-01T00:00:00","date_gmt":"2024-07-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/01\/saudi-is-on-track-to-see-sar-2-bn-in-art-exports-by-years-end\/"},"modified":"2024-07-01T00:00:00","modified_gmt":"2024-07-01T00:00:00","slug":"saudi-is-on-track-to-see-sar-2-bn-in-art-exports-by-years-end","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/01\/saudi-is-on-track-to-see-sar-2-bn-in-art-exports-by-years-end\/","title":{"rendered":"Saudi is on track to see SAR 2 bn in art exports by year\u2019s end"},"content":{"rendered":"

Good morning, wonderful people<\/strong>, and happy first day of Wimbledon to our fellow tennis nerds. We have another packed issue for you this morning to mark what is also the first day of 2H 2024. <\/p>\n

<\/a> HAPPENING TODAY- Foreign Minister Prince Faisal bin Farhan will hold talks today in <\/strong>Riyadh with officials <\/strong>from Bangladesh<\/strong> on business ties and the Rohingya crisis among other issues, Bangladesh news agency UNB News<\/a> reported. Also on the agenda are investment in education, tourism, health, environment, and tech. The Bangladeshi delegation is being led by Foreign Minister Hasan Mahmud.<\/p>\n

Could the crown prince be paying a visit to Bangladesh this year?<\/strong> That\u2019s what UNB News,<\/a> says citing statements Bangladesh officials made earlier this year. If confirmed, this it would be the first visit by a Saudi crown prince to the South Asian country since 1985.<\/p>\n

AND- Trading of Tadawul-listed Tihama Advertising and Public Relations Co.\u2019s shares will <\/strong>be suspended starting today<\/strong> after the advertising company failed to publish Q1 2024 results. The company now says<\/a> it expects to release its results on Monday, July 29.<\/p>\n

<\/a> PSA #1- Brace yourselves for a heat wave. <\/strong>The National Center of Meteorology sees temperatures in the Eastern Region rising to 46-49\u00b0C this week, while Riyadh, Makkah, and Madinah will see highs in the 42-45\u00b0C range all week long.<\/p>\n

PSA #2- Businesses have six more months to submit their tax returns <\/strong>if they want to take advantage of a tax-fine waiver scheme put in place by Zakat, Tax and Customs Authority (Zatca), according to a statement from the authority<\/a>. It set a new deadline of 31 December, 2024 after a previous deadline<\/a> expired yesterday.<\/p>\n

HAPPENING TOMORROW-<\/p>\n

The order window for<\/strong> Al Sagr Cooperative Ins\u2019s rights issue <\/strong>opens tomorrow<\/strong> and runs through Tuesday, 9 July, according to a disclosure to Tadawul<\/a>. The subscription period for new shares wraps up on Sunday, 14 July.<\/p>\n

BACKGROUND- <\/strong>Shareholders of Al Sagr Cooperative Ins. approved last week<\/a> the board\u2019s recommendation to more than double its capital to SAR 300 mn through a rights issuance. Proceeds will allow Al Sagr to meet minimum capital requirements for ins. companies.<\/p>\n

HAPPENING THIS WEEK-<\/p>\n

US Special Envoy for Yemen Tim Lenderking will travel to Saudi and Oman this week <\/strong>to discuss ongoing Houthi escalations in the Red Sea<\/strong>, according to a statement by the US State Department<\/a>. Lenderking is also set to discuss recent detentions<\/a> by the rebel group of a number of UN and diplomatic staff members. Exact dates were not provided.<\/p>\n

HAPPENING SOON-<\/p>\n

Cozying up with Tajikistan? <\/strong>The Kingdom and Tajikistan could sign as many as 12 agreements in an upcoming visit to Riyadh by Tajik President Emomali Rahmon, Tajik Investment Minister Sultan Rahimzadeh told Asharq Al Awsat<\/a>. Rahimzadeh declined to name the sectors and didn\u2019t give a date for the visit. <\/p>\n

SubHed_! WATCH THIS SPACE-<\/strong><\/p>\n

<\/a> #1- <\/strong>Nomu-listed school operator <\/strong>Academy of Learning (AOL)<\/a><\/strong> is preparing to move to <\/strong>Tadawul\u2019s main market<\/strong>, it said in a filing to Tadawul.<\/a> The company took a 25.6% stake to Tadawul's parallel market Nomu back in 2022<\/a>.. <\/p>\n

How is AOL doing with Tadawul\u2019s upgrade <\/strong>checklist<\/a><\/strong>? <\/strong>The company\u2019s market cap has grown to SAR 745 mn, exceeding the main market\u2019s minimum<\/a> of SAR 300 mn. AOL has floated just under 25.6% of its issued capital, within striking distance of the big-board requirement of 30%. The company is profitable and has been publishing its audited financial statements for the last two years, while the minimum requirement for Tadawul stands at three.<\/p>\n

BACKGROUND- <\/strong>AOL shareholders recently signed off<\/a> on the board\u2019s recommendation to increase its capital by 50% to SAR 90 mn. It lined up the Capital Market Authority (CMA) approval for the move back in May<\/a>.<\/p>\n

#2- <\/strong>The Real Estate Development Fund is rolling-out a new program in a bid to increase <\/strong>homeownership <\/strong>across the Kingdom, state news agency SPA<\/a>. Only units under construction will be eligible for the new program, which is offered in partnership with Bank Albilad.<\/p>\n

DATA POINTS-<\/p>\n

<\/a> #1- Saudi is exporting more art than ever before: <\/strong>The value of artwork exports more than tripled y-o-y to SAR 473.6 mn in 1Q 2024, according to figures provided by Al Watan<\/a>. The value of exported paintings, sculpture, carpets, jewelry, and other artifacts made by local artists could top SAR 2 bn by the end of the year<\/strong>. <\/p>\n

Who\u2019s buying? <\/strong>Collectors in the UK, France, Italy, the US, and Gulf neighbors including the UAE and Qatar, the newspaper says.<\/p>\n

#2- The <\/strong>price to refill a cylinder of cooking gas <\/strong>rose 10% to SAR 21.90<\/strong>, according Gasco<\/a>, the sole national distributor of liquefied petroleum gas (LPG). The hike comes after Aramco increased the price of LPG prices by 9.5% in June to SAR 1.04 per liter, according to its website<\/a>. Gasco has also raised kerosene prices by 43% to SAR 1.33 per liter.<\/p>\n

SPORTS-<\/p>\n

#1- Former Spanish star Michel Salgado was appointed coach of Saudi\u2019s U-15 national <\/strong>football team<\/strong>, according to a statement by the Saudi Football Federation<\/a>. Salgado has two UEFA Champions League titles to his name in addition to four La Liga titles. He also previously coached Cypriot club Pafos FC..<\/p>\n

#2- The national U-19 football squad has qualified for the semifinals of the Arab Diar <\/strong>Championship <\/strong>for West Asian U-19 teams after drawing with Oman 1-1, state news agency SPA<\/a> reported. The tournament in Taif sees 12 teams going head-to-head. It wraps up on Friday, 5 July.<\/p>\n

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

It\u2019s once again all politics, all the time<\/strong> on the front pages of the world\u2019s business press, and centrist and left-of-center politicians, pundits, and journalists are wringing their hands across much of the northern hemisphere. <\/p>\n

#1- France\u2019s far-right Rassemblement National took the first round in snap parliamentary <\/strong>elections <\/strong>called by President Emmanuel Macron. Projections see the RN taking 33.2% of the vote. The leftist Nouveau Front Populaire likely took 28.1%, while Macron\u2019s Ensemble took just 21%. Turnout was high \u2014 20% points better than in 2020<\/strong>, France\u2019s Les Echos<\/a> writes.<\/p>\n

It\u2019s the second round run-off that really matters<\/strong>, Germany\u2019s Handeslblatt<\/a> notes, and it\u2019s scheduled for July 7. \u201cThe final result will depend on days of horsetrading before next week's run-off,\u201d Reuters writes.<\/p>\n

Want more? <\/strong>Wall Street Journal<\/a> | Financial Times<\/a> | Reuters<\/a> <\/p>\n

#2- British voters go to the polls on Thursday<\/strong>, and Labour still enjoys what the BBC calls a \u201cbig lead\u201d<\/a> (about 20 percentage points) over Rishi Sunak\u2019s Conservatives. <\/p>\n

#3- Joe Biden\u2019s top advisors are fighting calls that he step down as the Democrats\u2019 <\/strong>nominee<\/strong>, portraying his poor performance on Thursday night as a \u201cblip\u201d<\/a> and the result of \u201cbad preparation and exhaustion\u201d<\/a> as his family tells him to keep fighting<\/a> and plots the ouster of his top advisors<\/a>, who they blame for the performance. <\/p>\n

The bottom line: <\/strong>A new poll on Sunday showed that nearly three quarters of voters think he<\/a>should end<\/a> his re-election campaign. <\/p>\n

ALSO WORTH KNOWING on this hot summer morning:<\/strong><\/p>\n