{"id":87497,"date":"2024-07-02T00:00:00","date_gmt":"2024-07-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/02\/saudi-investment-bank-says-it-is-not-in-sale-talks\/"},"modified":"2024-07-02T00:00:00","modified_gmt":"2024-07-02T00:00:00","slug":"saudi-investment-bank-says-it-is-not-in-sale-talks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/02\/saudi-investment-bank-says-it-is-not-in-sale-talks\/","title":{"rendered":"Saudi Investment Bank says it is not in sale talks"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends, and happy Hump Day to you all. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt1\"><\/a>  BUT FIRST- Aramco\u2019s run of positive (for shareholders) news continues. <\/strong>Energy Minister Prince Abdel Aziz bin Salman said Aramco has discovered seven oil and gas deposits in the Eastern Province and Empty Quarter, according to a <a target=\"_blank\" href=\"https:\/\/www.moenergy.gov.sa\/ar\/MediaCenter\/News\/Pages\/Energy-Minister-announces-new-oil-and-gas-discoveries-in-Saudi.aspx\" style=\"\" rel=\"noopener\">statement by the ministry<\/a> yesterday. He said Aramco discovered two unconventional gas fields, a reservoir of Arabian light crude oil, two natural gas fields, and two natural gas reservoirs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we don\u2019t know: The size of the discoveries. <\/strong>The ministry made no mention of estimated reserves in place. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND A QUICK PROGRAMMING NOTE- <\/strong>EnterpriseAM Saudi is off this coming Thursday, 4 July. We take a small handful of publication breaks in summer, around holidays, and in the final week of the year to retool and plan new things. You\u2019ll see us in your inbox tomorrow morning, and we\u2019re then off until Sunday, 7 July. <\/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><a id=\"wwtt2\"><\/a> Housing Minister Majed Al Hogail is in Turkey for a three-day visit<\/strong> that will see talks with Turkish officials in real estate development, infrastructure, and waste management and recycling, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2131718\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reports. He last visited Ankara a year ago, when SAudi and Turkish companies inked a series of cooperation agreements.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>Expect windy weather in <strong>Riyadh<\/strong> with a daytime high of 44\u00b0C. <strong>Madinah<\/strong> will also see wind and a high of 40\u00b0C, while Jeddah can expect a daytime high of 41\u00b0C. Look for overnight lows to skim 29\u00b0C in all three cities.<\/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>The eight-week <\/strong><strong><a target=\"_blank\" href=\"https:\/\/esportsworldcup.com\/en\" style=\"\" rel=\"noopener\">Esports World Cup<\/a><\/strong><strong> will open tomorrow<\/strong> and run through Sunday, 25 August Riyadh\u2019s Boulevard City. It will see the world\u2019s best esports clubs competing for a pool of USD 60 mn \u2014 the largest purse in esports.<\/p>\n<p class=\"tag-border-left\"> M&amp;A WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt3\"><\/a>  #1- Saudi Investment Bank says it isn\u2019t in talks to sell a stake to Kuwait Finance House:<\/strong> The Saudi Investment Bank (Saib) said it was not involved in \u201cany discussions in relation to any mergers or acquisitions,\u201d according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lY_RboIwFIafxQcwPWgs7JKNDVlQUXQqN6aWMyURSkpxc0-_VpYZ3Vxc04ue0-__z39IQhYkKdg-2zCViYLtdL1M6KrnUuj0HRhBf_oAFGKfzqaO5XUomZ8DzsCnMB6641HH7oH_AiT5lx7iqAfjp2jQDWECPtDb9HDluDfMT86RkXtn6wTP934Qul2H2pfALyteDPm5wxH4I2SMxXET-2rUwCJziZWoJUcy2aByi0LUBcccCxVmlfKYYmTMGd9iiHvcRWyDJDajWbrPKiErQ5Fl2zK9CrkS0iuD9LtzyNdiR5bmXUqR1lxNDyU2DSW0_de71MZx9qErCxorJvn2xJr_YZ2vUXprzZjWqxT5yYCZ5NzkbkTWqkmg8F3FR7OGS7UiQpkJnZGU-Wy2gCxoO2-P3dw5v26r9QlTUSX0\/dz\/d5\/L0lHSklna0tDbEVKSUtJS1VRb2dwUkEhIS9vSHdRQUVNSUFBQ0VFaGdDS000emxHWUVLVWxTVUtXdEcwWVdnQSEhLzRKQ2lqc1lwTWhUalVFNWxFbXQyVXR0TlF6VzdLVzFtbzVBIS9aN181QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURRNi9aNl81QTYwMkg4ME8wSFRDMDYwU0c2VVQ4MURJMy9jb21wYW55U3ltYm9sLzEwMzAvZ2xvYmFsL2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgxMTMw\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a> by the lender. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>The statement follows <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/706b54fb-d25a-4b22-8dc6-51d901e25d64\" style=\"\" rel=\"noopener\">whispers by Bloomberg last week<\/a> that Kuwait\u2019s largest bank was considering the acquisition of a significant stake in Saudi Investment Bank. KFH later <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/af606559-333c-470a-883a-24a5e4f245a9\" style=\"\" rel=\"noopener\">issued a statement<\/a> saying only that it was \u201cconducting careful studies\u201d of a potential expansion tinto Saudi, including looking at \u201cmore than one bank\u201d in which it might take a stake. <\/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- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wakecap.com\/\" style=\"\" rel=\"noopener\">WakeCap<\/a><\/strong><strong> has acquired Silicon Vallye-based <\/strong><strong><a target=\"_blank\" href=\"https:\/\/crews.bycore.com\/\" style=\"\" rel=\"noopener\">Crews by Core<\/a><\/strong> as WakeCap looks to set up an R&amp;D base in the US, WakeCap said in a <a target=\"_blank\" href=\"https:\/\/www.wakecap.com\/news-events\" style=\"\" rel=\"noopener\">statement<\/a>. Both companies offer digital project management solutions for companies working on megaprojects. WakeCap already operates in the US, Saudi Arabia, UAE, and Japan.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we don\u2019t know: <\/strong>Just how much of Crews by Core will WakeCap acquire and what that stake is worth. WakeCap\u2019s clients include Aramco, Emaar, Adnoc, Enppi, and Besix, among others. Its CEO is Hassan Albalawi, a member of the prominent Saudi family. <\/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><a id=\"wwtt4\"><\/a>  #1- <\/strong><strong>Aramco dividends push Sama\u2019s foreign reserves to 18-month high: <\/strong>The Saudi Central Bank\u2019s (Sama) net foreign assets jumped 5% y-o-y in May to SAR 1.67 tn \u2014 its highest since November 2022, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/65.pdf\" style=\"\" rel=\"noopener\">Sama\u2019s figures (pdf)<\/a>. The increase was driven by state-owned Aramco\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/e07c7da8-cdae-4c02-8d5a-33637252b1b9\/%253cmark%253earamco%253c%2Fmark%253e-reports-lower-net-income-in-1q-2024,-but-looks-on-track-to-boost-this-year%25e2%2580%2599s-dividend\" style=\"\" rel=\"noopener\">huge dividend payments<\/a> during 1H 2024, which included USD 25 bn paid in May to the government, according to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-01\/saudi-reserves-jump-to-18-month-high-thanks-to-aramco-dividends\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. Sama receives the government\u2019s dividends from Aramco.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Spending by foreign tourists in Saudi grew 22.9% y-o-y to SAR 45 bn (c. USD 12 bn) <\/strong><strong>in 1Q <\/strong><strong>2024 \u2014 the <\/strong><strong>second-h<\/strong><strong>ighest quarterly leve<\/strong><strong>l ever<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.mubasher.info\/news\/4308714\/%D8%A5%D9%86%D9%81%D8%A7%D9%82-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%AD-%D8%A7%D9%84%D8%A3%D8%AC%D8%A7%D9%86%D8%A8-%D8%A8%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D9%8A%D8%B1%D8%AA%D9%81%D8%B9-23-%D8%A8%D8%A7%D9%84%D8%B1%D8%A8%D8%B9-%D8%A7%D9%84%D8%A3%D9%88%D9%84-%D9%84%D8%A3%D9%83%D8%AB%D8%B1-%D9%85%D9%86-12-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\/\" style=\"\" rel=\"noopener\">Mubasher<\/a> reported, citing data compiled from Saudi Central Bank (Sama). The record for spending in a single quarter stands at SAR 48.9 bn in 2Q 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi tourists are spending more abroad: <\/strong>Spending by Saudi tourists abroad was up 3.9% y-o-y during the quarter to c. SAR 21 bn, and increase from SAR 20.2 bn in the same period last year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT: <\/strong>2023 was a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/54d511e4-9644-436e-bb10-d0ab5e451025\" style=\"\" rel=\"noopener\">\u201crecord-breaking\u201d year<\/a> for Saudi\u2019s travel and tourism industry, with the sector growing more than 32% to contribute a record SAR 444.3 bn to the Kingdom\u2019s GDP. Tourist spending was also on the rise, with spending by foreign visitors reaching a record SAR 227.4 bn, while local visitors\u2019 spending grew 21.5% y-o-y in 2023 to SAR 142.5 bn.<\/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>Aramco maintained the official selling prices (or \u201cOSP,\u201d in industry-speak) for liquefied <\/strong><strong>petroleum gas in July<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/saudi-aramco-holds-osps-lpg-july-steady-sonatrach-raises-it-by-11-18-2024-07-01\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported. July OSPs for propane and butane were unchanged at USD 580 per metric ton and USD 565 per ton.<\/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? <\/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>US, British and French politics continue to push markets off the front pages <\/strong>of the global business press. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not much has changed since yesterday: <\/strong>Democrats are still losing it over contentions that Joe Biden is too old to run for president. Top party officials held a call with key donors late yesterday to try to shore up their financial base. <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/b411ba0e-62f0-4152-8f61-9a1506f4ac5f\" style=\"\" rel=\"noopener\">The FT sums up<\/a> the current state of the debate nicely: There\u2019s a growing sense among \u201cdonors, consultants, and operatives that <strong>Biden is no longer fit to challenge Donald Trump for the presidency and should make way for a younger candidate<\/strong>.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And it could get messy<\/strong>, the paper says, noting there\u2019s \u201canger at the president\u2019s family and close circle of advisers for concealing his condition and their unwillingness to countenance his exit from White House race.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Across the pond: <\/strong>Keir Starmer\u2019s Labour party <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-01\/bloomberg-uk-poll-of-polls-labour-slips-while-keeping-big-lead?sref=mmeFTDW1\" style=\"\" rel=\"noopener\">still leads<\/a> Rishi Sunak\u2019s Conservatives by 20 points or so in polls. And the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/06\/30\/world\/europe\/france-elections.html\" style=\"\" rel=\"noopener\">horse-trading continues in France<\/a>, as other parties look to block the far-right Rassemblement National from running away with parliament in second-phase voting due next week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- The US Supreme Court ruled that Trump has broad immunity <\/strong>for official (but not necessarily personal) actions he took while in office \u2014 a finding that <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-01\/supreme-court-partially-backs-trump-on-immunity-delaying-trial?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">almost ensures<\/a> he won\u2019t face trial before November on charges that he tried to usurp the 2020 election. <\/p>\n<p class=\"tag-border-left\">ENTERTAINMENT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The eighth season of MBC\u2019s Arabic-language version of Top Chef will move to Neom<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.mbc.net\/news\/40\" style=\"\" rel=\"noopener\">statement<\/a>. Neom Media Village will be home to the show for the next few months. The new season of the culinary competition will have an ecological spin and will again feature guest judges from Michelin-starred restaurants. The show will air on MBC Group properties later this year. <\/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>This year\u2019s edition of security-focused expo <\/strong><strong><a target=\"_blank\" href=\"https:\/\/intersec-ksa.ae.messefrankfurt.com\/ksa\/en.html\" style=\"\" rel=\"noopener\">Intersec Saudi Arabia will<\/a><\/strong><strong> open from <\/strong><strong>Tuesday, 1 October to Thursday, 3 October <\/strong>at the Riyadh International Convention and Exhibition Center. The expo is expected to bring in over 350 exhibitors from 27 countries and 17k visitors and showcase latest technologies in security and safety industries by global suppliers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Continuing run of good news for shareholders, Aramco announces new oil and gas discoveries<\/p>\n","protected":false},"author":1,"featured_media":87498,"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":[139,19,10,2212,2276,87,1493,859,1861,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-aramco","tag-banking","tag-enterpriseam-ksa","tag-kuwait-finance-house","tag-net-foreign-assets","tag-oil-and-gas","tag-saudi-central-bank-sama","tag-saudi-investment-bank","tag-wakecap","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"f51ef284-bf6e-4b8f-93e6-52984e87fbcb","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/7\/166.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Saudi Investment Bank says it is not in sale talks","related_issue":[87495],"teaser":"Plus: Continuing run of good news for shareholders, Aramco announces new oil and gas discoveries","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.1a3cc71b-1776-4910-b994-0c1ee2d8e2c1.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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