{"id":88503,"date":"2024-08-07T00:00:00","date_gmt":"2024-08-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/07\/heavy-equipment-machinery-distributor-zahid-group-eyes-south-africa-based-barloworld\/"},"modified":"2024-08-07T00:00:00","modified_gmt":"2024-08-07T00:00:00","slug":"heavy-equipment-machinery-distributor-zahid-group-eyes-south-africa-based-barloworld","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/07\/heavy-equipment-machinery-distributor-zahid-group-eyes-south-africa-based-barloworld\/","title":{"rendered":"Heavy equipment machinery distributor Zahid Group eyes South Africa-based Barloworld"},"content":{"rendered":"

Good morning, nice people. <\/strong>It\u2019s a relatively light day in the news cycle here at home, as Aramco\u2019s earnings stole much of the spotlight. We have the full rundown of the oil giant\u2019s earnings, plus a new capital injection from the PIF into EV maker Lucid, leading this morning\u2019s news well, below. <\/p>\n

<\/a> BUT FIRST-<\/strong> Saudi\u2019s Zahid Group \u2014 which locally distributes heavy equipment machinery \u2014 is reportedly looking at acquiring South Africa-based Caterpillar Inc. equipment distributor Barloworld, Bloomberg<\/a> reports, citing people with knowledge of the matter. It remains unclear what the timeline for the discussions is, or whether Zahid is looking to fully acquire Barloworld. Zahid is already tied to Barloworld \u2014 which is valued at c.USD 886 mn \u2014 as one of Zahid\u2019s subsidiaries currently holds 18.9% in the South African company. <\/p>\n

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\u26a0\ufe0f WEATHER WARNING- <\/strong>The heavy downpour continues across the Kingdom until Friday, with expectations these conditions could persist until the end of next week, according to a warning issued by the National Center for Meteorology. <\/p>\n

WATCH THIS SPACE-<\/p>\n

An unconfirmed report claims that Saudi, Jordan, and Qatar have declined US requests<\/strong> to contribute troops for a post-war peacekeeping force in Gaza.<\/strong> The countries cited concerns that it would be seen as protecting Israel, the Time of Israel<\/a> reports, citing an unnamed Arab official and a second source familiar with the matter. <\/p>\n

ALSO- <\/strong>Another unconfirmed report from the Jerusalem Post<\/a> suggests that Riyadh and Amman have each communicated to Tehran that they will not permit the use of their airspace for any military operations against Israel. <\/p>\n

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DATA POINTS-<\/p>\n

<\/a> #1- <\/strong>The number of Saudi citizens joining the private sector workforce more than doubled m-o-m <\/strong>to<\/strong> 34.6k in July<\/strong>, up from 16.6k in June, the National Labor Observatory said in separate statements on X (here<\/a>, and here<\/a>.) The total workforce employed in the Kingdom\u2019s private sector stood at some 11.5 mn workers in July, composed of 2.3 mn nationals and 9.1 mn expats.<\/p>\n

Nitaqat is bearing fruit: <\/strong>The Human Resources and Social Development Ministry introduced the country\u2019s Saudization program in 2011, dubbed Nitaqat<\/a>, which looks to increase the number of Saudi nationals in the private sector and narrow the employment gap between the public and private sectors by providing incentives for private firms hiring Saudis. <\/p>\n

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<\/a> T<\/strong>he total value of US-Saudi Business Council <\/strong>awarded contracts rose 79% y-o-y to <\/strong>SAR 118.8 bn (USD 31.7 bn) in 1Q 2024<\/strong>, according to the highlights of the council\u2019s report<\/a>. The oil and gas sector led with SAR 51.2 bn in contracts, followed by real estate (SAR 24.4 bn) and water (SAR 24 bn). <\/p>\n

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

Global markets are catching their breath after stocks staged somewhat of a comeback yesterday<\/strong>, recovering some of the losses from the past three days as investors eased recession concerns and Japanese equities bounced back during trading.<\/p>\n

The rundown:<\/strong> The Dow gained 0.76%, while the S&P 500 rose 1.04%, and the Nasdaq Composite closed up 1.03%. Major tech stocks like Nvidia and Meta Platforms saw rebounds after being among some of the worst performers on Monday. Japanese stocks also boosted sentiment, with the Nikkei 225 experiencing its best day since October 2008, jumping 10.2% after a sharp decline the previous day. (CNBC<\/a> | Financial Times<\/a> | Wall Street Journal<\/a> | Reuters<\/a>)<\/p>\n

AND- US Vice President and presidential nominee <\/strong>Kamala <\/strong>Harris tapped Minnesota<\/strong> Governor Tim Walz<\/strong> \u2014 who is known for being more broadly appealing in the voter base, despite not being the most well-known contender \u2014 as her running mate for the presidential campaign. (Bloomberg<\/a> | AP<\/a> | CNBC<\/a> | Reuters<\/a> | The New York Times<\/a> | Wall Street Journal<\/a> | Washington Post<\/a>) <\/p>\n

IN OUR NECK OF THE WOODS- <\/strong>Hamas tapped Yahya Sinwar as the new head of its political bureau, succeeding Ismail Haniyeh who was assassinated last week in Tehran. This makes Sinwar the main focal point for any diplomatic efforts aimed at halting the war in Gaza. (Reuters | Guardian<\/a> | BBC<\/a> | ABC News<\/a> | Times of Israel<\/a>)<\/p>\n

OLYMPICS- <\/p>\n

Highlights from day 11 of the Paris Olympics: <\/strong><\/p>\n

Another day where history was made: <\/strong>Cuban wrestler Mija\u00edn L\u00f3pez, 41, wrote Olympic history, becoming the first athlete to ever win gold in the same event in five Olympic Games, following his victory in the Greco-Roman wrestling 130kg category, which he has dominated since the Beijing 2008 Olympics. Following his win, L\u00f3pez left his shoes on the mat, signaling his retirement from the sport.<\/p>\n

Canada dominates hammer throw events: <\/strong>Canadian Camryn Rogers won the women's hammer throw gold yesterday, while Poland's Anita W\u0142odarczyk, who won gold in the last three Olympics, finished fourth. Rogers' win comes only days after Canada\u2019s Ethan Katzberg secured the gold in the men\u2019s event.<\/p>\n

Bahrain <\/strong>secures its first gold at Paris 2024 (and third ever):<\/strong> Bahrain\u2019s 24-year-old Winfred Yavi clinched the women\u2019s 3km steeplechase title at Paris 2024 with a spectacular final kick, setting a new Olympic record. She defeated defending champion Peruth Chemutai of Uganda, adding the Olympic gold to her world crown. <\/p>\n

Algeria\u2019s <\/strong>25-year-old Imane Khelif advanced to the women\u2019s welterweight boxing final<\/strong> with a unanimous victory over Thailand\u2019s Janjaem Suwannapheng. Algeria currently has one gold at Paris 2024 after Kaylia Nemour became the first African athlete to earn an Olympic gymnastics medal.<\/p>\n

Tunisia <\/strong>has so far secured 1 silver medal, and Egypt <\/strong>1 bronze. <\/p>\n

Day <\/strong>11 gold medalists:<\/strong><\/p>\n