{"id":88626,"date":"2024-08-12T00:00:00","date_gmt":"2024-08-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/12\/an-overhauled-investment-law-thats-a-wrap-on-the-olympics\/"},"modified":"2024-08-12T00:00:00","modified_gmt":"2024-08-12T00:00:00","slug":"an-overhauled-investment-law-thats-a-wrap-on-the-olympics","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/12\/an-overhauled-investment-law-thats-a-wrap-on-the-olympics\/","title":{"rendered":"An overhauled investment law + That\u2019s a wrap on the Olympics"},"content":{"rendered":"

Good morning, nice people<\/strong>, and welcome to what unexpectedly shaped up to be a busy Monday, led primarily by legislative and regulatory news. <\/p>\n

THE BIG STORY AT HOME this morning is the unveiling of Saudi\u2019s new Investment Law<\/strong>, which is expected to come into effect with its executive regulations at the start of next year. The new law removes many major barriers for foreign investors looking to do business in the Kingdom, essentially leveling the playing field with local investors.<\/p>\n

^^ We have chapter and verse on this story and more in this morning\u2019s news well, below. <\/p>\n

WEATHER-<\/strong> The mercury in Riyadh <\/strong>will reach a high of 45\u00b0C today, before dropping to a low of 30\u00b0C. Dammam <\/strong>will experience even hotter temperatures, peaking at 47\u00b0C, and falling to 30\u00b0C. Meanwhile, Jeddah <\/strong>will be slightly cooler, with a high of 38\u00b0C and a low of 33\u00b0C.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Agility\u2019s ground handling subsidiary <\/strong>Menzies Aviation<\/a><\/strong> plans to make an \u201caggressive\u201d <\/strong>expansion in the GCC \u2014 including Saudi and the UAE \u2014 over the next five years<\/strong>, Chairman Hassan El Houry told Gulf News<\/a>. \u201cSaudi Arabia aims to triple its number of passengers to 250 mn by 2030. They plan to invest USD 100 bn in aviation infrastructure to achieve this. We want to be a part of that and will be,\u201d El Houry told the news outlet. Menzies Aviation recently launched operations in Spain, Portugal, Hong Kong, Jamaica, Peru, and Panama with operational presence in over 295 airports across 65 countries.<\/p>\n

#2- Saudi-based Drilling & Exploration has its eyes on Egypt:<\/strong> Drilling & Exploration<\/a>Company<\/a> could soon ink an agreement with an undisclosed Egyptian private sector player holding two gold exploration concessions in the Eastern Desert, the company's technical advisor Salah Bader told Al Mal<\/a>. The potential agreement would see the Saudi firm provide drilling,prospecting, and consulting services. This would mark the Saudi firm's first venture into the Egyptian market.<\/p>\n

More in the pipeline? <\/strong>The company has received several offers from entities investing in gold and mineral exploration projects locally and is currently evaluating them, Bader said. <\/p>\n

\n

DATA POINTS-<\/p>\n

<\/a> The citizen account program disbursed SAR 3.4 bn to 10.8 mn beneficiaries for August<\/strong>, according to a statement<\/a>. The beneficiaries received an average of SAR 1.5k per family. The citizen account program was created to provide financial support to vulnerable Saudi families who are impacted by economic reforms, according to its website<\/a>. <\/p>\n

\n

SPORTS-<\/p>\n

<\/a> Saudi football is back tomorrow<\/strong>, kicking off with the Saudi Super Cup semi finals, featuring a showdown between Al Hilal, and Al Ahli, while Al Nassr will face Al Taawoun on Wednesday, according to a Saudi Arabian Football Federation statement (pdf)<\/a>. Both matches will be played at the Prince Sultan bin Abdul Aziz stadium in Abha at 7:15pm, and you can book your tickets here<\/a>. <\/p>\n

\n

\n

Are you planning to be in Egypt on 24 September? <\/strong>You may be interested in attending our 2024 Enterprise Finance Forum. Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders. <\/p>\n

Why attend? We\u2019re in the early days of a generational realignment of power in our <\/strong>industry<\/strong> \u2014 in our region and beyond \u2014 and on the cusp of the biggest intergenerational transfer of wealth the world has ever seen<\/strong>. With that as the backdrop, we\u2019re going to take stock of where we stand six months after the float of the EGP and ask what\u2019s next for finance in Egypt and the wider region. Among the questions we\u2019ll be asking:<\/p>\n