id: 2024-09-04-04:04:46:437t<\/p>\n
Good morning, wonderful people.<\/strong> We\u2019re in the final stretch of the first work week of September with a rather busy Wednesday issue. Several stories are competing for attention this morning, including Saudi\u2019s non-oil private sector activity showing stronger signs of expansion in the August purchasing manager\u2019s index, as well as the Public Investment Fund reportedly tapping debt markets for the fourth time this year. We have chapter and verse on these stories and more in this morning\u2019s newswell, below. <\/p>\n \n WEATHER-<\/strong> Riyadh\u2019s mercury will peak at 41\u00b0C, before dropping to a low of 28\u00b0C. Meanwhile, Jeddah will continue to see thunderstorms, with a high of 39\u00b0C, and a low of 31\u00b0C.<\/p>\n HAPPENING THIS WEEK-<\/p>\n <\/a> Saudi <\/strong>Arabia is facing In<\/strong>donesia in the third round of the Asian qualifiers for the<\/strong> 2026 World Cup tomorrow<\/strong>, state agency SPA reports<\/a>. The team is wrapping up its training program held in Jeddah, with rumors that Italian coach Roberto Mancini might be leaving the team, according to VOI<\/a>. Saudi Arabia ranks first in its group with 7 points.<\/p>\n \n WATCH THIS SPACE-<\/p>\n <\/a> #1- <\/strong>Saudi-flagged oil tanker not attacked by Houthis<\/strong>?<\/strong> National shipping carrier Bahri issued a statement<\/a> yesterday confirming that its Saudi-flagged vessel, Amjad, did not sustain an attack, but \u201cwas transiting north in the Red Sea, near another tanker that came under attack.\u201d Bahri\u2019s statement comes after the US Central Command said<\/a> that Houthis had targeted the vessel. The story also got ink in Reuters<\/a> and Bloomberg<\/a>.<\/p>\n <\/a> #2- <\/strong>British luxury brand <\/strong>Barbour<\/a><\/strong> is set to debut in <\/strong>the Kingdom<\/strong>, under a newly-penned agreement with Abu Dhabi-based fashion retailer Apparel Group, according to a press release<\/a>. Saudi will be the latest regional market entry for Barbour, following the UAE, Bahrain, Kuwait, Oman and Qatar. No further information was provided.<\/p>\n #3- <\/strong>Samsung Pay is coming<\/strong> to Saudi in 4Q:<\/strong> E-wallet and contactless payment service Samsung Pay will be available across the country in 4Q 2024 under a freshly-inked agreement with the Saudi Central Bank, according to a LinkedIn post by the financial regulator<\/a>.<\/p>\n #4- Aramco has its eyes on more M&A, but Horse Powertrain stake is staying as is:<\/strong> Aramco has no plans to increase its 10% stake in powertrain manufacturer Horse Powertrain, a joint venture with Renault and Geely, Aramco Executive Vice President Yasser Mufti tells Reuters<\/a>. The oil giant signed definitive agreements in June<\/a> to acquire a 10% stake in Horse Powertrain in a transaction that would value the company at EUR 7.4 bn.<\/p>\n \n DATA POINTS-<\/p>\n <\/a> #1- <\/strong>Saudi ports move<\/strong>d up to 15th place globally for most containers handled in 2023<\/strong>, moving up one spot from 2022, according to a post on X<\/a> citing a Lloyd\u2019s List<\/a>report<\/a>. Jeddah Islamic Port came in 32nd place globally, while King Abdullah Port came in 70th place, and King Abdul Aziz Port came in 82nd place.<\/p>\n #2- <\/strong>The Kingdom\u2019s non-oil trade<\/strong> balance with GCC countries recorded a surplus of SAR<\/strong> 5.7 bn in 2Q 2024<\/strong>, marking a 7x increase y-o-y, state news agency SPA reported<\/a>, citing preliminary data from the General Authority for Statistics. <\/p>\n \n SPORTS-<\/p>\n FC <\/strong>Porto has vowed to take<\/strong> action against Al Ittihad for backing out of Brazilian<\/strong> winger Galeno\u2019s <\/strong>transfer<\/strong> after reportedly reaching a final agreement, according to sports journalist Fabrizio Romano<\/a>. Galena was said to have sealed a EUR 50 mn<\/a> transfer agreement with the PIF-owned club, before it had a last-minute change of heart. The Saudi Pro League transfer window closed on Monday. <\/p>\n Out goes Galeno, in comes Bergwijn: <\/strong>Al Ittihad pursued and signed Dutch player Steven Bergwijn instead, Reuters<\/a> reports. The 26-year-old winger will set the SPL club back around EUR 21 mn.<\/p>\n ALSO- <\/strong>Brazilian teen<\/strong> Angelo Gabriel has <\/strong>joined Al Nassr<\/a><\/strong> in a USD 25 mn <\/strong>move<\/strong>, joining Cristiano Ronaldo in the Saudi Pro League team, the Associated Press<\/a> reported.<\/p>\n The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n ***<\/strong>You\u2019re reading EnterpriseAM Saudi<\/strong>, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We\u2019re out Sunday through Thursday by 7am Riyadh time.<\/p>\n EnterpriseAM Saudi is available without charge <\/strong>thanks to the generous support of our friends at Cenomi.<\/p>\n Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com<\/a>.<\/p>\n DID YOU KNOW <\/strong>that we also cover Egypt<\/a>, the UAE<\/a>, the MENA logistics<\/a> and climate<\/a> industries?<\/p>\n Were you forwarded this email? <\/strong>Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday. \n THE BIG STORY ABROAD- <\/p>\n All eyes are on Wall Street in the international business press<\/strong> this morning<\/strong>, with the S&P 500 having dropped<\/a> 2.1% by yesterday\u2019s close. A 9.5% slide in Nvidia\u2019s stock price prompted a selloff of other big tech names. Nvidia was breaking all of the wrong types of records<\/a> yesterday, claiming the unenviable title of having the steepest-ever single-day loss of market cap<\/a> by a US company \u2014 wiping off a whopping USD 279 bn during trading.<\/p>\n Traders were <\/strong>prepared for a rocky September<\/a><\/strong>, but probably not this rocky. <\/strong>On top of the \u201ctraditional\u201d September slump, an upcoming US jobs report on Friday, interest rate cut speculation ahead of the Fed\u2019s mid-month meeting, and 10 September televised debate between Kamala Harris and Donald Trump have been weighing on the market.<\/p>\n Analysts are increasingly wondering if this may signal the end to chip mania<\/strong>, which had until recently been the main driver pushing US stock markets to historic records. After all the money that has been pumped into chipmakers over the last year and a half, a period of reflection and readjustment may be a matter of course, thinks Jackson Square Capital\u2019s Andrew Graham, telling Reuters that \u201call tech revolutions go through periods of disillusionment.\u201d<\/p>\n But high expectations aren\u2019t Nvidia\u2019s only problem<\/strong>, with it being reported on the same day<\/a> that the US Department of Justice has subpoenaed Nvidia in an antitrust probe.<\/p>\n It wasn\u2019t much calmer in the oil markets<\/strong>, with Brent crude falling 4.9% to settle under USD<\/a>74<\/a> and wiping out gains the black stuff had made throughout the year. Driving the fall was news that Libya is ready to turn back the tap back on. A dispute between competing political factions over oil revenue and control of the central bank had effectively stopped exports on the formal market. <\/p>\n AND IN OUR CORNER of the world, Riad Salameh faces the music \u2026 again. <\/strong>Former Banque du Liban head Riad Salameh was arrested<\/a> yesterday in Beirut for alleged financial crimes related to USD 110 mn he amassed through the Lebanese central bank\u2019s dealings with brokerage firm Optimum Invest.<\/p>\n \n CIRCLE YOUR CALENDAR-<\/p>\n The EFG Hermes London Conference kicks off in less than a week: <\/strong>EFG Hermes will hold its annual conference in London on 9-12 September, giving investors \u201cunique and unparalleled access to leading equities in MENA and key frontier emerging markets.\u201d <\/p>\n The <\/strong>Crown Prince Camel Festival<\/a><\/strong> runs until Tuesday, 10 September at the Taif Camel <\/strong>Racing Track<\/strong>, featuring 610 rounds of racing and a purse of SAR 56 mn.<\/p>\n SRMG Academy\u2019s technology journalism course<\/a><\/strong> will kick off in Riyadh on Sunday, 15<\/strong> September. <\/strong>The five-day, TikTok-backed program will run until 19 September.<\/p>\n Fenaa Alawwal cultural center will kick off the contemporary art forum <\/strong>Muntada FAA<\/a><\/strong> on<\/strong> Sunday, 15 September<\/strong> at the Diplomatic Quarters in Riyadh. The forum runs until Thursday, 19 September.<\/p>\n
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