{"id":90094,"date":"2024-10-01T00:00:00","date_gmt":"2024-10-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/01\/jeddah-international-market-catches-fire\/"},"modified":"2024-10-01T00:00:00","modified_gmt":"2024-10-01T00:00:00","slug":"jeddah-international-market-catches-fire","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/01\/jeddah-international-market-catches-fire\/","title":{"rendered":"Jeddah International Market catches fire"},"content":{"rendered":"

Good morning, friends.<\/strong> We have a relatively busy midweek issue for you today, leading with macroeconomic indicators as Gastat released the latest net foreign direct investment and unemployment figures. <\/p>\n

HAPPENING TODAY-<\/p>\n

The Sirha Arabia Food Trade Exhibition<\/a><\/strong> opens its doors today<\/strong> and will run until this Thursday, 3 October at Riyadh Front Expo. The event will showcase 300 exhibitors from the food products and equipment, bakery, pastry, and coffee industries. Sirha Arabia will also be hosting selection contests for the Bocuse d'Or and the Pastry World Cup, which start in 2025.<\/p>\n

Intersec Saudi Arabia<\/a><\/strong> also begins today<\/strong>, where experts in the security, safety and fire protection industries will convene to address the role of AI and VR in the sector. The event wraps up on Thursday, 3 October.<\/p>\n

WEATHER- <\/strong>Expect a mostly sunny day in the capital city:<\/strong> Riyadh is looking at a daytime high of 41\u00b0C and a nighttime low of 28\u00b0C today. Over in Makkah, the temperature will peak at 42\u00b0C before dropping to 28\u00b0C. Meanwhile, Jeddah \u2014 the coolest of three \u2014 will see a high of 37\u00b0C and a low of 28\u00b0C. <\/p>\n

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PSAs- <\/p>\n

The n<\/strong>omination window for the Princess Noura Award for Women\u2019s Excellence opens<\/strong> today<\/strong>, and will run until Monday, 30 December, state news agency SPA reports<\/a>. The award recognizes outstanding contributions of Saudi women across six fields, namely natural sciences, health work, social initiatives, artistic works, economic projects and human studies.<\/p>\n

Who can apply? <\/strong>Nominations are open to government entities, private sector institutions, scientific and cultural organizations, as well as individuals. Applications can be submitted through the award\u2019s official website, here<\/a>. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Fire destroys Jeddah\u2019s International Market: <\/strong>A massive fire broke out early Sunday morning at the site \u2014 popularly known as the Gold and Watch Mall \u2014 before spreading rapidly and causing the market\u2019s roof to collapse, Asharq Alawsat<\/a> reports. Civil Defense teams put out the fire in an operation that took upwards of 12 hours, losing two firefighters in the process, according to an X post<\/a>. The 40-year-old market \u2014 home to some 200 retail venues that include several shops selling gold, jewelry, and luxury watches \u2014 suffered damage estimated at SAR hundreds of mns. <\/p>\n

What happened?<\/strong> The fire reportedly began at a shoe store that was undergoing renovations, a source told Aleqtisadiah<\/a>. The market was empty when the fire began in the early morning, Saudi Gazette<\/a> reports. <\/p>\n

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<\/a> #2- An unnamed Saudi company is reportedly looking to invest USD 5 bn in Turkey<\/strong>, Turkish Prime Minister Cevdet Y\u0131lmaz said, according to Turkiye Today<\/a>. There are no further details on the type of investment, the industry in which the investment is expected to happen, or the identity of the Saudi company. <\/p>\n

<\/a> #3- <\/strong>Bawan pushes deadline on Petronash acquisition: <\/strong>Building materials manufacturer Bawan has pushed back the timeline on its takeover of UAE-based Petronash Global, it said in a filing to Tadawul<\/a>. The two companies were initially scheduled to sign a sale and purchase agreement yesterday, but still have to round off required procedures before turning their USD 175 mn MoU<\/a> into a final document. The signing is now expected to happen during October, the filing said, without specifying when during the month. <\/p>\n

ADVISORS- <\/strong>Bawan tapped PwC as its financial advisor on the transaction, while Piper Sandler is advising Petronash.<\/p>\n

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<\/a> #4- <\/strong>Shareholders of our friends at Cenomi Retail will vote on the <\/strong>board of directors\u2019<\/strong> recommendation to further liquidate<\/strong> some of its non-core assets on Monday, 21 October, it said in a filing to Tadawul.<\/a> The move falls under Cenomi Retail\u2019s rationalization push<\/a> aimed at focusing on top-tier brands, restructuring the company\u2019s portfolio, and compensating for accumulated losses<\/a>. <\/p>\n

\n

SPORTS-<\/p>\n

PIF might pick up Mohamed Salah after his Liverpool contract expires next year:<\/strong> The Public Investment Fund is reportedly looking to secure the Liverpool star on a pre-contract by next January or February, CaughtOffside<\/a> reports citing exclusive statements from unnamed sources. The PIF is willing to offer Salah an \u201castronomical\u201d 2-year contract with an option for a further year. Salah will likely head to Al Ittihad, but other PIF-owned clubs such as Al Hilal, Al Nassr, and Al Ahli are other possible destinations for the player, the outlet said. <\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\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 Saudi, 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

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\n

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

Israel\u2019s launch of a ground invasion in southern Lebanon is dominating front pages in <\/strong>the foreign press<\/strong>, after the Israeli military said it will be carrying out \u201climited\u201d ground raids against Hezbollah targets in the area. In the meantime, aerial attacks continued through the night in Beirut\u2019s suburbs, with at least 95 killed in the past 24 hours. This followed another brutal day of airstrikes that included the first attack on central Beirut in years. (Reuters<\/a> | Bloomberg<\/a> | NY Times<\/a> | AP<\/a>)<\/p>\n

The strikes yesterday also killed Hamas leader Fateh Sherif Abu El Amin<\/strong>, Hamas confirmed. <\/p>\n

It\u2019s quiet over in the business press<\/strong>, though two stories are grabbing headlines:<\/p>\n

#1- US Federal Reserve Chair Jerome Powell said that the Fed is not \u201cin a hurry\u201d to cut interest rates<\/strong>, hinting that the central bank will go for two 25 bps rate cuts in its next meetings as previously projected. (Reuters<\/a>) <\/p>\n

#2- CVS Health could potentially split its ins. and retail units<\/strong>, amid escalating pressure from investors to boost its performance, Reuters<\/a> reports. This would effectively unwind CVS\u2019 USD 70 bn takeover<\/a> of healthcare insurer Aetna in 2017. <\/p>\n

\n

CIRCLE YOUR CALENDAR-<\/p>\n

The 2024 <\/strong>Saudi Games<\/a><\/strong> are coming back this Thursday, 3 October at Riyadh\u2019s Boulevard<\/strong> City<\/strong>, with musical performances from The Saudi Arwa<\/a> and Abdulwahab<\/a> kicking off the annual sporting competition, according to a post on X<\/a>. The event will see upwards of 9k male and female athletes compete in 52 sports. The two-week event runs from until 17 October. You can grab tickets here<\/a>. <\/p>\n

The three-day 6 Kings Slam event at Riyadh\u2019s <\/strong>Venue<\/a><\/strong> kicks off on Wednesday, 16 October, <\/strong>featuring all-star players competing for the largest purse in tennis history.<\/strong> The matches will see face offs between tennis champs Novak Djokovic, Rafael Nadal, Jannik Sinner, Carlos Alcaraz, Daniil Medvedev, and Holger Rune (watch, runtime: 5:15<\/a>). The final and third-place match will be held on Saturday, 19 October. Book your tickets here<\/a>. <\/p>\n

The Professional Fighters League\u2019s (PFL) <\/strong>Battle of the Giants<\/a><\/strong> is coming to Riyadh on<\/strong> Saturday, 19 October.<\/strong> Headlining the card, MMA superstar Francis Ngannou will face PFL heavyweight champion Renan Ferreira for the title of inaugural PFL Super Champion. Meanwhile, women\u2019s featherweight champion Cris Cyborg will square off against Larissa Pachecho for the World Title Fight in the co-main event. Expect fireworks with additional matchups featuring Johnny Eblen vs. Fabian Edwards and A.J. McKee vs. Paul Hughes.<\/p>\n

The two-day <\/strong>Multilateral Industrial Policy Forum<\/a><\/strong> will kick off in Riyadh on Wednesday, 23<\/strong> October.<\/strong> The forum will address global industrial challenges, focusing on topics like industrial policy, clean energy, and advanced manufacturing tech. The forum is organized by The Industry and Mineral Resources Ministry in partnership with UNIDO. The Kingdom will also host the UNIDO General Conference in 2025<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Jeddah International Market catches fire<\/p>\n","protected":false},"author":1,"featured_media":90095,"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":[2740,605,10,2462,1151,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-bawan","tag-cenomi-retail","tag-enterpriseam-ksa","tag-petronash-global","tag-public-investment-fund-pif","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"a27e9b92-3621-4512-b768-9d5b780dd846","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/10\/45.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Unemployment was down in 2Q 2024 + Net FDI slips y-o-y","related_issue":[90092],"teaser":"PLUS: Jeddah International Market catches fire","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.5f7bf9e2-6688-4fc2-9dc9-d0a13771b5f5.mp3"},"yoast_head":"\nJeddah International Market catches fire - 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