{"id":90620,"date":"2024-10-17T00:00:00","date_gmt":"2024-10-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/17\/crown-prince-is-in-brussels-for-gulf-european-summit\/"},"modified":"2024-10-17T00:00:00","modified_gmt":"2024-10-17T00:00:00","slug":"crown-prince-is-in-brussels-for-gulf-european-summit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/17\/crown-prince-is-in-brussels-for-gulf-european-summit\/","title":{"rendered":"Crown Prince is in Brussels for Gulf-European summit"},"content":{"rendered":"

Good morning, wonderful people.<\/strong> We have another busy issue to send you off into the weekend, leading with signs that Manara Minerals is closing in on acquiring a minority stake in First Quantum\u2019s assets in Zambia, and Tamweel Aloula closed the first issuance in its AT1 capital sukuk program. Plus: The World Bank\u2019s Mena economic update isn\u2019t as bad as it seems on first glance. <\/p>\n

HAPPENING TODAY-<\/p>\n

Crown Prince Mohammed bin Salman is in Brussels for the inaugural Gulf-European <\/strong>summit<\/strong>, state news agency SPA<\/a> reports. Bin Salman is joined by other GCC leaders representing Bahrain, Kuwait, Oman, Qatar, and the UAE, with both blocs looking for common ground on trade, investment, renewable energy, security, and visa requirements, Reuters<\/a> reports. UAE citizens can currently enter the EU without a visa, while passport holders from other GCC states must apply for a five-year visa first.<\/p>\n

MEANWHILE- <\/strong>The Saudi Fund for Development is financing three development projects in Serbia worth a total of USD 205 mn, according to a post on X<\/a>. The projects include a USD 75 mn irrigation infrastructure project spanning 230 km, a USD 65 mn bioscience campus in Belgrade, and a USD 65 mn transmission system to improve electricity coverage.<\/p>\n

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WEATHER- Riyadh <\/strong>is looking at a high of 37\u00b0C, and a low of 24\u00b0C today. Over in Madinah<\/strong>, the temperature will peak at 39\u00b0C, before dropping to 25\u00b0C. Meanwhile, Jeddah <\/strong>will see a high of 40\u00b0C, and a low of 29\u00b0C. <\/p>\n

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WORLD BANK MENA ECONOMIC UPDATE<\/p>\n

<\/a> The World Bank\u2019s semi-annual MENA economic outlook was out overnight. <\/strong>The report sounds a distinct note of caution about how war in Gaza (to say nothing of Lebanon and the menace to Red Sea shipping) is an overhang on economic growth. Check out the announcement here<\/a> and the report here (pdf)<\/a>. <\/p>\n

The report plays up the deceleration of growth in 2024<\/strong>, saying that it\u2019s been driven largely by the GCC economies. MENA economies as a whole will grow about 2.2% in 2024 \u2014 better than the 1.8% we saw in 2023, but far off the 5.8% pace we saw the year before. <\/p>\n

We hope we\u2019re not indulging our inner Pollyanna, but\u2026 <\/strong>That take masks the bank\u2019s own forecast for a sharp pickup in growth next year. Check out (numbered) page 11, where the report\u2019s authors are forecasting that growth in 2025 will accelerate to 3.8% across the region. <\/p>\n

For the Big Three<\/strong>, the World Bank see:<\/p>\n