{"id":91034,"date":"2024-10-30T00:00:00","date_gmt":"2024-10-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/30\/bank-albilads-csop-msci-hong-kong-china-etf-starts-trading-on-tadawul-today\/"},"modified":"2024-10-30T00:00:00","modified_gmt":"2024-10-30T00:00:00","slug":"bank-albilads-csop-msci-hong-kong-china-etf-starts-trading-on-tadawul-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/30\/bank-albilads-csop-msci-hong-kong-china-etf-starts-trading-on-tadawul-today\/","title":{"rendered":"Bank Albilad\u2019s CSOP MSCI Hong Kong China ETF starts trading on Tadawul today"},"content":{"rendered":"

Good morning, wonderful people.<\/strong> Today\u2019s news flow is dominated primarily by the Future Investment Initiative forum, which is on its second day here in Riyadh. We have a rundown on the highlights of the first day in this morning\u2019s news well, below. <\/p>\n

HAPPENING TODAY-<\/p>\n

#1- Bank Albilad\u2019s CSOP MSCI Hong Kong China ETF <\/strong>will start trading today<\/a><\/strong> on <\/strong>Tadawul.<\/strong> The lender closed the offering period for the fund earlier this week after raising SAR 4.49 bn, according to a post on Linkedin<\/a>. The Shariah-compliant ETF is shaping up to become the largest in the region, with its initial size surpassing Qatar Exchange-listed Al Rayan Qatar ETF which has so far been the Middle East\u2019s largest Islamic ETF, Reuters<\/a> reported citing LSEG data. <\/p>\n

More on the fund:<\/strong> The ETF tracks Hong Kong-listed Chinese stocks, with its launch reciprocating Hong Kong\u2019s move<\/a> to list a Saudi-focused ETF on the Hong Kong exchange in November of last year<\/a>. Yet another HK-focused ETF is in the works, with Saudi Awwal Bank\u2019s SAB Invest lining up CMA approval<\/a> last week to list its Hang Seng Hong Kong ETF on Tadawul.<\/p>\n

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<\/a> #2- Riyadh will host the Global Coalition for the Two-State Solution\u2019s first high-level <\/strong>meeting <\/strong>today<\/strong>, state news agency SPA reported<\/a> yesterday.<\/p>\n

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WEATHER<\/strong>- <\/strong>A rainy Riyadh is looking at a high of 29\u00b0C and a low of 18\u00b0C today. Over in Jeddah, the temperature will peak at 39\u00b0C and hit a low of 29\u00b0C amid moderate rainfall. Madinah will see heavy rainfall and winds, with a high of 33\u00b0C and a low of 23\u00b0C<\/p>\n

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PSAs- <\/p>\n

#1- Reminder to get your licenses in order before running a tourism business:<\/strong> Investors and operators of tourism facilities must obtain the required licenses before running their properties, with penalties for repeat violations set to double, according to state news agency SPA<\/a>. The announcement comes after recent Tourism Ministry inspections found multiple regulatory breaches, it added.<\/p>\n

#2- <\/strong>Property owners in 12 Riyadh neighborhoods have until tomorrow to register their <\/strong>properties <\/strong>online <\/strong>for a property number and title deed through the Real Estate Registry website<\/a>, the Real Estate General Authority said in a statement<\/a>. The neighborhoods are Tuwaiq, parts of Uraidh, King Abdulaziz, As Sulaimaniyah, Al Wazarat, Al Fakhriya, Ulaysha, Al Sinaiyah, Al Khalidiya, Ad Dar Al Baida, Ad Difa, and parts of Dahiat Namar. Missing the deadline may result in fines.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Goldman Sachs opened a new office in Riyadh\u2019s King Abdullah Financial District<\/strong>, with operations scheduled to kick off next year, Bloomberg<\/a> reports.<\/p>\n

REMEMBER-<\/strong> Goldman Sachs was reportedly<\/a> the first international bank to receive a regional headquarters license from the Saudi Investment Ministry. The bank has advised on several recent major transactions, including Aramco\u2019s USD 11.2 bn secondary offering<\/a>.<\/p>\n

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#2- Four companies received t<\/strong>he Capital Market Authority\u2019s (CMA) approval to debut<\/strong> on<\/strong> Tadawul\u2019s parallel <\/strong>market<\/strong> Nomu<\/strong>, Argaam<\/a> reports. The companies are Itmam Consulting<\/a>, which plans to put 14.3% of its capital up for grabs to qualified investors, International Unions for Trade<\/a> (offering a 13% stake), Alshehili for metal industries<\/a> (offering 20%), and Basma Adeem Medical<\/a> (offering 20%). Approvals are valid for six months.<\/p>\n

#3- German flight operator <\/strong>Eurowings<\/a><\/strong> received <\/strong>clearance for weekly flights between <\/strong>Jeddah and Cologne and Berlin<\/strong> from the General Authority for Civil Aviation, the authority said on X<\/a>. The carrier will operate three weekly flights between Jeddah and the two German cities. Cologne flights will start next Tuesday, 5 November, while Berlin flights will begin the following day. <\/p>\n

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DATA POINTS-<\/p>\n

#1- <\/strong>Air traffic across Saudi airports increased <\/strong>15% y-o-y<\/strong> to 94 mn passengers<\/strong> in 9M 2024<\/strong>, the General Authority for Civil Aviation said<\/a>. Flight numbers increased 10% to 671k during the same period, while air cargo traffic saw a 52% bump at 974k tons. <\/p>\n

Jeddah\u2019s King Abdulaziz International Airport had the highest passenger count <\/strong>through the first nine months of the year with a 13% y-o-y increase at 35.6 mn passengers. Riyadh\u2019s King Khalid International Airport was next in line, with passenger numbers up 18% at 27.6 mn passengers. Dammam\u2019s King Fahd International Airport followed, with a 16% increase at 9.5 mn passengers.<\/p>\n

#2- The PIF\u2019s assets under management (AUM) have risen 21% since the start of the year<\/strong> to SAR 3.49 tn<\/strong>, Aleqtisadiah<\/a> reports, citing its own calculations based on statements PIF governor Yasir Al Rumayyan at the FII forum. <\/p>\n

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OIL WATCH-<\/p>\n

More oil supply, less demand in 2025? <\/strong>Oil prices are expected to continue their decline into next year, with experts predicting supply will outpace demand by 500k to 1 mn barrels per day, the Associated Press<\/a> reports, citing Tom Kloza, global head of energy analysis at the Oil Price Information Service. The \u201climited nature of Israeli strikes against Iran should diminish fears of wider war and shave some of the geopolitical premium on crude oil,\u201d Kloza added.<\/p>\n

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

It\u2019s another mixed day in the foreign press <\/strong>dominated by US elections news as Kamala Harris delivered her closing remarks ahead of elections, more strikes in Gaza and a worsening humanitarian crisis, and a smattering of business news courtesy of earnings season. <\/p>\n

#1- Less than one week from the US elections, Harris doubled down on her fight against The Donald with closing remarks at the Ellipse<\/strong>, where Trump had rallied his supporters on 6 January to fight against his loss in the 2020 elections, resulting in the US Capitol riot. She said Trump was \u201cunstable, obsessed with revenge, consumed with grievance and out for unchecked power,\u201d a day after Trump\u2019s rally in Madison Square Garden hit a lot of nerves due to racist remarks from his allies. (Reuters<\/a> | CBS<\/a> | Semafor<\/a> | The Guardian<\/a>) <\/p>\n

#2- At least 93 Palestinians \u2014 at least 20 of whom were children \u2014 were killed in northern Gaza yesterday in an airstrike on a residential building<\/strong>, an attack which the US called \u201chorrifying,\u201d Reuters<\/a> reports. The US envoy to the United Nations also said Israel is not tackling the \u201ccatastrophic humanitarian crisis\u201d in Gaza, as it faces a looming deadline imposed on 13 October to facilitate aid into Gaza or potentially lose US weapons support, the Guardian<\/a> reports separately. <\/p>\n

ALSO GETTING ATTENTION- Hezbollah appointed a new successor to its slain leader Hassan Nasrallah,<\/strong> Naim Qasem, in a move showing \u201ccontinuity\u201d and \u201cresilience,\u201d experts say. (Bloomberg<\/a>) <\/p>\n

#3- A handful of earnings are getting attention: <\/strong><\/p>\n