{"id":91825,"date":"2024-11-24T00:00:00","date_gmt":"2024-11-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/24\/aramco-digital-mulls-usd-1-bn-stake-in-us-based-telecom-software-company-mavenir\/"},"modified":"2024-11-24T00:00:00","modified_gmt":"2024-11-24T00:00:00","slug":"aramco-digital-mulls-usd-1-bn-stake-in-us-based-telecom-software-company-mavenir","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/24\/aramco-digital-mulls-usd-1-bn-stake-in-us-based-telecom-software-company-mavenir\/","title":{"rendered":"Aramco Digital mulls USD 1 bn stake in US-based telecom software company Mavenir"},"content":{"rendered":"

Good morning, wonderful people.<\/strong> We\u2019re kicking off the week the same way we ended the last \u2014 with lots of news to keep you busy. <\/p>\n

THE BIG STORY AT HOME-<\/strong> Moody\u2019s upgraded its sovereign credit rating for Saudi to Aa3 from A1, while downgrading its outlook to stable from positive. <\/p>\n

^^ We have the full story and plenty more in this morning\u2019s news well, below.<\/p>\n

HAPPENING THIS WEEK-<\/p>\n

#1- Trade balance figures will be released today<\/strong> from the General Authority for Statistics.<\/p>\n

<\/a> #2- The final allocation of shares for the IPO of United International Holding<\/strong> Company<\/strong>, which operates Tas\u2019heel, is set to take place tomorrow.<\/p>\n

<\/a> #3- Three Riyadh Metro lines will open on Wednesday as part of a pilot phase.<\/strong> The initial batch of lines are set to be followed by another three in mid-December, Aleqtisadiah<\/a> reports, citing sources it says are in the know.<\/p>\n

Background: <\/strong>Transport and Logistics Minister Saleh Al Jasser said in October<\/a> that the USD 22.5 bn project is scheduled to launch within weeks.<\/p>\n

#4- <\/strong>The three-day World Investment Conference<\/a><\/strong> will kick off tomorrow in Riyadh.<\/strong> The conference serves as a platform for investment promotion agencies, corporates, multilateral institutions and other stakeholders to discuss global investment trends and prospects.<\/p>\n

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WEATHER- <\/strong>Riyadh is looking at a high of 26\u00b0C and a low of 16\u00b0C today. Over in Madinah, the temperature will peak at 31\u00b0C, before dropping to 22\u00b0C. Meanwhile, Jeddah will see a high of 31\u00b0C, and a low of 26\u00b0C.<\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a> #1- Aramco Digital mulls USD 1 bn stake in Mavenir:<\/strong> Aramco Digital, Aramco\u2019s digital arm, is in talks to potentially invest USD 1 bn in Mavenir<\/a> in exchange for a minority stake in the US-based telecom software company, Reuters<\/a> reports, citing people it says are familiar with the matter. The transaction, which could value the company at USD 3 bn, could be finalized before the end of the year, the sources added.<\/p>\n

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<\/a> #2- US bank Citigroup obtained a license from the Saudi Investment Ministry to set up a <\/strong>regional headquarters in Riyadh<\/strong>, Bloomberg<\/a> reports, citing an internal memo it saw. This follows a flurry of global banks basing their regional operations out of Saudi Arabia, including Goldman Sachs<\/a> and Japan\u2019s Mizuho<\/a>. Reuters<\/a> also had the story.<\/p>\n

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#3- King Abdullah Financial District (Kafd) plans <\/strong>to build 3k apartments<\/strong> and 45k parking <\/strong>lots <\/strong>in Riyadh by 2028<\/strong>, a Kafd representative told Aleqtisadiah<\/a>. Three five-start hotels will also be joining the district, with 630 rooms already underway.<\/p>\n

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DATA POINTS-<\/p>\n

#1- <\/strong>Some 19.4% of Saudi Arabia\u2019s military spending this year has gone to local suppliers<\/strong>, compared to only 4% in 2018 as the Kingdom looks to localize over 50% of its military spending by 2030, the General Authority for Military Industries Governor Ahmed Al Ohali told Aleqtisadiah<\/a>. Licensed military industrial facilities in the Kingdom reached 296 by the end of 3Q 2024.<\/p>\n

#2- <\/strong>Local airports saw a 13% y-o-y increase in passengers in 3Q 2024 to 4.8 mn<\/strong>, Argaam<\/a> reports, citing local airport operator Cluster2, a subsidiary of Airports Holding. The number of flights increased 12% y-o-y to 38.8 mn during the same period.<\/p>\n

#3- <\/strong>The Kingdom issued 3.8k investment licenses in 3Q 2024, up 73.7% y-o-y<\/strong>, according to the Investment Ministry\u2019s 3Q bulletin (pdf)<\/a>. This excludes licenses issued as part of the anti-concealment law enforcement.<\/p>\n

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SPORTS-<\/p>\n

#1- The scoreboard for Saudi Pro League matchday 11 of 34:<\/strong><\/p>\n