{"id":92016,"date":"2024-11-28T00:00:00","date_gmt":"2024-11-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/28\/public-investment-fund-targets-sar-4-tn-in-aum-by-2025\/"},"modified":"2024-11-28T00:00:00","modified_gmt":"2024-11-28T00:00:00","slug":"public-investment-fund-targets-sar-4-tn-in-aum-by-2025","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/28\/public-investment-fund-targets-sar-4-tn-in-aum-by-2025\/","title":{"rendered":"Public Investment Fund targets SAR 4 tn in AUM by 2025"},"content":{"rendered":"

Good morning, ladies and gentlemen.<\/strong> As we slide into the weekend, we have a big handful of capital markets updates, while Finance Minister Mohamed Al Jadaan leads our news well as he discussed the government\u2019s fiscal policy for next year after his ministry released its budget statement earlier this week. Let\u2019s jump right in. <\/p>\n

HAPPENING TODAY-<\/p>\n

<\/a> Shares of Al Fakhera Men\u2019s Tailoring will begin trading on Nomu today<\/strong>, according to a Tadawul statement<\/a>. Al Fakhera\u2019s shares can fluctuate within a \u00b130% range for the first three days, after which price fluctuations will be capped at \u00b110% as circuit breakers take effect.<\/p>\n

REFRESHER- <\/strong>The company priced its 20% stake IPO at the top of its indicative price range at SAR 6 per share, after the offering was 2.7x oversubscribed<\/a>. The pricing would give Al Fakhera a market cap of SAR 180 mn at listing and should see it raise some SAR 36 mn in IPO proceeds.<\/p>\n

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IN OTHER CAPITAL MARKET NEWS-<\/p>\n

Tamkeen HR\u2019s share price jumped 30% in its debut trading session on Tadawul yesterday<\/strong> to close at SAR 65 apiece, up from its listing price of SAR 50, according to market data. The company will be subject to a price fluctuation cap of 30% during its first three trading sessions, before resetting to 10% on the fourth day.<\/p>\n

REFRESHER-<\/strong> The labor agency took a 30% stake<\/a> to Tadawul's main market in a secondary share sale, where its institutional offering was sold out within hours<\/a> of opening last month, and its retail offering was 14.4x oversubscribed<\/a> earlier this month.<\/p>\n

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WINTER IS COMING-<\/strong> Riyadh\u2019s mercury will log a high of 18\u00b0C, before dipping to 14\u00b0C today. Over in Madinah, the temperature will peak at 25\u00b0C, before dropping to 17\u00b0C. Meanwhile, Jeddah will still see some heat at a high of 31\u00b0C and a low of 24\u00b0C.<\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a> #1-<\/strong> The Public Investment Fund (PIF) is looking to hit <\/strong>SAR 4 <\/strong>tn in AUM by 2025<\/strong>, up from SAR 3.5 tn as of October, according to the Finance Ministry\u2019s budget statement for FY 2025 (pdf)<\/a>. The fund also plans to invest up to SAR 1 tn in domestic projects and contribute SAR 1.2 tn to non-oil GDP as part of its medium and long-term goals. <\/p>\n

#2- Saudi expected to join sixth generation GCAP fighter project:<\/strong> Saudi Arabia is \u201clikely to join\u201d the Global Combat Air Program, a collaboration between Italy, Britain, and Japan to develop a future frontline fighter aircraft, Reuters<\/a> quotes Italian Foreign Minister Antonio Tajani as saying. The Kingdom was previously cited<\/a> by the newswire as a probable partner for the initiative due to its ability to foot part of the development costs and potential as a market for the fighter. <\/p>\n

About the GCAP:<\/strong> The project involving Italian Leonardo, British BAE Systems, and Japan\u2019s Mitsubishi Heavy Industries looks to field a flying prototype by the mid-2030s, with the eventual aim to produce a tactical fighter that can replace legacy aircraft such as the Eurofighter Typhoon in British and Italian service, and Japan\u2019s Mitsubishi F-2. <\/p>\n

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#3- Saudi Telecom Company (STC) has joined PIF\u2019s Private Sector Hub<\/strong>, a platform that connects private sector companies with PIF and its portfolio across priority sectors, according to a post on X<\/a>. STC now joins companies like AUla, Neom, Ma\u2019aden, and Saudi Railway Company to offer investors diverse opportunities aimed at developing key sectors and supporting the Kingdom\u2019s long-term growth.<\/p>\n

ICYMI: <\/strong>PIF sold a 2% stake in STC for SAR 3.86 bn earlier this month<\/a>, marking the largest transaction of its kind in the Kingdom and MENA as PIF pushes ahead with its strategy to recycle capital and invest in emerging sectors.<\/p>\n

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#4- Due diligence procedures kicked off for the potential merger of Saudi Arabian Mining <\/strong>Company (Ma\u2019aden) with <\/strong>Aluminum Bahrain (Alba)<\/a><\/strong>, the Bahraini aluminium smelter said in a filing to the Bahrain Bourse (pdf)<\/a>.<\/p>\n

REMEMBER-<\/strong> Ma\u2019aden signed a share purchase agreement to acquire Sabic\u2019s entire 20.6% stake in Alba<\/a> in September, as well as a non-binding agreement to acquire a 51% stake<\/a> in the Alba which would see it swap its full share capital<\/a> of subsidiaries Ma\u2019aden Aluminum and Ma\u2019aden Bauxite and Alumina for new shares in Alba. <\/p>\n

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<\/a> #5- The privatization of sports clubs could reel in some SAR 500 mn in revenues<\/strong>, with 25 local and international firms expressing interest in acquiring stakes in Saudi clubs that are part of the government\u2019s privatization initiative, Sports Minister Abdulaziz Al Faisal was quoted as saying by local media (here<\/a> and here<\/a>).<\/p>\n

REMEMBER<\/strong>-<\/strong> Some 14 football clubs from various divisions are set to go private in the second phase of a privatization program. The first batch of clubs set in the second phase includes Al Zulfi, Al Nahda, Al Okhdood, Al Ansar, Al Orouba, and Al Kholoud. Meanwhile, the second batch will include Al Shoulla, Hajar, Al Najma, Al Riyadh, Al Rawda, Jeddah, Al Taraji, and Al Sahel.<\/p>\n

<\/a> #6- Homegrown payments services provider Geidea is set to expand to Egypt<\/strong>, offering up its SoftPos service following its rollout in Saudi and the UAE, according to a press release<\/a>. The service<\/a> allows for payments through Android phones, similarly to Apple and Google Pay. <\/p>\n

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DATA POINTS-<\/p>\n

#1- The Saudi Industrial Development Fund approved SAR 12 bn in loans to back <\/strong>projects valued at SAR 59 bn in 2024<\/strong>, state news agency SPA<\/a> quotes Industry and Mineral Resources Minister Bandar Alkhorayef as saying. A total of 1.1k industrial licenses are expected to be issued by the end of this year, Alkhorayef said, adding that 900 factories went online this year.<\/p>\n

#2- The Kingdom awarded SAR 185 bn worth of contracts for oil projects in 1H 2024<\/strong>, up 47% y-o-y, Al Watan<\/a> reports, citing data from the US-Saudi Business Council. <\/p>\n

#3- <\/strong>The digital economy contributes SAR 298 bn to the Kingdom\u2019s overall economy<\/strong>, Communications and Information Technology Minister Abdullah Al Swaha was quoted as saying during the 2025 budget forum by local media (here<\/a> and here<\/a>).<\/p>\n

#4- Tourist arrivals at Al Ahsa rose 16% y-o-y in 2023<\/strong>, Al Watan<\/a> reports. Some 38% of the province\u2019s tourists came from Bahrain, while 26% came from Qatar.<\/p>\n

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OIL WATCH-<\/p>\n

Energy Minister Abdulaziz bin Salman discussed maintaining global oil market stability<\/strong> and the importance of abiding by Opec+ production cuts<\/strong> in a phone call with Russian Deputy Prime Minister Alexander Novak and Kazakhstan\u2019s Energy Minister Almasadam Satkaliyev, state news agency SPA reports<\/a>. The three officials also looked at \u201ccompensating for any excess production\u201d during the call, Reuters<\/a> reports, citing unnamed sources. The discussion came ahead of the oil cartel\u2019s meeting this weekend, which will revolve around delays to oil production hikes. <\/p>\n

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SPORTS-<\/p>\n

#1-<\/strong> Abdullah Al Qahtani will take on Jordan\u2019s Abdelrahman Alhyasat in the PFL MENA <\/strong>Featherweight Championship this Friday<\/strong>, MMA UK<\/a> reports. Al Qahtani fell to the undefeated Alhyasat in their semifinal last month, and he only qualified to the following stage due to an injury to Egypt\u2019s Islam Reda. \u201cFighting on home soil with the Saudi crowd behind me will be a strong support as I aim to secure the belt,\u201d he said.<\/p>\n

#2- The ball is in Mo Salah\u2019s court for a potential Saudi move:<\/strong> While many Saudi clubs are actively pursuing Mohamed Salah, the needle will not move until Salah decides to leave Liverpool for a career in the Saudi Pro League, Sky Sports News Chief Reporter Kave Solhekol wrote in an opinion piece to Sky Sports<\/a>. \u201cThere is no indication that has happened. There is no change in the situation, at the moment,\u201d he added.<\/p>\n

REMEMBER-<\/strong>Liverpool turned down a GBP 150 mn bid<\/a> from Al-Ittihad for Salah in September 2023.<\/p>\n

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\n

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

The newly-minted ceasefire agreement between Israel and Hezbollah in Lebanon is still <\/strong>making the rounds<\/strong> in the international press this morning. Reuters<\/a> and the New York Times<\/a> are focusing more on how the past year of warring with Israel left Hezbollah with many of its top brass \u2014 and hundreds or thousands of its soldiers \u2014 dead, giving the group a \u201clong road to recovery.\u201d Bloomberg<\/a> also has the story.<\/p>\n

MEANWHILE-<\/strong> The French government will not abide by the International Criminal Court\u2019s arrest warrant for Israeli Prime Minister Benjamin Netanyahu, with Paris justifying its position by saying that Israel is not a member of the court. The statement from France came on the back of Netanyahu accepting the ceasefire agreement with Hezbollah, which France and the US brokered. (Financial Times<\/a> | Wall Street Journal<\/a> | Guardian<\/a>)<\/p>\n

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CIRCLE YOUR CALENDAR-<\/p>\n

Red Bull\u2019s <\/strong>Les Mills<\/a><\/strong> is bringing the Middle East\u2019s largest fitness festival to Riyadh on<\/strong> Saturday, 30 November, at The Arena<\/strong>. The 12-hour event features global trainers, full-day workouts, exclusive Adidas products, and a women-only \u201cHer Zone.\u201d You can book your tickets online<\/a>. <\/p>\n

The two-day Saudi Green Initiative Forum <\/strong>will kick off on Tuesday, 3 December, according to a statement<\/a>. The forum will coincide with COP16 of the United Nations Convention to Combat Desertification, which will be held in Riyadh between 2 and 13 December. <\/p>\n

The two-day <\/strong>Zakat, Tax and Customs Conference 2024<\/a><\/strong> begins on 4 December at the King Abdullah Financial District. <\/p>\n

The <\/strong>Red Sea International Film Festival<\/a><\/strong> will run from 5-14 December in Jeddah. <\/p>\n

The two-day <\/strong>Impact Makers Forum (ImpaQ)<\/a><\/strong> is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh\u2019s Mayadeen Hall.<\/p>\n

The Fortune Global Forum <\/strong>is coming to Riyadh in December 2025, according to a press<\/a><\/a>release<\/a>. The forum serves as a platform for the leaders of the world's largest companies, policymakers, and other influential figures to discuss global economic and business trends, challenges, and opportunities.<\/p>\n

The <\/strong>FIFAe Finals 2024<\/a><\/strong> returns to Riyadh from 5-12 December at SEF Arena, BLVD Riyadh <\/strong>City, <\/strong>according to a press release<\/a>. This year marks the first time the event will feature multiple esports titles, including the FIFAe World Cup with Rocket League (5-8 December) and two FIFAe World Cups with eFootball (9-12 December) on console and mobile. With a total prize pool of USD 450k, the event will showcase talent from 18 countries. Fans can attend in person or watch live on FIFAe\u2019s Twitch channel. Register here<\/a>. <\/p>\n

The International Forum for Saudi Reef is scheduled for 16-18 December in the <\/strong>Intercontinental Al Ahsa,<\/strong> covering sustainable agriculture, rural entrepreneurship, and technology in farming, alongside a three-day exhibition of rural practices, handicrafts, and local work. Register here<\/a>. <\/p>\n

The <\/strong>Future Hospitality Summit<\/a><\/strong> will take place between 14-16 April, 2025 <\/strong>at Mandarin Oriental Al Faisaliah hotel in Riyadh. The forum will bring together top executives and decision-makers in the hospitality sector to probe potential investments and partnerships.<\/p>\n

The <\/strong>Jeddah International Agriculture and Food Exhibition<\/a><\/strong> is scheduled for 3-5 December <\/strong>at Jeddah Center for Exhibition and Events.<\/p>\n","protected":false},"excerpt":{"rendered":"

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