{"id":92098,"date":"2024-12-02T00:00:00","date_gmt":"2024-12-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/02\/cop16-kicks-off-in-riyadh\/"},"modified":"2024-12-02T00:00:00","modified_gmt":"2024-12-02T00:00:00","slug":"cop16-kicks-off-in-riyadh","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/02\/cop16-kicks-off-in-riyadh\/","title":{"rendered":"COP16 kicks off in Riyadh"},"content":{"rendered":"

Good morning, ladies and gentlemen.<\/strong> It\u2019s another busy day in the Kingdom, starting off with the latest economic growth forecasts from the World Bank\u2019s GCC Economic Update. Let\u2019s jump right in. <\/p>\n

HAPPENING TODAY-<\/p>\n

#1- Look out for <\/strong>Cotam Unit\u00e9<\/strong> flying overhead this morning:<\/strong> French President Emmanuel Macron was reportedly scheduled to arrive in the capital today on a three-day official visit<\/a> at the invitation of the Crown Prince and Prime Minister Mohammed bin Salman. As of dispatch time, Macron\u2019s agenda for December wasn\u2019t yet published, and there has been no confirmation \u2014 as far as we can tell \u2014 of his arrival. <\/p>\n

#2- It\u2019s COP time in Riyadh:<\/strong> COP16 of the United Nations Convention to Combat<\/a><\/a>Desertification<\/a> kicks off today in Riyadh to drum up efforts to reverse land degradation and boost drought resilience via sustainability practices. The event wraps up on Friday, 13 December.<\/p>\n

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<\/a> Trading on Walaa Cooperative Ins.\u2019 <\/strong>SAR 467.5 mn rights offering<\/a><\/strong> kicks off today<\/strong> and wraps next Monday, 9 December<\/strong>, according to its updated prospectus (pdf)<\/a>. Shareholders can exercise their right to purchase additional shares, as offered in the rights issue until Thursday, 12 December, to maintain their shareholding percentage. Unsubscribed shares and fractions will be offered to institutional investors. <\/p>\n

REFRESHER- <\/strong>The offering aims to boost Walaa\u2019s capital by almost 50% to SAR 1.3 bn through adding 42.49 mn shares valued at SAR 11 apiece. The increase is intended to support the company\u2019s expansion plans and to maintain its credit rating. The funds will be funneled towards investments and to increase its statutory deposit as per Sama regulations. Unsubscribed shares will be grouped into a rump offering for institutional investors.<\/p>\n

ADVISORS-<\/strong> Walaa tapped Aljazira Capital as financial advisor, lead manager, and underwriter for the sale. Khaligyoun Legal Advisors is stepping in as legal advisor while Crowe Solutions and El Sayed El Ayouty will serve as auditors.<\/p>\n

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WEATHER- <\/strong>Riyadh will slightly warm up today with a high of 21\u00b0C, although the low will remain chilly at 11\u00b0C. Over in Madinah, the temperature will peak at 27\u00b0C and drop to 15\u00b0C. Meanwhile, Jeddah is still enjoying balmy weather with a high of 30\u00b0C and a low of 23\u00b0C.<\/p>\n

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HAPPENING THIS WEEK- <\/p>\n

#1- <\/strong>Riyad<\/strong> Bank\u2019s PMI report for November is set to be released tomorrow.<\/strong><\/p>\n

#2- <\/strong>Subscription for the December round of the government\u2019s retail sukuk program<\/strong> Sah <\/strong>closes at 3pm tomorrow after kicking off <\/strong>yesterday<\/strong>, the National Debt Management Center said<\/a>. The instruments carry a fixed yield of 4.83%. The minimum subscription amount per investor is set at SAR 1k, and the maximum is SAR 200k. <\/p>\n

<\/a> #3- Qualified investors have until this Thursday, 5 December to subscribe to<\/strong> Balsm Alofoq Medical\u2019s <\/strong>25% stake offering<\/a><\/strong> on Tadawul\u2019s parallel market Nomu<\/strong>, after the window opened yesterday. Each investor can subscribe to a minimum of 10 shares and a maximum of 62.49k. The final allocation of shares is slated for Tuesday, 10 December.<\/p>\n

#4- There are a handful of events scheduled for this week:<\/strong><\/p>\n