{"id":94320,"date":"2025-02-12T00:00:00","date_gmt":"2025-02-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/02\/12\/openai-to-make-a-push-into-saudi-trump-doubles-down-on-gaza-plan\/"},"modified":"2025-02-12T00:00:00","modified_gmt":"2025-02-12T00:00:00","slug":"openai-to-make-a-push-into-saudi-trump-doubles-down-on-gaza-plan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/02\/12\/openai-to-make-a-push-into-saudi-trump-doubles-down-on-gaza-plan\/","title":{"rendered":"OpenAI to make a push into Saudi? + Trump doubles down on Gaza plan"},"content":{"rendered":"

Good morning, <\/strong>wonderful readers. We bring you a busy issue this morning as Leap 2025 prepares to wrap up its four-day run. In today\u2019s issue: PIF finalizes acquisition of Tawal, Hedab Al Khaleej sets indicative price range for Nomu IPO, and a field day for Saudi\u2019s startups with multi-USD mn investments. Let\u2019s dive in.<\/p>\n

HAPPENING TODAY-<\/p>\n

<\/a> #1-<\/strong> The two-day Saudi Electricity Company\u2019s (SEC) <\/strong>USD-denominated sukuk issuance<\/a><\/strong>, which ends up today, according to a disclosure to Tadawul<\/a>. The offering has a minimum subscription of USD 200k, with USD 1k increments. Details on the size, yield, and term of the senior unsecured issuance will be determined based on market conditions.<\/p>\n

Use of proceeds: <\/strong>Funds raised through the issuance will be earmarked for SEC's corporate purposes, capital expenditures, and potential financings for projects under the company\u2019s Green Sukuk Framework.<\/p>\n

ADVISORS-<\/strong> Joint Lead Managers for the potential offering include HSBC, Standard Chartered Bank, Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Mizuho, MUFG, SMBC, Intesa Saopaolo, Alistithmar Capital, BofA Securities, ICBC, BNP Paribas, Emirates NBD Capital, Natixis, Dubai Islamic Bank PJSC, Bank of China, and SNB Capital.<\/p>\n

\n

\n

#2-<\/strong> PIF Priv<\/a><\/strong>ate Sector Forum<\/a><\/strong> begins today at <\/strong>Riyadh\u2019s King Abdul Aziz International <\/strong>Conference Center.<\/strong> The two-day event will bring together CEOs from PIF\u2019s portfolio companies \u2014 including Riyadh Air, Alat, Diriyah, Ma'aden, and Ceer \u2014 and looks to bridge connections between the wealth fund, its portfolio companies, and private sector players, while promoting localization and enhancing supply chains in vital sectors.<\/p>\n

WEATHER- <\/strong>A rainy Riyadh is looking at a 27\u00b0C high and a 14\u00b0C low today. Jeddah will see light showers and a 28\u00b0C high and 18\u00b0C low. Meanwhile, Makkah will also see light showers and a 29\u00b0C high and 19\u00b0C low.<\/p>\n

\n

HAPPENING TOMORROW-<\/p>\n

PIF Saudi Ladies Int\u2019l<\/a><\/strong> kicks off tomorrow and ends on Saturday, 15 February<\/strong>. The premier Women Golf event, held in Riyadh, will have a total prize fund of USD 5 mn.<\/p>\n

\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Is OpenAI about to make a push into Saudi?<\/strong> PwC brought OpenAI representatives to Saudi to meet with government and private sector officials to discuss accelerating AI investments in the Kingdom, Al Arabiya<\/a> reports citing statements by PwC\u2019s GenAi Partner Musa Beidas on the sidelines of Leap 25. He highlighted Saudi Arabia\u2019s strong AI potential and OpenAI\u2019s interest in expanding its presence in the Middle East, noting positive developments in the Kingdom\u2019s market.<\/p>\n

** We have everything from the Kingdom\u2019s flagship tech conference in the news well, below.<\/strong><\/p>\n

\n

\n

#2-<\/strong> GCC <\/strong>economy could grow by an additional USD 2.8 tn over the next decade: <\/strong>The World Governments Summit (WGS) estimated that GCC economies can accelerate regional GDP growth from 3.5% to 6.0% if the countries surveyed improved their weakest productivity determinants, according to the summit\u2019s Productivity Potential Index (PPI) report<\/a>.<\/p>\n

The methodology: <\/strong>The report uses what it calls a Productivity Potential Index (PPI) score to look at how each country being sampled is \u201ccurrently positioned to improve its productivity,\u201d examining the factors that drive productivity in the world\u2019s economies as well as their potential for growth.<\/p>\n

How the Kingdom fared:<\/strong> Saudi Arabia\u2019s PPI score indicated that productivity can improve by an additional USD 69.3 per hour worked, with the Kingdom coming in first among the 6 GCC countries, and 21st in the global ranking of 60 countries included in the survey. In second place was Kuwait (USD 60.8), followed by Qatar (USD 57.2), Bahrain (USD 56.9), the UAE (USD 48.7), and Oman (USD 39.8).<\/p>\n

\n

\n

#3- The council of ministers approved the National Leadership Succession and <\/strong>Development <\/strong>Program<\/strong> at its weekly meeting yesterday, chaired by Crown Prince Bin Salman, state news agency SPA<\/a> reports. The cabinet also approved an MoU with Turkey for cooperation between the Saudi Central Bank and the Central Bank of the Republic of T\u00fcrkiye.<\/p>\n

Also greenlighted at the meeting:<\/strong><\/p>\n