{"id":95286,"date":"2025-03-16T00:00:00","date_gmt":"2025-03-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/16\/our-sovereign-sukuk-issuances-to-slow-down-in-2025-a-new-pif-funded-cricket-league-in-the-works\/"},"modified":"2025-03-16T00:00:00","modified_gmt":"2025-03-16T00:00:00","slug":"our-sovereign-sukuk-issuances-to-slow-down-in-2025-a-new-pif-funded-cricket-league-in-the-works","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/16\/our-sovereign-sukuk-issuances-to-slow-down-in-2025-a-new-pif-funded-cricket-league-in-the-works\/","title":{"rendered":"Our sovereign sukuk issuances to slow down in 2025 + A new PIF-funded cricket league in the works?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning<\/strong>, ladies and gents. We\u2019re officially past the halfway mark of Ramadan (time flies, doesn\u2019t it?). Today\u2019s issue bears good news for business, as S&P Global upgraded our credit rating to A+, on the back of economic diversification, non-oil growth, and development of the capital market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in the morning\u2019s news well: <\/strong>Umm Al Qura IPO retail tranche closed 20x oversubscribed, Saudi Electricity Company is getting a 1.8 GW power plant from South Korea\u2019s Doosan Enerbility, and LIV Golf grants UK\u2019s Dazn exclusive broadcasting rights. Details on these stories, and more, are below.<\/p>\n<p class=\"tag-border-left\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s inflation day:<\/strong> The General Authority for Statistics (Gastat) is set to release its monthly consumer price index today, along with the wholesale price index and the average prices for commodities and services report, according to its <a target=\"_blank\" href=\"https:\/\/www.stats.gov.sa\/en\/statistical-calendar-releases\" style=\"\" rel=\"noopener\">release calendar<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Inflation accelerated slightly to 2.0% y-o-y in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/5f25189a-44e0-4318-aa92-4bf77158359a\/%253cmark%253einflation%253c%2Fmark%253e-slightly-up-to-2.0%2525-y-o-y-in-january\" style=\"\" rel=\"noopener\">January<\/a>, up from 1.9% in December, in what marked a continued overall upward trend for the Kingdom\u2019s inflation figures over the last five months. Capital Economics expects the Kingdom\u2019s headline inflation rate to hover around 2% y-o-y until 4Q, before cooling off around the 1% mark. Meanwhile, the IMF sees inflation holding steady at <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/2661e741-caa7-4415-ab9d-47944a4e8e64\/real-gdp-growth-to-hit-1.5%2525-this-year--%253cmark%253eimf%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">1.9% this year and 2.0% in 2026<\/a>, and Al Rajhi Capital sees inflation remaining stable at 2.1% in 2025 before marginally cooling to 2.0% in 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u26a0\ufe0fWEATHER PSA- Moderate to heavy rains are expected to hit some regions of the<\/strong><strong> Kingdom until tomorrow<\/strong>, the National Center of Meteorology warned in <a target=\"_blank\" href=\"https:\/\/ncm.gov.sa\/ar\/MediaCenter\/Reports\/Documents\/Weather%20Reports\/WeatherReport.pdf\" style=\"\" rel=\"noopener\">a report (pdf)<\/a>. <\/p>\n<ul>\n<li>Riyadh: 23\u00b0C daytime \/ 15\u00b0C overnight<\/li>\n<li>Makkah: 38\u00b0C daytime \/ 25\u00b0C overnight<\/li>\n<li>Madinah: 32\u00b0C daytime \/ 22\u00b0C overnight <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HAPPENING THIS WEEK-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong>Shares of<\/strong><strong> Arabian Company for Agricultural and Industrial Investment (Entaj Foods) <\/strong><strong>will hit Tadawul\u2019s main market tomorrow<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/news-details\/!ut\/p\/z1\/vZJNc4IwEIZ_Sw89MllFAh7TL9TBKiIoXJg0BJsWAmoq_fmN2kN1_Oj00Jz23Xk3u5snKEFzlEi6EQuqRCVpoXWc4NQiGNo9B0bu1GuBH9meE_nTFvQ7KEIJSoqK0YKjmMutqpnIUOy80C7DGRim1c2NDmbMcMyWabBcpzHlnSzPtm4mVa1eUaxoRpuPIuXyFtbU-Ja7uF4JxtdUZkJmXEe7pOTNPijp6p2rvWTqhzTa0LZA9yzEWgm5QLPDZZyhi8F_Jv6obVvgRoCSy7se1UMwtsB_Gg9NDybgAv5dPZw55Gr_QL9vrO-wz5qIbrIRvEGhrFal5hdsn3h2P0z98HGia_9MqgdocG0-_VnE23KZEE21kop_KjT_F6zJ4WQj0rU1mMGd2_eI6WD72HCC_KHhBNqd4QK7uiwdszTCcN40016ZPnh50Bfk5gvbuckv\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?locale=en\" style=\"\" rel=\"noopener\">a statement<\/a>. The company\u2019s shares will be allowed to fluctuate within a \u00b130% band, with a static fluctuation band of \u00b110% on the first three days of trading. Starting from the fourth day, shares will be allowed to trade at \u00b110% as circuit breakers take effect, and the static fluctuation limit will be removed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART-<\/strong> A static price fluctuation limit is applied after the share market value varies 10% upwards or downwards. Once this threshold is reached, a volatility auction is triggered and a new threshold is set.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER- <\/strong>The Riyadh-based poultry producer priced its IPO <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/2f93206e-b2c9-494a-9614-bf69e9d6cda6\/%253cmark%253eentaj%253c%2Fmark%253e-prices-ipo-at-the-top-of-the-guidance-range-at-sar-50-apiece\" style=\"\" rel=\"noopener\">at the top of the range<\/a> it was guiding on \u2014 at SAR 50 per share \u2014 after the institutional tranche of the offering was 208.4x oversubscribed. Entaj is floating a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/90354e16-fba7-4823-8f00-e8d742bf3785\/%253cmark%253eentaj%253c%2Fmark%253e-issues-prospectus-for-tadawul-ipo\" style=\"\" rel=\"noopener\">30% stake<\/a> in a secondary offering, whereby its sole owner Arabian Agriculture Services (Arasco) is raking in some SAR 450 mn in proceeds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Pakistan\u2019s Prime Minister Shehbaz Sharif is expected to visit Saudi Arabia this week<\/strong><strong> for a three-day trip<\/strong>, which will include talks with Crown Prince Mohammed bin Salman to discuss Saudi investments in Pakistan, trade ties, and regional stability, according to Pakistan\u2019s <a target=\"_blank\" href=\"https:\/\/arynews.tv\/pm-shehbaz-to-depart-for-three-day-visit-to-saudi-arabia\/\" style=\"\" rel=\"noopener\">Ary News<\/a>. No further information was disclosed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt1\"><\/a> #1- Saudi Arabia\u2019s sovereign sukuk issuances are expected to slow down in 2025<\/strong>, despite the Kingdom\u2019s budget deficit expected to widen this year, Moody\u2019s Assistant Vice President Abdullah Al Hammadi told Al Arabiya (<a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2025\/03\/13\/-%D9%85%D9%88%D8%AF%D9%8A%D8%B2-%D9%84%D9%84%D8%B9%D8%B1%D9%8A%D9%8A%D8%A9-%D8%A7%D9%84%D8%B7%D9%84%D8%A8-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%A7%D9%84%D8%A7%D8%B3%D9%84%D8%A7%D9%85%D9%8A-%D8%B3%D9%8A%D8%A8%D9%82%D9%89-%D9%82%D9%88%D9%8A%D8%A7%D9%8B-%D9%81%D9%8A-2025-%D9%88%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%A8%D8%A7%D9%84%D8%B5%D8%AF%D8%A7%D8%B1%D8%A9\" style=\"\" rel=\"noopener\">watch, runtime: 5:58<\/a>). The slowdown \u2014 which comes as other key markets, including Malaysia, are also expected to see lower issuance volumes \u2014 is expected as the Kingdom refinanced maturities for 2026 and 2027, thus, reducing debt obligations in 2025 to some USD 4 bn and the need to take on fresh debt, he explained. Global sukuk issuances are expected to slow down to between SAR 210-220 bn in 2025, according to Moody\u2019s projections. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oil prices will tip the scales: <\/strong>Oil prices will play a key role in Saudi Arabia\u2019s financial decisions in 2025, with the Kingdom reserving flexibility to issue sukuk or bonds to offset swings in the oil market. Moody\u2019s projects oil price to hover around USD 75 \/ bbl, added Al Hammadi.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong>Oil prices settled \u201c <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/f481ed2b-a929-4b6c-965c-048cfa7195e9\/arab-leaders-endorse-egypt%25e2%2580%2599s-usd-53-bn-reconstruction-plan-for-gaza#:~:text=Oil%20prices%20slid%20yesterday%2C%20settling%20%E2%80%9Cclose%20to%20multi%2Dmonth%20lows%E2%80%9D%20following%20Opec%2B%E2%80%99s%20decision\" style=\"\" rel=\"noopener\">close to multi-month lows<\/a> \u201d earlier this month following Opec+\u2019s decision to move ahead with plans to increase production in April, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/c2d349e9-4f0b-4896-bf2e-c8f87f662113\/how-saudi-arabia-could-be-affected-by-opec%2B%25e2%2580%2599s-decision-to-ramp-up-production-in-april\" style=\"\" rel=\"noopener\">raising questions<\/a> over whether Saudi Arabia will proceed with the planned output hikes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt2\"><\/a> #2- <\/strong><strong>Indon<\/strong><strong>esia is set to lift a decade-long ban on labor migrants to Saudi Arabia<\/strong> after the two countries sign an MoU that will see the Kingdom providing improved labor protections, Indonesian Migrant Workers Protection Minister Abdul Kadir Karding told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-03-15\/indonesia-set-to-lift-ban-on-migrant-workers-to-saudi-arabia\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The MoU \u2014 expected to be signed this month \u2014 will provide up to 600k job openings, including 400k housekeeping positions and 200k in additional formal jobs, with a minimum monthly wage of SAR 1.5k. The first labor migrants may arrive in the Kingdom as early as June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT-<\/strong> Saudi Arabia was among the 21 Middle Eastern countries affected by Indonesia\u2019s 2015 ban on migrant worker deployment overseas. Karding estimates that 25k undocumented Indonesian immigrants still entered Saudi Arabia yearly since the ban was installed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MARKET WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul\u2019s<\/strong><strong> benchmark index TASI closed last week in the red<\/strong>, falling 0.72% to close at 11.73k points on Thursday, according to <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/Resources\/Reports-v2\/Weekly_en.html\" style=\"\" rel=\"noopener\">a Tadawul report<\/a>. Trading value reached SAR 28.6 bn across 1.45 bn shares in over 2.42 mn transactions. TASI\u2019s market cap stood at SAR 9.6 tn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Top gainers: <\/strong>Derayah Financial \u2014 which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/48166a44-c8e8-4c57-8020-c71a494beaac\/%253cmark%253ederayah%253c%2Fmark%253e-financial%25e2%2580%2599s-share-price-closes-30%2525-higher-on-main-market-debut\" style=\"\" rel=\"noopener\">rang the opening bell on<\/a> Tadawul last week \u2014 saw its share price rise 31% to SAR 39.30, followed by Dar Alarkan (+11.9%), and Artex (+10.4%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Worst performers:<\/strong> Kingdom Holding\u2019s share price posted the steepest decline during the week, falling 11.8%, followed by Savola Group (-11.4%), and Red Sea International (-10.8%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong>The Saudi Pro<\/strong><strong> League saw its market value grow 2.1x to SAR 4 bn since football <\/strong><strong>privatization kicked in<\/strong>, with top clubs like Al Ittihad, Al Ahli, Al Nassr, and Al Hilal <a target=\"_blank\" href=\"https:\/\/aawsat.com\/%D8%A7%D9%84%D8%B1%D9%8A%D8%A7%D8%B6%D8%A9\/%D8%B1%D9%8A%D8%A7%D8%B6%D8%A9-%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9\/4761746-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AA%D9%81%D8%AA%D8%AD-%D8%A7%D9%84%D8%A8%D8%A7%D8%A8-%D8%A3%D9%85%D8%A7%D9%85-%D8%A7%D9%84%D8%AC%D9%87%D8%A7%D8%AA-%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A9-%D9%84%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D9%81%D9%8A-%D8%A7%D9%84%D8%A3%D9%86%D8%AF%D9%8A%D8%A9-%D8%A7%D9%84%D8%B1%D9%8A%D8%A7%D8%B6%D9%8A%D8%A9\" style=\"\" rel=\"noopener\">transferred to the PIF<\/a> in June 2023, <a target=\"_blank\" href=\"https:\/\/maaal.com\/archives\/202503\/%d8%a7%d8%b1%d8%aa%d9%81%d8%a7%d8%b9-%d8%a7%d9%84%d9%82%d9%8a%d9%85%d8%a9-%d8%a7%d9%84%d8%b3%d9%88%d9%82%d9%8a%d8%a9-%d9%84%d8%af%d9%88%d8%b1%d9%8a-%d8%b1%d9%88%d8%b4%d9%86-207-%d9%85%d9%86%d8%b0\/\" style=\"\" rel=\"noopener\">Maaal<\/a> reports. Al Hilal is currently the most-valued club in the Kingdom at EUR 178.5 mn, followed by Al Nassr (EUR 175.6 mn), and Al Ahli (EUR 169.9 mn).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>The number of local restaurants and food trucks in Saudi Arabia grew 11% y-o-y <\/strong><strong>to<\/strong><strong> exceed 137k in 2023<\/strong>, while cafes and coffee shops increased 21.4% y-o-y to 64k, according to <a target=\"_blank\" href=\"https:\/\/www.aleqt.com\/2025\/03\/15\/article_2758529.html#:~:text=%D9%88%D8%A7%D9%84%D8%AA%D9%83%D8%A7%D9%84%D9%8A%D9%81%20%D8%A7%D9%84%D8%B9%D8%A8%D8%A1%20%D8%A7%D9%84%D8%A3%D9%83%D8%A8%D8%B1-,%D8%B3%D9%84%D9%88%D9%83%20%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D9%87%D9%84%D9%83%D9%8A%D9%86%20%D9%8A%D8%B2%D9%8A%D8%AF%20%D9%85%D8%B7%D8%A7%D8%B9%D9%85%20%22%D9%81%D9%88%D8%AF%20%D8%AA%D8%B1%D9%83%22%20%D9%81%D9%8A,%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9%2011%25%20%D9%88%D8%A7%D9%84%D8%AA%D9%83%D8%A7%D9%84%D9%8A%D9%81%20%D8%A7%D9%84%D8%B9%D8%A8%D8%A1%20%D8%A7%D9%84%D8%A3%D9%83%D8%A8%D8%B1&text=%D8%B3%D8%AC%D9%84%D8%AA%20%D8%A7%D9%84%D8%A3%D9%86%D8%B4%D8%B7%D8%A9%20%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D9%8A%D8%A9%20%D9%84%D9%84%D9%85%D8%B7%D8%A7%D8%B9%D9%85%20%D9%88%D8%AE%D8%AF%D9%85%D8%A7%D8%AA,%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9%22%20%D8%B9%D9%84%D9%8A%D9%87%D8%A7%20%D9%85%D9%86%20%D9%88%D8%B2%D8%A7%D8%B1%D8%A9%20%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9.\" style=\"\" rel=\"noopener\">Aleqtisadiah<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">OIL WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt4\"><\/a> Saudi Aramco is expected to ship between 34-36 mn bbl of oil to China next month, the<\/strong><strong> lowest amount since June 2024<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-03-13\/saudi-aramco-s-oil-sales-to-china-set-to-fall-sharply-in-april\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, noting that there is no clarity on whether the decline is due to lower demand or reduced supply. <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/saudi-crude-oil-supply-china-slump-april-sources-say-2025-03-13\/\" style=\"\" rel=\"noopener\">Reuters<\/a> cites trade sources as saying the decline is partly due to maintenance at China\u2019s Sinopec-owned refineries, reducing processing capacity by 700k barrels per day (bbl \/ d) from mid-March to May.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Arabia was <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/332904c7-fe75-4465-aff0-3533e8b5cd48\/aramco-chief-wants-a-new-global-energy-strategy\" style=\"\" rel=\"noopener\">looking to boost<\/a><\/strong><strong> its oil exports to Asia<\/strong> \u2014 particularly China and India \u2014 in a race against Russia to uptake a larger share of the region\u2019s market, after Opec+ decided to gradually increase output <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/332904c7-fe75-4465-aff0-3533e8b5cd48\/aramco-chief-wants-a-new-global-energy-strategy\" style=\"\" rel=\"noopener\">earlier this month<\/a>. Aramco also lowered its crude oil prices for Asian buyers in April for the first time in three months, cutting Arab Light by USD 0.40 cents to USD 3.50 a barrel above Omani and Dubai average prices.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT: <\/strong>Aramco\u2019s monthly sales to Asia, especially China, are crucial for refineries in the Eastern region. The volume of these long-term contract shipments determines the amount of crude Asian refineries must source from the spot market, including suppliers like Iraq, the UAE, and West Africa. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Offsetting the deficit:<\/strong> Opec+ has set a record for refined product exports, offsetting crude output cuts and reaching 5.51 mn barrels per day in 2024, up 7% y-o-y, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/record-opec-fuel-exports-blunt-groups-crude-supply-cut-2025-03-13\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. Gulf Opec+ members, including Saudi Arabia, expanded their refining capacity, boosting market share, while higher diesel exports helped capture a larger share of the European market despite a 5% drop in crude exports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">SPORTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt3\"><\/a> <\/strong><strong>A new PIF-funde<\/strong><strong>d cricket league is in the works:<\/strong> Saudi Arabia is reportedly prepared to invest some USD 500 mn in a new Twenty20 (T20) global cricket league, with the PIF\u2019s Surj Sports Investments pegged as its \u201cmain financier,\u201d writes the <a target=\"_blank\" href=\"https:\/\/www.smh.com.au\/sport\/cricket\/grand-slam-of-cricket-secret-plan-hatched-for-new-saudi-backed-t20-league-20250315-p5ljsr.html\" style=\"\" rel=\"noopener\">Sydney Morning Herald<\/a>, citing sources it says are familiar with the plan. The plan is still pending approvals from Cricket Australia and the ICC, which is chaired by India\u2019s Jay Shah.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART-<\/strong> T20 is a fast-paced format of the game where each team plays just a single inning limited to 20 overs (six legal deliveries bowled by a single bowler). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Grand Slams, but make it for cricket: <\/strong>Modeled after the tennis Grand Slams, the new T20 league will see eight teams compete against each other in four different locations over the year. The matches will be tucked in the cricket calendar\u2019s vacant window between international and domestic fixtures, the Aussie news agency cites sources as saying. The concept was developed by Australian former Cricket NSW Director Neil Maxwell in association with the Australian Cricketers\u2019 Association to generate a new revenue stream and provide financial support for test cricket beyond India, Australia, and England.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The pitch: <\/strong>The proposed league is being touted as a move away from the traditional funding structures \u2014 broadcasters and International Cricket Council (ICC) distributions \u2014 which have disproportionately favored cricket\u2019s superpower India, writes the Herald. The new tournament is meant to encourage smaller nations to \u201cplay less unprofitable cricket\u201d in exchange for a share in any income raised by the league.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><strong>You\u2019re reading EnterpriseAM Saudi<\/strong>, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We\u2019re out Sunday through Thursday by 7am Riyadh time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM Saudi is available without charge <\/strong>thanks to the generous support of our friends at Tas\u2019heel.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on <a target=\"_blank\" href=\"mailto:climate@enterprisemea.com\" style=\"\" rel=\"noopener\">saudi@enterpriseAM.com<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DID YOU KNOW <\/strong>that we also cover <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\" style=\"\" rel=\"noopener\">Egypt<\/a>, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">the UAE<\/a>, the MENA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\" style=\"\" rel=\"noopener\">logistics<\/a> and  <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\" style=\"\" rel=\"noopener\">climate<\/a>  industries?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this email? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday.<br \/><strong>***<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The latest decisions from the Trump administration are making headlines once again <\/strong>\u2014 that includes potential travel bans and attacks on the Houthis. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Trump administration is considering broad travel restrictions affecting citizens from <\/strong><strong>over 40 countries.<\/strong> The draft proposal \u2014 currently under internal review \u2014 would impose full or partial visa suspensions on citizens from 43 countries, but the final version is still subject to approval by the administration. The proposed restrictions split the countries into three tiers, the first tier will see a full visa suspension \u2014 it includes countries like Syria, Yemen, Sudan, Somalia, and Libya. The second includes sharp visa restrictions and the third could be subject for partial visa suspension if their governments do not make efforts to address Trump Administration concerns within 60 days. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/trump-administration-weighs-travel-ban-dozens-countries-memo-says-2025-03-15\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/us-news\/2025\/mar\/15\/trump-administration-travel-restrictions\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2025\/03\/14\/us\/politics\/trump-travel-ban.html\" style=\"\" rel=\"noopener\">New York Times<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- The US launched large-scale military strikes on Houthi-controlled areas <\/strong><strong>in Yemen<\/strong>, following an order from US President Donald Trump, in retaliation for the Iran-backed militant group\u2019s repetitive attacks on vessels in the Red Sea, Trump said in a post on his social media platform <a target=\"_blank\" href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/114167864888304754\" style=\"\" rel=\"noopener\">Truth<\/a>. The Houthi-run health ministry said 13 civilians were killed in Sanaa, while Houthi-affiliated Al Masirah TV reported six deaths in Saada. The Houthis\u2019 political bureau condemned the attack as a \u201cwar crime\u201d and vowed to \u201crespond to escalation with escalation.\u201d (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/trump-launches-strikes-against-yemens-houthis-warns-iran-2025-03-15\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2025\/03\/15\/us\/politics\/us-attack-houthis.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/trump-yemen-houthis-rebels-attack-airstrike-11b0e080b3982542dd621338a7b18afd\" style=\"\" rel=\"noopener\">AP<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/c05mvr3j3yro\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/03\/15\/trump-launches-large-scale-strikes-on-yemens-houthis-at-least-19-killed.html\" style=\"\" rel=\"noopener\">CNBC<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- G7 threatens Moscow with more sanctions: <\/strong>The G7 is pushing Russia to follow Ukraine in agreeing to a 30-day ceasefire or risk further sanctions \u2014 including further caps on oil prices. The draft, which still requires ministerial approval, emphasized the need for \u201crobust and credible security arrangements\u201d to ensure Ukraine can deter future aggression. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/873d5289-637e-4819-9fa1-bf4c105ddb03\" style=\"\" rel=\"noopener\">Financial TImes<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/live\/2025\/mar\/14\/ukraine-russia-war-us-volodymyr-zelenskyy-vladimir-putin-donald-trump-europe-latest-live-news\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/europe\/urgent-g7-warn-russia-new-sanctions-if-no-ceasefire-agreed-2025-03-14\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLUS: Indonesia close to lifting a decade-long ban on labor migrants<\/p>\n","protected":false},"author":1,"featured_media":95287,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[4099,57,10,2854,1151,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-cricket","tag-debt-watch","tag-enterpriseam-ksa","tag-indonesia","tag-public-investment-fund-pif","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"9157a3d4-da37-48e1-8cd6-cfdd7af79f8f","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/3\/1190.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Our sovereign sukuk issuances to slow down in 2025 + A new PIF-funded cricket league in the works?","related_issue":[95284],"teaser":"PLUS: Indonesia close to lifting a decade-long ban on labor migrants","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.2ffb4046-2fc7-482c-ad62-13ec7bef96c0.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Our sovereign sukuk issuances to slow down in 2025 + A new PIF-funded cricket league in the works? 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