Good morning, nice people. It’s our last zero issue of EnterpriseAM Saudi before we go live to the outside world on Sunday, 28 January. We’ll be taking a publication holiday tomorrow to gear up for our launch.
If you were forwarded this morning’s issue, you can tap or click here to get us in your inbox on launch day.
The big business story this morning is expectations that the economy will post strong growth this year, rebounding from last year and helping to drive positive growth across GCC economies, according to a Reuters poll.
^^ The full story is in this morning’s news well, below.
WEATHER-
Expect a windy day in Riyadh today with a cloud cover in the cards for tomorrow. Meanwhile, it is already shaping up to be a partially cloudy day in Tabuk and Al Khobar.
- Riyadh: 28°C daytime / 17°C overnight
- Tabuk: 18°C daytime / 6°C overnight
- Al Khobar: 25°C daytime / 17°C overnight
WATCH THIS SPACE-
#1- A boost for port connectivity: Doha-based shipping and logistics group Qatar Navigation (Milaha) is introducing its shipping service Upper Gulf Express (UGX) to Dammam’s King Abdulaziz Port, the Saudi Ports Authority (Mawani) said in a statement yesterday. The new service will connect the port to five GCC ports including Oman’s Sohar, UAE’s Jebel Ali, Qatar’s Hamad, Kuwait’s Shuwaikh, and Iraq’s Umm Qasr. The service, which will launch tomorrow, will see regular weekly trips using two ships with a capacity of 1k TEUs.
SMART POLICY- Increased connectivity for Dammam Port — the country’s second largest — is crucial with more shippers seeking the port as tensions in the Red Sea drive up sea freight costs to Jeddah Port.
#2- The Saudi Railway Authority signed a 20-year contract with the Ports Services and Storage to transport containers from Dammam to Jubail by railway, it said on X yesterday. The move is part of a push to raise the Kingdom’s classification in the global logistics performance index.
#3- The premium residency scheme could push property prices by over 300% in the coming period, Al Rajhi Investment’s Sales Director Hossam Ahmed told Asharq Business in an interview on the sidelines of the Real Estate Future Forum (watch, runtime: 3:37).
REFRESHER- The government unveiled earlier this week a list of priority sectors for its new special talent residency, which is one of the five new residency categories introduced earlier this month as part of the premium residency scheme launched in 2019 in a bid to attract skilled professionals to the local market.
#3- True Gamers is tapping the local e-gaming industry: UAE-based esports clubs operator True Gamers will launch 150 e-sports centers across the Kingdom under a USD 45 mn franchise agreement with local investment firm Falak, Zawya reported yesterday. It plans to launch the first center in Jeddah in the second half of the year.
REMEMBER- The Kingdom is making great strides in e-gaming: Cabinet approved last month the creation of the Saudi Commission for Electronic Games. The state is launching an Esports World Cup next year, and is building the the world’s first gaming and electronic sports district in Qiddiya City, “complete with four stadiums and 73k seats.”
#5-Sasco plans big for gas stations: The Saudi Automotive Services Co. (Sasco) plans to open 50 gas stations this year, CEO Riyadh Al Malik told Argaam yesterday. The company eyes having 600 stations in operation by the end of 2024, Al Malik said. His statements come a few days after Sasco said it will inaugurate the Kingdom’s largest gas station in 2Q 2024.
DATA POINT-
An A+ in statistics: The Kingdom came in at the 15th spot in the World Bank’s Statistical Performance Index (SPI) last year, rising from the 19th spot in 2019, the General Authority for Statistics said in a statement yesterday. It topped the statistics league for the Gulf, and advanced four spots in the same index among G20 countries. The improved ranking came on the back of a 100% penetration for data use dimension and a 80.8% score in the assessment, up from 63.4% in 2019.
SPI? It’s a World Bank open-source framework that assesses the performance of statistical systems in 186 countries and efforts to enhance them.
NOMU IPO WATCH-
WSM Information Technology has priced its offeringon Tadawul’s parallel market Nomu at SAR 49 a piece, according to a Tadawul regulatory filing. The subscription period will run from tomorrow until Thursday, 1 February. Qualified investors will be able to snap up 390k shares — good for a 20% stake —with the proceeds of the sale earmarked for distribution between the selling shareholders, according to the prospectus (pdf). Substantial shareholders will have a lock-up period of 12 months from the first trading day before they can start making transactions on their shares.
ADVISORS- Kasb Capital is quarterbacking the transaction as financial advisor and leader manager, while AlKharashi is auditor, and Derayah Financial is the receiving agent.
** You’re reading Zero Issue #35 of EnterpriseAM KSA.
** Think of a zero issue as a “beta.” This issue has not been published or distributed to a wide audience. The sponsor logos above are not correct because we’re still developing the new KSA template.
** Did you receive this as a forward? Tap or click here to add your name to the list for launch day.
** Have a comment, criticism, or story tip? Hit up patrick@enterprisemea.com.
THE BIG STORIES ABROAD-
Trump 2, Haley 0: Days after former US President Donald Trump’s victory in Iowa, the former presidentis now projected to beat last-opponent-standing Nikki Haley in the New Hampshire primary as early results start trickling in. Haley has vowed to fight on, telling supporters that “New Hampshire is the first in the nation. It is not the last.” (NYT | CNBC | CNN | The Guardian | Associated Press | Reuters |FT |WSJ)
ALSO- The Turkish parliament has voted in favor of Sweden becoming a NATO member state, after stalling for 20 months. With Turkey out of the way, Hungary is the only NATO member that is still against Sweden becoming a fellow member. (Washington Post | BBC | Associated Press | FT | WSJ | NYT | AFP | Reuters | Politico | Bloomberg)
AND- Christopher Nolan’s Oppenheimer nabbed 13 Oscar nominations for best picture, director, acting and craft categories, dominating the 2024 Oscar nominations. Nolan has never won an Oscar before despite his rich blockbuster portfolio, but critics think this might be the one. Associated Press | FT | Reuters | The Guardian | NYT | CNBC | Bloomberg)
SPORTS-
The Green Falcons will face Thailand tomorrow for their final group stage matchat the 2023 AFC Asian Cup in Doha at 6pm. A victory or a tie with Thailand would advance the Green Falcons to the Round of 16. Iraq and Qatar are the first two teams to have qualified to the next stage in the tournament.
Inter Milan took home the Italian Super Cup for the third time in a row after beating Napoli 1-0 on Monday at Al Awwal Park Stadium in Riyadh. This is the fourth edition of the knock out competition to be hosted by Riyadh.
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
CIRCLE YOUR CALENDAR-
BiznEX International Exhibition will kick off on Sunday, 28 January at the Riyadh Convention Center and wrap up on Wednesday, 31 January. Register here.
The AlUla Tour 2024 will kick off on Tuesday, 30 January and wrap up 3 February.
The PIF Private Sector Forum takes place in Riyadh on Tuesday, 6 February to Wednesday, 7 February, the PIF said on Linkedin. The event will bring together the fund, portfolio companies, private sector and others to help advance economic growth.
The Hail Toyota International Rally which will kick off on 8 February and wrap up on 10 February. You have until Saturday, 27 January to register.
The Saudi Capital Market Forum will open on Monday, 19 February and wrap up on Tuesday. Held under the theme “Powering Growth,” the event will bring together members of the global financial landscape for discussions on the capital markets and investment strategies.
Riyadh will host the International Conference on Sand and Dust Storms in the Arabian Peninsulafrom Monday, 4 March to Wednesday, 6 March. The conference will address regional challenges caused by sand and dust storms and discuss monitoring systems, mitigation strategies, economic and infrastructural impacts, and more.
Tickets are on sale for the 2024 Saudi Arabian Grand Prix, scheduled for Jeddah from 7-9 March.
Riyadh will host a World Economic Forum special meeting on 28-29 April.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.