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Good morning, nice people, and welcome to what unexpectedly shaped up to be a busy Monday, led primarily by legislative and regulatory news.
THE BIG STORY AT HOME this morning is the unveiling of Saudi’s new Investment Law, which is expected to come into effect with its executive regulations at the start of next year. The new law removes many major barriers for foreign investors looking to do business in the Kingdom, essentially leveling the playing field with local investors.
^^ We have chapter and verse on this story and more in this morning’s news well, below.
WEATHER- The mercury in Riyadh will reach a high of 45°C today, before dropping to a low of 30°C. Dammam will experience even hotter temperatures, peaking at 47°C, and falling to 30°C. Meanwhile, Jeddah will be slightly cooler, with a high of 38°C and a low of 33°C.
WATCH THIS SPACE-
#1- Agility’s ground handling subsidiary Menzies Aviation plans to make an “aggressive” expansion in the GCC — including Saudi and the UAE — over the next five years, Chairman Hassan El Houry told Gulf News. “Saudi Arabia aims to triple its number of passengers to 250 mn by 2030. They plan to invest USD 100 bn in aviation infrastructure to achieve this. We want to be a part of that and will be,” El Houry told the news outlet. Menzies Aviation recently launched operations in Spain, Portugal, Hong Kong, Jamaica, Peru, and Panama with operational presence in over 295 airports across 65 countries.
#2- Saudi-based Drilling & Exploration has its eyes on Egypt: Drilling & Exploration Company could soon ink an agreement with an undisclosed Egyptian private sector player holding two gold exploration concessions in the Eastern Desert, the company’s technical advisor Salah Bader told Al Mal. The potential agreement would see the Saudi firm provide drilling,prospecting, and consulting services. This would mark the Saudi firm’s first venture into the Egyptian market.
More in the pipeline? The company has received several offers from entities investing in gold and mineral exploration projects locally and is currently evaluating them, Bader said.
DATA POINTS-
The citizen account program disbursed SAR 3.4 bn to 10.8 mn beneficiaries for August, according to a statement. The beneficiaries received an average of SAR 1.5k per family. The citizen account program was created to provide financial support to vulnerable Saudi families who are impacted by economic reforms, according to its website.
SPORTS-
Saudi football is back tomorrow, kicking off with the Saudi Super Cup semi finals, featuring a showdown between Al Hilal, and Al Ahli, while Al Nassr will face Al Taawoun on Wednesday, according to a Saudi Arabian Football Federation statement (pdf). Both matches will be played at the Prince Sultan bin Abdul Aziz stadium in Abha at 7:15pm, and you can book your tickets here.
Are you planning to be in Egypt on 24 September? You may be interested in attending our 2024 Enterprise Finance Forum. Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders.
Why attend? We’re in the early days of a generational realignment of power in our industry — in our region and beyond — and on the cusp of the biggest intergenerational transfer of wealth the world has ever seen. With that as the backdrop, we’re going to take stock of where we stand six months after the float of the EGP and ask what’s next for finance in Egypt and the wider region. Among the questions we’ll be asking:
- What roles will Egypt, Saudi and the UAE play in the regional industry going forward?
- What are foreign investors looking for right now?
- Is real estate the only asset class in Egypt?
- What does the next generation of leaders think as they take over established family businesses?
Do you want to request an invitation? Tap or click the image below.
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THE BIG STORY ABROAD-
The international business press is having another slow morning without one unifying story taking the lead. A few of the stories getting top billing this morning:
From the campaign trail: Kamala Harris is more trusted among American voters to handle the country’s economy than Donald Trump, coming in one percentage point above the former US president in a recent survey, the Financial Times reports. Although Harris’ edge over Trump is narrow, the current vice president polled seven percentage points higher than US President Joe Biden’s performance in US voter sentiment.
Israel is doubling down on its defenses and shoring up resources such as alternative fuel supplies as it expects a retaliatory attack from Iran could be imminent. Iran has vowed to respond to Israel for the assassination of Hamas political leader Ismail Haniyeh in Tehran last month. Meanwhile, Israel is also ordering more displaced Palestinians in Khan Younis to evacuate the area, which it declared a “dangerous combat zone.” (Bloomberg | Reuters)
OLYMPICS-
The 2024 Paris Olympics closing ceremony wrapped overnight at Stade de France, marking the end of the summer games after two and a half weeks of action. The end of the Games earned plenty of attention (New York Times | BBC | The Guardian)
The ceremony featured performances by French band Phoenix, an iconic jump of Tom Cruise from the roof of the stadium, H.E.R., Red Hot Chilli Peppers, Billie Eilish, Snoop Dogg, and Dr Dre.
While Team USA tied with China for gold medals, USA topped the charts for overall medal count as they gear up to host the next 2028 summer games in Los Angeles. The US team is going home with a total of 125 medals, leaving one behind after gymnast Jordan Chiles was stripped of her bronze medal from last week’s floor final after the International Olympic Committee (IOC) ruled against her in a score dispute.
Not leaving the city of love just yet: As the Olympics wind down, the Paralympics are gearing up to kick off. Taking place in Paris as well, the Paralympics will start on Wednesday, 28 August and continue for 11 days.
New games, new boss: Thomas Bach’s 12-year stint as IOC president is coming to an end, as per IOC governance rules limiting each person’s term to 12 years, AP reports.
The medal table:
- USA (40 gold,125 overall)
- China (40 gold, 91 overall)
- Japan (20 gold, 45 overall)
- Australia (18 gold, 53 overall)
- France (16 gold, 64 overall)
CIRCLE YOUR CALENDAR-
The Crown Prince Camel Festival kicked off last Saturday and runs until Tuesday, 10 September at the Taif Camel Racing Track, featuring 610 rounds of racing and a purse of SAR 56 mn.
Cybersecurity training event SANS Riyadh Cyber Leaders August 2024 will run from Sunday, 18 August to Thursday, 22 August at the Hyatt Regency Riyadh Olaya.
The New Global Sport Conference 2024 is happening on Saturday and Sunday, 24-25 August, bringing together top figures from sports, esports, gaming, entertainment, and technology. This year’s theme is the Future of Fandom, highlighting fans’ role in building brand equity and revenue.
The eight-week Esports World Cup runs until Sunday, 25 August Riyadh’s Boulevard City. The world’s top esports clubs are competing for a pool of USD 60 mn — the largest purse in esports.
