Good morning, wonderful people. We’ve been blessed with a calmer Monday as we bid farewell to September, while also changing the pace from a flurry of IPO news to a more debt-centric news day.

HAPPENING TODAY-

#1- A business delegation led by Federation of Saudi Chambers (FSC) Chairman Hussein Al Huwaizi is heading to Azerbaijan and Georgia today to kick the tires on potential business ventures and sign trade agreements, the FSC said in a post on X. The delegation, which includes 65 business leaders from different sectors, is scheduled to meet with public and private sector officials to look at trade and investment prospects.

#2- Monsha’at and Baha University are hosting a talk on prospects for commercial innovation in Al Baha today from 5:30-7pm, with contributions from local business leaders, according to a post on X. You can register for the talk here.


WEATHER- A cloudy Riyadh will see a high of 39°C today and a low of 25°C. Meanwhile, Jeddah’s mercury will hit a high of 36°C, and a low of 28°C.

PSAs-

Owners of 239.3k properties in Riyadh, Medina, and Buraidah have until 2 January, 2025 to register their plots through the real estate registry platform to receive their property number and title deed, according to state news agency SPA.

Separately, a registration period for 43.5k properties in Riyadh and Diriyah will run from 27 October-30 January. Property owners in four Riyadh neighborhoods and 13 Diriyah neighborhoods must also complete registration through the online platform or a visit to a service center with a title deed that meets regulatory standards, the Real Estate General Authority said in a statement.

WATCH THIS SPACE-

#1- Local tourism player Almatar Travel Group is planning to IPO on Tadawul’s main market by 4Q 2025, CEO and co-founder Aimen Saleh Basalamah told Argaam. Basalamah did not provide any details on the expected size of the IPO, or how much capital the company is looking to raise by going public. Almatar also plans to expand to Kuwait and the UAE next year with a revamped model tailored to meet the needs of those markets.

#2- Fifty local companies have lined up to invest in Azerbaijan’s energy, food, and logistics sectors as Baku looks to ramp up Saudi investment activity in the country to USD 4 bn-worth of investments from a total of 80 companies, Executive Director of the Azerbaijan Export and Investment Promotion Agency Yusif Abdullayev told Aleqtisadiah during the Gulf-Azerbaijan Economic Forum.

#3- The Health Ministry fined three airlines at Prince Mohammed bin Abdulaziz International Airport in Medina for violating health regulations, according to state news agency SPA. The airlines violated protocols for disease vector control by failing to spray aircraft with pesticides as required for flights arriving from areas affected by infectious diseases. Neither the value of the fine nor the identities of the airlines affected were disclosed.

DATA POINTS-

The King Salman Energy Park has lined up a total of USD 3 bn in expected investments from 60 investors, the industrial city said in a post on X. Spark currently has seven tenants that are operating facilities, with another 14 awaiting facilities that are under construction. The industrial city is the first in the world to receive a LEED Silver certification.

SPORTS-

Al Nassr is set to take on Qatar’s Al Rayyan today at Riyadh’s Al Oula Park Stadium in matchday 2 of the AFC Champions League, with Cristiano Ronaldo back in the lineup and new coach Stefano Pioli looking to extend his victory streak, state news agency SPA reports.

Over in Dubai, the UAE’s Al Wasl will face off against Saudi’s Al Ahli at Zabeel Stadium in another AFC Champions League match, as both teams look to build on their opening-round victories in the tournament, state news agency SPA reports.

***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.

EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Cenomi.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.

DID YOU KNOW that we also cover Egypt, the UAE, the MENA logistics and climate industries?

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.
***

THE BIG STORY ABROAD-

It’s another morning with escalations in the region dominating headlines: Israel attacked Yemen’s Houthis yesterday, launching a wave of airstrikes on Ras Issa and the port city of Hodeida that killed four and wounded an additional 29 according to the Houthi-run health ministry. Commenting on Israel’s ongoing attacks on its allies, Iranian President Masoud Pezeshkian said that Israel should not be allowed to attack countries in the Iran-linked “axis of resistance” without consequence, saying that “a decisive reaction is necessary” and condemning Israel’s targeting of what he called “civilian infrastructure” in Hodeida.

Meanwhile, Israel’s brutal assault on Lebanon continued, with at least 105 people killed in Israeli strikes over the course of the day, according to the Lebanese Health Ministry. Hezbollah supporters and allies continued to mourn the loss of the group’s leader Hassan Nasrallah, while Israeli military officials vowed to “keep hitting Hezbollah hard.”

The strikes have led to what Lebanese Social Affairs Minister Hector Hajjar called a “humanitarian catastrophe” yesterday, underlining the difficulty the Lebanese caretaker government is having addressing the needs of the nearly 1 mn people that have been displaced since the conflict’s escalation.

AND IN BUSINESS NEWS- Former Japanese Defense Minister Shigeru Ishiba’s election as head of the country’s ruling Liberal Democratic Party has sent jitters through Japan’s stock market, as insiders express concern about his support for heavier corporate and investment income taxation.

CIRCLE YOUR CALENDAR-

Intersec Saudi Arabia will open its doors tomorrow, where experts in the security, safety and fire protection industries will convene to address the role of AI and VR in the sector. The event wraps up on Thursday, 3 October.

The 2024 Saudi Games are coming back next Thursday, 3 October at Riyadh’s Boulevard City, with musical performances from The Saudi Arwa and Abdulwahab kicking off the annual sporting competition, according to a post on X. The event will see upwards of 9k male and female athletes compete in 52 sports. The two-week event runs from until 17 October. You can grab tickets here.

The three-day 6 Kings Slam event at Riyadh’s Venue kicks off on Wednesday, 16 October, featuring all-star players competing for the largest purse in tennis history. The matches will see face offs between tennis champs Novak Djokovic, Rafael Nadal, Jannik Sinner, Carlos Alcaraz, Daniil Medvedev, and Holger Rune (watch, runtime: 5:15). The final and third-place match will be held on Saturday, 19 October. Book your tickets here.

The Professional Fighters League’s (PFL) Battle of the Giants is coming to Riyadh on Saturday, 19 October. Headlining the card, MMA superstar Francis Ngannou will face PFL heavyweight champion Renan Ferreira for the title of inaugural PFL Super Champion. Meanwhile, women’s featherweight champion Cris Cyborg will square off against Larissa Pachecho for the World Title Fight in the co-main event. Expect fireworks with additional matchups featuring Johnny Eblen vs. Fabian Edwards and A.J. McKee vs. Paul Hughes.

The two-day Multilateral Industrial Policy Forum will kick off in Riyadh on Wednesday, 23 October. The forum will address global industrial challenges, focusing on topics like industrial policy, clean energy, and advanced manufacturing tech. The forum is organized by The Industry and Mineral Resources Ministry in partnership with UNIDO. The Kingdom will also host the UNIDO General Conference in 2025.

Leave a comment

Your email address will not be published. Required fields are marked *