Good morning, everyone. We hope the workweek has treated you well and that you’re looking forward to the weekend as much as we are.

We’re delighted to let our zero-issue readers know that we’ll be launching EnterpriseAM Saudi to the wider world on Sunday, 28 January. If you’re on the list now, you’re on the list for launch day, and you can point friends and colleagues here if they want to sign up, too.

ALSO- We launched EnterpriseAM UAE this Monday and are honored that thousands of execs, investors, and diplomats have signed up to receive it. You can subscribe here.

News this morning is still largely dominated by what’s happening on the ground in Davos, but we’ve seen a nice uptick in standard business news, too, as you’ll see below. Expect more of the same today and tomorrow — the gathering waps up on Friday.

We have a full recap in the news well, below, of what happened yesterday.

HAPPENING TODAY: Always well-spoken Economy and Planning Minister Faisal Alibrahim will take to the stage in a session headlined MENA’s Economic Dilemma: Reforming amid uncertainty at 3:15 pm KSA. Egypt’s International Cooperation Minister, Rania Al Mashat, will also be speaking on the panel along with Moroccan Finance Minister Nadia Fettah Alaoui.

TOMORROW: Finance Minister Mohammed Al Jadaan will speak as Davos comes to an end. His panel is headlined The Global Economic Outlook and starts at 1pm KSA

** You can watch select live sessions here and check out the full program here.

WATCH THIS SPACE-

#1- Aramco will pour an additional USD 4 bn to its global venture capital arm, Aramco Ventures, more than doubling its capital to USD 7 bn over the next four years, it said in a statement yesterday. The additional funding will boost investments in “new energies, chemicals and the materials transition, diversified industrial businesses, and digital technologies,” it said. Aramco also owns and manages the USD 500 mn Wa’ad Ventures, which focuses on investments in local startups. The story is getting ink in the Financial Times.

Refresher- Aramco Ventures manages three funds including the USD 500 mn Digital / Industrial Fund, USD 1 bn Prosperity7 Ventures Fund, and USD 1.5 bn Sustainability Fund.

#2- Turkey’s Tosyali eyes USD 5 bn steel plant: Turkish steelmaker Tosyali Holding could invest as much as USD 5 bn in a planned steel plant here as part its international growth plans, chairman Fuat Tosyali told Bloomberg on the sidelines of the World Economic Forum (WEF) in Davos.

BACKGROUND- Tosyali inked a MoU last week with the National Industrial Development Center (NIDC) to set up a flat rolled steel complex in Ras Al Khair industrial zone. The facility will produce 4 mn tons per year of hot and cold rolled coil, galvanized coil, and electrical steel for sale to the automotive, machinery and energy sectors.

#3- EFG Holding unit mulls minority stake in e-payment app PayTabs: EFG Finance, the non-bank financial services arm of EFG Holding, might look into acquiring a stake in Saudi-headquartered PayTabs, EFG Finance CEO Aladdin El Afifi told Asharq Business. EFG Finance would consider the option of giving up its 50% stake in PayTabs Egypt — a joint venture between EFG Holding and PayTabs — for a minority stake in the local parent company, El Afifi said. EFG Finance “would like to have a seat at the table” to help accelerate cross-border expansions, he added.

#4- We know more about ADCB’s plans for Saudi: Abu Dhabi Commercial Bank is looking to offer “a comprehensive range services for both corporate and institutional clients, including financing and working capital solutions” under a foreign banking branch license.” The bank is specifically looking to capture a share of the trade and investment flows between the two economies, it said in a statement (pdf).

BACKGROUND- As we reported yesterday, ministers at their weekly cabinet meeting signed off on a license for ADCB.

#5- OPEC left unchanged its global oil demand forecasts for 2024, expecting a “robust growth” in demand for hydrocarbons in 2025 in an early forecast, it said in its monthly report (pdf). It sees demand for oil unchanged this year at 2.2 mn barrels per day. Demand in China and the Middle East will demand additional production capacity in 2025, it said.

Oil prices were largely flat yesterday as a hit to US production on the back of cold weather balanced out energy demand concerns due to a lower-than-expected economic growth in China, Reuters reports. Brent crude futures dipped USD 0.41 to USD 77.88, while US West Texas Intermediate crude futures were up USD 0.16 to USD 72.56.

#6- Work is in progress to integrate the KSA into BRICS, Russian news agency TASS reported yesterday, citing statements by Kremlin spokesman Dmitry Peskov at Davos. “The work on the integration of Saudi Arabia with the BRICS countries continues; we consider it very important,” he said. His statements come one day after Commerce Minister Majid Al Kasabi said the Kingdom has not formally joined BRICS yet, clarifying where it stands after the proposed joining date of 1 January passed.

#7- An adventure hub that looks like an oil rig: The Oil Park Development Co — a subsidiary of the Public Investment Fund (PIF) — will develop an off-shore entertainment destination dubbed The Rig inspired by the Kingdom’s offshore oil platforms, SPA reported yesterday. It will be home to several water-related activities, including a splash park, diving center, e-sports hub, and a multi-purpose area.

PSAs-

#1- Authorities have scrapped a three-year ban on expats who fail to return to the Kingdom before the expiry of their exit and reentry visa, Okaz reported yesterday, citing sources it says have knowledge of the decision. Analysts say the move aims to create an attractive environment for investments and employment.

#2- Some 10k citizens will be able to buy homes at an affordable interest rate of up to 2.59%, according to a National Housing Authority (NHC) statement yesterday.The authority made the initiative available for everyone, scrapping a previously imposed income ceiling for applicants.

First come, first serve: This special rate applies to the first 10k off-plan contracts sealed with four partner banks: Al Rajhi Bank, National Bank of Saudi Arabia, Albilad Bank, and Alawwal Bank.

Locations: Homes on offer are in five suburban and urban communities developed by the Real Estate Development Fund. The fund started taking reservations yesterday through its sales offices. Find out more about the offered projects through this link.

#3- Riyadh will host the first revamped edition of the Supercoppa Italiana today through Monday, 22 January, a statement (pdf) by organizers read yesterday. The competition has been expanded to include the first and second finishers from Serie A and the Coppa Italia instead of a previous format of a one-off match between the winners of the league and cup. The mini-tournament will feature Inter Milan, Lazio, Napoli and Fiorentina.

WEATHER- Expect a delightful day in Riyadh with clear skies and abundant sunshine, with the weather cooling off from last week’s highs. Al Hofuf and Taif should also be clear with some drifting clouds.

  • Riyadh: 19°C daytime / 12°C overnight
  • Al Hofuf: 21°C daytime / 12°C overnight
  • Taif: 22°C daytime / 10°C overnight

** You’re reading Zero Issue #30 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 STORY ABROAD-

It’s a busy morning in business news, with three stories capturing the attention of journalists around the world.

#1- Stocks and bonds retreated yesterday around the world. Investors are digesting signs that the United States, the European Union, and the UK will not move quickly to slash interest rates. European Central Bank Christine Lagarde set off the selldown as she joined peers around the world in signaling that rates are unlikely to start coming down until summertime, rather than this spring.

Bankers speaking in Davos are singing from the same hymnal on that front, writes Bloomberg, noting, “Everyone from JPMorgan’s Daniel Pinto to Standard Chartered’s Bill Winters to Cantor Fitzgerald’s Howard Lutnick have said they expect monetary policy to ease slower than anticipated by the market.”

The result: The S&P 500, Nasdaq Composite, EuroStoxx 600 and FTSE 100 all fell yesterday, and Asian markets are mixed this morning. Futures suggest mixed openings for major European benchmarks later this morning and a weak open on Wall Street. Notably, Chinese shares are touching a five-year low. (Financial Times | CNBC | Bloomberg)

#2- Iran is opening fire on its neighbors, claiming to fight “anti-Iran terror groups”: Iran has fired missiles and launched drones against targets in Syria, Iraq, and Pakistan in the span of 24 hours, openly claiming responsibility for the operations. It says the missile attacks underscore that it will be “tough and decisive” with its foes, the New York Times reports.

In other regional tensions: The US listed the Houthis as a terror group on the same day that they hit another US-operated ship.

#3- Samsung’s new Galaxy S24 lineup looks set to be a hit thanks to heavy integration of generative AI tech and modest tweaks to its popular designs. The launch of the new handsets is all over the front pages of the global business press, but gadget nerds will want to start with the Verge’s hands-on with the flagship S24 Ultra. (FT | CNBC | Reuters)

Also:

  • Kuwait has new ministers of oil and finance after the new emir shuffled his cabinet, leaving just three members of the previous cabinet in office. (Bloomberg)
  • BTC exchange traded funds have attracted nearly USD 900 mn worth of inflows in the first three days of trading. (Financial Times)
  • A lab in China sequenced the virus that causes Covid two weeks before Beijing told the world about the deadly bug, the Wall Street Journal reports in an exclusive.

CIRCLE YOUR CALENDAR-

Napoli takes on Fiorentina today at 10pm KSA at Al Awwal Park in Riyadh in the opening game of revamped Supercoppa Italiana, while Inter and Lazio will go head to head tomorrow at 10pm KSA.

The Dakar Rallywraps up tomorrow with the final stage running from Yanbu to Riyadh.

The inaugural Saudi India festival seasonis set to kick off tomorrow at 6 pm and wrap up at 10:30 pm KSA, an event co-organized by the Consulate General of India and Goodwill Global Initiative, showcasing performances, documentary screenings, and performances by local and Indian artists. There will also be a B2C exhibition showcasing Indian products. There is no charge for admission.

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 PIF Private Sector Forum will kick off 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.

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.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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