Good morning, friends, and welcome to our final week of zero issues. EnterpriseAM Saudi will go live to the outside world on Sunday, 28 January.

We look forward to seeing some of you in Riyadh this evening for the launch of Mithaq Law Firm in Association with ALC Alieldean Weshahi and Partners. The firm will be the latest member of the Grimaldi Alliance.

Want to have coffee this week? Email patrick@enterprisemea.com.

Tap or click here to get EnterpriseAM Saudi in your inbox on launch day.

THE BIG STORY of the morning? Still the World Economic Forum, which key members of the cabinet economic team used as a global platform to drive forward the global conversation on the Saudi opportunity. We have the latest in this morning’s news well, below.

Don’t expect the conversation to end there: Riyadh will host a special meeting of the World Economic Forum 28-29 April. Global collaboration, growth, and energy will lead the agenda, said Economy Minister Faisal Alibrahim said on Friday in Davos. WEF in Riyadh won’t steal the spotlight from the Future Investment Forum, he added.

WATCH THIS SPACE-

#1- Not just another Bric in the wall:The government is still considering joining the Brics alliance as it assesses benefits, two sources told Reuters last week. “Saudi Arabia is assessing the benefits and then will make a decision, there is a process happening,” one of the sources said. They clarified that a set date of 1 January was not a deadline for the decision. Their statements come days after Commerce Minister Majid Al Kasabi said the Kingdom had not formally joined BRICS just yet.

The take-home message: “The Kingdom is a part of many multilateral platforms and multilateral institutions and whenever the kingdom is invited into one of them it goes through a process that is a multi-step process and at the end of it a decision is made,” Economy MInister Faisal Alibrahim said.

#2- PGM extends IPO subscription period: Stationary supplier Pan Gulf Marketing (PGM) has extended the subscription period for its planned IPO on Nomu until Monday, 29 January, Argaam reported last week, citing a complementary prospectus by the company. The book-building period for qualified investors was originally set for 10-18 January, with a set price range of SAR 51 to SAR 59 per share.

Background: PGM is planning to offer 600k shares — good for 12% of the company’s 50 mn capital. Yaqeen Capital is quarterbacking the transaction as financial advisor and lead manager, while PKF is acting as the legal advisor.

#3- Johnny Depp is back in the director’s chair — this time for Saudi-backed film Modi. No, not that Modi: The film, backed by Jeddah-based Red Sea Film Foundation, follows the life of Italian artist Amedeo Modigliani, the foundation said on Instagram yesterday. Al Pacino plays a supporting role as real-life French art collector Maurice Gangnat. It’s Depp’s first directorial outing in two decades.

DATA POINTS-

#1- Non-oil GDP is forecast to grow between 4.5% to 5% this year, Al Arabiya reports, citing statements by Economy and Planning Minister Faisal Alibrahim at the WEF in Davos. He also projected the tourism sector to grow by c. 4.4% this year.

In tune with what the pundits are saying: Non-oil GDP is expected to grow 3-4% every year through 2030 on the back of efforts to diversify away from oil, according to Moody’s Analytics in December. The World Bank said in November that it expects the non-oil economy to grow at a 4.3% y-o-y clip this year on the back of “looser fiscal policy, robust private consumption, and public investment drive,” cushioning a sluggish oil economy. The Finance Ministry is penciling in a more optimistic growth rate of 5.9% for non-oil activity in 2023.

#2- Tourist arrivals exceeded pre-pandemic levels recorded in 2019, growing 56% in 2023, according to the latest UNWTO Barometer (pdf). The Middle East was the only region to achieve growth on the 2019 figures with a 22% increase in tourist arrivals.

#3- Foreign investment jumped 4% y-o-y in 3Q 2023 to SAR 2.5 trn, Argaam reported last week, citing figures from SAMA. FDI account for 41%, or SAR 1.03 trn, of total foreign investment in the Kingdom.

HAPPENING TODAY

The Green Falcons will take on Kyrgyzstan today at 8:30pm KSA in their second game in the 2023 AFC Asian Cup in Doha.

The main message from coach Roberto Mancini? Don’t suffer a shock loss like tournament favorites Japan, which lost 2-1 against Iraq on Friday. “Kyrgyzstan are a very good team. You know what happened yesterday with Japan against Iraq — nobody thought Iraq can beat Japan,” he said yesterday.

ICYMI- It was a stunning comeback for the national team, who topped Oman 2-1 in their opener last week. Confusion over the VAR that saw a goal by defender Ali Al Bulayhi disallowed in injury time before it was awarded in the last minutes.

WEATHER- Expect clear skies in Riyadh and Al Khobar today with some sun and cloudy periods in Tabuk. Look for generally warmer weather this week before the mercury starts to dip next weekend.

  • Riyadh: 22°C daytime / 14°C overnight
  • Al Khobar: 23°C daytime / 12°C overnight
  • Tabuk: 25°C daytime / 8°C overnight

SPORTS-

#1- Riyadh will host the first World Snooker event to take place in Saudi Arabia with the addition of a 20-point golden ball that could allow players to complete a 167 break. The Riyadh Season World Masters of Snooker, which runs 4-6 March, will include the world’s top players with a USD 1 mn pool. It will follow existing rules, in addition to the 23rd “Riyadh Season ball” for players who complete a maximum break of 147.

Who’s playing? Seven-time world champion Ronnie O’Sullivan, 2019 winner Judd Trump and current holder Luca Brecel are set to play in the event. The other seven players and game schedule will be confirmed in the coming weeks.

#2- D.C United is coming to town: Major League Soccer side DC United will travel on Tuesday to the Kingdom for friendlies against Al Wehda and Al Ettifaq as part of its preseason camp, The Washington Post reported last week.

The one you’re really waiting for: Inter Miami will play two matches in Riyadh, including a game against Al Nassr on 1 February which will see long-time rivals Lionel Messi and Cristiano Ronaldo going head-to-head.

#3- Audi’s Carlo Sainz won the Saudi Dakar Rally for a fourth time on Friday. It’s the fourth time he has finished first in the car category. American Ricky Brabc won the motorcycle category for Honda.

#4- Team Saudia took home the Richard Mille AlUla Desert Polo yesterday, notching a 9-5 victory over Richard Mille. It’s the only modern polo tournament to be played in the desert.

#5- Henderson out: English midfielder Jordan Henderson has returned to Europe, joining Ajax just six months after his move to Al Ettifaq, he said on X. “I’m sad to say that I will be leaving Al Ettifaq with immediate effect. It wasn’t an easy decision but one that I feel is best for me and my family,” he said.

Is Benzema next? French forward Karim Benzema is reportedly weighing options to leave in the January transfer window just a little over six months since he joined the club, sources told ESPN.

** 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-

Talk of an “undeclared regional war” is driving the conversation on our part of the world in a growing number of global business news outlets. “Risk of a regional conflagration is growing daily,” Bloomberg reports, noting that the UAE’s ambassador to the UN, Lana Nusseibeh, told it in an interview that “the risks are high, the war in Gaza is very clearly an open wound and it’s destabilizing the region.” The US, she said, needs to support an immediate ceasefire in Israel’s war in Gaza.

WATCH THIS SPACE- Beijing may step up its diplomacy in the region in a bid to de-escalate tensions. While officials are yet to signal formal diplomatic or military involvement, policymakers in China are becoming worried that disruption to Red Sea shipping could threaten their economy as it causes “huge losses for Chinese companies,” the Financial Times writes. The salmon-colored paper believes that Washington has asked Chinese diplomats to consider pressuring Iran to rein-in the Houthis.

Per the Wall Street Journal: “Violence from Lebanon to Iraq to the Red Sea all but amounts to an undeclared regional war, with Iran-backed militants fighting Israel and the US,” it writes in what it’s pitching as “ a guide to the Middle East’s growing conflicts.”

Tell us something we didn’t know: The oil market is “bracing for a weeks-long disruption” to shipping in the Red Sea, Bloomberg reports, saying data shows a growing number of tanker charters are being booked for routes that go around the Cape of Good Hope. Cruise lines are also giving the Red Sea a pass, Reuters notes.

Also making headlines:

  • OpenAI impresario Sam Altma is back to raising funds from GCC and other backers for a global network of chip factories to serve the booming AI industry, Bloomberg reports. Abu Dhabi’s G42 is said to be interested in investing and the Public Investment Fund has a track record of exploring chip investments with Altman.
  • A Japanese lander has made it to the surface of the moon, making Japan only the fifth country to make it to the surface after the US, the Soviet Union, China and India. The mission could be curtailed by a power problem on the Slim lander, the Guardian writes.

WASHINGTON WATCH

Nikki Haley is stepping up her assault on her former boss, Donald Trump, questioning his age and mental health as she heads into a critical primary on Tuesday.

Trump recently confused her with Nancy Pelosi while accusing the former House speaker of negligence during the 6 January 2021 attacks on the US Capitol. Voters need to think “beyond the two 80-year-olds,” she said, with the US “in disarray and the world on fire.”

Trump is now mocking Haley’s birth name, Nimarata, calling her “Nimbra” and questioning whether she was born in the United States.

Republicans in New Hampshire hold their primary on Tuesday, so expect lots of noise from the campaign trail in the days to come.

Want more? Head over to Politico | Reuters | CNN | New York Times | Wall Street Journal | Axios

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 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 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.

Leave a comment

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