Good morning ladies and gentlemen. We’re waking up to a relatively busy Monday as we inch closer towards EnterpriseAM Saudi going live to the outside world on Sunday, 28 January.

Want to have coffee in Riyadh with us this week? Email patrick@enterprisemea.com.

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

PUBLIC SERVICE ANNOUNCEMENT-

Companies have until next Wednesday, 31 January to file their tax returns for 4Q 2023 and December 2023 here. This applies on corporates that are subject to value-added tax (VAT) and have recorded over SAR 40 mn in annual revenues. A markup of 5-25% will be levied on late filings. You can call 19993 for any tax-related inquiries.

WATCH THIS SPACE-

#1- A new Saudization rate for engineers is coming in July: Private companies employing five or more engineers will be required to hire Saudi nationals for at least 25% of its engineering headcount, the Human Resources and Social Development Ministry said in a statement yesterday. The new regulation comes into effect on 21 July of this year.

Background: The Human Resources and Social Development Ministry first set in 2020 a 20% Saudization target for engineering professions.

By the numbers: Locals make up c. 34.2% of the total number of engineers and technicians affiliated with the Saudi Council of Engineers, which stands at 448.5k members, according to figures by Al Eqtisadiyah.

#2- New rules to control imports of “special goods” and ethanolic beverages by foreign embassies in the Kingdom will take effect today, Arab News reported yesterday, citing unidentified sources. The new rules will stipulate the entry of these goods within licensed quotas and specified quantities in a bid to put an end to the “improper exchange of special goods and alcoholic beverages” received by the foreign embassies.

#3-Acwa Power advances launch date for its 200 MW Kom Ombo PV plant in Egypt: Renewables giant Acwa Power’s 200 MW Kom Ombo solar farm — initially targeted for launch in 3Q 2024 — is 82% done and due to be completed by April this year, generating enough power for about 130k households once fully operational, according to an Egyptian Cabinet statement earlier this week. Once online, the project, which will span 4.8 sq km and contain over 387.4k bifacial solar panels, will be connected to Egypt’s electricity grid through a 33/220 kv interconnection station and offset an estimated 280k tons of carbon emissions annually.

Price tag: The Egyptian government says the project is expected to have a USD 168 mn price tag. Acwa power secured bridge loans worth some USD 45 mn from Apicorp and USD 14 mn from the European Bank for Reconstruction and Development (EBRD) in 2021 to bankroll the project. It also secured in April another USD 36 mn from the EBRD, USD 14.6 mn from the OPEC Fund for International Development, and USD 24.4 mn from the African Development Bank (AfDB). The United Nations’ Green Climate Fund (GCF) also said it will extend USD 34.5 mn in funding and the Arab Bank will contribute USD 14.8 mn for financing the project.

#4- The Kingdom is getting its largest fuel station soon: The Saudi Automotive Services Co. (Sasco) will inaugurate Saudi Arabia’s largest gas station in 2Q 2024, it said on X yesterday. The station is part of the company’s Al Jazeera 1 project, which is located along the King Fahd highway connecting Riyadh and Al Qassim. The project spans 280k square meters on the highway, which boasts the Kingdom’s highest traffic volume with a a daily average of 100k vehicles.

The Foreign Ministry has welcomed the restoration of diplomatic ties between Iran and Pakistan, SPA reported, days after Tehran and Islamabad exchanged missile and drone attacks last week.

DATA POINT-

Saudi Railways (SAR) operated 32k trips last year serving 55% more passengers (11.2 mn) on an annual basis, it said in a post on LinkedIn (watch, runtime: 2:57). SAR has also moved 6% more minerals and goods (25 mn tons) on an annual basis in 2023. Its total operations have saved domestic fuel consumption by 3 mn barrels.

HAPPENING TODAY

Foreign Minister Faisal bin Farhan will take part in the EU Foreign Affairs Council meeting in Brussels today, a statement by the EU read yesterday. The meeting will discuss the Gaza crisis, and the “the need to prevent spill-over in the region and the way forward.” The meeting will also see the participation of the foreign ministers of Egypt, Jordan, and Palestine, as well as Arab League Secretary General Ahmed Aboul Gheit.

The Riyadh Real Estate Future Forum will kick off today in Riyadh and runs until Wednesday.

WEATHER-

Expect a sunny and clear day in Riyadh, Jeddah and Dammam today, with some clouds expected to set in tomorrow.

  • Riyadh: 26°C daytime / 15°C overnight
  • Jeddah: 30°C daytime / 24°C overnight
  • Dammam: 24°C daytime / 12°C overnight

SPORTS-

The Green Falcons secured a decisive 2-0 victory against Kyrgyzstan in yesterday’s match at the 2023 AFC Asian Cup in Doha, earning them the top position in their group with 6 points. This places the national team in a commanding position as they prepare to face Thailand for theirfinal group stage match on Thursday, 25 January. 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.

Mourinho isn’t coming to Al Shabab:Football coach Jose Mourinho — who was recently sacked from AS Roma — has denied rumors suggesting he could accept an offer to take charge at Al Shabab.

DID YOU MISS THE JOY AWARDS? The ceremony, which took place on Saturday in Riyadh, saw Egyptian film Voy,Voy,Voy taking home the award for Best Feature Film. Nelly Karim received the Best Actress award, while Karim Abdel Aziz earned Best Actor. In the music category, Assala Nasri was named Best Female Musical Artist. The 2024 iteration of the event featured 13 awards for influential people in television, cinema, social media influencing, sport, and music.

** 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

DeSantis throws in the towel, backs up Trump: Florida Governor Ron DeSantis ended his presidential bid Sunday, saying “it’s clear a majority of Republican primary voters want to give Donald Trump another chance.” DeSantis had emerged as Trump’s top challenger, but struggled to keep up in the primary elections as voters showed continued loyalty to the former president.

That just leaves Haley: With DeSantis out of the running, the race for the Republican Party nomination has essentially been whittled down to Trump against former South Carolina Governor Nikki Haley. However, Trump continues to hold an 11 percentage point lead over Haley, according to the most recent CNN poll (pdf).

The news is getting lots of coverage in international press:Washington Post | The Guardian | FT | Politico | Associated Press | NYT | Bloomberg | Reuters

OIL WATCH

The Kingdom’s crude exports to its top client China fell 1.8% y-o-y to 86 mn tons in 2023 against a backdrop of cheaper oil prices from Russia, Reuters reported earlier this week, citing Chinese customs data. Russia delivered a record 107 mn metric tons of crude oil to China last year, shrugging off Western sanctions and overtaking the Kingdom to become China’s largest oil supplier.

Meanwhile, growing tensions in the Red Sea have delayed a total of 9 mn barrels of Saudi and Iraqi oil shipments as tankers are forced to sail away from the Bab El Mandeb strait and take the longer route around the Cape of Good Hope, according to Bloomberg.

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.

Companies have until Wednesday, 31 January to file their tax returns for 4Q 2023 and December 2023 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.

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