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Good morning from Riyadh, wonderful people. We have a packet issue for you this morning, starting with the big story out of the region, which sees Saudi leading a drive to end the war in Gaza.
The big business story this morning: A blockbuster USD 5 bn bond sale by the Public Investment Fund and the very-welcome launch of a new administrative court. The creation of the court and new civil transactions law that came into effect last month are among the cornerstones of Crown Prince and Prime Minister Mohamed bin Salman’s drive to make the Kingdom increasingly attractive to private capital.
^^ We have the rundown on these stories and more in this morning’s news well, below.
PSA #1- EnterpriseAM Saudi goes live on Sunday, 28 January. If you were forwarded this morning’s issue, you can tap or click here to get us in your inbox on launch day.
PSA #2- The Interior Ministry has introduced new fines for misuse of CCTV cameras. The fines range between SAR 500-20k.
WEATHER- Expect another day of clear skies and sunshine in Riyadh and Dhahran today with a touch of scattered clouds in Taif.
- Riyadh: 27°C daytime / 17°C overnight
- Taif: 24°C daytime / 14°C overnight
- Dhahran: 22°C daytime / 11°C overnight
Looking ahead: The capital will see a high of 29°C tomorrow with a chance of heavy winds.
DATA POINTS-
#1- Oil exports hit a five-month high in November, data from the Joint Organizations Data Initiative (JODI) showed yesterday. Oil exports were up to 6.34 mn barrels per day (bpd) in November, from 6.3 mn bpd a month earlier. Crude production dipped c. 1.4% to 8.8 mn bpd in November from 8.9 mn bpd in November.
#2- More than 30 mn passengers flew on national flag carrier Saudi last year, a 21% y-o-y increase from 2022, it said in a statement yesterday. Saudi reported a 4% y-o-y rise in total flights to 176.3k.
WATCH THIS SPACE-
#1- The Capital Market Authority (CMA) is looking to make it easier for real estate developers to raise capital with a new class of real estate equity certificates for companies looking to raise less than SAR 100 mn, Arab News reports, citing remarks by CMA Chairman Mohammed El Kuwaiz. We’ll be looking for more details in the days to come on the certificates and how they may be used.
#2- The Public Investment Fund (PIF) has become a multi-year sponsor of Formula E, Extreme E and E1, it said in a statement picked up by Zawya yesterday. The “E360” sponsorship will boost electric motorsports globally and advance electric mobility in the future, it said, without providing financial details on the agreement.
Familiar faces: The PIF holds a 5% stake in Formula E and is closing in on a 50% stake in off-road electric SUV racing series Extreme E and the new E1. All of the races — which also have local firms including Sabic and Saudia as sponsors, will be held in the Kingdom this year.
And fresh rebranding for the PIF? The PIF also announced a branding revamp, the statement read, without providing further details on the rebranding.
#3- An Egyptian company is currently working to build 28k housing units in the Kingdom,state news agency SPA reports citing Minister of Municipal, Rural Affairs and Housing Majid bin Abdullah Al Hogail. The ministry has yet to name the contractor or put a price tag on the project.
** You’re reading Zero Issue #34 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.
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** Have a comment, criticism, or story tip? Hit up patrick@enterprisemea.com.
THE BIG STORIES ABROAD-
#1- US and British forces launched another round of attacks last night against Houthi targets in Yemen, hitting what they said were the Tehran-backed group’s missile capabilities as well as underground storage sites. The two struck eight sites, with unspecified support from Australia, Bahrain, Canada, and the Netherlands.
It’s the second major strike aimed at stopping Houthi attacks on Red Sea shipping. The story is leading the front pages of the Wall Street Journal and Reuters. It’s also getting plenty of ink from others including the Financial Times and the New York Times.
#2- It’s a big day in US politics as voters in New Hampshire head to the polls in a primary that media are almost uniformly positioning as challenger Nikki Haley’s last chance to stop Donald Trump from cruising to the Republican nomination.
Uh, Enterprise? Isn’t this the first primary? It is, for the GOP, at least. Haley is hoping to upset Trump, who has a commanding lead in the polls, and US and UK media seem convinced that it’s all over for the former UN ambassador and South Carolina governor if she doesn’t beat him tonight.
Need more? Head over to Politico (here and here), the Associated Press, New York Times, or Financial Times.
ALSO worth knowing about this morning:
- Want to send the kid to study in Canada? Ottawa is imposing a two-year cap on international student visas as part of a bid to tamp down skyrocketing housing prices. (Reuters | Globe and Mail)
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 AlUla Tour 2024 will kick off on Tuesday, 30 January and wrap up 3 February.
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 Hail Toyota International Rally which will kick off on 8 February and wrap up on 10 February. You have until Saturday, 27 January to register.
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.
