We have another packed issue for you this morning, friends, with plenty of renewable energy news (we’re going to be building a components industry here in Saudi), a look at the sukuk market in the first half, and coverage of the IMF’s latest World Economic Outlook report. The fund has cuts its growth outlook for Saudi for the third time this year, but sees the global rate of growth holding steady from its last forecast.

FAST FACT- A very expensive pest. Did you know the red palm weevil costs the Kingdom’s SAR 9.2 bn date industry some SAR 1 bn in losses every year? Neom’s Topian and a Kaust-backed startup are working on a technology they hope is part of the solution, as we report in this morning’s Also on our Radar.

** PROGRAMMING NOTE- EnterpriseAM Saudi is off tomorrow. Longtime readers of our other publications know that we take occasional holidays during the dog days of summer and toward year’s end to recharge our batteries. We’re taking a day tomorrow to enjoy some time with family and friends — we’ll see all of you back here on Sunday at our usual time.

UP FIRST-

WATCH THIS SPACE #1- Goldman Sachs is jumping on the Middle East fund bandwagon: Goldman Sachs is reportedly hiring a “longtime JPMorgan Chase banker” to lead a new Middle East-focused investment fund it plans to launch, Bloomberg reports, citing sources it said have knowledge of the matter. Discussions are ongoing for an open-ended fund, with the final size of the fund not yet disclosed. This comes after Goldman Sachs became the first Wall Street bank to secure ana regional headquarters license to set up shop in the Kingdom.

Habib Saikaly will oversee the fund as the Riyadh-based head of Goldman’s fundamental equity business across the Middle East and North Africa, Bloomberg reports. The 13-year JPM veteran’s bio page shows he’s had stints with the bank in London and was previously with Credit Suisse, Deloitte, and PwC. He holds a BS in electrical engineering from Loyola Marymount University and a master’s from ESCP Europe Business School.

WATCH THIS SPACE #2- Saudia is set to take first deliveries from its USD 19 bn Airbus order in 2026, when it will receive 15 or 16 aircraft out of the 105 it ordered, Saudia Director General Ibrahim Al Omar told Asharq Business (watch, runtime: 0:24). The rest of the aircraft will be delivered between 2026 and 2030, he added.

Background: Saudia placed the largest aircraft order in the Kingdom’s history during the Future Aviation Forum back in May, which will see it add additional A320neo aircraft to its fleet. The aircraft will be distributed between the flagship carrier and its low-cost subsidiary Flyadeal, with Saudia set to receive 54 A321neo, while Flyadeal will get 12 A320neo and 39 A321neo. The order could have been bigger, but Airbus couldn’t handle any more deliveries before 2032.

The rationale: Saudia wants to increase the number of its passengers to 330 mn and expand destinations to 250 by 2030, it said. The target plays into the Tourism Ministry’s goal to lure in 150 mn tourist trips after it hit its target last year ahead of schedule. It also accommodates a target to increase the number of pilgrims to 30 mn by the end of the decade.

WATCH THIS SPACE #3- Florida-based lobbying firm Ballard Partners is said to be preparing to open an office in Riyadh. Ballard, founded in 1998, has offices in a number of major US cities as well as Israel, Turkey and Nigeria. It claims Amazon, Google, Blackstone, Boeing, GM, the NBA, the New York Yankees, and the government of Turkey among its clients.

NOMU WATCH-

#1- Homegrown agri-food company Anaam Holding is looking to sell a 20-30% stake in its toymaking unit Wasit Saudi in an IPO on Tadawul’s parallel market, Nomu, CEO Hassan Al Yamani told Argaam. Anaam has tapped Wasatah Capital as financial advisor to quarterback the sale, which could go to market anytime between next year and 2026, Al Yamani said. The company is said to be targeting a top line of SAR 36 mn and a bottom line of SAR 6-10 mn this year; it produces toys and waterpark play structures for clients including Toys R Us, Al Hokair, and the Culture Ministry.

#2- Al Hokail Academy Specialized Digital Polyclinics has pulled the plug on its Nomu IPO following consultations with its financial advisor Emirates NBD Capital KSA, according to a disclosure to Tadawul. Al Hokail could revive its IPO plans at a later stage, it added.

SPORTS-

Designs for the New Murabba Stadium have been released: The new 45k seat facility in Riyadh will span 180k sqm, boasting entertainment hubs, retail outlets, and restaurants alongside all the sports events it is set to host, New Murabba Development Company said on X.

HAPPENING TODAY-

The Real Estate General Authority’s Real Estate Brokerage Forum kicks off today at the Riyadh International Convention and Exhibition Center. The event will look at amendments to the brokerage system that went into effect in January 2023, as well as real estate platforms and the future of real estate market with speakers from Al Watania Real Estate, the Digital Government Authority, and proptech outfits Aqar, and Bayut.

REFRESHER- The broker regulations cover licensing and training, advertising regulations, brokerage contracts, and transaction recording. The regulations were released in July 2022 and came into effect this past January.

Alkhabeer Capital’s Alkhabeer Diversified Income Traded Fund 2030 will debut on Tadawul today, according to a disclosure. The fund is a Shariah-compliant closed-ended investment fund.

WEATHER- Another hot day is in the cards for Riyadh, where you can expect a daytime high of 44°C and nighttime low of 31°C today. It’s almost as hot in Makkah, where the mercury will peak at 42°C during the day before dropping to a more balmy 29°C at night. Meanwhile, Jeddah, the coolest of the three, is looking at a high of 38°C and a low 30°C.

PSAs-

#1- Saudi fishermen are now eligible for financial support after the government launched a SAR 54k award program in a bid to retain skilled workers and ensure steady fish supply, according to Gulf News. The program is managed by the Sustainable Agricultural Rural Development Programme. Eligibility requires a valid fishing license and active engagement in fishing activities, according to a statement.

#2- Attention all camel owners and aficionados: The Camel Club will soon launch the first-ever platform for the camel sector and its owners, Camel Club Chairman Fahd bin Hathlain said in a post on X. The platform will operate similarly to the Interior Ministry’s Absher platform, which acts as an online portal for citizens to access Saudi government services digitally.

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BIG STORY ABROAD-

Surprising absolutely no one, Donald Trump is still plastered across front pages of the global press. The, uhm, highlights:

#1- Trump would give Jay Powell a second term, telling Bloomberg in a sweeping interview that he would allow the US Federal Reserve boss to serve out his current term, which ends in 2026. He also discussed tariffs (he loves them), Tiktok (he doesn’t want to ban it), and taxes (he wants to slash the corporate tax to 15%), among other things.

#2- A Trump presidency could spell a rise in global inflation as a result of his US-first policies like tax cuts and high tariffs, CNBC reports.

#3- The US allegedly received intelligence of an Iranian plot to assassinate Trump weeks before the shooting, which is why the Secret Service ramped up security around him, CNN reported yesterday. Pundits and lawmakers are still asking how the shooter got to within mere meters of Trump.

#4- Trump is lining up new supporters, including former critics from the Republican party and Big Tech.

THE LATEST IN FRANCE- The government of French Prime Minister Gabriel Attal handed in its resignation yesterday even though left-of-center parties have not yet reached a decision on who will form the next government. The move allows now-former cabinet members who have secured seats as lawmakers in the National Assembly to vote on the next house speaker tomorrow. (WSJ)

It’s similarly a mixed bag in the business press, with no dominant them running across front pages:

  • Chinese businessman Guo Wengui — a Chinese Communist party critic and Trump ally — was convicted in a US court of what prosecutors said was a USD 1 bn fraud. (Reuters)
  • Elon Musk says he’s moving the Tesla and SpaceX headquarters from California to Texas in response to a new gender identity law he opposes in the Pacific state. (Reuters)
  • Turkey is looking to impose a minimum corporate tax on large multinationals and will hike pensions as part of a corporate tax overhaul. (FT | Daily Sabah)

CIRCLE YOUR CALENDAR-

The Crawford vs Madrimov boxing showdown will take place on Saturday, 3 August at the Los Angeles BMO Stadium. The event is the highlight of the Los Angeles Riyadh Season Card which features five other bouts. You can check them out here.

Aramco is set to release its 1H 2024 results on Tuesday, 6 August, according to its website. You can tune into the audio webcast of its earnings call here. The oil giant’s net income dipped a bit more than 14% in 1Q 2024 to SAR 102.3 bn.

Cybersecurity training event SANS Riyadh Cyber Leaders August 2024 will run from Sunday, 18 August to Thursday, 22 August at the Hyatt Regency Riyadh Olaya.

The eight-week Esports World Cup runs until Sunday, 25 August Riyadh’s Boulevard City. The world’s top esports clubs are competing for a pool of USD 60 mn — the largest purse in esports.

The TotalEnergies CAF Super Cup Final 2024 between Egyptian rivals Al Ahly and Zamalek will be held in Riyadh on Friday, 27 September. The venue and kick-off time of the match will be announced at a later date.

This year’s edition of security-focused expo Intersec Saudi Arabia will run from Tuesday, 1 October to Thursday, 3 October at the Riyadh International Convention and Exhibition Center.

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