AlUla

The Royal Commission for AlUla (RCU) tapped Abeer Al Akel (LinkedIn) as its new CEO, it said in a post on X. Al Akel, who previously held managerial positions at Saudi Awwal Bank and PwC, served as acting CEO at the RCU for a one-year stint prior to her permanent appointment.

Good morning, ladies and gents. We have a light issue for you today as business in the Kingdom slows down after last week’s flurry of agreements and conferences. Inflation, however, is not slowing down, as it rebounded slightly to 2.0% in January.ALSO IN TODAY’S ISSUE- Umm Al Qura sets price range ahead of its Tadawul IPO, the rundown on latest startup funding rounds in Saudi, and a spotlight from Bloomberg on Asfar’s push to widen tourist options in the Kingdom. Let’s dive in.HAPPENING TODAY-#1- The two-day AlUla Conference for Emerging Market Economies wraps up today. The event, organized by the Finance Ministry and the IMF, aims to foster dialogue on economic challenges affecting emerging markets, with a focus on fiscal policy, debt, and AI’s role in economic development.What they said: Finance Minister Mohammed Al Jadaan emphasized the importance of multilateral cooperation, particularly in tackling sovereign debt, and fostering a global economy that is “durable and inclusive for all nations.” IMF Managing Director Kristalina Georgieva highlighted the critical role of emerging markets in global growth, urging them to be “agile, adaptable, and resilient” in tackling challenges such as inflation, high debt, and reforms needed to improve competitiveness and productivity. #2- Two Nomu IPOs continue today: Local marble and porcelain supplier HKC Ceramics, better known as Hedab Alkhaleej, is offering a 10.7% stake (800k newly-issued shares) on the Nomu parallel market in a primary offering limited to qualified institutional investors (QFIs), according to a Tadawul statement. In addition, Coffee chain operator Ratio is offering a 25% stake (5 mn shares) on Nomu at SAR 10 apiece, in a secondary offering, according to a statement to Tadawul. Both offerings started yesterday, and will run until 20 February. #3- The public offering of Rawasi Albina Investment’s Series 1 SAR-denominated Sukuk continues until Thursday, 27 February. The initial SAR 50 mn issuance — the first issuance under its SAR 500 mn sukuk program — has a five-year maturity and a 10.25% annual return paid semi-annually. The Sukuk holds a BBB (Stable) rating, with a minimum subscription of SAR 5k and a maximum of SAR 500k.HAPPENING TOMORROW-The three-day Capital Markets Forum — organized by Saudi Tadawul Group — kicks off on tomorrow at Riyadh’s KAFD Conference Center, before moving to the Four Seasons Hotel Riyadh for the following two days.** EnterpriseAM will be at the Forum in Riyadh, Tuesday to Thursday. Feel free to drop us a line at awahid@enterprisemea.com — we’d love to grab a coffee and chat about the latest in the industry.PSA- #1- ⚠️ WEATHER- Riyadh is bracing for a wet week as the National Center of Meteorology forecasts moderate to heavy rain across much of the Kingdom between Tuesday and Thursday. Riyadh will also see strong winds, low visibility, lightning, and flooding. Makkah, Hail, Al Qassim, and Madinah will also see rain.#2- The Saudi Stock Exchange will be taking Sunday, 23 February off in observance of the Founding Day, with trading set to resume on Monday, 24 February, it said in a statement. WATCH THIS SPACE- #1- Diriyah’s USD 64 bn development is on track to exceed income projections for 2025, with early residential sales reaching SAR 13-14 bn in deposits, largely driven by luxury property sales, CEO Jerry Inzerillo was quoted as saying during a panel at the PIF private sector forum by the Saudi Gazette. The development, spanning 14.2 mn sqm, has drawn interest from international investors including Italian and Colombian developers, as well as Qatari and Emirati buyers, Inzerillo added.ALSO- A potential IPO? Inzerillo hinted at a potential future public listing for Diriyah, citing strong investor interest and solid returns. “Diriyah is well-positioned for long-term financial sustainability,” he said. #2- The first phase of smart city The Line’s Hidden Marina is moving forward, with contractors being sought for raft foundations tendered in six lots, with the Hidden Marina set to be the first segment of the Line to become operational, the Saudi Gazette reports citing remarks by Neom Chief Development Officer Denis Hickey at the PIF Private Sector Forum. The details: The 2.5-km long, 500-meter high first phase will be composed of three interconnected modules and is set to house upwards of 200k residents, Hickey said. Neom set a 24 March deadline for firms to submit proposals to undertake the raft foundations of the modules, according to Meed. Is the Line still facing hurdles? Neom’s flagship project — which is projected to cost anywhere between USD 100-200 bn — was expected to be home to fewer than 300k people by the end of 2030, down from an initial forecast of 1.5 mn residents, due to a slowdown in construction, according to unconfirmed media reports last April. Only 2.4 km of the project were expected to be completed by the end of the decade. More recent projections were not immediately available. #3- Homegrown electric vehicle brand Ceer is set to unveil its first car toward the end of this year and begin taking orders early in 2026, Al Arabiya quotes Ceer CEO James DeLuca as saying. Ceer. The company’s first two cars are set to begin production in 4Q 2026 and hit markets simultaneously, DeLuca added. Meanwhile, Ceer is set to contribute USD 8 bn to Saudi Arabia’s GDP by 2034, creating some 30k jobs locally and reeling in some USD 150 mn in FDI, ICYMI- The EV brand inked 11 agreements worth SAR 5.5 bn at the PIF Public Sector Forum with mostly Saudi companies earlier this week, part of its drive to localize EV components.#4- White House Middle East envoy Steve Witkoff said yesterday he is to land in Saudi Arabia last night, ahead of talks between Russian and US officials aimed at ending the Ukraine-Russia war, in an interview with Fox News (watch, runtime: 2:05). Witkoff was to be joined by National Security Advisor Mike Waltz. Reuters also had the story. ICYMI- This is the first official confirmation that senior officials from US and Russia will convene in Saudi for talks, which are intended to lay the groundwork for a Trump-Putin summit that could happen as soon as this month. #5- UK-based global asset management firm Janus Henderson Group Plc is exploring a move to Saudi Arabia as it looks to expand its Middle East presence, with the opening of an office in the Kingdom being a “likely outcome,” the company’s CEO Ali Dibadj told Bloomberg. The firm recently tapped Baraa Amir (LinkedIn) to spearhead its Middle East and Africa operations and to "start laying the groundwork” for further investments in the region.DATA POINTS-#1- The Northern Borders province is estimated to hold over SAR 4.7 tn in mineral reserves, the Mineral and Natural Resources Ministry posted on X. The ministry already issued 29 mining licences for operations in five ore phosphate mining sites.#2- The Public Investment Fund (PIF) reduced its ownership in the US stock market by the end of 4Q 2024 to USD 26.8 bn, down 23.9% y-o-y, Mubasher reports, citing US Securities and Exchange Commission filings. PIF held some 2 bn shares across 60 US companies by the close of the fourth quarter, with its largest holding represented in Lucid Group — where it owns 1.8 bn shares worth USD 5.4 bn. Holdings in Uber Technologies (USD 4.4 bn), and Electronic Arts (USD 3.6 bn) followed. SPORTS-UK-born Nissan pilot Oliver Rowland went on top in the Formula E World Championship at Jeddah Corniche Circuit, with a comfortable lead to the checkered flag, marking his second win this season, Formula E reports. The podium was completed by British drivers Taylor Barnard and Jake Hughes. Get Enterprise daily The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox. Subscribe here ***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Tas’heel.Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.DID YOU KNOW that we also cover Egypt, the UAE, the MENA logistics and climate industries?Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.***THE BIG STORY ABROAD- It’s an unusually calm morning on the international scene, as regional and international leaders anticipate the ramifications of the new US administration’s approach to Gaza, Ukraine and the international economy.US Secretary of State Marco Rubio started his Middle East tour in Israel, where he stood next to Prime Minister Netanyahu to affirm their shared goals of “eradicating” Hamas and preventing the emergence of a nuclear Iran. Netanyahu called US President Trump’s forcible displacement plan “the only viable plan to enable a different future.” Rubio will head next to Saudi Arabia and the UAE. (AP | CNN)MEANWHILE- Top EU leaders are gathering in Paris today, to discuss a unified response to the US’ unilateral rapprochement with Russia, and the future of European defense. It remains unclear whether EU or Ukrainian representatives will be a viable part of the anticipated US-Russia negotiations to end the war in Ukraine. (FT | AP | BBC)

Good morning, wonderful readers. We’re two weeks away from Ramadan, and business activity is ramping as the Kingdom prepares for the holy month.In today’s issue: FinMin’s out with its budget performance report for 4Q 2024, Derayah Financial prices IPO at the top of the guidance range, and a flurry of agreements from Ceer, Roshn and SADC. Saudi is also making big regional moves, taking the lead on the Arab plan for Gaza’s future.BUT FIRST- It’s a wrap on PIF’s Private Sector Forum, which saw the signing of 140 agreements worth up to SAR 14 bn on Wednesday and Thursday, with participation of over 100 PIF companies, Director of Strategy and Planning for National Development at the PIF Abdullah Alhussaini said in an interview with Al Arabiya (watch, 1:24). Most agreements were between PIF subsidiaries and other private sector firms, but the event also saw signings between private sector firms following “matchmaking” by the fund.HAPPENING TODAY-#1- Rawasi Albina Investment is launching the public offering of its Series 1 SAR-denominated Sukuk today, which runs until Thursday, 27 February, according to a Tadawul disclosure. The initial SAR 50 mn issuance — the first issuance under its SAR 500 mn sukuk program — has a five-year maturity and a 10.25% annual return paid semi-annually. The Sukuk holds a BBB (Stable) rating, with a minimum subscription of SAR 5k and a maximum of SAR 500k.ADVISORS- Al Khair Capital is acting as the sole arranger and financial advisor for the issuance. Receiving agents include SNB Capital, BSF Capital, Alrajhi Capital, Riyad Capital, Albilad Capital, Aljazira Capital, Alistithmar Capital, Derayah Financial, Alinma Investment, ANB Capital, Yaqeen Capital, Alkhabeer Capital, SAB Invest, and Sukuk Capital.#2- The two-day AlUla Conference for Emerging Market Economies kicks off today and runs until Monday. The event, organized by the Finance Ministry and the IMF, aims to foster dialogue on economic challenges affecting emerging markets, with a focus on fiscal policy, debt, and AI’s role in economic development. Finance Minister Mohammed Al Jadaan and IMF Managing Director Kristalina Georgieva will give opening and closing remarks.WEATHER- Riyadh is looking at a 23°C high and a 12°C low today, with some light showers. Jeddah will see a 29°C high and 23°C low. Meanwhile, Makkah will see rainstorms as well as a 30°C high and 21°C low.HAPPENING TOMORROW-The Middle East Trade Summit is coming to Riyadh’s Boulevard City tomorrow, courtesy of the International Association of Amusement Parks and Attractions. The event, which runs through Wednesday, 19 February, brings together industry stakeholders to discuss innovations and trends in the region’s amusement and entertainment sector. Register here.HAPPENING THIS WEEK-The three-day Capital Markets Forum — organized by Saudi Tadawul Group — kicks off on Tuesday, 18 February at Riyadh’s KAFD Conference Center, before moving to the Four Seasons Hotel Riyadh for the following two days.** EnterpriseAM will be at the Forum in Riyadh next week, Tuesday to Thursday. Feel free to drop us a line at awahid@enterprisemea.com — we’d love to grab a coffee and chat about the latest in the industry. WATCH THIS SPACE- #1- A Saudi Champs-Élysées in the works? A Saudi version of the iconic Parisian Champs-Élysées boulevard is set to be unveiled in Diriyah, Argaam cites Diriyah Company CEO Jerry Inzerillo as saying at the PIF Private Sector Forum. The project’s name — personally selected by Crown Prince Mohammed bin Salman — is set to be unveiled later this year at the Future Investment Initiative, Inzerillo said.The details: The 1.9 km boulevard will feature the Saudi Museum of Contemporary Art, an opera house, and the world’s largest Apple Store, among other attractions. #2- Senior officials from the US and Russia are set to convene in Saudi next week to begin laying the groundwork for an upcoming Trump-Putin summit, which will see talks aimed at bringing an end to the Ukraine War, Bloomberg reports, citing people it says are in the know. The list of attendees is still in the works, and it is likely to include national security advisers, sources said.More on the when and how: Organizers are hoping for a gathering as soon as this month, with hopes that the summit will kick off before the start of Ramadan in March. The Kingdom has reportedly invited representatives from the US, Russia, and Ukraine.The reaction from Ukraine: Ukrainian President Volodymyr Zelenskiy said he is yet to receive an invitation, adding that he was not pleased that plans for a summit were being put together without Kyiv’s input.#3- Saudi Arabia’s lack of direct air connectivity to global destinations is “Haram, Haram, Haram,” Riyadh Air CEO Tony Douglas was quoted as saying at the PIF Private Sector Forum by Saudi Gazette. “We can’t travel directly from Riyadh to Tokyo, to Shanghai, to Seoul, to Sydney — the list goes on and on,” Douglas said. The lack of direct connections out of the Kingdom means that Saudi passport holders land among the top premium passengers on airlines such as Qatar Airways and Emirates. IN CONTEXT- Saudi Arabia’s newest carrier pushed back its launch to 3Q 2025 from earlier this year, after facing delays in Boeing aircraft deliveries. The airline expects to receive as many as four Boeing 787 Dreamliners this year — half of which were originally scheduled.DATA POINTS-#1- The global ESG sukuk market surpassed USD 50 bn in 2024, with Saudi Arabia, Malaysia, and Indonesia accounting for 67% of the total, Zawya reported, citing data from the London Stock Exchange Group (LSEG). ESG sukuk issuances grew 14.5% y-o-y to USD 15.2 bn last year, accounting for 1.8% of total ESG bonds and 6.2% of total sukuk issuances. Sustainability sukuk nearly doubled during the year, comprising 69% of all ESG sukuk.Financial institutions issued 55% of ESG sukuk in 2024, with 93% coming from GCC-based banks. Saudi banks snapped four places among the top 10 issuers of ESG Sukuk in 2024, including Rajhi Bank (USD 2.26 bn), Saudi National Bank (USD 850 mn), Saudi Investment Bank (USD 750 mn), and Riyadh Bank (USD 750 mn).#2- Riyadh’s metro served a total of 18 mn passengers up until the end of last week, with the Blue Line being the busiest route at 10 mn passengers since its launch in December, the Royal Commission for Riyadh City posted on X. Meanwhile, the Financial Center Station saw the highest footfall at upwards of 3 mn passengers.#3- The Saudi cybersecurity market is valued at around SAR 13-14 bn, and is expected to grow at a compound annual growth rate (CAGR) of 11-13% over the next 5 years, PwC Middle East Cybersecurity & Digital Trust Leader Samer Omar told Argaam. Some 31% of the market is controlled by the government and public sectors, while the remaining 69% is controlled by the private sector. SPORTS- #1- PGA Tour and PIF-backed LIV Golf are closer to striking an agreement, with last week’s meeting with Trump at the Oval Office bringing the golfing schism “one step closer” to a conclusion, the Associated Press reports, citing PGA Tour Commissioner Jay Monahan. Meanwhile, LIV critic Rory McIlroy has said that he is pro-unification, adding that players who are upset at peers who chose to join LIV in exchange for massive outlays should “move forward.”A good timing for an agreement? The PIF is nearing the USD 5 bn mark in total investments in LIV Golf, as losses mount and funds are set aside to renew big-ticket signings, Reuters reports, citing financial documents reviewed by Money in Sport newsletter. Operating losses at LIV Golf UK reportedly hit USD 394 mn in 2023, up USD 150 mn y-o-y, despite an uptick in revenues. Meanwhile, LIV’s US losses are expected to “be considerably worse than the rest of the world performance reported by LIV Golf in UK,” Money in Sport wrote.#2- Real Madrid are close to agreeing on a contract extension with Vinicius Jr, with the team connecting with the player’s agents last month to renegotiate his contract and put to rest Saudi hopes of signing the player, Reuters reports citing multiple unnamed sources. What gives? Despite the Kingdom showing interest in bringing the Brazilian 2024 Ballon d'Or runner-up to Al Ahli, no formal offer was made, with the move losing momentum over the past few months, the newswire cites a source close to Vinicius Jr as saying. Meanwhile, Real Madrid was reportedly approached by PIF in January regarding a possible transfer, but the club showed no interest, citing the player’s EUR 1.04 bn buy-out clause as the only situation in which they would consider a handover, a source close to the Spanish club said. #3- Our World Cup will be dry and sober: There will be “no alcohol at all” at the World Cup hosted in the Kingdom in 2034, Saudi Arabia’s Ambassador to the UK Khalid bin Bandar Al Saud told UK radio station LBC. “Rather like our weather, it's a dry country,” Al Saud added. Get Enterprise daily The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox. Subscribe here ***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Tas’heel.Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.DID YOU KNOW that we also cover Egypt, the UAE, the MENA logistics and climate industries?Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.***THE BIG STORY ABROAD- It’s all about geopolitics in the foreign press this morning, with the Gaza ceasefire agreement seemingly back on track, Ukraine negotiating US trade demands, and Trump unveiling plans for reciprocal tariffs in his latest tariff salvo in the brewing trade war. Ukraine turns down a bold offer: Ukrainian President Volodymyr Zelensky reportedly rejected a request by the US to get more than half of the country’s mineral resources, with Ukraine working on a counterproposal. Negotiations over security guarantees for Kyiv come as US President Donald Trump’s Ukraine envoy Keith Kellogg confirmed the EU will not be part of anticipated peace talks with Russia. (Washington Post | FT | Reuters)Again with the tariffs: Trump also unveiled on Thursday plans to customize import tariffs according to a host of factors, including its trading partners’ subsidies, exchange rates, and taxes. This is in addition to new charges on cars, semiconductors, and pharma — with more details set to be announced after 1 April. (Bloomberg | Reuters | FT | CNBC)CLOSER TO HOME- Hamas and Israel moved forward with the planned prisoner exchange yesterday, which saw the release of three Israelis in return for 369 Palestinians. The Palestinian group re-committed to the exchange after talks with mediators in Qatar and Egypt, following earlier disagreements that threatened to put the ceasefire in jeopardy. (BBC | Bloomberg | AP | The Guardian)

Good morning, wonderful people. We have another relatively busy issue for you this morning, leading with the latest private sector employment figures, as well as new Saudization targets for the year ahead. HAPPENING TODAY-The Italian Navy’s historic sailing ship the Amerigo Vespucci will bring its world tour totheJeddah Yacht Club & Marina for four days starting today. The visit will feature the Villagio Italia exhibition, showcasing Italian design, gastronomy, and culture, with musical performances, art displays, and conferences on tourism, sustainability, and inclusion. Entrance to the exhibit is without charge, but visitors must pre-register. The International Conference on Asset, Facilities, and Maintenance Management is on its second day today at the Ritz-Carlton in Jeddah and wraps tomorrow. The week-long conference and meet-up looks to showcase new innovations and developments in assets and facilities management while advocating for the increased application of AI, IoT and Big Data, as well as the adoption of sustainable practices.The International Conference on Asset, Facilities, and Maintenance Management is also on its second day and wraps tomorrow at the Ritz-Carlton in Jeddah. The event gathers global experts to discuss the latest trends in electrical systems, transportation, water systems, cybersecurity, smart maintenance, and digital transformation.WEATHER- It’s thunderstorms for Riyadh today with a high of 20°C and a low of 11°C, while a windy Jeddah will see a high of 29°C and a low of 20°C. Madinah’s mercury will peak at 24°C, with a low of 14°C.PSAs- #1- Industrial investors can now use Modon’s early booking service to secure ready-built factories or supporting facilities that are under construction, Modon said in a post on X. Applications can be filed through Modon's portal.#2- Moody’s Investors Services Middle East Limited has been renamed to Moody’s Investors Services KSA Branch, according to a statement from the Capital Market Authority. The name change comes in compliance with the Capital Market Law’s implementing regulations. REMEMBER- The Cabinet signed off a new Commercial Registration Law and Trade Name Law, which are set to take effect on 2 April after their publication in the Kingdom’s official Gazette in October. Among other changes, it introduced a ban on duplicated trade names for businesses, even if they operate in different sectors or on different commercial activities and requires companies to have a singular commercial register covering all of their activities in Saudi. WATCH THIS SPACE- #1- Saudi and Italy are looking to form a strategic partnership council, after Crown Prince Mohammed bin Salman and Italian Prime Minister Giorgia Meloni signed an agreement during Meloni’s visit to the Kingdom, state news agency SPA reports. Meloni arrived in Jeddah on Saturday for a visit, following the recent signing of a five-year MoU between the two countries to bolster energy cooperation, including the potential supply of Saudi-made hydrogen to Europe via Italy. #2- Aslak names financial advisor for upcoming acquisition: United Wire Factories (Aslak) tapped Alkhair Capital to be its financial advisor for the potential acquisition of a 40% stake in Al Raeda Industrial Investment, it said in a disclosure to Tadawul.REFRESHER- This follows a non-binding MoU signed last month to acquire a 40% stake in Al Raeda Industrial Investment through a share swap. The move will see Al Raeda’s shareholders receive newly-issued shares in Aslak, according to an exchange ratio that will be agreed on following the completion of valuation and due diligence processes. Aslak has six months to finalize the terms and lock in the transaction.#3- Southern regions were hit by a blackout on Saturday, with the SEC attributing the outage — which affected Jazan, Asir, and Najran — to a sudden shutdown of power stations, the Saudi Gazette reported. The Saudi Electricity Regulatory Authority instructed the SEC to investigate the incident and submit its findings, the report said. Power was restored shortly after midnight yesterday, the SEC said, although some users claimed the outage continued in some areas.#4- The Real Estate Development Fund plans to launch a new repayment mechanism for self-construction finance beneficiaries this year, Aleqtisadiah reports, citing an unnamed source who refused to elaborate further on the mechanism.DATA POINTS- #1- CEOs in Saudi are highly optimistic about 2025: Some 98% of Saudi-based CEOs are confident about revenue growth this year, with 70% expecting to increase their workforce during the year, according to PwC’s annual CEO survey. Some 81% of Saudi CEOs have adopted AI during 2024 and 64% plan to carry out at least one acquisition within the next three years, the survey showed.THE REGIONAL VIEW- Investors are also confident about the region’s growth prospects this year: Growth in the Middle East is expected to be stronger in 2025 than it was in 2024 on the back of “continued solid expansions in the non-oil economies in key countries such as Saudi Arabia and the United Arab Emirates,” as well as “some likely increase in oil production,” according to the Association of Chartered Certified Accountants’ Global Economic Conditions report (pdf). Confidence in the region among chief financial officers and accountants was among the highest in the world in 4Q 2024, coming only second to South Asia in terms of overall economic confidence among the 1.8k surveyed. The study also showed that new orders in the region grew by 10 index points in 4Q 2024, outperforming all other markets surveyed — further pushing confidence in the region’s growth prospects for the year. #2- The Tadawul All Share Index (TASI) rose 0.8% w-o-w, with SAR 33 bn in turnover bytheend of last week, according to a weekly report from the exchange.Al Rajhi was the most traded in terms of value, ending the week with SAR 1.7 bn in turnover. Nice One came in second at SAR 964.8 mn in trade volume, followed by SNB with SAR 872.6 mn in turnover. Saudi Cable was the top gainer, seeing its shares rise by 25.1%, followed by Thimar (+18%) and Jouf Cement (+15.6%). Investor mix: Saudi institutional investors turned over SAR 7.7 bn-worth of shares, while Saudi individual investors’ turnover came in at SAR 40.1 bn. Meanwhile, turnover from qualified foreign investors came in at SAR 15.3 bn and GCC institutional investors’ turnover was SAR 1.1 bn, according to Tadawul’s weekly stock market ownership and trading activity report (pdf).SPORTS-#1 FROM THE RUMOR MILL- Al Ittihad reportedly in for a Barcelona academy player: Al Ittihad, currently in second place in the Saudi Pro League, is reportedly looking to add Barcelona’s Unai Hernandez for as little as USD 6 mn, Goal reports. Hernandez’s contract runs out on 30 June this year, with the Catalan club looking to bolster its finances ahead of a potential move to acquire Marcus Rashford, who is seemingly set for a move away from Manchester United.ALSO- SPL clubs seem to be sizing up a move for Barcelona’s Pedri in a monumental move that could also land Real Madrid’s Vinicius Júnior in the Kingdom, SportBible reports.#2- LeBron James has partnered with AlUla to launch a new team, Team AlUla, at the PIF-backed UIM E1 World Championship, the world’s first all-electric raceboat series, according to a press release (pdf). The team debuted in the 2025 season, starting with the E1 Jeddah GP that ran from Friday 24 January to Saturday 25 January. Get Enterprise daily The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox. Subscribe here ***You’re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We’re out Sunday through Thursday by 7am Riyadh time.EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Tas’heel.Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com.DID YOU KNOW that we also cover Egypt, the UAE, the MENA logistics and climate industries?Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM Saudi delivered every weekday.***THE BIG STORY ABROAD- US President Donald Trump continues to make headlines with a fresh set of tariffs slapped on Colombia and calls for Gazans to settle in Egypt and Jordan to make way for a “clean-out” of Gaza. Trump slapped a 25% tariff on all imports from Colombia — set to be raised to 50% in a week — along with a travel ban on Colombian government officials and financial sanctions after Colombia sent back two US military aircraft carrying deported migrants from the country. The deportation came as part of Trump’s sweeping crackdown on illegal immigration, which included a broad ban on asylum, since taking office. Colombia responded with its own 25% tariff on US imports. (Reuters | Bloomberg | WSJ | BBC) In separate news, Trump called for Palestinians displaced from Gaza to be resettled in Jordan and Egypt either temporarily or permanently. Trump noted to reporters following a call with Jordan’s King Abdullah Saturday that he wanted both Jordan and Egypt to take in more displaced Palestinians, saying in reference to Gaza that “we should just clear out the whole thing.” The idea was rejected by Jordan and the Palestinian authority, and Trump officials later on Sunday suggested that Gazans would receive guarantees that they would eventually be allowed to return in a bid to downplay the suggestion.OVER IN LEBANON- Israeli forces opened fire on a group of protestors in Lebanon demanding their withdrawal in line with the agreed 60-day deadline as part of the ceasefire, killing at least 22 and injuring 124 people, AP reports. The White House later issued a statement that the deadline for Israeli troops’ withdrawal has been extended to 18 February, after Israel said it is waiting for the Lebanese army to deploy to all areas of South Lebanon to ensure that Hezbollah does not reestablish its presence there, despite statements from the army that it cannot deploy there unless Israeli troops withdraw.

STARTUP WATCH- Homegrown food pick-up app Twlm has raised SAR 1 mn (USD 270k) in a funding round, according to a press release. The round was led by B Group, with participation from unnamed angel investors. The startup will use the fresh funds to expand its network to 1k local restaurants before year end, up from the current 250. DEBT WATCH-Nomu-listed telecom and power infrastructure firm Keir International has more than doubled its line of credit with Banque Saudi Fransi to SAR 74 mn, up from SAR 32.2 mn, a filing to Tadawul showed. The funding will be allocated to finance projects, bank guarantees, and letters of credit, Keir explained.SPACE-US space research organization Seti Institute has partnered with the Saudi Royal Commission for AlUla to deploy space surveillance systems at AlUla Manara Observatory in the historic archeological site, launch educational programs, and conduct joint research projects, according to a statement (pdf) from Seti. The partnership seeks to position AlUla Manara Observatory as a hub for astro-tourism and space research, the statement read.REGULATION WATCH-#1- A new royal decree mandates that the eldest present royal member of the cabinet to chair meetings in the absence of King Salman and Crown Prince Mohammed bin Salman, state news agency SPA reported. The story got ink from Reuters.#2- The new law of the Oversight and Anti-Corruption Authority defines the Authority's structure, responsibilities, and operational procedures for combating corruption, including oversight of public entities, handling investigations, and promoting transparency, as published on the Official Gazette Umm Al Qura The law outlines the Authority's powers to monitor administrative practices, receive and verify complaints, and recover illicit assets. It also sets rules for budget management, reporting, and the treatment of officials involved in corruption, and mandates specialized units within the Authority to handle various aspects of its mission.AVIATION-MD Helicopters (MDH) secured a USD 19 mn support contract with the Saudi National Guard, under which it will provide comprehensive support for the Saudi National Guard’s MD530F helicopter training fleet, according to a press release. The contract covers spare parts, repair, overhaul, and in-country technical and logistical support, with one base year and four optional years. MDH will station a field service representative and logistics technician in Saudi Arabia for fleet maintenance and parts management.

Each Thursday, we take brief note of people, companies, and other organizations that have done well — or that are doing good in the community. This week:#1- AlUla has become the first destination in the Middle East to receive a Destinations International accreditation as part of an accreditation program that “serves as a benchmark for destination marketing organizations to measure quality and professionalism,” state news agency SPA reported. AlUla joined the US-based organization last year, making the first entry by an entity in the region. Destinations International is the world’s largest resource for destination organizations, according to its website.(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)#2- PIF-owned King Abdullah Financial District (Kafd) is the first hub in the Middle East and North Africa to receive WiredScore’s SmartScore Neighbourhood certification, it said in a statement. Kafd said it was awarded the certification for its “first-class digital infrastructure” and focus on urban living, smart city technologies, and sustainable development.” The certification takes into consideration factors including digital infrastructure, smart services, cybersecurity, and others.#3- The Saudi mathematics team took home six medals at this year’s International Mathematical Olympiad, state news agency SPA reported. The contest saw the participation of 603 students from 104 countries. It adds to Saudi’s total of 77 awards at the annual competition.

It’s a mixed bag for Saudi in the foreign press today, with Iran-Israel tensions, AlUla and Esports making the rounds. The Kingdom and the UAE issuing a joint statement calling for maximum “self-restraint” and warning regional players against the “dire consequences” of war earned coverage from Bloomberg. The statement came following a phone call between Crown Prince Mohammed Bin Salman and Emirati President Mohamed bin Zayed Al Nahyan, in which the two discussed Iran’s unprecedented attack on Israel.Meanwhile, CNN sees Riyadh’s Esports World Cup (EWC) as a lifeline to the ailing industry, featuring the “largest prize pool in esports history” — a USD 60 mn jackpot. The event — which is not funded by the Public Investment Fund — will run for eight weeks, starting late June. Although not everyone is on the same page: Apex Legends — one of the clubs competing in EWC — will reportedly not be altering its inclusive characters and cosmetics to fit the Kingdom’s cultural norms, the game’s developers have told Kotaku after the tournament faced some backlash over it being hosted in the Kingdom. ALSO WORTH A SKIM-Bloomberg is out with a travel review and extensive critique of Habitas AlUla’s too-good-to-be-true resort in the desert. The Guardian is out with yet another piece on Saudi women’s rights.

From Neom to Diriyah Gate — gigaprojects are changing the face of the Kingdom and creating significant opportunity for the private sector as a cornerstone of Saudi’s pivot away from oil. Are all of the announcements making your head spin? Here’s a primer to help you get oriented:#1- Neom is the crown jewel with a price tag of USD 500 bn, placing it comfortably as the most expensive construction and infrastructure project in the world, according to Construction Briefing. Neom’s flagship project, The Line, will alone cost anywhere between USD 100 bn to 200 bn. The futuristic project plans to run purely on renewable energy and accommodate 9 mn people in a 34 sq km area. “We’ve done a lot of the foundation work, literally and figuratively. We are ready to go,” The Line Chief Development Officer Denis Hickey said in a February progress report.#2- Next on the list: Diriyah: Diriyah Gate, another PIF development, was launched to develop the UNESCO World Heritage site that was the ancestral home of the royal family at a cost of USD 63 bn. Its developer, the Diriyah Gate Development Authority, invested USD 7.5 bn in 2022 to set up infrastructure for the project, which will be home to multiple hotels and residential properties as well as entertainment including a Formula-E race track. (Diriyah was host of a 2024 E-Prix in January.) #3- AlUla is being developed into a SAR 57 bn tourism destination, with some 9k hotel rooms, 38k new jobs, and a SAR 120 bn (USD 32 bn) annual contribution to GDP by 2035, the destination’s slated date for completion. So far, SAR 7.5 bn has been spent on “the expansion of AlUla International Airport … developing key tourism assets, including Ashar estate and the iconic Maraya multi-purpose events venue,” according to the the Royal Commission for AlUla.#4- New Murabba: The USD 50 bn 19 km downtown is anticipated to include over 104k residential units, 9k-keys hotel, and a range of supplementary amenities in the Northwest region of Riyadh, featuring a tech and design university, a museum, along with other cultural venues. New Murabbah is a 20 minute drive from King Khalid International Airport and will be home to a skyscraper that developers say will become an “iconic” feature of the Riyadh skyline. The new venture is expected to inject SAR 180 bn into the Kingdom's non-oil economy, while also generating 334k jobs by 2030.Alo in Riyadh: King Salman Park, a green, pedestrian-friendly destination that will be home to office space, the Royal Institute of Traditional Arts, the Museum of World Cultures, a 2.3k-seat National Theater, meeting space, and world-class sports facilities, among other features. It has awarded bns of SAR worth of construction contracts.#5- Your next favorite entertainment destination: Qiddiya. Spearheaded by the PIF’s Qiddiya Investment Company (QIC), the multi-bn USD development aims to become the world’s largest entertainment hub. The district will be home to the world’s first-ever Dragon Ball themed park, a Six Flags theme park, and a multi-use stadium where it plans to host major sports, cultural and entertainment events, including games at the 2034 Fifa World Cup. The destination will also be home to the world’s first gaming and esports district.#6- And Red Sea destination: The PIF-backed Red Sea Global is also working on its portfolio, which includes the Red Sea, Amaala and Thuwal at a cost of USD 20 bn. In 2023, RSG opened two destinations — Six Senses Southern Dunes and St. Regis The Red Sea Resort — and will open a further 24 resorts and add 4.2k keys this year, its CEO John Pagano told AGBI. The Red Sea Developer has spent USD 5 bn so far, and will pour an additional USD 15 bn this year, he said.Not just any sustainable city: The project, which is estimated to contribute USD 9 bn to the Kingdom’s GDP, looks beyond being just a sustainable city. “Sustainability is no longer enough, so we've moved away from sustainability. We talk about regenerative development, we try to make the place better than when we found it,” Pagano said in an interview last year. Set to welcome international visitors soon: The Red Sea International Airport (RSI) will receive its first international flight this month in a new twice-weekly route linking Dubai International (DXB) to RSI. State-owned airline Saudia has been running domestic flights to RSI since September 2023.#7- Masar: the 1.2 mn sqm strip in Makkah leading to the Grand Mosque will boast of hotels, retail, and residential and office space. Construction is 25% complete, with SAR 40 bn in investments already deployed.#8- Oxagon (AKA Neom’s industrial city): A floating port city located near the Suez Canal, will serve as a logistics and industrial center, creating 90k jobs by 2030. Its talked-up port is expected to have a capacity of over 1.5 mn containers by 2025, CEO Vishal Wanchoo told Asharq Al-Awsat. The first phase of construction for its first permanent residential compound is slated to start in 2026, Wanchoo added. PAYING FOR IT ALL- The government will need to line up USD 640 bn to fund its construction pipeline, just for the next 5 years, squeezing local lenders for USD 384 bn if they are to take up 60% of the pipeline, Bloomberg reports, citing data compiled by Dubai-based analysis firm MEED.

It’s a busy morning for the Kingdom in the international business press. The New York Times’ flagship business newsletter, Dealbook, took note of the Future Investment Initiative conference in Miami, which has so far largely made headlines for remarks by PIF boss Yasir Al-Rumayyan about (a) the Kingdom’s AI ambitions and (b) the fund’s goal of investing a bit more abroad in the coming years. Dealbook unleashed its inner Orientalist, writing that “lots of big names showed up” and “everyone wanted everything to look normal. … Attendees mingled over wine, which is banned in Saudi Arabia, and Carbone’s spicy rigatoni. But everything isn’t entirely normal.” Why? One guest said “the real test of Saudi’s makeover is the level of her family’s concern when she visits the country.” God forbid: “Some guests whispered that the Saudis expect private equity firms to set up offices there and make sure their CEO makes at least one annual visit as part of any deal.” Shocker, right?Quick memo to Andrew Ross Sorkin: Y’all can do better than this. MEANWHILE- The CEO of PIF-backed EV maker Lucid says the company is “crucial” to Saudi as one of the cornerstones of the Kingdom’s economic diversification program. “We’re in this together for the long run. Nobody wants this more than Saudi Arabia,” Peter Rawlinson said in an interview with Bloomberg. “This is like a marriage.” Bloomberg takes note of the company’s sliding valuation and a perception in some quarters that the global EV market may be cooling. Also worth knowing about:ESL Faceit Group, the company set to organize the 2024 Esports World Cup, is cutting 15% of its staffto support “sustainable growth ambitions and profitability.” PIF’s Savvy Games Group bought Faceit USD 1.5 bn in 2022. The arrest of Amr Almadani, former head of the Royal Commission of AlUla, is making waves in France, where Le monde reports that the French outfit hired to help the RCU develop AlUla into a global arts destination is now facing an internal audit. Travel industry must-read Skift has its final sponsored content spotlight on tourism in the Kingdom — an interview with Niall Gibbons, Neom’s head of tourism. AND- Bloomberg has taken note of what it says is Sabic’s only full-year loss in data going back to 1996.

LOGISTICS- Saudi Ports Authority Mawani has wrapped up the expansion of the the northern part of Jeddah Islamic port, doubling up the size of its Red Sea Gateway Terminal to 15 mn sqm and boosting its capacity to 6.2 mn TEU containers, up from 2.5 mn, it said in a press release last week. The Terminal will now accommodate large vessels with a draft of up to 17 meters. The update work in partnership with Red Sea Gateway Terminal (RSGT cost SAR 1 bn and was executed under a build, operate, and transfer contract. RETAIL-Our friends at Cenomi Centers marked the grand opening of U Walk Jeddah shopping mall on Thursday. The lifestyle destination features indoor and outdoor experiences, including shopping, food, and entertainment. It also features global retail brands, an open-air walkway and an indoor boulevard. The soft opening took place in December 2023. PETROCHEMICALS-Advanced Petrochemical Co. has signed engineering, procurement and engineering contracts worth USD 191.3 mn to set up an isopropanol facility in Jubail Industrial City, Argaam reported yesterday, citing an emailed statement from the company. The plant, which will have an annual production capacity of 70k tons, will utilize manufacturing technologies sourced from German conglomerate Thyssenkrupp. Commercial operations are slated to start in the fourth quarter of 2026.EDUCATION-Ladun subsidiary Built Industrial is slated to build a school in Turtle Bay Village under a SAR 131 mn agreement with PIF subsidiary Red Sea Development, the real estate player said in a disclosure to Tadawul last week. The contract will be valid for 18 months and will see the contractor build a kindergarten, a primary school, a nursery, as well as arts and sports facilities.STARTUP WATCH-Fifteen local, regional and global startups have graduated from the Generative AI Accelerator program (Gaia) program’s second cohort, state news agency SPA reported last week. The program, launched in August last year, is backed by the Saudi Data and Artificial Intelligence Authority and the National Program for Information Technology Development. MANUFACTURING-#1- Home appliances manufacturer Al Hassan Ghazi Ibrahim Shaker will explore with LG Electronics and the Investment Ministry the economic viability of localizing the AC compressor industry, the company said in a press release (pdf). No further information was provided. The two companies established a factory to manufacture AC units in Riyadh in 2008. The Investment Ministry said the move, if it goes ahead, could pave the way for the local manufacturing of other appliances.#2- Saudi Vitrified Clay Pipes (SVCP) has inked a MoU with Qatar’s Laffan Pipes Factory to set up a joint venture that would produce and sell high-density pipe products, rubber and plastic products, and plastic sewer covers, it said in a statement to Tadawul. SVCP will hold a 55% stake, and Laffan Pipes hold 45%. No further information was disclosed.ELECTRIC VEHICLES-PIF-backed Lucid plans to offer a charging allowance of SAR 3.75k to customers here to encourage them to purchase its Lucid home charger from its certified vendor in the local market, it told Al Eqtisadiah last week. The move comes under its efforts to drive up sales and growth.ENERGY-Bena Steel Industries has extended a non-binding MoU that could see it acquire a 40% stake in British energy solutions provider Alderley, it said in a disclosure to Tadawul last week. No further details were provided on the MoU, which was first signed in June. Bena Steel also extended a separate agreement with Alderley on clean energy, it said.AVIATION-#1- Jeddah’s King Abdulaziz International Airport rolled out the red carpet for the first-ever direct flight from Turkmenistan’s Ashgabat, Saudi Gazette reported last week. The new route runs three days a week.#2- AlUla welcomed the first direct flight by Royal Jordanian from Amman, state news agency SPA reports. Royal Jordanian will operate two flights weekly between Amman and AlUla.CULTURE-The Culture Ministry inked a five-year executive program with the British Science Museum Group, state news agency SPA reports. The program aims to bolster cultural cooperation and exchange and knowledge transfer and training on museums. The British museum group comprises London’s Science Museum, York’s National Railway Museum, Shildon’s Locomotion, Bradford’s National Science and Media Museum and Manchester’s Science and Industry Museum, according to its website.

The Royal Commission of AlUla (RCU) has named Abeer AlAkel (Linkedin) as its new CEO, replacing former head Amr AlMadani, who was arrested earlier this week on corruption charges, Asharq Al Awsat reported yesterday. AlAkel is no stranger to the inner workings of RCU: She first joined the commission in 2017, holding leadership positions including the chief of special initiatives and partnerships since 2019. Prior to joining the RCU, AlAkel was the head of the vision realization office at the General Entertainment Authority. Her expertise also includes positions in global accounting firm PricewaterhouseCoopers (PwC), SABB, and HP.

Stage one of the AlUla 2024 cycling tour kicks off today at 12:45pm KSA, featuring competitors cycling along a 149 km route starting and ending at Al Manshiyah Train Station. This is the reinvented fourth edition of the Saudi Tour, featuring 119 cyclists from 18 men’s teams. The five-stage tour is part of the International Cycling Union’s Asia Tour and AlUla Moments sporting season.Serves AlUla’s tourism + sports aspirations: See the race in context of AlUla’s push to establish itself as a top global tourism and cycling destination. AlUla holds the official naming rights partnership with Australia’s premier UCI WorldTour Team, Jayco AlUla. Where to watch the event: You can either cheer your favorite riders from the roadside or watch the live stream here. PSA- The road past Elephant Rock and through Sharaan Nature will be closed today from 11:10am to 12:45pm, while the road from to and from UNIESCO World Heritage site Hegra will be closed from 2:45pm to 4:40pm.Stage 2 will kick off tomorrow at 11:25am, with cyclists starting the 199 km ride from Winter Park and ending at Sharaan Nature Reserve. Stage 3 will kick off on Thursday, 1 February, at 12:10pm, with cyclists starting the 170.6 km ride from AlUla International Airport and ending at Camel Cup Track. Stage 4 will kick off on Friday, 2 February, at 13:25pm, with cyclists starting the 142 km ride from Hegra and ending at Maraya. The last stage will kick off on Saturday, 3 February, at 12:35pm, with cyclists starting the 150 km ride from AlUla Old Town and ending at Skyviews of Harrat Uwayrid.

The arrest of Royal Commission for AlUla head Amr Al Madani on corruption charges continued to drive the conversation on Saudi in the foreign press yesterday, with coverage from Reuters | Bloomberg | The Associated Press. Meanwhile, relaxed alcohol rules for non-Muslim diplomats is sparking speculation among expats on whether the rules could be loosened up further, Bloomberg reports.

Good morning, wonderful people. On an otherwise very slow news day, we lead this morning’s issue with breaking news that the head of the Royal Commission for AlUla has been detained. Amr AlMadani was arrested on charges of corruption, the Oversight and Anti-Corruption Authority (better known as Nazaha) said late last night on X. AlMadani, a high-profile figure who first entered the national spotlight as the founding CEO of the General Entertainment Authority, faces charges of abuse of office and money laundry. The charges cover allegations both before and after AlMadani joined government service. A relative of the RCU CEO was also arrested in connection with the investigation, as were AlMadani’s two partners at National Talents, a company AlMadani (LinkedIn | Twitter) ran and where he remained a shareholder entering government.Could the investigation widen? At least one of the charges relates to a contract with King Abdullah City for Atomic and Renewable Energy that National Talents won before AlMadani moved to the General Entertainment Authority.A clear message from Nazaha: There is “zero tolerance” for corruption, the authority warned, saying it would “pursue anyone who exploits the public office to achieve personal gain or harm public interest.”AlUla is one of the Kingdom’s most visible megaprojects as the 200k-year-old settlement becomes a global tourism and cultural hub. ** You’re reading issue #2 of EnterpriseAM KSA, your essential 7am KSA briefing on business, finance, economics, regulation, and public policy, produced in Riyadh and Cairo. You can subscribe here without charge. Did you know we also have editions covering the UAE and Egypt? Need to track down a past story? Head to our websiteto check out back issues, previous coverage, or explore our other reports across the Arab world. WE’RE HIRING- If you’re a Saudi citizen with a passion for business, we have a couple of vacancies left on our Saudi news team. Successful applicants will file from the Kingdom for EnterpriseAM KSA as well as our other publications, including Enterprise Climate and Enterprise Logistics. Career switchers and fresh grads alike are welcome to apply. Email patrick@enterprisemea.com to get the conversation started. Want to pitch us on a story or interview, meet for coffee, send us a comment or a story tip? Email ksa@enterprise.news. WATCH THIS SPACE- #1-A direct shipping line between the Kingdom and Iran could be happening: The Kingdom and Iran plan to establish a direct shipping line connecting Dammam with Kangan under efforts to boost bilateral trade ties, Iran’s semi-official Mehr news agency reported yesterday, citing statements by local governor Ahmad Mohammadizadeh. He said the shipping line was decided during a recent visit to Dammam by Iran’s Deputy Foreign Minister for Economic Diplomacy, Mehdi Safari. The story includes no further details, and Saudi officials have offered no comment on the report. REMEMBER- The two countries have been working to advance ties in the past months since their restoration of relations last year, although an agreement to restore direct umrah flights has recently stalled for what Tehran has called “technical reasons.”#2- A delegation from the World Water Council is in town to evaluate the Kingdom’s bid to host the 2027 World Water Forum, SPA reported yesterday and met with the deputy minister of environment, water, and agriculture Minister, Mansour Al Mushaiti. The delegation’s itinerary includes visits to the Saline Water Conversion Corporation, the National Water Company, and others. #3- A mandatory uniform code for bus drivers is coming in spring: The Transport General Authority (TGA) is introducing a new uniform code for bus drivers across the Kingdom, a handbook (pdf) on the decision showed. Municipal, education, international, and specialist services will all need to comply. The requirements are set to come into force on 27 April:Female drivers can choose to wear either a standard abaya with an optional head cover or black cap and black shoes or a long-sleeved blue shirt and black trousers, belt and boots. Male drivers will be allowed to wear either the thawb and optionally a shemagh or ghotra or a black cap or wear a uniform long-sleeved blue shirt and black trousers, belts and boots like women drivers.PSAs- #1- The Saudi Industrial Development Fund (SIDF) Academy is now accepting applications for its programs this year, it said in a statement yesterday. The programs include finance for non-financial professionals, transitioning entities to the fourth industrial revolution, project finance, and credit analysis for SMEs. The first program begins on 18 February, with the rest set to be held throughout the year. Check the program calendar here. #2- Beware, unlicensed real estate pundits: Individuals and executives providing analysis on of the real estate industry in the press or on social media without a license could be in risk of a fine of up to SAR 200k, Real Estate General Authority (REGA) spokesperson Tayseer Al Mufarrej said in an interview with Rotana Khalijia (watch, runtime: 5:53). #3- The Saudi Business Council is asking business owners to give it a copy of their financial statements through its Qawaem portal. It hopes to use the data in financial and economic reports. SPORTS- Inter Miami will go head-to-head with the Blue Wave today at the Kingdom Arena stadium at 8 pm KSA for the first match of the US club’s pre-season tour here. This is what you are scrolling down for: Football GOATs Lionel Messi and Ronaldo will share the same pitch on Thursday when Inter Miami meets Al Nassr. The Green Falcons will face South Korea tomorrow in an Asian Cup Round of 16 knockout match at 6 pm KSA. Tajikistan beat the UAE after a penalty shootout yesterday, and Australia sent Indonesia home after a 4-0 victory, advancing the winners to the quarter finals. Qatar will be facing Palestine today, while Iraq will go head to head with Jordan.THE BUSINESS OF LAW-Our friends at Mithaq Law Office have opened a joint-venture law office in Riyadh with leading Egyptian firm ALC Alieldean Weshahi & Partners. The firm, known as Mithaq Law Firm in Association with ALC Alieldean Weshahi and Partners, will have a team of 20 multilingual professionals in Riyadh and plans to have a presence in other major business centers in the region, the firm said in a statement (pdf).The Mithaq-ALC tie-up is a member of the Grimaldi Alliance, a global network with more than 500 lawyers in Italy, London, and New York, as well as 2k others in more than 70 jurisdictions. The aim is to provide a one-stop shop for the needs of clients in Saudi Arabia and beyond, Mithaq Law Firm Senior Partner Ziyad Al Qassim told us in Riyadh last week at a reception for the launch. The gathering at Al Zarqaa Majlis was attended by a who’s who of the Saudi business community, including senior executives and shareholders of major corporate groups and professional services firms. Why a direct office now? “There has never been a more exciting time to do business in Saudi Arabia,” said Mithaq Law Firm Senior Partner Ziyad Al Qassim. “No other economy in the world holds the diversity of opportunities today as does Saudi Arabia. Our partnership will provide a full range of legal services to global companies in the Kingdom and to Saudi companies doing business abroad, spanning large projects, M&A, and capital markets through to complex matters of arbitration.” Get Enterprise daily The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox. Subscribe here THE BIG STORY ABROADOne story dominates on an otherwise slow morning in the global press: The White House says Iran-backed fighters killed three members of the US military and wounded 25 in a drone attack on an American outpost in Jordan. Why it matters: They’re the first US casualties since tensions started ramping up following Israel’s invasion of Gaza. Pundits on both sides of the ocean are calling the attack a “significant escalation that is likely to draw the US further into conflict even as Washington seeks to avoid a broader regional conflagration.”“We shall respond,” said US President Joe Biden. Oil prices climbed overnight following news of the attack and an earlier incident in which Houthi rebels struck a Trafigura-chartered tanker in the Red Sea.It’s leading front pages from the business press onward: Financial Times | Wall Street Journal | New York Times | Politico | The Guardian.From the business pages:Banker bonuses are down: Wall Street’s Masters of the Universe thought their bonuses would be super-sized this year. They’re not. (Wall Street Journal)Sales of climate-focused mutual funds crashed 75% in the past two years. Blame poor performance, competition from rising interest rates, and the backlash against all things “woke.” (Financial Times)China is moving to curb short selling as the market downturn deepens. Beijing failed to deliver last week on an anticipated USD 100 bn stock bailout. (Bloomberg)HAPPENING THIS WEEK- It’s Fed week: The Federal Reserve kicks off its two-day policy meeting tomorrow Economists polled by Reuters see the Fed leaving rates at their current 22-year high at 5.25-5.5% when it meets later this week to ensure that “recent progress in inflation is sustainable.” AND- It’s World Economic Outlook week: The IMF will be out with its January 2024 World Economic Outlook update tomorrow.ALSO- It’s a massive week for earnings reports, with everyone from Apple to Amazon, Microsoft, Chevron, and ExxonMobil due to file results.WEATHER- Expect a cloudy day in Riyadh, Madinah, and Makkah today.Riyadh: 24°C daytime / 11°C overnightMadinah: 23°C daytime / 12°C overnightMakkah: 29°C daytime / 22°C overnight CIRCLE YOUR CALENDAR-The AlUla Tour 2024 will kick off tomorrow, 30 January and wrap up 3 February.The Saudi International Marine Exhibition (SIMEC Expo) will kick off in Riyadh on Sunday, 4 February and wrap up Tuesday, 6 February. The event will bring together key stakeholders and decision makers to discuss activities related to marine fisheries and the aquaculture sector.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.Filipino exporters are coming to town next month: A business-matching tour will kick off on Saturday, 10 February, where a group of Filipino exporters of food, beverage and personal care products will tour Riyadh, Jeddah, and Dammam to market their businesses, Arab News reports.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.The Kingdom has submitted a bid to host the World Water Forum in Riyadh in 2027, SPA reported. The event is the largest international gathering in the industry. Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.