More than 24 theme parks now given licenses by Saudi Arabia's entertainment authority   

More than 24 theme parks now given licenses by Saudi Arabia's entertainment authority   
GEA has also now provided 4,198 permits for entertainment events, along with 3,370 permits for live performances in restaurants and cafes. (Supplied)
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Updated 26 January 2023

More than 24 theme parks now given licenses by Saudi Arabia's entertainment authority   

More than 24 theme parks now given licenses by Saudi Arabia's entertainment authority   

RIYADH: Saudi Arabia’s General Entertainment Authority has now issued licenses for more than 24 theme parks and 421 entertainment centers, as the Kingdom steadily diversifies its economy in line with the goals outlined under Vision 2030.  

GEA has also now provided 4,198 permits for entertainment events, along with 3,370 permits for live performances in restaurants and cafes, Saudi Press Agency reported, citing the total number issued up to the end of 2022.

The report further noted that GEA also approved licenses to more than 1,300 entertainment shows until the end of last year.  

In the field of artistic and entertainment talent management, the authority has provided above 630 permits, the report added.  

The government body also issued more than 360 crowd organizations and management certificates, besides providing over 700 licenses to operate entertainment facilities and 120 certificates for entertainment activities’ ticket sales. 

The entertainment industry in Saudi Arabia has been witnessing a dramatic transformation over recent years, as GEA and the General Commission for Audiovisual Media are undertaking several initiatives to elevate the sector.  

As a result of that several big players in the cinema exhibiting sector have already entered Saudi Arabia, thus opening up a new world of entertainment to spectators.  

According to GCAM officials, the aim is to have 2,500 screens opened in the country over the next five years and 350 theaters which will create more than 30,000 jobs by 2030. 

Earlier in January, it was reported that more than 10 million regional and international visitors attended Riyadh Season events since its launch on Oct. 21. 

Staged under the title “Beyond Imagination,” the entertainment festival has offered at least 8,500 activity days and experiences in 15 diverse zones. 

In a tweet, Turki Al-Sheikh, chairman of the GEA, said: “Imagination has become a reality with Riyadh Season — 10 million visitors so far.” 

On Jan. 22, American pop-rock band Imagine Dragons kicked off their fourth world tour at Riyadh Boulevard, by singing “My Life” from their new album. 

The band also performed “Bones,” which has already been streamed over 330 million times and hit the Billboard Hot 100. 


Qatar launches new derivatives exchange framework

Qatar launches new derivatives exchange framework
Updated 15 sec ago

Qatar launches new derivatives exchange framework

Qatar launches new derivatives exchange framework

RIYADH: Qatar’s stock exchange will introduce a new derivatives market that allows the trading of options and future contracts on local stocks and the main equity index, the country’s financial center regulatory authority announced on Monday.

After a three-month consultation with investors and market participants, the Qatar Financial Centre Regulatory Authority announced the new regulatory framework for listed derivatives.  

“The launch of the derivatives exchange will be an important milestone in the development of the Qatar capital markets and Qatar’s ambition to move to developed market status,” said the stock exchange’s acting CEO, Abdulaziz Al-Emadi.  

Option contracts give their holders the right, but not the obligation, to buy or sell shares of the underlying company at a specific price on or before a certain date, usually referred to as the expiration day.

Future contracts on the other hand are types of derivatives whereby the involved parties transact shares of a specific company at a predetermined future date and price.

The exchange also plans to set up an entity that will provide clearing and settlement services for trades in options and derivative contracts, QFCRA said in a statement.

The market will allow options, contracts linked to underlying assets, and futures, contracts set at a future date, to be traded in local stocks and the market’s equity index. 

Michael Ryan, CEO of the QFCRA, added: “The regulatory authority looks forward to working with the Qatar Stock Exchange to launch the new derivatives exchange, as this exchange will provide opportunities that allow investors to better manage and diversify their financial portfolios.” 

The bourse’s rules also enable the central clearing house to manage settlement risks and ensure an efficient settlement process. 

Al-Emadi added: “The issuance of the Derivatives Markets and Exchanges Rules for the year 2023 establishes the necessary regulatory framework for the Qatar Stock Exchange to move forward with its plans to establish a derivatives exchange and the counterparty to the central clearing house.” 

According to the American finance company and index benchmarker MSCI, Qatar, is still identified as an emerging market. The leading liquefied natural gas exporter is now redirecting its focus to the development of its equities market by opening it up to a wider investor base and introducing more listings.  

In January, Qatar’s bourse welcomed its first initial public offering, IT services firm MEEZA, in almost three years under new regulations which allowed companies to offer a price range to test investor appetite and determine pricing.


UAE In-Focus – Abu Dhabi’s Presight AI raises $496m in IPO  

UAE In-Focus – Abu Dhabi’s Presight AI raises $496m in IPO  
Updated 4 min 18 sec ago

UAE In-Focus – Abu Dhabi’s Presight AI raises $496m in IPO  

UAE In-Focus – Abu Dhabi’s Presight AI raises $496m in IPO  

RIYADH: Presight AI, a data analytics firm owned by Abu Dhabi’s G42 Group, has listed and started trading its shares on the First Market of the Abu Dhabi Stock Exchange.  

The initial public offering, which raised roughly 1.822 billion dirhams ($496 million) in proceeds, witnessed strong demand from retail and professional investors.  

The IPO was oversubscribed by 136 times, excluding the commitment from the company’s cornerstone investor, International Holding Corporation.  

Presight’s shares are also certified to be Shariah compliant, according to an announcement by the Shariah Board of Dubai Islamic Bank, the IPO’s lead manager.

“We are delighted to have completed Presight’s IPO, and to begin our next chapter as only the second technology company to be listed on the ADX, reinforcing our position as a pioneer in the industry,” Mansoor Al Mansoori, chairman of Presight, said.  

Presight’s IPO now gives investors the opportunity to own a share of the data analytics company powered by AI, hence enabling positive societal impact. The company’s products are used in three major industries with significant impact and market development potential including public services, finance and sports.  

Al Ansari completes IPO  

UAE-based exchange house Al Ansari Financial Services announced that the final offer price for its IPO has been set at 1.03 dirhams per share, which is at the top of the previously indicated price range from 1.00 dirhams per share.  

The statement comes after the book-building and subscription processes for its IPO on March 24, have been completed. Al Ansari raised 773 million dirhams with its IPO.  

Last week, the company expanded the size of its retail offering from 5 percent of the share capital to 7.5 percent in response to strong investor demand.  

The dividend yield will be at least 7.8 percent at the listing price, and the market value of the group will be 7.73 billion dirhams.  

Following the completion of the IPO, Al Ansari Holding will continue to own 90 percent of the group’s issued share capital.  


Saudi Electricity Co. plans capital expenditure increase to $9.3bn for 2023

Saudi Electricity Co. plans capital expenditure increase to $9.3bn for 2023
Updated 8 min 47 sec ago

Saudi Electricity Co. plans capital expenditure increase to $9.3bn for 2023

Saudi Electricity Co. plans capital expenditure increase to $9.3bn for 2023

RIYADH: State-owned Saudi Electricity Co. has announced that it intends to allocate between SR30 billion ($8 billion) and SR35 billion for its 2023 capital expenditure, according to the company’s 2022 financial presentation. 

This is at least 10 percent higher than the electric power distribution firm’s 2022 capex which stood at SR27.4 billion. 

Even though SEC did not provide a clear breakdown of the allocated amount, it is projected that expenditure in transmission and distribution infrastructure will be a priority considering that they dominated the firm’s capital expenditure for the past three years.  

In addition to this, SEC shed light on plans to further grow and expand its fleet, develop its distribution as well as transmission pipelines, and potentially achieve 23 percent automation within its distribution grid.  

Between 2021 and 2022, the firm experienced a 0.6 percent surge in generation capacity from 83,036 MW to 83,539 MW.  

Similarly, total load also rose 1.8 percent in the same period to reach 65,301 MW in 2022, up from 64,161 in 2021.  

On the other hand, the energy produced increased 2.6 percent to hit 191,964 GW in 2022, up from 168,985 GW a year earlier.  

Meanwhile, SEC’s fuel consumption hit 348 million barrels of oil equivalent, or mmboe, per day in 2022, reflecting an 8.1 percent boost compared to 2021’s 332 mmboe a day. 

As for the total number of substations, they rose to reach 1,209 in 2022 in comparison to the 1,190 reported back in 2021. Consequently, this accounted for a 2.8 percent increase in transformers’ capacity.  

With regard to the number of registered customers, the company registered a 4 percent jump to reach 10.9 million in 2022, up from 10.5 million in 2021.  

Established in 2000, SEC has monopolized generation, transmission and distribution of electric power in the Kingdom through 45 power generation plants in the country. 

The firm’s vision revolves around achieving integration of the environment, economy and social issues into the firm’s corporate cultural and economic values in order to accomplish the greater objectives of sustainable development. 


New law allowing foreigners to buy all kind of properties in KSA soon: Top official

New law allowing foreigners to buy all kind of properties in KSA soon: Top official
Updated 23 min 46 sec ago

New law allowing foreigners to buy all kind of properties in KSA soon: Top official

New law allowing foreigners to buy all kind of properties in KSA soon: Top official

RIYADH: Saudi Arabia is planning to relax its property ownership laws for foreigners as the Kingdom eyes attracting investments into the real estate sector as part of its strategy to diversify its economy. 

The new law that will allow foreigners to buy all kinds of real estate properties is “in its final stages and will be made public in a short period,” revealed the Kingdom’s Real Estate General Authority chief Abdullah Alhammad. 

This comes after Saudi Arabia issued a directive in 2021 allowing non-Saudis, legal residents of the country to buy a single property with some conditions.  

But the REGA CEO pointed out that the new law will be “broader and more comprehensive than the current law” for real estate ownership, as foreigners will be able to buy any kind of property including commercial, residential, and agricultural in accordance with the regulations. 

The earlier law had prohibited foreigners from buying properties in holy cities, but Alhammad said, “the initial reading of the law shows that it allows foreigners to own property everywhere in the Kingdom, including Makkah and Madinah.” 

He clarified that any concerns about the negative effects of foreign ownership of the property were monitored in advance while solutions were developed for all problems and unacceptable practices. 

Saudi Arabia is looking to transform its real estate sector by bringing in new laws while making the sector attractive to foreign investors as the Kingdom eyes to improve the sector’s contribution to the national gross domestic product.  

The Kingdom’s latest move can open up new investment destinations for expats and global investors looking for green pastures, away from traditional markets, including the UAE.  

Amid rising urbanization, Saudi Arabia’s major cities including Riyadh and Jeddah have been chronically under-supplied – something that industry reports suggest is driving property prices high, making it unaffordable to many.  

Saudi Arabia’s Real Estate General Authority acknowledged that real estate prices in Saudi Arabia are high on a supply-demand imbalance. 

Expressing concern about the rising property prices, the REGF chief said high prices negatively impact the real estate sector. 

He pointed out that the majority of people looking for real estate today lack the means to buy and the price of the property today is more than the purchasing power, making it challenging to find a suitable property. 

“The investors were also affected by the high prices of the real estate,” noted Alhammad. 

He explained that the landowners are unable to make easier transactions due to the high prices of the land. "When the landowner wants to sell, he reduces prices to be able to sell it.”  

According to Alhammad, the real estate market is an open market subject to supply and demand. 

The authority’s chief also noted that the initiative to impose taxes on white lands was taken in 2017.  

White land is basically vacant land that is allocated for residential, or commercial residential use, and located within the urban boundary limits in the Kingdom. 

In 2016, Saudi Arabia decided to capitalize on undeveloped land in urban areas, which makes up 30 percent of those areas. The government decided to impose a 2.5 percent tax, based on land value, on landowners who had purchased plots but left them undeveloped. 

By way of imposing the White Land Tax, the government wants to increase the volume of plots available for development in urban areas.  

REGA chief added that the Ministry of Municipal and Rural Affairs started working on plans to boost or raise the efficiency of fees by an additional 10 percent. 


China emerges as Saudi Arabia’s top export destination in January

China emerges as Saudi Arabia’s top export destination in January
Updated 47 min ago

China emerges as Saudi Arabia’s top export destination in January

China emerges as Saudi Arabia’s top export destination in January

RIYADH: China emerged as the top global export destination for Saudi Arabia in January 2023 accounting for 14.8 percent of total Saudi exports valued at SR15.6 billion. It was followed by Japan and India with exports valued at SR11.7 billion (11.2 percent of total exports) and SR10.8 billion (10.2 percent) respectively, data released by the General Authority for Statistics showed on Monday.