🏖️ Dubai to Expand Public Beaches with 6.6km Jebel Ali

Marhaba folks! 🌞 In today's edition, we cover Dubai's 6.6km Jebel Ali beach expansion, Jahez's move to Tadawul's main market, and Saudi Arabia's record $753bn liquidity boosting Vision 2030. Yalla, let’s go 🏃🏻‍♀️

🏖️ Dubai to Expand Public Beaches with 6.6km Jebel Ali Development

What is it about:

• Dubai plans to construct Jebel Ali Beach, its longest public beach at 6.6km, focusing on eco-tourism and environmental conservation.

• Approved by Sheikh Hamdan bin Mohammed, this project is a key component of Dubai's 2040 Urban Master Plan aimed at significantly expanding public beach areas.

Why does it matter:

• Located within a wildlife sanctuary, the project prioritizes preserving local ecosystems, including enhancing turtle habitats and planting mangroves.

• Jebel Ali Beach aims to enhance Dubai's appeal as a sustainable tourist destination, offering diverse recreational facilities and educational opportunities.

What is next:

• Implementation of plans to build the beach and associated facilities, including a 2km swimmable beach, diving sports areas, and recreational zones.

• Creation of supporting infrastructure such as road access, parking for 1,000 vehicles, bicycle racks, and recreational tracks.

• Continued focus on environmental stewardship, including biodiversity studies, turtle rehabilitation programs, and blue carbon footprint enhancement through mangrove planting.

📈 Markets

🚚 📱 Jahez Prepares to Move to Tadawul's Main Market

What is it about:

• Jahez International, a popular homegrown food delivery app, plans to move from Tadawul's Nomu parallel market to its main market.

• The decision to transition was disclosed to the exchange recently but approved by Jahez's board in March.

• Jahez has been listed on Nomu for over two years and meets the main market's market cap requirements.

Why does it matter:

• Jahez currently has a market cap of approximately $1.52 billion (SAR 5.7 billion), exceeding the main market's requirement of SAR 200 million over the past six months.

• Despite meeting the market cap requirement, Jahez needs to increase its free float capital from 13% to 30% to comply fully with main market listing rules.

• The company has shown strong financial stability and growth, with FY 2023 net income doubling year-on-year to $33.4 million (SAR 125.3 million) and revenues increasing by 11.4% year-on-year to nearly $480 million (SAR 1.8 billion).

• This move highlights Jahez's robust growth trajectory and its readiness for higher visibility and liquidity on Tadawul’s main market.

What is next:

• Jahez will need to increase its free float capital to meet the main market's requirements.

• The transition to Tadawul’s main market will likely enhance Jahez's visibility, attract more institutional investors, and potentially increase liquidity.

• Investors and stakeholders will monitor Jahez's progress in meeting the remaining listing requirements and its subsequent performance on the main market.

Quote of the day

"Success is not final, failure is not fatal: It is the courage to continue that counts." - Winston Churchill

💵 Saudi Vision 2030 Boosted by All-time High of $753bn in Liquidity

What is it about:

• Saudi Arabia's liquidity levels reached a record high of $753 billion (SAR 2.22 trillion) by May 2024.

• This represents an 8.6% increase compared to the previous year, indicating significant growth in liquidity.

• Since January 2024 alone, liquidity has risen by 4%, further boosting economic activities.

Why does it matter:

• The increase in liquidity supports Saudi Arabia's economic activities and aligns with the goals of Saudi Vision 2030, a strategic framework aimed at reducing dependence on oil, diversifying the economy, and enhancing public sector efficiency.

• The breakdown of broad money supply (M3) reveals:

  • Demand deposits constitute the largest component at 49.2%.

  • Time and savings deposits follow at 31.5%.

  • Quasi-money deposits account for 11.1%.

  • Currency in circulation outside banks stands at 8.2%.

• These components reflect a balanced distribution within the banking sector, contributing to economic stability and development efforts.

What is next:

• Continued monitoring of liquidity levels will be crucial to sustain economic momentum and support ongoing initiatives under Saudi Vision 2030.

• Policies and strategies may focus on leveraging this liquidity to further stimulate economic growth, attract investments, and enhance financial stability.

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