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Good morning, friends. We have some welcome news on the inflation front for you this morning, with the latest from GSTAT showing prices rose at a slower pace in December. That makes it seven out of eight months that prices have gone up at a slower pace.
Also this morning: Lots of mining news, as the Future Minerals Forum continues to pay dividends, and Abha’s hospitality sector is in line for at least two upgrades with a new hotel and a contract that could see the over-capacity airport get a big upgrade.
^^ We have more on all of these stories below, in this morning’s news well.
But first:
The first “real” day of Davos is shaping up to be all about the region: World leaders, global banking and finance chiefs, the world’s brightest economists, Gulf bn’aires, and Wall Street giants have all descended upon Switzerland for the first full day of meetings at the World Economic Forum (WEF) 2024. Upcoming speeches by Ukrainian President Volodymyr Zelensky and EU Commission President Ursula von der Leyen are grabbing the attention of the global press, but there’s some important speeches by regional heavyweights we think you should also be paying attention to.
Follow closely this afternoon when Foreign Affairs Minister Prince Faisal bin Farhanwill take to the stage in a session entitled Securing and Insecure World at 3pm KSA, followed shortly by Finance Minister Mohammed Al Jaadan, who will speak on how to regulate non-bank financial institutions at 5pm KSA.Investment Minister Khalid Al Falih will take to the stage with several Gulf counterparts and private sector players to speak at a session entitled Gulf Economies: All In at 5pm KSA.
This evening: Communications Minister Abdullah Al Swaha will take to the stage to ask whether AI is the great equalizer it was promised to be. Commerce Minister Majid Al Kasabi will be on stage at 8:30pm KSA to discuss regulation of the service sector.
** You can watch select live sessions here and check out the full programme here.
YESTERDAY IN DAVOS- The Saudi Delegation met with WEF founder Klaus Schwab and the organization’s president, Borge Brende, the Foreign Ministry said on X yesterday. “They reviewed ways to enhance cooperation between the Kingdom and the World Economic Forum to address current and future pressing issues,” the statement read.
CLOSER TO HOME- Businesses no longer have to display their license + registration on the wall: The Saudi Business Center has unveiled a new service dubbed Unified Electronic Code, allowing businesses to take their legal certificates off the walls as they will now live on the web, the Saudi Gazette reported yesterday.
What are you talking about, Enterprise? Think framed tax registration certificates commonly displayed at your local grocery shop. This includes commercial registration data, municipal licenses, tax certificates, and civil defense permits. Try yourself by heading to the Saudi Business Center website here.
WEATHER- Prepare for a cloudy day in Riyadh, a ray of sunlight in Makkah around noon, and some wind traveling across Jeddah today. No rain or fog are in the cards.
- Riyadh: 22°C daytime / 13°C overnight
- Jeddah: 28°C daytime / 23°C overnight
- Makkah: 31°C daytime / 19°C overnight
WATCH THIS SPACE-
#1- A multi-use stadium for anything and everything: Qiddiya Investment Company (QIA) unveiled the multi-use Prince Mohammed bin Salman Stadium where it plans to host major sports, cultural and entertainment events, including games at the 2034 Fifa World Cup, it said in a statement yesterday. The 45k-seat venue will also serve as the home ground of Al-Hilal and Al-Nassr. The QIA is wholly owned by the PIF.
What the hype is all about: The stadium, designed by global architectural firm Populous, is set to be the first venue globally to boast a combined retractable roof, pitch and LED wall, all while sitting atop a 200m cliff in Qiddiya. An eco-friendly cooling lake will be built directly under the stadium, with the lake using “rainwater capture from the stadium and the surrounding area to pre-cool the air conditioning system.”
QIA wants to change what “stadium” means: “The futuristic venue aims to reinvent the traditional stadium concept,” QIA Managing Director Abdullah bin Nasser Aldawood said.
#2-Quara Finance has issued a prospectus back its planned sale of 2.65 mn shares on Nomu, good for an 8.8% stake in the company, Argaam reported yesterday. The bookbuilding process for institutional investors will run from Sunday, 4 February to Thursday, 8 February.
About the issuer: Founded in 2009, Quara is a consumer finance firm that provides financial leasing and alternative financing to SMEs, according to its website.
#3- A unified permit system for environmental investments is coming soon: The National Center for Environmental Compliance plans in Q1 2024 to unify permits for investments with environmental themes, Saudi Gazette reported yesterday.
#4- GASTAT wants its statistics game to be on point: The General Authority for Statistics (GASTAT) has launched the Comprehensive Economic Survey in a bid to enhance the Kingdom’s statistical data and business record, it said in a statement yesterday. It aims to provide more accurate statistics to update the base year in GDP.
SPORTS-
We’re all-in for Vamos Rafa: Rafael Nadal has been named as the new ambassador of the Saudi Tennis Federation (STF), the federation said in a statement yesterday. The role will see Nadal spending dedicated time in town each year to help grow the sport, with a focus on youth. A plan to set up a new Rafa Nadal Academy in the Kingdom is also in the works, according to the statement.
Another star signing for Saudi football? Atlético Madrid defender Renan Lodi is reportedly set to join Al-Hilal from Marseille on a EUR 20 mn contract valid until June 2027, sports journalist Fabrizio Romano said on X.
Anthony Joshua will go head to head against Francis Ngannou in a heavyweight boxing match in Riyadh on 8 March, according to organizers.
AND- Spanish Dakar Rally rider Carles Falcon has died a week after a crash in Saudi Arabia, and Green Falcons coach Roberto Mancini criticized national team players who left camp ahead of the Asia Cup on concerns they may not get enough playing time.
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DATA POINTS
#1-Local box office revenues rose 2% y-o-y to SAR 919 mn in 2023, Asharq Business reports. Some 17 mn tickets were sold last year — a 25% increase from 2022 — and 432 movies were released in 65 theaters.
#2- The Saudi passport is getting more powerful,jumping four spots to rank at 61st in the 2024 Henley Passport Index. Holders of the Saudi passport access 89 destinations without visas, according to the index.
THE BIG STORY ABROAD-
Republicans in Iowa have decided they’d like to see Donald Trump again seek the presidency under their banner.Caucus-goers are braving bone-chilling cold to meet in the first major contest of the 2024 election cycle.
Former US President Donald Trump has taken the caucuses, as expected. Both the Associated Press and CNN are projecting Trump will carry the state, meaning the fight is now down to whether former diplomat Nikki Haley or Florida Governor Ron Desantis will place second.
When will we know more? It depends, but near-final results should be in just after you open this email.
Where are the Democrats? They won’t be caucusing tonight after the party stripped Iowa of the right to run a caucus after counting issues in 2020. New Hampshire is running an unsanctioned primary next week and the first “formal” Democratic primary is South Carolina on 2 February.
Where can I get results? Check out live blogs from the New York Times and Wall Street Journal or the live results counter from Politico.
MUST READ: Who’s moving on from Iowa and who’s dead in the water? A viewer’s guide to reading the returns in Politico.
OH, AND… The Emmys are running as we speak, four months late thanks to the Hollywood writers’ and actors’ strikes. Liveblog here.
ON THE BUSINESS FRONT- No single story dominates as everyone looks to either Davos or Iowa. But near the top of the list: Instability in our corner of the world, as the world’s second-biggest LNG exporter skips the Suez Canal, the Houthis struck a US-flagged merchant vessel, and Iran’s Revolutionary Guards attacked what they said are Israeli “espionage centers” in Iraq.
CIRCLE YOUR CALENDAR-
The Dakar Rallycontinues through Friday, 19 January, with the final stage running from Yanbu to Riyadh.
The PIF Private Sector Forum will kick off 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.
Riyadh will host theInternational 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.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
