Good morning, wonderful people. It’s another reasonably quiet news day in the Kingdom, though we expect the two-day lull to come to an end after the weekly cabinet meeting and as at least a couple of significant transactions brewing on Planet Finance wrap up in the coming week or so.

It’s not just a Saudi thing: Newsflow is quiet globally, too, as market watchers keep an eye on Chinese shares and everybody waits for the results tomorrow of the two-day meeting of the US Federal Reserve’s open market committee. Economists forecast that the Fed will leave rates at their current 22-year high of 5.25-5.5%.

Business leaders and economists alike are looking to the release at 4pm KSA of the IMF’s World Economic Outlook.

Against that backdrop, we kick off this morning’s issue with a pile of sports news — though we’re not sure anybody here cares anywhere near as much about the PGA-Liv lashup as do the Americans…

WATCH THIS SPACE #1- There are signs that the PGA Tour is hedging against the potential collapse of its tie-up with PIF-backed Liv Golf and the European Tour.The twist in the plot, which has captured the imagination of golf fans on both sides of the Atlantic, comes after a group of US sports bn’aires operating as Strategic Sports Group appear on the verge of buying a minority stake in PGA in a USD 3 bn transaction, Bloomberg and the Wall Street Journal report.

“News of a major US infusion of cash seem to further dim the prospects” of PGA agreeing to merger terms with Liv, suggesting the “rift” that has “divided” the sport will continue, the Journal writes.

WATCH THIS SPACE #2- Fellow tennis fans, rejoice: We’re still in the running to host the women’s finals. The WTA finals could still move to Saudi Arabia. Word of the possible relocation here percolated to the surface last month before petering out. A handful of activists in the industry are pushing back against a move to Saudi, but others including world #2 Aryna Sabalenka are pushing for the move. Sabalenka had an “amazing experience” playing in Riyadh late last year, she told Reuters.

Saudi is already emerging as a tennis powerhouse with a five-year agreement to host the men’s NextGen finals (think of it as the development league for the men’s ATP tour) and with the recent naming of Radel Nadal as an ambassador for the Saudi Tennis Federation.

SPORTS-

#1- Al Hilal beat Inter Miami 4-3 in a seven-goal thriller yesterday in the Riyadh Season Cup at the Kingdom Arena Stadium after Malcom’s header in minute 88 stopped a comeback by Lionel Messi’s men, who had brought the game back from a two-goal deficit after being 3-1 down.

All eyes on Thursday: Football GOATs and rivals Messi and Cristiano Ronaldo will share the same pitch on Thursday when Inter Miami meets Al Nassr.

#2- The Green Falcons will face South Korea today in an Asian Cup Round of 16 knockout match at 6pm KSA. Host country and defending champ Qatar advanced to the quarterfinals yesterday after beating Palestine 2-1, joining Jordan, which stunned Iraq after it scored twice in stoppage time to win 3-2.

No fear, only respect to the Green Falcons, says South Korea’s coach:Juergen Klinsmann said he does not fear the Saudi national team, but has a lot of respect for Roberto Mancini’s side. “I don’t fear anybody. No fear, but a lot of respect for every opponent,” he told reporters in the pre-match press conference yesterday (watch, runtime: 27:08). Korea has failed to beat the Falcons in their three previous encounters.

HAPPENING TODAY-

Kuwait’s new emir, Sheikh Meshal Al Ahmad Al Sabah, will land in town today for a state visit, Kuwait News Agency KUNA reported yesterday. It’s Sheikh Meshal’s first trip abroad since he was named emir last month.The new emir is looking to preserve key foreign relationships, including good ties with Riyadh.

WEATHER– Expect a mostly cloudy day in Riyadh, Jeddah, and Dammam.

  • Riyadh: 26°C daytime / 13°C overnight
  • Jeddah: 27°C daytime / 18°C overnight
  • Dammam: 24°C daytime / 14°C overnight

DATA POINTS-

#1- Saudia was the MENA region’s top carrier in reserved seats for January, data by UK-based global travel data provider OAG showed yesterday. The national flag carrier had 14.1k reserved seats this month, followed by Qatar Airways with 10.7k seats. The Cairo-Jeddah route was the busiest international airline route in the region and the second busiest globally in January.

#2- A trans-fat free Kingdom: The Saudi Food and Drug Authority (SFDA) was recognized by WHO for its efforts in eliminating trans fat in a ceremony in Vienna yesterday, it said in a statement yesterday. The recognition comes a month after the SFDA obtained a WHO “validation Certificate” for trans fat elimination. The Kingdom is among the first five countries to obtain the certificate after Denmark, Lithuania, Poland and Thailand.

WATCH THIS SPACE-

#1- Jeddah’s historic Al Balad district is getting new hotels as part of a makeover:Heritage-focused master developer Al Balad Development Company launched Al Balad Hospitality Collection in Jeddah’s historical district of Al Balad, it said on X yesterday. The launch is part of a bid to turn the area into a global culture and tourism attraction. The plan sees Al Balad operating hotels in the district under its brand Al Balad Hospitality. The company is a wholly-owned unit of the Public Investment Fund.

The master plan for the area envisions the delivery of 9.3k residential units, 1.8k hotel rooms, and some 1.3 mn square meters of commercial and office space.

#2- An automatic surveillance system monitoring trucks and buses on the roads is coming in April: The Transport General Authority (TGA) will roll out an automated system to monitor the safety of trucks and buses on the nation’s roads, the authority said on X yesterday. The system will watch for road violations as well as expired operating cards and other breaches of regulations. Cargo transport, international bus services, as well as truck and bus rentals fall under the scope of the system, which comes into effect on 21 April.

BACKGROUND- Taxis have been monitored since 2022 using a similar system, and passenger and school buses fell under the monitoring regime last year.

#3- Bahrain-based Ebdaa Microfinance plans to expand its operations to the Eastern Province after securing the necessary regulatory approvals here and in Manama, it said in a press release yesterday. “Ebdaa envisions further expansion across the entire Kingdom following the initiation of operations in the Eastern Province,” said the company’s CEO, Khaled Al Gazawi. Ebdaa has yet to provide more detail about the expansion.

HAPPENING TOMORROW-

Albilad Capital’s MSCI Saudi Growth ETF will start trading tomorrow on the main market Tadawul. It attracted subscriptions worth SAR 19 mn during its initial offering. Albilad got the CMA nod for the exchange-traded fund last October.

OIL WATCH-

OPEC+ oil cuts aren’t impacting crude markets — yet: Steady oil exports by OPEC+ members in January suggest that voluntary output cuts are taking time to kick in, Bloomberg reported, citing data from Vienna-based market intelligence firm Kpler. Opec is expected to hold a ministerial-level monitoring meeting early in February.

THE BIG STORY ABROAD-

It’s a quiet morning abroad, with no single story capturing the collective imagination of the global business press.

Every major outlet is watching how Washington will respond to a drone attack on a US base in Jordan that killed three. The consensus is that the White House is looking for something that’s tough enough to send a message, but not so tough as to ratchet tensions even higher. Officials in Washington have been careful to stress they don’t want war with Iran.

Tehran is trying to put distance between itself and the attack, which reports say was carried out by one of the many armed groups it backs.

Want to go deeper? Politico | Financial Times | New York Times | Reuters

Three business stories worth knowing about this morning:

  • Energy: A London hedge fund is trying to force BP to back away from its clean energy pledges. (Financial Times)
  • IPO watch: Renault has canceled the IPO of Ampere, its EV business, thanks to what it said were poor market conditions. (Reuters)
  • In the bulge bracket: Jim Esposito, a top Goldman Sachs banker who has led its IB and markets group and aspired to be CEO, is leaving the bank after a more than 30-year run. You can read his note to staff on his departure here. (Wall Street Journal)

AND IN TECH NEWS- Big AI developers are now required to share safety test results with the US government, as the Biden administration seeks to try to regulate and monitor the rapidly evolving technology. (Associated Press)

SIGN OF THE TIMES- Consulting and assurance outfit EY really, really wants its people back in the office and is now using data from staff IDs used to swipe into work to track attendance.

Need a two-minute break? Go watch this cringe-inducing get-back-to-the-office NOW video from WebMD. Doesn’t matter whether you’re Team Office or Team WFH, there’s enough here to make you wince.

CIRCLE YOUR CALENDAR-

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.

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