Good moring, wonderful people. We hope you had a great weekend and are looking forward to a productive week.

PSA- We have about 35 days left until the first day of Ramadan.

Things HAPPENING TODAY on which you might want to keep an eye:

#1- FinMin, NDMC launch maiden retail saving sukuk program: Citizens of legal age can buy into sovereign sukuk starting today until Tuesday, 6 February, state news agency SPA reported last week. The Finance Ministry along with the National Debt Management Center (NDMC) have launched this shariah-compliant retail saving instrument in a bid to diversify the nation’s savings offerings. The sukuk will be marketed under the name Sah, short for “sukuk hokoumiyya” in Arabic.

The program will feature monthly issuances by the NDMC that carry annual fixed yieldsvarying in value from month to month depending on market conditions. Every issuance matures in 12 months and has no subscription fee.

The details: The minimum subscription amount is SAR 1k, while the maximum is SAR 200k per investor for the total duration of the program.

Investors can subscribe through SNB, Al-Jazeera Capital, Alinma Investment, SAB Invest, and Al-Rajhi. You can find the program’s issuance calendar here.

#2-Blinken kicks off his fifth regional visit since the outbreak of war in Gaza: US State Secretary Antony Blinken will be making visits to Saudi Arabia, Egypt, Qatar, Israel, and the West Bank starting today untilThursday, 8 February, according to a US Department of State statement. Information about the order of the visits and with whom Blinken will be meeting wasn’t made public, but we think he’ll touch down in Riyadh first.

On the Agenda: Trying to lay the groundwork for a longer ceasefire in Gaza if Hamas releases Israeli hostages, reiterating Washington’s stance on freedom of navigation in the Red Sea against the backdrop of recurring Houthi attacks, and talking up chances of a longer-term solution to the conflict between Israel and Palestine.

Saudi-Israeli normalization? The State Department seems to be floating trial balloons to gauge Saudi reaction to a slower roll on Palestinian statehood — including watered-down Israeli commitments. The move comes after Israeli Prime Minister Benjamin Netanyahu pushed back hard on the idea of recognizing an independent Palestinian state.

Iraq, Jordan aren’t on itinerary: Three US soldiers were killed last week in a drone attack in Jordan. Iran proxy Islamic Resistance in Iraq claimed responsibility for the fatal attack.

#3- The General Authority for Military Industries (Gami)’s World Defense Showkicks off today in Riyadhand runs through Thursday. The exhibition, which aims to be a B2B event for the defense industry, will showcase global technological developments from the industry globally.

WEATHER- Expect cooler weather and scattered clouds in Riyadh, heavier cloud cover in Madinah and a clear day today in AlUla.

  • Riyadh: 18°C daytime / 10°C overnight
  • Madinha: 23°C daytime / 10°C overnight
  • AlUla: 18°C daytime / 4°C overnight

WATCH THIS SPACE-

#1- We’re not yet members of the Brics, take 2: The Kingdom is still considering an invitation to join Brics, an unnamed Saudi official told Reuters on Thursday. The remarks cam after a South Africa’s foreign minister said the Kingdom had formally joined the alliance. “Saudi Arabia has not yet responded to the invitation to join BRICS. It is still under consideration,” the official said.

REMEMBER- Officials in Riyadh said as recently as two weeks ago that it wasn’t a sure thing that the Kingdom would join the alliance, noting that the 1 January date for accession was not a deadline.

#2- Soudah Peaks tender coming up in Q3? Real estate developer Soudah Development Company (SDC) is set to issue a tender for the first phase of luxury mountain tourism destination Soudah Peaks in the third quarter of this year, Meed reported last week, citing sources it says are close to the project. “The design works are still ongoing and the tender for the first phase is likely going to be floated in the third quarter of this year,” they said. The masterplan, which includes six development zones, will be developed in three phases. The first phase will see the development of five of the six development zones.

About the project: Launched by Crown Prince Mohammed bin Salman last year, the project is situated 3k meters above sea level in what is the Kingdom’s highest point. It extends from the region of Soudah to parts of Rijal Almaa with a project area of 627 square kilometers. It aims to contribute USD 7.8 bn to the Kingdom’s cumulative GDP by 2033.Soudah Development is a wholly-owned unit of the Public Investment Fund.

#3- SNB Capital has gotten regulatory clearance to take two new funds to market. The funds include a moderate multi-asset fund and a separate multi-asset growth fund. The Capital Market Authority released no additional detail about the two funds.

OIL WATCH-

OPEC+ leaves fate of production cuts to spring: OPEC+ will revisit voluntary oil production cuts in March after it agreed to keep output policy unchanged in its latest meeting last week, Reuters reported, citing two OPEC+ sources.

“Healthy” meeting: “The meeting was a very healthy, quick meeting and what we noticed is that there is good cohesion among members. There was reiteration of commitments,” one of the sources said.

Remember- A Reuters poll of more than three dozen analysts sees oil prices staying flat this year as production cuts and tensions in the Red Sea are balanced off by expanding production in the US, Canada, Brazil and Guyana, as we noted on Thursday.

ALSO- Shipments from the Kingdom’s Muajjiz terminal more than doubled last month to 18 mn barrels from 8 mn barrels in December, data compiled by Bloomberg showed, as Aramco worked around Red Sea tensions

THE BIG STORIES ABROAD-

#1- British and American forces struck 36 Houthi facilities in Yemen yesterday, one day after the US launched air strikes against 85 targets in Iraq and Syria that it claimed have ties to Iran’s Revolutionary Guards Corps, killing 40, Reuters reported. “Our response began [on Friday]. It will continue at times and places of our choosing,” US President Joe Biden said in a statement. The attacks come in response to an Iran-backed attack that killed three US servicemen in Jordan last week.

#2- Egypt still hasn’t agreed to an expanded IMF facility, but a statement by the lender suggested talks are nearing completion. EnterpriseAM Egypt reports this morning that an agreement is likely several days away and could unlock USD 6-10 bn in financing. Also in Egypt: The country’s central bank raised interest rates 200 bps in a surprise move late on Thursday.

#3- Inching closer to the world’s first AI Act: EU officials have signed off on the “final compromise text” for the AI Act — the world’s first. The landmark legislation that was voted on last month aiming to safeguard the use of AI. The act now awaits the greenlight from EU lawmakers.

CIRCLE YOUR CALENDAR-

The PIF Private Sector Forum takes place in Riyadh this coming 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. You have until Saturday, 27 January to register.

Filipino exporters are coming to town: 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.

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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