Good morning, friends, and welcome to what’s shaping up to be a busy workweek as the pace picks up with just three weeks left until the first day of Ramadan.

PSA #1- It’s a holiday-shortened week: We’re four sleeps away from the weekend after the Ministry of Human Resources and Social Development confirmed Thursday, 22 February, is a national holiday for the private and public sectors in observance of Founding Day, state news agency SPA reports.

PSA #2- You may now make Eid plans: Banks and financial institutions will be off for Eid Al Fitr holiday from Friday, 5 April through Saturday, 13 April, Sama said on X last week. They will also be off from 14 June to 22 June for the Eid Al Adha holiday.

Bank branch hours during the Holy Month of Ramadan will be from 10am through 4pm, Sama noted.

HAPPENING TODAY-

Restatex Riyadh Real Estate Exhibition will open today in Riyadh and runs until Wednesday.

AND- Speaking of events: The Kingdom will host the World Water Forum in Riyadh in 2027, state news agency SPA reported, after the forum’s board opted to come here rather than go to Italy. The event is the largest international gathering in the industry.

WEATHER- Expect scattered clouds in Riyadh today, with a strong breeze in Jeddah and Dammam.

  • Riyadh: 21°C daytime / 13°C overnight
  • Jeddah: 28°C daytime / 19°C overnight
  • Dammam: 23°C daytime / 15°C overnight

WATCH THIS SPACE-

#1- Acwa Power to sign solar plant agreement in Iraq:Acwa Power is set to sign a contract with Iraq’s Electricity Ministry to build and operate a 1 GW solar power plant in Najaf, according to a ministry statement on Wednesday. The agreement had been delayed for three years.

More to come? Iraq has been in talks with Acwa Power for a 1 GW solar plant and with UAE’s Masdar for another 1 GW project in its western regions. The country plans to sign agreements for 3.7 GW of renewable energy by the end of the year.

#2- A new fund to boost Arabic film content: The General Entertainment Authority (GEA) has launched an investment fund in what is says is a bid to raise the quality of Arabic firm content across the region, according to a statement by the GEA last week. The Big Time investment fund will focus on film production and distribution, according to the statement. It will see GEA as main sponsor and the Culture Ministry as co-sponsor. GEA did not disclose the size of the fund or say when it would begin investing.

OIL WATCH-

Global oil demand growth is losing steam, IEA says: The International Energy Agency (IEA) slashed its 2024 projection for global oil demand growth in its latest monthly report, It sees the pace of expansion decelerating further to 1.2 mn bpd this year from 2.3 mn bpd in 2023 on the back of a decline in consumption in China. It has previously forecast a global oil demand growth of 1.24 for 2024. “The expansive post-pandemic growth phase in global oil demand has largely run its course,” it said.

And we’ll see supply grow: The IEA raised its forecasts for global oil supply in 2024, expecting it to grow by 1.7 mn bpd on the back of increased supply from non-OPEC+ countries — think shale producers in North America.

SPORTS-

#1- The first professional table tennis competition is coming to Jeddah in May: The “Saudi Smash” edition of the Grand Smash 2024 Table Tennis Championship kicks off at the King Abdullah Sports City on Wednesday, 1 May, featuring elite international players competing in singles and doubles (for men and women), and mixed doubles, state news agency SPA reports.

Are you a fan? Check out World Table Tennis’ statement for more. Saudi players will be awarded wildcards for a chance to compete against world champions.

#2- A mixed message from Tiger Woods: Tiger Woods said that talks between the PGA Tour and the Public Investment Fund (PIF) are still ongoing, but hinted the tour thinks it could do without the sovereign wealth fund’s cash, Reuters reports. Woods is a member of the tour’s policy board.

His statements come amid speculation that the PGA Tour could walk away from its proposed merger with PIF-backed Liv Golf and the European Tour after it secured earlier this month a USD 3 bn investment from the Strategic Sports Group. The PIF and PGA Tour agreed to extend talks into this year after failing to agree on terms before a 31 December deadline.

CIRCLE YOUR CALENDAR-

The Saudi Capital Market Forum will open tomorrow 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.

The Diriyah Contemporary Art Biennale will kick off in Diriyah on Tuesday, 20 February and wrap up on Friday, 24 May. Headlined After Rain, it will be led by German curator Ute Meta Bauer and features 92 artists from 43 countries. It will see several new commissions, including a joint project documenting “Saudi futurism” since the 1940s by local artist Ahmed Mater and Berlin-based photographer Armin Linke.

The Future Investment Initiative (FII) will host a two-day priority summit in Miami starting Thursday, 22 February.

The annual tech event LEAP will open in Riyadh on Monday, 4 March and continue through Thursday, 7 March. Dubbed the “Digital Davos”, the event will bring together the global tech industry for discussions on the future of technology.

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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