Good morning, friends. It’s another big morning for capital markets as we prepare to slide into the weekend, so we’re going to jump right in.

UP FIRST- Grab a jacket this morning before you go out the door. Riyadh is looking at a daytime high of just 18°C. The cool weather will continue into the weekend, according to our favorite weather app. It’s probably the last gasp of winter — enjoy every minute of it.

Among the stories on which we’re keeping an eye on this fine winter morning:

IPO WATCH- Singapore’s Olam Group still looking at Saudi IPO: Singapore-based agricultural trader Olam Group said it “remains committed” to a dual listing of its subsidiary Olam Agri in the Kingdom and in Singapore after plans for the offering were delayed, it said in an earnings release (pdf) yesterday. It said the IPO was delayed from an initially set frame of 1H 2024 as “the regulatory framework is still being finalized to enable the listing of foreign companies.” Olam is 51% owned by Singapore wealth fund Temasek Holding.

TOURISM WATCH- Hilton Worldwide Holdings aims to have a portfolio of 100 properties in the Kingdom, it said in a statement picked yesterday as Hilton President and CEO Chris Nassetta visited the Kingdom. Nassetta said the hotel group plans to open more than 60 new properties in the coming years. Two-thirds of Hilton’s pipeline of projects here is currently in the works, according to the statement.

By the numbers: Hilton currently operates 18 hotels here, with properties in Jeddah, Makkah and Riyadh. Its Saudi pipeline includes new brands like LXR Hotels and Resorts, Canopy by Hilton, and Embassy Suites by Hilton.

REMEMBER- Saudi is just getting started:The Tourism Ministry recently more than doubled its target for 2030, hoping now to be host to 150 mn tourist trips after it hit its target last year ahead of schedule. The new 2030 target sees 80 mn by domestic travelers and 70 mn by international travelers.We welcomed 106.2 mn tourists last year, drawing in 27.4 mn foreign tourists and 79.3 mn domestic travelers.

WATCH THIS SPACE-

#1- The Kingdom’s financial district wants to be a SEZ: Riyadh’s mixed-use financial district King Abdullah Financial District (Kafd) has submitted a proposal to turn the area into a special economic zone (SEZ), CEO Gautam Sashittal told Al Eqtisadia yesterday. The move will make it more attractive for foreign companies to base themselves here, he suggested.

By the numbers:Some 24 companies have set up regional headquarters at Kafd, which is owned by the Public Investment Fund.

#2- Sabic eyes big gains from Hadeed sale: Petrochemicals giant Saudi Basic Industries Corp (Sabic) expects the sale of its steel subsidiary Hadeed to the PIF to draw in USD 1.7 bn-USD 1.9 bn upon its completion, it told Al Arabiya yesterday. It said it hopes to close the transaction during the first half of the year. The remarks came after the company reported a net loss of SAR 2.8 bn in 2023 — probably the first time the company has ever been in the red on a full-year basis.

BACKGROUND- Sabic agreed last year to sell its steel subsidiary Hadeed to the Public Investment Fund last year at an enterprise value of SAR 12.5 bn. It said the divestment would allow it to “optimize its portfolio and focus on its core business.” The transaction, which is subject to customary conditions and regulatory approvals, is set to close before the end of this quarter.

INVESTING IN PEOPLE-

#1- The Kingdom’s first master’s school for public policy: Energy Minister Prince Abdelaziz bin Salman launched Saudi’s first graduate-level public policy school studies, state news agency SPA reported yesterday. The KAPSARC School of Public Policy (KSPP) will offer a two-year master’s degree and executive education programs. It aims to “develop the knowledge and skills that the new generation needs to shape public policy both locally and globally,” the minister said.

#2- We’re getting a strategy to develop talent in industry and mining: Industry and Mineral Resources Minister Bandar Al Khorayef launched a strategy aimed at developing talent (officials are calling it “human capacity”) in the industry and mining sectors, SPA said. The strategy, launched during the Human Capability Initiative forum, will focus on attracting talent to the sectors and boosting productivity, Al Khorayef said.

Al Khorayef also launched an industry-focused academy aimed at providing training programs for skilled and fresh graduates in the sector. Some 18 training programs will be offered through training providers, he said. The National Academy for Training will also provide incentives and facilitate partnerships within the sector, he said, without providing further details.

BY THE NUMBERS- 75% of energy jobs are set to be Saudized by 2030, bin Salman said, according to a ministry post on X. Some 150k jobs will be offered to citizens as part of the plan, he said in statements picked up by Mubasher.

THE BIG STORY ABROAD-

It might be a Leap Year, but we feel stuck in a Hot Tub Time Machine: Donald Trump owns the front pages of the global business press this morning with two stories:

  • Trump needs to deposit USD 454 mn with a court — or risk seeing his assets seized. A New York judge has refused to grant an injunction that would have prevented the New York attorney-general from enforcing a USD 454 judgment against the former president. He could be forced to sell off assets to drum up the cash.
  • The US Supreme Court will hear arguments in April as it looks to decide whether Trump can face criminal prosecution on charges he tried to overturn the 2020 election results.

Completing the trifecta of US politics: Republican Senate party leader Mitch McConnell will step downfrom his leadership role in November. The 81-year-old is the longest-serving Senate party leader in history.

CIRCLE YOUR CALENDAR-

Riyadh will host the International Conference on Sand and Dust Storms in the Arabian Peninsula from Monday, 4 March to Wednesday, 6 March.

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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