Good morning, friends. As we suggested last week would be the case, it’s all aviation, all the time as global industry execs gather at the Future Aviation Forum and two other big industry events. The big headline: Airbus just landed Saudi Arabia’s largest-ever aircraft order.

The conference continues today, and we have the rundown on everything you need to know at the head of this morning’s news well, below. It overlaps with the International Civil Aviation Organization’s Facilitation 2024 Global Summit and with the annual conference of the Airports Council International — also known as WAGA — which runs through Thursday, 23 May.

BUT FIRST- Crown Prince Mohammed bin Salman postponed yesterday a four-day official visit to Japan. A senior Japanese official said at a press conference that the postponement was “due to the health of King Salman,” who is being treated at Jeddah’s Al Salam Royal Palace for inflammation in the lungs. The Crown Prince was due to lead a business delegation to discuss investment and climate tech, as well as gaming and esports.

Other talks with Japan are going ahead as scheduled: The Economic Cities and Special Zones Authority (Ecza) is in Japan as part of the Kingdom’s trade mission, where Ecza officials are pitching Japanese investors on incentives in specialized economic zones in Saudi, Ecza said on X. “Sectors benefiting from tailored support and streamlined access include manufacturing, logistics, and technology,” Ecza said.

AND- The Global Supply Chain Forum gets underway in Barbados today, with Mawani set to participate. The UNCTAD-organized forum, which wraps on Friday, will discuss current and future supply chain challenges. The event will be livestreamed here.

WEATHER- Riyadh’s skies will be sunny with a daytime high of 41°C and a low of 28°C, with similar forecasts for Jeddah with a high of 38°C and a low of 29°C. Makkah might be seeing thunderstorms with a high of 45°C and a low of 31°C.

DATA POINT-

The Kingdom’s e-commerce market is expected to be worth USD 44 bn by 2030, up from USD 21 bn today, economic analyst Mohammed Al Qahtani told Asharq Al Awsat. Al Qahtani sees the sector growing by 13.5% annually, beating a global average of 11.2%, as digital infrastructure and e-commerce are a key pillar of the Kingdom’s diversification efforts.

BACKGROUND- E-commerce is booming: Some 2.6 mn Saudi shoppers make online purchases at least once per day, according to Checkout.com’s State of Digital Commerce in MENA 2024 report. Saudi Arabia is seeing “staggering” growth in online shopping with the number of Saudi consumers shopping online daily growing 90% in the past four years, 10 percentage points above the regional average.

OIL WATCH-

Saudi crude exports hit a nine-month high after exports rose for a second consecutive month in March to 6.4 mn barrels per day (bbl / d), according to Joint Organizations Data Initiative data. However, crude production dipped slightly m-o-m to 8.97 mn bbl / d.

Why this matters: OPEC+ meets on 1 June to decide on whether to extend voluntary oil cuts into the second half of the year. The oil cartel kept earlier this month its forecast for a strong global oil demand this year “broadly unchanged.” It expects oil demand to grow by 2.25 mn bbl / d this year and 1.85 mn bbl / d next year.

WATCH THIS SPACE-

#1- Egypt-born mass transit app Swvl could be expanding its footprint here under an expansion push in the GCC that also includes the UAE, CEO and founder Mostafa Kandil told EnterpriseAM UAE. Kandil discussed the Dubai-headquartered company’s turnaround, its strategy for ensuring profitability, and future expansion plans.

Background: Saudi is currently Swvl’s only operational market outside Egypt, contributing some USD 1.9 mn to the app’s revenues in 2023 to account for 4.55% of its top line, according to the startup’s financials.

#2- Riyadh will be home to the permanent headquarters of the Council of Arab Ministers for Cybersecurity after the Arab League Summit ratified the council’s statute in Manama last week, state news agency SPA reported. Under the regulations, the council will work under the umbrella of the Arab League and will have a secretariat and an executive office in Saudi.

Scope of work: The council will be tasked with outlining policy and strategies to develop joint Arab work in cybersecurity and bolster related initiatives and programs.

#3- Derivative contracts expiring next month will expire on Thursday, 13 June — a week earlier than their previously set expiration date — to account for the Eid Al Adha holiday, Tadawul said in a statement. Tadawul will be closed for Eid Al Adha from Friday, 14 June until Saturday 22 June. Trading on the stock market will resume on Sunday, 23 June.

PSA-

Businesses whose activities are subject to VAT, and that have annual revenues exceeding SAR 40 mn, have until Friday, 31 May to submit their tax returns for April 2024, according to a statement by the Zakat, Tax, and Customs Authority (Zatca). Non-complying businesses will face fines ranging from 5% to 25% of the tax owed.

SPORTS-

You can now book your tickets for the UFC clash between middleweight contenders Robert Whittaker and Khamzat Chimaev in Riyadh’s Kingdom Arena on Saturday, 22 June. The event is the first taking place under a recently extended partnership between Riyadh Season and the UFC. Book your tickets for the inaugural event here.

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THE BIG STORY ABROAD-

Our corner of the world is the undisputed big story around the world as journalists around the world take stock of the death of Iran’s president and foreign minister, the health of King Salman, and the prospect of arrest warrants for the top leaders of Israel and Hamas.

#1- The International Criminal Court’s chief prosecutor has requested arrest warrants for Israeli Prime Minister Benjamin Netanyahu, his defense minister, and three Hamas leaders on charges of war crimes and crimes against humanity. A panel of ICC judges will decide whether or not to accept the prosecutor’s request.

The US isn’t happy: US President Joe Biden was quick to respond to the news. In a brief statement, he called the move “outrageous.” Meanwhile, US Secretary of State Antony Blinken is warning of the implications of this move, saying that it could jeopardize ongoing efforts to reach a ceasefire agreement.

#2- The death of Iranian President Ibrahim Raisi has opened a conversation on the future of the region’s leadership, writes Bloomberg.

WORTH READING- The AP is out with a piece asking “what’s next for Iran’s government?” Among the questions is who among the hard-liners could step into the presidency.

AND IN TECH NEWS- Microsoft announced its Copilot+ PCs, which it is billing as “the fastest, most intelligent Windows PCs ever built” — designed for AI, of course, as is the flavor of the day. The device will call on AI to perform tasks such as helping users recall things they have come across on their computer. Look for it to be available starting 18 June.

The Wall Street Journal’s Joanna Stern is no shill — and she’s impressed, writing that the device — which she’s had the chance to play with — left her thinking that “Windows is exciting again.” The bottom line: “They’ve got improved performance, battery life and enhanced AI features. Finally. Microsoft is promising some real competition to Apple’s M-powered MacBooks.” The Verge’s Tom Warren has more.

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