Good morning, wonderful people, and welcome to another very busy news day. Leading this morning’s news well is a duo of debt issuances, including Aramco tapping international debt markets for the second time this year. The oil giant is looking to sell USD-denominated sukuk to raise as much as USD 3 bn, while Riyad Bank is planning to sell an unspecified amount of additional Tier 1 capital sustainable sukuk.
^^ We have the details on these stories and much more in this morning’s news well, below
HAPPENING TODAY-
The two-day CX & Loyalty Summit is on its second and final day in Riyadh, bringing together local and regional experts to discuss enhancing customer experience through technology, AI, and customer loyalty programs. Speakers include industry leaders from Petromin Nissan, Roshn, Saudi Telecom, and Roche, among others.
WEATHER- Riyadh’s mercury will hit a high of 40°C today and a low of 27°C. Meanwhile, Jeddah will see a high of 36°C, and a low of 30°C
PSAs-
Property owners in eight Riyadh neighborhoods have until tomorrow to register for a property number and title deed through the real estate registry platform, according to state news agency SPA. The neighborhoods are Jarir, Al Rabwa, Al Rayyan, Al Rawabi, Al Salam, Al Manar, Al Naseem Al Gharbi, and Al Naseem Al Sharqi. Missing the deadline may result in fines.
The Transport General Authority has established four key regulatory requirements for foreign trucks operating in the Kingdom, according to state news agency (SPA). The requirements include:
- Obtaining an electronic transportation document from the Logistics platform,
- Limiting transportation of goods to the return route from the designated city,
- Adhering to established transportation systems and requirements in the Kingdom,
- Cooperating with authorities.
Penalties: Foreign carriers or trucks that break the rules must pay any fines before they can enter or leave the country’s land ports. Settling violations is essential for smooth border operations.
WATCH THIS SPACE-
The Saudi-Egypt electricity grid is on track: Italian cable manufacturer Prysmian has installed over 35% so far of the submarine cable of the power interconnection project between Saudi Arabia and Egypt, sources in the Egyptian government told Arab Finance. The cables are scheduled to be fully installed by the end of 2024.
Zooming out: The completion rate of the overall Saudi-Egypt electrical interconnection project was reported in July to be 60%. The 3 GW interconnection project is scheduled to be completed in two phases, with the first phase reportedly set to go live in July 2025 and the second one in early 2026.
SPORTS-
Neymar is all in for the Kingdom’s bid to host the 2034 World Cup, calling it an exciting chance for global cultural exchange and showcasing the Saudi culture in a video shared by Al Hilal on Youtube (watch, runtime: 0:33). Fifa is expected to approve Saudi Arabia as the sole host in an upcoming vote on Wednesday, 11 December.
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THE BIG STORY ABROAD-
Israel’s bombardment of Lebanon is still the top story in the international press — the business press included — with the barrage of attacks having killed at least 569 people, including 50 children, over the course of the last two days. While Israeli airstrikes targeted Beirut’s southern suburbs — claiming to have killed Hezbollah’s missiles division head Ibrahim Kobeissi — and the border region, Hezbollah targeted military targets, including a military and naval base, in northern Israel.
Speaking in New York on the sidelines of yesterday’s UN meetings, Lebanon’s foreign minister Abdallah Bou Habib called US President Joe Biden’s address to the UN “not strong” and “not promising,” adding that the US — Israel’s biggest arms supplier and key ally — “is the key…to our salvation.” The UN Security Council will meet today to discuss the escalating violence between Israel and Hezbollah today.
WHILE IN OIL NEWS- No peak oil yet, says OPEC, with the oil cartel saying they expect world oil demand to increase 18% to 120.1 mn barrels per day by 2050, in stark contrast to other international organizations — including those within the petroleum industry — that expect to see oil demand fall as the world transitions to low carbon and green fuels.
AND- EU officials raided Nasdaq and Deutsche Borse offices in two EU member states yesterday, as the European Commission investigates possible anti-competitive practices related to financial derivatives, the FT reports. Both companies said that they were cooperating with EU authorities on the investigation.
ALSO- UniCredit’s battle to take over Commerzbank is heating up, with the German government throwing its weight against Italian UniCredit’s proposed takeover of German Commerzbank. German Chancellor Olaf Schulz said Monday that the government “supports Commerzbank’s strategy of independence,” adding that it does not support a takeover, which would cede financial clout to Italy and lead to a raft of job cuts in Germany.
CIRCLE YOUR CALENDAR-
Intersec Saudi Arabia will open its doors on Tuesday, 1 October, where experts in the security, safety and fire protection industries will convene to address the role of AI and VR in the sector. The event wraps up on Thursday, 3 October.
The two-day Multilateral Industrial Policy Forum will kick off in Riyadh on Wednesday, 23 October. The forum will address global industrial challenges, focusing on topics like industrial policy, clean energy, and advanced manufacturing tech. The forum is organized by The Industry and Mineral Resources Ministry in partnership with UNIDO. The Kingdom will also host the UNIDO General Conference in 2025.