Good morning, wonderful people. On the whole, it’s not a particularly busy news day, but the big story at home is rather significant: Unconfirmed reports indicate that the Public Investment Fund plans to make a USD multi-bn wager on green hydrogen by investing in production through a new firm.

^^ We have the details on this story and others in this morning’s news well, below.

HAPPENING THIS WEEK-

Saudi’s USD 5 bn investment in Pakistan could be in the home stretch: Investment Minister Khalid Al Falih is leading a high-level delegation to Islamabad for a three-day visit starting tomorrow, Pakistan’s Foreign Ministry spokesperson said in a press briefing yesterday, according to a readout. The minister is scheduled to meet with Pakistan’s President Asif Ali Zardari and Prime Minister Shehbaz Sharif, suggesting that the meetings could end with an announcement on the potential FDI package.

BACKGROUND- This visit follows discussions in April between Prime Minister and Crown Prince Mohammed bin Salman and Pakistan’s premier in Riyadh where they discussed a USD 5 bn investment packaged to support the cash-strapped country. The Crown Prince was expected to visit Pakistan back in May, but the visit was postponed.

Where could the money go? Just a week after the Riyadh talks, Foreign Minister Prince Faisal bin Farhan met with his Pakistani counterpart where the Saudi delegation was briefed on potential investments in various sectors in Pakistan including agriculture, IT, mining, and energy, among others.

WEATHER- In Riyadh, expect a warm day with a high of 36°C and a low of 23°C today. Dammam will be slightly hotter, peaking at 37°C before dropping to 24°C. Meanwhile, Abha enjoys milder temperatures, with a pleasant high of 28°C and a low of 17°C.

PSAs-

#1- Businesses subject to withholding tax must submit their September tax forms by this Thursday, 10 October to avoid a late payment fine of 1% for every 30 days of delay, Zatca said in a statement. Tax forms can be submitted on Zatca’s website here.

#2- Property owners in some areas of Dammam, Khobar, and Qassim can register their assets next month: The Real Estate General Authority is asking property owners of 351.3k plots in 316 neighborhoods in the Qassim region along with another 87.3k real estate plots in 26 neighborhoods in Dammam, and 14 in Khobar to register their properties in the real estate registry (RER) starting next month, according to two separate statements, here and here. Registration will open on Sunday, 3 November and close on Thursday, 6 February 2025. This is the authority’s latest rollout in a series of similar registrations aimed at populating the national registry.

#3- Saudi nationals no longer need a visa to travel to Solomon Islands: Holders of private, diplomatic, and official passports from both countries are now exempt from short-stay visa requirements, according to state news agency SPA.

SIGN OF THE TIMES-

Some 66% of Saudi professionals feel overwhelmed by the swift pace of workplace changes, with 58% worried about falling behind. Key challenges include managing multi-generational teams (37%), integrating AI into their work (36%), and adapting to working from the office (30%), Zawya reports, citing a Linkedin survey. Meanwhile, 53% of respondents believe experience isn’t enough on its own for success, while 39% stressed the need for continuous learning.

WATCH THIS SPACE-

#1- Go inches closer to acquiring Ejad Tech: Telecom operator Etihad Atheeb Telecommunication (Go) has received the greenlight from the General Authority for Competition for its planned acquisition of a 51% stake in IT firm Ejad Gulf Technologies, it said in a disclosure to Tadawul.

#2- Bienvenue à Riyadh: Some 18 French companies specializing in green buildings plan to enter the domestic market, with some planning to partner with local firms and launch regional headquarters, Aleqtisadiah reports, citing the French Embassy’s trade office in Riyadh. Around 40 more French companies plan to set up regional headquarters in the Kingdom, the news outlet said.

#3- Egypt’s Hassan Allam Holding plans to sign USD 500 mn worth of contracts for infrastructure projects in Saudi Arabia, Asharq Business quotes CEO Hassan Allam as saying. The company is ready to sign infrastructure development-focused contracts with the Saudi government, Allam said.

#4- PIF-backed luxury EV maker Lucid Group delivered nearly 2.8k cars in 3Q 2024, the company said yesterday (pdf). That figure is higher than earlier estimates of 2.2k in total deliveries for the quarter, Reuters reports citing a poll by Visible Alpha. The story was also picked up by Bloomberg.

The company is expected to announce its 3Q 2024 financial results early next month.

DATA POINTS-

#1- Retail investors made investments worth SAR 16 bn in the 10 IPOs on Tadawul’s main market this year so far, according to data compiled by Aleqtisadiah.

#2- Sales from 17 Saudi cement firms rose 4.3% y-o-y to 4.3 mn tons in September, Argaam reports citing data from Yamama Cement. Local sales were up 6.8% y-o-y, reaching SAR 4.2 mn tons, while exports dropped nearly 50%, totaling 93k tons.

#3- The National Company for Agricultural Services issued some 9.7k licenses in 3Q2024, state news agency SPA reports. Permits were granted for activities in agriculture, fisheries, livestock, veterinary, and other fields.

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THE BIG STORY ABROAD-

Israel, Hezbollah, and Hamas exchanged fire on the anniversary of the 7 October attack, with Israel launching air raids on 120 sites in southern Lebanon, and Hamas and Hezbollah both firing rockets at Israel, most of which the Israeli military said it had intercepted. Dozens of people in Lebanon were killed, including 10 firefighters, and two Israeli soldiers. Around 12 people were injured in Israel from Hamas’ and Hezbollah’s airstrikes. (Bloomberg | Reuters | The Guardian)

Oil prices rose to their highest levels since August, settling at USD 80.93 a barrel, as violence intensified and speculation over Israel’s retaliation with strikes on Iranian oil facilities continues, the Financial Times reports.

IN THE BUSINESS PRESS- Another antitrust defeat for Google is making headlines, after a US judge ruled that Google parent Alphabet open up its Play Store to its competition and distribute rival third-party app stores within its Play Store. The ruling comes following a jury decision last year that was in favor of Fortnite maker Epic Games, which had argued that Google had made it impossible for other app stores to establish themselves. (Reuters | FT | The Verge)

ALSO- It’s Nobel Prize season. The Nobel Prize in physiology or medicine was handed to Victor Ambros and Gary Ruvkun for their discovery of microRNA and the role it plays in gene regulation. Up next: The prize for physics will be handed out today, followed by chemistry tomorrow, literature on Thursday, peace on Friday, and economic sciences next Monday.

CIRCLE YOUR CALENDAR-

The four-day Saudi Film Forum 2024 will kick off Wednesday, 9 October in Riyadh, featuring areas for agreement signings, consulting, studio simulation, film talks, cinematic arts, and a little filmmaker section for children.

The Saudi Winter festivities are back, continuing until the end of March 2025, with over 1k events spread across seven key destinations: Riyadh, Jeddah, AlUla, the Red Sea, Eastern Province, Madinah, and Hail. The events include Riyadh Season, the Dakar Rally, MDL Beast’s music festival, hiking trails, camps, and winter caravans, with special offers available through the Visit Saudi app (Google Play | App Store).

The three-day 6 Kings Slam event at Riyadh’s Venue kicks off on Wednesday, 16 October, featuring all-star players competing for the largest purse in tennis history. The matches will see face offs between tennis champs Novak Djokovic, Rafael Nadal, Jannik Sinner, Carlos Alcaraz, Daniil Medvedev, and Holger Rune (watch, runtime: 5:15). The final and third-place match will be held on Saturday, 19 October. Book your tickets here.

The Professional Fighters League’s (PFL) Battle of the Giants is coming to Riyadh on Saturday, 19 October. Headlining the card, MMA superstar Francis Ngannou will face PFL heavyweight champion Renan Ferreira for the title of inaugural PFL Super Champion. Meanwhile, women’s featherweight champion Cris Cyborg will square off against Larissa Pachecho for the World Title Fight in the co-main event. Expect fireworks with additional matchups featuring Johnny Eblen vs. Fabian Edwards and A.J. McKee vs. Paul Hughes.

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.

The four-day Biban24 Forum organized by Monsha’at will run from Tuesday, 5 November to Saturday 9 November in Riyadh. It will feature over 250 speakers and 1.4k exhibitors, focusing on supporting the growth and competitiveness of SMEs, as well as promoting entrepreneurship in the Kingdom. Biban24 will also host the Entrepreneurship World Cup finals, offer 420 workshops, and focus on key sectors like e-commerce and financing.

The Saudi General Aviation Airshow Sand & Fun 2024 will run from Tuesday, 19 November to Saturday 23 at Al Thumamah Airport, Riyadh. Organized by the Saudi Aviation Club, the event will feature 100+ exhibitors and 15 airshow teams, with over 100k visitors expected. Sand & Fun is a key platform for exploring aviation tech, fostering partnerships, and driving industry growth.

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