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id: 2024-11-27-04:04:56:376t
Good morning, and happy almost-THURSDAY. It’s another busy day here at home with plenty of news with which to kick off the day, including the Finance Ministry releasing its budget statement for the upcoming fiscal year. We have chapter and verse in this morning’s news well, below.
WEATHER- Riyadh is getting a rainy day today, with temperatures reaching a high of 30°C and dipping to a cool 17°C. In Makkah, expect some thunderstorms, with a high of 29°C and a low of 21°C. Meanwhile, the mercury in Dammam will hit highs of 30°C and lows of 22°C.
PSAs-
REMINDER- Businesses need to submit customs declaration documents 72 hours before shipments reach local ports to avoid shipment delays and to reduce import costs, the Zakat, Tax, and Customs Authority said in a statement yesterday.
WATCH THIS SPACE-
#1- The Kingdom topped the UNIDO’s Quality Infrastructure Index for the MENA region and Arab countries and landed in the 20th spot globally, climbing 25 places since the 2022 edition of the biennial index, according to UNIDO data. The index measures countries’ infrastructure readiness to support the Sustainable Development Goals.
#2- The Tourism Development Fund is looking at supporting hotel projects in the Ha’il Province valued at SAR 1 bn, with an estimated capacity of 850 keys, Tourism Minister Ahmed Al Khateeb was quoted as saying by local media including Al Arabiya and Argaam.
ALSO- The fund is currently backing 17 hotel projects in Al Ahsa with an investment ticket of over SAR 3.5 bn and a capacity of 1.8k keys, Al Khateeb was quoted as saying by Al Watan.
#3- Saudi Arabia plans to venture into aircraft fuselage production, Okaz quotes Industry and Mineral Resources Minister Bandar Al Khorayef as saying. The Kingdom will also expand its titanium manufacturing capacity, which currently rolls out 15k tons for a global demand level estimated at 250k tons.
#4- The Jazan Municipality launched a tender for developing Al Jabal Al Aswad resort in Al Reeth, state news agency SPA reports. Interested investors can submit their bids for the 25-year project via the Furas platform until 8 January, 2025.
#5- The National Water Company is set to award a contract for its Al Hanakiyah and Al Samid water networks in 1Q 2025, Zawya reports, citing sources it says are in the know. The project covers 70.8 km of water networks, a pumping station, and related civil works. Bid submissions for the project wrapped up on 21 November. No details were announced on the project’s estimated value or timeline.
DATA POINTS-
The Riyadh Region recorded the highest consumption of electricity across Saudi Arabia in 2023, accounting for 28.1% of the country’s total consumption, according to a statement from the General Authority for Statistics. The Makkah Region saw the second-highest consumption at 25.5%, followed by the Eastern Region at 16.7%.
OIL WATCH-
Opec+ countries are in discussions to potentially delay the plan to phase out oil supply cuts in January due to threat of oversupply, after delaying it initially from October, Bloomberg reports, citing delegates who asked to remain anonymous.
The group “has little scope to reverse its oil production cuts,” with the long-running cuts inadvertently granting US shale producers larger market share, Iran’s Opec governor said, Bloomberg said separately. Production caps imposed by Opec over the past four years have seen US shale production increase by 2 mn bbl / d since 2020 and phasing out production cuts at this stage will likely lead to a market glut in 2025, the Iranian official said. Opec+ is due to meet online on 1 December, with traders widely expecting another delay to 2Q 2025, according to traders surveyed by Bloomberg.
SPORTS-
Liv Golf defectors might have a way back into the PGA Tour, according to Steve Cohen, whose family office Cohen Private Ventures has recently injected some liquidity into the US golf circuit earlier this year, Bloomberg reports. “The goal is to reunite all the players,” he said, explaining that getting all the top golfers back onside and playing in one tournament would be “exciting.”
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THE BIG STORY ABROAD-
Israel and Hezbollah agreed to a ceasefire agreement that is set to take hold this morning, after the Israeli cabinet voted in favor of a pact brokered by the US and France. The agreement will see Israel “gradually withdraw its remaining forces” from its border with Lebanon over the next 60 days, while “the Lebanese Army and the State Security Forces will deploy and take control of their own territory [in the south] once again,” US President Joe Biden said yesterday.
Ceasefire coming for Palestine soon? Washington is planning to “make another push with Turkey, Egypt, Qatar, Israel, and others” to reach a similar ceasefire agreement in Palestine, Biden said. An agreement would see Israel halting its assault on Gaza while removing Hamas from its position as de facto rulers of the enclave, and securing the release of remaining Israeli hostages.
Biden is looking to also push through with a set of agreements with Saudi Arabia, including a defense pact and other forms of economic cooperation, which would also see Riyadh recognize and create diplomatic ties with Israel. The agreements have stalled since earlier this year as Saudi has made its recognition of Israel contingent on having a “clear and credible” pathway for Palestinian statehood. The story is topping front pages in the international press this morning: Reuters | Bloomberg | New York Times | CNBC | Wall Street Journal | Financial Times
CIRCLE YOUR CALENDAR-
Red Bull’s Les Mills is bringing the Middle East’s largest fitness festival to Riyadh on Saturday, 30 November, at The Arena. The 12-hour event features global trainers, full-day workouts, exclusive Adidas products, and a women-only “Her Zone.” You can book your tickets online.
The two-day Saudi Green Initiative Forum will kick off on Tuesday, 3 December, according to a statement. The forum will coincide with COP16 of the United Nations Convention to Combat Desertification, which will be held in Riyadh between 2 and 13 December.
The two-day Zakat, Tax and Customs Conference 2024 begins on 4 December at the King Abdullah Financial District.
The Red Sea International Film Festival will run from 5-14 December in Jeddah.
The two-day Impact Makers Forum (ImpaQ) is set to open its doors on 18 December, bringing together media influencers, industry experts, and digital content creators in Riyadh’s Mayadeen Hall.
The Fortune Global Forum is coming to Riyadh in December 2025, according to a press release. The forum serves as a platform for the leaders of the world’s largest companies, policymakers, and other influential figures to discuss global economic and business trends, challenges, and opportunities.
The FIFAe Finals 2024 returns to Riyadh from 5-12 December at SEF Arena, BLVD Riyadh City, according to a press release. This year marks the first time the event will feature multiple esports titles, including the FIFAe World Cup with Rocket League (5-8 December) and two FIFAe World Cups with eFootball (9-12 December) on console and mobile. With a total prize pool of USD 450k, the event will showcase talent from 18 countries. Fans can attend in person or watch live on FIFAe’s Twitch channel. Register here.
The International Forum for Saudi Reef is scheduled for 16-18 December in the Intercontinental Al Ahsa, covering sustainable agriculture, rural entrepreneurship, and technology in farming, alongside a three-day exhibition of rural practices, handicrafts, and local work. Register here.
The Future Hospitality Summit will take place between 14-16 April, 2025 at Mandarin Oriental Al Faisaliah hotel in Riyadh. The forum will bring together top executives and decision-makers in the hospitality sector to probe potential investments and partnerships.
