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Good morning, wonderful people. It’s the start of a new week that promises to keep us on our toes, if the news flow this morning is any indication. But before we get underway…
FACT CHECK- Dazn Group isn’t on the PIF’s radar: The PIF said it has no current plans to invest in sports streaming platform Dazn, dismissing earlier media reports suggesting that there were ongoing talks to acquire a stake in the UK-based group. (Reuters | Bloomberg)
WEATHER- Riyadh is looking at a high of 38°C, and a low of 21°C today. Over in Madinah, the temperature will peak at 39°C, before dropping to 25°C. Meanwhile, Jeddah will see a high of 36°C, and a low of 28°C.
WATCH THIS SPACE-
#1- Crown Prince Mohammed bin Salman will reportedly skip the BRICS summit in Russia next week. Instead, Foreign Minister Faisal bin Farhan Al Saudi will represent Saudi Arabia at the summit, which runs from 22-24 October, Reuters reports, citing a Kremlin statement. The Crown Prince’s absence will make Saudi Arabia the only country not represented by its leader, according to Russian President Vladimir Putin’s foreign policy aide, Yuri Ushakov. Although Russia extended an invitation to the Crown Prince, no reason was given for his absence.
REMEMBER- Officials in Riyadh said earlier this year that the Kingdom is still considering an invitation to join BRICS. The remarks in February came after South Africa’s foreign minister said the Kingdom had formally joined the alliance.
#2- The Kingdom narrowly missed out on a seat on the 47-member UN Human Rights Council after receiving seven fewer votes than the Marshall Islands to represent the Asia-Pacific Group. The outcome of the secret ballot elections received ink in the foreign press (The Guardian | AP | Reuters | ABC News)
DATA POINTS-
#1- PIF allocates green bond proceeds to projects: Of the USD 8.5 bn it raised through its two green bond issuances, the Public Investment Fund (PIF) has allocated USD 5.2 bn to projects as of this past June, according to its Allocation and Impact Report 2024 (pdf). This is part of a capital expenditure portfolio, worth over USD 19.4 bn, of eligible green projects identified by the fund. CNBC also had the story.
The portfolio includes 91 projects, 18 of which are operational or partially operational, while the remaining 73 are under construction or in design.
#2- Al Qassim’s untapped mineral resources are estimated to be valued at SAR 122.3 bn, with key minerals including gold (SAR 87.7 bn), bauxite (SAR 24.6 bn), zinc (SAR 4.7 bn), copper (SAR 4 bn), and silver (SAR 1.4 bn), state news agency SPA reports, citing Industry and Mineral Resources Spokesperson Jarrah Al Jarrah. The region hosts 32 mining complexes and 580 factories.
REMEMBER- The government reported earlier this year that the Kingdom’s untapped mineral reserves are valued at USD 2.5 tn.
SPORTS-
The Green Falcons lost 0-2 to Japan in their World Cup Asian Qualifiers match in Jeddah on Thursday, Reuters reported. The loss puts Saudi Arabia in third place in Group C with four points, coming out on top in just one of three matches so far. Australia is one spot ahead on goal differential. Saudi’s next game is against Bahrain on Tuesday, 15 October at 9pm.
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THE BIG STORY ABROAD-
Israel expands its attacks on Lebanon: Israel ordered the evacuation of new locations in Lebanon yesterday as it ramped up its attacks. Yesterday’s attacks across three different areas across the country — including one that was previously untouched — killed no less than 15 and injured 37 others.
Attacks on Gaza continue: Israeli forces ramped up their airstrikes in northern Gaza on Saturday, killing at least 29 Palestinians in the Jabaliya area. Residents in northern Gaza have not received any food aid since 1 October according to the UN World Food Program, which estimates that around 400k Gazans remain in the area. The UN independent food rights investigator has accused Israel of carrying a “starvation campaign,” a claim that Israel denies. (Reuters | Associated Press)
AND IN BUSINESS NEWS- Boeing announced plans to cut 17k jobs — nearly 10% of its workforce — and delay its delivery of the 777X jet as the embattled company enters its fifth week of a machinists’ strike that has brought production of two of its models to a standstill. The company is currently waiting for the US’ National Labor Relations Board to rule on the unfair labor practice charge Boeing filed against the machinists’ union last week.
Boeing is feeling the pain: The machinists’ strike comes after a particularly difficult year for the company, which has come under considerable scrutiny after a high-profile accident on one of its planes in January prompted questions about the airplane manufacturer’s safety protocols and encouraged regulators to limit its production. S&P Global Ratings warned last week that Boeing’s bonds could soon be downgraded to junk status, estimating that the strike is costing the airplane manufacturer around USD 1 bn per month. (Financial Times | Reuters | CNBC)
AND- The 2024 Nobel Peace Prize went to Japan’s Nihon Hidankyo, a group of atomic bomb survivors who have dedicated their lives to push for “a world free of nuclear weapons” and demonstrate “through witness testimony that nuclear weapons must never be used again.” (DW | Reuters | BBC | New York Times)
CIRCLE YOUR CALENDAR-
The three-day 6 Kings Slam event at Riyadh’s Venue kicks off this 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 three-day Seamless Saudi Arabia will take place at the Riyadh Front Center on Tuesday, 22 October. Business leaders and entrepreneurs from around the world will gather to discuss the latest trends shaping the digital commerce and fintech sectors. Notable speakers include representatives from the World Economic Forum, our friends at Cenomi, as well as Al Rajhi Bank, Riyad Bank, and Saudi Awwal Bank, among others.
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.
Cityscape Global will land in Riyadh’s International Convention and Exhibition Center on 11-14 November. With over 400 exhibitors, 500 speakers, and 7 conferences, the real estate event is stretching its scope this year with additional sectors like sustainable smart buildings, stadiums, attractions, and smart cities. Backed by the Municipalities and Housing Ministry, the event will also bring the Saudi sports infrastructure boom to the forefront, including newly-announced stadiums.
The Saudi Intermobility Expo 2024 will take place on 11-13 November at the Jeddah International Exhibition and Convention Center. As the largest transportation event in the MENA region, it will host over 7k decision-makers from 30 countries, highlighting the latest developments in smart sustainable mobility, infrastructure, and urban planning.
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.
