Good morning, ladies and gentlemen. We’re rounding out the week with an issue that is heavy on both macro news and diplomacy, as US Secretary of State Antony Blinken paid another visit to Riyadh yesterday and US Senator Lindsey Graham suggests a normalization pact with Israel could be within reach.

HAPPENING TODAY-

#1- Foreign Minister Prince Faisal bin Farhan is in Russia’s Kazan to attend the Brics Summit, which is on its final day today. The foreign minister landed in Russia overnight, according to state news agency SPA.

#2- It’s day four of the World Bank and IMF annual meetings: The world’s finance ministers, central bank governors, and other big names in finance and policy are in Washington for the International Monetary Fund and World Bank Group Annual Meetings. The six-day meetings kicked off last Monday, and will run all the way to Saturday. Check out the full meeting schedule on the event’s official website.

WATCH THIS SPACE-

#1- Saudi-Israel normalization pact could close in 2024: Saudi Arabia and Israel may reach an agreement on normalizing ties before the year is out, US Senator Lindsey Graham tells Reuters. The senator — an ardent supporter of Israel — told the newswire that Israeli Prime Minister Benjamin Netanyahu signaled in a conversation earlier this week that an agreement could be within reach by 2024-end. The US is looking to push forward on the normalization pact, which Graham said is more likely to close under the current Biden administration.

REFRESHER- The agreement would see Washington provide security assurances to Riyadh, along with cooperation on the development of a domestic nuclear power industry, as well as on artificial intelligence and other technologies. Saudi has been adamant in its stance that there would be no normalization with Israel without a credible pathway to a Palestinian state.

#2- Canada’s First Quantum Minerals is still in talks over its Zambian copper and nickel assets, with CEO Tristan Pascall saying on an earnings call that the business is “open to more partnerships,” Reuters reports. Pascall did not name the companies First Quantum is in talks with, nor did he provide further details on the negotiations or where they currently stand.

REFRESHER- Reuters reported last week that PIF-backed Manara Minerals is closing in on a USD 1.5-2 bn acquisition of a 15-20% stake in First Quantum’s Zambian copper and nickel assets. Manara — a JV between the Public Investment Fund (PIF) and mining giant Ma’aden — has been eyeing a stake in the assets since earlier this year, with an eye on copper mines Sentinel and Kansanshi.

#3- Investors will reportedly have until 16 November to bid on a contract to build the King Abdullah Road-Falasteen Road (Kafa) storm sewer tunnel, after the Jeddah Municipality relaunched a tender for the project in late September, according to Meed. The two-phase project will see the construction of two tunnels over three years in the first phase, and the construction of a terminal pumping station, a marine outfall, and shafts in the second. No further details were given on the financial ticket or timeline for the project.

PSAs-

Unified charging ports for mobile phones + electronic devices: Phones and other electronic devices sold in the Kingdom will be required to have Type C charging ports next year, according to new regulations. The move is part of a broader initiative led by the Communications, Space and Technology Commission (CST) and the Saudi Standards, Metrology, and Quality Organization (SASO). The move was first announced in August 2023.

What to expect:

  • Phase 1: From January 2024, the rule will apply to phones, tablets, digital cameras, e-readers, portable game consoles, headphones, earphones, portable speakers, keyboards, computer mice, navigation systems, and wireless routers.
  • Phase 2: Laptops will be included starting 1 April, 2026.

The rationale: The decision aims to “reduce the local consumption of charging ports for mobile phones and electronic devices by over 2.2 mn units each year. It is also expected to minimize consumers’ spending in Saudi Arabia by more than SAR 170 mn annually, which in return supports the Kingdom’s sustainability goals in the tech sector by reducing electronic waste by nearly 15 tons per year.”

WEATHER- Riyadh is looking at a high of 34°C and a low of 22°C today. Over in Jeddah, the temperature will peak at 36°C before dropping to 28°C. Meanwhile, Madinah will see a high of 37°C and a low of 25°C.

SPORTS-

The Riyadh Season Snooker Championship is returning in December. The two-day tournament which ran in its maiden edition last March, will be coming back to Riyadh Season on Wednesday, 18 December, according to a statement.

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THE BIG STORY ABROAD-

It’s the first time in a long time that business news makes it to most front pages of the foreign press, as earnings season heats up and aircraft maker Boeing faces its toughest time yet with factory workers set to vote on a contract that could end a five-week strike.

#1- Boeing reported USD 6 bn in losses that its new CEO Kelly Ortberg chalked up to “serious performance lapses” and an erosion of investor confidence, as factory workers vote on new wage terms that could end their ongoing strike. (Reuters | Financial Times | Wall Street Journal)

#2- Tesla’s earnings are also getting a lot of ink, with the EV maker reporting a higher than expected bottom line and profitability for its cybertruck, marking a turnaround after a few disappointing quarters. The EV maker now expects 20% growth in vehicle sales next year. Its shares jumped 12% in extended trading on the news. (FT | CNBC | CNN)

#3- Apple is gearing up to launch its updated Macbook Air with the M4 chip, and its low-end iPad and revamped iPhone SE, in early 2025, Bloomberg reports.

ALSO GETTING ATTENTION- The US elections are still looking as tight as ever with the two candidates statistically tied among likely voters in the seven swing states in the Bloomberg News/Morning Consult poll, leaving it up to the final weeks of rallies and campaigns to decide who will come out on top.

AND- Israel continued to strike Beirut’s southern suburbs yesterday, as Hezbollah said it fired precision guided missiles at Israeli targets for the first time. One strike hit the office of Al-Mayadeen, killing at least one person and wounding five others. (Reuters)

CIRCLE YOUR CALENDAR-

The two-day Multilateral Industrial Policy Forum will kick off in Riyadh tomorrow. 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 Human Resources and Manpower Expo kicks off on Sunday, 27 October at the Riyadh International Exhibition and Convention Center, expecting over 1k exhibitors and 22k visitors.

The five-day Jeddah International Motor Show revs up on Tuesday, 29 October, running through Saturday, 2 November. The event will showcase motorcycle and drift shows, sim and kart racing, a lineup of custom-tuned cars, and more.

WWE Raw is coming to Riyadh for the first time ever on 2-3 November, kicking off on the back of the WWE Crown Jewel event the day prior, Turki Alalshikh said in a post on X. You can book your Raw tickets here, and your Crown Jewel tickets here.

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