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Good morning, friends, and happy Thursday to you all. We have a busy-but-workaday issue for you this morning.
Up first:
MORNING DISTRACTION- A 13-year-old kid in the United States has become the first person ever to “finish” Tetris — by breaking the game’s brain as he forced it into a “kill screen.” The kid, who goes by the streamer name Blue Scuti, set new world records for lines cleared, level reached, and overall score. The story is getting a play on the front pages of both Bloomberg and Reuters, suggesting they may have gamers on their overnight shifts.
Fancy a game right now? It may give your corporate IT people a fit, but head over to Tetris’ website and play in your browser without charge. Use the left and right arrows. The down arrow drops the piece to the bottom. The up arrow rotates each piece as it falls.
WEATHER- Fog everywhere: The national weather service is advising folks to exercise caution with fog expected in Makkah and Riyadh, with other areas experiencing light to medium rainfall.
WATCH THIS SPACE-
#1- Iran’s national flag carrier has scrapped the resumption of flights to the Kingdom.Flights from Tehran, Mashhad, and Isfahan to Jeddah for pilgrims were supposed to begin yesterday and are a centerpiece of the recent detente between the two countries. Iran’s state news agency IRNA said the flights didn’t take off as planned because of a permit issue and an Iranian official later said the flights had been delayed because of a “technical issue … nothing serious,” Bloomberg reports.
#2- Is Aramco about to award two massive EPC contracts? Aramco could be close to awarding two large EPC contracts for the expansion of the world’s largest offshore oilfield, Safaniyah, within the coming weeks, market tracker ChemAnalyst reports, citing sources it says have knowledge of the transaction.
The two contracts are probably worth a combined USD 4-5 bn and Aramco is said to be close to finalizing the list of bidders. India’s Larsen & Toubro (L&T) is reportedly the preferred bidder for one contract, while Hyundai Engineering & Construction leads in the race for the second.
Why it matters: The expansion of Safaniyah will help keep Aramco on track towards its target to raise its oil production capacity to 13 mn barrels per day (bpd) by 2027 from a current 12 mn bpd.
!_Link09_! #3- A new law allowing foreigners to buy property will go into effect this year,Saudi Authority of Accredited Valuers (Taqeem) member Ahmad Al Fakih told Asharq Business in an interview yesterday. He provided no further details on the law’s provisions.
#3-Gas Arabian Services (GAS) could be making the move to Tadawul’s main market from Nomu, according to a disclosure to Tadawul yesterday. It said it hired Yaqeen Capital as financial advisor for the transition from the parallel market.
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DATA POINTS-
#1- More than 1.1k new industrial licenses in 2023: The Ministry of Industry and Mineral Resources issued 158 new industrial licenses in October and 1.1k licenses in 10M 2023, Aleqtesadia writes, citing a ministry report.
The most active sector for new manufacturings starts in October? Food (with 31 licenses), followed by mineral products, metal products, electrical equipment, and rubber and plastics.
#2- The aviation sector transported over 101 mn passengers in 11M 2023, Mubasher reported yesterday, citing a statement by the General Authority of Civil Aviation (GACA). The figure, which is the highest in the kingdom’s history, came on the back of a 42% rise in destinations to 150 globally.
!_Subhed_! OIL WATCH-
Aramco may be looking at crude price cuts to Asian customers next month despite the worsening crisis in the Red Sea, Reuters reported yesterday, citing five refining sources in a survey.
What the pundits are saying: “Saudi Arabia needs to lower prices to defend its market share as the prices for other oil are significantly lower,” said one respondent to a Reuters survey. At play: Rising US production and the need to push more oil into Asia amid shipping disruptions making it more difficult to send Saudi crude to Europe and beyond.
AND-OPEC+ looks on track to hold a monitoring meeting on 1 February, the newswire reported yesterday.
THE BIG STORIES ABROAD-
#1- Nearly 100 killed in Iran bomb attack: Two explosions have killed at least 95 people and injured 211 at a ceremony marking the fourth anniversary of Iranian military commander Qasem Soleimani’s assassination by the US. The death toll is still being updated, but already stands as the deadliest attack on the country since the Iranian revolution in 1979.
Finger pointing: No group or nation has claimed responsibility for the attack, but Iranian parliamentarians have pointed the finger at Israel. Washington said the attack was likely the work of an Islamic State-linked group.
The Foreign Ministry condemned the attack, which took place in the southeastern city of Kerman
The news is getting wide pickup in the international press: New York Times | Washington Post | CNN | Financial Times | Guardian | Bloomberg | Reuters | Associated Press.
#2- It’s still looking messy in the Red Sea, where Hapag-Lloyd said it won’t be steaming through the Suez Canal for at least a week and will instead send ships around the Cape of Good Hope. Hapag is the world’s fifth-largest shipping company; its decision comes just a couple of days after Maersk also decided to give the canal a pass.
Sound smart: About 12% of global trade passes through the Suez Canal. The last disruption there, caused by the grounding of the ship Ever Given back in 2021. The current situation is already having a bigger impact on global shipping than the Ever Given did.
#3-Harvard President Claudine Gay has resigned following allegations of plagiarism and criticism of her response to what some claim is anti-Semitism on campus, exposing the fractures and culture wars that the university is under pressure to address. (Washington Post | New York Times | Reuters | BBC | Bloomberg)
CIRCLE YOUR CALENDAR-
The Future Minerals Forum will take place from Tuesday, 9 January through to Thursday, 11 January in Riyadh. The event will bring public and private sector players to chew over the creation of resilient mineral value chains in Africa, Western Asia, and Central Asia.
Riyadh will host the Spanish Super Cup Semi Finals between Real Madrid and Atletico Madrid on Wednesday, 10 January at 10pm. Barcelona and Osasuna will also go head to head on Thursday, 11 January in Riyadh at 10pm.
You can still enjoy the tunes blasting out of the Beats of Saudi until Friday, 19 January in Riyadh and Jeddah.
Tickets are on sale for the 2024 Saudi Arabian Grand Prix, scheduled for Jeddah from 7-9 March.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
