id: 2024-02-07-03:48:07:446t

Good morning, wonderful people. It’s a brisk news day thanks to the World Defense Show, the PIF’s high-profile private-sector forum, and the award of SAR bns worth of construction contracts in Jeddah.

We also have a treat for tennis fans that already has a couple of us circling the calendar for this year’s Riyadh season.

BUT FIRST- There will be no normalization with Israel unless there is an independent Palestinian state, Saudi negotiators have told their American counterparts.

Among the keys: Israeli recognition of an independent Palestinian nation based on “the 1967 borders with East Jerusalem as its capital,” and an end to Israel’s war in Gaza, the Foreign Ministry said in a statement yesterday.

US Secretary of State Antony Blinken told reporters yesterday that Crown Prince Mohammed bin Salman “reiterated Saudi Arabia’s strong interest” in normalizing ties with Israel provided those two conditions are met.

Blinken was speaking during a joint press conference with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani. The two also said they had received a “positive” response from Hamas on an agreement that would see a long pause in fighting and the release of Palestinians held by Israel in return for Hamas releasing Israeli hostages.

WATCH THIS SPACE-

#1- Neom has opened an office in New York, its first direct entry to the US market, it said in a statement yesterday. The office will serve as a base for its business across the US “to explore new partnerships and sources of investment,” it added. This is Neom’s second overseas outpost. It opened an office in London in November as a base from which to explore business in the UK and Europe.

#2- The Investment Ministry has inked an MoU with the Swiss government to boost investment and entrepreneurship, state news agency SPA reports. SPA also said that a number of private-sector actors inked cooperation agreements in tech and real estate, but did not offer additional details.

The ministry will be collaborating with a Swiss fund to launch new EUR multi-bn green-financing initiatives, the National Gazette reports. The two sides have also discussed cooperation on sectors of mutual interest including insurance.

In numbers: The Kingdom is planning international tenders worth USD 1.8 tn in sectors including airports, manufacturing, and green energy, Investment Minister Khalid Al Falih said at the gathering. The occasion of the news was a Swiss-Saudi roundtable in Riyadh that was also attended by Industry and Mineral Resources Minister Bandar Alkhorayef and Swiss Federal Councillor Bernard Parmelin.

WEATHER- Expect a pleasant, sunny day in Riyadh with some hazy sun in Makkah and Jeddah.

  • Riyadh: 22°C daytime / 8°C overnight
  • Makkah: 30°C daytime / 18°C overnight
  • Jeddah: 29°C daytime / 23°C overnight

DATA POINTS-

#1- New day, new tourism target: The Tourism Ministry has more than doubled its tourism targets for 2030, hoping now to lure 150 mn tourist trips after it hit last year an earlier target of 100 mn ahead of plan, state news agency SPA reports.

In context: The Tourism Ministry counts both domestic and foreign tourists in that count. The breakdown:

  • In 2023: 77 mn trips taken last year by domestic travelers, and 27mn by foreign tourists.
  • The new 2030 target: 80 mn by domestic travelers, and 70 mn by international travelers.

Tourism MInister Ahmed Al Khateeb unveiled the new target at the PIF Private-Sector Forum in Riyadh yesterday. He also said the ministry wants to see the opening of 250k more hotel rooms to accommodate for the influx of tourists by 2030. Saudi had 280k room keys at the end of 2023.

#2- Dammam’s King Abdulaziz Port hit its highest monthly handling last month to c.215.2k TEUs, the Saudi Ports Authority (Mawani) said in a statement yesterday. It beat its previous monthly handling record of 211.2k TEUs in July.

THE BIG STORY ABROAD-

It’s a particularly slow Wednesday for news globally, whether you’re looking at the business pages or the front pages.

WORTH READING on a slow news morning:

OIL WATCH-

Aramco has opted not to change prices for sales to Asia, leaving prices at a two-year low to its Asian importers for March 2024, Reuters reports citing a company statement.

In context: Chinese refiners have reportedly trimmed their oil orders from Aramco on what they see as high prices in January and February. Aramco is looking to secure its share of the market amid competition from rival suppliers, pundits told the business newswire

CIRCLE YOUR CALENDAR–

The Hail Toyota International Rally which kicks off tomorrow and wraps up on Saturday, 10 February.

Filipino exporters are coming to town: A business-matching tour will kick off on Saturday, 10 February, where a group of Filipino exporters of food, beverage and personal care products will tour Riyadh, Jeddah, and Dammam to market their businesses, Arab News reports.

The Saudi Capital Market Forum will open on Monday, 19 February and wrap up on Tuesday. Held under the theme “Powering Growth,” the event will bring together members of the global financial landscape for discussions on the capital markets and investment strategies.

The Diriyah Contemporary Art Biennale will kick off in Diriyah on Tuesday, 20 February and wrap up on Friday, 24 May. Headlined After Rain, it will be led by German curator Ute Meta Bauer and features 92 artists from 43 countries. It will see several new commissions, including a joint project documenting “Saudi futurism” since the 1940s by local artist Ahmed Mater and Berlin-based photographer Armin Linke.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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