Good morning, wonderful people. Tourism and all things maritime are the accidental stars of an otherwise quiet news morning — here’s hoping we close the week on a busier note tomorrow.

UP FIRST- Canada is looking to rebuild a “great relationship” with the Kingdom, ambassador Jean-Philippe Linteau said in an interview with Arab News ahead of an event tomorrow for Canada’s Flag Day. “We’re very excited to host our Flag Day celebration and it will be the first time in many, many years that Canada is inviting people to celebrate. … This is about Canada showing that it is back, it is present and it is putting an emphasis on rebuilding a great relationship with Saudi Arabia,” Linteau said.

Saudi restored diplomatic relations with Canada last spring. Economic, commercial, and security ties are warming, Linteau said, and a bilateral business council is back to work as Canadian firms look to do business here. Read the interview in full here.

WATCH THIS SPACE-

#1- The Riyadh Metro system will open this year, Maher Shira, director general of the Smart City Department for the Royal Commission of Riyadh, told Al Eqtisadiah on the sidelines of the Global Smart City Forum yesterday. The USD 22.5 bn metro system is part of a new smart transportation system which integrates “metro, buses, first and last-mile services,” he said.

Will it alleviate the capital city’s notorious gridlock? The Kingdom’s first urban metro will include six automated lines (60km of them underground) and become the largest public transport network in the region when it opers. Arriyadh Development Authority (ADA) is the owner and operator of the metro system. Developers include a consortium led by Bechtel, Almabani General Contractors, Consolidated Contractors Company, Siemens, and Aecom.

#2- Making it easier for global firms to open regional HQs here: The Commerce Ministry said it will provide online services for global firms seeking a regional HQ in the Kingdom, state news agency SPA reported yesterday. The services include issuing, amending and renewing commercial registers and the reserving of commercial name, among others. Companies will need to first pick up their license from the Investment Ministry before talking with the folks at commerce.

BACKGROUND- International companies need to declare Saudi their regional headquarters if they want to be eligible for government contracts. Crown Prince and Prime Minister Mohamed bin Salman wants to see the Kingdom attract USD 100 bn in FDI annually by 2030.

#3- We’ll know how Aramco did in 2023 when it releases its full-year results on Monday, 11 March, its website shows. Aramco’s net income declined 23.1% y-o-y in the third quarter of the year to USD 32.6 bn on the back of lower oil prices and sales volumes. Revenues were down 22% y-o-y during the quarter to USD 113.1 bn.

HAPPENING TODAY-

The Hotelier Saudi Awards take place today at Voco Riyadh. The awards will put the spotlight on back-of-the-house staff from chefs and engineers to laundry managers in 20 categories.

WEATHER- Expect mostly clear skies in Riyadh and Dammam with some sun in Jeddah.

  • Riyadh: 23°C daytime / 11°C overnight
  • Jeddah: 30°C daytime / 23°C overnight
  • Dammam: 22°C daytime / 15°C overnight

PSAs-

#1- There’s still time to have your say on the government’s proposed regulations on residential housing construction. The regulations will set requirements for building materials and other technical specs depending on where the structure is being built. You can go into further detail here. Submissions are due via Istitlaa by Wednesday, 21 February.

#2- Business owners can obtain municipal commercial licenses and their Salama safety license through the Saudi Business Center’s one-stop shop platform, according to state news agency SPA reports. The Salama license will set you back SAR 150; use the built-in fee calculator to sort out how much the commercial license will cost.

ALSO WORTH KNOWING-

#1- DATA POINT- International reserve assets dropped 4% y-o-y in January to SAR 1.65 tn, data by the Saudi Central Bank (Sama) showed yesterday. Foreign reserve assets inched up 0.5% m-o-m from December.

#2- Dutch Prime Minister Mark Rutte left Riyadh after a brief visit to the Kingdom. He met with Crown Prince and Prime Minister Mohammed bin Salman for talks on bolstering bilateral ties in various fields, SPA reported last night.

#3-The UAE has joined the planned multi-modal trade corridor linking us and others in the region with South Asia, Reuters reports. The announcement of the framework agreement was announced during a visit by Indian Prime Minister Narendra Modi to the Gulf country yesterday.

BACKGROUND- The corridor, which would connect India to Europe through the UAE, KSA, Jordan, and Israel, was initially announced on the sidelines of the G20 summit in September, according to the newswire. However, the crisis in Gaza has since stalled talks on the corridor.

THE BIG STORY ABROAD-

It’s crickets out there this morning, friends. Two US-centric stories dominate the business and mainstream press alike on both sides of the Atlantic:

  • Nato: Joe Biden is blasting Donald Trump for “un-American” suggestions that it would be just fine if Putin were to invade Nato allies that don’t pay their dues. A Trump national security advisor is doubling down on the idea: Don’t hit your defense spending target and Nato won’t ride to the rescue if you’re invaded, he said. The exclusive is leading the front page of Reuters.
  • US politics: The House of Representatives has impeached a cabinet member for the first time since 1876 in what pundits are calling a partisan vote. Don’t expect the Senate to follow suit.

AND- Saudi, Emirati and Qatari sovereign funds may be in talks to join the African Development Bank after Turkey became the first non-continental equity holder in the institution in December, Semafor reports.

FINALLY- It’s election day in Indonesia, where some 100 mn people are expected to cast ballots. Former defense minister Prabowo Subianto looks set to become the next president of Southeast Asia’s largest economy.

CIRCLE YOUR CALENDAR-

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.

The Future Investment Initiative (FII) will host a two-day priority summit in Miami starting Thursday, 22 February.

The annual tech event LEAP will open in Riyadh on Monday, 4 March and continue through Thursday, 7 March. Dubbed the “Digital Davos”, the event will bring together the global tech industry for discussions on the future of technology.

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

Leave a comment

Your email address will not be published. Required fields are marked *