Good morning, friends. It’s a reasonably quiet news morning as we head into the final workdays of Ramadan, with no single story capturing the imagination.

And there’s no news yet about Jake Sullivan’s visit yesterday. Biden administration’s national security advisor and two other senior White House officials were due to touch down for talks with Crown Prince and Prime Minister Mohamed bin Salman. Normalization of ties with Israel, a defense pact, a nuclear agreement, and statehood for Palestine were all expected to be on the agenda.

WEATHER- Expect more rain today in Riyadh, so grab your rain boots and umbrella once again. There’s a chance of thunderstorms starting at noon and continuing throughout the afternoon and potentially overnight Look for a daytime high of 29°C today.

Over in AlUla, expect scattered rain and a high of 28°C, while Al Taif is also looking at light showers today with a high of 23°C.

** So, when do we eat? Maghrib prayers are at 6:10 pm in the capital city, and you’ll have until 4:24 am tomorrow to hydrate and caffeinate ahead of fajr. Today is day 24 of Ramadan.

Remember: Businesses will be off for Eid Al Fitr from Tuesday, 9 April through Friday, 13 April, while banks and the stock market will be closed from Friday, 5 April, through Saturday, 13 April.

** Tap or click here to read this story on our website and access all of the external links.

DATA POINTS-

#1- Tadawul-listed companies’ total net income fell 17% y-o-y to SAR 126.8 bn in 4Q 2023, driven by Aramco’s 18% y-o-y decline along with pressure on the bottom lines of petrochemical, energy, and petrochemical sectors, according to data seen by Argaam.

The heavyweights: The energy sector accounted for 81% of aggregate net income in 4Q 2023, followed by banks at 13.7%, and telecoms at 2.7%.

#2- Foreign investment licenses in the real estate sector rose 64% y-o-y to 46 licenses in 2023, according to data seen by Aleqtisadiah. Some 23 real estate investment transactions were concluded in 4Q 2023, topping the list of investments in all sectors.

#3- The number of women employees registered with the General Organization for Social Ins. (GOSI) grew by c.11% y-o-y in 2023 to hit the 1 mn mark for the first time, data compiled by Okaz showed.

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OIL WATCH-

Don’t expect any output policy changes by Opec+ today: A ministerial panel by OPEC+ is not expected to make any recommendations for changes to the current oil output policy in its meeting today, five Opec+ sources told Reuters yesterday. The meeting comes weeks after Opec+ members, led by Saudi and Russia, extended voluntary curbs that will remain in effect through June 2024

WATCH THIS SPACE-

#1- An initial study for the Saudi-Kuwait railway link is set to be completed within the next three months, as part of the project’s first phase which will determine the railway’s route and seek necessary approvals, Kuwait’s Alanbaa wrote, citing sources within Kuwait’s Ministry of Public Works. The 650 km long line will connect Kuwait’s Shadadiyah to Riyadh. The design-focused second phase of the project is set to be completed in about a year. Phase three is a three-year construction project, with the line expected to be ready to start handling traffic as early as 2028.

#2- Have your say on a cap on pensions: The General Organization for Social Insurance (GOSI) is asking for public feedback on the idea of setting a SAR 45k per-month ceiling on pensions. You can go deeper into the proposed changes here (pdf) and weigh in through the Istitlaa platform

#3-The Saudi Industrial Development Fund (SIDF) aims to greenlight industrial loans worth a total of SAR 9-12 bn this year, it told Al Eqtisadiah yesterday, with some SAR 6-8 bn of that figure to be disbursed this year. It offered no additional context on priority sectors or borrowing costs.

About the fund: The SIDF was set up as a governmental financial institution to help provide financing to industry. It has provided financing of more than SAR 150 bn since it was set up in the early 1970s.

#5- The Capital Market Authority (CMA) has asked prosecutors to investigate Dubai-based Elmar Capitaland Elmar Financial for allegedly engaging in unauthorized trading of securities, it said in a statement yesterday.

#3- More want in on MidOcean Energy amid Aramco and friends’ play for LNG: Japanese trading house Mitsubishi announced a “strategic investment” in LNG company MidOcean Energy to “accelerate MidOcean’s strategy to create a high quality, diversified, global ‘pure play’ integrated LNG company,” according to a statement by MidOcean Energy yesterday.

The Saudi connection: The move comes amid a strong investor appetite in LNG, with Aramco saying last month that it could explore with MidOcean Energy the possibility of investing in LNG projects outside of Australia. The state-owned oil giant agreed last year to acquire a strategic minority stake in MidOcean Energy for USD 500 mn, marking its first foray into global LNG.

PSA-

The Zakat, Tax and Customs Authority (Zatca) is reminding businesses once again of a set 30 June deadline to submit their tax returns if they want to benefit from its tax fine waiver scheme, according to a statement by Zatca.

On the exemption menu: Exemptions apply on fines for late registration, late payment, late filing of tax returns, and a correction for value-added tax returns among others. Tax dodgers need not apply for an exemption, nor should folks who paid fines before the exemption program began.

SPORTS-

Here are the results from yesterday’s Saudi Pro League matches:

  • Al Hilal vs. Al Akhdoud (3-0);
  • Al Feiha vs. Al Wehda (1-2);
  • Abha vs. Al Nassr (0-8);
  • Al Tai vs. Al Taawoun (2-3).

NOTABLE- Ronaldo scored three goals and two assists in the first half as the nine-time SPL champs destroyed Abha.

Tonight’s matches (all scheduled for 10 pm):

  • Al Shabab vs. Al Riyadh;
  • Al Fateh vs. Al Ettifaq.

THE BIG STORY ABROAD-

The global business press is focused on the war in Gaza and tensions in Syria, with the two stories leading or getting prominent play everywhere from the Wall Street Journal to Reuters and Bloomberg.

#1- Israel’s military expressed “sincere sorrow” that it had killed seven aid workers from World Central Kitchen in an airstrike on Gaza, saying the strike was a mistake. The attack prompted the Biden administration to offer its toughest criticism yet of the Netanyahu government. The Foreign Ministry also condemned the attack.

#2- Iran is furious and has vowed to respond after Israel killed top Iranian military officials in an attack on Iran’s embassy in Damascus despite diplomatic compounds having protected status under the Vienna Convention. Israel’s defense minister was unapologetic, saying, “We are in a multifront war, offensively and defensively.”

IN BUSINESS- Tesla’s shares plunged after quarterly deliveries fell for the first time since 2020, CNBC reports.The 8.5% drop in deliveries was worse than analysts had penciled in, the Wall Street Journal and Bloomberg add.

FAR, FAR AFIELD- The moon is about to get its own timezone. “The White House on Tuesday directed NASA to establish a unified standard of time for the moon and other celestial bodies, as the United States aims to set international norms in space amid a growing lunar race among nations and private companies,” Reuters writes in an exclusive.

CIRCLE YOUR CALENDAR-

The Gulf Film Festival (GFF) will open from Sunday, 14 April till Thursday, 18 April in Riyadh. Organized by the Film Commission in cooperation with the Gulf Cooperation Council (GCC) General Secretariat, the five-day event will showcase a selection of 29 films from across the region. It will also include three training workshops and six educational seminars focused on fostering artistic dialogue and raising awareness of cinema's social impact.

Automechanika Riyadh will open on Tuesday, 30 April till Thursday, 2 May at the Riyadh International Convention and Exhibition Center.The annual trade fair will showcase the automotive industry’s latest advances and innovations.

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