Good morning, wonderful readers. We have big news in today’s issue in the mining and logistics sectors, as well as the Kingdom hosting high-profile diplomatic meetings.

THE BIG STORIES HERE- Ma’aden began construction on its SAR 28 bn phosphate facility in Wa’ad Al Shamal, Dar Al Arkan and partners landed the biggest real estate auction this year, and Surj Sports snapped up a minority stake in UK-based Dazn. Let’s dive in.

HAPPENING TODAY-

#1- The Restatex Real Estate Exhibition kicked off yesterday at the Riyadh International Convention and Exhibition Center and runs until Thursday, 20 February, with participation from of 70 real estate, investment, banking, finance, engineering, and consulting firms, as well as government agencies will be in attendance. The platform will showcase real estate projects and investment prospects in the Saudi market.

#2- The three-day Capital Markets Forum — organized by Saudi Tadawul Group — kicks off today at Riyadh’s KAFD Conference Center, before moving to the Four Seasons Hotel Riyadh for the following two days.

** EnterpriseAM will be at the Forum in Riyadh, Tuesday to Thursday. Feel free to drop us a line at awahid@enterprisemea.com — we’d love to grab a coffee and chat about the latest in the industry.

HAPPENING TOMORROW-

#1- The three-day FII Priority summit, hosted by the Public Investment fund in Miami, Florida, kicks off tomorrow. The event is set to bring together global financiers and tech executives, including TikTok CEO Shou Zi Chew, Oracle CEO Safra Catz, as well as PIF governor Yasir Al-Rumayyan. The summit will also reportedly feature an in-person address from US President Donald Trump.

#2- Saudi and Omani business leaders are set to gather in Muscat tomorrow for the two day Saudi-Omani Joint Business Forum, according to a post on X by the Federation of Saudi Chambers (FSC). The event — which is run by the FSC and the Oman Chamber of Commerce and Industry — looks to increase investments between Saudi and Oman and will see two-way meetings, panels, and field visits with the participation of some 75 business leaders.

#3- The three-day Saudi Media Forum begins tomorrow in Riyadh and runs until Friday, 21 February, alongside the two-day Future of Media Exhibition (FOMEX 2025), bringing together industry leaders to explore advancements shaping the media landscape. The exhibition will host over 250 companies, showcasing innovations in broadcasting, digital content, and media infrastructure. Specialized zones will highlight AI, production technologies, and content creation.

WEATHER- A foggy Riyadh will see a high of 17°C and a low of 12°C, while Jeddah will see winds and a 30°C high and 20°C low. Meanwhile, Makkah is expecting a 33°C high and 22°C low.

PSAs-

#1- Zatca will refund Vat payments incurred while implementing public benefit projects, the authority said in a statement. Projects under the category include building mosques, healthcare centers, and educational facilities, among others. You can check eligibility and apply for refunds on Zacta’s website.

#2- Some 24 ready-built factories in Al Ahsa’s First Industrial City are now up for grabs via Modon’s new early booking service, Modon said in an X post. Applications can be submitted here.

WATCH THIS SPACE-

#1- Asian Infrastructure Investment Bank (AIIB) is mulling investments in a Gulf rail connection project, AIIB President Jin Lee Chun told Asharq Business, adding that the bank is in talks with regional finance ministers. The bank is also looking to support the development of regional infrastructure projects and drive a transition to carbon neutrality in the Gulf, Chun added.

REMEMBER- The massive project lines up with Saudi Arabia’s ongoing land bridge project, which is set to connect the Kingdom’s Red Sea coast to that of the Arab Gulf. The Saudi Railway Company (SAR) awarded a consortium that includes US-based construction management firm Hill International, Italian consulting firm Italferr, and Spanish engineering firm Sener the contract to manage the construction of the USD 7 Riyadh-Jeddah land bridge megaproject in late 2023.

#2- PIF looks to boost its private-sector links by increasing its contributions to local logistics and transport outfits by 60% by the end of this year, Bakr Al Muhanna, head of transport and logistics for Mena investments at PIF, told Argaam. The fund is specifically eyeing up potential investment options in the maritime transport, ports management and operations, and logistics sectors, aiming to sreamline the procurement of raw materials, manufacturing and distribution.

Adding on to a long list: The PIF already owns shares in the National Shipping Company (Bahri), Jeddah Islamic Port-operator Red Sea Gateway Terminal, and holds a 51% stake in Dammam Port-operator Saudi Global Ports. The fund also set up Folk Maritime last year to support the Kingdom’s maritime transport operations, Al Muhanna added. The PIF-backed firm is lining up a multi-mn USD fleet expansion over the next five years. The PIF also snapped up a 40% stake in Zamil Offshore Services to support the Kingdom’s maritime logistics sector last year, with plans lined up to upgrade its fleet and launch its services in new markets.

#3- Saudi Arabia is financing Yemen’s USD 1 bn economic program with the Arab Monetary Fund (AMF), according to a statement from the AMF. The agreement, signed on the sidelines of the AlUla Conference on Emerging Market Economies, aims to restructure Yemen’s debts with the AMF. The restructuring allows Yemen continued access to AMF resources.

#4- RawasiAlbina Investment’s board greenlit the company’s decision to transition to the main market, it said in a filing to Tadawul. The SAR 55 mn company’s move is still subject to CMA approval and to fulfilling requirements.

DATA POINTS-

Saudi Arabia Railways hit new highs in 2024: Saudi Arabia Railways (SAR) transported some 13.7 mn passengers in 2024, up 22% y-o-y, according to a SAR statement on X. Passenger trains also bolstered operations by 19% y-o-y to record over 35.6k trips, as well as transporting 2.2 mn pilgrims during the Hajj season. The Kingdom’s freight operations were boosted by 15% y-o-y during the year, transporting 28.5 mn tons of goods and minerals.

OIL WATCH-

Is Opec+ mulling another delay of supply hikes? Opec+ is mulling another delay of a series of monthly supply increases that are set to begin in April, with some fearing that global markets are too unstable to absorb a production increase, Bloomberg reports, citing unnamed delegates. A final decision is expected in the coming weeks. Another decision to postpone the 120k bbl / d production increase would mark the fourth time that the group has decided to put off rolling back production caps which first came into effect in 2022, the business news information service said.

Russia denies prospects of another delay: Russia’s Deputy Prime Minister Alexander Novak insisted that Opec+’ plan to restore a total of 2.2 mn bbl / d through monthly increases extending into late 2026 “remains the same,” Bloomberg said.

It’s not just Russia: Three unnamed Opec+ delegates told Reuters that so far there have been no talks on delaying the increase, with one adding that oil markets will be braced to absorb extra supply starting April due to the tightening of sanctions and increasing demand from China. Meanwhile, Morgan Stanley and other analysts expect Opec+ to increase output levels.

REMEMBER- Opec+ began withholding 5.85 mn bbl / d, or 5.7% of global supply, via a series of cuts beginning in 2022 with the aim of supporting markets. The latest extension of output cuts through 1Q 2025 delayed production increases until April. The UAE was also allowed an increase of its production by 300k bbl / d from April 2025 instead of the beginning of the year as previously agreed.

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THE BIG STORY ABROAD-

Anxiety and anticipation continue on the international landscape this morning, as intricate negotiations over Ukraine, Gaza, and Lebanon continue to dominate headlines.

Ukraine summit stokes EU disagreements: The Paris-hosted crisis meeting saw European leaders clash over sending peacekeeping troops to Ukraine, a suggestion put forward by UK Prime Minister Keir Starmer earlier. German Chancellor Olaf Scholz called the discussion “an incomprehensible debate at the wrong time”, while Italian PM Georgia Meloni doubted the measure’s effectiveness.

EU leaders are scrambling to get on the Ukraine peace train, as senior US and Russian officials are set to meet in Riyadh today to lay the groundwork for a Trump-Putin summit aimed at ending the Ukraine war. (FT | Axios)

MEANWHILE- US, China butt heads over Taiwan: “We do not support Taiwan independence,” said a phrase removed from the US State Department website earlier this week in a claimed “routine” update. The removal elicited a rebuke from Beijing, which called it a “serious regression” on the issue, urging the US to “immediately correct its mistakes” or risk “further serious damage.” (Semafor | CNN)

CLOSER TO HOME- Israel will remain in five “strategic” spots inside Lebanon, in what Beirut deems a violation of the withdrawal mandated by the ceasefire agreement, due today. Israel, on the other hand, claims truce commitments including disarm Hezbollah were not fulfilled. (Bloomberg)