MBC buys Anghami stake + the latest for Saudi in the battle for AI supremacy

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WHAT WE’RE TRACKING TODAY

The battle for AI talent is heating up — and Anthropic may not want to take Saudi money

Good morning, wonderful people.We have a pleasantly quick read for you as we close in on the halfway mark for Ramadan. We suggest you read this morning’s issue while mulling whether to work from home given the weather overnight and what’s in the forecast. More on that below.

BUT FIRST, a sign of the times? The Public Investment Fund may be out of the running for part of a USD 1 bn stake in Anthropic, the hot artificial intelligence startup that’s being sold as part of crypto exchange FTX’s bankruptcy proceedings. (FTX is the failed exchanged founded by Sam Bankman-Fried.)

What gives? CNBC cites unnamed sources as claim that the company has “ruled out taking money” from Saudi sources, citing “national security concerns,” but aren’t ruling out an investment by the UAE’s Mubadala.

In context: The report comes as Western governments are becoming more prone to giving a second glance at offshore investment in key sectors including AI, media, and technology. Other high-profile examples included the UK’s bid to ban foreign media ownership after a bid by UAE-backed RedBird IMI for the Telegraph and a bid in Washington to force the sale of Tiktok.

Saudi’s planned USD 40 bn push into AI will be one of the big themes globally in the industry.

Want to go deeper? Check out The Middle East’s AI dream depends on luring brainpower by Karen Kwok for Reuters Breakingviews. Also worth a read: How Big Tech is winning the AI talent war in the Financial Times, which notes that Saudi is already a net importer of AI talent.

PSAs-

#1- WEATHER- Brace yourselves for some intense weather on the horizon. The forecast has thunderstorms, powerful winds carrying dust, and a chance of hail continuing throughout the day. We could see flooding in some parts of Riyadh, Asir, Al-Baha, Makkah Al-Mukarramah, and the Eastern Province, Qassim, Najran, and Jazan.

PSA- Schools and most universities are closed in cities from Riyadh to Dammam.

So, when do we eat? Maghrib prayers are at 6:07 pm in the capital city, and you’ll have until 4:32 am tomorrow to hydrate and caffeinate ahead of fajr. It’s day 13 of Ramadan.

#2- You may now make Eid plans: Businesses and nonprofit organizations will be off for Eid Al Fitr holiday from Tuesday, 9 April through Friday, 13 April, the Human Resources and Social Development Ministry said in a LinkedIn post.

Banks and the stock market will be closed from Friday, 5 April, through Saturday, 13 April. They will also be off from 14-22 June for the Eid Al Adha holiday.

#3- You can still vote on proposed changes to the labor law through the Istitlaa platform until Saturday, 20 April. The draft changes (pdf) propose stiff new fines for fraudulent hiring of expat workers, zeroing in on companies that carry someone on their books without actually providing them with a job.

WATCH THIS SPACE-

#1- WHISPERS- Roshn CEO David Grover reportedly left the PIF-backed real-estate developer earlier this month, Bloomberg reports citing anonymous sources it says have knowledge of the matter. Grover has held the role for a little under four years. The company is building 400k homes and some 1k schools across the country.

#2- Saudia will bid King Khalid Airport farewell: National flag carrier Saudia will move out of King Khalid International Airport in Riyadh “in a synchronized manner” to leave room for the emergence of new PIF-owned airliner Riyadh Air, General Authority of Civil Aviation (GACA) VP of Strategy Mohammed Alkhuraisi told Bloomberg in an interview last week. “You don’t want two big carriers to operate out of the same hub,” he said, adding that the transition would be made gradually to ensure that air connectivity to Riyadh is not affected.

The carrier for pilgrims: Saudia will instead focus on increasing operations in Madinah in a bid to improve connectivity to the city for pilgrims.

We’ve been hearing of Saudia a lot lately: The Public Investment Fund is reportedly in early talks to acquire Saudia as soon as next year to add it to its aviation assets portfolio. Look for it to be added to an aviation holdco under PIF, joining Riyadh Air.

#3- The world’s first-ever Dragon Ball themed park is coming to town, with the 500k sqm park set to be built in entertainment city Qiddiya, according to a statement on Friday. The Japanese manga-themed park, which will be part of the PIF owned Qiddiya Investment Authority, will feature 30 themed rides, featuring main characters Goku, Freeza and others. Visitors will be able to stay in themed hotels in the park, according to the statement.

Not Qiddiya’s only theme park: Qiddiya is set to be home to a Six Flags theme park that is being built by Paris-based Bouygues Bâtiment International and local contractor Almabani General Contractors. The park will be home to six theme parks and is reportedly eyeing October of this year as its opening date.

A first of everything: Earlier this year, Qiddiya unveiled the multi-use Prince Mohammed bin Salman Stadium, where it plans to host major sports, cultural and entertainment events, including games at the 2034 Fifa World Cup. It is set to be the first venue globally to boast a combined retractable roof, pitch and LED wall, all while sitting atop a 200m cliff in Qiddiya. The destination will also be home to the world’s first gaming and esports district.

#4- The latest round of trade talks between the UK and GCC countries will take place virtually this week, Oliver Christian, the British government's trade commissioner for the Middle East, told Aleqtisadiah. Christian forecasts a 16% increase in bilateral trade, adding GBP 1.6 bn to UK’s GDP, and GBP 1.2 bn to that of GCC countries. The last meeting was held in Abu Dhabi last month.

#5- The Environment, Water, and Agriculture Ministry has approved the establishment of agricultural and livestock factories at sites close to where raw materials are sourced from and outside industrial zones across the Kingdom in a bid to boost investments, according to Okaz.

OIL WATCH-

Oil prices slipped on Friday on the prospect that a ceasefire in Gaza might be near, Reuters reported. Brent futures dipped to USD 85.31 a barrel, while US crude was down USD 80.63. “Everyone is watching for what the weekend will bring with Gaza,” John Kilduff, partner with Again Capital told the business newswire.

The thesis: That quiet in Gaza might prompt the Houthis to slow down or stop attacks on shipping in the Red Sea.

The catch: It doesn’t look like Israel is about to back down from its planned assault on Rafah.

ALSO- Traders see global oil inventories depleting significantly if OPEC+ extends cuts beyond the second quarter of the year, Reuters reported.They expect stocks to further shrink this year in response to market signals that OPEC+ could extend cuts even if demand remains strong.

SPORTS-

Hiba Al Owaidi became the first female main referee in the Saudi Women’s league and officiated her first match on Friday between Al-Qadsiah and Al-Riyadh (1-0) held at Khobar stadium, according to the Saudi Gazette. Al Owaidi is one of the 22 Saudi referees accredited by FIFA.

THE BIG STORY ABROAD-

It was an incredibly busy weekend for news, regardless of whether capital markets, tech, or politics are your thing.

IN BUSINESS + TECH: [Redacted] just got serious for Big Tech. Regulators on both sides of the Atlantic have spent the past 2-3 years trying to curb the power of major technology companies. Perhaps the most ambitious (and least well-thought-out?) swing came from the US Department of Justice, which on Thursday accused Apple of maintaining an illegal monopoly on smartphones.

The catch: Tech pundits argue the DoJ is overreaching by creating a smartphone category that doesn’t exist (have you ever heard of a “performance phone”? Didn’t think so.) in a bid to make its charges stick.

Essential reading:

The Department of Justice comes for Apple (Platformer)
US sues Apple for illegal monopoly over smartphones (The Verge)
Ghost of Microsoft stalks Apple as DOJ takes its shot (Wall Street Journal)
Google, Apple breakups on the agenda as global regulators target tech (Reuters)

AND- Reddit shares soared in their NYSE debut, climbing 48% in their first day of trading and prompting some analysts to claim the US IPO market for tech shares is back. We have the rundown in this morning’s Planet Finance, below.

MEANWHILE- “Big Oil used an industry conference this week to argue against a rapid transition to green energy, as fossil fuel companies are emboldened by high demand and record profits despite rising alarm over climate change,” the Financial Times writes in its must-read wrap of CERAWeek in Houston.

IN POLITICS: More than 130 people are dead in an Isis attack on a Moscow concert venueand the UK’s Princess Catherine has joined King Charles in revealing that she’s receiving treatment for cancer.

CIRCLE YOUR CALENDAR-

The four-day Townhall Expo is slated for Thursday, 2 May, at Holiday Inn Hotel in Riyadh.

The three-day Smart Future Expo will open its doors on Monday, 13 May, at the Riyadh Front Exhibition and Convention Center.

Projects tracking and analysis platform Meed is hosting the Saudi Giga Projects 2024 forum on Monday, 13 May, at Crowne Plaza Riyadh. Meed will also be hosting its annual MENA Construction Summit 2024 on Tuesday, 14 May, at the same venue.

The two-day Future Projects Forum kick starts on Monday, 20 May, at the Four Seasons Hotel in Riyadh.

Cityscape Global is slated for 11-14 November 2024 in Riyadh.

^^ Check out our full Calendar on the web for links to all of these conferences.

MBC Group snaps up a nearly 14% stake in Anghami ahead of OSN-Anghami merger

MBC Group buys into Anghami: MBC Ventures, the VC arm of regional broadcaster MBC Group, has acquired a 13.7% stake in the Abu Dhabi-based music-streaming platform Anghami, buying 4 mn ordinary shares, Anghami said in a regulatory filing.

The transaction is worth about USD 4 mn based on the Anghami’s share price (USD 1.00 a piece) on 19 March 2024 — the last trading day before the transaction was disclosed — according to Music Business Worldwide. Anghmi’s shares rose 59% on the day of the transaction to USD 1.59 a piece and it closed at USD 1.74 a piece on Friday— bringing the total value of MBC’s holding in the music service to USD 7 mn.

Dodging a bullet: Anghami’s shares plunged below the USD 1.00 minimum threshold set by Nasdaq last year, triggering a warning notification by the exchange for the company to get back into compliance within six months. The company said at the time it would consider a reverse stock split if it didn’t get its share price back above USD 1.00.

Uh, Enterprise? What’s a reverse stock split? The awkward term refers to a form of consolidation: It’s when a company reduces the number of outstanding shares such that shareholders receive fewer shares than they previously owned, but the value of each share is proportionally increased. For examples, a 2:1 reverse split would see shareholders get one share worth USD 2.00 for every two shares they held at USD 1.00 each.

Anghami’s net losses rose 3x to USD 61 mn in 2022, while its revenue increased 37% y-o-y to USD 48.5 mn, according to a regulatory filing. The company’s revenue rose 8% y-o-y to USD 30 mn in 9M 2023, while its gross profit margin increased 22% y-o-y and its subscriber base grew 17% y-o-y to 1.7 mn.

What’s in it for them: The transaction boosts Anghami’s reach and content given the extensive distribution network of MBC, including non-subscription channels and paid streaming services such as Shahid VIP. For MBC, the investment expands its presence in the streaming market.

WHAT’S NEXT- A merger with OSN+ this quarter: Anghami agreed in November 2023 to merge with Dubai-based TV satellite and streaming company OSN+, according to a joint statement. This will be in the way of a USD 50 mn investment from OSN Group at a valuation of USD 3.65 per share (2x the current share price), making it a major shareholder in Anghami. The transaction is expected to reach a close this quarter. The new video-music platform would have a total of 120 mn users, 2.5 mn paying subscribers and USD 100 in revenue at closing.

Exposure to high-emitting sectors could pose liquidity, legal risks to GCC lenders –S&P

Climate transition poses a number of downside risks to GCC banks, especially to those with extensive exposure to high-emitting industries and borrowers, according to a recently-published FAQ by S&P Global Ratings.

In context: As we move closer to net-zero targets, lenders that have big blocks of clients in carbon-emitting sectors could start to see their access to finance get more expensive — and may face legal risks a bit further out. Saudi Arabia wants renewables to account for 50% of its electricity production by 2030 with USD 187 bn in investments committed to climate action by 2030 and a 2060 net-zero target. Meanwhile, the UAE aims to deliver on its net-zero target by 2050, with USD 163 bn in earmarked investments and 50% renewables energy-mix target for 2050.

The methodology: The rating agency assessed the direct lending of rated GCC banks to the sectors most impacted by the transition to clean energy, including oil and gas, mining, quarrying, manufacturing, and fossil fuel-fired power generation sectors.

Direct lending to carbon-intensive players accounted for 12% of GCC banks’ overall loan book in 2023 — a rate that S&P calls “manageable” — and has remained basically unchanged for the past three years, the rating agency said citing disclosures by the region’s central banks. It’s important to note that state-owned oil giants typically self-finance via JVs and / or tap global debt markets for financing— explaining the low ratio.

Some lenders are at a higher risk than others: GCC banks that depend heavily on foreign funding have higher liquidity risk than others because a shift in investor appetite for lenders with exposure to carbon-emitting sectors could result in outflows of funds, squeezing local liquidity.

Diversification of financing sources: Regional banks have issued more sustainable bonds and sukuk over the past two years to mitigate against the risk of lower liquidity and unlock new sources of funding. Sustainable debt issuances led by Saudi and the UAE doubled y-o-y to USD 23 bn in 2023. Meanwhile, the Middle East accounts for a mere 3% of global sustainable issuances.

How regional lenders are faring in climate risk reporting: Only two thirds of the 20 reviewed GCC rated banks have published a materiality assessment, while only 30% consider environmental risk as a key risk. Only four of the assessed lenders have “communicated publicly that exclusion policies are part of their risk management framework,” S&P notes. Meanwhile, none of these lenders is in an advanced stage of implementing climate risk-adjusted loan pricing, while 70% of them offer sustainability-labeled products.

More work on the regulatory front is required, including the incorporation of climate change into stress tests and scenarios that encompass mitigation measures.

Finance Minister approves amendments to zakat collection rules

Fresh amendments for Zakat collection: Finance Minister Mohammed Al Jadaan has approved the executive bylaws for zakat collection (pdf) in a bid to facilitate collection across business segments, according to official gazette Umm Al Qura on Friday.

What we know: The new rules include separate chapters for several sectors that have special zakat treatments, including ins., funding and others. It also includes a chapter focused on taxpayers rights, including their right to amend their zakat declaration among others.

A look at the changes: The amendments include setting a minimum and maximum threshold to ensure taxpayers’ rights in case of a rise in zakat costs. They also include clarifications on overdue government receivables, its impact on treasury shares. They also address cases in which taxpayers fail to calculate zakat on investments overseas.

The rules don’t apply for some: The executive regulations do not apply to resident companies who have shares held either directly or indirectly for individuals working in the oil and hydrocarbon industries. However, zakat collection rules would apply if the firm was listed on the stock exchange. They also don’t apply to taxpayers subject to income tax.

And some exceptions: Charities, NGOs, awqaf affiliates and non-profit companies are exempted from the set rules, according to the executive regulations.

The rules apply starting with fiscal years that begin on or after 1 January 2024, with a deadline for submitting tax declarations set for 2025 depending on certain conditions.

Madinah airport expansion will see it get more cargo capacity

SAL, Tibah Airport partner up to boost cargo capacity at Madinah airport:Cargo firm SAL Saudi Logistics Services signed a 16-year cooperation agreement with private airport operator Tibah Airports to establish and develop a new air cargo terminal at Madinah’s Prince Mohammad Bin Abdulaziz International Airport, state news agency SPA reported on Friday. Under the agreement, SAL will pour over SAR 12 mn in investments for the new cargo terminal to help boost capacity and operational efficiency. Tibah Airports is Madinah’s airport operator.

And that’s not all: National carrier Saudia signed an agreement with Tibah Airports to expand Madinah airport’s operation capacities through linking the city with the world’s cities, state news agency SPA reported earlier.

The airport is seeing an overhaul: The second phase of the airport’s expansion work launched last week as officials look to more than double the capacity to 17 mn travelers by 2027. The SAR 1.2 bn second phase is being carried out by a consortium that includes Turkish airports contractor TAV Construction and local Al Arrab Contracting.

All under a privatization push: The General Authority of Civil Aviation (GACA) announced last year a USD 100 mn privatization plan for the se sector in a bid to boost competition. The plans see GACA allowing the privatization of airports and ground-handling operations among other facilitations for the private sector.

Is FY 2023 earnings season finally wrapping up?

SASCO-

Saudi Automotive Services’ (SASCO) net income has jumped 40%y-o-y to reach SAR 105.5 mn in 2023, while revenues climbed 16% y-o-y to reach SAR 9.1 bn, it said in an earning’s release (pdf).

NORTHERN CEMENT-

Northern Cement’s net income plunged 50% y-o-y to SAR 56.4 mn in 2023, while revenues increased by 11.6% y-o-y to SAR 689.6 mn, it said in a disclosure to Tadawul. Its BoD has approved a dividend payout of SAR 45 mn at SAR 0.25 a piece for the year, it said in a separate disclosure. The distribution date was set on 24 April.

NASEEJ INTERNATIONAL TRADING-

Naseej International Trading’s net loss widened to SAR 15.9 mn in 2023, while revenues were down 7% y-o-y to reach SAR 260.5 mn, it said in a disclosure to Tadawul.

A Dragon Ball theme park is the big story on Saudi Arabia on 24 March 2024

The world’s first Dragon Ball themed park for Goku and all his friends dominated coverage for Saudi in the foreign press, with Reuters | Bloomberg | AFP | The Wall Street Journal | Variety.

Meanwhile, the Financial Times is out with an opinion piece describing Saudi’s reconciliation with Iran as an “essential safety valve” for the region that helped turn away a wider conflict amid the crisis in Gaza. It said that restored ties have managed to weather the storm of the ongoing war on Gaza and acted as a buffer between Washington, Riyadh, and Tehran.

CMA CGM to operate upgraded Jeddah-North Red Sea service. Plus: district cooling, real estate, technology

LOGISTICS-

An upgraded Red Sea service by CMA CGM starting April: French shipping giant CMA CGM will launch an upgraded Red Sea service in cooperation with feeder and short-sea shipping company Folk Maritime to cater to the northern Red Sea, a statement by CMA CGM read last week. The weekly service, dubbed North Sea Red Express (NRX), would connect the ports of Jeddah, Neom, and Yanbu to Egypt’s Sokhna and Jordan’s Aqaba. It will provide two vessels for cargo transhipping from the Jeddah Islamic Port Terminals Red Sea Gate Terminal (RSGT) and DP World Jeddah (DPW Jeddah). The new NRX service sails on Tuesday, 9 April from Jeddah

The rationale: “This service will not only contribute to Saudi Arabia expansion of its logistic capabilities in the North Red Sea, but also serve our customers with a better offering in this key region where CMA CGM Group has been pioneering direct calls to the port of NEOM since March 2023,” CMA CGM Group Lines Executive Vice President Olivier Nivoix said.

DISTRICT COOLING-

Diriyah gets a district cooling plant: PIF-owned giga-project Diriyah Company signed a “groundbreaking infrastructure agreement” with district cooling provider City Cool — a subsidiary of infrastructure developer Mada International Holding — to set up a district cooling plant, a statement by Diriyah read last week.

By the numbers: The facility and associated distribution network will have a maximum cooling power of 72.5k tons of refrigeration and is based on a 25-year build-own-operate and transfer (BOOT) model. The statement didn’t say how much the project would cost.

REAL ESTATE-

Real estate developer Alandalus Property signed a five-year SAR 114.3 mn contract to lease its Yasmine Alandalus office building in Riyadh to the Expenditure & Projects Efficiency Authority, it said in a disclosure to Tadawul last week. The annual rent is set at c. 23 mn, including value-added tax, to be paid at the start of each rental rate.

TOURISM-

Neom has unveiled its latest Treyan lagoon resort located across the Gulf of Aqaba, it said in a statement last week. The 250-key resort connects the northern and southern shores.

MANUFACTURING-

Riyadh Cement is working on two projects worth over SAR 150 mn to cut its energy consumption, its CEO Shoeil Al Ayed told Argaam in an interview last week. The projects aim to convert oven heat into up to 15 MW of electricity and slash emissions from the operation of the cement producer’s plants, he said, without providing further details on the projects. Al Ayed said he expects cement prices to rise by 22.2% to SAR 220 per ton this year on the back of Aramco’s hike of diesel prices.

TECHNOLOGY-

Homegrown media-tech company Thmanyah, a unit of SRMG, is out with a new platform tailored for Arabic podcast publishers in a bid to enhance the quality of Arabic content creation, it said in a statement last week. Dubbed Thmanyah Hosting, the platform aims to connect publishers and advertisers and provides campaign creation services.

What they said: “At the beginning of 2024, we made a commitment to develop the Arabic content industry online and empower content creators. With the launch of ‘ Radio Thmanyah,’ we aimed to offer the best podcast listening experience possible to listeners. Now, it's time for publishers and advertisers to complete the circle of content sustainability with Thmanyah Hosting.” Founder and CEO Abdulrahman Abumalih said.

DEBT WATCH-

Bonyan REIT has secured a Shariah-compliant financing facility worth SAR 500 mn from Alinma Bank with a seven-year tenor, fund manager Saudi Fransi Capital said in a disclosure to Tadawul last week. The funds are earmarked for the real estate fund’s expansion plans which will see it acquire income-generating real estate assets here.

PROCUREMENT-

Waja and the Finance Ministry inked a SAR 49.5 mn agreement which will see the joint-stock company supply and install office furniture at the ministry’s facilities, it said in a disclosure to Tadawul. The contract runs for 3 years.

Reddit’s big NYSE debut stokes hopes for a US IPO revival

Will Reddit’s blockbuster IPO signal the start of a rally? Some bankers expect an uptick in companies looking to list in the United States as they follow in the footsteps of social media platform Reddit, whose shares climbed 48% following its blowout IPO, the Financial Times reports. The listings would revitalize an IPO market that has been sluggish since 2021 and provide relief to private equity firms, which typically depend on IPOs to exit investments.

BACKGROUND- Reddit’s IPO raised some USD 748 mn after it priced its listing at the top of the range in an IPO that was 5x oversubscribed.

The European IPO market is on the up, too: A series of European companies have recently seen their shares jump following their stock market debuts. These include German military gearbox manufacturer Renk, Athens International Airport, and Swiss pharma company Galderma, whose shares gained 21% on Friday.

Also making a case for an IPO boom: The stock market's recent rally and more optimistic forecasts for US economic growth by the US Federal Reserve have also stoked confidence in an IPO revival.

TASI	12,836	+0.8% (YTD: +7.3%)
MSCI Tadawul 30	1,617	+1.1% (YTD: +4.3%)
NomuC	27,362	+0.5% (YTD: +11.6%)
USD : SAR (SAMA)	3.75 Sell	3.75 Buy
Interest rates	6.5% repo	5.5% reverse repo
EGX30	29,055	+1.6% (YTD: +16.7%)
ADX	9,322	+0.4% (YTD: -2.7%)
DFM	4,280	+0.1% (YTD: +5.4%)
S&P 500	5,234	-0.1% (YTD: +9.7%)
FTSE 100	7,931	+0.6% (YTD: +11.2%)
Euro Stoxx 50	5,031	-0.4% (YTD: +11.3%)
Brent crude	USD 85.4	-0.4%
Natural gas (Nymex)	USD 1.66	-1.4%
Gold	USD 2,181.6	-1.1%
BTC	USD 65,380	+2.8% (YTD: +136%)

THE CLOSING BELL: TADAWUL-

The TASIrose 0.8% on Thursday on turnover of SAR 9 bn. The index is up 7.3% YTD.

In the green: Saudi Steel Pipe (+9.9%), Saudi Cable (+9.9%) and Chubb (+9.1%).

In the red: Saudi Printing and Packaging (-6.7%), Saudi Chemical (-6.3%) and Malath Ins. (-6.2%).

THE CLOSING BELL: NOMU-

The NomuCrose 0.5% on Thursday on turnover of SAR 67 mn. The index is up 11.6% YTD.

In the green: Riyadh Steel (+7.2%), Mayar (+4.5%) and Banan (+4.4%).

In the red: Group Five (-6.3%), Leen Alkhair (-6.2%) and Tadweeer (-5.2%)

CORPORATE ACTIONS-

Sadr Logistics BoD has decided not to recommend the distribution of dividends for 2023, it said in a disclosure to Tadawul.

US-brokered talks on Saudi-Israel normalization are on track, says US Secretary of State Blinken

Talks between US and Saudi on Israeli normalization have made “good progress”, Reuters reported last week, citing statements by US Secretary of State Antony Blinken at a press conference in Cairo. “We had a very good discussion about the work that we've been doing for many months now on normalization, and that work is moving forward. We're continuing to make good progress,” he said without providing a timeframe for a possible pact.

REMEMBER- Negotiations on normalization have been put on hold since October last year in the wake of the Israeli war on Gaza. Discussions have reportedly resumed in recent months, with officials here pushing for the recognition of an independent Palestinian state and an end to the crisis in Gaza as a prerequisite for any substantial progress for normalization of ties.

ICYMI- Blinken was in town prior to his trip to Cairo for talks with Crown Prince Mohammed bin Salman. Discussions included the normalization of ties along with the prospects of a ceasefire and the release of Israeli hostages in Gaza.

Also making headlines on the foreign policy front:

The Crown Prince extended his condolences to Russian President Vladimir Putin for a deadly terrorist attack on a Moscow-area concert venue that killed at least 133 people, state news agency SPA reported yesterday.
Defense Minister Prince Khalid bin Salman landed in Pakistan yesterday, to strengthen bilateral relations and discuss regional and global developments with his counterpart minister Khawaja Asif, state news agency SPA reports.

CALENDAR

APRIL

8-11 April (Monday-Thursday): Saudi Super Cup, Abu Dhabi.

10 April (Wednesday): Eid al-Fitr

14-21 April (Sunday-Monday): IMF and World Bank spring meetings, Washington, DC

16 April (Tuesday): FEI World Cup Equestrian, Riyadh.

28-29 April (Sunday-Monday): World Economic Forum Special Meeting, Riyadh.

29 April-1 May: Future Hospitality Summit at Al Faisaliah Hotel, Riyadh.

MAY

2-5 May (Thursday-Sunday): Townhall Expo, Riyadh.

6-9 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh.

6-9 May (Monday-Thursday): Saudi Smart Logistics, Riyadh.

13-15 May (Monday-Wednesday): Smart Future Expo, Riyadh.

13 May (Monday): Saudi Giga Projects, Riyadh.

19-21 May (Sunday-Tuesday): Saudi Energy Convention, Riyadh.

20-21 May (Monday-Tuesday): Future Projects Forum, Four Seasons Hotel, Riyadh.

21-23 May (Tuesday-Thursday): The Saudi Food Show, Riyadh.

Signposted to happen sometime in May:

Global Trade Review (GTR): KSA
Saudi Energy Convention

JUNE

4-7 June (Tuesday-Friday): Saudi Sports Show, Riyadh.

4-7 June (Tuesday-Friday): Aqarat Expo, Riyadh.

5 June (Wednesday): World Environment Day.

Signposted to happen sometime in June:

Eid Al-Adha (national holiday)

AUGUST

12-15 August (Monday-Thursday): The Saudi Food Expo, Riyadh

SEPTEMBER

11-12 September (Wednesday-Thursday): The Saudi Event Show, Riyadh.

17-19 September (Tuesday-Thursday): EV Auto Show, Riyadh.

24-26 September (Tuesday-Thursday) Saudi Infrastructure Expo, Riyadh International Convention and Exhibition Center, Riyadh.

23 September (Monday): National Day (national holiday)

NOVEMBER

26-28 November (Tuesday-Thursday): Saudi Electricity Expo, Riyadh.

11-14 November (Monday-Thursday): Cityscape Global, Riyadh.

DECEMBER

2-13 December (Monday-Friday): Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification, Riyadh.

Signposted to happen sometime in 2024:

The AFC Champions League Elite

2025

FEBRUARY

10-13 February (Monday-Thursday): Leap 2025, the Kingdom’s premier tech investment conference

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