{"id":82532,"date":"2023-12-05T00:00:00","date_gmt":"2023-12-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2023\/12\/05\/is-vladimir-putin-coming-to-riyadh-plus-pmi-shows-the-economy-is-roaring-despite-cost-pressure\/"},"modified":"2023-12-05T00:00:00","modified_gmt":"2023-12-05T00:00:00","slug":"is-vladimir-putin-coming-to-riyadh-plus-pmi-shows-the-economy-is-roaring-despite-cost-pressure","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2023\/12\/05\/is-vladimir-putin-coming-to-riyadh-plus-pmi-shows-the-economy-is-roaring-despite-cost-pressure\/","title":{"rendered":"Is Vladimir Putin coming to Riyadh? PLUS: PMI shows the economy is roaring despite cost pressure"},"content":{"rendered":"

Good morning, wonderful people. It\u2019s the slowest day for news in Saudi Arabia since we <\/strong>started writing zero issues <\/strong>a bit more than two weeks ago, but at least a couple of the ones we do have are stories that could have global implications. <\/p>\n

<\/a>UP FIRST- Russian President Vladimir Putin may be coming to town <\/strong>as a part of a two-stop tour of the region that will see him touch down first in Dubai. Putin has rarely traveled since his country invaded Ukraine. While the Kingdom has yet to announce a visit, two Russian media outlets broke the news, which was then confirmed by Russian state news agency Tass (per Politico<\/a>) and picked up by Reuters<\/a> and Bloomberg<\/a>.<\/p>\n

On the agenda in Riyadh: Talks with Crown Prince and Prime Minister Mohamed bin <\/strong>Salman. <\/strong>Russian outlet Shot quotes Putin aide Yury Ushakov as saying that, \u201cI hope that these will be very useful negotiations, which we consider extremely important.\u201d Ushakov didn\u2019t say what Putin and Prince Mohamed would be discussing.<\/p>\n

Sound smart: <\/strong>Saudi and Russia have done well coordinating their policy on oil output levels at OPEC+, delivering an agreement last week to slash some 2.2 mn barrels a day of production heading into 2024. <\/p>\n

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<\/a> AND- Speaking of oil: Saudi is going to deliver OPEC+ oil cuts \u2014 and they may last <\/strong>longer <\/strong>than previously telegraphed. <\/strong>\u201cI honestly believe that the delivery of the 2.2 million will happen. I honestly believe that the 2.2 mn will overcome to inventory build that usually happens in the first quarter. \u2026 These 2.2 mn won\u2019t necessarily disappear in April. We wanted to be careful to note that the production cut will be phased out gradually and according to market conditions,\u201d he told Bloomberg TV<\/a>. The cuts could \u201cabsolutely\u201d continue past April<\/strong>, he added.<\/p>\n

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<\/a> BREAKING- Business activity and demand grew again last month<\/strong>, according to the Riyad Bank Saudi Arabia Purchasing Managers\u2019 Index, released just as we were about to hit \u201csend\u201d on this morning\u2019s edition. <\/p>\n

One thing to know: <\/strong>The private, non-oil economy is roaring, but cost pressures came in at the highest rate in a year and a half. <\/p>\n

In numbers:<\/strong> \u201cThe headline PMI dropped from 58.4 in October to 57.5 in November, but stayed well above the 50.0 neutral threshold to signal a marked improvement in business conditions<\/strong>\u201d across the non-oil private sector, the report says. <\/p>\n

Also out today:<\/strong> The Egypt and Qatar gauges, while the UAE gauge is out tomorrow.<\/p>\n

^^ We\u2019ll have full coverage for you tomorrow morning, or you can go read for yourself here<\/a>. <\/p>\n

** You\u2019re reading Zero Issue #08 of EnterpriseAM KSA. <\/strong><\/p>\n

** Think of a zero issue as a \u201cbeta.\u201d<\/strong> This issue has not been published or distributed to a wide audience. The sponsor logos above are not correct because we\u2019re still developing the new Saudi template.<\/p>\n

** Did you receive this as a forward?<\/strong> Email editorial@enterprisemea.com and let us know if you\u2019d like to be added to our list of beta readers ahead of our launch.<\/p>\n

** Have a comment, criticism, or story tip? <\/strong>Hit up patrick@enterprisemea.com<\/a>. <\/p>\n

HAPPENING TODAY- <\/strong><\/p>\n

It\u2019s energy, industry and the \u201cjust transition\u201d day in Dubai.<\/strong> Key topics will include boosting the deployment of renewable energy, unlocking greater energy efficiency, innovation and action for hard-to-abate sectors including steel and aluminum, and the decarbonization of oil and gas supplies including methane abatement and carbon management tech.<\/p>\n

The next big business-relevant themes at COP28:<\/strong><\/p>\n