{"id":84462,"date":"2024-03-18T00:00:00","date_gmt":"2024-03-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/18\/pif-and-the-pga-tour-will-meet-today-in-miami-in-a-bid-to-kickstart-talks-on-a-pga-liv-merger\/"},"modified":"2024-03-18T00:00:00","modified_gmt":"2024-03-18T00:00:00","slug":"pif-and-the-pga-tour-will-meet-today-in-miami-in-a-bid-to-kickstart-talks-on-a-pga-liv-merger","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/18\/pif-and-the-pga-tour-will-meet-today-in-miami-in-a-bid-to-kickstart-talks-on-a-pga-liv-merger\/","title":{"rendered":"PIF and the PGA Tour will meet today in Miami in a bid to kickstart talks on a PGA-Liv merger"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>The Public Investment Fund is still dominating the conversation on an otherwise quiet Ramadan morning, but the big news is that the non-oil economy now accounts for 50% of GDP \u2014 a welcome milestone on our journey to build a resilient, diversified economy. <\/p>\n

Also worth reading this morning: <\/strong>Our Formula 1 explainer, which breaks down Aramco\u2019s Aston Martin title partnership.<\/p>\n

WEATHER- We\u2019re in for light rain in Riyadh today<\/strong>, with a daytime high of 34\u00b0C falling to 21\u00b0C overnight. It\u2019s shaping up to be a mostly cloudy week in the capital, with some sun peeking out on Wednesday.<\/p>\n

In Makkah<\/strong>, expect brisk winds through tomorrow with temperatures reaching a high of 40\u00b0C before cooling off to 28\u00b0C overnight. <\/p>\n

Meanwhile in Madinah<\/strong>, brace for some scattered thunderstorms today with the weather peaking at 34\u00b0C before dropping to 24\u00b0C at night. <\/p>\n

So, when do we eat? <\/strong>Maghrib prayers are at 6:04pm in the capital city, and you\u2019ll have until 4:40am tomorrow to hydrate and caffeinate ahead of fajr.<\/p>\n

HAPPENING TODAY-<\/p>\n

#1-A meet-and-greet between the PIF and PGA Tour:<\/strong> Representatives from the Public Investment Fund and the PGA Tour will meet today in Florida for what will be \u201cmore of a meet-and-greet than a substantive discussion\u201d on outstanding issues, PGA Tour Policy Board member Patrick Cantlay told Sports Illustrated<\/a> yesterday. \u201cWell, I\u2019ve gotta hear out what they have to say, and I will always do my best to represent the entire membership whenever I am in a meeting in that capacity,\u201d Cantlay said. \u201cI think more information is always better,\u201d he added. <\/p>\n

It remains unclear if PIF boss Yasir Al Rumayyan will attend today\u2019s meeting<\/strong> at the Ponte Vedra Beach in Florida despite earlier whispers that he could personally be the key to moving forward the merger of the tour and PIF-backed LIV Golf.<\/p>\n

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<\/a> #2- It\u2019s a big week for the global hydrocarbon industry <\/strong>as S&P Global\u2019s CERAWeek<\/a> kicks off in Houston, Texas, running through Friday. Saudi Aramco CEO Amin Nasser will be on stage along with the chiefs of ExxonMobil and BP. They\u2019ll be joined by a who\u2019s who of senior US and international policymakers, global energy and services executives, leaders of national oil companies. <\/p>\n

This year\u2019s big themes: <\/strong>The outlook for energy markets, policy and geopolitics, net-zero supply chains, the green transition in power markets, paying for the transition to greener energy, and climate and sustainability. Check out the full agenda here<\/a> and the live stream here<\/a>.<\/p>\n

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ALSO THIS WEEK- The US Federal Reserve\u2019s Federal Open Markets Committee meets on <\/strong>Tuesday and Wednesday. <\/strong>Market watchers will be parsing every word when the Fed updated economic projections public after the meeting. <\/p>\n

At issue: How soon will the Fed cut rates \u2014 and how many times this year. <\/strong>Pundits now see the Fed leaving rates higher for longer than markets anticipate, according to economists surveyed in the latest Financial Times-Chicago Booth poll<\/a>. Most respondents think we\u2019ll see a maximum of two cuts this year. When? July or September, they say. <\/p>\n

The fear: Acting too soon will not entirely snuff out inflation<\/strong> as the \u201clast mile\u201d battle looks tougher than originally thought after a surprise uptick in inflation last month.<\/p>\n

It\u2019s a huge week for central bank watchers: <\/strong>In addition to the Fed, we\u2019ll see rate decisions or speeches from the Bank of Japan and the Bank of England. There will also be a barrel of economic indicators to parse, including consumer price or economic sentiment data from Canada, Germany, China, the EU and the United Kingdom.<\/p>\n

EM watchers will be keeping an eye on: <\/strong>Turkey (Thursday interest rate announcement), Russia (Friday rate announcement), Brazil (Wednesday announcement), and Indonesia (also Wednesday). <\/p>\n

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WATCH THIS SPACE-<\/p>\n

#1- Egypt\u2019s EGAS is expanding to Saudi Arabia. <\/strong>The new venture, dubbed Modern Gas Saudi Arabia, will be 80% held by units of the state-owned natural gas player, Egypt\u2019s oil ministry said in a statement<\/a>. EGAS is responsible for the development and management of natural gas in Egypt, where it oversees everything from exploration and production to the transportation and distribution of natural gas as well as LNG imports and exports.<\/p>\n

The Saudi Basira Company will hold a 20% stake in the venture<\/strong>, which looks set<\/a> to focus on contracting as well as natural gas distribution to industrial, commercial, and residential clients. <\/p>\n

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DATA POINTS-<\/p>\n

The value of residential mortgage loans written to individuals hit an <\/strong>11-month high in January <\/strong>2024 <\/strong>to SAR 7.5 bn, Arab News<\/a> reported yesterday, citing data by central bank Sama. The loans in January are up 21% m-o-m.<\/p>\n

The Kingdom was the region\u2019s largest diesel exporter to Europe in February <\/strong>2024<\/strong> at 192k barrels per day (bpd), data from S&P Global Commodities at Sea<\/a> showed last week. Kuwait\u2019s shipments came in second, with exports more than doubling to an average of 114k bpd. The region sent an average of 374k barrels per day to Europe, the highest in two months, the data showed. <\/p>\n

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PSAs- <\/p>\n

<\/a> #1- Be safe out there: <\/strong>The Roads General Authority (RGA) is urging folks to drive with caution after fatal traffic accidents spiked 27% during the iftar rush last week, Saudi Gazette<\/a> reported.<\/p>\n

<\/a> #2- Pilgrims can only perform Umrah once in Ramadan<\/strong>, Okaz<\/a> reported, citing statements by the Hajj and Umrah Ministry. Permits issued through the pilgrimage itineraries booking platform Nusuk will be limited to one per person during the fasting month to help alleviate congestion.<\/p>\n

#3- Prosecutors will use AI to help translate in cases involving foreign pilgrims<\/strong>, deploying an AI agent called Turjman that will be used be a special unit following up on cases involving hajj and umrah pilgrims, local media<\/a> reports. <\/p>\n

<\/a> #4- <\/strong>King Salman has ordered the disbursement of over SAR 3 bn in Ramadan aid <\/strong>to social <\/strong>security beneficiaries<\/strong>, state news agency SPA<\/a> reported yesterday.<\/p>\n

SPORTS- <\/p>\n

Joy Joyce wants to show banking heavyweights who\u2019s boss in the Kingdom<\/strong> as he looks at planned fight cards in town for a chance of a comeback, talkSport<\/a> reports. \u201cAny opportunities in Saudi, we\u2019ll see. Here in the UK and America. The world is my oyster, especially as a heavyweight. I\u2019m really excited to get these big fight nights,\u201d he said in a statement after putting down Kash Ali in Birmingham on Saturday<\/p>\n

<\/a> And some football whispers:<\/strong> Atletico Madrid midfielder Rodrigo De Paul could be on the Saudi Pro League\u2019s radar for a summer transfer, according to Spanish media<\/a>. A financial offer of c. EUR 40 mn could prove tempting for the club, which is looking to clear its debts.<\/p>\n

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THE BIG STORY ABROAD- <\/p>\n

It\u2019s another sleepy Monday in the global business press, with geopolitics<\/strong> (Putin just won<\/a>reelection<\/a>, getting six more years in power) and tech<\/strong> (the White House is pushing the Senate to take up without delay a bill that would ban TikTok<\/a>) taking center stage<\/strong>. <\/p>\n

Sign of the TImes- So. Much. AI. Anxiety. <\/strong>This time, physical robots take center stage:<\/p>\n