{"id":84506,"date":"2024-03-19T00:00:00","date_gmt":"2024-03-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/19\/tons-of-speculation-as-pif-pga-tour-officials-said-to-sit-down-in-bahamas-in-a-bid-to-save-merger-talks\/"},"modified":"2024-03-19T00:00:00","modified_gmt":"2024-03-19T00:00:00","slug":"tons-of-speculation-as-pif-pga-tour-officials-said-to-sit-down-in-bahamas-in-a-bid-to-save-merger-talks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/19\/tons-of-speculation-as-pif-pga-tour-officials-said-to-sit-down-in-bahamas-in-a-bid-to-save-merger-talks\/","title":{"rendered":"Tons of speculation as PIF, PGA Tour officials said to sit down in Bahamas in a bid to save merger talks"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, <\/strong><strong>wonderful people. <\/strong>The pace of business might feel a bit slower in Ramadan, but there\u2019s no sign of the seasonal news slowdown this morning, so let\u2019s jump right in.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>We\u2019re not sure anybody in the Kingdom (who isn\u2019t a rabid golf fan) cares as <\/strong><strong>much as the Americans do, but here we go: <\/strong>Golf nuts around the world are resorting to flight trackers to try to figure out who was attending a face-to-face meeting expected yesterday between representatives of the Public Investment Fund and the PGA Tour. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>They\u2019re in the Bahamas, not Florida: <\/strong>Wags expected the talks to take place in Miami, but flight trackers have an Aramco-owned (or chartered) jet landing in the Bahamas, where golf icon (and PGA policy board member) Tiger Woods has a base. Jets leased by the PGA Tour commissioner and one of the tour\u2019s big American backers also touched down in the Bahamas yesterday, <a target=\"_blank\" href=\"https:\/\/golfweek.usatoday.com\/2024\/03\/18\/pga-tour-tiger-woods-saudi-arabia-pif-meeting-bahamas\/\" style=\"\" rel=\"noopener\">USA Today\u2019s Golfweek<\/a> reports. Fox Sports, meanwhile, says that Woods joined the \u201cmeet and greet\u201d with PIF officials including chairman Yasir Al Rumayyan.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At stake: <\/strong>A merger between the PIF-back Liv Golf, the US PGA Tour, and the European Tour. A self-imposed deadline of 31 December 2023 came and went with no ink on paper. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The outcome of the meeting? <\/strong>There was no news as of dispatch time this morning. The PIF seems committed to seeing talks through, though: Golf and tennis are shaping up as two of the cornerstones of its contribution to the Kingdom\u2019s drive to become a major global sports power. <\/p>\n<p class=\"tag-border-left\">OIL WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>The world should \u201cabandon the fantasy of phasing out oil and gas,\u201d<\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/ceraweek-saudi-aramco-ceo-argues-re-set-energy-transition-timetables-2024-03-18\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported Aramco CEO Amin Nasser as saying at CERAWeek in Houston. \u201cWe should abandon the fantasy of phasing out oil and gas, and instead invest in them adequately, reflecting realistic demand assumptions, as long as essential,\u201d he said during the S&P Global gathering, urging revised energy transition plans.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Nasser believes global oil demand won\u2019t peak soon<\/strong> as he forecast oil demand to hit a new record of 104 mn bpd this year. While renewable energy is becoming more affordable and attracting growing investment, it has yet to take the place of hydrocarbons at scale, he said. \u201cAll this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>MEANWHILE- The Kingdom\u2019s crude production inched up 0.2% m-o-m in January <\/strong><strong>2024 to 8.96 mn<\/strong><strong> barrels per day (bpd)<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.jodidata.org\/oil\/database\/customisable-charts.aspx#cdSaudiArabia\" style=\"\" rel=\"noopener\">data from the Joint Organizations Data Initiative (JODI)<\/a> showed yesterday. Crude exports were slightly down 0.17% to 6.29 mn bpd on the back of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3286cbff-632f-42e9-924c-581b0232a7db\/leap,-deepfest-and-the-efg-hermes-one-on-one-kick-off-today\" style=\"\" rel=\"noopener\">voluntary oil curbs by Saudi<\/a> that will remain in effect through June. The cuts aim to keep a floor under the price of crude.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The US Federal Reserve\u2019s Federal Open Markets Committee kicks off a two-day meeting <\/strong><strong>today. <\/strong>Market watchers will be parsing every word when the Fed\u2019s updated economic projections are made public tomorrow after the meeting. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>PSA- You might need to double check your flight status if you\u2019re traveling through King <\/strong><strong>Khaled<\/strong><strong> International Airport <\/strong>due to rainfall across the capital, the airport said in a <a target=\"_blank\" href=\"https:\/\/twitter.com\/KKIASA\/status\/1769627217254883507?s=20\" style=\"\" rel=\"noopener\">post on X<\/a> yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- Gray skies and rainfall are still in the cards for Riyadh today<\/strong>, as temperatures in the capital oscillate between a daytime high of 30\u00b0C and an overnight low of 23\u00b0C. <strong>The highest chance of rain today is between 9am and 3pm<\/strong>, according to our favorite weather app.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">In <strong>Taif, <\/strong>it\u2019s shaping up to be a cloudy day, with the weather peaking at 21\u00b0C before falling to 14\u00b0C at night. Expect some sun to peak out tomorrow.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Meanwhile, <strong>AlUla<\/strong> is in for a lot of sun, with temperatures hitting a daytime high of 19\u00b0C and falling to 9\u00b0C overnight.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, when do we eat? <\/strong>It\u2019s the ninth day of Ramadan. Maghrib prayers are at 6:05pm in the capital city, and you\u2019ll have until 4:39am tomorrow to finish eating and caffeinating ahead of fajr.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Aramco is getting its first foreign market maker: <\/strong>Tadawul has given the green light to Merrill Lynch KSA\u2019s request to become a market maker for Aramco shares, making it the first foreign market maker in the Kingdom, it said in a <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/bdtbjuaj\" style=\"\" rel=\"noopener\">statement<\/a> yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Merrill will start market-making today<\/strong>, joining domestic champions <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/news-details\/?1dmy&urile=wcm:path:\/Tadawul_en\/SA-Tadawul\/SA-PricesAndIndeces\/SA-News\/SA-MarketNews\/CT-marketnews-10092023%20market%20maker\" style=\"\" rel=\"noopener\">Riyad Capita<\/a> l and <a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2345856\/business-economy\" style=\"\" rel=\"noopener\">SNB<\/a><a target=\"_blank\" href=\"https:\/\/www.arabnews.com\/node\/2345856\/business-economy\" style=\"\" rel=\"noopener\">Capital<\/a> as market makers for the oil giant\u2019s shares. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sound smart: <\/strong>Market makers keep the market moving smoothly, buying and selling securities on their own account to help provide liquidity for listed equities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Aramco is looking to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/fe1fde79-5cc7-4189-a4fe-360d3fa88c51\" style=\"\" rel=\"noopener\">revive plans<\/a> to sell shares in a secondary offering that could raise some USD 20 bn in what would be one of the world\u2019s largest offerings in recent years. The oil giant <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4b51a41c-d94e-4d73-adeb-17186d5bb104\/Inching-closer-to-a-blockbuster-Aramco-share-sale\" style=\"\" rel=\"noopener\">is in talks<\/a> with bulge bracket investment banks to quarterback the planned share sale<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt4\"><\/a> <strong>#2- <\/strong><strong>Al Nahdi Medical eyes broader Gulf expansion: <\/strong>The Kingdom\u2019s leading retail pharma chain plans to expand in the Gulf after a successful entry into the UAE as its first market overseas last year, CEO Yasser Joharji told Al Arabiya in an interview (<a target=\"_blank\" href=\"https:\/\/tinyurl.com\/mtxuumca\" style=\"\" rel=\"noopener\">watch, runtime: 10:25<\/a>). \u201cLast year saw an outstanding performance for Al Nahdi in the UAE as our presence grew, with sales rising 236%,\u201d he said. \u201cThis has raised our ambitions to expand geographically in the Gulf in the future,\u201d he said, without providing details on target countries or a timeline. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next for the UAE: <\/strong>Joharji said Al Nahdi plans to add to the 15 pharmacies opened in the UAE last year. \u201cHigher sales [in the UAE] have increased our appetite for expansion in other Gulf markets, including Kuwait, Bahrain and Oman,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt5\"><\/a> <strong>#4- Another Nomu IPO:<\/strong> The Capital Market Authority (CMA) has approved Yaqeen Capital\u2019s offering of 20% of its shares on the parallel market Nomu, it said in a <a target=\"_blank\" href=\"https:\/\/cma.org.sa\/en\/Market\/News\/pages\/CMA_N_3510.aspx\" style=\"\" rel=\"noopener\">statement<\/a> yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yaqeen is itself one of the more prolific advisors to companies looking to go public on <\/strong><strong>Nomu<\/strong>, including recent offerings by Pan Gulf Marketing and Al Modawat Specialized Medical. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- Nomu is Tadawul\u2019s version of London\u2019s AIM<\/strong>, offering lighter listing and financial reporting requirements in a bid to attract companies at earlier stages of development, including smaller businesses and startups. There is no profitability requirement to list on Nomu, which is open only to qualified investors (read: most day-trading retail investors need not apply). Want to go deeper? <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/rules-guidance\/capital-market-overview\/Equities\" style=\"\" rel=\"noopener\">Tap or click here.<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- DIPLOMACY- King Salman and Crown Prince Mohammed bin Salman <\/strong><strong>congratulated Russian President Vladimir Putin<\/strong> after the Russian leader won re-election, state news agency SPA reported (<a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2069136\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2069137\" style=\"\" rel=\"noopener\">here<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#6- DATA POINT- Credit facilities provided by Saudi EXIM Bank rose 21.3% y-o-y <\/strong><strong>to <\/strong><strong>SAR 16.5 bn in 2023<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2067999\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported yesterday. This is up 33% from a target of SAR 12.4 bn forecast for the year.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Benjamin Netanyahu is sending a team to Washington <\/strong>after Joe Biden on Monday said that an assault on Rafah \u201cwould be a mistake.\u201d The Israeli delegation will arrive in DC \u201cwith alternative plans for the next stage of its offensive against Hamas in Gaza.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story leads global front pages this morning<\/strong>, along with a global food monitor\u2019s <strong>stark <\/strong><strong>warning that mass death due to starvation is now imminent in Gaza <\/strong>\u201cwithout an immediate ceasefire and surge of food to areas cut off by fighting. See: <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/6741674d-2b3b-43f4-8120-b119bf97d843\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/gaza-suffers-famine-level-shortages-mass-death-imminent-un-backed-monitor-says-2024-03-18\/\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Donald Trump can\u2019t get a bond to cover the USD 454 mn civil-fraud judgment <\/strong>against him, the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/us-news\/law\/trump-cant-secure-bond-for-454-million-civil-fraud-judgment-6c6fb7f1?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also worth knowing about this morning: <\/strong>The FT wonders <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/e2f62a3b-7ca5-4115-a993-73ecb3d9ff75\" style=\"\" rel=\"noopener\">whether UBS can \u201cbecome<\/a><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/e2f62a3b-7ca5-4115-a993-73ecb3d9ff75\" style=\"\" rel=\"noopener\">Europe\u2019s Morgan Stanley\u201d<\/a>, another key exec is <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/finance\/stephanie-cohen-is-latest-senior-goldman-executive-to-depart-a50312a2?mod=hp_lead_pos9\" style=\"\" rel=\"noopener\">\u201cjoining an exodus of top female talent\u201d from Goldman Sachs<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- <\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-03-18\/old-embassy-is-latest-flashpoint-in-simmering-north-african-feud?srnd=homepage-middle-east&sref=mmeFTDW1\" style=\"\" rel=\"noopener\">Tensions are again boiling between Algeria and Morocco<\/a>, which cut off diplomatic relations back in 2021. Bloomberg has a good <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-17\/why-the-fight-over-western-sahara-is-heating-up-again-quicktake?sref=mmeFTDW1\" style=\"\" rel=\"noopener\">backgrounder<\/a> if you want to get up to speed. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FINALLY- An internet outage affecting West Africa could take up to five weeks to resolve <\/strong>as crews scramble to repair a damaged undersea cable, <a target=\"_blank\" href=\"https:\/\/www.semafor.com\/article\/03\/18\/2024\/africas-damaged-undersea-cables-disrupt-internet-for-weeks\" style=\"\" rel=\"noopener\">Semafor<\/a> reports. Among those impacted: Nigeria, Ghana, Senegal and C\u00f4te d\u2019Ivoire, where websites and online banking portals are down.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Nahdi Medical eyes regional expansion | Nomu IPO kingpin Yaqeen wants to IPO on \u2026 Nomu<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[1552,139,10,159,154,9,1539],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84506","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-al-nahdi-medical","tag-aramco","tag-enterpriseam-ksa","tag-oil-watch","tag-pif","tag-what-were-tracking-today","tag-yasir-al-rumayyan","wpautop","entry"],"acf":{"mongo_id":"0f8f58e9-b858-4586-8628-8c45fca4bee3","is_powered_by":false,"story_type":"4","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"Tons of speculation as PIF, PGA Tour officials said to sit down in Bahamas in a bid to save merger talks","related_issue":[84504],"teaser":"Plus: Nahdi Medical eyes regional expansion | Nomu IPO kingpin Yaqeen wants to IPO on \u2026 Nomu","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.06550986-8ef2-43d3-9b4a-4921839f81a4.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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