{"id":85886,"date":"2024-05-07T00:00:00","date_gmt":"2024-05-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/aramco-is-releasing-its-1q-2024-earnings-today\/"},"modified":"2024-05-07T00:00:00","modified_gmt":"2024-05-07T00:00:00","slug":"aramco-is-releasing-its-1q-2024-earnings-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/07\/aramco-is-releasing-its-1q-2024-earnings-today\/","title":{"rendered":"Aramco is releasing its 1Q 2024 earnings today"},"content":{"rendered":"

Good morning, ladies and gentlemen, and welcome to an unexpectedly (very) busy hump <\/strong>day.<\/strong> We have news of Aramco closing in on an agreement to buy Shell\u2019s fuel station business in Malaysia, as well as a duo of reports from S&P Global on growing real estate demand in the Kingdom and projections of a potential increase in government debt to finance Vision 2030 projects. <\/p>\n

^^ We have chapter and verse on these stories and more in this morning\u2019s newswell, below.<\/p>\n

HAPPENING TODAY-<\/p>\n

Aramco will release 1Q 2024 results.<\/strong> Analysts will be looking for guidance on how Opec+ production cuts could impact profitability and, as a result, the company\u2019s plans to pay some USD 34 bn in performance-based dividends<\/a> this year. <\/p>\n

The <\/strong>Saudi Smart Manufacturing<\/a><\/strong> trade fair is in its second day at the Riyadh International <\/strong>Convention & Exhibition Center <\/strong>as part of Riyadh international industry week. It brings together government officials, industry professionals, international and local manufacturers, and buyers to share knowledge and showcase new smart manufacturing technologies and goods. The event is held concurrently at the same location with Saudi Plastics & Petrochem<\/a>, Saudi Print & Pack<\/a> and Saudi Smart Logistics<\/a>. It runs until Thursday, 9 May.<\/p>\n

It\u2019s day two of the Arabian Travel Market in the UAE. <\/strong>Expect plenty more tourism and aviation news today \u2014 and check out our report in the Aviation section of this morning\u2019s news well, below. <\/p>\n

For our fellow iSheep: Apple is expected to unveil new iPads this afternoon <\/strong>at 5pm Saudi time (7am Pacific). The expectation: a revamp of the line that restores some coherence to the offering (and for the Pro to get a FaceTime camera on the long edge). You can stream the announcement from Apple\u2019s website<\/a> or its Youtube channel<\/a>. <\/p>\n

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WEATHER- <\/strong>Riyadh<\/strong> is looking rather cloudy today with a high of 37\u00b0C and a low of 22\u00b0C. Expect some winds in Makkah<\/strong> which is still on the hot side at a high of 39\u00b0C and a low of 26\u00b0C, and more winds in Al Taif<\/strong> with a high of 30\u00b0C and a low of 19\u00b0C<\/p>\n

DATA POINT-<\/p>\n

There are some<\/strong> 2.5k active licenses<\/strong> in the mining sector<\/strong>, including 1.6k for building materials quarries, 611 for exploration, 195 for exploitation, 42 for reconnaissance, and 28 surplus mineral ore licenses, according to Industry and Mineral Resources Ministry data<\/a>. The ministry issued 20 new mining licenses in February 2024, including five exploration licenses, nine building materials quarry licenses, and six surplus mineral ores licenses.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- A delegation of senior Saudi officials led by Assistant Investment Minister <\/strong>Ibrahim Al Mubarak <\/strong>landed in Pakistan yesterday for a two-day<\/strong> investment conference<\/strong>, state-run Pakistani news wire APP reports<\/a>. The delegation is expected to sign several MoUs across sectors in Pakistan, which Al Mubarak described as \u201ca high priority economic, investment and business\u201d destination in his opening remarks at the conference (watch, runtime: 5:15<\/a>).<\/p>\n

ALSO- An agreement on Pakistan\u2019s Reko Diq could be coming: <\/strong>The delegation includes executives from Manara Minerals who are looking to continue talks on the acquisition of a stake in Barrick Gold\u2019s Reko Diq copper and gold mining project in Pakistan, Reuters<\/a> reports, citing a Pakistan government document it says it has seen. <\/p>\n

BACKGROUND- <\/strong>Manara is a joint venture between the Public Investment Fund and mining giant Ma\u2019aden. Manara was said to be<\/a> close to a USD 1 bn investment in the mining project \u2014 one of the world's largest undeveloped copper-gold areas. A preliminary agreement could be made public in a matter of weeks, sources said last month. <\/p>\n

We\u2019ve been getting closer with Islamabad:<\/strong> Foreign Minister Prince Faisal bin Farhan was in<\/a>the Pakistani capital<\/a> last month, nearly a week after Pakistan\u2019s prime minister discussed a USD 5 bn investment package<\/a> during a meeting in Makkah with Crown Prince Mohammed bin Salman. Saudi has been among key backers of crisis-hit Pakistan, extending the term of a USD 3 bn<\/a> in deposit at the State Bank of Pakistan for an additional year to mature in December 2024. This is in addition to USD 2 bn<\/a> in financial assistance from the Kingdom last year to shore up the country\u2019s finances.<\/p>\n

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<\/a> #2- The region\u2019s largest water theme park, courtesy of Qiddiya: <\/strong>The board of PIF\u2019s Qiddiya Investment Company has approved the launch of a new water theme park that is slated to be the first of its kind in Saudi and the largest in the region, state news agency SPA<\/a> reports. The water park \u2014 dubbed Aquarabia \u2014 will be home to 22 water games and attractions, including the world\u2019s first double water loop and roller coaster with the highest jump among other record-breaking water games. It is set to complement Qiddiya\u2019s Six Flags Theme Park<\/a>.<\/p>\n

REMEMBER-<\/strong> Qiddiya, a USD multi-bn development<\/a>, aims to become the world\u2019s largest<\/a>entertainment hub<\/a>. The district will be home to the world\u2019s first-ever Dragon Ball themed park and a multi-use stadium where it plans to host major sports, cultural and entertainment events, including games at the 2034 Fifa World Cup. The destination will also be home to the world\u2019s first gaming and esports district.<\/p>\n

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<\/a> #3- The Kingdom\u2019s \u201cfirst 18-hole island golf course\u201d is coming to PIF-backed Red <\/strong>Sea <\/strong>Global\u2019s Shura Island <\/strong>next year<\/strong>, according to a statement<\/a>. Shura Links, a par 72 championship length course, will span across 7.5k yards of green featuring multiple tees. It was designed in partnership with acclaimed golf architect Brian Curley, who was the mastermind behind Mission Hills Golf Club, the world\u2019s largest golf facility. <\/p>\n

<\/a> #4- Radisson Hotel Group plans to have the Kingdom account for 70% of its <\/strong>portfolio in the region <\/strong>over the next three years<\/strong>, Vice President for Development Elie Milky told Argaam<\/a> yesterday. Radisson currently operates 30 hotels, resorts, and hotel-apartment properties in the country, with another 20 under construction. It aims to operate 100 hotels or 20k rooms in Saudi by the end of the decade, Milky said.<\/p>\n

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#5- Local restaurants and food outlets may soon be obliged to have a tracking system for <\/strong>the exact food ingredients and packaging used to prepare their meals<\/strong>, the Saudi Gazette<\/a> reported yesterday. The system would allow the operator to know and track the source and quantity of the ingredients being used to ensure food safety and quality. It would allow food items to be recalled in the event of violating food safety rules.<\/p>\n

The system, proposed by the Housing, Rural Affairs and Municipal Ministry, follows a <\/strong>recent <\/strong>food poisoning outbreak<\/a><\/strong> linked to a local hamburger chain. One person reportedly died of food poisoning and more than 70 were made sick. <\/p>\n

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#6- The Saudi Fund for Development (SFD) <\/strong>and the UK\u2019s Foreign Commonwealth and <\/strong>Development Office will work to improve the lives of the most vulnerable globally<\/strong> after signing a joint cooperation agreement, SFD said in a statement<\/a>. The agreement will see the two collaborate on refining donor management, humanitarian aid transparency, and accountability, in addition to improving monitoring and evaluation schemes. <\/p>\n

#7- E<\/strong>ight water bottling and distribution companies were fined for <\/strong>engaging in <\/strong>anti-competitive practices<\/strong>, the General Authority for Competition said in a post on X<\/a>. The companies were handed fines ranging between SAR 100k and SAR 1 mn for price fixing. The authority didn\u2019t name the companies. <\/p>\n

PSAs- <\/p>\n

#1- Tenants must <\/strong>pay a one-time security deposit through the Ejar platform <\/strong>against <\/strong>potential <\/strong>damage to the property during the rental period<\/strong>, Okaz<\/a> reported yesterday. The security deposit can be itemized when both parties document the rental contract on Ejar, with the platform acting as a neutral party holding the deposit, it said. The agreed-upon unit delivery form dictates the process of automatic refund to both parties in their electronic wallets upon leasing contract expiration or cancellation, it added. If damage occurs, the deposit can cover costs or be returned to the tenant upon mutual agreement. <\/p>\n

#2- <\/strong>Citizens traveling outside the region must ensure their passport has a<\/strong> minimum <\/strong>validity <\/strong>of six months<\/strong>, or three months for visits to Arab countries, the General Directorate of Passports said in a post on X<\/a>. <\/p>\n

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

Hamas has accepted a ceasefire proposal \u2014 Israel says it\u2019s not enough and is <\/strong>hammering Rafah. <\/strong>Here\u2019s what you need to know this morning:<\/p>\n