{"id":90854,"date":"2024-10-24T00:00:00","date_gmt":"2024-10-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/24\/bin-farhan-heads-to-brics\/"},"modified":"2024-10-24T00:00:00","modified_gmt":"2024-10-24T00:00:00","slug":"bin-farhan-heads-to-brics","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/24\/bin-farhan-heads-to-brics\/","title":{"rendered":"Bin Farhan heads to BRICS"},"content":{"rendered":"

Good morning, ladies and gentlemen.<\/strong> We\u2019re rounding out the week with an issue that is heavy on both macro news and diplomacy, as US Secretary of State Antony Blinken paid another visit to Riyadh yesterday and US Senator Lindsey Graham suggests a normalization pact with Israel could be within reach. <\/p>\n

HAPPENING TODAY-<\/p>\n

<\/a> #1- Foreign Minister Prince Faisal bin Farhan is in Russia\u2019s Kazan to attend the Brics <\/strong>Summit<\/strong>, which is on its final day today. The foreign minister landed in Russia overnight, according to state news agency SPA<\/a>.<\/p>\n

<\/a> #2- It\u2019s day four of the World Bank and IMF annual meetings: <\/strong>The world\u2019s finance ministers, central bank governors, and other big names in finance and policy are in Washington for the International Monetary Fund and World Bank Group Annual Meetings<\/a>. The six-day meetings kicked off last Monday, and will run all the way to Saturday. Check out the full meeting schedule on the event\u2019s official website<\/a>. <\/p>\n

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WATCH THIS SPACE- <\/p>\n

<\/a> #1- Saudi-Israel normalization pact could close in 2024:<\/strong> Saudi Arabia and Israel may reach an agreement on normalizing ties before the year is out, US Senator Lindsey Graham tells Reuters<\/a>. The senator \u2014 an ardent supporter of Israel \u2014 told the newswire that Israeli Prime Minister Benjamin Netanyahu signaled in a conversation earlier this week that an agreement could be within reach by 2024-end. The US is looking to push forward on the normalization pact, which Graham said is more likely to close under the current Biden administration.<\/p>\n

REFRESHER-<\/strong> The agreement would see Washington provide security assurances to Riyadh, along with cooperation on the development of a domestic nuclear power industry, as well as on artificial intelligence and other technologies. Saudi has been adamant<\/a> in its stance that there would be no normalization with Israel without a credible pathway to a Palestinian state.<\/p>\n

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#2- Canada\u2019s First Quantum Minerals is still in talks over its Zambian copper and nickel <\/strong>assets<\/strong>, with CEO Tristan Pascall saying on an earnings call that the business is \u201copen to more partnerships,\u201d Reuters<\/a> reports. Pascall did not name the companies First Quantum is in talks with, nor did he provide further details on the negotiations or where they currently stand. <\/p>\n

REFRESHER-<\/strong> Reuters reported last week<\/a> that PIF-backed Manara Minerals is closing in on a USD 1.5-2 bn acquisition of a 15-20% stake in First Quantum\u2019s Zambian copper and nickel assets. Manara \u2014 a JV between the Public Investment Fund (PIF) and mining giant Ma\u2019aden \u2014 has been eyeing a stake in the assets since earlier this year,<\/a> with an eye on copper mines Sentinel and Kansanshi. <\/p>\n

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#3- Investors will reportedly have until 16 November to bid on a contract to build the King<\/strong> Abdullah Road-Falasteen Road (Kafa) storm sewer tunnel<\/strong>, after the Jeddah Municipality relaunched a tender for the project in late September, according to Meed<\/a>. The two-phase project will see the construction of two tunnels over three years in the first phase, and the construction of a terminal pumping station, a marine outfall, and shafts in the second. No further details were given on the financial ticket or timeline for the project.<\/p>\n

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PSAs- <\/p>\n

<\/a> Unified charging ports for mobile phones + electronic devices:<\/strong> Phones and other electronic devices sold in the Kingdom will be required to have Type C charging ports next year, according to new regulations<\/a>. The move is part of a broader initiative led by the Communications, Space and Technology Commission (CST) and the Saudi Standards, Metrology, and Quality Organization (SASO). The move was first announced in August 2023.<\/p>\n

What to expect:<\/strong><\/p>\n