MUST-READS

• Alvarez & Marsal: Performance of Saudi Banks is Largely Robust, Positive

  The performance of the top 10 banks in Saudi Arabia is largely robust and positive, global professional services firm Alvarez & Marsal (A&M) has said. The firm has released its 4th annual edition of the Kingdom of Saudi Arabia (KSA) Banking Pulse for fiscal year 2023. It said operating income grew by 9.5 percent reflecting the effect of higher Non-Interest Income (NII). The year also saw Net Interest Margins (NIM) improving by 3.5 percent with both the cost-to-income ratio (C/I) and the COR showing improvement. Overall, return on equity (ROE) increased to 14.5 percent while return on assets (ROA) stayed constant at a healthy 2.0 percent.

• Conor Benn and Manny Pacquiao in talks over summer fight in Saudi Arabia

  British boxer Conor Benn is in talks to fight Manny Pacquiao in a remarkable summer bout in Saudi Arabia. The 27-year-old welterweight's career has stalled amid efforts to clear his name after two failed drugs tests in 2022, which saw a grudge match with Chris Eubank Jnr cancelled. Benn has since fought two low-key fights in the United States and now hopes to take on the 45-year-old boxing legend, who has not been in a fight since losing to Yordenis Ugas in 2021. His last victory came against Keith Thurman in 2019.

• Navigating Transfer Pricing for Regional Headquarters in The Kingdom of Saudi Arabia

  The setup and operation of an RHQ in Saudi Arabia entail intricate transfer pricing considerations. These include assessing business restructuring for compliance, developing equitable cost allocation methods, and analyzing subcontracting and remuneration mechanisms to align with the arm's length principle. These steps are vital to prevent potential penalties, double taxation, and safeguard the company’s reputation while adhering to local laws.

• Focus on Saudi Arabia: KSA produced nearly double the wheat expected between 2022-2023

  Saudi Arabia produced nearly double the wheat expected in the 2022-23 marketing year and is on track for similar results in 2023-24 as government purchase prices remain high.  Production totaled 1.18 million tonnes in 2022-23 and is estimated at 1.2 million tonnes in 2023-24, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture (USDA). The government offered a purchase price of $466.70 per tonne.  Still, the nation will need to import an estimated 4.63 million tonnes of wheat in 2022-23 and 4.8 million tonnes in 2023-24. 

• Answering remaining questions about PGA Tour-Saudi PIF alliance

  An important step toward a potential peace accord in men's professional golf will take place Monday in the Bahamas when Yasir Al-Rumayyan, governor of Saudi Arabia's Public Investment Fund, is scheduled to meet player directors of the PGA Tour's policy board, including Tiger Woods. While the initial meeting might be nothing more than a meet-and-greet -- or a chance "to put a face to a name," as player director Adam Scott puts it -- it might be another step toward reuniting the fractured sport, which has been embroiled in controversy since the PIF helped launch the rival LIV Golf League in June 2022.

• PGA’s Monahan Had Constructive Talks With Saudi’s PIF About Possible Investment

  PGA Tour Commissioner Jay Monahan said he had a “constructive” conversation on Monday with Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund, about an investment in PGA Tour Enterprises. The talks, which included players who are also on the entity’s board of directors, represent “an important part of our due diligence process in selecting potential investors for PGA Tour Enterprises,” Monahan said in a memo to players reviewed by Bloomberg News.

• Inside Cristiano Ronaldo’s family vacation to Saudi Arabia

  Vacation goals. Cristiano Ronaldo shared a sneak peek of his family’s luxurious beach getaway to a private Saudi Arabian island. The soccer star, his partner, Georgina Rodríguez, and their children stayed at the St. Regis Red Sea Resort on Ummahat Island, according to photos and videos shared by the couple this weekend.

• Saudi Arabia Tackles How to Pay for Vision 2030; UAE-Egypt Deal Dynamics

  Saudi Arabia is embarking on an unrivaled spending spree on everything from mega projects to sports and technology in a bid to prepare for a post-oil future. It appears the country is only just getting started, with annual deployment of capital by the powerful sovereign wealth fund set to hit $70 billion a year from 2025. But even the giant petrostate has limits to what it can afford and that’s prompting the Public Investment Fund, the government and local banks to look for new ways to raise money.

• Blinken To Visit Saudi Arabia, Egypt To Discuss Gaza Ceasefire: Spokesman

  US Secretary of State Antony Blinken will travel to Saudi Arabia and Egypt this week to discuss efforts to secure a ceasefire in Gaza and increase humanitarian aid to the Palestinian territory, a State Department spokesperson said Tuesday. Blinken will hold talks with Saudi leaders in Jeddah on Wednesday before travelling to Cairo on Thursday for talks with Egyptian authorities, spokesman Matthew Miller said from the Philippines, where Blinken is touring. This will be Blinken's sixth trip to the Middle East since the start of the war between Israel and Hamas on October 7.

• Saudi Aramco CEO says no peak in oil demand for some time to come

  Global oil demand will not peak for some time so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out fossil fuels, Saudi Aramco (2222.SE), opens new tab CEO Amin Nasser said on Monday. The head of the world's largest energy company urged a re-set of global energy transition plans in remarks to oil and gas executives at the CERAWeek conference in Houston. Oil demand will reach a new record of 104 million barrels per day (bpd) in 2024, Nasser said. Despite growing investment, alternative energy has yet to displace hydrocarbons at scale, Nasser said. "All this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030," he said.

  • NBC - Saudi Aramco CEO says energy transition is failing, world should abandon ‘fantasy’ of phasing out oil
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