Quoted

“Jadaan has been very smart in the way he has handled the hiccups facing the Saudi gigaprojects. He doesn’t deny any problems in maintaining funding lines. He turns it around as a positive that allows for reassessing and streamlining them. It’s the best answer. In any case, no one ever took seriously the idea that they would all be ready by 2030.” ,” Andrew Hammond, Middle East historian at Oxford University, Dubai Advisory Setting Up Shop in Saudi Arabia Upbeat on FDI [Bloomberg]

Quoted

“As long as there’s no diplomatic process to develop a governing body in the Strip that isn’t Hamas, we’ll have to launch campaigns again and again in other places to dismantle Hamas’s infrastructure. It will be a Sisyphean task.” Israel Defense Forces chief of staff Herzl Hevi, For Netanyahual, Gaza’s ‘day after’ must wait [Washington Post]

Quoted

 

“All of these collective shocks that are facing the world calls us also to reprioritise, to look at what we are doing, and how can we actually optimise what we are doing, optimise our plans. If you don’t allow your economy to catch up with your projects, basically what will happen is you will import a lot more. And you will not allow your economy, your private sector to catch up and build their factories, manufacturing facilities, service providers to actually support the projects that we are building.” Saudi Finance Minister Mohammed al-Jadaan, Economic Shocks Spur Saudi To ‘Reprioritise’ Reforms: Official [Barron’s]

Quoted

“The consulting market grew 18.2 per cent in Saudi Arabia last year, according to Source Global, against 13 per cent growth in the Gulf region overall and just 3.5 per cent globally.” Ahmed Al Omran and Chloe Cornish, Consulting firms’ grip on Saudi economy sparks local misgivings [Financial Times]

Quoted

“Remittances overtook foreign direct investment in low- and middle-income countries for the first time in 2022. Total global remittances rose from $68 billion in 1990 to $791 billion in 2022. As with previous years, much of this ($614 billion) was received by low- and middle-income countries. Since the mid-1990s, remittance has also greatly surpassed Official Development Assistance.” Remittances to LMICs Overtake FDI for First Time [Statista]

Quoted

“The region has retained a robust pipeline, with several companies in the GCC (Gulf Cooperation Council) and North Africa having announced their intentions to list.”

-Brad Watson, EY MENA Strategy and Transactions Leader. Saudi Arabia “emerged as a dominant force in initial public offering activity for the region in the first quarter of 2024,” according to EY, with nine IPOs launched during this period, as highlighted by the recently-released MENA IPO Eye Q1 2024 report. [Arab News]

Quoted

“Saudi Telecom Co.’s net income rose almost 6% year on year to 3.29 billion riyals ($877 million) in the first three months of the year, according to a statement on Wednesday. That beat the average analyst estimate for 3.15 billion. Revenue also exceeded expectations on the back of stronger activity in the commercial unit.”

-Bloomberg report. STC has made a string of global acquisitions over the last year, including a $2.25 billion stake in Spain’s Telefonica, and is said to be in pole position to acquire Altice’s Portuguese business. [Bloomberg.com]

Quoted

“The major driver for renewable energy in Saudi Arabia is economic. By reducing domestic demand for fossil fuels, the Kingdom can free up barrels for export, bolstering its economic resilience. “As natural gas surpasses oil as the dominant source of power generation in Saudi Arabia, there is a pressing incentive to curtail domestic demand. Factors include the financial capacity to develop bankable projects, abundant renewable resources—particularly solar and wind—and vast expanses of land ripe for development.” Jessica Obeid,  energy policy consultant, Saudi Arabia’s transformation from oil to green energy [Al-Arabiya]

Quoted

“In 2022, 18 million trees had already been planted. By December 2023, this number had risen to 43.9 million trees and shrubs planted. This equates to 94,000 hectares of degraded land (equivalent to over 146,000 football fields) rehabilitated throughout the country. By 2030, over 600 million trees are expected to be planted – equating to 3.8m hectares of rehabilitated land. Tree planting will continue beyond 2030, to reach the 10 billion target.” Saudi Arabia is planting 10 billion trees across the Kingdom [LinkedIn]

 

 

Quoted
“Putting a proposal on the table, that’s one thing, a proposal that we could take to Israel (for normalization).” But Saudi Arabia has made clear there will be no normalization deal “while the conflict in Gaza is still raging.” U.S. State Department spokesperson Matthew Miller, US and Saudi Arabia nearing agreement on security pact, sources say [Reuters]
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