“Forbes Middle East’s “30 Most Valuable Banks” index which covers seven markets, revealed that the 30 banks had a combined value of $581.1 billion, up 14 percent over the last 12-month period. Additionally, Gulf entities dominated this year’s ranking, with 26 of the 30 based in the Gulf Cooperation Council.” Saudi Arabia make up a third of Forbes Middle East’s 30 Most Valuable Banks [Arab News]
“The Middle East is increasingly emerging as one of the most desirable locations for foreign investors looking to deploy capital, according to a survey that ranks countries most likely to attract money over the next three years. Efforts toward economic diversification and reforms to business policies have helped the United Arab Emirates and Saudi Arabia post the biggest jumps in Kearney’s 2024 Foreign Direct Investment Confidence Index. The countries climbed ten spots from 2023, to eighth for the UAE and 14th for Saudi Arabia.” Christine Burke, Middle East Emerges as Key Region for FDI in Kearney Survey [Bloomberg]
“This month marks eight years since the launch of Saudi Arabia’s Vision 2030. While most Americans (and members of Congress) couldn’t tell you what Vision 2030 entails, they probably have an opinion on LIV Golf, NEOM or Cristiano Ronaldo.” Richard Wilson, President, Saudi-US Trade Group, Co-Host The 966 podcast, Editor of the SUSTG Review, Doing the work: MBS’ true legacy [Al-Arabiya]
“In the relationship that the kingdom and the U.S. have had, there have been multiple highs and multiple lows. And part of my responsibility was to remind everybody in America what the highs looked like, and really work collaboratively to get ourselves back there.”
-HRH Princess Reema Bint Bandar Al-Saud. [NYTimes]
“The fact that the regional architecture or the regional minilaterals did not disintegrate even after the catastrophe in Gaza gives you an indication about this idea and the thesis that there’s a regional order taking place. You have the EastMed Gas Forum in Cairo ( East Mediterranean Gas Forum ), the NEGEV Forum with five or six Arab countries, and Israel. You have the I2U2 and the IMEC… The very fact that these organisations did not disintegrate gives you an idea that they still perceive this (normalisation) as the way forward.” Mohammed Soliman, Arab nations are rediscovering India [Firstpost]
“2024 presents a rare opportunity for profitable capital deployment and property acquisitions in a recovering market with attractive price entry points that will emerge to create appreciation potential for investors in the long term,” Ziad Chehab, director of real estate at Kamco Invest, Why are more Middle East investors seeking US property deals? [The National]
“Just once I wish they would show us doing something good… like baking a cookie or something…. I’ve been to Iran, we have cookies. Just once I want CNN to be like “now we’re gonna go to Muhammad in Iran.” They go to some guy like, “Hello I’m Muhammad and I’m just baking a cookie. I swear to God. No bombs, no flags, nothing. Back to you Bob”.” Iranian-American comedian Maz Jobrani, Beyond Chaos and Conflict, the Middle East is Also a Place of Beauty [Australian Institute of International Affairs]
“It’s a crowded market at the moment and there is a war for talent. Law firms have to hire Saudi nationals and there is a talent shortage. It is going to take time.” George Reilly, director at legal recruitment firm Wilkinson Partners, Why law firms are betting big on Saudi Arabia [Financial News]
“The country will require $640 billion in construction spending over the next five years based on the current pipeline of projects, according to data compiled by Dubai-based analysis firm MEED Projects. That suggests banks may need to come up with almost $384 billion over that period if they fund 60% of the pipeline, using a mix of more deposits and debt.” Christine Burke, Saudi Arabia banks embark on record bond binge for mega-projects [Bloomberg]
“The remittance of expatriates in Saudi Arabia fell 10.41 percent to SR9.33 billion during the last month of February from SR10.41 billion in the previous month. This showed the decline of foreign remittance by SR1.08 billion month-on-month basis, marking the lowest average monthly level in five years, according to a monitoring by Okaz/Saudi Gazette based on the statistical figures released by the competent authorities.” Expat remittance falls to its lowest level in 5 years [Saudi Gazette]
