MUST-READS

• Saudi film ‘Shams Alma’arif’ now available on Netflix

  Set in 2010, Shams Alma’arif follows the story of a high school senior Husam (Baraa Alem), who becomes interested in video production at the same time as the internet is creating social change. Shams Alma’arif was supposed to premiere in March at the first edition of the Red Sea International Film Festival, but the festival was cancelled due to the coronavirus pandemic.

• Yemen’s war shifts focus to Marib, thousands of displaced at risk

  In Yemen’s gas-rich region of Marib, fighters loyal to the Saudi-backed government recited Koranic verses before launching a hail of mortar and machine gun fire towards rocky mountains, in a desperate bid to push back Houthi forces.

• Major increase in critical goods handling at Saudi King Abdullah Port

  Run by the Ports Development Company, King Abdullah Port is the first port in the region to be fully owned, developed and operated by the private sector. It has been listed as the world’s fastest-growing container ports and one of the 100 largest ports globally after less than four years of operation.

• Saudi food company Almarai posts 7% third-quarter profit growth as revenues continue to rise

  “Notwithstanding the VAT % increase from 5% to 15% on 1st July 2020, top line grew in nearly all categories, led by Foods & Long Life Dairy by recording double digit growth. The only exception was Bakery category due to drop in singe serve range,” said Almarai a bourse filing on Sunday (Oct 4).

• Saudi Arabia oil exports at 6.1 million bpd, says industry source

  The world’s top oil exporter pumped 8.988 million bpd and exported 6 million bpd in August, the source said. Saudi oil exports usually rise after the hot summer months, when increased use of crude for power generation restricts oil shipments.

  • Bloomberg - Saudi Oil Production Holds Steady in September at 8.97m b/d
• Saudi business leader calls for boycott of goods from ‘hostile’ Turkey

  The head of Saudi Arabia’s Chambers of Commerce has called for a boycott of Turkish products amid reports from merchants that animosity between Ankara and Riyadh is hindering the flow of goods between the two regional powers. Saudi Arabia and Turkey have been at odds for some years over foreign policy and attitudes towards political Islamist groups. The murder of Saudi journalist Jamal Khashoggi in Saudi’s Istanbul consulate in 2018 escalated tensions sharply.

• Saudi non-oil private sector back to growth for first time since Feb – PMI

  “Business activity in the Saudi Arabia non-oil private sector ticked up in September, supported by a return to sales growth as the economy started to find its footing after the COVID-19 lockdown,” said David Owen, economist at IHS Markit.

• Saudi authorities crack down on 30,000 rental contract violations

  Inspection teams from the Saudi Ministry of Housing carried out more than 21,000 field trips from the beginning of 2020 until the end of September. “Only attested e-contracts will be linked to business licenses after October 4,” the ministry said. The move ensures holders of commercial rental contracts will be able to more easily renew municipal licenses.

• U.S. Boosts Crude Sales to China, Forcing Saudis to Find Other Markets

  The U.S. is quickly ramping up oil sales to China, the world’s biggest importer, forcing traditional suppliers in the Mideast to look for new markets or hold on to their crude in an already oversupplied world. The U.S. accounted for 7% of Chinese crude imports through mid-September, according to London-based market intelligence firm Vortexa Ltd—up from 0.4% in January. Meanwhile, market share for Saudi Arabia, China’s biggest traditional supplier, fell to 15% from 19% in the same period. Based on recent tanker data, U.S. exports to China are expected to reach as much as 700,000 barrels a day at the end of October, forecasts Virginie Bahnik, a senior analyst at Geneva-based Petro-Logistics SA.

  • Reuters - Saudi Arabia oil exports at 6.1 million bpd, says industry source
• Saudi Arabia’s monetary authority issues new 5 riyal polymer banknote made from Saudi petrochemicals

  The note was also made to withstand different conditions, such as different temperatures and moisture, and not to be damaged when folded. The new note, that is also resistant to dirt, was made from Saudi petrochemical materials.

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