MUST-READS

• Iran’s Oil Revenue Projections for 2024

  The center has devised three distinct scenarios for the global oil prices, using estimates from international institutions to predict the oil revenue status of the country in the upcoming year. According to the report, the Brent oil price is projected to vary, with a high of $91 and a low of $74 per barrel. On this basis, Iran's oil revenue in the best-case scenario is forecasted to reach $41 billion, and in the worst case, it is estimated at $28.5 billion.

• Sullivan: U.S. post-war strategy links Saudi-Israel peace deal with two-state solution

  White House national security adviser Jake Sullivan said at the World Economic Forum on Tuesday that the Biden administration's strategy for post-war Gaza is to link normalization between Israel and Saudi Arabia to the creation of a pathway for the establishment of a Palestinian state.

• Report: Monahan in Saudi Arabia meeting with PIF governor

  PGA Tour commissioner Jay Monahan is in Saudi Arabia this week meeting with the governor of that country’s sovereign wealth fund, according to a report in the Sports Business Journal. Monahan and Yasir Al-Rumayyan were scheduled to meet in November to continue to negotiate a possible definitive agreement that would combine the Tour, the European circuit and LIV Golf – which is owned by the Saudi Public Investment Fund – under a new, for-profit entity called PGA Tour Enterprises. Although a Tour spokesperson declined to comment on the report, according to the SBJ, this is “believed to be” the first time Monahan and Al-Rumayyan have met in person since last summer when they negotiated the framework agreement that opened the door to a larger deal.

• Saudi Arabia’s Sports Profile Shows No Signs of Slowing

  Saudi Arabia’s fast-growing power as a sports market is now even more evident, as the country has formed a relationship with one of tennis’s all-time greats and could get an improved UFC event later this year. Rafael Nadal, a 22-time major tournament winner, has signed on as an ambassador for the Saudi Tennis Federation. Nadal will promote tennis in the country and plans to build an academy there. The move arrives as Saudi Arabia continues to face widespread scrutiny for its widely rebuked human rights record and accusations of sportswashing. “Everywhere you look in Saudi Arabia, you can see growth and progress, and I’m excited to be part of that,” Nadal said. “I want to help the sport grow far and wide across the world, and in Saudi [sic] there is real potential.”

• Saudi Arabia’s Aramco Allocates $4 Billion More to Venture Capital Unit

  Saudi Aramco will allocate an additional $4 billion to its venture capital unit as the kingdom expands its global ambitions in an effort to diversify its oil-dependent economy. The extra funds will be injected over four years and will more than double Aramco Ventures’s capital from $3 billion to $7 billion, according to a statement. The bigger size will help with investments in new energies, chemicals and energy transition materials, and digital technologies, it said.

• Saudi Arabia leave it late to beat Oman in Asian Cup

  Saudi Arabia came from behind to beat Oman 2-1 in their Asian Cup Group F opener on Tuesday at a packed Khalifa International Stadium with Ali Al-Bulayhi's winner arriving in the sixth minute of stoppage time after a VAR intervention. With the score tied at 1-1, Al-Bulayhi scored with a close-range header from a set piece and although the linesman's flag immediately went up for offside, VAR awarded Roberto Mancini's side the goal.

• Jordan Henderson set to leave Saudi Arabia after six months and close to Ajax transfer

  Jordan Henderson has reached an agreement with Al Ettifaq to leave the Saudi Pro League club and is close to joining Ajax on a permanent basis. The England international and his current side are in the process of finalising the termination of a three-year contract that he signed last summer, ensuring no transfer fee will be involved in the midfielder’s exit.

• Why is Automation Crucial for VAT Reconciliation in Saudi Arabia?

  Saudi Arabia implemented phase 2 under e-invoicing in January 2023, which mandates all enterprises to integrate their ERP/accounting system/POS with the Fatoora portal to send B2B invoices for clearance and B2C invoices for reporting. Later, ZATCA calculates Value Added Tax (VAT) liability based on the e-invoicing data and proceeds with audits and penalties for potential discrepancies.

• More than 13 Saudi startups preparing to go public: SVC CEO

  More than 13 Saudi startups are preparing to go public in the coming two years, Asharq News reported, citing Nabeel Koshak, CEO of Saudi Venture Capital Co. (SVC).   Divestitures—including acquisitions, mergers or equity markets—from startups in the Kingdom, increased from two per year to 17 over the last two years. This includes the IPO of Jahez International Company for Information System Technology (Jahez) on the Saudi Exchange (Tadawul).  

• Demand for higher education in Saudi Arabia likely to hit 2.75M seats by 2030: Colliers

  Colliers International expected the total demand for higher education in Saudi Arabia to rise to 2.75 million seats by 2030, compared to approximately 1.97 million seats in 2022, requiring more than 800,000 new seats by 2030 to meet demand in the Kingdom.   Its latest report on the educational landscape in the Kingdom, the research company pointed to the significant reliance on the public sector for higher education.

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