MUST-READS

• Decoding the Behavioral Patterns in Saudi Arabia from GASTAT’s Five-Year Household Energy Statistics Survey

  This commentary presents the findings of the annual Energy Statistics Survey by the General Authority for Statistics (GASTAT), an ongoing initiative since 2017 that is now in its fifth iteration, which covers 2022. The survey encompasses hundreds of responses from 45,420 households and offers a comprehensive view of their electricity consumption, fuel usage, various energy utilization patterns, and methods for achieving energy efficiency, along with other aspects. The survey’s sample is designed to represent Saudi Arabia’s 13 administrative regions and is selected based on the General Population and Housing Census 2022 framework. The goal is to accurately reflect the diversity of households within these regions.

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• Saudi Arabia Wins First World Camel Endurance Championship

  The Kingdom of Saudi Arabia emerged victorious at the First World Camel Endurance Championship for men and women, held yesterday in AlUla. The championship, co-organized by the International Camel Racing Federation and the Royal Commission for AlUla, witnessed fierce competition from jockeys representing 20 countries. Saudi dominance was undeniable, with Saudi male jockeys securing the top three spots and winning trophies in both the first and second rounds. Adding to the Kingdom's triumph, a Saudi woman jockey took home first place in the women's category. The grueling race tested the endurance of both camels and riders. It covered a total distance of 16 kilometers across two stages, each 8 kilometers long. The event offered a total prize pool exceeding SAR2 million.

• Saudi Arabia is planting 10 billion trees across the Kingdom

  This ambitious project involves carefully planned afforestation initiatives across the Kingdom over many years. 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.

• Oil climbs as Gaza tensions rise, Saudi Arabia hikes prices
  Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region.
  Brent crude futures were up 77 cents, or 0.9%, to $83.73 a barrel at 1055 GMT, while U.S. West Texas Intermediate crude futures were at $78.98 a barrel, up 87 cents, or 1.1%.

• Saudi Fintech Firm Rasan Plans to Sell 30% Stake in Riyadh IPO

  Saudi Arabian fintech firm Rasan intends to sell a 30% stake in its Riyadh initial public offering, making it one of the first companies from the sector to go public in the kingdom.

  Rasan and its investors will offer 22.7 million shares in the IPO, including 5.3 million new shares, according to a statement on Sunday. Bookbuilding for institutional investors will run from May 12 through May 16, while retail investors will be able to bid from May 29 to May 30.

• Over 80 Saudi Companies Showcase their Products at the Saudi National Products Exhibition in Qatar

  More than 80 Saudi companies in the industrial, food, health and commercial sectors will participate in the first edition of the Saudi National Products Exhibition, scheduled to take place in the State of Qatar from May 13 to 16.

• Crown Prince to grace Arab Forum of Anti-Corruption Agencies on May 15 in Riyadh

  Saudi Crown Prince and Prime Minister Mohammed bin Salman will patronize the Arab Forum of Anti-Corruption Agencies and Financial Intelligence Units in Riyadh on May 15-16.

  Around 600 experts and 75 speakers from 25 countries and a dozen organizations from within the Kingdom and abroad will participate in the forum, to be organized by the Presidency of State Security and the Oversight and Anti-Corruption Authority (Nazaha). The forum would include workshops, special meetings, and the launch of a number of initiatives and signing of agreements.

• Saudi Arabia sees 30% drop in work injuries

  Saudi Arabia’s commitment to occupational safety and health has seen the rate of work-related injuries in the Kingdom drop from 416 to 288 injuries per 100,000 workers, over the past few years, marking a notable 30.7 percent decrease. At the same time, the compliance rate among establishments with occupational safety and health standards has risen to 71.27 percent.

• Saudi Arabia Posts Budget Deficit as Capex Spending Climbs

  Saudi Arabia recorded a sixth straight quarterly budget deficit as increased spending on capital expenditure and other areas outpaced growth in revenue.

  The shortfall stood at 12.4 billion riyals ($3.3 billion) in the first quarter, more than four times higher than a year ago, according to a statement from the Ministry of Finance on Sunday. On a quarterly basis, the deficit eased from about 37 billion riyals at the end of 2023.

  • Al-Arabiya - Saudi Arabia posts budget deficit of $3.30 billion in Q1 2024, ministry says
• EU announces 1 billion euros in aid for Lebanon amid a surge in irregular migration

  The European Union announced Thursday an aid package for Lebanon of 1 billion euros — about $1.06 billion — much of which will go to boost border control to halt the flow of asylum seekers and migrants from the small, crisis-wracked country across the Mediterranean Sea to Cyprus and Italy.

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