MUST-READS

• Saudi Arabia Taps Bond Market With $5 Billion Sukuk Deal

  The kingdom sold the bonds through notes maturing in three, six and 10 years, according to a person familiar with the matter, who asked not to be identified. The deal was priced at yields of 60 basis points more than comparable US Treasuries for the shortest tranche and at 85 basis points for the longest tranche, the person said. That’s down from initial discussions for around 85 to 110 basis points.

• Saudi Exchange approves listing of $12.08bn in govt debt instruments

  Saudi Arabia’s stock exchange has approved the listing of SR45.28 billion ($12.08 billion) worth of government debt instruments submitted by the Ministry of Finance.

• Opinion: Saudi Arabia Is Becoming One of Biden’s Most Important Swing States

  The transformation overseen by Crown Prince Mohammed, often referred to simply as MbS, has led to substantial shifts in the kingdom's domestic outlook, which has embraced a more globalized character and a transition away from oil dependence, among other initiatives in line with the youngest-ever heir to the throne's ambitious Vision 2030 plan. It's also prompted a recalibration of foreign relations and the pursuit of more robust ties with other leading powers, including top U.S. rivals China and Russia.

• Franklin Templeton launches its debut campaign in Saudi Arabia

  Franklin Templeton has announced the debut of its inaugural brand campaign in Saudi Arabia. Following the investment firm’s operational launch in Riyadh in March, the six-week advertising campaign highlights its long history, core values, and breadth of investment capabilities in Saudi Arabia.

• Elon Musk’s xAI raises $6bn from investors including Saudi Arabia’s Prince Alwaleed

  Elon Musk's artificial intelligence start-up xAI has raised $6 billion in a series B funding round that includes participation from Saudi billionaire Prince Alwaleed bin Talal and his investment company Kingdom Holding, as it seeks to challenge rival OpenAI.

  The round, which also saw investments from Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital and Fidelity Management & Research Company, will support the market launch of xAI's products, the company said on Monday.

• Israel ‘cannot exist’ without Palestinian state: Saudi FM

  “I firmly believe that a two-state solution with the establishment of a credible Palestinian State serves … the interest of the Palestinians and delivers [on] their right to self-determination,” bin Farhan said on Sunday night, adding that Israel “doesn't get to decide whether or not the Palestinians have a right to self-determination.”

• MbS, MbZ meet in Saudi Arabia amid rumors of widening rift

  Bader Al-Asaker, the head of the Saudi crown prince’s private office, on May 17 posted a photo on Twitter/X capturing a smiling Mohammed bin Salman Al Saud (MbS) together with Emirati President Sheikh Mohammed bin Zayed Al Nahyan (MbZ) at the Al-Aziziyah Palace.

• Saudi Work: Evolving narratives of advertising and marketing

  The Ramadan campaign from Serviceplan Arabia and Abdul Latif Jameel Motors – Toyota takes a different approach to the Holy Month. Set in the corniche of Saudi-city Khobar, the ad takes a more comedic approach while maintaining the spirit of Ramadan and generosity.

• Rebranded Saudi studio launches with new talent initiative

  Alamiya Filmed Entertainment (AFE), a Riyadh–based independent film studio, announced its official launch and plans following its acquisition of Lyra Pictures, last year. The film studio has established its operations across Riyadh, Dubai, and Los Angeles, under the leadership of Wesam Kattan and Bassma El Afghani, CEO and President of AFE.

• Ronaldo breaks Saudi League’s single-season scoring record
  Al Nasr's Cristiano Ronaldo capped his first full Saudi Pro League season in style as he broke the record for the most goals scored in one campaign on Monday.
  The Portuguese 39-year-old scored a brace in his side's 4-2 win over Al Ittihad on the final matchday to bring his league tally this season to 35 goals.
  The previous record was held by former Al Nasr forward and Moroccan international Abderrazak Hamdallah, who scored 34 goals in 2018-19.

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