MUST-READS

• Thousands of upgraded properties in Saudi Arabia see rental yield soar by up to 50%

  Carrying out upgrades and modernising properties can yield an increase in rent revenue of between 25 and 50 per cent in a market that has been relatively flat outside the capital Riyadh, where 44 per cent of the kingdom's real estate transactions took place.

• Saudi Arabia’s open banking strategy a game-changer

  In May 2022, the institution, also known as SAMA, went live with its open banking initiative, which has altered the future of financial technology in the Kingdom and the wider region. Open banking is a technological innovation that enables customers to securely share their data with third parties. “Open banking changes the very nature of relationships across the financial ecosystem for Saudi Arabia and for the region as a whole. This is only a good thing,” said Al-Moayed.

• Saudi Arabia’s Booming Fashion Industry Offers Entrepreneurs Lucrative Opportunities

  The Small and Medium Enterprises General Authority (Monsha'at) released its report for the first quarter of 2024, shining a spotlight on the Kingdom's thriving fashion sector and the wealth of investment potential for entrepreneurs.

• 60 Saudi students graduated from elite American universities

  As many as 60 Saudi scholarship students were graduated from a number of elite universities of the United States of America. The Saudi Club at Harvard University organized a ceremony to honor the graduates from Harvard University, the Massachusetts Institute of Technology (MIT), Boston University, and Tufts University at the Harvard Medical School in Boston on Friday.

• Riyad Capital expects revived Saudi economy in 2024-2025

  The Saudi economy is likely to witness a recovery in 2024 and 2025, with continued strong growth in the non-oil sector, Riyad Capital expected in the Q2 2024 Saudi Economy Chartbook report.   The recovery will be driven by a growth-oriented fiscal policy and a focus on increasing investment expenditure to stimulate growth in the coming years.   According to the report, the non-oil sector is seen to grow by 4.8% in 2024 and 5.2% in 2025.

• Private aviation soars in Saudi Arabia as more businesses take to the skies

  Valued at $1.2 billion in 2023 according to TechSCI research, this segment is projected to grow at a compounded annual growth rate of 8.88 percent between 2025 and 2029.

• What a Turkish drone in the Raisi crash crisis reveals about Iran’s UAV capabilities

  Hours after the helicopter carrying Iranian President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian went down near the border of Azerbaijan Sunday, Iran reached out to its regional neighbor Turkey for assistance in finding the crash site through dense fog. Turkey dispatched one of its thermal- and night-vision capable, domestically produced AKINCI unmanned aerial vehicles, and, according to Turkish officials, they discovered the downed chopper. Turkish media released video of what was supposedly the “heat source” identifying the crash.

• Saudi Arabia anticipates strong investor demand for private jet industry

  Infrastructure plans call for six private jet airports and nine dedicated terminals in commercial airports to improve connectivity. The increased airport capacity will accommodate the forecast growth of 24 business jets per 10,000 inhabitants (it was five jets in 2021) and for 90 per cent of the business jets owned by Saudis to be based in the kingdom rather than abroad.

• Future Aviation Forum exceeds expectations: $21 billion in deals and forward-looking vision

  One of the most notable highlights was Saudia Group’s announcement of the largest-ever aircraft deal in Saudi aviation history with the European aerospace major, Airbus. This landmark agreement includes the acquisition of 105 aircraft, comprising Airbus A320neo and A321neo models, thereby increasing Saudia Group’s Airbus order backlog to 144 A320neo family aircraft.

• Saudi sovereign wealth fund to reorganize management amid budget crunch, sources say
  Saudi Arabia's $925 billion sovereign wealth fund is weighing a reorganization that could see managers assume some internal responsibilities from governor Yasir Al-Rumayyan, people familiar with the matter told Reuters.
  The Public Investment Fund (PIF) aims to sharpen its focus on investments that have a higher chance of success, said the people, after scaling back some of its flagship "giga-projects" due to rising costs.

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