MUST-READS

• Esports World Cup fever in Saudi Arabia as contest kicks off with biggest prize pool

  The much-anticipated Esports World Cup (EWC) was officially launched Tuesday night in Saudi Arabia’s Riyadh, hours before teams from across the globe join the weeks-long competition.

• Saudi Arabia Led Big Drop in Global Seaborne Oil Flows in June

  Global seaborne flows fell by about 1.08 million barrels a day, according to ship-tracking data compiled by Bloomberg. The month-on-month drop was the biggest this year and about half of the decline came from the kingdom.

• Saudi non-oil activity grows at slowest pace in 2 1/2 years, PMI shows
  Non-oil business activity in Saudi Arabia expanded at its weakest pace in 2 1/2 years in June as new orders slowed further, although the sector still grew at a healthy clip, a survey showed on Wednesday. The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index fell to 55.0 in June from 56.4 the previous month, and was the lowest reading since January 2022, although it was still well above the 50-level which indicates growth in activity.

• How to Open a Virtual Office in Saudi Arabia? A Step by Step Guide.

  Saudi Arabia has a growing population and extensive economy in the Middle East and Asia. The country has a rapidly growing demand for products retail and services. They offer multiple opportunities for various businesses to fulfill their demand and needs. However, the latest technology and business emerging trend is the virtual workspace is also entered in the Saudi Kingdom. In this article, we define how to open a virtual workspace or Virtual Office in Saudi Arabia.

• Tourists’ spending in Saudi Arabia up 23% to $12bn

  Tourism spending in Saudi Arabia saw an annual increase of 23 percent in the first three months of the year, hitting SR45 billion ($12 billion), according to new figures. Data released by the Saudi Central Bank showed that the balance of payments for travel – encompassing expenditures by foreign tourists visiting the country and spending by residents traveling abroad – posted a surplus of SR24 billion. This is a 46 percent increase on the first quarter of 2023.

• Saudi defense minister meets with Turkish president in Ankara

  Saudi Arabia’s Minister of Defense Prince Khalid bin Salman was received by Turkish President Recep Tayyip Erdogan at the Presidential Palace in Ankara on Tuesday. During the meeting, the two officials reviewed relations between the Kingdom and Turkiye and ways to enhance them. They also discussed regional and international developments and efforts made with regard to them.

• How Richard Attias brought billionaires, bankers and politicos into Saudi Arabia’s big tent

  Indeed, since its inaugural outing FII has become a regular fixture in the calendar of the world’s power brokers and financiers. At the most recent edition, in October 2023, Citigroup’s Jane Fraser, JP Morgan’s Jamie Dimon and Goldman Sachs’ David Solomon were in attendance. Following the meeting, $17.9 billion of deals were announced. Those made public included a joint venture between the Saudi sovereign wealth fund and Italian company Pirelli, as well as a large Saudi investment into a wind energy project in Azerbaijan.

• PIF’s revenues jump to $88.5 billion in 2023

  The Public Investment Fund (PIF) has recorded robust growth of more than 100 percent in its total revenues during the year 2023, soaring to SR331 billion ($88.5 billion), up from SR165 billion ($44 billion) in 2022. The Saudi sovereign wealth fund said in a statement on Monday that the jump in revenues during the period from January 1 to December 31, 2023 was supported by the growth in the market value of its investment portfolio.

• Saudi Aramco Bets on Unconventional Field in $25-Billion Gas Expansion

  Aramco has been seeking a greater role in the global LNG market as it plans to ramp up its natural gas production and trading business. The oil giant is looking to boost its domestic natural gas supply, to replace direct crude burn for its power generation and free up more crude for exports.

• Saudi forex reserves at 18-month high in boost to giga-projects

  Saudi Arabia’s foreign exchange reserves have shot up by nearly 7 percent this year to $445 billion in May, or SAR167 trillion, the highest since November 2022. The rise gives the government more scope to pump money into cash-constrained giga-projects. Saudi Arabia has raised $17 billion in debt markets this year. The Public Investment Fund has realised at least $15 billion in cash by divesting US equities. And the government has doubled PIF’s stake in Aramco to 16 percent, making it a recipient of the state oil company’s dividends.

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