MUST-READS

• Saudi Arabia’s Non-oil Economy Hits Record 50% Share of Real GDP

  Saudi Arabia’s non-oil activities hit a historic 50% share of the country’s real GDP in 2023, the highest level on record, according to an analysis of the General Authority for Statistics data by the Ministry of Economy and Planning. This translates to a non-oil economy valued at SAR1.7 trillion (approximately $453 billion) at constant prices, fueled by consistent growth in investment, consumer spending, and exports, the Saudi Press Agency said. The significant contribution from non-oil sectors is attributed to a surge in private-sector investment over the past two years, with a remarkable growth rate of 57%. This has pushed private investment to a record high of SAR959 billion riyals ($254 billion ) in 2023.

• Record-Breaking Big 5 Construct Saudi 2024 Catalyzes Kingdom’s Construction Boom

  The 12th edition of Big 5 Construct Saudi, the largest construction event in the Kingdom concluded in Riyadh, having welcomed 64,331 attendees across four days from 26 to 29 February 2024 at the Riyadh Front Exhibition & Conference Centre at ROSHN Front. The event was held under the patronage of and inaugurated by His Excellency Mr. Majid Abdullah Al-Hogail, the Minister of Municipal, Rural Affairs and Housing in Saudi Arabia.

• Dentons advises Asyad Group on its acquisition of 49% of Swissport Saudi Arabia Limited

  Dentons has advised the Asyad Group, a prominent Saudi holding group with business interests in aviation, infrastructure and other sectors, on its acquisition of 49% of Swissport Saudi Arabia Limited, a subsidiary of the Swissport International Group which provides ground handling services at the major airports in the Kingdom of Saudi Arabia. The transaction will enable both Asyad and Swissport to jointly drive the development and growth of the aviation ground services sector in the Kingdom of Saudi Arabia towards achieving Vision 2030.

• Saudi’s Hidden Gems and Vibrant Culture to Dazzle at Arabian Travel Market 2024

  The Saudi Tourism Authority (STA) recently marked a significant milestone in its journey to promote and expand Saudi Arabia’s tourism sector. At the ITB Berlin, one of the world’s leading travel trade shows, STA celebrated its most extensive participation to date. This event was not just a showcase but a testament to the remarkable strides Saudi tourism has made, evidenced by the achievement of welcoming over 100 million tourists. Surpassing this initial target, STA has ambitiously set its sights on attracting 150 million visits by the year 2030, highlighting the Kingdom’s growing appeal as a global tourist destination.

• Saudi Arabia Banks Embark on Record Bond Binge for Mega-Projects

  Saudi Arabia’s banks could raise a record amount of debt this year as a liquidity squeeze strains Crown Prince Mohammed bin Salman’s multi-trillion dollar economic transformation agenda. Lenders may need to issue at least $11.5 billion in bonds in local and foreign currencies, according to Bloomberg Intelligence, to raise funds for Vision 2030, a plan aimed at transforming Saudi Arabia from an oil-reliant economy to one generating income from everything from tourism to technology. That would be a new high, surpassing the $10 billion raised in 2022.

• PIF sources deny it has made $2bn ‘take-it-or-leave-it’ offer to unite tennis tours

  PIF has declined to comment on the reports but sources have denied there is a deadline and stressed speculation about any offers are premature as talks continue with the various bodies. Saudi sources also dismissed suggestions that PIF is trying to “buy tennis”, stressing that it wants to be part of the “existing ecosystem” of the sport.

• New Murabba leads Saudi investment drive at MIPIM 2024 in France

  New Murabba Development Company, a fully owned subsidiary of the Public Investment Fund, is showcasing its transformative vision at the MIPIM 2024, a prestigious real estate event gathering industry leaders from across the globe, currently underway at the Palais des Festivals, Cannes, France. Under the “Invest Saudi” umbrella, New Murabba Development Company aims to attract international investment and highlight the Kingdom’s commitment to economic diversification. New Murabba Development Company is currently in the development phase of New Murabba Modern Downtown, a transformative urban development in Riyadh. The company is creating the world’s most transformative and modern city center, which will serve as a model for future urban development and contribute to the city’s evolution in line with Saudi Vision 2030.

• Opinion: Israel’s Not-Quite-Founder’s Syndrome

  In fact, what is striking about Israel’s position now is how little vision it has. Netanyahu has promised to eliminate Hamas, but after five months of war he has been unable to articulate either a path toward doing so or a vision of a post-Hamas environment. He has shown no interest in winning over Palestinians to a more palatable set of political aspirations, seeming opting instead to pound them into submission. He has talked loudly about the unacceptability of the Palestinian Authority assuming power in Gaza, but he has put forward no alternative.

• Saudi authorities unveil commemorative Ramadan passport stamp

  A special passport stamp commemorating this year’s Ramadan season has been unveiled by the Ministry of Interior in collaboration with the Ministry of Culture. The stamp, which was launched by the General Directorate of Passports, aims to “contribute to revitalizing the rich historical cultural heritage, customs, and traditions observed during the blessed month of Ramadan,” state news agency SPA said. The stamp will be available to travelers at Jeddah’s King Abdulaziz International Airport, King Khalid International Airport in Riyadh, and King Fahd International Airport in Dammam throughout the Muslim holy month.

• Saudi Arabia’s PIF updates its asset size to $925.2bn

  Saudi Arabia’s sovereign wealth fund has revised its asset size on its website, reaching $925.2 billion, after it climbed to the fifth spot in a ranking of state-owned investment organizations. The significant rise in the Public Investment Fund’s standing follows its procurement of an additional 8 percent stake in Aramco, boosting its shareholding’s estimated value to $328 billion. This acquisition has significantly impacted PIF’s overall assets under management, exceeding $860 billion, a rise from $700 billion by the end of 2022.

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