MUST-READS

• Kingdom of Saudi Arabia and United Kingdom Conclude High-Level Strategic Dialogue on International Development and Humanitarian Assistance

  The Kingdom of Saudi Arabia, represented by the King Salman Humanitarian Aid and Relief Centre (KSrelief) and the United Kingdom successfully concluded their Strategic Dialogue on International Development and Humanitarian Assistance with a high-level plenary session on 7 May 2024.

• Saudi Arabia sees Pakistan as high priority opportunity, believes in its economic potential: Almubarak

  Almubarak made the remarks at the two-day Pakistan Saudi Arabia Investment Conference, which began in Islamabad today, after arriving in the capital the previous night with a key Saudi delegation comprising dozens of investors as Pakistan aims to court foreign investors to boost its exports in collaboration with Saudi companies. The Saudi official said his country “believes in the economic potential of Pakistan” including its demography, location and natural resources.

• Saudi Arabia’s non-oil revenues rise 9 percent to $29.73 billion in Q1 2024: MoF

  Saudi Arabia’s non-oil revenues saw a 9 percent increase to SAR111.512 billion ($29.73 billion) in the first quarter of 2024, compared to Q1 of 2023, the Ministry of Finance reported in its latest Quarterly Budget Performance Report. During Q1, Saudi Arabia’s total revenues saw a 4 percent annual increase to SAR293.433 billion. Meanwhile, the Kingdom’s expenditures increased by 8 percent annually to SAR305.82 billion. Therefore, Saudi Arabia posted a budget deficit of SAR12.39 billion during the first quarter of 2024.

• Saudi real GDP likely to grow 2.2% in 2024: S&P Global

  S&P Global Ratings expects the real GDP of Saudi Arabia to grow by 2.2% in 2024, before rising further by 5% in 2025.   In its latest report, the rating agency said that the surge in the non-oil sector will contribute an increasing share of this growth. This was attributed to government-led investments in Vision 2030 projects.   Part of the investments in the Saudi-led transformation programs will come from the government and the Public Investment Fund (PIF), S&P Global said. However, it also projects banks and capital markets to contribute a significant amount.

• Saudi Arabia and Japan to collaborate on digital economy growth, technology innovation

  Saudi Arabia’s Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha recently held a meeting in Jeddah with Taro Kono, Japanese minister for Digital Transformation, along with his accompanying delegation. During the meeting, Al-Swaha and Minister Kono discussed the potential for expanding investment opportunities in the digital field between their respective countries. The aim of this collaboration is to support the growth of the digital economy and foster innovation.

• Saudi budget deficit rises fourfold in Q1 2024

  Saudi Arabia recorded a budget deficit in the first quarter of 2024 of SAR12.4 billion ($3.3 billion), four times higher than a year ago – confirming a revenue squeeze that has raised doubts about the funding of some of the kingdom’s giga-projects. The Q1 deficit in 2023 was SAR2.92 billion, the finance ministry’s quarterly budget review said, and the projected deficit for the whole of 2024 is SAR79 billion. Total Q1 revenue of SAR293.4 billion was 4 percent higher than last year’s SAR280.9 billion, but expenditure was up 8 percent at SAR305.8 billion.

• Saudi Arabia’s internet penetration reaches 99 percent in 2023: Report

  Saudi Arabia witnessed in 2023 a notable surge in internet usage, reaching a penetration rate of 99 percent, indicating nearly universal access across its population.

  According to the “Internet Saudi Arabia” report for 2023, published by the Communications, Space, and Technology Commission, both men and women demonstrated high levels of internet usage, with rates of 99.3 percent and 98.5 percent respectively.

• Saudi Arabia’s Qiddiya to build region’s largest water theme park

  To be named Aquarabia, Qiddiya hopes to draw visitors from around the globe with 22 attractions and water experiences suitable for all family members, as well as some “world-first” attractions, Saudi Press Agency reported. These attractions include the world’s first double water loop, the tallest water coaster with the highest jump, the longest and highest water racing track, and the tallest water slide.

• Saudi Arabia warns against Rafah invasion, denounces Israeli ‘war machine’

  Saudi Arabia warned Israel against targeting Rafah on Monday, calling it a “bloody and systematic” campaign aimed at forcefully displacing Palestinians from the Gaza Strip.

  The deliberate targeting of civilian areas such as Rafah is a flagrant violation of international law and human rights principles, the Saudi Foreign Ministry said in a statement.

• Saudi Aramco maintains $31 bln dividend despite lower Q1 net income
  Saudi Arabian state-owned oil giant Aramco (2222.SE), opens new tab expects to pay $31 billion in dividends to the Saudi government and its shareholders despite reporting lower earnings for the first quarter on Tuesday, hit by lower oil prices and volumes sold.
  The Saudi government, which directly holds about 82.2% of Aramco, relies heavily on the company's payouts, which also include royalties and taxes.
  The kingdom, the world's biggest oil exporter, is spending billions of dollars to diversify its economy away from crude.

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