MUST-READS

• Family offices now rival hedge funds as a way for the ultra-rich to hoard their wealth

  The number of ultra-wealthy individuals and families continues to increase. Today the amount of wealth held by family offices is an estimated $5.5 trillion, which is already a stark increase from $3.3 trillion in 2019. According to Deloitte projections, the wealth held by family offices will increase by 189% by 2030.

• Saudi: Barq signs deal with Mastercard for payment solutions

  The agreement will see barq leverage Mastercard Gateway technology to further equip its merchants and consumers around the kingdom with greater access to a wide range of value-added services — responsive, personalised solutions that cater to their unique needs and preferences.

• Saudi Arabia leads international bond issuance

  Saudi Arabia, the Middle East’s largest economy despite a 0.8 percent decline in real GDP last year, sold $26.8 billion of international bonds from January 1 to August 27 2024, inclusive. Poland was second among emerging markets with $18 billion and the UAE was third with $12 billion, data from London Stock Exchange Group shows. The data refers to “international” bonds, or those sold to foreign investors.

• Who moved to Saudi Arabia this summer – and what it reveals about the Pro League

  While 2023 will be remembered as the year Cristiano Ronaldo (Al Nassr), Neymar (Al Hilal), Karim Benzema (Al Ittihad) and Jordan Henderson (Al Ettifaq; he terminated his contract in January and joined Ajax) left Europe for lucrative contracts in the Saudi Pro League, the transfer outlay in 2024 has been less extravagant, with total spending coming in at around $250m (£190m).

• Construction kicks off on $1.95bln ‘The Avenues – Khobar’ Project in Saudi Arabia

  The contract was awarded by the developer Shomoul Holding Company - a subsidiary of Kuwait-based developer Mabanee - to a joint venture of Saudi group AlKifah Contracting Company and Kuwait-based Al Ahmadiah Contracting. Working alongside Kuwait-based regional architecture and engineering firm Pace, the JV is working to bring to life this visionary project which is set to transform the landscape of Al Khobar city.

• Saudi National Team Lifts Spirits With Jeddah Hospital Visit Ahead Of World Cup Qualifier

  As part of their community outreach, players from the Saudi national football team took a break from their World Cup preparations to bring some joy to patients at King Faisal Specialist Hospital & Research Centre (KFSHRC) in Jeddah. On Tuesday evening, the team visited the hospital, delivering gifts and flowers to patients, hoping to lift their spirits and provide a bit of comfort during their stay.

• Saudi Arabia issues implementing rules on exporting personal data

  The new rules (11-page PDF/1.6MB) provide implementation details on how personal data can be exported globally from the Kingdom under the amended Personal Data Protection Law. The updated legislation, which has lifted some of the previous restrictions on exporting personal data, came into force on 14 September 2023, but businesses were given one year from that date to comply with the new regime, with the grace period for compliance ending on 14 September 2024.

• Saudi Aviation to Strengthen Ties at Egypt Airshow

  Saudi Arabia's General Authority of Civil Aviation President Abdulaziz Al-Duailej is leading a delegation to the Egypt International Airshow 2024, from Sept. 3 to 5. GACA will focus on strengthening bilateral relationships, fostering commercial partnerships, exploring investment opportunities, and identifying areas for collaboration to enhance the aviation sector. The three-day event is being held at El Alamein International Airport in northern Egypt, with participants from over 100 countries, 300 exhibitors, and leaders in the aviation and aerospace industries.

• Saudi Arabia External Balances Weaken on Oil Drop, IMF Says

  That would mark a significant turn around from 2022, when crude soared to almost $130 a barrel after Russia’s invasion of Ukraine and Saudi Arabia’s current account surplus was almost 14% of GDP. Prices have since fallen, in recent months because of concerns about the state of the US and China’s economies. This week, Brent has slumped more than 7% to around $73 a barrel, far below what the kingdom needs to balance its budget.

• IMF: Financial and Regulatory Reform Agenda Contributes to Accelerating Saudi Economy’s Growth

  The International Monetary Fund (IMF) issued a favourable report on the Kingdom of Saudi Arabia following the conclusion of the Article IV consultations with Saudi Arabia. The IMF report confirmed that Saudi Arabia's financial and regulatory reform agenda contributed to accelerating the Saudi economy's growth, containing inflation, and reducing the unemployment rate to its lowest levels ever. The IMF praised the ongoing economic transformation and efforts to diversify the economy under the Saudi Vision 2030.

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