MUST-READS

• Saudi crude exports fall for second straight month in January

  Saudi Arabia’s crude oil exports fell in January for a second straight month, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Crude exports from the world’s largest oil exporter dipped 0.2% to 6.297 million barrels per day (bpd), down from 6.308 million bpd in December. The country’s crude production rose to 8.956 million bpd from 8.944 million bpd in December. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to JODI, which publishes them on its website.

• PwC signs major digital consulting MoUs in Saudi Arabia

  PwC’s digital consulting team in Saudi Arabia has beefed up its portfolio of work in the public sector with the signing of six new major agreements. Announced and formalised during the Kingdom’s flagship tech event LEAP, PwC has signed memorandums of understanding (MoUs) with Ahad, Digital Government Authority, Ejada, Mobily, Saudi Data and Artificial Intelligence Authority, and Tawuniya. All six clients are Saudi government entities, with the scope of work to focus on digital transformation, tech innovation, digital advancement, tech upskilling, and cybersecurity. Further details on the intentions have not been disclosed

• In key concession to Turkey, Iraq bans PKK

  Iraq’s government has banned the Kurdistan Workers’ Party (PKK) ahead of an expected visit by Turkish President Recep Tayyip Erdogan next month. This comes as Turkey is expected to launch another major offensive against its longtime Kurdish foe inside Iraq this summer. Although the Iraqi ban seemingly stops short of labeling the PKK as a terrorist organization, it represents a major concession—possibly in hopes that Ankara will reciprocate on key issues like trade and water resource management.

• Saudi’s New Murabba ‘open for international investment’, says CEO

  The New Murabba Development Company (New Murabba) showcased its ambitious plans for urban redevelopment and invited international investors to participate in the project at the global real estate trade show, MIPIM 2024, in Cannes, France. In February last year, Saudi Crown Prince and Prime Minister Mohammad bin Salman bin Abdulaziz launched the company to undertake an ambitious development project: building the world’s largest downtown in Riyadh by 2030. The project aims to add SAR180bn to the country’s non-oil GDP and create 334,000 direct and indirect jobs by 2030.

• Saudi’s Almarai to invest $4.8bn until 2028 to expand operations

  Saudi Arabia’s Almarai, the Middle East’s largest dairy company, plans to invest more than 18 billion Saudi riyals ($4.8 billion) until 2028 to boost its existing businesses and expand into new segments. The plan includes 7 billion riyals for poultry expansion and 5 billion riyals for strengthening food categories such as dairy, juice and bakery, the company said in a bourse filing to the Saudi stock exchange Tadawul, where its shares are traded. It is also looking at growing “promising” operating sectors such as frozen food products, red meat, seafood and ice cream. Almarai said that one billion riyals would be allocated to entering new food segments, and four billion riyals to developing supply chain and sales capabilities to support local and regional expansion plans.

• Saudi Crown Prince, UN secretary general discuss Gaza situation 

  Saudi Arabia’s Crown Prince Mohammed bin Salman has received a phone call from UN Secretary General Antonio Guterres, the Saudi Press Agency said early Tuesday. The pair discussed the latest developments in Gaza and efforts towards achieving peace and stability.

• Algeria, Egypt,  Saudi to host FIFA’s new friendly series

  Egypt became the fifth country to be selected as host of a new series of friendly games introduced by FIFA to allow teams from different confederations to play each other, the world football governing body said today, Reuters reported. It joins Algeria and Saudi Arabia which have previously been chosen as hosts. The pilot phase was expanded to feature 24 national teams from three continents, FIFA said in a statement. The Egypt edition – which will take place from 22-26 March – will also include Croatia, Tunisia and New Zealand.

• Saudi foodtech Barakah raises investment from FoodLabs

  Barakah, an online marketplace addressing commercial food waste in the region, proudly announces the strategic funding led by FoodLabs. This landmark investment marks FoodLabs' first foray into the MENA region, highlighting Barakah's exceptional growth trajectory and commitment to sustainability.  FoodLabs, a highly successful early-stage European VC specialising in foodtech and agritech startups, has an impressive portfolio that includes being the first investor in multiple unicorns and instrumental in building the fastest-growing European unicorn. The decision to partner with Barakah not only sends a strong market signal for startups in the Kingdom and across the MENA region but also aligns with FoodLabs' mission to support innovative ventures tackling pressing global challenges using proprietary technology. 

• HALO Space gears up for groundbreaking test flight in Saudi Arabia this June

  HALO Space, a leading company in the near space tourism sector, has revealed plans for its sixth test flight to take place in Saudi Arabia this June, pending approval from the Communications, Space and Technology Commission (CST)—the regulatory body for space activities in Saudi Arabia. This event marks a crucial step for both the company and the industry, as it will be the first instance where all the technologies behind HALO Space’s zero-emission flight are tested simultaneously, an achievement unparalleled by any other company in the field. The upcoming test will feature the launch of HALO’s second full-scale prototype capsule to a height of 32 kilometers above the Earth, further advancing their ambitions in stratospheric commercial flights.

• Saudi GDP 2023 growth forecast upgraded to 1.0% on new methodology by Emirates NBD

  Saudi Arabia recorded a real GDP contraction of 4.3% y/y in Q4, contributing to the full-year growth figure of -0.8% on the final print, a modest adjustment from the -0.9% initially posted and down from 7.5% in 2023. The decline in output last year was driven wholly by the oil sector which saw a decrease of 9.0%, in contrast to the 15.0% expansion logged in 2023. The fall last year was on the back of oil production curbs implemented as part of the OPEC+ strategy to shore up prices, and oil output fell to an average 9.6mn b/d in 2023, compared with 10.5mn b/d in 2022. More positively, government services expanded 2.1% last year while the non-oil sector recorded growth of 4.4%, compared with 5.6% the previous year.

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