MUST-READS

• Saudi PMI rises to 54.8 points in August

  According to the PMI, job creation was a notable feature of this expansionary trend, with employment numbers rising at some of the highest rates seen in a decade. Purchasing activity and inventory levels also increased due to stronger company expectations, accompanied by a slight rise in new order growth.

• Tamara secures preliminary approval from SAMA for consumer finance license

  Tamara, the leading fintech platform in Saudi Arabia and the GCC, is thrilled to announce that it has received preliminary approval from the Saudi Central Bank (SAMA) for a license to operate in consumer finance and Buy Now Pay Later activities. This significant milestone underscores Tamara's commitment to advancing the fintech sector and enhancing financial services in the region.

• Saudi Wealth Fund Taps Bond Market for Fourth Time This Year

  Saudi Arabia’s sovereign wealth fund tapped bond investors for the fourth time this year as it looks to finance its huge domestic investment plans. The Public Investment Fund sold a three-year sukuk in a $1.5 billion size, according to people familiar with the matter. The spread was tightened to 75 basis points over US Treasuries from an initial target of around 110 basis points. Demand was over $4.7 billion, the people said.

• Heavy rain hit the city of Jeddah in Saudi Arabia: Video

  The heavy rain in Jeddah, Saudi Arabia, had a negative impact on life. There were floods on some roads due to rainfall.

• SparkLabs launches $50 million fund for Saudi AIM-X accelerator

  Global early-stage venture capital firm SparkLabs Group has launched the SparkLabs AIM AI Fund with confirmed investment of $50 million, which will invest in participants in the AIM-X artificial intelligence startup programme. SparkLabs unveiled AIM-X in June, as the official AI startup programme under Saudi Arabia’s Artificial Intelligence Mission (AI.M), which aims to bolster the Kingdom's leadership in AI over the next five years. Originally announced at LEAP24 in March, AI.M was created by Saudi’s Ministry of Communications and Information Technology's National Technology Development Program (NTDP), King Abdullah University of Science and Technology (KAUST), and Saudi Data & Artificial Intelligence Authority (SDAIA).

• UAE bets big on green hydrogen, eyes global clean energy leadership, ministry official says

  The UAE launched its National Hydrogen Strategy 2050 last year with the aim to become a top global hydrogen producer by 2031. The Gulf country plans to use its natural resources and energy infrastructure to build a hydrogen value chain, focusing on domestic demand and exports. By 2050, the UAE forecasts its hydrogen sectoral demand could grow fivefold to around 10.1 million tonnes per annum, supporting the country’s broader clean energy and net-zero emissions targets.

• Cristiano Ronaldo: ‘I recommend the world’ to visit Saudi Arabia’s Red Sea

  “If you have to mention one romantic place – a place to be with my whole family – I will say that from some places that I visited this year, which surprised me a lot and we enjoyed so much is the Red Sea.” Ronaldo, who has visited numerous destinations worldwide, was particularly impressed by his recent trip to the Red Sea. “I recommend for all the world to visit this amazing place,” he said.

• How Telegram became the ‘center of gravity’ for a new breed of domestic terrorists
  Late last month, Telegram burst into the news with another arrest related to alleged criminal activity on the giant messaging and social media platform. This time, the man in police custody was the company’s founder, Pavel Durov. French authorities detained the Russian-born billionaire after his plane touched down at an airport a few miles north of Paris.

• Red Sea Film Foundation Chief Jomana Al-Rashid on Fueling Saudi Arabia’s Cinematic Ambitions

  Variety spoke to Jomana Al-Rashid, who chairs the Red Sea Film Festival International Film Foundation, about nurturing Saudi’s rapidly evolving film scene. "For us, it’s about forms of expression and good storytelling, whether it’s indie films or the more commercial films. If you have a good story then that’s something that we are going to support."

• Saudi National Day: Employees, students to enjoy long holiday

  This year’s occasion will fall on a Monday and with a Friday-Saturday weekend in the Kingdom, some employees will enjoy an extended holiday with Sunday September 22 off as well. Students, according to the education ministry’s academic calendar, will also be given Sunday September 22 as a day off for the occasion.

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