MUST-READS

• McEnroe fears Saudi Masters move could lead to year-round season

  John McEnroe accepts the inevitability of Saudi Arabia's growing influence on tennis but the American great fears the country's ambition to host a 10th Masters tournament could add to player and fan fatigue. The outspoken New Yorker has been one of the most vocal critics of Saudi Arabia's big-money push into tennis, describing the potential engagement of the women's tour with the country as "laughable". According to a source with knowledge of the plans, Saudi Arabia's Public Investment Fund (PIF) is keen to own a tennis event featuring the top players, with multiple reports saying they are eyeing a slot before the Australian Open in January.

• The Kingdom of Saudi Arabia and Rezolve AI Ink Pioneering MOU to Establish Global AI Market Leaders

  In a strategic move that highlights the Kingdom of Saudi Arabia's commitment to technological advancement and economic growth, the Ministry of Investment of Saudi Arabia (MISA) has forged a groundbreaking partnership with Rezolve AI Limited. This collaboration is set to revolutionize the artificial intelligence (AI) landscape, establishing an AI Centre of Excellence in Saudi Arabia as a cornerstone of Vision 2030's innovation and development goals.

• Saudi-based investment group Energy Capital Group acquires Aujan Industrial Solutions

  Saudi Arabia-based investment group Energy Capital Group (ECG) has completed the acquisition of Aujan Industrial Solutions (AIS), a leading provider of solutions to the oil and gas, petrochemical, metals and mining and water markets with 30 years of experience and expertise. AIS' lines of business include value added distribution, fire and gas solutions, measurement intelligence and technology solutions. This marks the fourth investment of the fund which announced a first close in Q3 2023. The fund plans a further 4-5 investments within 2024. Energy Capital Group is investing in businesses that can capitalise on the significant investment going into regionally relevant value chains and driving the need for technology-based services and turnkey solutions across the industrial supply chain.

• Saudi Arabia’s King Salman allocates $800m to social security recipients during Ramadan

  Saudi Arabia’s King Salman has ordered the distribution of more than SR3 billion ($800 million) in Ramadan assistance to social security recipients, the Saudi Press Agency reported on Sunday. The assistance includes SR1,000 for heads of families and SR500 for each dependent. The funds will be deposited directly into beneficiaries’ bank accounts, the SPA said. Saudi Minister of Human Resources and Social Development Ahmad bin Sulaiman Al-Rajhi praised the king for his generosity in helping citizens with their needs during the holy month.

• Saudi Arabia’s thriving startup scene driven by women

  It's now almost impossible to imagine the Saudi economy without the thriving startup scene and its female entrepreneurs. Less than a decade ago, the situation was largely different.

• Economic Growth Boosts Role of Finance Companies in Saudi Arabia

  Saudi Arabia's efforts to boost its economy and encourage local investments have led to a significant rise in loans provided by finance companies, reaching the highest levels in almost four years. These loans increased by 73% to SAR 84.9 billion ($22.6 billion) by the end of 2023, compared to SAR 49.3 billion ($13.1 billion) in 2019. Real estate financing took the largest share at 28%, while personal financing saw a massive increase of over 666%.

• IHG adds two more hotels to Saudi pipeline

  InterContinental Hotels is to add two more hotels to its Middle Eastern pipeline. The group has signed to open an InterContinental and a Regent hotel in Riyadh, Saudi Arabia. The hotels join a growing roster of hospitality project commitments across Saudi Arabia, as the country looks to substantially grow its tourism sector under its Vision 2030 plan. The new hotels will be developed within the fast growing King Abdullah Financial District (KAFD) in Riyadh. Designed as a vertical city, KAFD includes a mix of offices, luxury residences and hotels, retail outlets, and entertainment and cultural venues on a 1.6 sq km area of the city. The development aims to set new standards for sustainable design and smart infrastructure, with new buildings LEED certified to confirm their low carbon designs.

• Can Saudi Arabia buy the future? A trillion bet on tech

  as the GCC's Sovereign Wealth Funds compete for global dominance, we'll see a significant shift in investment priorities. Energy revenue will flow into new sectors like green hydrogen, AI, smart cities, and tourism. While both Saudi Arabia and the UAE will be aggressive competitors, Saudi Arabia's ambitious Vision 2030 plan positions it as a potential front-runner.

• Egyptian Natural Gas Holding to expand in Saudi Arabia

  The Egyptian Natural Gas Holding Co. (EGAS) has established a subsidiary in Saudi Arabia with initial capital of SAR 2 million ($530,000), Egypt's Ministry of Petroleum said on Sunday. Owned 80% by EGAS, the newly established natural gas company "Modern Gas" Saudi Arabia is part of the Egyptian firm's strategy for offshore expansion, especially in Gulf Cooperation Council (GCC) countries, aimed at attracting foreign currency inflows into Egypt.

• Saudi Arabia’s Non-Oil Revenue Hits 50% Of GDP

  For decades, Saudi Arabia has been regarded as the de facto leader of OPEC and a swing-producer critical to curtailing large price overshoots in either direction. Over the past few years, the Arab nation has borne the lion’s share of OPEC+ production cuts after recently agreeing to cut 1 million barrels per day or nearly half of the group’s 2.2 mb/d in pledged cuts. Well, it appears that Saudi Vision 2030 is already bearing fruit, and Riyadh might not be feeling the pinch from those cuts as much as many feared. Saudi Arabia’s Ministry of Economy and Planning has revealed that non-oil revenues hit 50% of the Kingdom's gross domestic product (GDP) in 2023, the highest level ever.

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