MUST-READS

• Saudi Arabia Gets $13 Billion in Investment in Tourism Boost

  Saudi Arabia has attracted about $13 billion in private sector investment into its tourism industry as it aims to share the cost of spending associated with its plan to become a new travel hot spot. The investments are poised to add another 150,000 to 200,000 hotel rooms within the next two years, according to Princess Haifa M. Al Saud, Saudi Arabia’s vice minister for tourism. The kingdom is also targeting raising tourism revenue to $85 billion this year from around $66 billion in 2023, she said.

• Gulf Capital partners with RDIA to deploy $100 million in Saudi tech sector

  Gulf Capital announced today that it has signed an agreement with the Saudi Research Development and Innovation Authority (RDIA) to deploy over $100 million into the Saudi technology and innovation sector over the next five years. The Letter of Intent (LoI) was signed in Riyadh by Dr Rami Niazi, Vice Governor of Strategy at the Saudi Research Development and Innovation Authority, and Dr Karim El Solh, co-founder and CEO of Gulf Capital.

• Saudi Arabia’s Riyadh Air receives over 1 million job applications in year since inception

  In a year since its launch on March 12 last year, the Public Investment Fund (PIF)- owned Riyadh Air has received over 1 million online job applications, the airline announced Wednesday. The airline received applications from over 100 countries as it built its team, running several recruitment roadshows across London, Paris, Dubai, and Riyadh.

• NEOM: 10 stunning luxury resorts coming to Saudi Arabia, including underground mountain hotels, futuristic skyscrapers and boutique wellness retreats

  From a luxury golf resort to underground mountain resorts, and futuristic luxury skyscrapers to boutique wellness retreats. The upcoming NEOM resorts, showcase some of the most striking tourist and real estate developments anywhere in the world and give a snapshot of the future of hospitality in Saudi Arabia

• Opinion: Amid the horror in Gaza, it’s easy to miss that the Middle East has changed

  Arab attitudes since the war began have been far more moderate than in the past, condemning violence against civilians on both sides, rejecting terrorism and urging a two-state solution. Hamzawy pointed out that this is part of a broader turn away from political violence, with an average of more than 90 percent of Arabs surveyed by one source in recent years rejecting extremist organizations and condemning terrorism.

• Saudi Economy Contracted in 2023, But Growth Projections Unchanged for 2024

  On March 10, the Saudi General Authority for Statistics released detailed gross domestic product data for Saudi Arabia in the fourth quarter of 2023 (the previously released fourth quarter “flash” estimate contained more limited information). The data confirmed that the Saudi economy contracted in 2023. The 0.8% drop in real GDP (i.e., GDP after accounting for inflation) was largely due to the 9% contraction in the oil sector that followed the production cuts under the OPEC+ agreement. Saudi Arabia’s non-oil sector grew by 3.8% and ended the year on a relatively strong note, with growth accelerating in the fourth quarter relative to the third quarter.

• Pepsi unveils new global visual identity across the Middle East

  After 14 years, Pepsi is introducing its first major visual identity update, unveiling it across over 120 markets, including the Middle East. To mark this milestone in the region, Pepsi organized light and digital installations at landmarks across the Middle East, such as AlUla in Saudi Arabia, the Nile River in Egypt, the Dubai skyline, and Pigeon Rock in Lebanon. Pepsi highlights this as its first major global rebranding initiative designed to resonate with the vibrant culture of the Middle East.

• US-based CarbonCapture raises $80 mln from Saudi Aramco, others

  Los Angeles-based CarbonCapture, which aims to build machines that suck carbon dioxide out of the air to fight climate change, said it had raised $80 million from investors that include Saudi oil giant Saudi Aramco (2223.SE), opens new tab. The money raised in CarbonCapture's latest major funding round represents one of the largest injections of private capital into direct air capture (DAC) – a technology that has yet to be proven at scale - over the last five years, according industry tracker PitchBook.

• Jay Monahan says Saudi PIF discussions are ‘accelerating’ but refuses to answer specifics

  During his annual press conference ahead of the 2024 Players Championship, Jay Monahan updated the media on the current state of discussions with Saudi Arabia’s Public Investment Fund. “As I’ve said on a number of occasions, you can’t negotiate a deal like this in public,” Monahan said at TPC Sawgrass on Tuesday morning. “I recently met with the governor of the PIF, Yasir Al-Rumayyan, and our negotiations are accelerating as we spend time together.”

• As dust from elections settles, Iran’s conservatives clash over spoils

  The recent parliamentary and Assembly of Experts elections in Iran have seen hardliners score decisive victories against more traditional conservatives. In the aftermath of the Mar. 1 polls, divided conservatives have been battling out their differences in public. This comes despite the supreme leader warning against sowing differences for political gains.

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