MUST-READS

• Saudi Venture Capital invests in 40 funds

  Saudi Venture Capital Company (SVC) released today its recent “Impact Report”, which revealed SVC’s contribution to achieving record growth rates. The report highlighted the impact of SVC on the private capital ecosystem (Venture Capital, Private Equity, Venture Debt and Private Debt) in the Kingdom since the company’s establishment in 2018. The SVC Impact Report revealed that the total committed investments of SVC amounted to $0.7 billion since its inception, while the total investments including partners is estimated at $3.6 billion. SVC invested in 40 funds that have invested in 700+ startups and SMEs so far, including several vital sectors such as e-commerce, fintech, healthcare, education technologies, transport and logistics.

• Saudi Film Fest Sets Star Of Ramadan Hit ‘Sekket Safar’ Mohammed Elshehri As Master Of Ceremonies

  Rising Saudi Star Mohammed Elshehri has been announced as master of ceremonies at the 10th edition Saudi Film Festival, running from May 2 to 9 in the Eastern Province city of Dhahran.

  Elshehri is the star of hit MBC Ramadan comedy TV series Road Trip (Sekket Safar), which has just completed its third season run.

  He also hosted the first season of MBC reality game show One Million Dollar Land and also starred in Saudi musical movie Valley Road after getting his acting breakthrough in MBC platform Shahid’s hit crime and drama The Fates Hotel.

• Saudi Arabia starts reducing payment of accumulated traffic fines by 50% today

  The General Department of Traffic (GDT) started today, April 18, reducing the payment of accumulated traffic fines by 50%.   The decision applies traffic violations committed by Saudi nationals, residents, visitors, and GCC nationals before today, GDT said in a statement.   To benefit from the decision, the violator should pay all accumulated fines within six months, starting from April 18 until October 18, 2024.

• Saudi holdings of US Treasuries fall to $130.5B in February

  Saudi Arabia’s holdings of US Treasuries reached $130.5 billion in February 2024, down $3.2 million month-on-month, new data released by the US Treasury showed.   Accordingly, the Kingdom maintained its 17th place among the largest holders of US treasury securities for the month.   Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth $105.7 billion, representing 81% of the total, and short-term bonds worth $24.8 billion, accounting for 19%.

• Saudi Arabia could hit 130 GW of renewables by 2030, says GlobalData

  GlobalData predicts that, at its current pace, Saudi Arabia’s renewable power capacity could increase at a compound annual growth rate (CAGR) of 40.1% between 2023 and 2030, to reach 31.5 GW by 2030 and 63.1 GW by 2035. It adds that Saudi Arabia’s renewable power projects under construction exceeded 8 GW at the end of last year, primarily due to several projects being awarded through auctions in the past eighteen months.

• Saudi Arabia’s crude oil production reaches seven-month high in February

  Saudi Arabia’s crude oil production reached in February 2024 a seven-month high of 9.01 million barrels per day (bpd), according to data from the Joint Organizations Data Initiative (JODI). This represented a rise of 55,000 bpd or 0.61 percent compared to the previous month.

  Additionally, the data showed that Saudi Arabia’s crude oil exports increased to 6.32 million bpd, reflecting a monthly increase of 0.32 percent.

• Saudi Arabia’s minister highlights $3 billion in Spanish real estate investments, announces upcoming development agreement

  The Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, discussed the significant growth in investments between Saudi Arabia and Spain. He stated that Spain’s investment in Saudi Arabia has exceeded $3 billion over the past 10 years, with 40 percent of these investments in the real estate sector.

• Saudi Arabia nears $1bn deal for stake in Barrick’s Reko Diq

  Barrick chief executive Mark Bristow has said in recent interviews that he doesn’t want to “dilute” the company’s stake in the project, but “would not mind” if Saudi Arabia’s Public Investment Fund (PIF) wants to buy out the equity of the Pakistan government. Pakistan has not publicly stated whether it is considering selling its part in the project. Barrick, the world’s No.2 gold producer, believes that the proposed mine is one of the world’s largest underdeveloped copper-gold prospects.

• IMF Boosts Saudi Economy Growth Forecast to 6% by 2025

  The International Monetary Fund (IMF) has revised its expectations for Saudi Arabia’s economic growth, projecting a robust expansion of 6% by the year 2025. This represents an upward revision from the earlier forecast of 5.5% made earlier in the year. However, the IMF also noted a slight adjustment in its outlook for 2024, with the Kingdom’s output now expected to grow by 2.6%, down 0.1% compared to the previous projection. In its latest report, the IMF highlighted the broader economic landscape of the Middle East and Central Asian region, projecting growth rates of 2.8% and 4.2% for the years 2024 and 2025, respectively.

• Marriott Releases Lawrence of Arabia-Inspired Campaign in Saudi

  Marriott International has dressed one of its top general managers as Lawrence of Arabia to promote its new resort along the Red Sea. Nujuma, A Ritz-Carlton Reserve is expected to be the most expensive hotel ever operated in Saudi Arabia – commanding rates of more than $3,400 a night when it opens on May 26. In a new promotional video, multi-property general manager Tony Coveney is seen crossing the desert and collapsing on the beach with a “newfound identity as a sheikh” to the main theme of Lawrence of Arabia – a historic epic based on the life of Thomas Edward Lawrence, which was once banned across Arab countries.

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