MUST-READS

• Saudi Telecom (STC AB) Posts Best First-Quarter Profit Since 2006

  Saudi Arabia’s top telecom company reported its strongest first-quarter profit since 2006 as it made more revenue from business at home. Saudi Telecom Co.’s net income rose almost 6% year on year to 3.29 billion riyals ($877 million) in the first three months of the year, according to a statement on Wednesday. That beat the average analyst estimate for 3.15 billion. Revenue also exceeded expectations on the back of stronger activity in the commercial unit.

• Saudi Arabia’s $100 Billion AI Fund Says US Is No. 1 ‘Partner’

  “The US is the number one partner for us and the number one market for AI, chips and semiconductor industry.” Amit Midha, the head of Saudi Arabia’s new investment fund for semiconductor and artificial intelligence technology Alat, discusses his strategy. He speaks with Bloomberg on the sidelines of the Milken Institute Global Conference in California.  (Source: Bloomberg)

• Minister of Industry and Mineral Resources Opens Riyadh International Industry Week 2024

  Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef today opened Riyadh International Industry Week 2024, which will run through May 9, at the Riyadh International Convention and Exhibition Center. The event, in which more than 500 companies, 385 international and 115 local, from 24 countries participate, was designed to embrace four exhibitions: the Saudi Exhibition for Plastics and Petrochemical Industries; Printing and Packaging; Smart Logistics Services; and Smart Manufacturing. Various capabilities will be reviewed, such as fair competition, a competitive environment, sustainability and exporting. The accompanying exhibition also includes many activities and events to support and strengthen industry in Saudi Arabia, review industry developments, and discuss ways to improve and develop them.

• Hyatt expands its footprint in Saudi Arabia with two new signings

  Hyatt has signed management agreements with Knowledge Economic City (KEC) for two new Hyatt-branded hotels in Saudi Arabia, Hyatt House Madinah KEC and Hyatt Centric Madinah KEC. Scheduled to debut in the eagerly awaited Knowledge Economic City in Madinah, these properties will contribute 576 keys to Hyatt’s portfolio in Saudi Arabia.

• Riyadh Air Strengthens Partnership with Saudi Tourism Authority to Promote Sector

  Riyadh Air, which is owned by the Public Investment Fund, concluded a memorandum of understanding with the Saudi Tourism Authority (STA) to boost joint cooperation as part of the national carrier’s efforts to shape the future of tourism in the Kingdom and advance air travel. The new partnership, which was signed at Arabian Travel Market (ATM) in Dubai, focuses on several key areas, including new routes and destinations, joint marketing activities, sponsorship opportunities, presence at key roadshows and international events and accessibility to tourism-related platforms. It also aims to explore collaboration in loyalty programs, leverage world-leading technology and new digital methods and engage in the Tourism Accelerator Program.

• Saudi Arabia announces stringent penalties for unauthorised Hajj pilgrims

  Saudi Arabia has announced stringent penalties against individuals attempting to perform the annual Islamic Hajj pilgrimage without an official permit. The Ministry of Interior said that enforcement would begin next month, targeting those violating Hajj rules in Mecca, the Central Area, and sacred places from June 2 to June 20.

• When is Eid al-Adha? And when will Hajj 2024 begin? All you need to know

  The Muslim world is gearing to celebrate Eid al-Adha this year on or around Sunday June 16, according to various astronomical calculations. The date, however, can change depending on the beginning of the Dhu al-Hijjah month. It is expected that Saudi Arabia will call on Muslims in the Kingdom to sight the crescent moon on June 6.

• Expat remittances surge in Saudi Arabia, hit two-year high

  Monthly remittances of expatriates in Saudi Arabia reached SR11.9 billion in March, marking their highest in nearly two years, according to official figures. The remittances in March increased by 4 per cent against the same month last year, figures from the Saudi Central Bank showed.

• Saudi Arabia AI development head reveals they will divest from China if US steps up and asks them to

  Amit Midha, CEO of Alat, Saudi Arabia’s new investment fund for semiconductor and artificial intelligence technology, stated that the country would divest from China if requested by the US. Alat is an investment firm backed by $100 billion in capital from the Public Investment Fund. Midha emphasized that while current requests focus on maintaining separate manufacturing and supply chains, Saudi Arabia would comply with US concerns and divest if partnerships with China posed issues.

• Alipay+ expands to Saudi Arabia. Good news for luxury?

  Chinese fintech giant Ant Group is aggressively expanding abroad, with its eyes now on Saudi Arabia. Singapore-based Ant International, which extends the group’s innovative fintech solutions to global markets, has signed a Memorandum of Understanding (MoU) with the Ministry of Investment of Saudi Arabia (MISA) to facilitate business growth in the kingdom.

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