MUST-READS

• Saudi Arabia’s internet penetration reaches 99 percent in 2023: Report

  Saudi Arabia witnessed in 2023 a notable surge in internet usage, reaching a penetration rate of 99 percent, indicating nearly universal access across its population.

  According to the “Internet Saudi Arabia” report for 2023, published by the Communications, Space, and Technology Commission, both men and women demonstrated high levels of internet usage, with rates of 99.3 percent and 98.5 percent respectively.

• Saudi Arabia’s Qiddiya to build region’s largest water theme park

  To be named Aquarabia, Qiddiya hopes to draw visitors from around the globe with 22 attractions and water experiences suitable for all family members, as well as some “world-first” attractions, Saudi Press Agency reported. These attractions include the world’s first double water loop, the tallest water coaster with the highest jump, the longest and highest water racing track, and the tallest water slide.

• Saudi Arabia warns against Rafah invasion, denounces Israeli ‘war machine’

  Saudi Arabia warned Israel against targeting Rafah on Monday, calling it a “bloody and systematic” campaign aimed at forcefully displacing Palestinians from the Gaza Strip.

  The deliberate targeting of civilian areas such as Rafah is a flagrant violation of international law and human rights principles, the Saudi Foreign Ministry said in a statement.

• Saudi Aramco maintains $31 bln dividend despite lower Q1 net income
  Saudi Arabian state-owned oil giant Aramco (2222.SE), opens new tab expects to pay $31 billion in dividends to the Saudi government and its shareholders despite reporting lower earnings for the first quarter on Tuesday, hit by lower oil prices and volumes sold.
  The Saudi government, which directly holds about 82.2% of Aramco, relies heavily on the company's payouts, which also include royalties and taxes.
  The kingdom, the world's biggest oil exporter, is spending billions of dollars to diversify its economy away from crude.

• What’s behind Saudi Arabia’s increase in crude oil prices for Asian market?

  According to Bloomberg, the increase is in line with Saudi Arabia’s efforts to keep prices up amid a fading risk of war in the Middle East. The outbreak of the war in Gaza in October led to spillover conflicts throughout the region, including strikes by the Iran-backed Houthi rebels in Yemen on international shipping in the Red Sea. Concerns of an all-out war rose further with Iran’s unprecedented attack on Israel last month, though Israel's response was perceived as limited, Al-Monitor reported at the time.

• Saudi Arabia’s Vision 2030 will need around $1 trillion in investments over several years: Report

  Debt buildup in the Saudi economy will remain in focus. However, S&P expects its growth to be gradual and concentrated with companies in the PIF portfolio. Moreover, the report expects real gross domestic product (GDP) growth of 2.2 percent in 2024 and 5 percent in 2025 for Saudi Arabia. It also notes that the non-oil economy will continue to grow, contributing a larger share of the economy due to government investments in Saudi Arabia’s Vision 2030 projects. Saudi Arabia still faces some risks including higher-for-longer interest rates and geopolitical risks, which could mean higher spreads for the weakest companies. In addition, banks will have to find alternative ways to fund their growth. This is why the report expects the increase in leverage to be gradual.

• Saudi Arabia’s transformation from oil to green energy

  Saudi Arabia, a country historically synonymous with oil production, is making strides toward sustainability. Once reliant solely on its vast oil reserves, it is now embracing a green energy revolution that promises to reshape its economic landscape while safeguarding its environmental future.

  According to data released by the International Renewable Energy Agency (IRENA), Saudi Arabia experienced a staggering 219 percent year-on-year increase in renewable energy capacity in 2023. This surge, reaching 2689 MW, outpaced its regional counterparts.

• Saudi Aramco in Talks to Buy Shell Gas Stations in Malaysia

  Four unnamed sources have told Reuters that Saudi state-run oil giant Aramco is in talks to potentially acquire Shell’s billion-dollar gas station business in Malaysia, where the Dutch supergiant owns a network of nearly 1,000 fuel stations. Neither Shell nor Aramco would comment on the rumor of the talks for Reuters; however, one source told the news agency that talks began late last year and could be finalized in a matter of months.

• Saudi Manara Minerals’ team in Pakistan for talks on Reko Diq mine stake, document shows

  Executives from Saudi Arabian mining company Manara Minerals are in Islamabad to continue talks about buying a stake in Pakistan's Reko Diq gold and copper mine, a Pakistan government document showed on Monday. The mine, located in Pakistan's restive southwestern Balochistan province, is considered one of the world's largest underdeveloped copper-gold areas by global mining company Barrick Gold Corp, which owns the project jointly with Pakistan.

• Al-Samaani: Saudi Arabia is going through a phase of major legislative reforms led by Crown Prince

  Minister of Justice Dr. Walid Al-Samaani emphasized that Saudi Arabia is going through a phase of major legislative development and reforms, led by Crown Prince and Prime Minister Mohammed bin Salman. “This is in a way that ensures strengthening the stability of legal principles, consolidating the values of justice and transparency, increasing predictability of rulings, and achieving legal certainty so as to deliver justice with the highest guarantees and the easiest and most innovative methods,” he said while inaugurating the International Conference of Judicial Training 2024 in Riyadh on Monday. The two-day event is being held under the theme of “The future of judicial training in the age of digital transformation.”

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