MUST-READS

• Cinema ticket prices to go down drastically in Saudi Arabia as Film Commission slashes licensing fees

  Cinema ticket prices are expected to go down drastically in Saudi Arabia following the decision of the Film Commission to cut licensing fees for practicing and operating cinemas.  The Board of Directors of the Film Commission, chaired by Minister of Culture Prince Badr bin Abdullah, approved the decision to reduce the financial fees for licenses. These include the fees for licenses to practice the activity of operating permanent and temporary cinemas, licenses for cinemas for specialized needs, and licenses for operating permanent and temporary cinemas, and cinemas for specialized needs.

• How Saudi Arabia’s new economic cities can make manufacturing more sustainable

  As the world marks International Mother Earth Day on April 22, Saudi Arabia continues its effort to mitigate the effects of climate change, accelerate its transition to green energy, promote sustainability, and protect natural habitats through the Saudi Green Initiative. Launched in 2021, one key SGI target is to reduce carbon emissions by 278 million tonnes per annum by 2030 and to achieve net zero by 2060. The Kingdom hopes to reach this milestone through investments in renewable energy sources like wind and solar.

• Saudi’s PIF and STC agree deal to create region’s largest telecom tower company
  Saudi Arabia's sovereign wealth fund PIF has agreed to buy a 51% stake in Telecommunication Towers Company Ltd (TAWAL) from STC Group (7010.SE), opens new tab, paving the way for the creation of the region's largest telecom tower company, PIF and STC said on Monday. Under the agreement, PIF and STC will combine TAWAL and Golden Lattice Investment Company (GLIC) to set up a newly-formed company with around 30,000 mobile tower sites and estimated annual revenues of around $1.3 billion, they said in a joint statement.

• Revenues touch SR3.7 billion in Saudi cinema sector since 2018

  The revenues of the cinema sector in Saudi Arabia from April 2018 until March of current year amounted to about SR3.7 billion, while the total tickets sold reached more than 61 million tickets, according to the General Authority for Media Regulation.

  These statistics come 6 years after the opening of the first cinemas in Saudi Arabia.Hanaa Al-Omair, president of the Saudi Cinema Society, said that Saudi box office is thriving, and Saudi Arabia is currently the most growing market in the Middle East.

• Egypt says no deal with Saudi Arabia on Ras Gamila resort yet

  The Egyptian government denied on Sunday that any foreign investment deal in prime Red Sea coastal land in Ras Gamila has yet been officially approved amid local and regional reports saying otherwise.

  The official spokesman for the Ministry of Public Enterprise, Mansour Abdelghany, told state-run Ahram online that “no offer for the development of Ras Gamila would be considered until an international advisory firm is tasked with designing "an optimal investment plan for the zone.”

• Saudi Record Rises to 54 Medals in First Gulf Youth Games

  The Saudi badminton team dominated the medals on the second day of the badminton competition, held at the Sheikh Zayed Sports Complex in Fujairah. This took place as part of the first Gulf Youth Games hosted by the UAE. Saudi national team won 7 medals, which are 3 gold, 2 silver and 2 bronze, raising the Saudi record to winning 54 medals which are 25 gold, 17 silver and 12 bronze.

• Fish prices soar 30% in Saudi province amid severe weather
  Inclement weather, which recently gripped the eastern part of Saudi Arabia, has sent prices of fish in the region going up by up to 30 per cent, according to fishers and market insiders.
  Last week, the Eastern Province was lashed by heavy rain prompting authorities there to suspend in-person classes.

• IMF projects Saudi Arabia’s oil output to hit 11M bpd by 2029

  Saudi Arabia's oil production is expected to reach 11 million barrels per day (bpd) by 2029, according to Amine Mati, the International Monetary Fund’s (IMF) Mission Chief for Saudi Arabia.   In an interview with Asharq TV, Mati added that the IMF expects the Organization of the Petroleum Exporting Countries and allied producers (OPEC+) to completely reverse its production cuts by 2025.   “Considering the announcements made by OPEC+ and the voluntary production cuts by Saudi Arabia, the cuts will be extended until June 2024,” he said.

• Commentary: Gulf states’ response to Iran-Israel conflict may decide outcome of crisis

  Dana Stroul, who until December was the most senior civilian official at the Pentagon with responsibility for the Middle East, insisted: “Whatever regional politicians may say, the military, security and intelligence establishments of both the Arab states and Israel are quite clear – that Iran is the centre of gravity for instability, the export of terrorism and its illicit nuclear weapons programme.”

• Saudi PIF-backed Savvy Games to invest more in mobile after ‘Monopoly Go’ success

  After seeing the major success of its mobile game Monopoly Go, Saudi Arabia’s Savvy Games Group plans to invest more in mobile game development and acquisitions, according to the company’s chief executive officer.

  Savvy, wholly owned by Saudia Arabia’s Public Investment Fund (PIF), agreed to buy mobile game maker Scopely for $4.9 billion last April, the same month the Monopoly title was released. Since then, the online iteration of the famous board game has grossed $2 billion in revenue.

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