MUST-READS

• IMF Boosts Saudi Arabia’s 2025 Growth Forecast Again, Making it Second-Fastest Growing Economy

  The International Monetary Fund (IMF) has further strengthened its positive outlook for the Saudi Arabian economy by revising its 2025 growth forecast upwards for the second time this year. In its April "World Economic Outlook" report, the IMF raised the expected growth rate for the Kingdom to 6%, up from the 5.5% projection issued in January 2024. This upward revision comes despite the IMF maintaining a stable global growth forecast of 3.2%. Consequently, Saudi Arabia is now projected to be the second-fastest growing economy in 2025, trailing only India's anticipated growth rate of 6.5%.

• Manal AlDowayan on her work for the Venice Biennale 

  “I’ve been going to Venice for about 12 years,” AlDowayan tells Arab News. “The first time I showed there, I knew in my heart that I would be coming back to represent Saudi Arabia; I would do everything in my power to come to this moment and prepare myself. It’s something very important for an artist: to participate in the Venice Biennale.” It was only last August that she was visited in her UK studio by Dina Amin, the CEO of the Visual Arts Commission, and cultural advisor Abdullah Al-Turki, and told she had been selected to represent the Kingdom in 2024.

• US confirms $240m in military sales to Iraq, Saudi Arabia

  The Defense Security Cooperation Agency has approved the sale of C-172 and AC/RC-208 aircraft contractor logistics support and training to Iraq, and multifunctional information distribution systems to the Kingdom of Saudi Arabia.

  The United States Defense Security Cooperation Agency (DSCA) notified Congress of their approval of the possible foreign military sale of aircraft contractor logistics to the government of Iraq and multifunctional information distribution systems to the Kingdom of Saudi Arabia.

  Valued at US$140 million, the DSCA gave the greenlight for the provision of contractor logistics support of its C-172 and AC/RC-208 aircraft fleet, which is expected to help the country overcome its current and future threats by sustaining the aircraft. The principal contractor will be Northrop Grumman, with the DSCA identifying that the sale will support the foreign policy and national security interests of its strategic partner.

• ‘Saudi hospitality sector to generate SR42 billion investments and 120,000 jobs by 2030’

  Eng. Mahmoud Abdulhadi, deputy minister of tourism for destination enablement, emphasized that Saudi Arabia is providing promising opportunities for both Saudi and international investors to draw investments into the Kingdom’s vital tourism sector. “The recently launched Hospitality Investment Enablers (HIE) initiative seeks to attract private investments in the hospitality sector, amounting to about SR42 billion ($11 billion) with creation of 120,000 new jobs by 2030,” he said while attending a dialogue session within the Saudi Ministry of Tourism’s participation at the International Hospitality Investment Forum (IHIF) in Berlin.

• Pakistan says will continue ‘constructive engagement’ with Riyadh to enhance economic, strategic partnership

  Pakistan’s foreign office said on Friday the South Asian country would continue its “constructive engagement” with the Kingdom of Saudi Arabia to enhance economic and strategic partnerships between the longtime allies. Saudi Foreign Minister Faisal bin Farhan Al Saud came to Islamabad on a two-day visit this week aimed at strengthening bilateral economic cooperation and pushing forward previously agreed investment deals. Pakistan has said it pitched investment projects worth$30 billion to Riyadh during Prince Faisal’s visit.

• 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.

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