MUST-READS

• Electronic security supports e-commerce growth in KSA: American Express

  The regulation of e-commerce and the strong electronic security pushed the e-commerce growth rate higher in Saudi Arabia, Al Eqtisadiah newspaper reported, citing Fahad Al Guthami, CEO of American Express Saudi Arabia. He added that the company recorded a 62% rise in local e-commerce sales during 2023, noting that the number of e-commerce transactions also leapt by 41% during the same year. Digital transformation opened the way for medium and small-sized enterprises as well as emerging companies to keep pace with this development, Al Guthami said.

• The benefits of neutrality: Saudi foreign policy in the wake of the Ukraine war

  Regardless of its voting behaviour at the UN, the Kingdom – which, unlike other Middle East states, was less dependent on wheat imports from the Black Sea region (Al-Saidi, 2023) – settled on the adoption of a neutral position. Only in May 2023 would Minister of Foreign Affairs Faysal bin Farhan officially acknowledge that stance, holding that Saudi Arabia had adopted ‘positive neutrality’ during the war (Al Arabiya, 2023).

• Saudi Arabia to host Future Aviation Forum 2024

  The FAF 2024, which will attract more than 5,000 international experts from the aviation industry, leaders of international airlines, and officials from aviation authorities in participating countries, will discuss global aviation issues, air transportation, the development of environmental sustainability in the civil aviation sector, enabling advanced air transport, and enhancing global connectivity, Saudi Press Agency (SPA) reported.

• Saudi Arabia’s Vision 2030, the rise of fintechs and professional development

  With Saudi Vision 2030 and other regulatory regimes encouraging and facilitating the use of fintech, Annette Spencer, the ACT’s chief executive, said: “It struck me that regulation and technology are becoming friends and allies in a way that perhaps has not always been the case in the past.” Solid relations between banks and corporates are an important foundation of doing business in Saudi and the Gulf region. Alhudaif stressed how her company had explored what services banks can provide regarding cash management, credit facilities investments and financial leasing products.

• Saudi Arabia: better growth prospects

  In 2024, economic activity should be only slightly positive. We expect 1.2% on average. In fact, oil production should only slightly progress and not before Q4 2024. With regard to non-oil activity, the tight labor market conditions will be a constraint on an economic rebound. Indeed, the unemployment rate has stabilized and the participation rate has stopped to progress for about two years despite a sharp increase in female participation rate to the labor market for several years.

• Iran says keen to develop ties with Saudi Arabia

  Iranian Foreign Minster Hossein Amir-Abdollahian and his Saudi counterpart Faisal bin Farhan Al-Saud held a telephone conversation on the occasion of Eid al-Fitr, discussing bilateral ties and regional developments. “Amir-Abdollahian pointed to the progress of bilateral relations between the two countries, stressing that Iran is determined to expand bilateral ties with Saudi Arabia as much as possible,” Iran’s semi-official Tasnim news agency reported.

• Cannes selects first Saudi film for competition in festival’s 77-year history

  Six years after the country announced its intention to build a home-grown industry, a film from Saudi Arabia has been selected to compete in the Cannes Film Festival for the first time. Norah, Saudi director Tawfik Alzaidi's feature debut, has been selected in the Un Certain Regard section and will compete against 19 other entries from around the world. The category, established in 1978, runs in parallel to the festival's long-running Palme d'Or competition and aims to recognise emerging talent and non-traditional narratives.

• How technology is shaping education in Saudi Arabia

  Thus, the digital transformation of the education sector is another important part of Vision 2030’s success, to ensure young people in the Kingdom have the right skills for the future world of work. According to PwC, Hopes and Fear survey, 57% of the respondents in Saudi Arabia are either excited or confident about the future of their children and that technology will offer a world full of possibilities for their kids.

• Senior U.S. general to visit Israel to coordinate on Iran attack threat

  Iranian officials have publicly threatened to retaliate against Israel for an attack in Syria last week that killed a top Iranian general. An attack on Israel or its bases could lead to another regional escalation.

• Donations to national charity campaign in Ramadan exceed SR1.8 billion

  The National Platform for Charitable Work (Ehsan) has proudly announced that the donations for the fourth National Campaign for Charitable Work soared past SR1.8 billion during Ramadan, spanning from the 5th to the 30th of the holy month. This remarkable achievement was kickstarted with significant donations from the Custodian of the Two Holy Mosques King Salman and Crown Prince and Prime Minister Prince Mohammed bin Salman, who collectively contributed SR70 million.

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