MUST-READS

• Saudi Arabia makes $38m contribution to global education fund

  Investments in the education sector of lower-income countries will receive a boost as Saudi Arabia officially joins the Global Partnership for Education with a $38 million contribution. Speaking to Arab News on the sidelines of the Human Capability Initiative in Riyadh, Laura Frigenti, the fund’s CEO, outlined that the contribution will be utilized for the body’s mission of transforming the education sector in underdeveloped countries and preparing young generations for the modern job market.

• ATP signs multi-year strategic partnership with Saudi Arabia’s PIF

  The ATP Tour and Saudi Arabia's Public Investment Fund (PIF) have signed a multi-year strategic partnership, the governing body of men's tennis said on Wednesday in a move highlighting the growing influence of the Gulf nation on global sport. The PIF will now become the official naming partner of the men's rankings as well as partner ATP tournaments in Indian Wells, Miami, Madrid, Beijing, the season-ending ATP Finals in Turin and the Next Gen ATP Finals staged in Jeddah.

• Saudi Arabia May Be Taking Center Stage in Post-Gaza Peace

  While Saudi leaders have in the past engaged in efforts to secure a fair resolution of Palestinian-Israeli issues, such as the Fahd Plan in 1981 and the Arab Peace Initiative of 2002, the current moment feels different. The kingdom holds greater leverage with regional and international partners, including the Biden administration which continues to push for a Saudi-Israeli deal before the US presidential election in November. With influence comes responsibility, and the question of how, when, and where to play the cards in the Saudi hand.

• Saudi Arabia unveils program to localize 75% of jobs in energy sector

  Saudi Energy Minister Prince Abdulaziz bin Salman said that the ministry is working on a program to Saudize 75 percent of jobs in the energy sector. In his speech at the Human Capacity Initiative, Prince Abdulaziz said that that the Saudi energy sector has better opportunities to achieve high rate of Saudization compared to other sectors. “The energy sector at the global level is struggling with difficulties. According to global statistics, women’s participation in the energy sector represents 15 percent,” he said.

• SAMI announces board of directors restructuring with new leadership

  Saudi Arabian Military Industries (SAMI), a pivotal national entity in the defense and security sector and a key enterprise under the Public Investment Fund (PIF), has unveiled a significant restructuring of its Board of Directors. The newly appointed Chairman of the Board is Prince Khalid Bin Salman, with the board comprising esteemed members such as Bandar Al-Khorayef, Abdulaziz Al-Duailej, Eng. Talal Al-Otaibi, Dr. Khalid Al-Biyari, Yasir Al-Salman, Eng. Omar Al-Madhi, and Eng. Abdulaziz Al-Suqair.

• Saudi Arabia needs a second airline because it’s ‘not as easy as it should be’ to get to ‘the home of Cristiano Ronaldo,’ says the CEO of the country’s next carrier

  Tony Douglas, the CEO behind Saudi Arabia's soon-to-be second flag carrier, couldn't get a direct flight to Singapore from his home base of Riyadh. Douglas, who heads Riyadh Air, had to instead fly to Dubai, then transfer to UAE-based airline Emirates to get to Southeast Asia. Other staff members had to fly Qatar Airways via Doha. Saudi Arabia is "the home of Cristiano Ronaldo [and] a country that’s two-thirds the size of Europe." Douglas said in a moderated discussion at Aviation Festival Asia 2024 in Singapore on Wednesday.

• Saudi Minister of Finance Heads Kingdom’s Delegation to 1st G20 FMCBG Meeting Under Brazilian Presidency

  His Excellency the Saudi Minister of Finance, Mr. Mohammed Aljadaan, will head the Kingdom's delegation to the first G20 Finance Ministers and Central Bank Governors meeting under the Brazilian Presidency held February 28-29, 2024 in Sao Paulo, Brazil. The Saudi delegation includes His Excellency the Governor of the Saudi Central Bank (SAMA), Mr. Ayman Al-Sayari, and other senior officials from the Saudi Ministry of Finance and the Saudi Central Bank.

• Bain & Company expects Saudi retail sector to grow 4-5% annually

  Speaking on the sidelines of the Retail Leadership Summit (RLS), he stated that Saudi Arabia witnessed a recovery in the retail sector in 2023, as consumer spending rose by 6.7%, after difficult last few years marked by value-added tax (VAT), COVID, and inflation. Some categories like restaurant and grocery grew even faster, while others such as fashion, jewelry, and electronics were more stagnant. The growth in spending on entertainment means that consumers have less money to spend on retail, Fabre added.

• Saudi jobs: 77% of bosses plan pay rises, work-from-home trend fading, employees to switch roles for better benefits and training

  Bosses in Saudi Arabia are planning pay rises, new hires and calling workers back to offices this year, according to the Hays Middle East Salary Guide for the Kingdom. The guide provides comprehensive salary data for more than 200 roles across 11 professions, with the latest labour market trends based on expert insights and the analysis of a survey of 400 employers and working professionals. Among the findings are the 77 per cent of employers expecting to offer salary increases this year and almost a third of workers admitting they could change jobs due to lack of career development opportunities.

• Iran Votes: Lukewarm on Leadership, Cool on Economy

  Young Iranians under the age of 30 -- a key part of the protest movement after Amini’s death -- are particularly disapproving (61%) of their leadership. With those younger than 30 making up over 60% of Iran’s population, their view toward Iran’s leadership may prove decisive in Khamenei’s call for greater turnout and the outcome of the vote itself.

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