MUST-READS

• Tuition fees in Saudi Arabia lowest in GCC: NCLE CEO

  Saudi Arabia has a promising education industry. The number of the K-12 students grew 5% year-on-year (YoY) over the last five years, and private schools saw 13% growth YoY, Al-Khudair noted on the sidelines of the Saudi Capital Market Forum 2024. Education, like any other sector, has challenges, but the Ministry of Education and the private sector are aligned to address these challenges and enhance the industry on investment and educational levels, he said.

• Commentary: Saudi Arabia Aligns with the PA, Sets Preconditions for Normalization with Israel

  During the Munich Security Conference on February 19, 2024, Saudi Foreign Minister Faisal bin Farhan emphasized the PA’s capability. “The Palestinian Authority is capable, with the support of the international community, of controlling the West Bank and Gaza Strip,” the Saudi foreign minister insisted, adding, “This requires a real path to establishing a Palestinian state.”

• Al-Ibrahim: MBC Group is working on a global project of documenting history of Saudi Arabia

  Waleed Al-Ibrahim, chairman of the Board of Directors of the MBC Group and Al Arabiya Network, announced that the MBC Group is working on a giant project that aims to document the history of Saudi Arabia, starting from the first Saudi state until the present day. “This global project, which will be in segments, will be implemented spanning over a period of 12 years,” he said while attending a session titled “Media between the Past and the Present” at the 3rd Saudi Media Forum in Riyadh on Tuesday.

• Saudi Founding Day 2024: What is it and how is it different from National Day?

  Thursday, February 22, marks Saudi Arabia's Founding Day, a new annual holiday to commemorate the founding of the first Saudi state. The holiday was established with a royal decree issued by King Salman in 2022 through the official Saudi Press Agency. It said the holiday will commemorate the history of Saudi rule dating back hundreds of years.

• China’s Biggest Fund Manager, Riyadh Capital Sign Pact to Share Local Investment Expertise

  E Fund Management, China's largest fund manager, and leading Saudi Arabian assets manager Riyadh Capital have signed a non-binding agreement to exchange expertise and cooperate in local investment areas. E Fund and Riyadh Capital inked the deal at the two-day Saudi Capital Market Forum in Riyadh on Feb. 20, ACN Newswire reported yesterday. Representatives from the Shanghai and Saudi stock exchange were present at the signing ceremony, according to Shanghai Securities News.

• Global debt hits new record high at $313 trillion – IIF

  Global debt levels hit a new record high of $313 trillion in 2023, with developing economies scaling a fresh peak for the ratio of debt to their gross domestic product, a study showed. The Institute of International Finance (IIF), a financial services trade group, said on Wednesday that global debt surged by over $15 trillion in the last quarter of 2023 year-on-year. The figure stood at around $210 trillion almost a decade ago, according to the data. "Around 55% of this rise originated from mature markets, mainly driven by the U.S., France, and Germany," said the IIF in its Global Debt Monitor, adding the global debt-to-GDP ratio declined by around 2 percentage points to nearly 330% in 2023.

• World Bank: Emerging economies must grow ‘much faster’ to repay debt

  The World Bank warned that high borrowing costs have "changed dramatically" the need for developing nations to boost sluggish economic growth. The multilateral lender's latest warning comes as international bond sales from emerging market governments hit an all-time record of $47 billion in January, led by less risky emerging economies such as Saudi Arabia, Mexico and Romania. However, some riskier issuers have started to tap markets at higher rates. Kenya recently paid more than 10% on a new international bond - the threshold above which experts often consider borrowing unaffordable.

• Shuqir to Asharq Al-Awsat: Heritage of First Saudi State Was Erased, Marginalized

  The first Saudi state, upon its establishment, sought to support social harmony by boosting security and imposing strict penalties against crime, which significantly impacted creating a healthy environment, said a Saudi researcher and expert in sociology and anthropology, Abdulrahman al-Shuqir.

• LEAP 2024: Oracle to focus on Saudi Arabia’s AI economy goals

  “Over the last three decades, Oracle has significantly expanded its presence in Saudi Arabia to help the Kingdom emerge as a digital economy leader. Our US $1.5 billion investment in Saudi Arabia will play a vital role in expanding local cloud capacity, which will act as the foundation for local organisations to unlock the full potential of latest digital technologies like Artificial Intelligence”, said Reham AlMusa, vice president – Business Applications, and Saudi Arabia Country Leader, Oracle.

• Pakistan is aiming to increase trade with Saudi Arabia to $20bn: minister

  Pakistan is aiming to increase its trade capacity with Saudi Arabia to $20 billion through enhancing business conditions, according to a top official. The Saudi-Pakistani Business Forum kicked off in Riyadh on Feb. 22 under the patronage of Minister of Commerce Majid bin Abdullah Al-Qasabi, organized by the Federation of Saudi Chambers, according to the Kingdom’s official press agency. During the event, Pakistan’s Minister of Commerce Gohar Ejaz highlighted the role of the Free Trade Agreement between the Gulf Corporation Council countries and his nation in opening up opportunities for investors from both regions. 

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