MUST-READS

• Why Dolce & Gabbana is investing in Saudi Arabia

  To further its Middle East expansion, Dolce & Gabbana has unveiled a unique strategy for Saudi Arabia, the market everyone has their eyes on right now. First is a new flagship store in Riyadh, the capital city and commercial heart of Saudi Arabia. Dolce & Gabbana will also be entering a formal partnership with Diriyah Company, a Saudi Arabian state-owned organisation responsible for the restoration, redevelopment, and management of the historic Diriyah area in Saudi. “Saudi Arabia is a country to which we have always looked with keen interest for its entrepreneurial and economic dynamism, as well as its ancient culture,” says Dolce & Gabbana CEO Alfonso Dolce. “For years, we have been present in this country, initially approaching the market with caution and respect, deepening our understanding of its history and social aspects. To this day, we can say that the Saudi market is very interesting, reacts positively to incentives and is open to new proposals.”

• Saudi Investors to Create New Fishing Tournament League

  In a similar fashion to LIV Golf, a group of investors from Saudi Arabia are putting forward plans to launch a premier bass fishing tournament league with extremely big payouts. This has several anglers considering a big move. The money will be provide by the Saudi Public Investment Fund which is trying to broaden its economic dependence on oil. The league is said to be a “no-electronics league.” And they want to lure the very best anglers in fishing to the league with incentive deals. The Saudi Public Investment Fund is a government-controlled fund that has $650 billion in assets under management, rapidly heading to $1 trillion. A state-owned investment fund like the PIF is quite common and this one is said to be the 7th largest in the world.

• Saudi Arabia may hike May crude oil prices to Asia

  Top oil exporter Saudi Arabia may raise the official selling price (OSP) for flagship Arab Light crude in May after Middle East benchmarks strengthened last month, industry sources said. The May OSP for Arab Light crude could rise by 20 to 30 cents a barrel from April, according to a Reuters survey of six refining sources. The expectation of higher prices comes after the backwardation structure in the Dubai benchmark narrowed by 33 cents a barrel in March versus February, Reuters data showed. When the market is in backwardation, prompt prices are higher than those in future months, implying tight supply.

• Saudi Arabia announces cultural cooperation award with China

  The Saudi Ministry of Culture announced on Thursday the launch of the Prince Mohammed bin Salman Award for Cultural Cooperation between Saudi Arabia and China, at the King Abdulaziz Public Library branch in Beijing, Saudi Press Agency reported. This award aims to acknowledge the efforts of researchers, artists and translators from both countries, offering grants to support their continuing work. It is designed to spur enhanced collaboration and shared creative efforts.

• Saudi Green Initiative: Targets and progress so far

  The SGI was launched by MBS on March 27, 2021, and has since played an important role in accelerating environment protection efforts, transitioning the energy sector, and implementing sustainability programs in various fields.

• Private equity investing in Saudi Arabia reached $4 billion in 2023

  Private equity investing is blasting off in Saudi Arabia. After crossing the $1 billion threshold in 2022 and growing nearly 6X in the prior year, the industry quadrupled to $4 billion in 2023 across 30 deals, according to new data from Magnitt. The kingdom is at a “pivotal intersection,” Huda Al Lawati, Founder & CEO of Gulf-based investment manager Aliph Capital, said in Magnitt’s report.

• Saudi Arabia embraces challenge of 2034 World Cup prep

  To host the 48-team World Cup, the country “needs 14 all-seater stadiums capable of holding at least 40,000 people.” Saudi Arabia currently has two: Jeddah’s King Abdullah Sports City Stadium and Riyadh’s “venerable” King Fahd International Stadium, which is “undergoing a major refit.” Among its 30-plus stadiums, “many are old, small and have fields surrounded by running tracks.”

• Project to save Historic Jeddah buildings completed thanks to SR50m from Saudi crown prince

  The Historic Jeddah district contains more than 600 buildings, including 36 mosques, as well as five marketplace sites, ancient squares, and other locations of historical importance, such as the Waterfront, that were vital stopping-off points for Muslim pilgrims in days gone by. Many are being restored and renovated to help preserve and illustrate the history of the Hajj since the dawn of Islam.

• Saudi Arabia’s unemployment rate declines to 4.4 percent in Q4 2023

  Saudi Arabia’s unemployment rate declined 0.7 percent to 4.4 percent in the fourth quarter of 2023 compared to the year-ago period. In its latest report, the General Authority for Statistics revealed that the unemployment rate among Saudi nationals saw a 0.9 percent quarterly decrease and a 0.3 percent annual decrease to 7.7 percent in Q4 of 2023. The participation of Saudi nationals in the labor force saw a 0.3 percent decline to 51.3 percent. Meanwhile, the employment-to-population ratio of Saudis saw a 0.2 percent increase to 47.4 percent.

• UAE, Saudi Arabia ranked as leading global entrepreneurial ecosystems

  The UAE and Saudi Arabia have been ranked first and third respectively in the Global Entrepreneurship Monitor report for 2023-2024. The report, which assesses the entrepreneurial ecosystems of countries worldwide, is highly regarded by international bodies such as the World Bank, International Monetary Fund and various UN organizations, Saudi Arabia showed significant progress in its entrepreneurial environment, with its National Entrepreneurship Context Index score increasing from 5.0 in 2019 to 6.3 in both 2022 and 2023.

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