MUST-READS

• Devotees gather in vast numbers for Ramadan prayers at Prophet’s Mosque in Medina

  Multinational congregations of worshippers throng the mosque every night, filling the designated prayer areas and vast courtyards, creating a powerful scene of devotion.

• Saudi Arabia achieves historic milestone in 2023 with record tourism balance of payments surplus
  Saudi Arabia's tourism sector has marked a historic achievement in 2023, recording the largest balance of payments surplus in its history, as the country continues to develop this key sector and diversify its income sources.
  The Financial Analysis Unit of "Al Eqtisadiyah" newspaper reports that the travel item of the Saudi balance of payments saw an unprecedented surplus of 48 billion riyals last year, fueled by a significant influx of international tourists.

• Saudi Exchange Marks A Milestone With Its 400th Listed Security

  Since its establishment 16 years ago, the Saudi Exchange has quickly grown to become one of the top ten largest in the world, the third largest amongst emerging market peers, and the largest exchange in the MENA region. The Saudi Exchange also consistently ranks in the top ten exchanges globally for IPO proceeds and accounted for over 70% of GCC IPOs in 2023. With a substantial SAR 11.9 billion ($3.2 billion) raised through IPOs on the Main Market in 2023, the Saudi Exchange has firmly established itself as a significant contributor to the global IPO landscape, a key driver of its continued growth in scope and scale. In 2023, furthermore, the Tadawul All Share Index grew by 14.2%, outpacing the 9.8% growth of the benchmark MSCI Emerging Market Index.

• Saudi Arabia’s $1.4bn financing to boost Bangladesh’s energy security

  A recently signed agreement on a Saudi financing loan for the Bangladesh Petroleum Corp. was expected to boost the South Asian economy’s energy security and reduce pressure on its dollar reserves. The International Islamic Trade Finance Corp., a division of the Islamic Development Bank, finalized on March 25 a financing deal with the Bangladeshi government to provide $1.4 billion to the Bangladesh Petroleum Corp.

• Saudi foreign minister holds call with Palestinian PM Mustafa

  Saudi Arabia’s foreign minister Prince Faisal bin Farhan held a phone call on Saturday with the Prime Minister of Palestine and Minister of Foreign Affairs Mohammed Mustafa, Saudi Press Agency reported. Prince Faisal congratulated Mustafa on his appointment to form the Palestinian government, and on assuming the position of Minister of Foreign Affairs. The prince also wished success for his state and the new Palestinian government in serving the Palestinian people in light of the difficult circumstances they face amid the Israel-Hamas war.

• Saudi Arabia detain over 4,000 for misconduct at Grand Mosque during Ramadan
  Saudi Arabia has confirmed it arrested over 4,000 individuals since the start of Ramadan for engaging in negative behaviour within the Grand Mosque.
  Additionally, authorities have identified and shut down 35 fraudulent firms attempting to deceive foreigners with fake Umrah trip offers.

• 10 things to look forward to in Saudi Arabia this April 2024

  Come April, we’re looking forward to the extra-long Eid al-Fitr weekend to take a well-deserved break. It’s a good time to catch up with family and friends with some new activities happening. Whether it’s kid-friendly attractions or a unique staycay with your loved ones, it’s time to kick things up a notch with these ten things to do in Saudi Arabia in April 2024.

• PIF-owned SITE and Korean AhnLab forge cybersecurity venture for Saudi market

  The Saudi market is poised to benefit from advanced cybersecurity solutions through a new venture established by a Public Investment Fund-owned company and Korean firm AhnLab. Saudi Information Technology Co., also known as SITE, will hold a 75 percent stake in the local joint venture to be set up in the Kingdom, with the East Asian-based company holding the remaining 25 percent, according to a press release. The new entity is expected to be launched during the first half of 2024, subject to customary regulatory approvals and the fulfillment of certain commercial conditions, it added.

• Saudi Arabia’s Israel strategy upended by anger over Gaza war

  Like many Saudis, Hisham feels deep solidarity with the Palestinian victims of Israel’s five-month offensive in Gaza — the reason for his choice of T-shirt. But the police response underscores the alarm emanating from the Saudi leadership, which before the war was nearing a deal to normalise relations with Israel. Now Saudi Arabia’s leaders worry about the threat posed by a prolonged conflict in Gaza to its chances of restarting that process, as well as to its ambitious plans for economic and social reform and the cohesion of the kingdom.

• Opinion: Give Saudi Arabia a chance to prove itself as chair of UN Women’s Rights Forum

  For those who oppose the Kingdom no matter the progress they make in these areas, I go back to “dealing with the reality in front of you.” Regardless of if certain people or organizations strongly dislike Saudi Arabia, it is becoming one of the most influential nations in the world. That is simply a fact.

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