MUST-READS

• Alvarez & Marsal Releases Saudi Arabia Banking Pulse For Fy2023

  Leading global professional services firm Alvarez & Marsal (A&M) has released its 4th annual edition of the Kingdom of Saudi Arabia (KSA) Banking Pulse for fiscal year 2023. The performance of the top 10 banks in the Kingdom is largely robust and positive. Operating income grew by 9.5 percent reflecting the effect of higher Non-Interest Income (NII). The year also saw NIMs improving by 3.5 percent with both the cost-to-income ratio (C/I) and the COR showing improvement. Overall, return on equity (ROE) increased to 14.5 percent while return on assets (ROA) stayed constant at a healthy 2.0 percent. Looking ahead, we expect the outlook for Saudi banks to remain stable to positive.

• Saudi prince Turki al-Faisal: reaching a peaceful solution in Gaza is easy

  As Turki sees it, a ceasefire should be the result of a United Nations resolution, put forward by Arab countries, and culminate in a prolonged truce of at least five years. At the end of this truce, a Palestinian state would be created and recognised by the international community — including Israel. Only then would negotiations start between Israel and Palestine, as two sovereign states, for the resolution of the conflict between them. This inverts the sequence from the Oslo accords, where recognition was made dependent on a successful conclusion to negotiations, which never happened.

• Rory McIlroy explains what he wants PGA Tour players to learn from Saudi PIF meeting

  Patrick Cantlay confirmed a Golfweek report that a group of PGA Tour players are planning to meet with Yasir Al-Rumayyan, the head of Saudi Arabia’s Public Investment Fund, on Monday in an effort to continue towards a deal that would seemingly reunite men’s professional golf. The original report stated the meeting was tentatively scheduled at a private residence in Ponte Vedra Beach, Florida, following the conclusion of the Players Championship at nearby TPC Sawgrass.

• Future-proofing Saudi Arabia’s workforce

  Saudi students will soon have greater access to top-quality higher education following a series of agreements allowing international academic institutions to open branches in the Kingdom. Agreements were signed with Australia’s University of Wollongong, and American schools Arizona State University and Cintana Education to establish new campuses in the Kingdom, making their world-class programs available to Saudi students. The deals were announced during the Human Capability Initiative conference held in Riyadh on Feb. 28-29.

• Home ownership eyed by 77% of Saudi-based expats, reveals survey

  A new premium residency visa has spurred home-ownership demand among Saudi-based expats, with 77 percent now looking to buy a property, a survey has revealed. Global property consultancy Knight Frank surveyed 241 expatriates in Saudi Arabia, and discovered the primary motivation for real estate purchasing in the Kingdom, especially among millennials, is its perceived status as a good investment. The desire for a close proximity to work and cultural or religious factors followed closely behind.

• McEnroe fears Saudi Masters move could lead to year-round season

  John McEnroe accepts the inevitability of Saudi Arabia's growing influence on tennis but the American great fears the country's ambition to host a 10th Masters tournament could add to player and fan fatigue. The outspoken New Yorker has been one of the most vocal critics of Saudi Arabia's big-money push into tennis, describing the potential engagement of the women's tour with the country as "laughable". According to a source with knowledge of the plans, Saudi Arabia's Public Investment Fund (PIF) is keen to own a tennis event featuring the top players, with multiple reports saying they are eyeing a slot before the Australian Open in January.

• The Kingdom of Saudi Arabia and Rezolve AI Ink Pioneering MOU to Establish Global AI Market Leaders

  In a strategic move that highlights the Kingdom of Saudi Arabia's commitment to technological advancement and economic growth, the Ministry of Investment of Saudi Arabia (MISA) has forged a groundbreaking partnership with Rezolve AI Limited. This collaboration is set to revolutionize the artificial intelligence (AI) landscape, establishing an AI Centre of Excellence in Saudi Arabia as a cornerstone of Vision 2030's innovation and development goals.

• Saudi-based investment group Energy Capital Group acquires Aujan Industrial Solutions

  Saudi Arabia-based investment group Energy Capital Group (ECG) has completed the acquisition of Aujan Industrial Solutions (AIS), a leading provider of solutions to the oil and gas, petrochemical, metals and mining and water markets with 30 years of experience and expertise. AIS' lines of business include value added distribution, fire and gas solutions, measurement intelligence and technology solutions. This marks the fourth investment of the fund which announced a first close in Q3 2023. The fund plans a further 4-5 investments within 2024. Energy Capital Group is investing in businesses that can capitalise on the significant investment going into regionally relevant value chains and driving the need for technology-based services and turnkey solutions across the industrial supply chain.

• Saudi Arabia’s King Salman allocates $800m to social security recipients during Ramadan

  Saudi Arabia’s King Salman has ordered the distribution of more than SR3 billion ($800 million) in Ramadan assistance to social security recipients, the Saudi Press Agency reported on Sunday. The assistance includes SR1,000 for heads of families and SR500 for each dependent. The funds will be deposited directly into beneficiaries’ bank accounts, the SPA said. Saudi Minister of Human Resources and Social Development Ahmad bin Sulaiman Al-Rajhi praised the king for his generosity in helping citizens with their needs during the holy month.

• Saudi Arabia’s thriving startup scene driven by women

  It's now almost impossible to imagine the Saudi economy without the thriving startup scene and its female entrepreneurs. Less than a decade ago, the situation was largely different.

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