MUST-READS

• Blinken to meet Saudi crown prince before heading to Israel

  Blinken "emphasised the importance of preventing further spread of the conflict", during talks in Abu Dhabi on Monday with United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi, a US summary of the meeting said. "This is a conflict that could easily metastasise, causing even more insecurity and even more suffering," Blinken said on Sunday in Qatar, the previous leg of his tour. The war in Gaza started with Hamas's unprecedented October 7 attack on Israel, which resulted in about 1,140 deaths, most of them civilians, according to an AFP tally based on official Israeli figures. Read more: https://www.al-monitor.com/originals/2024/01/blinken-meet-saudi-crown-prince-heading-israel#ixzz8OEllJb9B

• Saudi Arabia’s FDI surges by 29 percent in Q3 of 2023

  Recently, Saudi Arabia’s Ministry of Investment adopted a new methodology, endorsed by the IMF and praised by UNCTAD, to enhance the accuracy of FDI reporting. Analyzing individual financial statements of over 10,000 foreign companies from 2015 to 2022, the new methodology provides a more precise picture of FDI trends. Under the revamped methodology, the FDI stock balance in Saudi Arabia has shown consistent growth from SAR413 billion in 2015 to SAR775 billion in 2022. FDI inflow, in particular, has seen a significant increase, reaching SAR122 billion in 2022 compared to SAR64 billion in 2015. This positions Saudi Arabia as the 16th largest recipient of FDI among the G20 economies.

• MBC Group shares soared by 30 percent to 32.5 riyals ($8.7) on Monday

  MBC Group shares soared by 30 percent to 32.5 riyals ($8.7) on Monday with the commencement of trading on the Saudi stock market. Leading the day’s gains, MBC Group’s shares saw significant trading activity, with around 37.3 million riyals ($9.9 million) exchanged over approximately 1.15 million shares by 10:17 pm Saudi time.

• What analysts expect for Saudi Arabia in 2024?

  International institutions like the International Monetary Fund (IMF) and the World Bank see a leap in the growth of non-oil activities in the Kingdom and the region, as there is still a strong growth momentum in the non-oil sectors. The World Bank expects the non-oil economy to grow, while the IMF set the fair price of oil in the Kingdom’s 2024 budget at $75.1 per barrel.

• What analysts expect for Saudi Arabia in 2024?

  International institutions like the International Monetary Fund (IMF) and the World Bank see a leap in the growth of non-oil activities in the Kingdom and the region, as there is still a strong growth momentum in the non-oil sectors. The World Bank expects the non-oil economy to grow, while the IMF set the fair price of oil in the Kingdom’s 2024 budget at $75.1 per barrel.

• Tawakkalna App to introduce new messaging service to communicate with individuals

  The Saudi higher authorities have approved the adoption of a messaging service initiative on the Tawakkalna application as an official channel for government and private agencies to communicate with individuals, Okaz/Saudi Gazette has learned from well-informed sources.

  Tawakkalna application, affiliated with the Saudi Data and Artificial Intelligence Authority (SDAAI), is one of the government-automated systems and electronic means that government agencies may use to communicate with individuals and receive messages and notifications therein. SDAAI is the competent authority in the Kingdom concerned with data and AI including big data.

• Oil slides as Saudi price cuts counter Middle East worries

  Oil prices fell by more than 2% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East.

• Peterhansel takes 50th Dakar win in Saudi dunes

  Audi veteran Stephane Peterhansel left his rivals trailing in the dust on stage two of the Dakar Rally on Sunday in a treacherous 463km race through the winding dunes of the Saudi desert. Only nine-time rally world champion Sebastien Loeb got anywhere near Peterhansel at 29sec as American rookie Seth Quintero came home third at 3min 11sec. The 58-year-old Peterhansel scooped his 50th Dakar Rally stage win to become joint record holder with Ari Vatanen. Read more: https://www.al-monitor.com/originals/2024/01/peterhansel-takes-50th-dakar-win-saudi-dunes#ixzz8OEj8KoA0

• Saudi Arabia’s Tadawul launches index to track top 50 companies

  Saudi Arabia's Tadawul stock exchange has launched a new index that tracks the top 50 companies ranked by their market value on the Arab world’s biggest bourse.

  The TASI 50 index comprises companies that cover 90 per cent of Tadawul’s free float market cap with a minimum annual traded value ratio of 5 per cent, the bourse said in a statement on its website on Sunday.

  The ratio signifies the proportion of the total stock value traded annually, ensuring the companies included in the index are actively traded and not illiquid or rarely transacted.

• Backstreet Boys, Cairokee and Afrojack to close Diriyah E-Prix weekend in Saudi Arabia

  American boy band Backstreet Boys will headline the 2024 Diriyah E-Prix on January 27. The second and final day of the ABB FIA Formula E World Championship races will also see Egyptian rock band Cairokee and Dutch DJ Afrojack take to the stage.

  The Backstreet Boys are no strangers to the region, and made their Saudi Arabia debut in June 2019, as part of the Jeddah Season cultural festival. Their latest show in the kingdom was last May, preceded by their sold-out debut Abu Dhabi performance.

  Likewise, Afrojack played at the Formula 1 Saudi Arabian Grand Prix 2023 in March.

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