MUST-READS

• US giants Pimco, Vanguard invest in Turkey after its return to rate hikes

  U.S. investment giants Pimco and Vanguard have bought local Turkish assets in recent months, betting that the country will maintain high interest rates after years of erratic policymaking under President Tayyip Erdogan.

  Interviews with top money managers at the companies show that two of the world's biggest investors, which together oversee nearly $10 trillion in assets, have grown constructive on Turkey since its newfound economic orthodoxy following Erdogan's re-election in May.

• Red Sea protection effort faces early hurdles

  Since October, Houthi militants have launched missile and drone attacks at U.S. forces in the region and Israeli targets in response to Tel Aviv’s military operations in Gaza, and in the weeks since more than 15 commercial ships have come under attack from Iranian-backed Yemeni militant group. And on Nov. 19, the Bahamas-flagged commercial vessel Galaxy Leader was boarded via helicopter and hijacked before being taken to the Yemeni port of Hodeidah.

• Saudi Arabia Launches Billion-Dollar Projects to Improve Industrial Sector

  According to a report issued by the Ministry of Industry and Mineral Resources on Thursday, during 2023, the government announced 50 investment opportunities in the machinery and equipment sector worth more than SAR 96 billion ($25.6 billion), as well as projects in the food industry worth SAR 20 billion ($5.3 billion). Last year, the ministry issued a license for the first Saudi brand to manufacture electric vehicles (Ceer), which is wholly owned by the Public Investment Fund, in addition to opening the first factory in the Kingdom to manufacture electric vehicles (Lucid).

• Musical Heritage Center Opens in Saudi Arabia

  The Saudi Arabian Ministry of Culture has launched the Tariq Abdulhakim Center (TAHC) as a hub for musical innovation and cultural exchange, promoting the knowledge and cultural awareness of Saudi and regional music. Located in Al-Balad — Jeddah’s historical area and a UNESCO World Heritage Site — the TAHC features a museum dedicated to the late Saudi musician, educator, and collector Tariq Abdulhakim, who was also founder of the Saudi military band.

• Savvy Games Group: “Approximately 75 percent of our capital allotment has not yet been invested”

  Savvy has three areas of focus - namely, games developers and publishers, esports organisations, and supporting the ecosystem here in the Kingdom. Saudi Arabia is a fascinating and rapidly growing market. There are over 21 million gamers in the Kingdom, 70 percent of the population, over 40 per cent of whom are women.

• Saudia claims top spot in Ipsos Saudi Arabia Reputation 2023 Survey

  Understanding the depth of this achievement requires a closer look at the Trust Index employed in the Ipsos survey. An index where 100 signifies an average organization’s trust level. Saudia not only surpassed the average but achieved an outstanding score of 177, outshining its peers and leaving an indelible mark on the reputation scale. In contrast, the lowest-scoring organization settled at a modest 64.

• Saudi Arabia Condemns Israeli Ministers’ Comments on Displacing Gazans

  Saudi Arabia has condemned remarks made by two Israeli ministers, who called for the displacement of the population of Gaza, the reoccupation of the enclave, and the construction of settlements. The Ministry of Foreign Affairs expressed the Kingdom’s "categorical rejection of the extremist remarks by two ministers in the Israeli occupation government."

• Saudi Arabia’s PIF buys 23.08% stake in paper company Mepco to diversify portfolio

  Saudi Arabia's sovereign wealth fund, the Public Investment Fund, has bought a 23.08 per cent stake in the Middle East Paper Company (Mepco) as the fund continues to expand its portfolio in key sectors of the kingdom's economy.

  The PIF acquired the stake in the Tadawul-listed Mepco by increasing capital and subscribing to new shares, it said on its website on Thursday.

  The total value of the investment was not disclosed.

  Mepco is an integrated paper manufacturer offering products for the packaging, construction and furniture sectors. It supplies the Middle East, Africa, Asia, the Americas and European markets.

• Soaring to new heights: the construction of Saudi Arabia’s King Salman International Airport

  The airport will be spread over 57 sq km (22 sq mi) and will also include 12 sq km (4.6 sq mi) of retail, logistics support and recreational facilities. Featuring six parallel runways, the airport aims to accommodate 120 million passengers, with extra capacity allowing for further growth of 185 million, and the capacity to process 3.5 million tonnes of cargo, by 2050. The new airport will take over the current King Khalid International Airport and will be designed by the British architecture firm, Foster + Partners. Seif A. Bahaa Eldin, Senior Partner at Foster + Partners, stated: “This visionary development will play an important role in shaping the city into a global hub of creativity and innovation.”

• Saudi Arabia estimates financing needs at $23 bln for 2024

  Saudi Arabia estimates financing needs of about $22.93 billion (86 billion riyals) in 2024 under a borrowing plan approved by Finance Minister Mohammed al-Jadaan, the National Debt Management Center (NDMC) said on Thursday. The Kingdom, the world’s top oil exporter, has forecast a budget deficit of 79 billion riyals in 2024, slightly smaller than a deficit of 82 billion riyals projected for last year as lower crude production and global prices reduced revenue.

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