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  • Saudi Arabia’s hyperlocal retail market poised for $13.5bn surge, driving sector growth by 2030

    The retail market sector in Saudi Arabia is projected to see a major growth, with hyperlocal marketing emerging as a major driver with an estimated $13.5 billion (SAR 50 billion) in size, accounting for nearly 2 per cent of the country’s non-oil GDP over the next five years, a market study and sector experts said. The Kingdom’s hyperlocal market – serving customers in small geographical areas – is also predicted to see a slew of IPOs (initial public offers) as the leading players scurry to raise investments to fund their aggressive growth plans amidst the market seeing major consolidation drive.

  • Panic as Lebanese expats race to book flights for family out of Beirut amid escalating Lebanon-Israel conflict

    As most airlines suspend flights to and from Beirut, tickets on Lebanon’s national carrier MEA – the sole remaining operator – are sold out for weeks, stranding many seeking escape.

  • Life in Israel One Year After Oct. 7

    Gallup surveys conducted in Israel in July and August 2024, nearly one year after Hamas attacked Israel on Oct. 7, tell a story of a country at war and still struggling to recover from its darkest day in recent history. Here are five key insights into life in Israel as the war with Hamas continues in 2024 and threatens to widen.

  • Saudi minister warns of $50 oil if OPEC members don’t adhere to production cuts

    The report said he singled out Iraq and Kazakhstan in particular. About half of the oil market is supplied by OPEC members as other countries including the U.S. and Brazil are increasing production. The comments were reported to have been made before Iran lobbed missiles at Israel, which sent crude prices higher.

  • Saudi Arabia’s ACWA Power, Turkey Discussing Energy Investment

    Saudi Arabia’s ACWA Power Co. is in talks with Turkey about investing in the country’s green-energy industry, according to Turkish officials familiar with the negotiations. Turkey’s Vice President Cevdet Yilmaz told a local news channel over the weekend that a “Saudi-owned company” had expressed interest in investing $5 billion in energy and other sectors. The talks are between ACWA Power and the Ministry of Energy and Natural Resources, the officials said, asking not to be identified because the matter is private. It’s not clear how far those talks have advanced.

  • Saudi’s Mining Minister Sees No Obstacles to Dealmaking in Canada

    Saudi Arabia’s mining minister doesn’t see any barriers preventing dealmaking by the Kingdom into Canada’s mining sector, despite government rules restricting investments from state-owned foreign entities. “I have no reason to believe there will be an issue,” Minister Bandar Alkhorayef said in a Monday interview in Toronto, where he’s part of a Saudi delegation meeting with Canadian mining companies to discuss investment opportunities.

  • Saudi Arabia slashes growth forecasts, sees wider budget deficits

    Saudi Arabia cut its growth forecasts and raised its budget deficit estimates for the fiscal years 2024 to 2026, looking ahead to a period of higher spending and lower projected oil revenues. Real gross domestic product is now expected to grow 0.8% this year, a dramatic drop from a previous estimate of 4.4%, according to the latest pre-budget report published by the Ministry of Finance on Monday. The GDP growth projection for 2025 has also been cut from a previous estimate of 5.7% to 4.6%; while the outlook for 2026 has been trimmed from 5.1% to 3.5%.

  • Saudi space pioneer recognized by Guinness World Records as first female Arab in space

    The first female Arab astronaut has had her pioneering spaceflight recognized by Guinness World Records, the organization announced on Monday. Saudi Rayyanah Barnawi was part of the Axiom Mission 2 that launched from Cape Canaveral in Florida on May 21, 2023. She was accompanied by fellow Saudi Ali Al-Qarni aboard a craft bound for the International Space Station. In her first message she said: “This trip does not represent me alone, but rather the entire Arab world and all Saudis. We are living a dream that once seemed impossible but has become reality.”

  • Saudi Arabia expects 2024 deficit to widen to 3% of GDP

    Saudi Arabia estimates its 2024 fiscal deficit will widen to almost 3% of GDP, according to a government statement on Monday, as it increases spending to boost growth and meet the objectives of its Vision 2030 economic transformation plan.  The kingdom expects to post a fiscal deficit of 118 billion riyals ($32 billion) this year, equal to 2.9% of GDP, a preliminary budget statement showed, wider than the 79 billion riyals projected in the 2024 budget statement in December.

  • Saudi Arabia’s AUM to cross $300B in 2 years, says Fitch

    Saudi Arabia's assets under management (AUM) are expected to cross $300 billion within a couple of years, said Bashar Al Natoor, Global Head of Islamic Finance at Fitch Ratings. This will be driven by Vision 2030’s Financial Sector Development Program, said the official, adding that there is strong demand for Islamic products, with around 95% of mutual funds being sharia-compliant. "The industry's AUM reached 22% of GDP in 2023, with private funds three times larger than public funds. Saudi bank-affiliated managers held 63% of industry revenues, but competition from international managers is rising as the government attracts them to Saudi Arabia," he added.