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Value of Saudi e-commerce revenues expected to reach $69bln by 2025: Monsha’at
According to a report from the Small and Medium Enterprises General Authority (Monsha’at), the number of e-commerce platform users in the kingdom is expected to reach 34.5 million by 2025, marking a 42% increase from 2019 to 2024.
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Saudi anti-corruption law strengthened
Saudi Arabia’s Council of Ministers recently enacted a stringent new law designed to tackle corruption among government employees.
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Saudi non-oil economy continues growth
Jadwa Investments’ August 2024 macroeconomic update showed robust growth in non-oil activity.
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Esports World Cup crowns winners after historic 8-week tournament
The Esports World Cup Foundation, the non-profit organization hosting the Esports World Cup, the world’s largest esports competition and gaming festival, celebrated the historic inaugural event with HRH Mohammed bin Salman in attendance by crowning Team Falcons the first Esports World Cup Club Champion on Sunday night in Riyadh, Saudi Arabia.
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184 foreign companies move regional HQ to Saudi Arabia during first half of 2024 – MISA
Saudi Arabia’s Ministry of Investment reported that 184 foreign companies moved their regional headquarters to Saudi Arabia after obtaining an investment license during the first half of 2024.
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Saudi Professional League Season starts; summer transfer window subdued
The SUSTG Review wrote in July that Saudi Arabia’s professional football transfer strategy has evolved. After numerous blockbuster acquisitions in 2023, the current transfer window (though not over) has been subdued.
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ACWA Power commissions 700-MW solar park in Saudi Arabia; First of four planned for 2024
Co-owner ACWA Power has commissioned The 700-MW Ar Rass solar photovoltaic project located in Qassim province, north of Riyadh. The electricity from Ar Rass will go to the national grid under a 25-year offtake agreement with the Saudi Power Procurement Company (SPPC).
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Saudi’s Public Investment Fund issues 2023 Annual Report
PIF governor Yasir Al Rumayyan noted that the fund has increased its global reach, unveiled giga-projects, launched portfolio companies and delivered “ahead of financial return targets – in line with the goals of its Vision Realisation Programme 2021-2025”.
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KSA and it’s summer power surge challenge
In terms of oil consumption used for its electricity sector Saudi Arabia matches the entire oil consumption of Italy, Spain or Turkey. The kingdom’s oil for power use spikes over 1 million barrels per day in summer to generate power and water.
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Tourists to KSA spend over $37b in 2023
The Ministry of Tourism released it’s annual tourism statistics report for 2023 this week reflecting significant growth in tourist numbers and spending.
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Saudi Arabia unveils designs for 2034 Fifa World Cup stadium: Video
King Salman Stadium is to host 92,000 fans and will feature an indoor sports hall and an Olympic-sized pool.
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Saudi foreign minister meets with US Secretary of State at Brazil G20
Saudi Foreign Minister Prince Faisal bin Farhan met with US Secretary of State Antony Blinken on the sidelines of the G20 Summit in Rio de Janeiro, Brazil. During the meeting, they discussed bilateral relations, developments in the Middle East, and the efforts being made in these regards. The meeting was attended by the Director-General of the Office of the Foreign Minister Abdulrahman Aldawood.
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Saudi king chairs cabinet meeting for first time since September
Saudi Arabia's King Salman chaired the weekly cabinet meeting on Tuesday, according to state television, for the first time since Sept. 24.The 88-year-old king of the world's biggest oil exporter, a major U.S. ally in the Middle East, recovered in October from lung inflammation after undergoing medical tests. His last cabinet meeting in September came after a royal decree a month earlier allowing the cabinet to convene in the absence of both himself and the prime minister, his son Crown Prince Mohammed bin Salman.
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Chaos in Rio Shows a World Untethered Even Before Trump Returns
What was billed as a moment for “the West and the Rest” to show unity only served to show how quickly the guardrails are coming off the international rules-based order. North Koreans are fighting in Europe for the first time. Israel is resisting US efforts to halt fighting with Hezbollah and Hamas. China is regularly conducting military exercises surrounding Taiwan. Nuclear threats are becoming commonplace. The sense of global disorder played out in Rio, most vividly when US President Joe Biden and two other Group of Seven leaders — Canadian Prime Minister Justin Trudeau and Italian premier Giorgia Meloni — missed the traditional “family photo” on the first day of the summit. The US said the picture was taken early, while organizers said Biden was late.
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NEOM projects still on track despite CEO departure, Italian construction firm Webuild says
Italy’s construction group Webuild reportedly said its activities connected to Saudi Arabia’s NEOM are continuing in line with the plan, after the infrastructure mega project’s long-time chief executive left the role last week. “Webuild has no evidence of changes in the activity plan initially set for the projects it is implementing, nor has it recorded any delay in payments,” the company told Reuters on Tuesday. Webuild, which has been active in Saudi Arabia for 60 years, is building a system of three dams that will feed an artificial lake in the Trojena area and a high-speed railway called the Connector.
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Number of Saudi workers in private sector hits 2.34mn, up 35% in five years: Minister says
In absolute terms, the number of Saudi workers in the private sector reached 2.34 million currently from 1.7 million in 2019, Minister of Human Resources and Social Development Ahmed Al-Rajhi said. Chairing a panel discussion at the Riyadh Economic Forum on Tuesday, the minister, however, said there has been a decline in the overall unemployment rate to 3.3 per cent in the second quarter of 2024, compared to 5.6 per cent in the same period in 2019. “The unemployment rate among Saudis dropped to 7.1 per cent in Q2 2024, compared to 12.3 per cent during the same period in 2019,” Al-Rajhi said.
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Netanyahu, in Gaza, says Hamas will no longer rule enclave
Israeli Prime Minister Benjamin Netanyahu said during a visit to Gaza on Tuesday that Hamas would not rule the Palestinian enclave after the war had ended and that Israel had destroyed the Islamist group's military capabilities. Netanyahu also said Israel had not given up trying to locate the 101 remaining hostages believed to be still in the enclave and he offered a $5 million reward for the return of each one.
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Riyadh Season: Jennifer Lopez’s performance, set design spark controversy
One of the fashion shows featured a runway with a cube-shaped display resembling the Kaaba in Mecca. Models circled around it, much like the ritual of Muslim pilgrims circling the Kaaba during the Hajj pilgrimage. Many viewed the juxtaposition of the models against something resembling the holiest site in Islam as disrespectful to the religion. Many online said the stage prop was not meant to emulate the Kaaba, but that it was a display screen used by several entertainment companies. The Anti-Rumors Authority, an NGO in Saudi Arabia, also confirmed it was not a model of the Kaaba, but the similarity and imagery still angered many people.
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Pact inked to establish Saudi-Brazilian Coordination Council
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan met his Brazilian counterpart Mauro Vieira on the sidelines of the G20 Summit in the Brazilian city of Rio de Janeiro on Tuesday. During the meeting, they reviewed bilateral relations between the two countries and ways to further develop them. The ministers discussed regional and international developments and the efforts made in this regard. During the meeting, the ministers signed a memorandum of understanding to establish the Saudi-Brazilian Coordination Council. This is in continuation of the agreement reached between the leaders of the two countries during the visit of Brazilian President Luiz Inacio Lula da Silva to Saudi Arabia on November 30, 2023.
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Pure Data Centres and Dune Vaults team up for hyperscale data centers in Saudi Arabia
Faisal AlRahbiny, founder and MD of Dune Vaults, said: “We are dedicated to establishing over 1GW of sustainable data center capacity in Saudi Arabia, aligning with market demand estimates and supporting the Kingdom’s Vision 2030 digital transformation goals. Through our strategic partnership with Pure DC, we are bringing advanced data center solutions to meet the needs of global hyperscalers whose presence in the Kingdom will accelerate digitization and economic growth." Pure DC currently has more than 500MW of IT capacity live or under development across the UK, Europe, the Middle East, and Asia. The company purchased land in Madrid, Spain, earlier this year for its first foray into the Spanish market.
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