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  • MENA’s Renewable Energy Promise
     

    Saudi Arabia and other GCC countries are in a position to become, “not just a major source of renewable energy, but also a central and indispensable player in the global energy transition, uniquely able to balance supply and demand for all types of energy, both hydrocarbons, and renewables.”

     
  • Aramco Share Sale Nets $12 Billion
     

    This is Aramco’s second share sale after it first entered public markets in 2019 offering 1.5% of the company and raising a record $29.4 billion, history’s largest IPO to date. Aramco is the world’s largest oil company in terms of both daily crude production and market cap.

     
  • KSA Hosts 2024 World Environment Day
     

    Saudi Arabia is hosting the 2024 World Environment Day on June 5 and the upcoming 16th Conference of the Parties of the UN Convention to Combat Desertification and Drought (COP16) in December 2024.

     
  • Deals Flow at Third Annual Future Aviation Forum
     

    Organized by Saudi Arabia’s General Authority of Civil Aviation (GACA), the third edition of the Future Aviation Forum, saw the signing of 102 MOUs, agreements and deals totaling over $21 billion along with numerous investment offers in the Saudi aviation sector valued at $100 billion.

     
  • 2024 Esports World Cup in Riyadh Buzz Grows
     

    The inaugural 2024 Esports World Cup, an annual event replacing Gamers8 and run by the Esports World Cup Foundation, will take place in Riyadh this July 4 – August 24 featuring 20 events in 19 video game titles as well as the largest prize pool in esports history of over US$60 million.

     
  • Goldman Sachs set to open Regional HQ in Riyadh
     

    Bloomberg reports that Goldman Sachs Group Inc. has become the first Wall Street bank to receive a license from the Ministry of Investment to set up its regional headquarters in Riyadh.

     
  • “The Clean Hydrogen Economy and Saudi Arabia”: A Roadmap to Energy Leadership
     

    Faculty and researchers from King Abdullah University of Science and Technology (KAUST) and King Abdullah Petroleum Studies & Research Center (KAPSARC) have unveiled a new publication: “The Clean Hydrogen Economy and Saudi Arabia.” 

     
  • Saudi Entertainment Ventures (Seven) and Qiddiya Combine
     

    Seven, a wholly owned public investment fund (PIF) company, has now become a wholly owned subsidiary of Qiddiya to enhance the offerings of both companies and support its wider strategy for the entertainment, leisure and sports sector.

     
  • Saudi Internet Penetration Reaches 99%
     

    According to the “Internet Saudi Arabia” report for 2023, published by the Communications, Space, and Technology Commission, both men and women demonstrated high levels of internet usage, with rates of 99.3 percent and 98.5 percent respectively. The report also says that 52.3% of users spend more than seven hours online each day.  

     
  • IMF Sees OPEC+ Turn on Oil Production as Boon for Saudi Economy in 2025 – Report
     

    The International Monetary Fund said it expects OPEC and its partners to start increasing oil output gradually from July, “a transition that’s set to catapult Saudi Arabia back into the ranks of the world’s fastest-growing economies next year,” according to a report in Bloomberg. “We are assuming the full reversal of cuts is happening at the beginning of 2025,” […]

     

MUST-READS

  • Saudi Arabia says Israeli aggression in Gaza, Lebanon pushing region to wider war

    Israel’s aggression in Gaza and Lebanon is pushing the region to a wider war, Saudi Arabia’s Minister of Foreign Affairs Prince Faisal bin Farhan told the opening session of the G20 Summit in Rio de Janeiro on Monday. “The ongoing Israeli aggression in Gaza and Lebanon has caused unprecedented levels of human suffering, pushing the region to a wider war and undermining the credibility of international law and institutions,” Prince Faisal said in his opening speech during a session.

  • Saudi Arabia bans commercial use of symbols and logos of other countries

    Saudi Minister of Commerce Dr. Majed Al-Qasabi issued a decision banning the commercial use of symbols and logos of countries, as well as religious and sectarian symbols and logos. This is aimed at preventing the abuse or misuse of these symbols and logos. The ministry had previously announced the ban on using Saudi Arabia’s flag, which includes the name of God, the word of monotheism, the state emblem (the two swords and the palm tree), and pictures of the leadership and officials and their names in commercial transactions, including “printed materials, goods and products, media bulletins, special gifts, and others.”

  • S&P Global expects GCC banks to continue strong performance in 2025

    "The unanticipated, severe increase in geopolitical risk or a major decline in oil prices could weigh on banks’ creditworthiness," S&P said. "Depending on how the scenario unfolds, we expect banks will be relatively resilient." The GCC countries will also benefit from the implementation of economic transformation projects, especially Saudi Arabia, the agency said. It noted that the GCC banks will continue to grow their lending books without generating major macroeconomic imbalances.

  • Saudi cabinet reviews Arab-Muslim summit, reaffirms support for Palestine and Lebanon

    Central to the session was a review of the extraordinary Arab and Islamic summit held in Riyadh on Monday and the crown prince’s engagements with leaders from various countries. The cabinet praised the summit’s outcomes and welcomed its signing of the Tripartite Mechanism Document to Support Palestine, a joint initiative by the Organization of Islamic Cooperation, the League of Arab States, and the African Union Commission.

  • GCC banks to remain resilient in 2025 despite anticipated rate cuts: S&P Global

    GCC banks maintain strong capitalization levels, which continue to underpin their overall creditworthiness, according to the report. Shareholder support has been a key factor, with dividend payouts generally below 50 percent, allowing banks to retain profits and stabilize their capital positions.  The quality of capital remains robust, with limited reliance on hybrid instruments. However, S&P Global anticipates an increase in hybrid issuance by GCC banks over 2025-2026, as institutions seek to take advantage of lower interest rates and address the first call dates of previously issued instruments.

  • Exxon chief says Donald Trump shouldn’t abandon the Paris climate accords

    CEO Darren Woods told The Wall Street Journal that Trump’s pledge to leave the climate accords for a second time — Trump exited them in his first term and President Joe Biden reentered the agreement after his inauguration — would create instability. “I don’t think the stops and starts are the right thing for businesses,” Woods said. “It is extremely inefficient. It creates a lot of uncertainty.” Woods’ statement isn’t a particularly surprising one, given Exxon’s celebration of Biden’s decision to reenter the Paris accord in 2021. Woods told the Journal that you don’t want “to have the pendulum swing back and forth as administrations change.”

  • Saudi Arabia Makes Significant Leap in World Bank’s SPI

    Saudi Arabia has demonstrated remarkable progress in the World Bank’s Statistical Performance Index (SPI), jumping 22 spots in 2023. The Kingdom now leads the Gulf and Arab regions and ranks 14th among G20 nations, an improvement from 18th in 2022. The World Bank’s latest evaluation, which includes 187 countries, highlighted the Kingdom’s significant advancements across five essential development areas globally. These areas include data sources, service quality, statistical usage, infrastructure, and related technological development across various sectors in Saudi Arabia. An updated methodology and time series data from 2016 to 2023 supported this comprehensive and detailed assessment of progress. Saudi Arabia achieved an impressive 95% score in the fifth area of development, demonstrating remarkable progress in its metrics. This score placed Saudi Arabia among the top seven G20 countries in terms of this specific development area.

  • Arab, Muslim leaders meet in Saudi Arabia for talks on Gaza, Lebanon wars

    The summit builds on the earlier Arab-Islamic summit held in Riyadh on Nov. 11, 2023, following the directives of King Salman and complementing the efforts of Crown Prince Mohammed bin Salman to address the dangerous and unprecedented developments in Gaza and the rest of Palestine. The foreign ministers of Saudi Arabia, Jordan, Egypt, Qatar, Turkiye, Indonesia, Nigeria, and Palestine, along with the secretaries-general of the Arab League and the Organization of Islamic Cooperation, aim to initiate immediate international action to halt the war on Gaza and achieve a lasting, comprehensive peace.

  • Saudi crown prince demands immediate Gaza, Lebanon ceasefire at Arab summit

    Saudi Arabia's de facto ruler called for immediate ceasefires in Gaza and Lebanon at a joint Arab League and Organisation of Islamic Cooperation summit on Monday. Crown Prince Mohammed bin Salman said the international community must "immediately halt the Israeli actions against our brothers in Palestine and Lebanon", condemning Israel's campaign in Gaza as "genocide".

  • Saudi Arabia Inks Over $18 Billion in Agreements on Biban24 Opening Day

    Saudi Arabia’s Small and Medium Enterprises Authority (Monsha’at) signed over 17 agreements and MoUs worth SAR 18 Billion on the first day of Biban24. This marked a major milestone in the Kingdom’s efforts to transform its rapidly growing SME sector. The forum kicked off on 5 November, bringing together startups, fintechs, and enterprises from around the globe. These participants struck diverse, innovative agreements aimed at enhancing regional and global SME sectors. Biban24, the Kingdom’s largest startup and SME event, runs from November 5th to November 9th, 2024, at the Riyadh Front Exhibition & Conference Center. Monsha’at secured both local and international agreements, including an MoU with Korea’s Ministry of Small and Medium Enterprises. This partnership focuses on enhancing SME technical classification, with a particular emphasis on the fintech sector.