MUST-READS

• Estimating the economic impacts of AI in Saudi Arabia

  Since 2019, the World Bank has been actively engaged with Saudi authorities to enhance the Kingdom's digital sector, and with AI adoption spreading at breakneck speed across the globe, this work continues.  Our collaboration has aimed to transform the way people in Saudi Arabia experience everyday online transactions and engage with government services through partnership and technical assistance with four key digital authorities: 1) the Ministry of Communications and Information Technologies (MCIT), 2) the Saudi Digital Government Authority, 3) the Saudi Data and Artificial Intelligence Authority, and 4) the Digital Cooperation Organization. And tangible results were achieved. For example, Saudi Arabia successfully implemented key reforms that revolutionized the production and delivery of public services through digital means. These reforms have improved back-end operations related to data and information management, streamlined workflows and processes around people’s needs, and enhanced online user interfaces. As a result, Saudi Arabia recently came up number 6 out of 193 countries in the 2024 United Nations E-Government Survey ranking.

• Lebanon appreciates Saudi support for its stability: Aoun

  Aoun, in his first trip abroad as president, expressed hope that discussions with the crown prince will further enhance cooperation between the two nations. The Lebanese president said that it was “an opportunity to express gratitude to the Kingdom for hosting Lebanese individuals who have come to it years ago and contributed to its urban and economic development.” Aoun arrived at King Khalid International Airport in Riyadh in the afternoon, accompanied by Foreign Minister Youssef Raji. Aoun and his delegation are scheduled to travel to Cairo on Tuesday to participate in the extraordinary Arab summit.

• Saudi jobs market buoyant as Egypt and Kuwait struggle

  Staffing levels in Saudi Arabia surged in February as companies prepare for growth opportunities ahead. But it was a different story in neighbouring Kuwait and Egypt where jobs were lost in the face of a slowdown in new orders, according to the latest business sentiment surveys. Employment numbers in Saudi Arabia increased at the quickest rate in 16 months in February. The manufacturing and services sector in particular experienced significant growth, according to the seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), a monthly indicator of conditions in the non-oil economy. The index fell from a decade-high of 60.5 in January to 58.4 last month, but remains well above the 50.0 mark that separates economic growth from contraction.

• US energy push bodes well for GCC’s LNG interests

  Since his return to the Oval Office, Donald Trump has moved aggressively to unleash a new era for the American energy sector.  Last month, he established a National Energy Dominance Council, tasked with expediting projects by cutting red tape and promoting private-sector investment. He has also lifted a moratorium on liquefied natural gas (LNG) export permits, aiming to position the US as a leading exporter.  LNG is where GCC investors, who already have significant US gas interests, may invest further, according to analysts. Worldwide, demand for the relatively clean-burning fuel will rise by around 60 percent by 2040, according to Shell. Meanwhile Russia, a major exporter, is likely to be excluded for the foreseeable future. The US is not just the world’s largest exporter, having stepped into the European market, but it is also the most efficient producer.

• Aramco pays $21bn dividend despite 2024 profit slip

  Saudi Aramco will distribute a dividend of SAR80 billion ($21.4 billion) for the fourth quarter of 2024 despite full-year net profit falling 12 percent year on year to $106 billion. The company declared a base dividend of $21 billion for the fourth quarter, a 4 percent year-on-year increase, which will be paid in the first quarter of 2025. The performance-linked dividend was $0.2 billion, paid in the first quarter. The oil major expects total dividends to reach more than $85 billion in 2025. Cash flow from operating activities fell 5 percent to $136 billion in 2024 from $143 billion a year ago.

• Civil Defense warns of precaution amid forecast of rain in most Saudi regions until Friday

  The General Directorate of Civil Defense has issued a weather warning for most regions of Saudi Arabia. Moderate to heavy rain is expected to continue until Friday in the regions of Makkah, Riyadh, Madinah, Tabuk, Hail, Qassim, Eastern Province, Northern Borders, Al-Jouf, Al-Baha, and Asir. The Civil Defense urged all residents to take necessary precautions, avoid areas prone to flash floods such as valleys, and refrain from swimming in them. It also called on the public to stay informed about the latest weather updates through official channels and social media platforms.

• PIF and Goldman Sachs Asset Management Sign MoU to Partner on Investment in Saudi Arabia, GCC

  PIF and Goldman Sachs Asset Management today announced the signing of a non-binding memorandum of understanding (MoU) for PIF to act as a strategic anchor investor for new private credit and public equity strategies in Saudi Arabia and the wider GCC region. The new investment funds will aim to raise equity capital from international investors, with significant capital allocated for investments in Saudi Arabia. Under the MoU, the private credit strategy will target directly originated senior and junior loans and debt to companies that are domiciled in the GCC region or do most of their business with it. The public equity strategies will focus on investments in publicly listed equity securities of companies that are either listed on the Saudi exchange or have businesses connected to Saudi Arabia.

• Sonatrach and Saudi Aramco cut March LPG prices by 1-3%

  Saudi Aramco and Algeria's Sonatrach have cut March's official selling prices (OSPs) for liquefied petroleum gas (LPG) by 0.9-3.2% from the previous month because of lower oil prices and weak global LPG demand, traders said on Monday. Aramco's March OSP for propane was cut by $20 to $615 a metric ton while butane prices were dropped by $20 to $605 a ton, the traders said. Propane and butane are types of LPG with different boiling points. LPG is used mainly as fuel for cars and heating as well as a feedstock for other petrochemicals.

• PwC seeks to mend relations with Saudi Arabia, sources say
  PwC is working with Saudi Arabia and its sovereign wealth fund to mend relations with the kingdom, two people familiar with the matter told Reuters.
  Saudi Arabia's Public Investment Fund (PIF) and the kingdom as a whole are major clients for PwC, with over 2,600 of the consulting firm's global workforce dedicated to projects in the country. The kingdom has suspended activities between the $925 billion fund's holding company and PwC, while its portfolio companies can still engage the consultant, one of the people said. PwC told its employees in a memo on Friday, that the situation with Saudi Arabia related to a "client" matter, and not a regulatory issue, one of the sources told Reuters. Reuters could not establish how much business is at stake. PwC's Middle East activities generated 1.97 billion pounds ($2.5 billion) of revenue in its last set of full-year accounts to 30 June 2024. It did not provide a breakdown for Saudi Arabia.

• Saudi SRC signs $907mln deal to acquire mortgage portfolio from Saudi National Bank

  The Saudi Real Estate Refinance Company (SRC) has signed a 3.4 billion riyals ($907 million) agreement with Saudi National Bank (SNB) to acquire a mortgage portfolio, in a deal in which the largest bank in the kingdom is able to free up its capital and the mortgage refinance provider drives forward its agenda to infuse liquidity into the system.  SRC, owned by the Public Investment Fund (PIF), the Saudi sovereign wealth fund, is mandated to increase the availability of affordable housing finance options for Saudis. In providing Shariah-compliant refinancing and balance sheet management solutions to primary mortgage financiers, it has been buying up mortgage books from banks and finance companies in recent years. Late last year, it acquired a SAR 1 billion mortgage portfolio from Bidaya Finance. In 2023, the kingdom’s biggest Islamic lender Al Rajhi Bank by mortgage assets and market capitalisation, sold a portfolio of real estate loans to SRC for over SAR 5 billion. For their part, Saudi banks are looking to offload mortgages off their books as liquidity tightens in the banking system with deposits lagging loan growth.

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