MUST-READS

• CMA Chief unveils 3-year strategy to bolster Saudi capital market’s global standing

  Announced on September 12, 2024, the newest CMA strategic plan is structured around three main pillars and nine strategic objectives. The first pillar aims to activate the role of the capital market in financing and investment by enhancing the role of the stock market in financing, and developing the Sukuk and debt instruments market. It also aims to enable the growth of the asset management industry, and enhance capital market services to attract more international investments.

• Saudi Arabia condemns Netanyahu’s storming of Palestinian Jordan Valley

  Saudi Arabia’s Ministry of Foreign Affairs strongly condemned Israeli Prime Minister Benjamin Netanyahu’s storming of the Palestinian Jordan Valley in what it described as a “provocative attempt” to expand illegal settlements, the Saudi Press Agency (SPA) reported on Thursday. The Israeli PM’s intrusion “aims to expand settlements that violate all international laws and legitimate decisions,” SPA cited a ministry statement as saying.

• Saudi surgeon performs world’s first robotic heart transplant on teen

  A Saudi surgeon has performed the world’s first robotic heart transplant on a teenager in the Kingdom. The two-and-a-half-hour surgery, led by Saudi cardiac surgeon Dr. Feras Khaliel at the Kingdom’s King Faisal Specialist Hospital and Research Center (KFSHRC), was carried out on a 16-year-old suffering from stage four heart failure.

• Analysis: Saudi’s NEOM Dream Deferred: Low Funds, High Risk And China-US Strategic Rivalry

  In April this year, Saudi Arabia revised its target for The Line – a unique linear city inside NEOM which has received global attention for its avant-garde architecture and a revolutionary concept of carbon-neutral urban living. The kingdom announced a massive scaling-down in the size of the metropolis from 105 to 1.5 miles along with a decrease in likely inhabitants to 300,000 from original target of 1.5 million.

• Saudi Arabia’s Turki Al-Shaikh tops list of most influential people in boxing, MMA, pro wrestling

  Saudi Arabia's General Entertainment Authority Chair Turki AlShaikh came in the top spot of ESPN ranking of "who currently holds all the influence across boxing, MMA and pro wrestling and how they wield it,” according to Mike Coppinger of ESPN.com. The rankings, which were determined with the help of 30-plus industry power players -- fighters, promoters, executives, lawyers, managers and media -- looked at four factors:

• Saudi Arabia’s IPI rises 1.6% in July: GASTAT

  Saudi Arabia’s Industrial Production Index (IPI) for July 2024 rose by 1.6% compared to the same month in 2023. This growth was attributed to heightened activity in the manufacturing industry, electricity, gas, steam, and air conditioning supply activities, as well as water supply, sewerage, waste management, and remediation activities, a General Authority for Statistics (GASTAT) bulletin said.

• Statement Issued Following the Fourth Meeting of High-Level Saudi-Chinese Joint Committee

  Both parties commended the robust economic, trade, and investment relations between the two nations, with Saudi Arabia being China's top trading partner in the Middle East and reciprocally, China being the Kingdom's foremost trading partner. Trade between the two countries reached $48 billion by June 2024, with Saudi exports to China totaling $24 billion and Chinese exports to the Kingdom also amounting to $24 billion.

• Poverty in Yemen: Tracing the Path to Economic Downturn
  For the last ten years, a complex civil war has engulfed Yemen, leading to one of the worst humanitarian crises in the world. International reports indicate that Yemen currently ranks second globally among countries most affected by acute hunger, with millions of Yemenis facing escalating levels of malnutrition, poverty, and deprivation, as well as a severe shortage of basic services. The conflict development in the Red Sea by attacking the ships, hindering the delivery of humanitarian aid and external funding, has exacerbated the situation and accelerated the collapse of living standards.

• Saudi Arabia’s Riyadh Air begins noncommercial flights ahead of expected launch

  Saudi Arabia’s new airline, Riyadh Air, began on Thursday operating noncommercial flights ahead of its expected official launch next year. The first flight, RX5001, commenced from Riyadh to Jeddah as part of the airline’s Air Operator Certificate (AOC) process that is required by the General Authority of Civil Aviation (GACA). Riyadh Air is scheduled to start operations in 2025 with plans to fly to over 100 destinations worldwide by 2030.

• China prioritizes Saudi Arabia in overall diplomacy, particularly in Middle East – Chinese premier

  China puts the development of relations with Saudi Arabia as a priority in its overall diplomacy, especially in its Middle East diplomacy, Chinese Premier Li Qiang said here on Wednesday. He called on both sides to further expand bilateral trade, deepen cooperation in traditional areas such as oil and gas, petrochemicals and infrastructure, explore collaboration in emerging fields like new energy, information and communication, and the digital and green economies, while encouraging their respective companies to invest in each other's countries and working together to maintain global industrial and supply chain stability.

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