MUST-READS

• Saudi Stocks Trail Emerging Peers for First Time Since Pandemic

  The Tadawul All Share Index is nearly 6% behind the MSCI Emerging Markets gauge so far this year, the first time it’s trailed in the period since 2020 when tumbling demand battered oil prices. Once again, Saudi shares are tracking a drop in crude, while authorities have reportedly scaled back the futuristic Neom development — a major driver for several sectors in the market in the past few years.

• Blueprint Foresees Dramatic Expansion of Saudi Aviation Sector

  Sweeping new proposals for Saudi general aviation herald official government sanction that would increase airports, aircraft operators, and MROs for the sector, which includes business aviation. The roadmap—"Saudi Arabia: A New Global Hub for General Aviation"—anticipates tourism growing 2.5 times by 2030 and an overall SAR$365 billion ($97 billion) to be spent on tourism and aviation.

• Saudi Arabia prepares for Riyadh Metro launch, more infrastructure to ease traffic

  Saudi Arabia is looking forward to the launch of the Riyadh Metro and expanding the infrastructure to facilitate traffic, said Minister of Transport and Logistics Services Saleh Al-Jasser. Speaking at the third edition of the Future Aviation Forum (FAF) 2024, Al-Jasser asserted Saudi Arabia’s keenness to apply the latest technologies for traffic management and legislative arrangements to improve traffic in Riyadh.

• Saudi Aviation Industry Likely To Create 35,000 New Jobs by 2030

  Saudi Arabia's aviation sector contributed $21 billion to the Kingdom's gross domestic product in 2023 while generating an additional $32.2 billion in tourism receipts, positively impacting other key areas of the economy.

  "This transformation is one that we invite the world to share. We seek private sector partners with expertise to help us achieve our ambition," said Al-Jasser.

• Ireland, Spain, Norway announce recognition of Palestinian state
  Ireland, Spain and Norway announced on Wednesday that they would recognise a Palestinian state on May 28, saying they hoped other Western countries would follow suit, prompting Israel to recall its ambassadors.
  Spain's Prime Minister Pedro Sanchez said the move was aimed at accelerating efforts to secure a ceasefire in Israel's war with Hamas in Gaza.

• Saudi Arabia completes 1st phase of desertification assessment with creating 246 maps

  The National Center for Vegetation Development and Combating Desertification (NCVC) has completed a significant step in its fight against desertification with the first phase of a project to assess the state of land degradation across the Kingdom. This resulted in the creation of 246 detailed maps, which provide valuable insight into desertification trends and the current state of land degradation in different regions. NCVC teams conducted extensive field surveys, research, and studies to better understand the process of desertification and land degradation, and identify effective strategies to combat them.

• Saudi Ma’aden has extracted lithium from seawater, CEO says

  Saudi Arabian Mining Company Ma'aden has successfully extracted lithium from seawater, although not at levels that are commercially viable and its project remains at the pilot stage, its CEO told Reuters on Tuesday.

• Saudi Crown Prince promises stable oil supply to Japan
  Saudi Arabian Crown Prince Mohammed bin Salman promised stable oil supplies to Japan in a video conference with Prime Minister Fumio Kishida on Tuesday, the Japanese Foreign Ministry said in a media release. The crown prince told Kishida that "Saudi Arabia remains committed to the stable supply of crude oil to Japan and that Saudi Arabia would like to cooperate with Japan in other areas including the field of clean energy," it said.

• Saudi Studio Telfaz11 Set To Shoot Concept Comedy ‘Alzarfa’ as Its Followup To Smash Hit ‘Sattar’

  Fast rising Saudi studio Telefaz11 – the label behind record-breaking wrestling comedy “Sattar” – is set to make an ambitious concept comedy titled “Alzarfa” that will combine the heist movie and film-within-a-film genres.

• Saudi Arabia’s national carrier orders more than 100 new Airbus jets as it ramps up tourism push

  Saudia Group, which represents the Saudia airline and its budget carrier Flyadeal, said Monday that it ordered 105 aircraft from the French aerospace company’s A320neo family of jets, including 12 A320neos and 93 A321neos. That brings Saudia Group’s Airbus aircraft order backlog to 144 of the A320neo family planes.

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