MUST-READS

• 30% of cars sold in Saudi Arabia bought by women last year
  Japan, South Korea and the US stood out among the main suppliers of cars to Saudi Arabia over the past two years, according to the Saudi news agency SPA. Car sales in Saudi Arabia last year reached around 730,000, of which 30 per cent were bought by women, according to market observers.
  Car sales are expected to surge to 870,000 this year.

• Saudi Arabia among top 20 global car markets

  The Saudi car market has solidified its position as a leading automotive market, making it one of the top 20 car markets globally.

  The market represents more than half of all car sales in the Gulf Cooperation Council (GCC) countries. The Zakat, Tax and Customs Authority (ZATCA) recently announced that over 160,000 cars were imported into Saudi Arabia during the 2022-2023 period. In 2023 alone, 93,199 cars were imported, while 66,870 cars were imported in 2022.
  • Gulf News - 30% of cars sold in Saudi Arabia bought by women last year
• Saudi Arabia’s fintech sector driving digital transformation

  Saudi Arabia’s fintech sector has made significant strides as it nears its goal to become a regional financial hub, according to a report by Arthur D. Little. In its latest study titled “Realizing Potential of Fintech in Kingdom of Saudi Arabia,” the international management consulting firm highlighted the rapid growth and innovation within the sector, spearheaded by initiatives such as Fintech Saudi.

• Decoding the Behavioral Patterns in Saudi Arabia from GASTAT’s Five-Year Household Energy Statistics Survey

  This commentary presents the findings of the annual Energy Statistics Survey by the General Authority for Statistics (GASTAT), an ongoing initiative since 2017 that is now in its fifth iteration, which covers 2022. The survey encompasses hundreds of responses from 45,420 households and offers a comprehensive view of their electricity consumption, fuel usage, various energy utilization patterns, and methods for achieving energy efficiency, along with other aspects. The survey’s sample is designed to represent Saudi Arabia’s 13 administrative regions and is selected based on the General Population and Housing Census 2022 framework. The goal is to accurately reflect the diversity of households within these regions.

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• Saudi Arabia Wins First World Camel Endurance Championship

  The Kingdom of Saudi Arabia emerged victorious at the First World Camel Endurance Championship for men and women, held yesterday in AlUla. The championship, co-organized by the International Camel Racing Federation and the Royal Commission for AlUla, witnessed fierce competition from jockeys representing 20 countries. Saudi dominance was undeniable, with Saudi male jockeys securing the top three spots and winning trophies in both the first and second rounds. Adding to the Kingdom's triumph, a Saudi woman jockey took home first place in the women's category. The grueling race tested the endurance of both camels and riders. It covered a total distance of 16 kilometers across two stages, each 8 kilometers long. The event offered a total prize pool exceeding SAR2 million.

• Saudi Arabia is planting 10 billion trees across the Kingdom

  This ambitious project involves carefully planned afforestation initiatives across the Kingdom over many years. In 2022, 18 million trees had already been planted. By December 2023, this number had risen to 43.9 million trees and shrubs planted. This equates to 94,000 hectares of degraded land (equivalent to over 146,000 football fields) rehabilitated throughout the country. By 2030, over 600 million trees are expected to be planted – equating to 3.8m hectares of rehabilitated land. Tree planting will continue beyond 2030, to reach the 10 billion target.

• Oil climbs as Gaza tensions rise, Saudi Arabia hikes prices
  Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil-producing region.
  Brent crude futures were up 77 cents, or 0.9%, to $83.73 a barrel at 1055 GMT, while U.S. West Texas Intermediate crude futures were at $78.98 a barrel, up 87 cents, or 1.1%.

• Saudi Fintech Firm Rasan Plans to Sell 30% Stake in Riyadh IPO

  Saudi Arabian fintech firm Rasan intends to sell a 30% stake in its Riyadh initial public offering, making it one of the first companies from the sector to go public in the kingdom.

  Rasan and its investors will offer 22.7 million shares in the IPO, including 5.3 million new shares, according to a statement on Sunday. Bookbuilding for institutional investors will run from May 12 through May 16, while retail investors will be able to bid from May 29 to May 30.

• Over 80 Saudi Companies Showcase their Products at the Saudi National Products Exhibition in Qatar

  More than 80 Saudi companies in the industrial, food, health and commercial sectors will participate in the first edition of the Saudi National Products Exhibition, scheduled to take place in the State of Qatar from May 13 to 16.

• Crown Prince to grace Arab Forum of Anti-Corruption Agencies on May 15 in Riyadh

  Saudi Crown Prince and Prime Minister Mohammed bin Salman will patronize the Arab Forum of Anti-Corruption Agencies and Financial Intelligence Units in Riyadh on May 15-16.

  Around 600 experts and 75 speakers from 25 countries and a dozen organizations from within the Kingdom and abroad will participate in the forum, to be organized by the Presidency of State Security and the Oversight and Anti-Corruption Authority (Nazaha). The forum would include workshops, special meetings, and the launch of a number of initiatives and signing of agreements.

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