MUST-READS

• Boxing has a drug problem. Saudi Arabia’s Turki Alalshikh can make fixing it his legacy

  Turki Alalshikh, chairman of the General Entertainment Authority, is the driving force behind Saudi Arabia’s expanding influence in boxing. His personal commitment and respect for the sport are well known. I’d like to see Turki Alalshikh take the lead in combatting the use of illegal performance enhancing drugs in boxing.

• Who’s Who: Abdullah Al-Ajmi, space business development director for Lockheed Martin in Saudi Arabia

  Abdullah Al-Ajmi is the space business development director for Lockheed Martin in Saudi Arabia. He is responsible for coordinating and bolstering the Kingdom’s space efforts. In addition to fostering strategic cooperation between government and commercial enterprises, Al-Ajmi oversees the facilitation of scientific experiments and international research collaborations, as well as the administration of future space-related missions. A retired brigadier general of the Royal Saudi Air Force and Ministry of Defense, he has a wealth of expertise and experience in remote sensing and intelligence, surveillance, and reconnaissance and space systems.

• Saudi Awwal Bank reports 16 percent growth in Q1 net profit at SR2 bn

  Lubna S. Olayan, chair of the board of directors of Saudi Awwal Bank, announced the bank’s financial results for the period ending March 31. SAB recorded a net profit after zakat and income tax of SR2.04 billion ($543.9 million) for the period ending March 31, representing an increase of 16 percent compared to the same period of 2023. The total operating income rose 7 percent to SR3.44 billion.

• World Snooker Championship: The near-silent sport which has become the latest focus of Saudi Arabia’s imagination

  No one dares speak louder than a whisper as nearly 1,000 people respectfully take their seats inside the dimly lit Crucible Theatre. There is a sense of nervous excitement as those lucky enough to get their hands on a ticket cram into this historic venue in the heart of Sheffield, a city in the north of England. But they’re not here to see a theatrical performance. They’ve come to witness the nerve-shredding, silently electric atmosphere of the World Snooker Championship.

• Sullivan Says US-Saudi Defense Pact Not Possible Without Israel Deal, FT Reports

  US National Security Advisor Jake Sullivan insisted the Biden administration will enter into a defense pact with Saudi Arabia only if the kingdom normalizes relations with Israel, the Financial Times reported. Sullivan said in an interview with the newspaper the two issues were part of an “integrated vision” for peace in the Middle East and could not be disentangled. He said that President Joe Biden will publicly outline a path to a more secure Israel and a more peaceful region in the months ahead, the FT said.

• U.N. rights boss seeks freedom for Saudi women activists

  U.N. human rights chief Michelle Bachelet called on Saudi Arabia on Wednesday to release women activists allegedly tortured in detention after authorities accused them of harming the country's interests. Activists have named 10 Saudi women held for their campaigning, voicing fears that they could face harsh sentences. Saudi Arabia's public prosecutor is preparing the trials of detainees, identified by watchdog groups as women's rights activists, after completing its investigations, state news agency SPA said last Friday.

• 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.

• Saudi anti-corruption authority reveals details of recent cases

  In one case, two Central Bank employees were arrested for receiving sums of money from a resident, who was also arrested, in exchange for depositing more than SR7.3 million ($1.95 million), without verifying the source, into bank accounts belonging to commercial entities over a two-year period. In another case, a security officer working at the General Department of Traffic was arrested for receiving SR387,000 from the owner of a public services office, who was also arrested, in exchange for illegally amending the essential data of a group of vehicles.

• Photos: Highlights of WTT Saudi Smash 2024-Xinhua

  Fan Zhendong of China returns a shot during the men's singles round of 64 match against Nicolas Burgos of Chile at WTT Saudi Smash 2024 in Jeddah, Saudi Arabia, May 5, 2024

• Saudi Arabia Posts Budget Deficit as Capex Spending Climbs

  Saudi Arabia recorded a sixth straight quarterly budget deficit as increased spending on capital expenditure and other areas outpaced growth in revenue. The shortfall stood at 12.4 billion riyals ($3.3 billion) in the first quarter, more than four times higher than a year ago, according to a statement from the Ministry of Finance on Sunday. On a quarterly basis, the deficit eased from about 37 billion riyals at the end of 2023.

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