MUST-READS

• Saudi Arabia: High-net-worth Muslims eye luxury homes in holy cities, report finds

  Saudi Arabia's drive to attract expats and boost its real estate market could be turbocharged by a largely untapped demographic in the global south: rich Muslims eyeing homes in Islam's two holiest cities. According to a report published by real estate consultancy firm Knight Frank, despite western media focusing much of its attention on the kingdom's drive to boost luxury beach resort tourism and legalise alcohol, demand for glitzy real estate in Saudi Arabia has surged among Muslim high-net-worth individuals (HNWI)

• Accenture Graduates first group from its capability hub in Saudi Arabia

  The hub currently offers a rigorous multi-track training program accredited and exclusive to Accenture employees covering various areas such as security, cloud, data & AI, and change management. It is the first step towards launching Accenture LearnVantage Academy Saudi Arabia, which will offer comprehensive technology education and training services to businesses and organisations in Saudi Arabia, allowing them to reskill and upskill their employees and help them reinvent their organisations and achieve greater business value.

• Senate Democrat raises concerns about US-Saudi nuclear deal

  Sen. Ed Markey (D-Mass.), co-chair of the Nuclear Weapons and Arms Control Working Group, is raising concerns over Saudi Arabia’s intention to pursue a civil nuclear program with the U.S., citing the country’s “appalling human rights practices” and desire for nuclear weapons.

• Saudi woman jailed for 11 years over rights posts, Amnesty says
  Amnesty International called on Saudi Arabia to free a 29-year-old fitness instructor it says has been sentenced to 11 years in prison for her choice of clothing and social media posts urging an end to the kingdom's male guardianship system.
  Manahel Al-Otaibi was sentenced in January and details of her case emerged in Saudi Arabia's formal reply to a request from the United Nations human rights office, London-based Amnesty said in a statement on Tuesday.

• Cars are swept away and roads turned into rivers as Saudi Arabia is hit by floods two weeks after apocalyptic Dubai storms blamed on cloud-seeding

  Flash flooding has devastated parts of Saudi Arabia this week with shocking footage showing cars being swept away by the deluge as roads were submerged amid torrential downpours.

  Clips shared on social media showed how major highways in the Kingdom were overrun by devastating floodwater that cascaded down typically dry and rocky outcrops and swept through cities and towns below.

• Saudi Chemical Giant’s Profit Slumps as Pressures Persist

  Saudi Arabia’s top chemicals company reported a 62% drop in year-on-year profit as weak demand puts the industry under stress.

• US and Saudis Near Defense Pact Meant to Reshape Middle East

  The agreement faces plenty of obstacles but would amount to a new version of a framework that was scuttled when Hamas militants attacked Israel on Oct. 7, triggering the conflict in Gaza. Negotiations between Washington and Riyadh have sped up recently, and many officials are optimistic that they could reach a deal within weeks, according to the people, who asked not to be identified discussing private deliberations.

• Saudi Arabia’s GDP Contracts Again, With Non-Oil Growth Slowing

  Saudi Arabia’s economy contracted for a third straight quarter following the kingdom’s decision to cut petroleum production, while non-oil growth eased to the slowest pace since the coronavirus pandemic.

  The non-oil economy — a priority for the government as it looks to open up and transform the country — expanded by 2.8% in the first quarter on an annual basis, according to preliminary data published by the kingdom’s statistics office on Wednesday. That compared to 4.2% in the prior quarter.

  • ME Economy - Saudi Arabia’s real GDP grows 1.3 percent in Q1 of 2024
• Vision 2030: What are Saudi Arabia’s overarching goals?

  The first goal of Vision 2030 is to cultivate a content and fulfilled society, laying the foundation for the attainment of economic prosperity.

  According to the Kingdom’s Vision 2030 official website, the goal focuses on creating strong roots that embrace modern Islam, national pride and Saudi heritage and culture, while also providing world-class entertainment options, sustainable living, and efficient health and social care systems.

• Saudi Arabia sees 16% increase in net direct foreign investment

  During a meeting of the Council of Economic and Development Affairs (CEDA), the Ministry of Economy and Planning reported a notable 16% increase in net direct foreign investment inflows for the fourth quarter of 2023 compared to the previous quarter.

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