MUST-READS

• FIFA seals closer ties to Saudi Arabia with World Cup sponsor deal for oil firm Aramco

  FIFA deepened its ties to Saudi Arabia by confirming a sponsorship on Thursday with the kingdom’s state oil firm Aramco which made a profit of $121 billion last year. The deal was expected and became inevitable once Saudi Arabia was all but sealed last October as the 2034 host of the men’s World Cup. The deal through 2027 includes the men’s World Cup in 2026 co-hosted by the United States, Canada and Mexico and the 2027 Women’s World Cup. Hosts of that tournament will be decided next month in a three-candidate vote.

  • Finimize - Saudi Aramco Scores Big With FIFA: A Four-Year World Partnership
• Saudi fund PIF’s managed assets hit $749bln in 2023

  Saudi Arabian sovereign wealth fund PIF's managed assets reached 2.81 trillion riyals ($749.2 billion) in 2023, state news agency SPA reported on Thursday. The kingdom's non-oil government revenue reached 457 billion riyals last year and non-oil activities accounted for 50% of real gross domestic product (GDP), SPA added. ($1 = 3.7505 riyals)

• Vision 2030: 87% of initiatives on track or completed

  More than halfway through its "Saudi Vision 2030" journey, Saudi Arabia has demonstrated notable progress, with 87% of the 1,064 initiatives either completed or advancing as planned.

  This achievement underscores the Kingdom's substantial efforts since the vision's launch on April 25, 2016, under the leadership of King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman. The vision aims to transform the nation through significant economic growth and enhanced quality of life, positioning Saudi Arabia as a prosperous and future-ready economy.

• Saudi Arabia marks Vision 2030’s 8-year anniversary

  Today marks the eight-year anniversary of Saudi Arabia’s Vision 2030, an ambitious blueprint aimed at transforming the Kingdom into a pioneering model on the global stage.

  Launched on April 25, 2016, by King Salman bin Abdulaziz Al Saud and spearheaded by Crown Prince Mohammed bin Salman, Vision 2030 has reshaped the nation’s economic and social landscape, propelling it towards a more diversified and sustainable future.

• Saudi Arabia Makes It Clear They’re Taking Design Seriously

  Set within the landmark Mediateca Santa Teresa library in Milan’s Brera district, Design Space AlUla presented a smattering of projects created with local craft traditions. Among these were the AlUla Design Residency, realized under the curation of architect Ali Ismail Karimi, which tapped five global designers to participate in a five-month immersion into life in AlUla. Most visible was Hall Haus’s giant seating system, which blended Majlis-style sofas with the swoops of sand dunes. Also appearing windswept are Bahraini-Danish’s steel partitions and sculptural chairs by Leo Orta that channel AlUla’s geological formations. Studio Raw Material’s floor lamps explore the spatial quality of light in the Qasr al-Bint while Leen Ajlan’s wooden platforms and benches reflect the setup of Saudi folk games.

• IDC expects Saudi Arabia’s ICT spending to hit $37.4B by 2024-end

  Spending on the information and communication technology (ICT) market in Saudi Arabia is expected to reach about $37.4 billion by the end of 2024, showing a growth of 3.3% year-on-year, said Hamza Naqshabandi. Vice President for Custom Solutions in the Middle East, Turkey, and Africa (META) at International Data Corporation (IDC).   On the sidelines of the ICT Indicators Forum, Naqshabandi told Argaam that the main factors driving this growth include the emergence of pioneering and emerging digital sectors such as e-tourism, entertainment, and e-sports.

• Two US law firms push into Saudi Arabia under new attorney rules
  Two major U.S. law firms are opening offices in Saudi Arabia following a change last year in the country's rules governing foreign lawyers practicing there.
  Quinn Emanuel Urquhart & Sullivan said on Thursday that it had been granted a license to practice in the country. Also on Thursday, Morgan Lewis said through a spokesperson it was preparing to open an office in Riyadh.
  Saudi Arabia has been a "key focus" for Quinn Emanuel, which has 1,000 lawyers, as it has "invested billions into diversifying its economy and encouraging international investment," firm founder John Quinn said in a statement.

• India’s oil imports from Russia drops 19% in February, Saudi Arabia 2nd largest supplier

  The month-on-month decline in imports from Russia comes amid lower discounts offered by Russia. Russia has been the largest source of crude for India since its invasion of Ukraine in February 2022 sparked western sanctions, prompting it offer deep discounts.

• NDMC closes the April 2024 Issuance under the Saudi Arabian Government SAR-denominated Sukuk Program

  The National Debt Management Center announces the closure of April 2024 issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The total amount allocated was set at SAR 7.396Bn (seven billion and three hundred and ninety-six million Saudi Riyals).

• ‘World’s largest’ coral-restoration project unveiled in Saudi Arabia

  One of Saudi Arabia's top universities has announced a Red Sea project described as the world’s largest coral reef restoration.

  The King Abdullah University of Science and Technology initiative aims to produce hundreds of thousands of corals each year.

  The scheme “represents a significant step towards restoring reefs globally”, according to the university, and is seen as important because many reefs have suffered from bleaching events due to rising temperatures.

  Called the Kaust Coral Restoration Initiative, the project already has a functioning nursery on Saudi Arabia’s north-west Red Sea coast capable of generating 40,000 corals per year.

  It is a pilot project for a larger scheme set to be completed by the end of next year, with an annual capacity of 400,000 corals.

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