MUST-READS

• Saudi Crown Prince Mohammed bin Salman meets Pakistan’s Prime Minister Shehbaz Sharif

  Saudi Arabia’s Crown Prince Mohammed bin Salman met with Pakistani Prime Minister Shehbaz Sharif, the Saudi Press Agency reported on Monday. During their meeting in the holy city of Mecca, the two leaders discussed various issues, including the war in Gaza. MBS and Sharif “urged for international efforts to halt Israeli military operations in Gaza, mitigate humanitarian impact and underscored the imperative for the international community to pressure Israel to cease hostilities, adhere to international law, and facilitate unhindered humanitarian aid access to Gaza,” SPA reported.

• Riyadh Air’s first intake of female Saudi engineers commence diploma course

  The female engineers will study under the supervision and guidance of Aviation Australia and the International Aviation Technical College at Riyadh Airport, this follows an MOU signed between Riyadh Air and the Colleges of Excellence in August 2023 and is the first collaboration of many between the organisations.

• Saudi Arabia’s private equity investments reach $4B in 2023

  Saudi Arabia witnessed an increasing interest in private equity investments from 2019 to 2023, MAGNITT said in a recent report. The Kingdom's private equity investments reached a peak of nearly $4 billion in 2023, recording growth for three consecutive years since 2020.

• Move Over Dubai, Saudi Arabia Is Taking Center World Stage

  Behind the headlines, an extraordinary real estate-led development boom has been going on within the country, driven by what the Saudis call ‘giga-projects.’ And for once the scale of these initiatives lives up to the self-dubbed hype because they are enormous in scope, ambition, and size and are threatening to shift the tourism and retail axis away from Dubai and Abu Dhabi. Simply stated, Saudi Arabia is taking center world stage.

• Saudi Arabia’s Zaabal Castle area nears completion in major urban revitalization effort

  Jouf municipality has announced that a project to develop the area surrounding Zaabal Castle is 95 percent complete, the Saudi Press Agency reported on Sunday. The development is part of an initiative to combat urban blight in Saudi cities, according to the SPA report. The mayor of Jouf region, Atef bin Mohammed Al-Shara’an, said the project will not only contribute to the growth of its tourism sector, but also the preservation of archaeological landmarks while integrating the urban and heritage identity of the region.

• Aramco inks MoU with GCT for 5G across Saudi Arabia

  Aramco signed a Memorandum of Understanding (MoU) with chip company GCT Semiconductor to help create a 4G and 5G ecosystem across Saudi Arabia to provision mission-critical and public safety networks. State-owned Aramco and GCT Semiconductor explained they plan “to design and co-develop chipsets and modules tailored for LTE, 5G and the NTN spectrum in order to support the localisation of wireless end-user devices and IoT manufacturing”.

• Saudi Arabia’s real estate deals hit 1.03M in Q1 2023

  The number of real estate transactions stood at 1.03 million in the first quarter of 2023, the Saudi Justice Ministry's data showed. According to the ministry's data, the real estate transactions included registrations, compensations, amendments to old deeds, and updating manual deeds, in addition to merging properties, deeds, grants, and mortgages. Riyadh topped the list with around 934,700 transactions, followed by Makkah with around 34,800 transactions

• Saudi Aramco Suspends Two Oil Contractors

  Aramco earlier this year said it had scrapped plans to expand production capacity to 13 million barrels daily. The company said in January that the state had ordered it to stop work on the capacity expansion and keep the maximum sustainable capacity at 12 million bpd.

• Grid Bottlenecks on the Way in Europe?

  A new analysis by the energy think tank Ember has found that several countries in Europe could soon face bottlenecks in their national transmission energy grids, as more solar and wind power will be generated than these networks have capacity for. As the following chart shows, Spain, France and Poland are just some of the countries that will have energy grids which undershoot their country’s respective 2030 policy targets for wind and solar capacity. Out of the 26 countries studied by Ember in this comparison, 11 will not have enough capacity for the expected wind and solar build out if the present grid plans are realized.

• Saudi Industrial Production Index drops 7.7% in February

  Saudi Arabia’s Industrial Production Index (IPI) declined by 7.7% year-on-year (YoY) in February 2024. Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI fell to 103.44 points in February 2024, according to the base year 2021, compared to 112.09 points in February 2023. The index was directly affected by the decline in the mining, quarrying, and manufacturing activities, the authority said. The IPI measures the relative change and reflects the production quantities of materials and goods, which have been converted from raw materials to consumables in their final form as goods, for the purpose of achieving a return.

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