MUST-READS

• Canoo Teams Up with Red Sea Global for EV Pilot Program in Saudi Arabia

  The U.S. electric vehicle startup Canoo signed on Monday a partnership with Red Sea Global (RSG) to pilot its electric vehicles at the renowned regenerative tourism destinations, The Red Sea and AMAALA. AMAALA is an ultra-luxury tourism destination being developed along the Red Sea coast in northwestern Saudi Arabia with more than 4,000 sq. km — yes, km. The first phase of the luxurious complex is expected to be finished by 2025.

• Saudi insurers lead GCC region in net profit and revenues, study shows

  The net profit of insurance companies in Saudi Arabia surged by 1,221.3 percent year-on-year in 2023 to $861 million, driven by favorable economic conditions. According to the report released by research firm Insurance Monitor, in association with Lux Actuaries and Consultants, four firms from the Kingdom grabbed their spots on the list of the 10 largest coverage companies in the Gulf Cooperation Council region in terms of revenue. The rankings come as 2023 saw the start of operations of the Insurance Authority in Saudi Arabia, described in the study as “a significant structural reform well-timed with the robust growth in insurance revenue to pave the way for regulatory independence and sectoral advancement.”

• Electronic payments rise by 70 pc in Saudi Arabia

  As reported by the Saudi Press Agency, 10.8 billion transactions were processed in 2023 compared to 8.7 billion transactions in 2022. The e-commerce sector is expected to exceed $13.2 billion by 2025, after a 60 per cent surge in online shopping in 2019-20. Reports suggest close to 91 per cent of Saudi consumers now shop through e-commerce, and close to 14 per cent of money is spent online at least once a day. In 2023, Amazon Saudi also doubled its storage capacity in the year 2023. It had launched a 2.7 million cubic foot fulfilment centre in Riyadh that can house more than 9 million products.

• 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.

• WWE King & Queen of The Ring Set to Return in Saudi Arabia

  WWE’s decade-long deal with Saudi Arabia is still going strong as there are still quite a few events left as part of their ongoing deal. Their next event will be taking place in May and now it appears it will feature the King & Queen of The Ring this time around.

• Staff at France’s EDF question involvement in futuristic Saudi city

  Some employees of French energy giant EDF want the company to reconsider its involvement in a hydro-electric plant in the Saudi desert that would power Crown Prince Mohammed bin Salman's futuristic megacity Neom, following concerns over the project's sustainability and alleged human rights abuses. Neom is being built in the Tabuk region in northeast Saudi Arabia on some 26,000km2 of land, an area the size of Belgium.

• Eid Al Fitr 2024: Shawwal moon not sighted in Saudi Arabia

  The moon sighting committee in Saudi Arabia declared that the Shawwal crescent could not be sighted in the Kingdom today. As a result, the holy month of Ramadan will continue until April 9, lasting 30 days. Eid Al Fitr will, therefore, be observed on April 10. The Supreme Court of Saudi Arabia had called on all Muslims across the Kingdom to sight the Shawwal crescent on the evening of Monday, Ramadan 29. The sighting of the Shawwal moon marks the end of the holy month of Ramadan and the beginning of Eid Al Fitr.

• Etihad Expands To 76 Destinations With Airbus A320s To Saudi Arabia’s Al Qassim

  In most parts of the world, Etihad Airways is known for its ultra-luxurious long-haul flights across continents, but it also has a thriving short-haul network served mainly by Airbus A320 Family aircraft. Last Friday, the full-service carrier announced adding a new route from Abu Dhabi to Al Qassim in Saudi Arabia, which will commence in June.

• ‘Reef Saudi’ Invests USD16.2 Million to Elevate Saudi Arabia’s Coffee Production

  The ‘Reef Saudi’ initiative, focused on Sustainable Agricultural Rural Development, is revolutionizing the Kingdom’s coffee industry. Since 2020, an initial investment of SR61 million has empowered 3,718 individuals engaged in coffee cultivation and production. This commitment signals a transformative surge in Saudi Arabia’s coffee output, soaring from 800 tons in 2020 to 1,485 tons in 2023, marking a remarkable 37% increase.

• Saudi Arabia’s economic diversification: Driving growth beyond oil

  Saudi Arabia’s non-oil sector is experiencing a surge in activity, signaling a pivotal turning point in the Kingdom’s economic diversification efforts. With recent data indicating a growth trajectory, the country stands poised to redefine its economic landscape beyond its traditional reliance on oil revenues.

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