MUST-READS

• Saudi Aramco: 6 Million Bpd of Global Oil Production Is Being Lost Every Year

  Global oil supply is sufficient now, but natural declines at oilfields mean that the world would need to find a Saudi Arabia every two years to offset these production drops, Saudi Aramco’s chief financial officer Ziad Al-Murshed has said. Due to the natural decline in operating fields, as many as 6 million barrels per day (bpd) of global oil production is being lost every year and needs to be replaced, Al-Murshed said at the Saudi Capital Market Forum 2024 in Riyadh. The world is down to 3% of spare crude oil production capacity of global demand, Aramco’s executive said.

• REITs constitute 34% of total Saudi funds with SAR 192B: Official

  Fahad bin Hamdan, Assistant Deputy, Financing, and Investment at the Capital Market Authority (CMA), said that real estate investment trusts (REITs) make up 34% of the total size of funds in Saudi Arabia, with SAR 192 billion, according to Al Eqtisadiah newspaper. Previously, REITs accounted for nearly 18% of total funds, a percentage that has increased over the past decade. The multiple real estate financing products offered by the CMA boosted the REITs size, he added.

• Day 2 at ICJ hearing: Saudi Arabia condemns Israel’s actions in Palestinian Territories as ‘legally indefensible’

  South Africa on Tuesday urged the International Court of Justice (ICJ) to issue a non-binding legal opinion that the Israeli occupation of Palestinian territories is illegal, arguing it would help efforts to reach a settlement. Representatives of South Africa opened the second day of hearings at the ICJ, also known as the World Court, in the Hague. The hearing follows a request by the UN General Assembly for an advisory, or non-binding, opinion on the occupation in 2022. More than 50 states will present arguments until Feb. 26.

• Minister Al-Ibrahim: Saudi Arabia to invest heavily in highly competitive non-oil sectors

  Al-Ibrahim said that the future plan for Saudi Arabia within its Vision 2030 spurred economic growth by inviting private sector investors to participate in creating new opportunities across a host of growing sectors. “The Saudi Vision 2030 is a major topic that is strongly presented in major international forums, especially at a time when many countries are looking for inspiration from the experiments of Saudi Arabia’s successful strategy to learn how to score many achievements at various levels in a record period of time,” he said.

• The State of Tourism Investment in Saudi Arabia

  Saudi Arabia is investing billions into its tourism ecosystem. How can partners get involved? In this episode of the Skift Travel Spotlight podcast, executives from Riyadh Air and Dida Travel discuss investments in the nation’s travel infrastructure.

• What’s behind Saudi Arabia’s plan to air-condition Riyadh?

  The scientists developed a method that allows the city to cool down by approximately 4.5 degrees Celsius in the summer while saving 16% on cooling energy use. Part of the suggested strategy is to use ultra-cold-reflecting materials on building roofs, which are advanced construction materials intended to reflect a high percentage of sunlight and minimise heat absorption.

• SenseTime wins deals in Saudi Arabia in return for investment in domestic firms

  A joint venture formed in 2022 was formed by SenseTime with $207M in support from the Saudi Company for Artificial Intelligence (SCAI) to develop AI applications in the Middle East. The SCAI is owned by the kingdom’s sovereign wealth fund. The terms of the deal stipulate that if the JV is not acquired or does not hold an initial public offering within seven years, SenseTime must buy out the SCAI’s share.

• Saudi Arabia sets dress code for high-ranking officials and legal practitioners

  Saudi Arabia has issued guidelines specifying the formal use of the traditional men’s cloak, bisht, for certain categories of individuals and officials at formal events and workplaces. The directive mandates the wearing of the bisht for emirs and deputy emirs of provinces, governors, ministers, assistant and deputy ministers, leaders of independent departments and their deputies, as well as heads and deputy heads of town centres.

• Saudi Arabia to invest $800B in major tourist destinations: Minister

  The Kingdom saw a 156% increase in tourist arrivals in 2023 compared to 2019, surpassing both regional and global recovery rates. He said that $800 billion would be invested by the Kingdom in cities and tourist destinations over the next decade as part of its Vision 2030 goals. Tourism is one of the key sectors in the Kingdom, as it helped the Kingdom achieve one of Vision 2030 targets of attracting 27 million visitors in 2023. These tourists spent more than SAR 100 billion during the first three quarters of 2023.

• First film announced as Saudi Arabia launches Big Time Investment to fund Arab productions

  Egyptian actress Mona Zaki is set to star in a film portraying the life of legendary singer Umm Kulthum, which is the first film in a slate of productions as Saudi Arabia’s General Entertainment Authority announced the launch of a film fund named Big Time Investment, aimed at fostering the production of Arabic cinema.

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