MUST-READS

• Ronaldo gives Al-Nassr the edge in Asian CL last 16

  Cristiano Ronaldo broke Al-Fayha's resistance nine minutes from time to give Al-Nassr a 1-0 win over fellow Saudi Pro League side in the first leg of their Asian Champions League last 16 clash in Riyadh on Wednesday. The former Real Madrid and Manchester United forward ended a frustrating evening for Luis Castro's side when he latched onto a lofted return pass from Marcelo Brozovic to volley past the Vladimir Stojkovic and earn Al-Nassr victory.

• Saudi Business Center to issue two instant commercial licenses for investors

  The Saudi Business Center (SBC) has decided to issue two licenses instantly to investors and business owners, and these are municipal commercial license, and the safety license, which is to be issued by the General Directorate of Civil Defense. The center stated that the new service aims to facilitate starting and operating businesses in the Kingdom, through issuing a Commercial Municipality License service available on the center’s business platform. It also allows the business sector to request the issuance of two licenses for more than 600 commercial activities in one step.

• Gold-Rich Saudi Is Committing to Sustainable Mining Practices: Will it Be Enough?

  The Kingdom of Saudi Arabia is sitting on a US$2.5 trillion-worth of precious metals and minerals. Saudi’s mining magnet, state-owned Ma’aden, has recently uncovered significant gold alongside its Mansourah Massarah gold mine. This is the first of its kind from the company’s exploration programme, suggesting its potential to become a major gold belt for Arabia and strengthen its existing precious metal production pipeline.

• Woods says PGA Tour negotiations with Saudi Arabia’s PIF ongoing

  Tiger Woods said the PGA Tour's negotiations with Saudi Arabia's Public Investment Fund are ongoing but that the Tour is "in a great position" after securing a $3 billion investment last month from a consortium of U.S. sports team owners. The deal with Strategic Sports Group (SSG) allows for co-investment with the Public Investment Fund (PIF), which controls LIV Golf, but those talks continue to drag on.

• Saudi Arabia’s non-oil revenues increase by 11% in 2023

  Saudi Arabia’s non-oil revenues jumped 11 percent year on year in 2023 to reach SR457.7 billion ($122 billion), according to figures issued by the Finance Ministry on Wednesday. The actual results of the budget for 2023 revealed a 13 percent increase in spending on health and social development during 2023.

• The Saudi and the French Olympic Committees signed an MOU today in Riyadh

  Given that the next Olympic and Paralympic Games will be held in Paris, this Memorandum of Understanding (MOU) with its French counterpart is highly significant as it gives Team Saudi the chance to closely observe the planning of such massive sporting events at the Olympic Movement.

• Saudi Arabia’s budget deficit jumps to $22bn on higher spending

  Saudi Arabia’s budget deficit reached 80.9 billion Saudi riyals ($21.57 billion) in the 2023 fiscal year, narrower than the government’s previous estimates, as oil revenue dipped amid production cuts. It came as the kingdom increased its spending to boost the economy, the Ministry of Finance said in a budget update on Wednesday. The government had in December estimated a deficit of 82 billion riyals for 2023, and predicted a deficit of 79 billion riyals in 2024.

• Saudi Public Prosecution approves establishment of intellectual property body

  Saudi Arabia’s Public Prosecution has approved the establishment of the Intellectual Property Prosecution, the Saudi Press Agency reported on Wednesday. The move is in line with the National Intellectual Property Strategy, which was launched by Crown Prince Mohammed bin Salman and aims to create a superior framework for the provision, organization, and enhancement of judicial services regarding intellectual property matters.

• Saudi inflation rises to 1.6% in January

  Saudi Arabia’s inflation accelerated to 1.6% last January compared to December 2023, according to recent data by the General Authority for Statistics (GASTAT). The cost-of-living index for January rose to 110.44 points, according to the base year 2018, from 108.75 points in the same month a year earlier. Inflation is measured by the percentage change in the cost of living between the current period and the corresponding period of the previous year. The increase or decline in inflation is measured compared to the previous month.

• Iraq and Saudi Arabia discuss oil market co-operation

  Iraq and Saudi Arabia – Opec’s largest crude producers – need to align their views to maintain stability in the oil market, Iraq’s Prime Minister said on Wednesday. Mohammed Shia Al Sudani, who met Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman in Baghdad, said he welcomed the entry of the kingdom’s companies into Iraq and discussed expanding economic co-operation, according to a report by the Iraqi News Agency. “Iraq welcomes the entry of Saudi companies into the Iraqi market, in which there are many great investment opportunities today," Mr Al Sudani said.

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