“As many as 517 international companies were so far granted licenses to open their regional headquarters (HQs) in Saudi Arabia, Ministry of Investment said in its 2025 pre-budget statement. This surpassed the target to have regional HQs of 500 international companies by 2030, it further stated.” 517 int’l companies licensed to open regional HQs in Saudi Arabia [Argaam]
“We expect Saudi Arabian AUM to cross USD300 billion within a couple of years, driven by Vision 2030’s Financial Sector Development Program. There is strong demand for Islamic products, with around 95% of mutual funds being sharia-compliant. The industry’s AUM reached 22% of GDP in 2023, with private funds three times larger than public funds. Saudi bank-affiliated managers held 63% of industry revenues, but competition from international managers is rising as the government attracts them to Saudi Arabia.” Bashar Al Natoor, Global Head of Islamic Finance at Fitch Ratings, Saudi Asset Management Industry Poised for Growth; Islamic Funds Dominating [Fitch Ratings]
“Saudi Arabia has agreed to deliver $60 million to the Palestinian Authority in six installments, with the first payment expected in the coming days, according to a senior Palestinian Authority official. The funds will directly support the authority’s budget, said the senior official, who spoke on condition of anonymity to discuss sensitive information.” Adam Rasgon and Aaron Boxerman, Saudi Arabia Pledges to Send Funding for Palestinians [New York Times]
“Mandoob made an impact in Saudi cinemas, selling 114,000 tickets and grossing $1.58m during its opening weekend, outperforming major releases like Wonka and The Boy and the Heron. By the end of February 2024, the film had attracted 605,000 viewers, grossing a total of $7.5m, marking a milestone for Saudi productions.” Netflix to release Saudi thriller ‘Mandoob’ on October 1 [Broadcast Pro]
“We will make every effort to achieve a reliable and irreversible plan for just and comprehensive peace.” Prince Faisal bin Farhan, Saudi Foreign Minister speaking at The Global Alliance for the Implementation of the two-state solution which includes the Arab League, the Organization of Islamic Cooperation (OIC) and Norway. Saudi Arabia announces new global coalition to establish Palestinian state [Al-Arabiya]
“The Kingdom’s coffee consumption has skyrocketed in recent years, particularly among young Saudis who see coffee shops not just as places to grab a quick drink, but as social hubs where they can meet friends, work remotely, and be seen.” Sarah Charles, Saudi Arabia’s coffee expansion is being driven by homegrown brands [Coffee Intelligence]
“Recurring climate extremes such as droughts and floods are devastating the livelihoods of thousands of people and driving up the price of essential food commodities beyond the reach of many. This generous contribution from KSrelief will enable WFP to continue supporting the nutrition needs of thousands of vulnerable mothers and children in Somalia.” El-Khidir Daloum, World Food Program Country Director in Somalia, Saudi Arabia strengthens WFP’s efforts to treat and prevent malnutrition in Somalia [World Food Program]
“A recent estimate from the Saudi Data and AI Authority (SDAIA) projects that AI will contribute 12% of the kingdom’s GDP by 2030, with the sector expected to grow at an astonishing 29% a year. PWC expects that AI could contribute $320 billion to the Middle East by 2030, about 2% of the total global benefits.” Faisal Abbas, The shifting foundations of Gulf-US ties [Semafor]
“Saudi Arabia’s demographics can be perfect for food delivery apps. Now that more women are working — labor participation rose to about one-third from 20% in 2017 — families may have more disposable income but less time to cook meals. In addition, a more tolerant society and a young population almost necessarily translate into cravings for exotic food.” Shuli Ren, Chinese Takeout in Saudi Arabia? You Bet [Bloomberg]
