“The bid book reveals how many hotels Saudi Arabia is building, when they are opening, and how many are luxury. Saudi says it already has “over 45,000 hotel rooms in alignment with FIFA requirements across the host cities,” with more than 185,000 additional rooms” opening by 2034.” Josh Corder, Saudi Arabia’s World Cup Bid Reveals New Plans for Hotels, Stadiums, Airports [Skift]
“The Saudi capital markets continue to witness high growth across various sectors, primarily driven by large offerings of highly scalable government owned businesses, as well as businesses that have a compelling growth story linked with Vision 2030.” Nawaaf Alawaad, corporate associate at Kirkland & Ellis based in Riyadh, Saudi IPO rush set to continue in second half of 2024, top corporate lawyers say [Law Middle East]
“Price fixing remains the primary area of focus of the Authority as this violation alone represents 43% of the total number of all violations identified by the Authority as part of its investigations. Price fixing is being examined by the Authority both at the horizontal level (i.e., price fixing arrangements or practices between actual or potential competitors) but also at a vertical level (i.e., resale price maintenance between market players operating at a different level of the supply chain).” An insight into the activities of Saudi Arabia’s General Authority for Competition – highlights of its 2023 annual report [Global Compliance News]
“Chairman of the Board of Directors of the Saudi Facilities Management Association, Eng. Ayed Al-Qahtani, said that the volume of the sector is expected to reach $60 billion in 2030, with a 13.5 percent growth rate until the end of the decade. Total government spending on the infrastructure and public services sector in the Saudi budget for 2023 amounted to about SAR 190 billion ($50.6 billion), of which facilities management constitutes a large part.” Mega Projects Enhance Growth of Saudi Arabia’s Facilities Management [Asharq Al-Awsat]
“The Saudi Ministry of Health’s annual Health Sector Transformation Program report for 2023 shows average life expectancy in the Kingdom has risen to 77.6 years. Among the report’s key accomplishments are an increase in patient satisfaction with hospital inpatient services from 82.41% in 2019 to 87.45%, and a rise in the number of qualified nursing staff per 100,000 population from 581.6 in 2019 to 733. Additionally, the coverage of basic healthcare services in residential areas, including remote regions, has reached 96.41%.” Average life expectancy in Saudi Arabia rises to 77.6 years [Saudi Gazette]
“By the end of December 2023, the total number of operational factories in Saudi Arabia reached around 11,549, with investments totaling SAR 1.541 trillion ($410.9 billion). New licenses covered 25 industries, led by food production (244 licenses), non-metallic minerals (176), fabricated metals (165), and rubber and plastics (123). National companies received the majority of new licenses (1,043), followed by foreign investments (194) and joint ventures (142). Small enterprises received the most licenses (1,203), followed by medium-sized enterprises (158), micro-enterprises (15), and large enterprises (3).” Saudi Factories Surpass 2023 Targets, Boosting Product Competitiveness [Asharq Al-Awsat]
“Meat is currently a $17 billion opportunity, with chicken accounting for over 80 percent in GCC. Saudi Arabia leads the market with a $10.4 billion size, followed by the UAE with $2.6 billion. However, 10-15 percent of consumers want to reduce meat consumption due to its negative health impact.” UAE, Saudi Arabia lead strong GCC consumer shift towards flexitarianism, healthy eating [Arabian Business]
“In 2023, the Top Five destinations for U.S. goods exports to MENA were the United Arab Emirates ($24.9 billion), the Kingdom of Saudi Arabia ($13.9 billion), the State of Qatar ($4.7 billion), the Republic of Egypt ($4.5 billion), and the Kingdom of Morocco ($3.8 billion). These five nations accounted for $51.8 billion in U.S. sales, representing approximately 80 percent of American goods exports to the Arab world.” U.S. Exports to the Arab World Jump By 12 Percent to $65.3 Billion [National U.S.-Arab Chamber of Commerce]
“Most current electric vehicle production is small to medium-sized, which does not suit the needs of large Saudi families.” Industry expert Hossam Iraqi said EVs are less popular among Saudis owing to their size and performance in extreme heat. In fuel-guzzling Saudi Arabia, electric cars pique interest [Al-Monitor]
“According to recent statistics released by the GCC Statistical Centre, the total population of the Gulf Cooperation Council (GCC) countries witnessed a significant increase of 7.3% in 2023 compared to 2021, reaching 57.6 million.” GCC Population Surges by 4 Million in Two Years [Daily Tribune]
