“In H1 2024, Saudi Arabia reaffirmed its position as the leader in Venture Capital funding across the Middle East and North Africa. Despite a slight 7% year-on-year decline, Saudi Arabia’s VC ecosystem aggregated an impressive $412M in funding. Notably, 32% of this funding came from a significant $130M deal in Salla, marking the only MEGA round in the MENA region for 2024 so far.” H1 2024 Saudi Arabia Venture Capital Report [Magnitt]
“It’s funny to see. Especially going back to the people that were criticizing me and telling me not to go, and now they’re asking me what’s the best place to stay.” Kasseem Dean (Swiss Beatz), American hip-hop producer, Grammy winner and camel owner, on the number of celebrities visiting Saudi Arabia, How Swizz Beatz Climbed to the Top of Saudi Arabia’s Camel Racing Scene [New York Times]
“Saudi Arabia has topped the global trust rankings in Edelman’s 2024 Annual Trust Barometer. The report from the global consulting and PR firm shows that 86% of Saudi citizens trust their government to make key decisions for the country’s goals. The annual Edelman Trust Barometer surveyed 32,000 people across 28 countries, including Saudi Arabia, the UAE, Japan, Ireland, Canada, the UK, the Netherlands, Indonesia, South Korea, Russia, Germany, Australia, the US, Singapore, China, Argentina, Malaysia, Kenya, France, Brazil, South Africa, Thailand, Spain, Colombia, Hong Kong, Italy, Mexico, and India.” Saudi Arabia Tops Edelman’s Trust Index for National Leadership [Asharq Al-Awsat]
“According to the NLO study, the total number of employees in the Kingdom’s private sector has reached 11,409,348, with the number of Saudi nationals standing at 2.34 million – an increase of 16,598 since April.” Saudi private sector workforce surges above 11.4m – official figures [Arab News]
“This country is always full of surprises and this is what is happening with the emergence of Saudi menswear ready-to-wear. The number one clientele in Saudi Arabia remains women, but there is a big appetite for menswear and potential market openings. Historically, Saudis dressed in a traditional way, but local life has changed a lot and there are more and more occasions to dress fashionably: festivals, events, concerts, exhibitions, etc.” Florence Julienne, Burak Cukmak, Saudi Fashion Commission: ‘Saudi market opens up to contemporary men’s fashion’ [Fashion United]
“In all, the fund’s commitments totaled $150 billion as of the end of 2023, up from $100 billion in 2022 and $47 billion in 2021. Just over half—$76 billion—were earmarked for financial investments such as private equity and infrastructure funds. Another $69 billion were earmarked for construction projects, mines and other capital projects.” Eliot Brown, Saudi Wealth Fund’s Financial Commitments Surged by $50 Billion in 2023 [Wall Street Journal]
According to International Labor Organization (ILO) statistics, there were 3,663,939 domestic workers in Saudi Arabia at the end of 2020. The ILO states: “The country with the highest share of domestic workers in the world is Saudi Arabia, where domestic work represents around 28 per cent of total employment. It is also the fourth-largest employer in terms of absolute numbers, with 3.7 million domestic workers.” Saudi Arabia introduces mandatory health insurance for 3.7 million domestic workers [Health and Protection]
“American critics often highlight a lack of “shared values” between the U.S. and the Kingdom when they argue against a security alliance between these two countries. What they mean is that Saudi Arabia is an absolute monarchy and, thus, not a worthy ally because it is not democratic. Focusing on this difference alone ignores the many values and interests actually shared between the two countries. Among these is a mutual desire for an open capitalist world economy, predictable energy markets, safe trade routes, the containment of rogue states that violate international law, and a stable Middle East.” Ali Shihabi, Why Saudi Arabia matters more than ever to the US in a volatile Middle East [Fox News]
“Saudi Arabia’s trade balance recorded a surplus of SR41.41 billion in April 2024, reaching its highest levels during the current year, achieving 36 percent growth on a monthly basis. According to preliminary data on international trade released by the General Authority for Statistics (GASTAT), there has been an increase of SR10.967 billion in April compared to the surplus of SR30.443 billion achieved in the previous month of March.” Saudi Arabia’s trade surplus hits highest annual amount of SR41.41 billion in April [Saudi Gazette]
“A total of 169 countries have benefitted from the Saudi Arabia’s aid. Six Islamic countries, including five Arab ones, have received the most aid. Egypt tops the list with over 32 billion dollars in aid, followed by Yemen with over 26 billion, Pakistan with around 13 billion, Syria with over 7 billion, Iraq with 7 billion and Palestine with over 5 billion dollars.” Saudi Arabia’s Contribution to Humanitarian Relief Reaches $130 billion [Asharq Al-Awsat]
