“Saudi Arabia’s unprecedented economic transformation is progressing well. Prudent macroeconomic policies, transformative changes—including through fiscal reforms and in the regulatory business environment—and strong domestic demand have helped prop up non-oil growth. Inflation remains contained. Spending reprioritization and recalibration of major spending programs are ongoing. Efforts to diversify the economy have started to bear fruit.” Saudi Arabia: Concluding Statement of the 2024 Article IV Mission [IMF]
“Road trips give you time to think. Saudi surprised me. Everyone I met had been open and friendly. I’d driven through deserts, along the coasts, through mountains and oases, much more variety than I had imagined. In the culture too – from the street food of Jeddah to the rock carvings of Wadi Disah.” Alice Morrison, I drove across Saudi Arabia as a solo woman – and what I discovered may surprise you [Yahoo]
“The E-commerce market in Saudi Arabia is expected to grow by 10.21% on annual basis to reach US$20.7 billion in 2024, growing steadily over the forecast period, recording a CAGR of 8.53% during 2024-2028. The E-commerce Gross Merchandise Value in Saudi Arabia will increase from US$18.8 billion in 2023 to reach US$28.7 billion by 2028.” Saudi Arabia Ecommerce Market Databook 2024 – The Registration of e-Commerce Firms has Grown at a Rapid Rate in 2023 and is Continuing in 2024 [Yahoo]
“1,547,295 pilgrims have so far arrived in Saudi Arabia for this year’s Hajj season, the Kingdom’s General Directorate of Passports announced on Tuesday. 1,483,312 pilgrims arrived via air travel. 59,273 pilgrims entered through land ports while the Kingdom’s sea ports received a total of 4,710 pilgrims.” Over 1.5 million pilgrims arrive in Saudi Arabia for annual pilgrimage [Al-Arabiya News]
“GCC governments have issued about $45 billion in bonds and sukuk so far this year, putting the region’s sovereigns on track for the most debt issuance since 2020. The volume has increased significantly this year, with the first half of 2024 alone reaching well above the $33 billion issued in the whole of last year.” Saudi Arabia debt issuance ramps up to finance Vision 2030 projects [The National]
“Economic growth, burgeoning population, and modernization have made Saudi Arabia the most active player in the Middle East construction market, with the real estate sector leading the kingdom’s projects market in 2023.” Laura Morgan, JLL’s market intelligence lead for the region, Saudi Arabia leads global construction activity with $1.5 trillion pipeline [Fast Company Middle East]
“The expected climate for Hajj this year is an increase in average temperatures of one and a half to two degrees above normal in Makkah and Madinah. We expect relative humidity of 25 per cent, and although we expect a low probability of rain during most days, there’s some forecast of heavy rains in the high plains of Taif that may then make its way to the holy sites.” National Meteorology Centre chief Ayman Ghulam, Saudi Arabia warns of a hot Hajj this year with temperatures of 48°C [The National]
“All across Saudi Arabia, I’d seen countless projects being built, from simple museums to high-end resorts… But I’d begun to see the building projects as something else, too: the striving of a country — long shrouded to most Westerners — to be seen, reconsidered, accepted. And with its doors suddenly flung open and the pandemic behind us, visitors like me were finally beginning to witness this new Saudi Arabia.” Stephen Hiltner, Surprising, Unsettling, Surreal: Roaming Through Saudi Arabia [New York Times]
“We’re not trying to replace Nvidia or challenge Intel. We want to do humble beginnings. Once we have built a base, then we can talk.” Naveed Sherwani, head of the National Semiconductor Hub, Saudi Arabia’s Chip Design Ambitions Take Shape With New Hub [Bloomberg]
“Since 1961, climate change has reduced global agricultural productivity by about 21%. Moreover, since 2000, the world has lost more than 10% of its global tree cover, with the tropics accounting for 1.48 million km2 of deforestation — an area larger than France, Spain, and Germany combined.” Fostering a sustainable future: the role of land restoration in Saudi Arabia [World Bank]
