“By 2022, when we issued our annual report, we found that there were 147 operating fintechs under the umbrella of the Capital Markets Authority (CMA), the Central Bank of Saudi Arabia, as well as non-regulated activity. For today, we have over 180 operating fintechs in Saudi Arabia. “The ultimate aim is to achieve over 525 operating fintechs in Saudi Arabia; create over 18,000 jobs in the fintech domain; accumulate over 12billion Saudi Riyal of investment in fintech companies; as well as generate 13billion Saudi Riyal in Saudi GDP.”
Nezar Alhaidar, managing director for Fintech Saudi [Fintech Times]
“This is nothing less than historic. It will be the most direct connection to date between India, the Arabian Gulf and Europe. It is a green and digital bridge across continents and civilizations.”
Ursula von der Leyen, European Commission President [Eurasia Review]
“The next generation of Saudi Arabian hotels is coming, marked by the opening of the Kingdom’s multi-billion-dollar giga-projects. Marriott is showing what is possible at these spare-no-expense properties: Asking for the highest room rates in the country…Just two hotel operators are entrusted to introduce Saudi Arabia’s “untouched” Maldives-rivaling Red Sea to international guests: Marriott and IHG. Three of the planned 50 hotels at the $50 billion giga-project open this year, a St. Regis and Ritz-Carlton Reserve from Marriott and a Six Senses from IHG.”
Josh Corder, reporter for Skift. Marriott’s Giga-Resort in Saudi Arabia Banking on Cash-Rich Locals. [Skift]
“This is a big deal. This is a really big deal.” US President, Joe Biden. The India-Middle East-Europe Economic Corridor, which includes the UAE, Saudi Arabia, India, Jordan, Israel and the European Union would “significantly enhance connectivity and integration between participating countries.”
Rail and shipping project linking India to Middle East and Europe unveiled [The National]
“The region’s new dominance is most apparent among private funds, the type that lock up investors’ money for years. While detailed statistics are scarce, figures at two of the biggest sovereign funds suggest a surge. At Saudi’s PIF, commitments for “investment securities”—a category that includes private funds—rose to $56 billion in 2022, up from $33 billion a year earlier. Abu Dhabi’s Mubadala reported that equity commitments doubled to $18 billion in 2022.”
The Middle East Becomes the World’s ATM [Wall Street Journal]
“Many of the elements of a pathway to normalization are now on the table. We don’t have a finalized framework or agreed-upon terms yet, so there is still work to be done.”
Jake Sullivan, White House national security adviser. Although he did not delve into specific details, he emphasized that there exists a general understanding of many crucial aspects. [i24 News]
“I’ve done projects all over Africa, and I know the geology and where is good to mine. This site is just like those.”
-Renier Swiegers, a Namibian who works for British mining firm Moxico Resources Plc. He’s helping establish a new zinc and copper open pit mine about 200 kilometers (125 miles) west of the Saudi capital, Riyadh. [Bloomberg]
“The Saudi unemployment rate is at a historical low. Amid an increase in labor force participation, total unemployment dropped to 4.8 percent by end-2022—from 9 percent during Covid—reflecting both an increase in Saudi workers in the private sector and expatriate workers (mostly in the construction and agricultural sectors) rising back above pre-Covid levels. Youth unemployment was halved to 16.8 percent in 2022 over the past two years while female participation in the labor force reached 36 percent in 2022, exceeding the 30 percent target set under the authorities’ Vision 2030 reform agenda.”
IMF Executive Board Concludes 2023 Article IV Consultation with Saudi Arabia [IMF]
“The Saudi Royal Reserves, also known as the King Salman bin Abdulaziz Royal Natural Reserve (KSRNR), is the largest natural reserve in the Kingdom. Spanning over 130,000 square kilometres, the reserve has geographical diversity and monuments so rare they date back to 8,000 BC. (Remember that for your next Saudi staycation.) Sitting pretty next to the Jordan-Saudi border, the reserves are located within four regions: Hail, Tabuk, Al Jowf and the Northern borders.”
Saudi is planting 80 million new trees [Time Out Riyadh]
“The number of palm trees in the Kingdom exceeds 33 million, accounting for nearly 27 percent of the world’s total palm trees.”
Saudi Arabia’s date festivals reveal a vibrant economy, culture [Arab News]
