“At least until 2030, Saudi will have massive budgetary needs due to the need to demonstrate some significant outcome in key Vision 2030 projects and to prepare for and host big sporting and cultural events. All this amidst expected growth in oil supply from the U.S., Guyana, Brazil, Canada, and even the UAE and possible anemic oil consumption growth in China, the Kingdom’s largest oil customer, means that the Kingdom’s fiscal breakeven price is likely to rise perhaps to around $100.” Li-Chen Sim, Middle East Institute, Saudi Arabia’s fiscal breakeven oil price is rising fast. What will the kingdom do about it? [CNBC]
“I’ve never seen so many happy snooker players, everyone is excited to be here, we want to compete, play well and put on a really good show for the Saudi Arabian fans.” Ronnie O’Sullivan, Ronnie O’Sullivan gives honest feelings on Saudi Arabia Masters in traditional attire [GBN]
“The 150-member Shoura Council has been reconstituted for a period of four years effective from Friday, Rabi Al-Awwal 3, 1446, corresponding to Sept. 6, 2024.” King Salman reconstitutes Shoura Council and Council of Senior Scholars [Saudi Gazette]
“I feel like to enact a dream or for a kid to see a dream, they have to see it in person. Hoping that there is a player or a kid from Saudi who can say, ‘This WTA Finals changed my outlook or made me realize I had a dream in this sport.’ That’s what tennis is all about—bringing our community to new parts of the world.” Coco Gauff praises WTA Finals in Riyadh, hopes to inspire Saudi’s next generation of tennis stars [Saudi Gazette]
“Typically, high-growth companies don’t pay high dividends because it makes more financial sense to reinvest in the business. The more mature an industry and the more mature a company, the higher the dividend it’s likely to pay. Energy, banking and telecoms are mature industries so it’s not unusual for companies in these sectors to pay high or higher-than-average dividends.” Tarek Fadlallah, CEO of Nomura Asset Management Middle East in Dubai, PIF-backed Saudi companies increase dividends [Arabian Gulf Business Insight]
“The opportunity in India is more ripe than a decade ago, with a lot of new age entrepreneurs now also building [companies] in domains other than technology. Today you have large homegrown ecosystems in sectors like consumer goods, where companies can be scaled to very large levels.” Mohammed Abrar Asif, co-chief executive officer, Hades, Saudi Arabia’s Hades Financial readies $750m for India investment [Nikkei Asia]
“The number of industrial establishments in the Kingdom increased from 7,206 in 2016 to 11,549 in 2023… Riyadh currently leads in the number of facilities, with 4,502 factories, followed by the Eastern Province with 2,618 and Makkah with 2,209.” Saudi Vision 2030 boosts industrial facilities by 60%, official figures reveal [Arab News]
“In terms of exports by country, China was the largest importer, accounting for 16.2 percent of the Kingdom’s total goods exports, with a value of SR47.588 billion, while South Korea followed with a value of SR26.408 billion and a share of 9 percent of the total goods exports. Japan was the third-largest importer, with a value of SR25.950 billion and a share of 8.8 percent of total goods exports.” Saudi trade surplus surpasses $26.13bln in 2Q 2024 [Zawya]
“Set to happen until September 22, the mega relay will be travelling more than 3,500 kilometres including Riyadh (of course), Khobar, Al Ahsa, Qassim, Madinah, Ha’il, AlUla, and more. With a total prize pool of SAR200 million, this year’s edition will feature competitions in 53 sports. The event represents over 200 clubs and brings together 45 sports, including five games dedicated to Paralympic sports.” The Saudi Games 2024 torch relay is happening right now [What’s on Saudi Arabia]
“The EWC has underscored the transformative impact of esports and the pivotal role that this incomparable industry now plays in cultures and societies all around the world — its inclusive and empowering nature is something truly unique. For eight successive weeks, this unparalleled event has brought the entire international gaming community together like never before, inviting all to participate in this milestone moment in gaming and esports history. We could not be more delighted with what’s transpired this summer; it’s a historic moment in time that Saudi Arabia and the world will always remember fondly.” Inaugural Esports World Cup signs off with historic closing ceremony [Arab News]
