“The regions of Qassim and Riyadh lead in the presence of family businesses in Saudi Arabia, constituting 95% of the active commercial establishments and employ 57% of the private sector’s workforce, accounting for 48% of the total workforce in Saudi Arabia, Al-Eqtisadiah newspaper reported. Moreover, 69% of family businesses are concentrated in Riyadh, Makkah, and the Eastern Province, which is a natural reflection of the economic activity in Saudi Arabia.” 59% of Saudi family businesses have no succession plan: CEO of NCFB [Argaam]
“Before it was much easier to come and say, ‘I’m a fund manager from San Francisco, please give me a couple million. I think that a very small minority of them will be able to take money from the region — they are much more selective than before. PIF has been focused on co-opting investment into Saudi for last several years. It took a while for bankers to fully appreciate the scope and scale of the pivot. It’s rightly all about transforming the economy.” Marc Nassim, partner and managing director at Dubai-based investment bank Awad Capital, No longer a financial reservoir? Saudi Arabia’s spending confirms clear shift in strategy [CNBC]
“With this in mind, a common theme of many of the new laws and regulations introduced over the past year has been to provide foreign investors with greater certainty around key legislative provisions and to adopt terminology that will be more familiar to many of them.” Alan Wood, corporate partner at Clyde & Co., Saudi Arabia’s series of law changes eases entry for investment and companies [The National]
“Saudi literature has witnessed significant acceleration over the past decade, particularly during the period when culture and its literary derivatives became one of the key objectives of Vision 2030. This newfound openness to knowledge and literature, spurred by various initiatives, competitions and activities, has enabled young people to make significant leaps in literary production. What once took decades to learn, the youth now accomplish in just a few years.” Ibraheem Al-Sinan, head of editorial at Raff Publishing, Saudi Arabia’s literary renaissance captivates local and international audiences [Arab News]
“The growing awareness of the need to adhere to laws and regulations that govern the ownership, use and protection of intellectual property contributed to a 50 percent increase in the total number of complaints in 2023, the authority said. Trademark complaints rose by 73 percent, and copyright complaints by 30 percent, it added.” Mystery shopper program helps uncover IP violations across Saudi Arabia [Arab News]
“Saudi Arabia’s holdings of US Treasuries reached $140.3 billion in June 2024, up $ 4 billion month-on-month, new data released by the US Treasury showed. Saudi Arabia’s holdings of US Treasuries in June are the highest in more than four years, i.e. since March 2020, when they reached $ 159.11 billion.” Saudi holdings of US Treasuries rise to $140.3B in June [Argaam]
“In 2023, Saudi Arabia welcomed over 27 million international tourists who spent over $37 billion in the country, while domestic and international tourists surpassed 109 million.” Tourists spend in Saudi Arabia tops $37bln in 2023, says report [Zawya]
“Our investments in China significantly expand our downstream presence and also support our expansion into liquids-to-chemicals. They enable us to help create new pathways for growth by working with a country driving the increased integration of refining and petrochemical processes.” Mohammed Al Qahtani, the downstream president of Aramco, Saudi Aramco seeks to deepen ties with China in petrochemicals and low-carbon solutions [South China Morning Post]
“Clean energy is expected to get $235 billion in funding, up from a previous forecast of $148 billion, with the increase driven mainly by renewables as Saudi Arabia more than doubles its 2030 capacity target. Saudia Arabia is also funding sectors that enable an economic diversification away from oil, such as metals and minerals, transport and logistics, and digitalization.” Only a quarter of Saudi Arabia’s $1 trillion capex plan will go into oil [Goldman Sachs]
“It’s not just about a financial return, but what does it bring it back? Are you willing to set up in the region and are you willing to transfer technology? We’ve seen a big change in the last couple of years.” Ken Calleja, adviser with Rothschild & Co. who helped lead a transaction late last year in which Saudi Arabia’s Public Investment Fund bought a 49% stake in Rocco Forte Hotels, Middle East Trillions Force New Concessions From Wall Street [Bloomberg]
