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QUOTED
“As the country works to reduce its dependence on oil and diversify its economy, foreign relations are not merely supplementary but a prerequisite for securing the investments, trade agreements, and stability needed for sustained economic growth. As Saudi Arabia seeks to establish itself as an attractive investment destination, diplomatic efforts help maintain an investment-friendly environment, assuring foreign investors of the country’s security and stability.” Layla Ali, Unpacking the Drivers of Saudi Arabia’s Foreign Policy [Gulf Research Center]
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TOP STORY
“There is more chance of Elvis speaking next than the current plan working,” stated Saudi Aramco President and CEO Eng. Amin H. Nasser in his keynote speech at CERAWeek 2025 in Houston, Texas. [more]
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MORE TOP STORYLINES
Via Tom Gerken in bbc.com: Saudi Arabia’s Public Investment Fund (PIF) will pay $3.5bn (£2.7bn) to buy the gaming division of developer Niantic, whose titles include the hit mobile game Pokémon Go. The game involves players walking around in the real world to hunt the collectable creatures, which appear on their phone screens using augmented reality. Despite launching almost a decade ago, Pokémon Go is still amongst the highest-grossing mobile games in the world, with 30 million monthly players. The deal marks the latest step by Saudi Arabia to develop its gaming industry, which it has spent billions of pounds on in recent years. Niantics other games, such as Monster Hunter Now and Pikmin Bloom, are also included in the acquisition, along with the people employed to make them. They will become part of Scopely Inc – which itself was bought by PIF subsidiary Savvy Games Group for $4.9bn in 2023. Scopely is one of the biggest names in mobile gaming, with its most successful title, Monopoly Go, being downloaded more than 50 million times and generating more than $3bn in revenue.
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in fitchratings.com: Aramco announced on 4 March that the performance-related dividend in 1Q25 would be reduced to USD200 million, from USD10.8 billion in 1Q24, while the base dividend rose by 4.2% to USD21.1 billion. It anticipates a total dividend payment of USD85.4 billion over 2025, equivalent to around 7.7% of Fitch-forecast GDP. Around 82% of this should flow directly to the government budget, in line with its equity stake, with a further 16% going to the Public Investment Fund (PIF). We believe this is generally aligned with Fitch’s existing view that total dividend payments will average around USD82 billion a year over 2025-2028. Aramco’s announcement is broadly consistent with our projection in January that the budget deficit would widen to 3.8% of GDP in 2025 and 3.9% in 2026. This forecast assumed oil prices of USD70/barrel (bbl) in 2025 and USD65/bbl in 2026, and that Aramco’s performance dividend would be substantially reduced, reflecting more limited excess cash flow available for distribution from 2024. Fitch also expects the government to cut capex and associated current spending in 2025.
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Via James Drummond in agbi.com: The optimism is welcome – but it may be misplaced. This week the Riyad Bank Purchasing Managers’ Index in Saudi Arabia hit its highest level in more than 10 years – a significant vote of confidence in the Arab world’s largest economy. There was positive news too on jobs in the kingdom. Employment rose “solidly” last year, the survey found. Elsewhere, the local advisory house Jadwa Investment reported that consumer spending in Saudi Arabia rose by 7.5 percent last year – implying that ordinary people are happy to spend rather than save for the unforeseen. Government revenue and spending were also higher than budgeted, Jadwa said, using finance ministry figures. So far, so good.
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MORE ON THE KINGDOM AND BEYOND
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Saudi Arabia‘s Red Sea Global’s newest ultra-luxury offering, Desert Rock Resort, has quickly established itself as a global draw since...[By Tala Michel Issa via arabianbusiness.com]
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The report sheds light on financial performance during the fourth quarter of last year, including revenues, expenditures, and public debt indicators. It highlighted a 21...[via com.sa]
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Unlike Abu Dhabi-backed Manchester City, which has dominated English soccer over the past decade, and Qatari-backed Paris Saint-Germain, which has done likewise in France, it...[By James Robson via apnews.com]
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Trump’s renewal of the maximum pressure campaign could lead to rising tensions in the Gulf after a brief period of relative stability. The Saudis remember...[By Sultan al-Amer via newlinesinstitute.org]
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Saudi Arabia's Crown Prince Mohammed bin Salman congratulated Mark Carney on Friday, on the occasion of the formation of the new government headed by him...[via arabnews.com]
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Saudi Arabia has arrested more than 50 people, including 11 women on prostitution charges, in a new crackdown on “immoral acts” amid ongoing social and...[via middleeastmonitor.com]
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Saudi Arabia and Indonesia are set to sign a memorandum of understanding (MoU) to facilitate the recruitment of domestic workers from Indonesia to Saudi...[via argaam.com]
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The Ministry of Interior conducted inspection campaigns across Saudi Arabia between March 6 and March 12 to ensure compliance with residency, labor, and border security...[via saudigazette.com]
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Saudi Arabia is set to launch a groundbreaking global Twenty20 league, backed by its $1 trillion sovereign wealth fund. Spearheaded by Australian cricket figure Neil Maxwell,...[via geosuper.tv]
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The Saudi Architecture Characters Map highlights 19 architectural styles inspired by geographical, natural and cultural characteristics, derived...[via saudigazette.com]
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Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadley witnessed on Sunday the signing of an agreement between the Environment Fund and the Small and...[via saudigazette.com]
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Developer Diriyah Company — backed by Public Investment Fund — secured $1.6 billion in financing to develop the Wadi Safar project, an upscale residential...[By Kelsey Warner via semafor.com]
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The United States will keep attacking Yemen's Houthis until they end...[By Phil Stewart, Mohammed Ghobari and Gabriella Borter via reuters.com]
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Improvements in the availability and quality of digital infrastructure and services have yet to impact productivity growth in the Gulf economies...[By Valentina Pasquali via agbi.com]
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The White House's envoy, Steve Witkoff, is in Qatar to join indirect talks between Israel and Hamas on extending the fragile ceasefire in...[By Yolande Knell via bbc.com]
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Foreign ministers of leading Western democracies meet in Canada on Thursday after seven weeks of rising tensions...[By John Irish and Daphne Psaledakis via reuters.com]
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When protests over the Israel-Hamas war took root on Columbia University’s campus last spring, Mahmoud Khalil became a familiar, outspoken figure in a student movement...[By Jake Offenhertz and Jennifer Peltz via apnews.com]
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When the CEO of Russian state gas giant Gazprom, Alexei Miller, opened a lavish Italian palazzo-styled building...[via reuters.com]
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