MUST-READS

• What Animals Are Protected from Hunting in Saudi Arabia?

  The Kingdom of Saudi Arabia prohibits the hunting of wild animals, including the Arabian Oryx, gazelles, ibex, and predators such as the Arabian leopard, lynx, wolf, and hyena. It also bans the hunting of endangered birds or birds of prey. Hunting animals or birds is prohibited within the boundaries of villages, cities, centers, farms, rest areas, residential and military facilities, industrial and vital establishments, protected areas, and large projects such as NEOM, the Red Sea Project, Amaala, and Qiddiya. Hunting is prohibited along the Kingdom’s coasts, extending about twenty km inland, as well as in ar-Rub' al-Khali (Empty Quarter). Additionally, hunting is banned at night, in border areas, and near public roads, or railways.

• Can Saudi Arabia Successfully Woo Africa?

  In recent years, Saudi Arabia has intensified its engagement with Africa, underscored by the inaugural Saudi-Africa Summit held last year. The event, attended by over 50 African heads of state and officials, marked a turning point in the kingdom’s foreign policy. Africa’s importance to Riyadh extends beyond diplomatic ties—it is central to Saudi Arabia’s aspirations for global leadership and the fulfillment of Vision 2030. The kingdom has targeted three key areas for investment in Africa: natural resources, renewable energy, and infrastructure. At the third edition of the Future Minerals Forum in January, Saudi Arabia announced plans to invest $15 billion in mining projects globally, focusing heavily on Africa. Agreements with mineral-rich countries like Namibia, Guinea, and the Democratic Republic of Congo exemplify this commitment. Additionally, the PIF’s joint venture, Manara Minerals, expressed interest in acquiring a 30% stake in Zambia’s copper mines.

• Saudi Arabia’s car leasing industry poised for further growth

  Estimated to be worth around $772 million in 2023, Saudi Arabia’s car leasing market is projected to grow to around $1.3 billion by 2028, with a CAGR of 9.7% in the five-year period. An increasing number of companies adopting leasing solutions, and a growing bench of employees in the Kingdom are set to have a positive impact on the leasing and rental sector.  Additionally, the increasing number of women drivers, who were only recently given the right to operate vehicles, will provide a further impetus to demand. Like the overall economy in the Kingdom, the leased car market is going through a period of transition. Having faired generally quite well post-pandemic, the major cities are enjoying rapid modernization, including a boom in electrical vehicles and other sustainable mobility.

• China Telecom Global launches operations in Saudi Arabia

  China Telecom Global has officially kicked off operations in Saudi Arabia with the launch of new subsidiary China Telecom Gulf, which has already secured its first cooperation agreements with local telcos STC and state-owned BTC Networks. China Telecom Gulf said it will leverage its experience with 5G, cloud computing, AI, and other fields to provide digital products and services to Saudi enterprises, institutions, and consumers. The telco also said it will work closely with Saudi government departments, enterprises, and partners to develop local digital infrastructure.

• Saudi’s Jada invests in Seedra Venture’s second fund
  Jada, the Saudi fund of funds, by Public Investment Fund, has invested in the second fund of Seedra Ventures, a local fund manager that invests in startups across the Middle East & North Africa. The fund completed its first close in the second quarter earlier this year. The size of the commitment by Jada was not disclosed. Seedra has previously invested in companies like Tamara, Classera, ZenHr, and Zid. Its second fund is sector-agnostic and invests in pre-seed to Series A startups, across the region.

• Saudi FM arrives in Italy to attend G7 ministerial meeting

  Saudi foreign minister Prince Faisal bin Farhan arrived in Italy on Sunday to participate in an expanded ministerial meeting of the Group of Seven (G7) countries in Fiuggi, Saudi Press Agency reported.  The meeting will discuss the current situation in the Middle East, SPA added. During his stay in Fiuggi, Prince Faisal will hold a number of discussions that will address regional and international issues.

• Can Saudi Arabia keep pace with its ambitious mega-project spending spree?

  One Gulf-based financier with years of experience in the kingdom told CNBC: “The PIF’s pivot towards domestic investments, widely acknowledged but now officially admitted, suggests that there is still a lot of spending needed. Saudi Arabia has poured tens of billions into projects that have yet to hint of any financial returns.” “The number of ‘we pay up front and hope for economic returns later’ giga projects that are currently underway is not sustainable,” Leber said. “With that being said,” he added, “the Saudi monarchy has shown itself to be somewhat flexible whenever economic realities assert themselves. I do think that eventually, a number of projects will be quietly shelved in order to bring its fiscal outlays back into greater sustainability.” The kingdom’s economy also swung dramatically from a budget surplus of $27.68 billion in 2022 to a deficit of $21.6 billion in 2023 as it ramped up public spending and decreased oil production due to its OPEC+ supply cut agreement. Its government forecasts a deficit of $21.1 billion for 2024, projecting revenue at $312.5 billion and expenditures at $333.5 billion.

• Saudi Arabia allows licensed flour milling companies to export flour

  GFSA Governor Eng. Ahmed Al-Faris said that this decision is based on the regulatory and supervisory role of GFSA towards licensed flour milling companies and in line with the Kingdom's Vision 2030 that supports national industries and opens up opportunities for competition based on the high quality of their products. He said that the authority's Board of Directors has approved allowing licensed flour milling companies to export flour to global markets with a commitment to refund the full value of the wheat support provided by the state for the quantities to be exported.

• Private debt in Saudi Arabia is at an inflection point — Preqin reports

  Preqin, the global leader in alternative assets data, tools, and insights, today published its Territory Guide: The Rise of Private Debt Funds in Saudi Arabia 2024 report in partnership with SVC. The report shows that private debt is becoming an increasingly attractive asset class in Saudi Arabia and is expected to grow, as the Kingdom’s private capital market continues to mature. This trend is driven by a growing interest from regional investors and global sources of capital, and the positive impact of the Vision 2030 reforms.

• Saudi GDP to receive $3bn boost after raft of deals at Local Content Forum

  Saudi Arabia launched initiatives and signed 15 agreements at the Local Content Forum, boosting domestic industries with an estimated SR12.4 billion ($3.3 billion) impact on gross domestic product. The deals, signed on the first day of the three-day event in Riyadh, span multiple strategic sectors, including manufacturing, technology, and transportation. The Local Content and Government Procurement Authority launched several initiatives aimed at driving the localization of key industries, aligning with broader economic goals.

• 10 of 63018 results<< 1 … 179 180 181 … 6,302 >>