MUST-READS

• Saudi Arabia to boost private sector investments in manufacturing: deputy minister

  Saudi Arabia aims to bolster private sector investment in the manufacturing industry, capitalizing on the Kingdom’s swift growth, according to a top official. During his opening speech on the second day of the Riyadh International Industry Week 2024, Deputy Minister of Industry and Mineral Resources for Industrial Affairs Khalil bin Salamah pointed out that partnership with non-government bodies is of great importance in achieving industrial development in the Kingdom.

• Saudi Arabia condemns attack on UNRWA headquarters in Jerusalem

  The Ministry of Foreign Affairs of Saudi Arabia has condemned the recent attack by Israeli settlers on the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) headquarters in occupied Jerusalem. The attack occurred under the watch of Israeli occupation police. In a statement released on Thursday, the ministry held the Israeli occupation accountable for the recurrent crimes against daefenseless civilians and workers in humanitarian and relief organizations. The statement emphasized the Kingdom's call for the international community to intensify efforts to stop all legal and humanitarian violations and to ensure that the Israeli occupation faces consequences for its continued offenses, which flout international laws and norms.

• Education minister: 3-semester system is under study

  Saudi Minister of Education Yousef Al-Benyan said that the three-semester system is under the ministry’s evaluation and study and the results of the study will be announced upon its completion. “This is a very important matter at the level of the minister and the ministry, as well as at the government level,” he said. 0 seconds of 0 secondsVolume 0% Loading ad Al-Benyan said this while replying to a question from Dr. Aisha Zakri, head of the Education and Scientific Research Committee, at the Shoura Council session, chaired by Speaker Sheikh Abdullah Al-Sheikh in Riyadh on Wednesday. “The Ministry of Education is working to evaluate the three-semester experience according to scientific and educational foundations in partnership with teachers, parents, and relevant authorities, and the ministry will announce the result of this study after its completion,” he said.

• Saudi Banks Profit from Rising Lending, Deposit Volumes

  Financial analysts connect the 8.2% increase in net profits for Saudi banks in the first quarter of 2024 to strong lending, higher demand for loans, and increased deposits. They point out that rising interest rates in recent years have boosted bank profits, especially from long-term loans with fluctuating interest rates. By the end of the first quarter of 2024, the top 10 Saudi banks listed on the Saudi stock market (Tadawul) saw their combined net profits rise by 8.2 percent, reaching about 18.65 billion Saudi riyals ($5 billion).

• Saudi Banks Profit from Rising Lending, Deposit Volumes

  Financial analysts connect the 8.2% increase in net profits for Saudi banks in the first quarter of 2024 to strong lending, higher demand for loans, and increased deposits. They point out that rising interest rates in recent years have boosted bank profits, especially from long-term loans with fluctuating interest rates. By the end of the first quarter of 2024, the top 10 Saudi banks listed on the Saudi stock market (Tadawul) saw their combined net profits rise by 8.2 percent, reaching about 18.65 billion Saudi riyals ($5 billion).

• Saudi Arabia Stock Exchange (Tadawul) CEO Sees Further Blitz of IPOs

  Saudi Arabia has more than ten companies waiting to pursue initial public offerings on its stock exchange, while upwards of 50 firms have applied for listings, in a sign that the frenzy of IPO activity in the kingdom is set to continue. “We have more than ten IPOs approved but waiting for book building and dealing with the asset managers to determine listing and offering dates,” Mohammed Al-Rumaih, chief executive officer of Tadawul stock exchange, said in an interview.

• Hong Kong and Saudi Arabia explore funds to track Hong Kong stock indices

  Hong Kong and Saudi Arabia are exploring the creation of an exchange-traded fund (ETF) tracking Hong Kong indices, Hong Kong Deputy Financial Secretary Michael Wong said in a statement on Thursday. The Hong Kong government is currently working with several financial institutions to develop the ETF, Wong said. The statement was released on the sidelines of an event jointly held by the Saudi Tadawul Group, the owner of the Saudi Exchange, and Hong Kong Exchanges and Clearing Ltd (HKEX).

• Saudi Arabia’s $100bn tech investment shows global leadership on AI, says Microsoft executive

  Saudi Arabia’s plan to invest $100 billion in technology is propelling the Kingdom to the forefront of innovation and talent development worldwide, said a senior Microsoft Arabia executive. In February, the Kingdom launched Alat, a technology and artificial intelligence firm backed by the Public Investment Fund, with the aim of pouring funds into Saudi Arabia’s technological sector.

• Saudi Arabia broadens e-visa eligibility to include visitors from three new countries

  Saudi Arabia’s Ministry of Tourism announced on Wednesday it has expanded its e-visa ambit to include nationals from three new countries, as the Kingdom moves forward with its efforts to boost its tourism sector. Nationals of Barbados, Commonwealth of Bahamas, and Grenada can now apply for a visitor visa electronically or upon arrival at one of the Kingdom’s ports, the ministry said in a post on X.

• Saudi Arabia leads Q1 IPO activity in MENA: EY report

  Saudi Arabia emerged as a dominant force in initial public offering activity for the region in the first quarter of 2024, according to multinational professional services EY. With nine IPOs launched during this period, the Kingdom, along with the UAE, contributed to a total of 10 listings, generating combined proceeds of $1.2 billion, as detailed in the MENA IPO Eye Q1 2024 report.

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