MUST-READS

• Nike’s first campaign in Saudi Arabia: ‘What if you can?’ video goes viral

  Sportswear giant Nike has come out with its first campaign in Saudi Arabia and the online commercial ‘What if you can?’ has created a lot of buzz on social media. The one-minute and 35-second video is aimed at inspiring young girls in conservative Saudi Arabia to back their potential and take up a sport. The online campaign has already amassed more than 37 million views on YouTube. It opens with schoolgirls playing a game of football and the ball stops at a female student sitting on the steps of a school. One of the students asks her in Arabic, ‘Want to play? Let’s go’.

• SAMA Regulations Enhancing Saudi Islamic Banks’ Transparency, Sharia Governance

  Islamic finance-specific rules issued by the Saudi Central Bank (SAMA) over 2020–1H24 are enhancing Islamic banking regulations to some extent, says Fitch Ratings, through better transparency and reporting requirements, standardisation and sharia governance, and increased consumer confidence in the products’ sharia-compliance. While the Saudi Islamic banking market is the largest globally, and we expect the operating environment to be favourable over 2H24–2025, persisting issues include low standardisation, still-developing Islamic-finance regulations, and fragmented disclosures.

• Opinion: Normalization with Saudi Arabia is a golden opportunity for Israel

  Normalization will lead to the establishment of a regional security alliance and the reversal of the negative strategic trends for Israel since October 7. The moderate alliance will stand up against Iran and the resistance camp and open the door to PA participation while establishing a governing alternative to Hamas in the Gaza Strip and renewing a political process in the Israeli-Palestinian conflict arena.

• Tadawul: Net foreign buys up to SAR 11.4B in H1 2024, Saudis net buyers of SAR 11B

  Foreign investors were net buyers of about SAR 11.43 billion worth of stocks on the Saudi Exchange (Tadawul) in H1 2024, registering a hike of 50% from SAR 7.63 billion in H1 2023, according to data issued by Tadawul.

• Saudi Arabian court jails teacher for 20 years for tweets

  A Saudi Arabian man has been sentenced to 20 years in prison on charges related to his social media activity, the organisation Human Rights Watch (HRW) reported on Tuesday. On 29 May, Asaad al-Ghamdi, a 47-year-old teacher, was convicted by Saudi Arabia’s counter-terrorism tribunal of “challenging the religion and justice of the King and the Crown Prince”, and “publishing false and malicious news and rumours”.

• Saudi Arabia completes first phase of ‘Professional Verification’ program

  The Ministry of Human Resources and Social Development completed the first phase of the "Professional Verification" service as part of the "Professional Certification" program. It covers 128 countries and cooperates with the Ministry of Foreign Affairs through a unified electronic platform supervised by the ministry.

• Saudi Arabia to lure ultra-luxury travelers with Red Palace stays

  In the south of Riyadh, nestled into downtown streets steeped in rare desert greenery, sits a 365,000 square-foot palace once lived in by King Saud bin Abdulaziz, the second ruler of modern Saudi Arabia. The Red Palace was built in the 1940s for the then-crown prince. Now, the 9-acre, art-deco manse is being transformed into an ultra-luxury hotel designed to give guests a taste of the Saudi royal life.

• Border Traffic: How Syria Uses Captagon to Gain Leverage Over Saudi Arabia
  Since 2011, the Gulf region has seen a significant escalation in the scale and sophistication of drug trafficking. There has been a particular increase in the supply of Captagon, a codrug of amphetamine and theophylline, whose consumption threatens social peace. However, the issue extends beyond organized crime to affect politics. The Syrian regime of President Bashar al-Assad and its allies have leveraged Captagon trafficking as a means of exerting pressure on the Gulf states, notably Saudi Arabia, to reintegrate Syria into the Arab world and secure concessions that would allow the regime to reinforce its position after thirteen years of conflict.

• E-commerce in Saudi Arabia sees 17.47 percent surge with 40,697 new records in Q2 2024

  The issuance of existing commercial records for e-commerce in Saudi Arabia recorded a growth of 17.47 percent by the end of the second quarter of 2024, new data showed. According to the Q2 2024 Business Sector Bulletin issued by the Saudi Ministry of Commerce, during this period, 40,697 e-commerce records were issued, compared to 34,645 in the same period of 2023.

• Warrior Group announces opening of new office in Saudi Arabia

  The increasing demand for Warrior Group’s expertise and offerings led to the decision to open a dedicated office in Saudi Arabia. The company now concentrates almost 70% of its operations within the Kingdom, and so this decision is in line with Saudi Arabia’s Vision 2030 goals. This initiative highlights the company’s dedication to assisting Saudi Arabia in achieving its ambitious objectives in tourism and the economy.

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