MUST-READS

• Riding the A.I. Wave, Saudi Arabia’s Sovereign Fund Continues Its Ambition in Silicon Valley

  If the Saudi government’s $40 billion A.I. fund with Andreessen Horowitz, which The New York Times reported in March might fall through, does come to fruition, it will be far more significant than typical amounts raised by U.S. venture capital firms and establish PIF as a major player in the fast-growing A.I. sector.

• Saudi Arabia’s tourist expenditure hits $40bn in H1, says minister

  Tourist spending in Saudi Arabia reached approximately SR150 billion ($40 billion) in the first half of 2024, reflecting a 10 percent increase in both traveler numbers and expenditure compared to the same period the previous year, as revealed by a top minister.  At a conference convened to review the 2024 summer tourism program, the Kingdom’s Minister of Tourism Ahmed Al-Khateeb reiterated that his country will launch a tourist visa next month to attract more international visitors and bolster the sector’s growth.

• Lilium strikes sales deal with Saudi Arabia for up to 100 eVTOL aircraft

  Lilium, an electric aviation company based in Germany, says it has secured a binding sales agreement for up to 100 electric vertical takeoff and landing (eVTOL) aircraft with Saudia Group, which operates the largest airline carrier in Saudi Arabia and is wholly owned by the Kingdom of Saudi Arabia. The agreement is a “firm order” for 50 Lilium jets, with an option to purchase up to 50 more, the company said. The deal follows a 2022 memorandum of understanding between Lilium and Saudia to explore ways in which battery-powered multi-rotor aircraft can address the region’s transportation challenges.

• Saudi Consortium Secures $3.9 Billion Financing for Taiba-2 and Qassim-2 Power Projects, Advancing Saudi Arabia’s Energy Goals

  Aljomaih Energy & Water Company (AEC), in collaboration with Ajlan & Bros Group, Buhur for Investment Company, and the EDF Group, announced the successful financial close of the Taiba-2 and Qassim-2 Independent Power Plant (IPP) projects in Saudi Arabia, totaling 3.96 gigawatts (GW).

• Saudi Arabia rejects, condemns Israeli security minister’s visit to Al-Aqsa Mosque compound

  Saudi Arabia condemned and rejected in the strongest terms on Thursday a visit made by Israel’s far-right national security minister to Jerusalem’s most sensitive holy site. Itamar Ben-Gvir, an ultranationalist settler leader, said he had gone up to the Jerusalem hilltop compound of Al-Aqsa Mosque to pray for the return of Israeli hostages on Thursday. The Kingdom’s Foreign Ministry also condemned an Israeli parliament vote to oppose a Palestinian state.

• Trump Organisation and Saudi developer sign deal for Dubai luxury tower

  The Trump Organization on Thursday announced a deal with a Saudi developer to build a luxury high-rise tower in Dubai, as the former president’s real estate company continues its expansion in the Gulf region. The Trump Organization and Dar Global, a subsidiary of Saudi Arabia's Dar Al Arkan Real Estate Development, said the project will launch next year, without providing a cost estimate.

• Saudi Arabia sets new tourism record

  A record 60 million tourists to Saudi Arabia during the first half of 2024 spent a total of SR143 billion ($38.1 billion), Minister of Tourism Ahmed Al-Khateeb has announced. Speaking at a press conference on Wednesday, the minister highlighted the significant advances made by both the Kingdom and its tourism industry which have resulted in such a notable achievement. “Our country is blessed with a multiplicity of tourist destinations and climate diversity, (as well as) the moderate weather that the Aseer region enjoys during the summer season and low temperatures compared to most cities in the world,” he said.

• Saudi Arabia signs deal with Chinese construction giant to build 20,000 new homes, eyes $67bn housing boost
  Saudi Arabia has signed a deal with a Chinese construction to build 20,000 new homes as it looks to deliver $67bn of new real estate projects. The National Housing Company (NHC) has signed an agreement with China State Construction Engineering Corporation (CSCEC) in the presence of the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al Hogail. The agreement aims to build 20,000 housing units in the suburbs and communities developed by NHC across various regions of the Kingdom of Saudi Arabia.

• A father’s love, a daughter’s freedom

  The survey, conducted for researchers at the University of Massachusetts Amherst, could upend the approach of the international community to restore full education for Afghan girls. Trying to persuade or threaten the Taliban to change has only hardened their position in the three years since they retook power after the American withdrawal. Instead, researchers suggest that fathers with eldest daughters be “primed” by outside groups to use their authority in a male-dominated society to overturn the education ban.

• Saudi Arabia, Russia to maintain ‘close coordination’ on OPEC+: Kremlin

  Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin reaffirmed their countries’ commitment to the OPEC+ oil production accord among other bilateral issues in a phone call late July 17, the Kremlin said in a statement. “The importance of continuing close coordination within the framework of OPEC+ to ensure stability in the energy market was noted,” the statement said. A Saudi statement posted by the official Saudi Press Agency did not mention the OPEC+ agreement but said the two leaders “discussed a number of issues and topics of common interest” in a phone call initiated by the crown prince.

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