MUST-READS

• The Next Big Things in Retail Summit will explore how the Middle East’s retail industry is being transformed

  The Middle East is on the cusp of a retail revolution. Driven by ambitious economic diversification plans and a growing young population, the region offers a dynamic opportunity for retailers and innovators. As consumer expectations evolve and reshape the industry, Fast Company Middle East’s Next Big Things in Retail summit, scheduled for 12th November in Riyadh, will serve as a crucial platform to explore and shape the future of retail in the region with a deeper focus on Saudi Arabia.

• Food and beverage sector dominates Saudi POS spending
  According to a report by the Saudi Central Bank, restaurants and cafes in the Kingdom have spearheaded a notable increase in point-of-sale (POS) transactions from June 30 to July 06. The food and beverage sector held the largest share of POS spending, with an 8.8 percent increase to SR2.05 billion, up from SR1.88 billion the previous week. This was followed by the restaurant and cafe sector, which saw a 9 percent rise in spending, reaching SR1.96 billion. This highlighted a resilient economic recovery.

• Saudi Arabia to host inaugural Olympics Esports Games in 2025, says IOC

  The decision will be ratified at the IOC Session to be held on the eve of the Olympic Games in Paris, after which work will begin on selecting a host city for the inaugural edition. “We are very fortunate to be able to work with the Saudi NOC on the Olympic Esports Games, because it has great – if not unique – expertise in the field of esports with all its stakeholders,” IOC president Thomas Bach said in a statement.

• Saudi Pro League to focus on younger signings, homegrown talent

  The Saudi Pro League is encouraging its clubs to foster homegrown talent and switch focus to wooing promising young internationals after making headlines for big name signings for huge money, a document outlining plans for the new season said. The league signed 97 foreign players last season and boasts 39-year-old global soccer superstar Cristiano Ronaldo and 32-year-old Brazil forward Neymar among other household names.

• Saudi Prince’s Trillion-Dollar Makeover Faces Funding Cutbacks

  A government committee led by the de facto Saudi ruler, Crown Prince Mohammed Bin Salman, is close to completing a sweeping review of mega projects including the sprawling desert development known as Neom, people familiar with the matter said, asking not to be identified as the information is private.

• Why Saudi Tourism’s Future Depends on Strong Private Sector Partnerships

  While Saudi’s tourism industry is currently keeping pace, it requires significant efforts to reach these future goals. Many of its new destinations are still developing their travel infrastructure or catering to niche markets. The country also faces the challenge of integrating these emerging markets into its existing tourism framework and effectively marketing them to attract the right visitors.

• Lucid sees higher demand in Saudi Arabia, begins exports to UAE

  The demand for electric cars is increasing in Saudi Arabia, which is one of the company’s strongest markets in the world, due to the young generation’s awareness of the importance of sustainability and the efficiency, Faisal Sultan, Vice President and Managing Director of Lucid Group Middle East), told Argaam.

• Is the Saudi POV different from the rest of the world?

  Contrary to the prevailing notion in other societies that culture is a barrier to innovation and economic progress, the Kingdom remains deeply entrenched in its culture and traditions while emerging as one of the fastest growing economies in the world, positioning itself as the new epicenter of global commerce. Saudi Arabia is young country with 63 per cent of its population being under 30 years old. The youth of the nation celebrate its culture, while driving the change from within.

• Saudi-European Investment Relations Enhance Global Economic Stability

  External financial bonds, including Eurobonds, constitute an important aspect of Saudi investments, experts told Asharq Al-Awsat. This came after the Ministry of Finance denied, on Tuesday, that the Kingdom had threatened to sell Eurobonds, according to a statement attributed to the ministry and reported by Bloomberg. The ministry stressed that Saudi relations with the G7 and other countries were based on mutual respect, pointing to ongoing discussions over matters that promote global growth and the flexibility of the international financial system.

• China willing to strengthen trade with Saudi, commerce minister says
  China said it is willing to strengthen implementing development strategies with Saudi Arabia, and intensify trade and investment exchanges, its commerce minister said in a statement on Friday. Commerce Minister Wang Wentao held talks on Thursday with the head of affairs on Saudi Arabia's economic cooperation with China, who is also the president of the Saudi sovereign wealth fund Public Investment Fund and chairman of Saudi Aramco.

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