MUST-READS

• Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman extend voluntary cuts

  The OPEC+ countries, which previously announced additional voluntary cuts in April and November 2023, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on September 5th, 2024, during which the eight member countries emphasized their collective resolve to ensure full compliance with the voluntary production adjustments. The group includes Iraq and Kazakhstan, who have overproduced since January 2024, but have strongly reaffirmed their commitment to the agreement and to their compensation schedules submitted to the OPEC Secretariat as agreed under the 53rd meeting of the JMMC on April 3rd 2024.

• Hakbah Supports Increased Savings Rates and Financial Inclusion in Saudi With Tawuniya Partnership

  Hakbah, the Saudi-based fintech savings platform, is addressing a gap in the insurance market as it partners with Tawuniya, the national insurance company in Saudi Arabia.

• Crown Prince performs funeral prayer for late Princess Latifa

  Crown Prince Mohammed bin Salman performed the funeral prayer for Princess Latifa bint Abdulaziz Al Saud on Wednesday. The late princess was laid to rest at Al Oud Cemetery in Riyadh. The funeral prayer took place at the Imam Turki bin Abdullah Mosque in Riyadh.

• IMF: Financial and Regulatory Reform Agenda Contributed to Accelerating Saudi Economy’s Growth

  The IMF Article IV Consultation report commended the macroeconomic policies and transformational changes implemented by the Kingdom, which contributed to enhancing the growth of non-oil activities. The report also noted that Saudi reforms led to rising employment, which now exceeds pre-Covid figures, and that the rate of women's participation in the labor market rose to more than 35%, exceeding the Saudi Vision 2030 target of 30%.

• Saudi Arabia sees Italy as partner of choice on green products
  Saudi Arabia regards Italy as a useful ally to help it deliver green energy and fuels - including hydrogen produced with renewable power - to Europe, the kingdom's investment minister said on Thursday. Under its multi-year energy strategy, Saudi Arabia aims to grow its production capacity for low-carbon products to diversify away from its traditional oil and gas business. However, since the market for low and zero-carbon hydrogen is still at an initial stage, the country is looking for allies who could facilitate the export of these products.

• Saudi Arabia scraps hotel licensing fees in bid to boost tourism

  Saudi Arabia decided on Wednesday to cancel fees for issuing commercial activity licenses for hotels, hotel apartments and residential resorts in the kingdom, state news agency SPA reported. The decision, effective September 4, is part of the Tourism Investment Enabler Programme that Saudi Arabia launched in March, aimed at making the kingdom a global tourism powerhouse. “This decision comes in line with the goals of the Kingdom’s Vision 2030 to make Saudi one of the most prominent tourist destinations in the world”, SPA said. SPA added that the initiative would encourage investors to put more money into the tourism sector, which would increase the industry’s contribution to gross domestic product.

• Saudi issuing licences for new airlines

  In an interview with Al Arabiya Business, Al-Duailej revealed that work is underway to issue new licences for private airlines at Saudi airports. He highlighted that Saudia Airlines recently secured a deal to purchase 105 new aircraft, with Jeddah airport being used as a major hub for the airline in the coming years. Al-Duailej also emphasised that Saudi Arabia’s aviation strategy aims to increase passenger numbers to 300 million. The country has already established direct connections to 170 destinations out of a target of 250.

• New Saudi campaign explores the ‘Heart of Arabia’

  The heroine of the film – a solo female traveller – is initially filled with trepidation but experiences a warm Saudi welcome as she embarks on an enigmatic quest through the country’s spectacular destinations. It also showcases a lesser-known side to Saudi – its expansive geography, diverse terrain, and human and natural wonders – from the clear turquoise waters of the Red Sea, to Aseer’s lush mountains, the vibrant cities of Riyadh and Jeddah as well as iconic UNESCO World Heritage Sites of Diriyah, Hegra and Al Balad. The wider message of the campaign is about Saudi’s extraordinary heritage, its rapid transformation into a dynamic global destination, and the endearing warmth of its people.

• Green Jobs Surge: How Saudi Arabia’s Eco-Initiatives Create New Opportunities

  Saudi Arabia's focus on sustainability has led to a notable rise in green jobs. According to recent statistics, the green sector has grown by over 30% in the past five years. This growth is fueled by investments in renewable energy, sustainable agriculture, and eco-friendly technologies. The surge in green industry sectors is not just a trend; it's a tidal wave transforming the Saudi economy.

• Leading KSA Fintech – Hakbah – Partners with the Saudi Institute of Internal Auditors

  akbah, the Saudi-based fintech savings platform, announces a new agreement with The Saudi Institute of Internal Auditors to enhance the development of internal auditing systems, governance, and oversight within financial technologies, at 24Fintech in Riyadh. Under this agreement, Hakbah and The Saudi Institute of Internal Auditors will exchange information and updates on professional standards and scientific references, facilitating specialised internal audit studies as well as research on relevant systems, regulations, and discussion panels.

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