MUST-READS

• 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.

• Middle East crises loom in background as NATO leaders gather in Washington
  While this year's summit is expected to focus largely on the ongoing war in Ukraine, Iran's military support for Russia and Turkey's strategic balancing act with Moscow are expected to weigh on NATO leaders gathered in Washington.
  Read more: https://www.al-monitor.com/originals/2024/07/middle-east-crises-loom-background-nato-leaders-gather-washington#ixzz8faCZA4X1

• 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.

• 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.

• World’s largest oil company bets on the enduring power of petrol

  The state-owned oil group, which made $500bn in revenues last year mainly from producing and selling crude, last month took a €740mn, 10 per cent stake in Horse Powertrain, a company dedicated to building fuel-based engines. The calculation by Saudi Aramco and the other shareholders in Horse, Chinese carmaker Geely and its French peer Renault, is that as the industry stops designing and developing its own combustion engines, it will start buying them from third parties.

• 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.

• Women take part in changing of Kaaba’s kiswa in Saudi Arabia for first time in history

  According to the General Authority for the Care of the Two Holy Mosques, female employees took part in the ceremonial changing of the Kaaba’s kiswa – the black cloth decorated with gold and silver threads which adorns the monument – on Sunday by carrying some of its components and handing them over to other workers, who then loaded them into a vehicle for transport to the Makkah’s Grand Mosque.

• Saudi Arabia Trails Only Singapore in Emerging Market VC Funding Race

  Venture capital investment in MENA alone amounted to $768 million, the worst first-half performance since the Covid-19 pandemic, Magnitt said. Deal count also dropped, by 18% to 211. The data reflects a broader slowdown in the industry as investors shift attention toward funding rounds of $1 million to $5 million, according to Magnitt. So-called mega-rounds of $100 million or more have been on the decline.

• Saudi Arabia Reiterates Importance of Ceasefire in Gaza

  The Kingdom had declared its position on Gaza at the meetings of the European Council on Foreign Relations (ECFR). The cabinet underlined this position, calling for working on just and lasting peace and allowing the Palestinian people to obtain their legitimate rights in the establishment of an internationally recognized independent state

• H1 2024 Emerging Venture Markets Venture Investment Summary

  Did you know that Southeast Asia captured 64% of total EVM funding in H1 2024 with a staggering $2.2Bn, while Africa faced a steep 57% decline? Our Free H1 2024 Emerging Venture Markets Venture Investment Report provides an overview analysis of the venture capital landscape across South East Asia (SEA), Africa, and the Middle East, Pakistan, and Turkiye (MEPT). This free report offers a summary of the latest trends, pivotal insights, and valuable comparisons across these dynamic markets.

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