MUST-READS

• IDC expects Saudi Arabia’s ICT spending to hit $37.4B by 2024-end

  Spending on the information and communication technology (ICT) market in Saudi Arabia is expected to reach about $37.4 billion by the end of 2024, showing a growth of 3.3% year-on-year, said Hamza Naqshabandi. Vice President for Custom Solutions in the Middle East, Turkey, and Africa (META) at International Data Corporation (IDC).   On the sidelines of the ICT Indicators Forum, Naqshabandi told Argaam that the main factors driving this growth include the emergence of pioneering and emerging digital sectors such as e-tourism, entertainment, and e-sports.

• Two US law firms push into Saudi Arabia under new attorney rules
  Two major U.S. law firms are opening offices in Saudi Arabia following a change last year in the country's rules governing foreign lawyers practicing there.
  Quinn Emanuel Urquhart & Sullivan said on Thursday that it had been granted a license to practice in the country. Also on Thursday, Morgan Lewis said through a spokesperson it was preparing to open an office in Riyadh.
  Saudi Arabia has been a "key focus" for Quinn Emanuel, which has 1,000 lawyers, as it has "invested billions into diversifying its economy and encouraging international investment," firm founder John Quinn said in a statement.

• India’s oil imports from Russia drops 19% in February, Saudi Arabia 2nd largest supplier

  The month-on-month decline in imports from Russia comes amid lower discounts offered by Russia. Russia has been the largest source of crude for India since its invasion of Ukraine in February 2022 sparked western sanctions, prompting it offer deep discounts.

• NDMC closes the April 2024 Issuance under the Saudi Arabian Government SAR-denominated Sukuk Program

  The National Debt Management Center announces the closure of April 2024 issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The total amount allocated was set at SAR 7.396Bn (seven billion and three hundred and ninety-six million Saudi Riyals).

• ‘World’s largest’ coral-restoration project unveiled in Saudi Arabia

  One of Saudi Arabia's top universities has announced a Red Sea project described as the world’s largest coral reef restoration.

  The King Abdullah University of Science and Technology initiative aims to produce hundreds of thousands of corals each year.

  The scheme “represents a significant step towards restoring reefs globally”, according to the university, and is seen as important because many reefs have suffered from bleaching events due to rising temperatures.

  Called the Kaust Coral Restoration Initiative, the project already has a functioning nursery on Saudi Arabia’s north-west Red Sea coast capable of generating 40,000 corals per year.

  It is a pilot project for a larger scheme set to be completed by the end of next year, with an annual capacity of 400,000 corals.

• Henning Larsen Architects Reveals Jeddah Opera House in Saudi Arabia

  Henning Larsen Architect has just revealed the designs for The Jeddah Opera House, a new local landmark in Saudi Arabia. Drawing inspiration from the historical Al-Balad neighborhood, the Opera House celebrates culture and regional geography. Situated along the Red Sea waterfront, the opera house aims to connect residents and visitors to the sea through a culture spine under a natural canopy. Extending from the city, through the opera house, to the water, this “spine” forms an integral part of the Jeddah Central masterplan for the new Opera Quarter.

• Saudi Arabia Makes Strides In Global Energy Discourse At 26th World Energy Congress

  From April 22 to 25, 2024, the 26th World Energy Congress convened in the Netherlands, drawing participation from the Kingdom of Saudi Arabia’s energy industry. This pivotal event delved into various energy-related themes, including transitions within the vital energy sector, with a focus on fostering just, equitable, and eco-friendly management of these transitions.

• Saudi economy witnessing a fundamental shift, says minister

  Speaking at the event titled “Industrial policies to promote economic diversification,” the top official said there have been fundamental changes in the legislative and economic regulations to promote sustainable development since the launching of the Vision 2030 plan. He said the Kingdom’s efforts to diversify its economy have led to the creation of new sectors due to the initiation of several megaprojects such as NEOM, the Red Sea, and others

• GCC’s project awards jump 20% to $45b despite geopolitical headwinds

  The regional upswing also defies oil production cutbacks which have all weighed on economic growth in the region as seen from International Monetary Fund’s latest forecast that slashed GCC economic growth forecast for 2024 to 2.4 per cent from its previous forecast of 3.7 per cent, Kamco said in its study titled ”GCC Projects Market Update: Q1-2024. Saudi Arabia accounted for more than half of the contracts awarded in the region during the quarter with aggregate awards of $23.5 billion against $19.1 billion in Q1-2023, shrugging off underwhelming GDP growth projections by the IMF and continuing its strong non-oil growth rate run.

• UAE economy set to expand at ‘fastest clip’ in GCC

  Buoyed by strong performance in non-oil sectors, the UAE economy is on track to expand at the fastest clip in the region while Saudi Arabia will grow at a slower pace this year than previously predicted as oil prices drop from recent peaks. The UAE's economy, expected to show strong performance in non-oil sectors, was forecast to expand 4.0 per cent in 2024, an upgrade from 3.8 per cent in January's poll, according to a Reuter’s poll. With oil prices not expected to rise significantly this year, economists now predict weaker growth for Saudi Arabia's oil-dependent economy. The latest Reuters poll forecast that the Saudi economy would expand 1.9 per cent in 2024, down from 3.0 per cent in a January poll.

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