This commentary presents the findings of the annual Energy Statistics Survey by the General Authority for Statistics (GASTAT), an ongoing initiative since 2017 that is now in its fifth iteration, which covers 2022. The survey encompasses hundreds of responses from 45,420 households and offers a comprehensive view of their electricity consumption, fuel usage, various energy utilization patterns, and methods for achieving energy efficiency, along with other aspects. The survey’s sample is designed to represent Saudi Arabia’s 13 administrative regions and is selected based on the General Population and Housing Census 2022 framework. The goal is to accurately reflect the diversity of households within these regions.
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PIF Increases Investment in Lucid
Ayar Third Investment Company, a PIF affiliate, will buy $1 billion in convertible preferred stock and will be able to convert the preferred stock into about 280 million shares, according to a regulatory filing with the U.S. securities regulator.
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Saudi Arabia to join Miss Universe for the first time
27-year-old model, influencer, and beauty pageant veteran Rumy AlQahtani announced on Instagram that she will be representing Saudi Arabia in 72nd Miss Universe contest in Mexico later this year.
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Hyundai and Red Sea Global Agree to Test EVs and Air Mobility Systems
Hyundai Motor Group said on Monday it has agreed with Saudi Arabia’s state-sponsored developer Red Sea Global (RSG) to cooperate in the Middle Eastern country’s push for electrification and other eco-friendly future mobility projects.
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Saudi Film Commission Reports Impressive 2023 Growth Statistics
Published in Screen Daily, the Saudi Film Commission reported on topline 2023 metrics for Saudi Arabia’s growing film industry. With more than 50% of the Saudi population under 25, there is a significant appetite for cinema, particularly for US action films, Egyptian comedies, and Saudi narratives.
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FIFA Series 2024 Friendly Matches Kick Off in Jeddah
The FIFA Series: Saudi Arabia A will be held in Jeddah, Saudi Arabia from March 21–26, 2024. The event will feature two groups, including Cambodia, Equatorial Guinea, Guyana, and Cape Verde. The series is designed to help national teams that do not often play teams from other confederations, and FIFA will cover the teams’ travel costs. There will be […]
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NYT Reports on Proposed $40B Saudi AI Investment
The New York Times’ Maureen Farrell and Rob Copeland report that Saudi Arabia is working with Wall Street banks to establish a $40 billion AI-focused investment fund.
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U. S. Secretary of State Antony Blinken to Visit Middle East this week Seeking Ceasefire Agreement
U.S. State Department spokesman Matthew Miller said, “The Secretary will discuss efforts to reach an immediate ceasefire agreement that secures the release of all remaining hostages, intensified international efforts to increase humanitarian assistance to Gaza, and coordination on post-conflict planning for Gaza, including ensuring Hamas can no longer govern or repeat the attacks of October 7.”
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OPEC and IEA Agree on Something
The Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), two of the leading global energy forecasters, have long disagreed on demand growth. They agree on this however.
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Saudi Non-Oil Activity reaches 50% of GDP as Economy Continues to Diversify
Non-oil economic activity in Saudi Arabia contributed 50 percent to the Kingdom’s gross domestic product in 2023, the highest level ever, the Ministry of Economy and Planning said on Thursday. The total non-oil economy was worth $453 billion at constant prices, driven by continued growth in investment, consumption and exports.
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Already a Riyadh Centerpiece, KAFD CEO Gautam Sashittal Discusses Future Plans
Gautam Sashittal, CEO of King Abdullah Financial District Development and Management Company (KAFD DMC), sits with Imogene Lillywhite of Zawya for an extensive interview outlining what is next for the exciting city hub.
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MUST-READS
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The Emergent Gulf Sovereign Wealth Fund-Global Tech Nexus
These efforts are not just garnering global attention but also – in some cases – paying off. On April 15, Microsoft announced a $1.5 billion strategic investment in G42 for a minority stake and Microsoft’s vice chair and president, Brad Smith, joining the Emirati company’s board. At Saudi Arabia’s annual tech-focused LEAP conference, Amazon Web Services announced plans to spend $5.3 billion to create a new infrastructure region in the kingdom. Gulf countries are racing to build data centers with the help of local, Asian, and Western companies.
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Perspective: Unfairly Maligned? The Cost of Mediation on Qatar-U.S. Relations
Moreover, many of Qatar’s past actions toward Gaza that voices within the United States and Israel now denounce were implemented at the behest of officials in Washington and Tel Aviv. A look back at Qatari mediation in Gaza over the past decade could remind U.S. policymakers of Qatari maneuverability in the region when crises erupt.
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Saudi Arabia’s Deserts have been turning green around the Holy Cities
After heavy rains, parts of Saudi Arabia’s desert near Mecca and Medina have turned green. This transformation, particularly in the West, is due to excess water, leading to the growth of grass and plants. Photos show camels grazing on fresh grass, and once arid areas are now vibrant with color. This unusual sight has also been visible from NASA satellites.
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Saudi Arabia’s non-oil business activity growth steady in April
Saudi Arabia's non-oil business activity grew at a steady rate in April despite a slowdown in new order growth, a survey showed on Sunday, with domestic demand driving output.The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index stood at 57.0 in April, the same as March, and well above the 50.0 mark denoting expansion in activity.The Output subindex retreated slightly to 61.9 in April from a six month high of 62.2 the previous month, but continued to reflect strong demand conditions, with Wholesale & Retail registering the strongest expansion in output.
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Saudi PMI stabilizes at 57 points in April, business activity up sharply
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, kept unchanged at 57 points in April 2024. The non-oil private sector saw a strong operational improvement in April. Meanwhile, business activity hit sharply at the beginning of the second quarter, according to sub-sector data, the wholesale and retail businesses witnessed the strongest expansion in output.
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30% of cars sold in Saudi Arabia bought by women last year
Japan, South Korea and the US stood out among the main suppliers of cars to Saudi Arabia over the past two years, according to the Saudi news agency SPA. Car sales in Saudi Arabia last year reached around 730,000, of which 30 per cent were bought by women, according to market observers.Car sales are expected to surge to 870,000 this year.
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Saudi Arabia among top 20 global car markets
The Saudi car market has solidified its position as a leading automotive market, making it one of the top 20 car markets globally.
The market represents more than half of all car sales in the Gulf Cooperation Council (GCC) countries. The Zakat, Tax and Customs Authority (ZATCA) recently announced that over 160,000 cars were imported into Saudi Arabia during the 2022-2023 period. In 2023 alone, 93,199 cars were imported, while 66,870 cars were imported in 2022. -
Saudi Arabia’s fintech sector driving digital transformation
Saudi Arabia’s fintech sector has made significant strides as it nears its goal to become a regional financial hub, according to a report by Arthur D. Little. In its latest study titled “Realizing Potential of Fintech in Kingdom of Saudi Arabia,” the international management consulting firm highlighted the rapid growth and innovation within the sector, spearheaded by initiatives such as Fintech Saudi.
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Decoding the Behavioral Patterns in Saudi Arabia from GASTAT’s Five-Year Household Energy Statistics Survey
AUTHORS
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Saudi Arabia Wins First World Camel Endurance Championship
The Kingdom of Saudi Arabia emerged victorious at the First World Camel Endurance Championship for men and women, held yesterday in AlUla. The championship, co-organized by the International Camel Racing Federation and the Royal Commission for AlUla, witnessed fierce competition from jockeys representing 20 countries. Saudi dominance was undeniable, with Saudi male jockeys securing the top three spots and winning trophies in both the first and second rounds. Adding to the Kingdom's triumph, a Saudi woman jockey took home first place in the women's category. The grueling race tested the endurance of both camels and riders. It covered a total distance of 16 kilometers across two stages, each 8 kilometers long. The event offered a total prize pool exceeding SAR2 million.
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