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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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Al-Hilal’s Streak and Saudi Professional League Spending
Saudi Pro League league standings leader, Al-Hilal, just notched it’s 28th straight win to break the world record for most consecutive wins by a top-flight team.
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Saudi Arabia was The Second-Largest Arms Importer in the World from 2019 to 2023 — SIPRI DATA
Saudi Arabia was the second-largest arms importer in the world from 2019 to 2023, accounting for 8.4% of all imports, according to recent data from the Stockholm International Peace Research Institute’s (SIPRI).
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MUST-READS
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Saudi Arabia: High-net-worth Muslims eye luxury homes in holy cities, report finds
Saudi Arabia's drive to attract expats and boost its real estate market could be turbocharged by a largely untapped demographic in the global south: rich Muslims eyeing homes in Islam's two holiest cities. According to a report published by real estate consultancy firm Knight Frank, despite western media focusing much of its attention on the kingdom's drive to boost luxury beach resort tourism and legalise alcohol, demand for glitzy real estate in Saudi Arabia has surged among Muslim high-net-worth individuals (HNWI)
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Accenture Graduates first group from its capability hub in Saudi Arabia
The hub currently offers a rigorous multi-track training program accredited and exclusive to Accenture employees covering various areas such as security, cloud, data & AI, and change management. It is the first step towards launching Accenture LearnVantage Academy Saudi Arabia, which will offer comprehensive technology education and training services to businesses and organisations in Saudi Arabia, allowing them to reskill and upskill their employees and help them reinvent their organisations and achieve greater business value.
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Senate Democrat raises concerns about US-Saudi nuclear deal
Sen. Ed Markey (D-Mass.), co-chair of the Nuclear Weapons and Arms Control Working Group, is raising concerns over Saudi Arabia’s intention to pursue a civil nuclear program with the U.S., citing the country’s “appalling human rights practices” and desire for nuclear weapons.
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Saudi woman jailed for 11 years over rights posts, Amnesty says
Amnesty International called on Saudi Arabia to free a 29-year-old fitness instructor it says has been sentenced to 11 years in prison for her choice of clothing and social media posts urging an end to the kingdom's male guardianship system.Manahel Al-Otaibi was sentenced in January and details of her case emerged in Saudi Arabia's formal reply to a request from the United Nations human rights office, London-based Amnesty said in a statement on Tuesday.
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Cars are swept away and roads turned into rivers as Saudi Arabia is hit by floods two weeks after apocalyptic Dubai storms blamed on cloud-seeding
Flash flooding has devastated parts of Saudi Arabia this week with shocking footage showing cars being swept away by the deluge as roads were submerged amid torrential downpours.
Clips shared on social media showed how major highways in the Kingdom were overrun by devastating floodwater that cascaded down typically dry and rocky outcrops and swept through cities and towns below.
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Saudi Chemical Giant’s Profit Slumps as Pressures Persist
Saudi Arabia’s top chemicals company reported a 62% drop in year-on-year profit as weak demand puts the industry under stress.
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US and Saudis Near Defense Pact Meant to Reshape Middle East
The agreement faces plenty of obstacles but would amount to a new version of a framework that was scuttled when Hamas militants attacked Israel on Oct. 7, triggering the conflict in Gaza. Negotiations between Washington and Riyadh have sped up recently, and many officials are optimistic that they could reach a deal within weeks, according to the people, who asked not to be identified discussing private deliberations.
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Saudi Arabia’s GDP Contracts Again, With Non-Oil Growth Slowing
Saudi Arabia’s economy contracted for a third straight quarter following the kingdom’s decision to cut petroleum production, while non-oil growth eased to the slowest pace since the coronavirus pandemic.
The non-oil economy — a priority for the government as it looks to open up and transform the country — expanded by 2.8% in the first quarter on an annual basis, according to preliminary data published by the kingdom’s statistics office on Wednesday. That compared to 4.2% in the prior quarter.
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Vision 2030: What are Saudi Arabia’s overarching goals?
The first goal of Vision 2030 is to cultivate a content and fulfilled society, laying the foundation for the attainment of economic prosperity.
According to the Kingdom’s Vision 2030 official website, the goal focuses on creating strong roots that embrace modern Islam, national pride and Saudi heritage and culture, while also providing world-class entertainment options, sustainable living, and efficient health and social care systems.
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Saudi Arabia sees 16% increase in net direct foreign investment
During a meeting of the Council of Economic and Development Affairs (CEDA), the Ministry of Economy and Planning reported a notable 16% increase in net direct foreign investment inflows for the fourth quarter of 2023 compared to the previous quarter.
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