MUST-READS

• Saudi Arabia and India solidify green energy partnership with new agreement

  The signing ceremony took place during the Middle East and North Africa Climate Week 2023, hosted by Saudi Arabia in Riyadh, in collaboration with the Secretariat of the United Nations Framework Convention on Climate Change. The MoU signifies a broad-ranging partnership between the two countries, focusing on electrical interconnection, green/clean hydrogen, and supply chains. In the realm of electrical interconnection, the agreement entails comprehensive cooperation in conducting necessary studies, facilitating electricity exchange during peak times, and addressing emergencies. Both nations commit to co-developing projects related to green/clean hydrogen and renewable energy, leveraging their unique capabilities and adhering to applicable laws and regulations.

• Charting the revival of Najdi fashion and a return to Saudi Arabia’s roots

  In an interview with Arab News, the first Saudi professor to have studied the heritage of traditional Arab costumes and textiles, Lailah Al-Bassam, recalled the origins and rise of Najdi fashion following the establishment of the third Saudi state. “Clothes and garments in any place in the world don’t come from nothing — they’re inherited through generations and evolve across time. Therefore, Najdi clothing is at the heart of the Arabian Peninsula and is of Arabic and Islamic roots,” Al-Bassam said.

• Saudi Arabia pours millions into digital theme park start-up

  HyperSpace creates elaborate parks that feature a mix of digital and physical entertainment including gaming, an attraction for Saudi Arabia’s relatively young and digitally savvy population. Nearly half a million enthusiasts paying $34 each have flocked to its first location in Dubai, a 40,000-square-foot park, since it opened there nine months ago. The Riyadh-based company plans to expand in Saudi Arabia and beyond to the US. “There’s a big focus on expanding the business” to the rest of the world, Heller said.

• Q2 2023 sees record high participation of Saudis in private sector jobs

  The number of Saudi citizens employed in private sector establishments rose to 2.2 million employees, with a total growth of approximately 210,000 employees compared to the same quarter in 2022, averaging around 42,000 employees per quarter until the second quarter of 2023. The growth in the number of Saudi citizens working in the private sector can be attributed to the positive economic growth rates in the Saudi economy. These rates contributed to increasing the overall labor market size, strengthening demand for labor, and boosting productivity rates in the market.

• Cruise Saudi partnering with 6 tech companies for Aroya Cruises

  For its phase I of technology stack development for Aroya Cruises, Cruise Saudi will be partnering with Monitor Deloitte, Alibaba Cloud Saudi Arabia, theICEway, SourceToad, Otalio and Versonix Seaware, as part of its commitment to create a seamless passenger experience, from booking to the boarding process, and beyond.

• Can Lucid jump-start the electric vehicle industry in Saudi Arabia?

  Though fewer than 1% of cars on the road are electric, the kingdom is setting an ambitious target for 2030 of 30% as it tries to shift the economy from oil

• Saudi Arabia’s unemployment rate drops further to 4.9% in second quarter

  The unemployment rate for Saudi women again fell sharply to 15.7 per cent, from 19.3 per cent a year ago, while for men it fell marginally to 4.6 per cent, from 4.7 per cent a year earlier. Compared to the first quarter, the unemployment rate for women was down from 16.1 per cent, while it remained steady for men. The increasing participation of women in Saudi Arabia's workforce is expected to boost the country’s economy by $39 billion, or 3.5 per cent, by 2032, if the current rate of growth continues, S&P Global Ratings said last week.

• Saudi Arabia’s unemployment rate drops further to 4.9% in second quarter

  Saudi Arabia's unemployment rate dropped on an annual basis in the second quarter of this year, continuing a trend of increased labour participation, especially from women, government data has shown. The overall unemployment rate, which counts Saudi citizens and expats, decreased to 4.9 per cent in the three months ended in June, from 5.8 per cent during the same period in 2022, the General Authority for Statistics (Gastat) said in its quarterly report on Thursday. That is also a drop from the 5.1 per cent rate recorded in the first quarter of 2023. For citizens, the rate stood at 8.3 per cent in the second quarter, a decrease from 9.7 per cent year-on-year.

• Saudi Arabia May Start Unwinding Its Production Cuts Sooner Than Expected

  “They do not want to deliberately over-tighten the market, because if you get a spike, then you get a demand collapse, and you get a bust,” McNally told Bloomberg Television in an interview on Thursday. “The real sensible way to bring prices to heel is for Saudi Arabia and OPEC+ to say: ‘We’ve made our point, we’ve scared away the speculative shorts’,” the energy expert added. Last week, Warren Patterson, Head of Commodities Strategy at ING, said that even though the oil price rally had “more room to run,” a break above $100 per barrel for Brent wouldn’t be sustainable.

• IFPI launches four new music charts in Egypt, Saudi Arabia, UAE, and North Africa

  IFPI, representing the recording industry worldwide, has today announced the launch of four new charts, giving music fans, record labels and artists an official ranking on the top streaming tracks in countries across the Middle East and North Africa (MENA) region. In addition to the Official MENA regional chart, the four new charts will be – the Official Egypt Chart, Official Saudi Arabia Chart, Official UAE Chart, and Official North Africa Chart (which covers Algeria, Morocco and Tunisia).  In each country it is the first time ever that official rankings are being made available.

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