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  • World Bank Lauds KSA for Breakthrough Pension Reforms
     

    Saudi Arabia took a big leap forward in transforming its pension system with the recent announcement of comprehensive reforms, designed with support from the World Bank, aimed at enhancing income protection during old-age, but also promoting gender equality. 

     
  • The Impact of Healthcare Investments on Saudi Arabia’s economy
     

    The Observer Research Foundation, a leading think tank based in India, examined Saudi Arabia’s spending and strategy with regard to improving health care for its citizens. 

     
  • Saudi Arabia grants citizenship to 2nd group of distinguished global talents
     

    A Royal decree has been issued to grant Saudi citizenship to a number of scientists, medical doctors, researchers, innovators, entrepreneurs, and distinguished talents with unique expertise and specializations including Dr. Mehmood Khan, an American and the CEO of the Hevolution Foundation, the Saudi Press Agency reported on Thursday.

     
  • Esports World Cup is Underway in Riyadh
     

    The Esports World Cup Foundation celebrated the start of the Esports World Cup , the world’s largest gaming festival, held at Boulevard City in Riyadh, Saudi Arabia. The event runs for eight weeks, from July 3 – August 25 with more than 1,500 players from the best esports clubs across the globe competing for prizes in 22 tournaments across 21 games.

     
  • Saudi-US Trade and Investment Framework Agreement (TIFA) Council Meetings Underway
     

    The General Authority of Foreign Trade (GAFT) which is part of the Saudi Ministry of Commerce is leading Saudi Arabia’s delegation at the eighth meeting of the Saudi-US Trade and Investment Framework Agreement (TIFA) Council, held between June 23 and 28, 2024, in Washington, DC.

     
  • Saudi 100 Brands stage Paris show
     

    The Saudi 100 Brands is a dedicated program for Saudi fashion companies, brands and/or designers to receive specialized mentoring, training and consulting in the categories of bridal, couture, ready to wear, jewelry, bags, beauty, footwear and fragrance.

     
  • KSA Climbs to 16th in World Competitiveness Ranking
     

    Saudi Arabia advanced to 16th place in the World Competitiveness Ranking 2024, issued by the World Competitiveness Center of the International Institute for Management Development. Saudi Arabia ranked fourth among the G20 countries, supported by improved business legislation and infrastructure.

     
  • ACWA Power plans $1.9 Billion Stock Sale
     

    Saudi Arabia’s ACWA Power Co. is planning to raise $1.9 billion by issuing stock to existing shareholders, capitalizing on a sixfold increase in its share price since a 2021 listing.

     
  • Aramco Share Sale Attracts Foreign Investors
     

    Aramco’s recent share sale attracted over $65 billion in orders, exceeding expectations with foreign investors estimated to hold around 60% of the shares sold, a significant increase from Aramco’s 2019 IPO.

     
  • Aramco Share Sale Nets $12 Billion
     

    This is Aramco’s second share sale after it first entered public markets in 2019 offering 1.5% of the company and raising a record $29.4 billion, history’s largest IPO to date. Aramco is the world’s largest oil company in terms of both daily crude production and market cap.

     

MUST-READS

  • Empowering the future: The rising women workforce in Saudi Arabia’s private sector

    Ahmad highlighted the transformative socio-economic changes underway in Saudi Arabia, driven by its Vision 2030 agenda, with a strong emphasis on women’s empowerment. Over the past five years, the labor force participation rate of Saudi women has risen by an impressive 67 percent, from 21 percent in 2017 to 35 percent in 2022, signaling a supportive shift in government policies.

  • Saudi Arabia Pro Football League Open to Foreign Private Equity Deals

    Saudi Arabia is considering a push to attract more outside investors to bolster its top football competition, part of a strategic revamp that’s started with an influx of star players from Europe. The Saudi Pro League is discussing the option of new broadcast deals and partnerships with private equity companies to grow the competition’s appeal as the kingdom works to become a powerhouse in the world of professional sport, according to people familiar with the strategy.

  • The Atlantic Council announces 2023 Women Innovators Fellowship recipients from Saudi Arabia, United Arab Emirates, and Bahrain

    The Atlantic Council’s Rafik Hariri Center for the Middle East announced today the eighty-six recipients of its 2023 WIn Fellowships for Saudi Arabia, United Arab Emirates (UAE), and Bahrain. The fellows will receive a year-long program of executive education, mentoring, and networking opportunities in collaboration with Georgetown McDonough School of Business and with the support of the United States embassies in the three target countries and PepsiCo.

  • PIF wary of crowding out Saudi Arabia’s private sector

    “Success is having an ecosystem that doesn’t require capital anymore – it grows on its own,” Todd said. “Getting to the point where in any sector you can just be a passive shareholder, I think, is the ultimate goal.”

  • Schneider Electric to host its first-ever Innovation Summit in Saudi Arabia

    Schneider Electric, a leader in the digital transformation of energy management and automation, will launch its first-ever Saudi Arabia Innovation Summit 2023 on June 13-14 in Riyadh. Reflecting the growing importance of Saudi Arabia on the world stage, Schneider Electric's Global Chairman, Jean-Pascal Tricoire, will join the landmark event. The Saudi Arabia Innovation Summit 2023 builds on Schneider Electric's Middle East Innovation Summit 2022, which brought more than 3,700 delegates together for an open discussion on creating a digital path to a sustainable future.

  • Saudi Arabia revives sports clubs’ privatisation plan

    Saudi Arabia intends to offer several sports clubs for privatisation starting in the fourth quarter, state news agency SPA said on Monday, breathing new life into a plan that forms part of an ambitious economic agenda to reduce reliance on oil. The plan, launched by Saudi Crown Prince Mohammed bin Salman, will approve investments by major companies and development agencies in sports clubs in exchange for ownership transfer, the agency said.

  • How to pioneer innovation and economic transformation in Saudi Arabia

    The potential of emerging technologies, such as artificial intelligence (AI), to serve society is immense. AI can contribute significantly to the development of new medicines, expedite the transition to a low-carbon economy, and assist aging populations. Economically, AI has the potential to contribute up to $15.7 trillion to the global economy by 2030, surpassing the combined output of China and India.

  • SpaceX launches private flight carrying Saudi Arabia’s 1st woman astronaut to ISS

    Saudi Arabia’s first astronauts in decades rocketed toward the International Space Station on a chartered multimillion-dollar flight Sunday. SpaceX launched the ticket-holding crew, led by a retired NASA astronaut now working for the company that arranged the trip. Also on board: a U.S. businessman who now owns a sports car racing team. The four should reach the space station in their capsule Monday morning; they’ll spend just over a week there before returning home with a splashdown off the Florida coast.

  • Standing Stones, Bones: Archaeologists Excavate Neolithic Cattle Cult Site in Saudi Arabia

    A century ago a Royal Air Force pilot flying over the Middle East observed vast ancient structures from the air: stone walls stretching for kilometers, creating enclosures. They came to be known as "kites" due to the shapes the pilot observed from the air. After much research and argument over their purpose, consensus has been reached in recent years that kites were mega-traps for wild animals – not for capture and domestication but to kill them, whole herds at a time. Initially lumped in with the kites in Saudi Arabia are a group of rectangular shapes called mustatil (Arabic for "rectangle"). In March a report on the excavation of a monumental mustatil, IDIHA-0008222, was published in PLOS One by Melissa Kennedy of the University of Western Australia and colleagues , who say their finds bolster the theory that mustatil were not kites. They were ritual sites of a Neolithic cattle cult.

  • Oil to innovation: Saudi Arabia’s ‘digital first’ transformation

    Saudi Arabia’s spending on technology is the highest in the world, with 21.7 percent of the total tech spending as per the country’s Digital Government Authority. With pioneering and modern tech architectures in the public sector and beyond, it is embracing cloud and emerging technologies such as IoT, AI, Blockchain and more in a world of mobile devices, smart tech and big data.