MUST-READS

• An inside look at Saudi Arabia’s luxury Red Sea Project

  The destination is being developed over 92 islands, spread across 28,000 sq km of prime land on Saudi Arabia’s west coast, covering mountain canyons, dormant volcanoes and ancient heritage sites. In phase one, visitors will be able to explore five developed islands and two inland sites, while upon completion in 2030, no less than 22 islands and six inland sites will welcome guests.

• Graphic: Saudi Arabia: the value of top energy projects by project 2020

  The Renewable Energy Program Round 3 (REPDO) project had the highest value among energy projects in Saudi Arabia in 2020 at 8.1 billion U.S. dollars. Most Gulf Cooperation Council and North African countries were experiencing power surplus, while several countries in the Levant region were experiencing power deficits.

• Saudi Arabia unveils locally-made smart chip and new tech initiatives worth $1bn

  Saudi Arabia unveiled its first locally-made smart chip and announced a slew of new high-tech initiatives worth 4 billion Saudi riyals ($1.07bn) in partnership with 10 global tech giants to improve its technological prowess. The new initiatives announced on Wednesday in Riyadh aim to boost innovation and the digital capabilities of the kingdom and produce one programmer out of every 100 Saudi nationals by 2030, the state-run Saudi Press Agency said.

• Saudi Aramco is the world’s most profitable oil giant. For investors, it’s one big yawn.

  On Wednesday, Aramco closed at 34.80 Saudi riyals ($9.28), down 0.1% year-to-date. The upshot: Aramco investors have missed out on the great rally in energy stocks this year. In the same period, the S&P 500 energy sector was up 26.8%.

• Arabian nights buzz: staycations boost Saudi economy

  When U.S. celebrity chef David Burke opened his second restaurant in Riyadh earlier in August, hudreds of Saudi men and women packed the venue to enjoy his dishes and fruity "mocktails" to a DJ's mix of Arabic and Western pop. While Saudis usually escape the desert country over the summer when temperatures can reach over 50 degrees Celsius, the coronavirus pandemic has seen them flock to restaurants and cafes in the open-air mall The Zone, bolstering Saudi Arabia's consumer sector.

• Saudi exports to 70 countries jump 100% in a year

  The increase came as a result of an increase in petroleum exports by SR96.5 billion (126.1 percent). The proportion of petroleum exports out of the total exports rose to 72.5 percent in the second quarter of 2021 as against 63.9 percent in the second quarter of 2020.

• Turkey sees positive developments in Saudi, Egypt ties

  Erdogan met a senior official from the United Arab Emirates last week and said ties with Gulf state were improving. The two countries have been at odds over the conflict in Libya and internal Gulf disputes.

• Operations Worth $32Bln Carried out Through Saudi Instant Payment System

  Sarie was launched as part of the role of “Saudi payments” in developing and operating the national payments systems’ infrastructure.

• Saudi Vision 2030 projects $300 billion in new infrastructure spending

  “The scale of infrastructure improvements in the country is phenomenal. The aggressive targets laid out by the government around attracting 100 million annual visitors to the country by 2030 means both adequate and first-class gateways need to be created,” said Faisal Durrani, partner and head of Middle East research.

• Internship Launched to Help Saudi Nationals Break Into The Media Industry

  ITP Media Group has teamed up with Saudi Arabia’s NEOM to launch a training and internship programme for young Saudi nationals. The media programme will train 35 young participants who are seeking to enhance their career in the media industry which will take place in October this year. It will be conducted in person, organised by media consultancy Amanda Turnbull Associates.

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