MUST-READS

• Saudi Wealth Fund Buys a Stake in Italian Supercar Maker Pagani

  Saudi Arabia’s sovereign wealth fund has agreed to buy a minority stake in Italian supercar maker Horacio Pagani SpA, the latest indication the oil-rich kingdom is increasingly interested in carmaking. The investment by the Public Investment Fund is part of a long-term strategic partnership with the closely held Italian company. The Pagani family will keep full control of the company, with the PIF joining Italian minority shareholders Nicola Volpi and Emilio Petrone, according to a statement. Terms weren’t disclosed.

• Saudi retailer BinDawood to expand after record profit margins, says CEO

  He revealed plans to open five new stores for the “Danube” brand during the second half of 2021 to support the company’s readiness for the next year, during which it expects above-average revenue growth and large net profit improvement.

• PPP contracts in Saudi Arabia: Renewal and termination

  The law defines a public-private partnership as a contractual arrangement linked to infrastructure or public service, resulting in a relationship between the government and the private-sector party that continues for five years or more. The purpose of this kind of partnership is to undertake projects that include the design, construction, management, operation, maintenance or financing of assets, whether such assets are owned by the government, a private party, or both.

• Saudi Exports launches international tendering service to support national companies

  The service includes eight targeted sectors and 24 sub-branches, the most important of which are constructions, industrial supplies and infrastructure projects for countries, where Saudi Exports will provide periodic reports with data and analyses for the most important projects in targeted countries.

• Saudi EXIM Bank to provide $2.3bn to non-oil exporters

  Saudi EXIM Bank CEO Saad Al-Khalb said the bank has so far accepted more than 81 financing requests worth SR9 billion ($2.3 billion). The Saudi Export-Import Bank (EXIM) on Tuesday signed a memorandum of understanding (MoU) with the Federation of Saudi Chambers (FSC) to provide importers and exporters loans and other financial services.

• Saudi Arabia takes cautious approach towards Taliban takeover

  “The council of ministers has tasked the foreign minister to coordinate and consult with the GCC states regarding the developments in Afghanistan, in the framework of Bahraini presidency” of the group, which also includes Saudi Arabia, the United Arab Emirates, Qatar and Oman, the kingdom’s government media office  said on Twitter.

• Saudi Activision Blizzard Stake Rises Again Amid Controversy

  The Public Investment Fund raised its holding in the maker of popular games like World of Warcraft by 13% to 37.9 million shares, with a market value of $3.6 billion, according to a regulatory filing. The sovereign investor, known as the PIF, has now more than doubled its stake since the fourth quarter and owns 4.9% in the company.

• Saudi Arabia records 22k virus violations in one week

  The statistics indicated that the region of Riyadh recorded the highest number with 7,350 violations, followed by the Eastern Province (3,329), Madinah (2,486), Makkah (1,951), Qassim (1,883), Hail (1,608), Jouf (1,360), the Northern Borders (735), Tabuk (468), Baha (350), Asir (281), Jazan (280), and Najran (77).

• Manga Arabia, a Saudi cultural project to enrich entertainment knowledge for 180 million Arabs

  Manga Arabia, which seeks to attract about 180 million Arabs towards leisure reading – according to a media statement by the group – includes the launch of two magazines in Arabic, one of them: "Manga Arabia for Kids", concerned with creating content catering to group aged 10 to 15 years old, and the second: "Manga Arabia", specialized in creating content for age groups over 15 years. Both magazines will be available free of charge in monthly print and weekly electronic versions; through a special digital application for each of them, to provide an enjoyable and safe experience, and to provide high-end content in a simple Arabic language.

• Qiddiya, Saudi Arabia’s Future Disruptive Entertainment, Sports & Arts Giga-Project

  “Entertainment is something that has grown in terms of importance everywhere. We have this growing realisation in the world that time passes very fast and people need to enjoy time together, and do things together — not just work, go to bed and go back to work,” Phillipe Gas, the CEO of the Qiddiya Investment Company, told sister organisation Asharq News.

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