MUST-READS

• Saudi Arabia Said to Tee Up Multibillion-Dollar Bet on Hydrogen

  The kingdom’s sovereign wealth fund, chaired by de facto ruler Crown Prince Mohammed bin Salman, has created a company called Energy Solutions Co. to finance so-called green hydrogen power production, the people said, asking not to be identified as the information is private.  The Public Investment Fund expects the firm to invest at least $10 billion, the people said, though that number could grow significantly in years to come depending on demand for hydrogen and its investment pipeline. Some investments will be made with state oil producer Saudi Aramco, they said.

• Saudi Arabia’s KSrelief continues volunteer surgery program

  Saudi aid agency KSrelief has continued its voluntary medical work around the globe, the Saudi Press Agency reported. Medical services were provided for scores of patients at the Kidney Dialysis Center in Al-Ghaydah, Al-Mahrah Governorate, Yemen. During September, 126 patients were served. Among them, 54 underwent 446 scheduled dialysis sessions and six emergency sessions, while 75 patients received medical examinations and consultations at the clinic.

• Saudi Arabia’s PIF to Take 40% Share in Selfridges Stores

  The PIF will take a 40% stake in both the property and operating businesses of Selfridges, according to an emailed statement from current co-owner Central Group. The Thai retail conglomerate will own a 60% stake, with the deal including new investment from both shareholders to shore up Selfridges’ financial position. The PIF has signed a binding agreement for a total buyout of Signa’s interest in the department store chain, the statement said. The terms were not disclosed.

• Saudi Arabia’s PIF mulls larger stake in Nintendo, Kyodo reports
  Saudi Arabia's Public Investment Fund (PIF) is considering raising its stakes in Nintendo (7974.T), opens new tab and other Japanese gaming companies, Kyodo News reported on Saturday. Prince Faisal bin Bandar bin Sultan Al Saud, vice chair of the sovereign wealth fund's gaming unit, disclosed the plan in an interview with Kyodo. He told the Japanese news agency that PIF is not in a rush to increase its stakes, and that investments would be made in a friendly way.

• Frankly Speaking: How Fareed Zakaria views change in Saudi Arabia

  Elaborating on the point, Zakaria said: “The role of women really has been transformed, but there are some areas, for example, where there’s still the requirement and encouragement that Saudis dress in traditional clothes. So, Saudi Arabia is trying to balance this in a way that doesn’t become too revolutionary.” Overall, he said referring to the change, “when you look at it in historical terms, clearly this will be seen as a revolution, but it’s a revolution that is being played out in an incremental way, in an organic way … so that the changes are not so overwhelming.”

• Saudi Arabia promises more pilgrimage industry work visas

  Saudi Arabia will issue more temporary work visas to those employed in the pilgrimage industry.  A statement by the ministry of human resources said Hajj and umrah work would now be included in its temporary visa programme. A half-year visa will cover the fasting month of Ramadan and the Hajj pilgrimage, which comes around three months later.  The new rules will give the private sector more flexibility to use seasonal labour, the ministry said. The cabinet approved the measures this week.

• Saudi Arabia’s first female wildlife ranger unit celebrates 5000th patrol at Prince Mohammed bin Salman Royal Reserve

  Andrew Zaloumis, CEO of the Reserve Development Authority, stated that the female ranger team are exploring new horizons one patrol at a time. He emphasized that around the world, women's conservation teams are crucial, and noted that the Reserve has focused on empowering women—who make up 33% of the 183-strong team, well above the global average of less than 11%.

• Saudi Arabia’s hyperlocal retail market poised for $13.5bn surge, driving sector growth by 2030
  The retail market sector in Saudi Arabia is projected to see a major growth, with hyperlocal marketing emerging as a major driver with an estimated $13.5 billion (SAR 50 billion) in size, accounting for nearly 2 per cent of the country’s non-oil GDP over the next five years, a market study and sector experts said. The Kingdom’s hyperlocal market – serving customers in small geographical areas – is also predicted to see a slew of IPOs (initial public offers) as the leading players scurry to raise investments to fund their aggressive growth plans amidst the market seeing major consolidation drive.

• Saudi Arabia slashes growth forecasts, sees wider budget deficits

  Saudi Arabia cut its growth forecasts and raised its budget deficit estimates for the fiscal years 2024 to 2026, looking ahead to a period of higher spending and lower projected oil revenues. Real gross domestic product is now expected to grow 0.8% this year, a dramatic drop from a previous estimate of 4.4%, according to the latest pre-budget report published by the Ministry of Finance on Monday. The GDP growth projection for 2025 has also been cut from a previous estimate of 5.7% to 4.6%; while the outlook for 2026 has been trimmed from 5.1% to 3.5%.

• Saudi Arabia expects larger budget deficits on Vision 2030 spending boost

  Saudi Arabia expects its budget deficit to widen this year and next as the Arab world's largest economy boosts spending to finance its economic diversification agenda under the Vision 2030 plan.   The kingdom's deficit will reach 118 billion Saudi riyals ($31.46 billion) or 2.9 per cent of its gross domestic product this year, with revenue at about 1.24 trillion riyals and expenditure of about 1.36 trillion riyals, the finance ministry said on Monday.  Riyadh has revised its 2024 budget deficit projection higher from the earlier projection of 1.9 per cent as it continues to pursue its expansionary economic policy.

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