MUST-READS

• Saudi Arabia to host first high-level meeting of the Global Coalition for Two-State Solution on October 30

  In his speech, Deputy Minister Al-Khereiji emphasized the importance of enhancing the efforts of the Union for the Mediterranean to promote regional security, particularly at a time when the region urgently needs decisive action to halt ongoing escalations, violence, and destruction. He stated, "The Israeli aggression in Gaza and Lebanon has brought the region to a critical crossroads, placing the international community before two existential choices: either to act effectively to support international law and promote a two-state solution, or risk further escalation and deepening suffering, undermining the credibility of international efforts to maintain peace and security in the region."

• Saudi teenager helps connect highschoolers with new opportunities

  The young founder’s story begins in 2007, when he was born in Virginia, US, to a Saudi father and American mother. When he was two his family moved to Riyadh where he enrolled in Manarat Al-Riyadh International School (MARIS) and studied there from kindergarten to 12th grade. Approaching the last few years of high school and struggling to find extracurricular projects, Al-Qahtani took it upon himself to create SEFS. He told Arab News that his aim is “to create an online portal for students to connect with new opportunities across all Saudi Arabia … I decided to create something I wished I had at the time. My thought process is if something needed is missing then I need to fill that gap.”

• Saudi Arabia’s PIF pivots to domestic focus, eyes AI revolution, says Al-Rumayyan

  “AI could add nearly $20 trillion to the global economy by 2030,” Al-Rumayyan stated, highlighting Saudi Arabia’s ambition to become a global AI hub. The fund is reportedly in early discussions about a potential AI partnership worth up to $40 billion with venture capital giant Andreessen Horowitz. Since its launch, the FII has facilitated deals worth over $125 billion, demonstrating Saudi Arabia’s growing influence in global investment circles. Al-Rumayyan highlighted that while financial returns remain important, investment decisions must balance economic, social, and environmental outcomes.

• World must do more to ensure Middle East security, Saudi minister tells Mediterranean Union

  The Saudi deputy foreign minister, Waleed Elkhereiji, spoke at the Union for the Mediterranean’s ninth Regional Forum in Barcelona on Monday about the importance of efforts to enhance regional security, at a time when decisive and practical international action is required to halt a continuous cycle of violence and destruction. He said the region is at a critical crossroads as a result of Israeli aggression in Gaza and Lebanon, which presents the international community with two options: to act effectively in support of international law and to reinforce the need for a two-state solution to the wider Israeli-Palestinian conflict, or to risk further escalations and deeper suffering that undermines the credibility of international efforts to maintain peace and security in the region.

• Saudi Arabia’s FDIs top set agenda, says Al-Falih

  The growth of the Saudi gross domestic product since the launch of Vision 2030 reached 70%. During the same period, the local economy ranked the second fastest growing among the G20 nations, despite the oil market shocks and geopolitical turmoil, said the minister in a speech on the first day of the Future Investment Initiative Summit held in Riyadh.

• Saudi Arabia says 540 companies have chosen Kingdom for regional headquarters

  Saudi Arabia’s investment minister said on Tuesday the number of companies in the Kingdom with a regional headquarters had reached 540, ahead of a 2030 target of 500. “Our target was 500 regional headquarters by 2030. I’m glad to announce we have reached 540 by this morning,” Khalid al-Falih said during the Future Investment Initiative (FII) conference in Riyadh.

• Passenger traffic at Saudi airports rise to 94M in 9M 2024

  The General Authority of Civil Aviation (GACA) said that Saudi Arabia’s airports received 94 million passengers in the first nine months of 2024, a rise of 15% year-on-year (YoY). GACA said the number of flights increased by 10% YoY, while the volume of air freight rose by 52% YoY.

• Saudi Arabia to maintain crude oil output at 12.3M bpd: Energy Minister

  Energy Minister Prince Abdulaziz bin Salman said today, Oct. 29, that Saudi Arabia is committed to maintaining crude oil production capacity at 12.3 million barrels per day (bpd). Speaking at the Future Investment Initiative (FII) in Riyadh, the minister added that the Kingdom continues to strengthen and modernize renewable energy transmission lines. He pointed out that Saudi Arabia is ready to export green hydrogen, while ensuring its availability for investors coming to the Kingdom to invest in hard-to-abate sectors.

• Saudi Arabia’s Nabt raises $1.5 million Seed led by Merak Capital

  This funding will enable Nabt to accelerate product development and expand its market reach, supporting efforts to transform Saudi Arabia’s fresh produce ecosystem. Founded in 2022, Nabt operates a B2B marketplace connecting farmers directly with businesses, promoting transparency, efficiency, and sustainability. These initiatives contribute to food security in the Kingdom and align with the objectives of achieving self-sufficiency in food production.

• Saudi: Herfy Food swings to losses in 9M-24; revenues down

  Herfy Food Services Company shifted to net losses valued at SAR 56.61 million in the first nine months (9M) of 2024, compared to net profits worth SAR 2.76 million in 9M-23. Revenues stood at SAR 868.81 million in 9M-24, down 0.86% year-on-year (YoY) from SAR 876.38 million, according to the interim financial statements. The loss per share hit SAR 0.88 during January-September 2024, versus an earnings per share (EPS) of SAR 0.04 in 9M-23.

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