MUST-READS

• Saudi Arabia has more than 3.9m citizens in workforce
  Saudi Arabia registered more than 3.9m citizens in the workforce by the end of Q3, according to official statistics. The register-based labour market statistics for the General Organisation for Social Insurance (GOSI) and the Civil Service have revealed that the total number of Saudi employees (males and females) registered in the Saudi labour market reached 3,921,321 employees by the end of the third quarter of 2023.
  Male employees constituted 60.1 per cent of the total, with 2,357,785 employees.

• Populous reveals futuristic design for Saudi Arabia’s new gaming hub

  Following the success of the Sphere, Populous, the architectural mastermind behind the spherical structure in Las Vegas, has set its sights on making an impact in the esports industry.

• Saudi Arabia’s PIF was top global investor in 2023 with deals topping $31bn

  Saudi Arabia’s Public Investment Fund was the top investor among global sovereign wealth funds last year as the kingdom's sovereign wealth fund continues to boost its investment portfolio, according to a new report.

  The PIF spent $31.6 billion in 49 deals in 2023, up 33 per cent from 2022, industry specialist Global SWF said in its annual report on Monday.

  The fund outpaced Singapore’s GIC, which ranked as the top investor for 2022.

  Together with the PIF, four other Gulf funds ranked among the top-10 most active deal makers last year – Abu Dhabi Investment Authority, Mubadala Investment Company, ADQ and Qatar Investment Authority – referred to as the “oil five”, the report said.

  • Straits Times - Saudi fund outpaces GIC with $41.7 billion splurge
• Riyadh draws over 200 companies seeking government contracts in Saudi Arabia
  Saudi capital Riyadh has emerged as a new regional hub for over 200 international companies, aligning with an upcoming Saudi government policy.
Effective January 1, 2024, the policy requires international firms to establish their regional headquarters in the Kingdom to be eligible for government contracts.
  The move is part of Saudi Arabia’s strategy to strengthen Riyadh’s status as a global commercial centre and has led to many corporate relocations. 
Companies from diverse sectors, including energy, technology, healthcare, and hospitality, have already established their regional bases in Riyadh.

• Saudi Arabia and UAE officially join Brics: What will it mean for the bloc?

  Saudi Arabia along with the UAE, Egypt, Iran and Ethiopia joined Brics on January 1, doubling its membership to 10, with Brazil, Russia, India, China and South Africa the original members.

  “Expansion of the Brics multilateral bloc to include Saudi Arabia and UAE augurs extremely well amid ongoing geopolitical and economic challenges confronting the world economy,” Ullas Rao, assistant professor of finance at Edinburgh Business School of Heriot-Watt University in Dubai, said.

  “Both Saudi and the UAE as [among] the richest countries on per capita and home to the biggest sovereign wealth funds, create enormous growth opportunities through investments, trade and commerce.”

• Saudi Arabia executes 170 people in 2023

  Saudi Arabia executed 170 people in 2023, including four on New Year's Eve -- an increase on the previous year, according to an AFP tally based on announcements by Saudi authorities.

  A total of 147 convicts were executed in 2022 in the Gulf state, routinely criticised by human rights activists who condemn its prolific use of capital punishment.

  A record of 187 executions took place in the kingdom in 2019.

• Saudi Arabia tops sovereign wealth spending league with $31.5bn investment spree

  Saudi Arabia’s sovereign wealth fund spent more than any other last year after splashing out $31.5bn (£24.7bn) on investments ranging from a stake in Heathrow to ownership of a US gaming company. The Kingdom’s Public Investment Fund (PIF) has topped an annual ranking of sovereign investment fund spending, compiled by consultancy Global SWF, for the first time. Investment by PIF accounted for just over a quarter of the $123.8bn (£97.2bn) spent in total by all of the world’s sovereign wealth funds in 2023. Saudi spending jumped by a third compared to 2022.

• Saudi Arabia’s ambitious new projects in 2023

  In 2023, Saudi Arabia embarked on a series of ambitious projects aimed at diversifying its economy, a crucial step towards achieving its long-term development goals.

  The year was marked by the launching of several groundbreaking initiatives, reflecting the Kingdom's commitment to fostering a sustainable and diversified economic environment.

• Year in review: How Saudi Arabia made its mark in tech, tourism, diplomacy and entertainment in 2023

  Saudi Arabia will look back on 2023 as a year of triumphs, having hosted major events in the fields of technology, culture, sport and diplomacy, while continuing on its path of impressive economic expansion and diversification. In the past 12 months, the Kingdom has played host to sports stars, tech experts, fashionistas, and music and movie legends. Having secured its bid to host World Expo 2030, Saudi Arabia has a lot to celebrate as it enters the new year.

• The AlUla tram project in Saudi Arabia

  The project will cover a distance of 22.4km and feature 17 strategically located stations. The world's longest battery-powered, catenary-free tramway line will offer unmatched access to the five core historical districts in AlUla, including UNESCO World Heritage sites such as AlUla Old Town (District 1), Dadan (District 2), Jabal Ikmah (District 3), Nabataean Horizon (District 4), and Hegra Historical City (District 5). By connecting these historically significant areas, this tramway project will encapsulate richness, history, and green mobility like no other.

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