MUST-READS

• Hajj begins as more than 1.5 million pilgrims arrive in Saudi Arabia

  The annual Hajj pilgrimage officially began on Friday as pilgrims in Saudi Arabia made their way on foot and by bus to Mina, where they will camp at one of the largest tent cities in the world.

  The Mina valley, about 5km east of the Grand Mosque in Makkah, is a 250-hectare open space covered by more than 100,000 air-conditioned tents that can accommodate more than 2.6 million people.

• Saudi Arabia Ecommerce Market Databook 2024 – The Registration of e-Commerce Firms has Grown at a Rapid Rate in 2023 and is Continuing in 2024

  The E-commerce market in Saudi Arabia is expected to grow by 10.21% on annual basis to reach US$20.7 billion in 2024, growing steadily over the forecast period, recording a CAGR of 8.53% during 2024-2028. The E-commerce Gross Merchandise Value in Saudi Arabia will increase from US$18.8 billion in 2023 to reach US$28.7 billion by 2028.

• Business boom builds Qatar-Saudi entente as Gulf rift fades
  Prince Mohammed's visit to the tiny neighbouring Gulf state in 2021 not only helped bury a bitter political grudge that had rumbled on for three years, it also ignited a rise in Qatar-Saudi business ties that has gathered pace ever since.
  His SUV tour of the Qatari capital took in a new 10-lane expressway, a futuristic metro and a 90,000-seat World Cup stadium radiant in gold-coloured cladding - exactly the kind of mega projects the Saudi prince is in a hurry to build back home.

• Mysterious New Snake Species Discovered in Saudi Arabia

  Researchers have identified a new snake species in the Hejaz region of Saudi Arabia. Named Rhynchocalamus hejazicus, this small snake is notable for its black collar and reddish coloration, which sets it apart from its closest relatives. Additionally, a uniformly black variant of the species, known as the ‘melanistic morphotype,’ has been discovered. Rhynchocalamus hejazicus is prevalent throughout a large area, bridging the distribution gap between the Levant and the coastal regions of Yemen and Oman for the Rhynchocalamus genus.

• Saudi authorities thwart attempt to smuggle 240kg of qat

  Saudi Arabia’s Border Guard has foiled an attempt to smuggle 240 kg of qat into the country. Officers in Asir’s Al-Raboah district arrested several suspects, the Saudi Press Agency reported on Wednesday. The government has urged the public to report suspected smuggling operations or customs violations on the confidential numbers 1910 and 00 966 114208417, or via email at 1910@zatca.gov.sa.

• Saudi equities weight on MSCI likely to climb to 4.5%: SNB Capital

  SNB Capital said the weight of Saudi equities on the MSCI Emerging Markets Index will likely rise from 4.4% to 4.5%, following the secondary offering of Saudi Arabian Oil Co. (Saudi Aramco), given the uptick of the latter’s weight on MSCI Saudi Index from 7% to 9%. This change is expected to lead to negative flows ranging between SAR 3-3.8 billion from Aramco's shares, reflecting coverage of 9-10 days based on the average daily value for three months, said the brokerage.

• Saudi Arabia seeks firms for Rub Al-Khali power plant

  Saudi Arabia's Zakat, Tax & Customs Authority (Zatca), in collaboration with the National Centre for Privatistion & PPP (NCP), has invited companies to prequalify for a contract to develop a hybrid power plant at the Empty Quarter (Rub Al-Khali) land port. The project aims to reduce the use of diesel fuel by using renewable energy, and to ensure long-term power supply at the Empty Quarter land port.

• Zelensky discusses peace summit on Saudi visit

  Ukrainian President Volodymyr Zelensky, on an unannounced visit to Saudi Arabia on Wednesday, said he discussed preparations for a peace summit this weekend with Crown Prince Mohammed bin Salman. Zelensky landed in the Red Sea city of Jeddah for his latest trip to the Gulf kingdom, which has sought to stay neutral in Ukraine's war with Russia. In a post on social media, he said he held an "energetic meeting" with the Saudi de facto ruler.  

• Time for haggling to stop, Blinken says of Hamas’ response

  After studying it overnight and consulting with the Qataris and Egyptians, American officials expressed some exasperation with Hamas’ response to a three-phase ceasefire proposal sent to it late last month, and that was endorsed earlier this week by a United Nations Security Council resolution.

• SMASCO makes debut on TASI today as sixth listing in 2024

  This is the sixth listing on Saudi Arabia’s main market in 2024, after MBC Holding Group Ltd. listed on (Jan. 8), Middle East Pharmaceutical Industries Co. (Avalon Pharma) on (Feb. 27), Modern Mills Co. on (March 27) , Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care Group) on (June 5) and Miahona Co. on (June 6).

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