“The number of industrial establishments in the Kingdom increased from 7,206 in 2016 to 11,549 in 2023… Riyadh currently leads in the number of facilities, with 4,502 factories, followed by the Eastern Province with 2,618 and Makkah with 2,209.” Saudi Vision 2030 boosts industrial facilities by 60%, official figures reveal [Arab News]
“In terms of exports by country, China was the largest importer, accounting for 16.2 percent of the Kingdom’s total goods exports, with a value of SR47.588 billion, while South Korea followed with a value of SR26.408 billion and a share of 9 percent of the total goods exports. Japan was the third-largest importer, with a value of SR25.950 billion and a share of 8.8 percent of total goods exports.” Saudi trade surplus surpasses $26.13bln in 2Q 2024 [Zawya]
“Set to happen until September 22, the mega relay will be travelling more than 3,500 kilometres including Riyadh (of course), Khobar, Al Ahsa, Qassim, Madinah, Ha’il, AlUla, and more. With a total prize pool of SAR200 million, this year’s edition will feature competitions in 53 sports. The event represents over 200 clubs and brings together 45 sports, including five games dedicated to Paralympic sports.” The Saudi Games 2024 torch relay is happening right now [What’s on Saudi Arabia]
“The EWC has underscored the transformative impact of esports and the pivotal role that this incomparable industry now plays in cultures and societies all around the world — its inclusive and empowering nature is something truly unique. For eight successive weeks, this unparalleled event has brought the entire international gaming community together like never before, inviting all to participate in this milestone moment in gaming and esports history. We could not be more delighted with what’s transpired this summer; it’s a historic moment in time that Saudi Arabia and the world will always remember fondly.” Inaugural Esports World Cup signs off with historic closing ceremony [Arab News]
“The regions of Qassim and Riyadh lead in the presence of family businesses in Saudi Arabia, constituting 95% of the active commercial establishments and employ 57% of the private sector’s workforce, accounting for 48% of the total workforce in Saudi Arabia, Al-Eqtisadiah newspaper reported. Moreover, 69% of family businesses are concentrated in Riyadh, Makkah, and the Eastern Province, which is a natural reflection of the economic activity in Saudi Arabia.” 59% of Saudi family businesses have no succession plan: CEO of NCFB [Argaam]
“Before it was much easier to come and say, ‘I’m a fund manager from San Francisco, please give me a couple million. I think that a very small minority of them will be able to take money from the region — they are much more selective than before. PIF has been focused on co-opting investment into Saudi for last several years. It took a while for bankers to fully appreciate the scope and scale of the pivot. It’s rightly all about transforming the economy.” Marc Nassim, partner and managing director at Dubai-based investment bank Awad Capital, No longer a financial reservoir? Saudi Arabia’s spending confirms clear shift in strategy [CNBC]
“With this in mind, a common theme of many of the new laws and regulations introduced over the past year has been to provide foreign investors with greater certainty around key legislative provisions and to adopt terminology that will be more familiar to many of them.” Alan Wood, corporate partner at Clyde & Co., Saudi Arabia’s series of law changes eases entry for investment and companies [The National]
“Saudi literature has witnessed significant acceleration over the past decade, particularly during the period when culture and its literary derivatives became one of the key objectives of Vision 2030. This newfound openness to knowledge and literature, spurred by various initiatives, competitions and activities, has enabled young people to make significant leaps in literary production. What once took decades to learn, the youth now accomplish in just a few years.” Ibraheem Al-Sinan, head of editorial at Raff Publishing, Saudi Arabia’s literary renaissance captivates local and international audiences [Arab News]
“The growing awareness of the need to adhere to laws and regulations that govern the ownership, use and protection of intellectual property contributed to a 50 percent increase in the total number of complaints in 2023, the authority said. Trademark complaints rose by 73 percent, and copyright complaints by 30 percent, it added.” Mystery shopper program helps uncover IP violations across Saudi Arabia [Arab News]
“Saudi Arabia’s holdings of US Treasuries reached $140.3 billion in June 2024, up $ 4 billion month-on-month, new data released by the US Treasury showed. Saudi Arabia’s holdings of US Treasuries in June are the highest in more than four years, i.e. since March 2020, when they reached $ 159.11 billion.” Saudi holdings of US Treasuries rise to $140.3B in June [Argaam]
