“What they’re doing in terms of adjusting these projects gives us a lot of comfort. They’re basically saying they’re not going to go for broke or bet the house on any one particular thing. If it’s possible, they’ll do it. If not, they won’t. They’re being quite sensible.” Farouk Soussa, Goldman Sachs Group Inc.’s MENA economist, Saudi Prince’s Trillion-Dollar Makeover Faces Funding Cutbacks [Bloomberg]

“The reality is that this kind of spending would create some sort of overheating in the economy and that’s not really desirable. There’s also a risk to the profitability of projects if they go ahead sort of unabated without financial constraint.” Jean-Michel Saliba, Bank of America Corp.’s Middle East and North Africa economist, Saudi Prince’s Trillion-Dollar Makeover Faces Funding Cutbacks [Bloomberg]

“Expat remittance from Saudi Arabia jumped by 12 percent year on year to SAR12.6 billion ($3.4 billion) in May, according to the Saudi Central Bank (Sama). Remittances rose 11 percent month on month, or SAR1.3 billion, in May, the central bank said. Globally, remittances to low- and middle-income countries grew by an estimated 3.8 percent in 2023, reaching $669 billion, the World Bank said in its December 2023 report. It is forecasting a global increase of 2 percent for 2024.” Expat remittances from Saudi rise 12% to $3.4bn [Arabian Gulf Business Insight]

“In H1 2024, Saudi Arabia reaffirmed its position as the leader in Venture Capital funding across the Middle East and North Africa. Despite a slight 7% year-on-year decline, Saudi Arabia’s VC ecosystem aggregated an impressive $412M in funding. Notably, 32% of this funding came from a significant $130M deal in Salla, marking the only MEGA round in the MENA region for 2024 so far.” H1 2024 Saudi Arabia Venture Capital Report [Magnitt]

“It’s funny to see. Especially going back to the people that were criticizing me and telling me not to go, and now they’re asking me what’s the best place to stay.” Kasseem Dean (Swiss Beatz), American hip-hop producer, Grammy winner and camel owner, on the number of celebrities visiting Saudi Arabia, How Swizz Beatz Climbed to the Top of Saudi Arabia’s Camel Racing Scene [New York Times]

“Saudi Arabia has topped the global trust rankings in Edelman’s 2024 Annual Trust Barometer. The report from the global consulting and PR firm shows that 86% of Saudi citizens trust their government to make key decisions for the country’s goals. The annual Edelman Trust Barometer surveyed 32,000 people across 28 countries, including Saudi Arabia, the UAE, Japan, Ireland, Canada, the UK, the Netherlands, Indonesia, South Korea, Russia, Germany, Australia, the US, Singapore, China, Argentina, Malaysia, Kenya, France, Brazil, South Africa, Thailand, Spain, Colombia, Hong Kong, Italy, Mexico, and India.” Saudi Arabia Tops Edelman’s Trust Index for National Leadership [Asharq Al-Awsat]

“According to the NLO study, the total number of employees in the Kingdom’s private sector has reached 11,409,348, with the number of Saudi nationals standing at 2.34 million – an increase of 16,598 since April.” Saudi private sector workforce surges above 11.4m – official figures [Arab News]

“This country is always full of surprises and this is what is happening with the emergence of Saudi menswear ready-to-wear. The number one clientele in Saudi Arabia remains women, but there is a big appetite for menswear and potential market openings. Historically, Saudis dressed in a traditional way, but local life has changed a lot and there are more and more occasions to dress fashionably: festivals, events, concerts, exhibitions, etc.” Florence Julienne, Burak Cukmak, Saudi Fashion Commission: ‘Saudi market opens up to contemporary men’s fashion’ [Fashion United]

“In all, the fund’s commitments totaled $150 billion as of the end of 2023, up from $100 billion in 2022 and $47 billion in 2021. Just over half—$76 billion—were earmarked for financial investments such as private equity and infrastructure funds. Another $69 billion were earmarked for construction projects, mines and other capital projects.” Eliot Brown, Saudi Wealth Fund’s Financial Commitments Surged by $50 Billion in 2023 [Wall Street Journal]

According to International Labor Organization (ILO) statistics, there were 3,663,939 domestic workers in Saudi Arabia at the end of 2020. The ILO states: “The country with the highest share of domestic workers in the world is Saudi Arabia, where domestic work represents around 28 per cent of total employment. It is also the fourth-largest employer in terms of absolute numbers, with 3.7 million domestic workers.” Saudi Arabia introduces mandatory health insurance for 3.7 million domestic workers [Health and Protection]