“American critics often highlight a lack of “shared values” between the U.S. and the Kingdom when they argue against a security alliance between these two countries. What they mean is that Saudi Arabia is an absolute monarchy and, thus, not a worthy ally because it is not democratic. Focusing on this difference alone ignores the many values and interests actually shared between the two countries. Among these is a mutual desire for an open capitalist world economy, predictable energy markets, safe trade routes, the containment of rogue states that violate international law, and a stable Middle East.” Ali Shihabi, Why Saudi Arabia matters more than ever to the US in a volatile Middle East [Fox News]
“Saudi Arabia’s trade balance recorded a surplus of SR41.41 billion in April 2024, reaching its highest levels during the current year, achieving 36 percent growth on a monthly basis. According to preliminary data on international trade released by the General Authority for Statistics (GASTAT), there has been an increase of SR10.967 billion in April compared to the surplus of SR30.443 billion achieved in the previous month of March.” Saudi Arabia’s trade surplus hits highest annual amount of SR41.41 billion in April [Saudi Gazette]
“A total of 169 countries have benefitted from the Saudi Arabia’s aid. Six Islamic countries, including five Arab ones, have received the most aid. Egypt tops the list with over 32 billion dollars in aid, followed by Yemen with over 26 billion, Pakistan with around 13 billion, Syria with over 7 billion, Iraq with 7 billion and Palestine with over 5 billion dollars.” Saudi Arabia’s Contribution to Humanitarian Relief Reaches $130 billion [Asharq Al-Awsat]
“Following a busy Eid al-Adha and pilgrimage season, Saudi Arabia is maintaining its momentum with a surge in tourism. WINGIE, the leading travel marketplace in the MENA (The Middle East and North Africa) region, has observed a significant 57% increase in bookings to Saudi Arabia from international travelers compared to the previous year post-Eid, signaling a heightened interest in the country’s diverse attractions. The primary sources of these visitors include Egypt, Turkey, Germany, India, and the UAE, with the average cost of a flight being $207.” Leading Travel Marketplace WINGIE Anticipates Up to 60% Expansion in Saudi Arabia’s Post-Eid Tourism Growth [Yahoo]
“A.I. is like a beast that can consume endless amounts of data, no matter how much data you have. This is creating unprecedented value and investments in data. Nvidia and other chipmakers are only going to see demand double. I don’t see any new technology currently or even on the horizon that will match the ability of AI and data to fuel the next era of global prosperity [and jobs].” Ahmed Al Yamani, a Saudi expert on digitalization and the CEO of Takamol, a Saudi government-owned company, Transforming Saudi Arabia: Embracing AI For The Future Of Work [Forbes]
“It was meant to be over ambitious, with the clear understanding that only a part of it would be delivered on time. But even that part would be significant… Projects where we have specific deadlines to meet will get prioritized by the nature of things.” Ali Shihabi, a former banker now on Neom’s advisory board, Huge Saudi construction projects ‘might get scaled down’ [BBC]
“I think the term has been dangerously and simplistically appropriated by the media, and also by fan groups and by others who want a quick and easy way to characterize what the likes of Saudi Arabia are now doin. I say dangerous because it seems, I think, particularly for those of us in the Global North who refer to sportswashing, it’s just a very easy way to kind of kick off our shoes, lean back in our chairs and say, ‘They’re just sportswashers. What we should be doing is we should be thinking more carefully about the nuanced and more diverse nature of the activities in which Saudi Arabia and others are now engaged.” Simon Chadwick, a professor at SKEMA Business School in Lille, France, How Sports Are Making Saudi Arabia Look Better Than Ever [Newsweek]
“According to a 2024 report by the Saudi Fashion Commission, the country is uniquely positioned compared to China, the US, and Europe, which are currently the most prominent e-commerce markets globally. This is largely due to a whopping 65 percent of its population being under 40, which is markedly higher than the under-40 population in China and the US, at 51 percent and 54 percent, respectively. The demographic, comprising Gen Z and millennials, represents the largest number of online shoppers globally, per the Fashion Commission report.” Julienna Law, Jing Daily, Unpacking Saudi Arabia’s $4B online fashion opportunity [Jing Daily]
“A regional conflict will not remain regional, it will become international very quickly. If this continues along this path, it is going is much worse than what is happening on the ground today.” Prince Khaled bin Bandar Bin Saud, Saudi Arabia’s ambassador to the UK, called on Israel and the international community to “recognise the danger that lies ahead”, Saudi Arabia’s UK ambassador warns Israeli war with Lebanon would quickly turn global [The National]
“Sentiment for Saudi bonds is very healthy. It’s not a surprise that the Kingdom has become the largest EM bond issuer given its large funding needs for large infrastructure projects.” Apostolos Bantis, Zurich-based managing director of fixed-income advisory at Union Bancaire Privee Ubp SA. Saudi Arabia Dethrones China as Top Emerging-Market Borrower [Yahoo]
