Quoted

“All across Saudi Arabia, I’d seen countless projects being built, from simple museums to high-end resorts… But I’d begun to see the building projects as something else, too: the striving of a country — long shrouded to most Westerners — to be seen, reconsidered, accepted. And with its doors suddenly flung open and the pandemic behind us, visitors like me were finally beginning to witness this new Saudi Arabia.” Stephen Hiltner, Surprising, Unsettling, Surreal: Roaming Through Saudi Arabia [New York Times]

Quoted

“We’re not trying to replace Nvidia or challenge Intel. We want to do humble beginnings. Once we have built a base, then we can talk.” Naveed Sherwani, head of the National Semiconductor Hub, Saudi Arabia’s Chip Design Ambitions Take Shape With New Hub [Bloomberg]

Quoted

“Since 1961, climate change has reduced global agricultural productivity by about 21%. Moreover, since 2000, the world has lost more than 10% of its global tree cover, with the tropics accounting for 1.48 million km2 of deforestation — an area larger than France, Spain, and Germany combined.” Fostering a sustainable future: the role of land restoration in Saudi Arabia [World Bank]

Quoted

“Saudi Arabia’s startup ecosystem has affirmed its leading position in the funding space, capturing over 53 percent of the region’s venture debt financing in 2023, according to MAGNiTT’s latest report. The venture data platform revealed that Saudi startups raised a total of $400 million in venture debt last year, a 602 percent growth compared to $57 million in 2022.” Saudi startups take lead in MENA funding space [Arab News]

Quoted

“Let’s just say this would be a historic agreement that would upgrade the security partnership between the United States and Saudi Arabia. It would upgrade the economic relationship. It would bring Israel and Saudi Arabia essentially into the same region. And it would bring benefits and a path to statehood for the Palestinians. So, that’s a lot. It’s a complex set of discussions. And I’m really reluctant to get into the details of things, some of which are still yet to be negotiated.” Michael Ratney, the US ambassador to Saudi Arabia, How Close Are We To A ‘Historic’ US-Saudi Deal? [Eurasia Review]

Quoted
“Since the IPO, higher expectations on dividend payout and oil price have outweighed lower expectations on output.” Hasnain Malik, head of equity research, at Dubai-based Tellimer, Saudi Arabia sets new test for international interest with $13.1 billion Aramco sale [Reuters]

Quoted

“After seven years in England I think the first thing was the sun. I never had summer sun in my life. It’s been different you know, different culture, different football, the mentality of people as well but so far I’m really happy. My family is happy. The club is amazing so far it’s a great experience and looking forward to more years.” Aleksandar Mitrovic, Aleksandar Mitrovic and Ruben Neves enjoying work-life balance of Saudi Pro League [Sky News]

Quoted

“Real-time payments eliminate payment friction, inject greater liquidity into the system, and promote economic growth and financial inclusion. Yet, their full potential can only be realized when banks transcend legacy silo systems. With real-time payment schemes now operational in every GCC nation, local banks are at a pivotal juncture where they must harness technological evolution as the catalyst for innovation. The path to innovation lies in modernizing and future-proofing their infrastructure, enabling them to fully leverage the potential of real-time payments.” Santhosh Rao, Senior Vice President, Sales at ACI Worldwide MEASA, The Middle East Is the Fastest Growing Real-Time Payments Market Globally For The Second Consecutive Year, Finds ACI Worldwide Report [Fintech Finance News]

 

Quoted

“As for many middle powers/swing states in the Global South, for Saudi Arabia, multi-alignment is the logical response to a more volatile, complex, multipolar world order, Not marriage but a fluid set of relationships is the way Riyadh sees it can hedge against international instability and leverage its strengths and assets to greatest advantage.” Kristina Kausch, deputy managing director of GMF South,  Saudi Arabia Is Becoming One of Biden’s Most Important Swing States [Newsweek]

Quoted
“Assets have ballooned from around $150 billion in 2015 to $925 billion today. The PIF posted total shareholder returns of 8% per year from 2017 through 2022, according to its latest annual report.” Saudi sovereign wealth fund to reorganize management amid budget crunch, sources say [Reuters]
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