“GCC economies have seen a relatively strong start to 2022. The hydrocarbons sectors have benefited from increased oil production so far this year, with crude oil production up 12 percent for the UAE and 19 percent for Saudi Arabia.”
-Khatija Haque, chief economist at Emirates NBD. Economic growth in Saudi Arabia ‘fastest since 2011’ [Arab News]
“I came to AlUla, Saudi Arabia’s ancient desert region, like a pilgrim. Not on my way to Mecca, but on the new art world trail that now rivals the old incense routes to Yemen that traders traveled in Nabatean times. The contemporary art scene in Saudi — a part of the nationalist project since its midcentury origins — is having a moment. A prolific number of projects, timed with the easing of visa restrictions, is helping to end decades of cultural isolation. The latest initiatives — such as the Diryah Biennale and public art commissions in Riyadh, the opening of the Haay Jameel complex of independent galleries and studios in Jeddah, and the Jeddah edition of Bienal del Sur — were born of the impetus of Saudi’s Vision 2030 plan to modernize and develop the nation.”
-Hadani Ditmars, who attended the second iteration Desert X AlUla, which “links the Coachella Valley in California with Saudi Arabian deserts through site-specific installations by 15 artists incorporating the themes of ‘mirage’ and ‘oasis.’” [Palm Springs Life]
“Box office revenues in the MENA region as a whole are expected to grow by 4 percent compound annual rate to $1 billion between 2019 and 2024, compared with a 2.4 percent decline worldwide, according to data from market tracker Ventures ONSITE.”
Exponential box-office revenue growth establishes Saudi Arabia as West Asia’s foremost cinema market [Arab News]
“Since its launch in April 2018, the Kingdom’s Film Commission has licensed 56 theaters with 518 screens in 20 cities, in which 1,144 films were shown, including 22 Saudi films. The number of ticket sales amounted to 30,860,956 for films in 22 languages from 38 countries.”
“More than 40,000 participants from 80 countries applied to participate in the qualifying stage of the competition that started in 2019. Thirty-six contestants qualified for the final stages — 18 participants for each contest — hoping to be recognized as the best in their specialty and looking for a chance to share the $3.2 million combined prize money.”
-Moroccan Younes Mustafa Gharbi recited his way to first place and bagged $1.33 million in prize money during the final of Saudi Arabia’s premier Qur’an contest on Wednesday. In the athan (call to prayer) competition, Turkey’s Muhsin Kara and Albijan Celik secured first and second places, winning $533K and $267k, respectively. The prestigious competition is notable for its precise judging criteria, with a set of distinguished jurors. [Arab News]
“The war in Ukraine has triggered a costly humanitarian crisis that demands a peaceful resolution. At the same time, economic damage from the conflict will contribute to a significant slowdown in global growth in 2022 and add to inflation. Fuel and food prices have increased rapidly, hitting vulnerable populations in low-income countries hardest. Global growth is projected to slow from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023. This is 0.8 and 0.2 percentage points lower for 2022 and 2023 than projected in January.”
“The structure of the Saudi equity markets, dominated by banks and energy, position it well to tackle the double whammy of rising interest rates and inflation.”
Up 22% this year in dollar terms, the benchmark Tadawul All Share Index is the sixth best-performing gauge globally in 2022. [Bloomberg]
“All in all, I say to American media and other so-called experts: Laugh at the humor. For so long, we have withstood jibes at us from American media and politicians; it is only fair that you withstand our comedic jibes at you. Let us laugh together, not scowl at each other.”
-Prince Turki Al-Faisal in a pointed article noting the hypocrisy in U.S. responses to Saudi TV satire of President Biden. [Arab News]
“Average download speeds in Saudi Arabia have reached more than twice the global average at 322 Mbps, according to network-testing company Ookla.”
-Melanie Butcher authors an extensive look at Saudi Arabia’s promising 5G potential and the policies that got it there. [CIO]
