QUOTED

Quoted

“The Saudi Business Center provides, in one place, more than 750 services pertaining to 65 government agencies concerned with the business sector. This is through the center’s 17 branches spread over 14 cities throughout the Kingdom. The center’s digital business platform provides services of qualitative value, enabling investors and business owners to complete their economic business procedures.” Saudi Business Center to issue two instant commercial licenses for investors [Saudi Gazette]

TOP STORY

Saudi Family Office Mithaq Capital Buys Majority Stake in Struggling Retailer Children’s Place

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Saudi Arabia’s Mithaq Capital, a family office owned by the Al Rahji Family, snapped up shares in struggling children’s retailer The Children’s Place to take a majority stake in the company, Semafor reports. [more]

 

MORE TOP STORYLINES

Saudi Arabia's budget deficit jumps to $22bn on higher spending

Via Alkesh Sharma in thenationalnews.com: Saudi Arabia’s budget deficit reached 80.9 billion Saudi riyals ($21.57 billion) in the 2023 fiscal year, narrower than the government’s previous estimates, as oil revenue dipped amid production cuts. It came as the kingdom increased its spending to boost the economy, the Ministry of Finance said in a budget update on Wednesday. The government had in December estimated a deficit of 82 billion riyals for 2023, and predicted a deficit of 79 billion riyals in 2024.

Saudi Arabia’s non-oil revenues increase by 11% in 2023

in arabnews.com: Saudi Arabia’s non-oil revenues jumped 11 percent year on year in 2023 to reach SR457.7 billion ($122 billion), according to figures issued by the Finance Ministry on Wednesday. The actual results of the budget for 2023 revealed a 13 percent increase in spending on health and social development during 2023.

Saudi Arabia’s Modern Mills IPO Is Covered Within Hours

Via Julia Fioretti in yahoo.com: Investors snapped up all of the shares in Saudi Arabia’s Modern Mills for Food Products Co. initial public offering shortly after books opened, showing that demand for regional listings is still strong.

 

MORE ON THE KINGDOM AND BEYOND

‘To the Future’: Saudi Arabia Spends Big to Become an A.I. Superpower

More than 200,000 people converged at the conference, including Adam Selipsky, chief executive of Amazon’s cloud computing division, who ...[By Adam Satariano and Paul Mozur via nytimes.com]

 

Saudi giga-project Diriyah Gate targets 2027 completion

Diriyah Gate, one of the first Saudi giga-projects, said this week that it was on target for completion by late 2027. The opening of the project’s...[By Andrew Hammond via agbi.com]

 

Greg Norman ‘open-minded’ to altering LIV’s signature 54-hole format

His comment is significant because, like LIV Golf’s team competition and shotgun starts, the...[By Cindy Boren via washingtonpost.com]

 

Book Review: The Conflicts Shaping the Middle East

The recently released book “Battleground – 10 Conflicts that Explain the New Middle East” by historian Christopher Phillips provides a useful overview of ten ongoing conflicts...[By Christopher Phillips via thecipherbrief.com]

 

Oil price could exceed $100 a barrel if Middle East conflict worsens, World Bank warns

A serious escalation of tensions in the Middle East would push the price of oil above $100 (£80) a barrel and reverse...[By Larry Elliott via theguardian.com]

 

GCC’s project awards jump 20% to $45b despite geopolitical headwinds

The regional upswing also defies oil production cutbacks which have all weighed on economic growth in the region as seen from International Monetary Fund’s latest...[By Issac John via khaleejtimes.com]

 

Saudi economy witnessing a fundamental shift, says minister

Speaking at the event titled “Industrial policies to promote economic diversification,” the top official said there have been fundamental changes in the legislative and economic regulations to...[via arabnews.com]

 

Saudi Arabia Makes Strides In Global Energy Discourse At 26th World Energy Congress

From April 22 to 25, 2024, the 26th World Energy Congress convened in the Netherlands, drawing participation from the Kingdom of Saudi Arabia’s energy industry....[By Pooja Chandak via solarquarter.com]

 

Henning Larsen Architects Reveals Jeddah Opera House in Saudi Arabia

Henning Larsen Architect has just revealed the designs for The Jeddah Opera House, a new local landmark in Saudi Arabia. Drawing inspiration from the historical...[By Nour Fakharany via archdaily.com]

 

‘World’s largest’ coral-restoration project unveiled in Saudi Arabia

One of Saudi Arabia's top universities has announced a Red Sea project described as the world’s largest coral reef restoration. ...[By Daniel Bardsley via thenationalnews.com]

 

NDMC closes the April 2024 Issuance under the Saudi Arabian Government SAR-denominated Sukuk Program

The National Debt Management Center announces the closure of April 2024 issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The total amount allocated was...[via mof.gov]

 

India’s oil imports from Russia drops 19% in February, Saudi Arabia 2nd largest supplier

The month-on-month decline in imports from Russia comes amid lower discounts offered by Russia. Russia has been the largest source of crude for...[By Rituraj Baruah via livemint.com]

 

Two US law firms push into Saudi Arabia under new attorney rules

Two major U.S. law firms are opening offices in Saudi Arabia following a change last year in...[By David Thomas via reuters.com]

 

IDC expects Saudi Arabia’s ICT spending to hit $37.4B by 2024-end

Spending on the information and communication technology (ICT) market in Saudi Arabia is expected to reach about $37.4 billion by the end of 2024, showing...[via argaam.com]

 

Saudi Arabia Makes It Clear They’re Taking Design Seriously

Set within the landmark Mediateca Santa Teresa library in Milan’s Brera district, Design Space AlUla presented a smattering of projects...[By Ryan Waddoups via surfacemag.com]

 

Saudi Arabia marks Vision 2030’s 8-year anniversary

Today marks the eight-year anniversary of Saudi Arabia’s Vision 2030, an ambitious blueprint aimed at transforming the Kingdom into a...[via arabianbusiness.com]

 

Little progress seen in Cairo hostage talks, Israel downplays interest in deal

Israel continues to downplay interest in a potential hostage release deal and extended truce in Gaza, a day after CIA chief Bill Burns attended talks...[By Laura Rozen via substack.com]

 

Israel raids main Gaza hospital as Rafah concerns grow

Israeli forces said on Thursday they had raided the biggest functioning hospital in Gaza, as video posted online showed chaos, shouting and the sound of...[By James Mackenzie and Nidal Al-Mughrabi via reuters.com]

 

Iran will reciprocate if its ships are seized, official says

Iran will reciprocate if its ships are seized, the legal adviser to Iran's President told state media on Thursday, in response to a statement by...[via reuters.com]

 

How the Houthis mined commercial intelligence to sabotage global trade

The Houthis' use of publicly available ship navigation data and other information that can be obtained with paid subscriptions on maritime intelligence sites is an...[By Sean Mathews via middleeasteye.net]

 

Crypto Market Value Climbs Back Above $2 Trillion Amid (BTC) Bitcoin Rally

Bitcoin hovered around $52,000 after a broad cryptocurrency rally that saw Ether, the second-biggest token, advance back to where it was before the TerraUSD stablecoin...[By Suvashree Ghosh and Sidhartha Shukla via bloomberg.com]

 
 

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