QUOTED

“Today’s announcement [of Alat’s partnership with SoftBank] marks a historic milestone for how future manufacturing will take place.”

-Masayoshi Son, SoftBank Chairman. [Bloomberg]

TOP STORY

What it’s like to live in Saudi Arabia during Riyadh Season, PIF-backed Alat launches with eyes on a big impact, and more…

The boys are back for their normal format and catch up on just some of the seemingly endless new developments and storylines emerging from Saudi Arabia of late. [more]

MORE TOP STORYLINES

Saudi Arabia Pushes Deeper Into Entertainment With New Film Fund

Via Matthew Martin in bloomberg.com : A Saudi Arabian investment firm is setting up a $100 million fund to invest in the kingdom’s film industry, one of the first such bets on the region’s fastest-growing movie production markets. The Saudi Film Fund, a partnership between MEFIC Capital and Roaa Media Ventures, will collaborate with major international studios and “provide content that reflects Saudi culture and values,” according to a statement Monday.

There is ‘real excitement’ among global investors about Saudi capital market, Riyadh forum is told

in scmp.com : Saudi Arabia’s capital market is very attractive in the eyes of global investors, and the kingdom’s authorities are pushing for more regulation to enhance the market’s accessibility and stability, with the aim of boosting confidence and to attract further international capital inflows, said panellists at the Saudi Capital Market Forum in Riyadh on Tuesday. “We’re trying to adopt the concept of enabling regulations instead of deregulations, and this is one of the things that you might find different in the Saudi development endeavour,” said Abdullah Binghannam, the deputy of financing and investment at Saudi financial regulator Capital Market Authority (CMA).

Saudi Arabia sees medium-term non-oil growth at over 5%, below previous estimate

Via Alexander Cornwell and Pesha Magid in reuters.com : Saudi Arabias non-oil growth is expected to come in above 5% in the medium term, Finance Minister Mohammed Al Jadaan said on Monday, slightly lower than the 6% figure previously projected, but likely to outperform the wider region this year. "If you look at the non-oil GDP, it is growing at very healthy numbers: 4% and north of 4%. We are expecting 5%-plus in the medium term," Jadaan told delegates at the Saudi Capital Markets Forum in Riyadh. "That is very strong growth."

‘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]

Vision 2030: 87% of initiatives on track or completed

More than halfway through its "Saudi Vision 2030" journey, Saudi Arabia has demonstrated notable progress, with 87% of the 1,064 initiatives either completed or advancing...[via saudigazette.com]

Iran Unveils Air Defense Systems as Middle East Tensions Soar

Iran unveiled two new air defense systems on Saturday, state media reported, with tensions high in the Middle East amid the war in Gaza. "The Arman...[By AFP via voanews.com]

Stranded in Rafah as an Israeli Invasion Looms

After months of telling residents in the Gaza Strip to move south for safety, Israel now says it plans to invade Rafah, the territory’s southernmost...[via nytimes.com]

Israel-Hamas war live updates: U.S. pushes for temporary Gaza cease-fire at U.N. Security Council

The U.S. vetoed a U.N. Security Council vote on a resolution calling for an immediate end to the war in Gaza. Algeria introduced the resolution...[via nbcnews.com]

Opinion: Here’s what an uncoordinated US withdrawal from Syria would look like. It’s bad for many partners, but especially Turkey.

Reports have surfaced regarding the possibility of the United States withdrawing from Syria completely. Despite officials rejecting these reports and a recent vote in the...[By Ömer Özkizilcik via atlanticcouncil.org]

Red Sea Cargo Ship Crew Abandons Vessel Off Yemen After Houthi Attack

The crew of a commercial ship in the Red Sea abandoned the vessel following a Houthi attack — the first such evacuation since the militant...[By Omar Tamo, Mohammed Hatem, and Alex Longley via bloomberg.com]