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QUOTED
“The revenues of the cinema sector in Saudi Arabia from April 2018 until March 2024 amounted to about $1 billion, while the total tickets sold reached more than 61 million tickets, according to the General Authority for Media Regulation. The data showed that number of films screened in Saudi Arabia reached 1,971 films, including 45 local films. The number of theater operators reached about 6 companies, while cinemas in Saudi Arabia are distributed in 22 Saudi cities. The number of cinemas in Saudi Arabia reached 66, while the number of screens reached about 618, in addition to 63,373 seats.” Revenues touch SR3.7 billion in Saudi cinema sector since 2018 [Saudi Gazette]
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TOP STORY
According to a study by Forecast International in 2023 global defense spending grew at its fastest pace in the last decade as governments respond to security crises unfolding around the world.
[more]
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MORE TOP STORYLINES
Via Federico Maccioni in reuters.com:
Saudi Arabias sovereign wealth fund PIF has agreed to buy a 51% stake in Telecommunication Towers Company Ltd (TAWAL) from STC Group (7010.SE), opens new tab, paving the way for the creation of the regions largest telecom tower company, PIF and STC said on Monday. Under the agreement, PIF and STC will combine TAWAL and Golden Lattice Investment Company (GLIC) to set up a newly-formed company with around 30,000 mobile tower sites and estimated annual revenues of around $1.3 billion, they said in a joint statement.
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in argaam.com: Saudi Arabias oil production is expected to reach 11 million barrels per day (bpd) by 2029, according to Amine Mati, the International Monetary Fund’s (IMF) Mission Chief for Saudi Arabia. In an interview with Asharq TV, Mati added that the IMF expects the Organization of the Petroleum Exporting Countries and allied producers (OPEC+) to completely reverse its production cuts by 2025. “Considering the announcements made by OPEC+ and the voluntary production cuts by Saudi Arabia, the cuts will be extended until June 2024,” he said.
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in reuters.com:
Nuclear weapons have no place in Irans nuclear doctrine, the countrys foreign ministry said on Monday, days after a Revolutionary Guards commander warned that Tehran might change its nuclear policy if pressured by Israeli threats.
Iran has repeatedly said its nuclear programme only serves peaceful purposes. Nuclear weapons have no place in our nuclear doctrine, ministry spokesperson Nasser Kanaani said during a press conference in Tehran.
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MORE ON THE KINGDOM AND BEYOND
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US fertilizer company Mosaic (NYSE: MOS) is selling its 25% stake in an $8 billion Saudi Arabian phosphate production joint venture to the...[By Cecilia Jamasmie via mining.com]
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Well, there's nothing that says that the United Nations has a monopoly on mediation, but there is an advantage of having the United Nations as...[via csis.org]
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The US and Saudi Arabia have drafted a set of agreements on security and technology-sharing which were intended to be linked to...[By Julian Borger via theguardian.com]
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The Saudi tourism sector is seeing continuous growth. The Ministry of Tourism has managed to surpass the target number of visitors, in addition to the...[via argaam.com]
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“I don’t think I’ve ever met anyone who believed it would be built as conceived, Saudis included,” Jim Krane, energy research fellow at Rice...[By Jonathan Fenton-Harvey via newarab.com]
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Between now and the end of the decade, 320,000 new hotel rooms are expected to open in Saudi Arabia. According to Knight Frank, 82% of...[By Josh Corder via skift.com]
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Under the proposed transaction, the U.S. Navy will also provide professional military education support for Saudi Arabia’s naval forces, which will not require the deployment...[By Jane Edwards via govconwire.com]
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During a meeting of the Council of Economic and Development Affairs (CEDA), the Ministry of Economy and Planning reported a notable 16% increase in net...[via saudigazette.com]
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The first goal of Vision 2030 is to cultivate a content and fulfilled society, laying the foundation for the attainment of...[By Tamara Abueish via alarabiya.net]
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Saudi Arabia’s economy contracted for a third straight quarter following the kingdom’s decision to cut petroleum production, while non-oil growth eased to the...[By Mirette Magdy, Matthew Martin, and Abeer Abu Omar via bloomberg.com]
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The agreement faces plenty of obstacles but would amount to a new version of a framework that was scuttled when...[By Alberto Nardelli, Jennifer Jacobs, and Peter Martin via bloomberg.com]
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Saudi Arabia’s top chemicals company reported a 62% drop in year-on-year profit as weak demand puts the industry under stress....[By Fahad Abuljadayel via yahoo.com]
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Flash flooding has devastated parts of Saudi Arabia this week with shocking footage showing cars being swept away by the deluge...[By David Averre via dailymail.co]
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Amnesty International called on Saudi Arabia to free a 29-year-old fitness instructor it says has been sentenced...[via reuters.com]
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Sen. Ed Markey (D-Mass.), co-chair of the Nuclear Weapons and Arms Control Working Group, is raising concerns over Saudi Arabia’s intention to pursue...[By Laura Kelly via thehill.com]
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Total global defense spending grew at its fastest pace in the last decade from 2022 to 2023, as governments respond to security crises unfolding...[via defenseone.com]
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The Israeli military is believed to have carried out strikes against a target in Isfahan, central Iran, on April 19. This action was reportedly in...[By Ali Alfoneh via agsiw.org]
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Israel's apparent strike on Iran after days of vacillation was small...[By Samia Nakhoul, Parisa Hafezi and James Mackenzie via reuters.com]
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Egypt welcomed home a 3,400-year-old statue depicting the head of King Ramses II after it was stolen...[By Hatem Maher via reuters.com]
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By large margins on Saturday, the House passed a package of three linked bills advancing $60 billion in military aid for Ukraine, $26 billion...[By Patrick Tucker via defenseone.com]
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