QUOTED

Quoted

“The regions of Qassim and Riyadh lead in the presence of family businesses in Saudi Arabia, constituting 95% of the active commercial establishments and employ 57% of the private sector’s workforce, accounting for 48% of the total workforce in Saudi Arabia, Al-Eqtisadiah newspaper reported. Moreover, 69% of family businesses are concentrated in Riyadh, Makkah, and the Eastern Province, which is a natural reflection of the economic activity in Saudi Arabia.” 59% of Saudi family businesses have no succession plan: CEO of NCFB [Argaam]

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Saudi Professional League Season starts; summer transfer window subdued

SPL, Benzema-introduction-at-Al-Ittihad

The SUSTG Review wrote in July that Saudi Arabia’s professional football transfer strategy has evolved. After numerous blockbuster acquisitions in 2023, the current transfer window (though not over) has been subdued.  [more]

 

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184 foreign companies move regional HQ to Saudi Arabia during first half of 2024 – MISA

RHQ image, Riyadh

Saudi Arabia’s Ministry of Investment reported that 184 foreign companies moved their regional headquarters to Saudi Arabia after obtaining an investment license during the first half of 2024. [more]

 

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ACWA Power commissions 700-MW solar park in Saudi Arabia; First of four planned for 2024

ACWA Power, 800_sakaka2

Co-owner ACWA Power has commissioned The 700-MW Ar Rass solar photovoltaic project located in Qassim province, north of Riyadh. The electricity from Ar Rass will go to the national grid under a 25-year offtake agreement with the Saudi Power Procurement Company (SPPC). [more]

 

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Saudi’s Public Investment Fund issues 2023 Annual Report

PIF Banner Brand Finance

PIF governor Yasir Al Rumayyan noted that the fund has increased its global reach, unveiled giga-projects, launched portfolio companies and delivered “ahead of financial return targets – in line with the goals of its Vision Realisation Programme  2021-2025”. [more]

 

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KSA and it’s summer power surge challenge

Desalination, Shoaiba

In terms of oil consumption used for its electricity sector Saudi Arabia matches the entire oil consumption of Italy, Spain or Turkey. The kingdom’s oil for power use spikes over 1 million barrels per day in summer to generate power and water.  [more]

 

Saudi Arabia’s Sales From Oil Exports Drop to Three-Year Low

Via Paul Wallace in bloomberg.com: Saudi Arabia’s revenue from oil exports has slumped to the lowest level in three years, caused by a drop in prices and the kingdom’s decision to curb production. Sales from shipments of crude oil and refined products fell to $17.7 billion in June, according to the country’s main statistics body. That’s down more than 9% year-on-year and about 12% from May.

10 Saudi Players to Watch in 2024-25 RSL

in spl.com: The dawn of a new season brings with it fresh excitement about the fresh additions to the Roshn Saudi League, names that will provide hours of entertainment across the next 34 rounds of action. Equally as entertaining, however, are the household stars already within the league that have set the benchmark for some time now, or perhaps have only emerged, standing above as the best Saudi players in the RSL. A mix of experienced and youthfulness, here are 10 Saudi Arabians to keep an eye out for as the 2024-25 season kicks into gear on Thursday.

Power couple Ronaldo and Rodriguez take Saudi Arabia by storm in new season of I Am Georgina

in factmagazines.com: Saudi Arabia is increasingly becoming the new hotspot for global celebrities, especially from the football world. Cristiano Ronaldo has been making headlines on and off the pitch and recently set a YouTube record, acquiring nearly 15 million subscribers in just 24 hours. Likewise, his partner, Georgina Rodriguez, has been the talk of the town as well, returning with yet another instalment of her Netflix reality show, I Am Georgina.

Saudi POS hits $3.6bn as education spending surges with academic year start

Via Miguel Hadchity in arabnews.com: Saudi Arabia’s point-of-sale transactions climbed to SR13.5 billion ($3.61 billion) between Aug. 11 and 17, reflecting a 3.6 percent increase from the previous week, official data showed. According to the latest figures from the Saudi Central Bank, also known as SAMA, the education sector led the charge, recording a 127.5 percent surge in spending, with total transactions reaching SR1.01 billion.

Cristiano Ronaldo breaks YouTube records, shares videos of life in Saudi Arabia

in arabianbusiness.comCristiano Ronaldo has broken YouTube records with the launch of his own official channel on the platform. The channel launched on Wednesday, August 21 and broke records for the most subscribers gained in an hour and reached a million subscribers in just 90 minutes. At the time of writing the channel has 7m subscribers after just a few hours and it is set to continue rapid growth rate.

Immersive architectural tourism​ іn Saudi Arabia

in pwc.com: Digital tourism reflects a sophisticated strategy tо merge cultural heritage with cutting-edge technology, facilitating virtual access tо sacred sites, historical landmarks, and natural wonders. These efforts showcase Saudi Arabia’s commitment to innovation, as well as its dedication to foster a deeper global appreciation of its cultural and architectural treasures.

What has happened to Saudi Pro League’s big spending?

Via John Duerden in bbc.com: It has been a relatively quiet summer across global football, Simon Chadwick, professor of sport and geopolitical economy at Skema Business School in Paris, told BBC Sport. Chadwick attributes it to a combination of harsh economic conditions, the late finishing of continental national team tournaments, and clubs across various territories trying to navigate local financial regulations.

Saudi 2036 Olympics ambitions: long race full of major hurdles

Via Simon Chadwick in amwaj.media: If Saudi Arabia bags the second largest sport mega event in the world, attention will turn to a separate prospective bid for the 2036 Olympics. As such, it can reasonably be assumed that the government delegation’s July 31 visit to Paris also featured efforts to sway the International Olympic Committee (IOC) into agreeing that the Gulf giant is the best place to hold the games in 12 years.

Key Amendments to the Kingdom of Saudi Arabia Labour Law Announced

Via Rebecca Ford and Lisa Merod in morganlewis.com: The Council of Ministers in the Kingdom of Saudi Arabia (KSA) recently approved a number of amendments to the KSA Labour Law, which will come into effect six months from publication in the KSA Legal Gazette. The amendments to the Labour Law reference revisions to the Implementing Regulations, which also have yet to be published. This LawFlash considers how the key amendments will impact employers and employees once they come into force.

Saudi Arabia launches new unified national employment platform ‘Jadarat’

in arabianbusiness.com: This initiative supports efforts to develop the local labour market strategy and achieve national targets in line with Saudi Vision 2030. HADAF Director General Turki Al-Jawini reported that approximately 70,000 job vacancies are currently listed on Jadarat across various specialisations and sectors. He explained that the platform was launched to facilitate the job search journey and explore all job opportunities, becoming the main enabler for employing citizens

Saudi’s Bahri signs almost $1 billion deal for nine oil tankers

in reuters.com: The National Shipping Company of Saudi Arabia (Bahri) (4030.SE), opens new tab has signed a purchase agreement to acquire nine Very Large Crude Carriers (VLCCs) from Capital Maritime and Trading Corporation for approximately 3.75 billion Saudi riyal ($999 million), the company announced on Tuesday. The purchase is part of a modernisation drive and will enable the company to start phasing out older vessels, Bahri said in a statement issued via Saudi Arabias stock exchange.

Blinken says Israel OKs a plan to break the cease-fire impasse and urges Hamas to do the same

Via Matthew Lee in apnews.com: Blinken spoke after holding a 2 1/2 hour meeting with Israeli Prime Minister Benjamin Netanyahu earlier in the day, and will travel to Egypt and Qatar for further negotiations. The three mediators have spent months trying to end the war in Gaza, with the talks repeatedly stalling.

Saudi Arabia Is Building A $23 Billion Park To Rival NYCs Central Park – Video

in youtube.com: In a bold move to redefine urban spaces, Saudi Arabia is embarking on an ambitious project to construct a $23 billion park designed to rival the iconic Central Park in New York City. This monumental endeavor, part of the Kingdom’s Vision 2030 plan, aims to transform the capital, Riyadh, into a global hub of culture, leisure, and innovation. The park, spanning over 13 square kilometers, will feature lush greenery, cutting-edge recreational facilities, and a host of cultural attractions, offering a blend of tradition and modernity. As the largest urban park in the world, this project is set to not only enhance the quality of life for residents but also attract millions of visitors worldwide.

12 Saudi Universities Make the Top 1,000 Worldwide

Via Rama Maad in lovin.co: Saudi Arabia is celebrating a major milestone in higher education, with 12 of its universities making it into the prestigious top 1,000 worldwide institutions for 2024 according to the Shanghai Ranking. Al-Benyan emphasized that this progress is in line with Vision 2030’s goals and reflects the dedication to improving education and research systems. The University Affairs Council, along with various bodies, has been working hard to ensure that Saudi universities not only meet but exceed global standards of excellence.

Over 6 million students in Saudi Arabia return to school on Sunday

in saudigazette.com: More than 30,000 public, private, international, and foreign schools across the Kingdom have welcomed nearly 500,000 teachers in preparation for the new school year. The return to school coincides with the start of the second-round exams for students who did not pass certain subjects in the first round, as well as the distribution of new textbooks to students.

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