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Saudi News Update: Week 20


A businessman is staying up to date by reading the news on a tablet

This week, the Saudi Ministry of Finance announced that there was a 7.3% increase in public finance total revenue compared to the projected revenue in the annual state budget. The increase was driven by both oil and non-oil revenues, with non-oil revenues increasing by 15.5% compared to the approved budget.


In other news, Saudi Aramco has completed an acquisition of a 40% stake in Gas & Oil Pakistan, and Lenovo is to establish a tech and manufacturing hub in Saudi Arabia as part of a Strategic Collaboration Framework Agreement with Alat, a PIF company. 

 

Economy, Budgets and Finance

Arab News:  Saudi Arabia’s open banking strategy a game-changer. Read here


Al Arabiya: Saudi Arabia’s NEOM: New video shows rapid progress at mega project, workers doubled. Read here


Saudi Gazette: Saudi Arabia aims to attract over $3 trillion in investments by 2030. Read here


Saudi Gazette: Moody’s affirms Saudi Arabia’s A1 credit rating with a positive outlook. Read here

Government and Royal Family

Arab News:  The EV paradox in Saudi Arabia. Read here


Al Arabiya: Saudi Arabia to sell 0.64 percent Aramco stake. Read here


Saudi Gazette: Saudi Arabia reports 7.3% rise in total revenue for 2023. Read here


Saudi Gazette: Saudi Arabia provides $129 billion in aid to 169 countries since 1996. Read here

Defence and Security

Financial Times: US and Saudi Arabia close to defence and civil nuclear deal. Read here


Times Aerospace: New chair for Saudi defence business SAMI. Read here


Commercial

Saudi Gazette: Arab leaders approve Riyadh as headquarters of Cybersecurity Ministers Council. Read here


Saudi Gazette: Minister Al-Khateeb: Saudi Arabia set to change global tourism map with highest investments worth $800 billion. Read here


Arab News: First international flights put a spotlight on Saudi Arabia’s greenest airport. Read here


Social

Al Arabiya: ‘Norah,’ Saudi Arabia’s first Cannes Film Festival entry, makes international debut.  Read here


Saudi Gazette: Saudi Arabia completes 1st phase of desertification assessment with creating 246 mapsRead here

 

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