Global Scans · Saudi Arabia · Weekly Summary

DRIVER: Saudi Arabia could see some tumultuous economic policy changes provoked by the lower oil price era and the emerging challenge from renewable energies. It also faces threats from Middle East turmoil.

• [New] Saudi Arabia aims to achieve net-zero emissions by 2060 and is focusing on capturing CO2 from its broad portfolio of emission sources. MarketScreener
• [New] A better future is possible, but it will require Israel to work with the United States and regional partners, including Egypt, Saudi Arabia, and the United Arab Emirates, to establish a provisional, technocratic Palestinian administration that engages in reconstruction, not terror. Foreign Affairs Magazine
• [New] The Red Sea area of Saudi Arabia has an ambitious goal of creating 50 hotels by 2030, all required to follow regenerative tourism principles. AFAR Media
• Despite abundant energy resources which could support the establishment of data centers for AI model training, Gulf states like the UAE and Saudi Arabia require support to develop homegrown chip design capabilitie s and attract global AI talent. Unlock Blockchain
• In 2021, and within the context of the Circular Carbon Economy framework, Saudi Arabia announced its goal to reach net-zero carbon emissions by 2060 and produce a substantial amount of clean hydrogen annually by 2030. Taylor & Francis
• The extension of OPEC + production cuts to Q2 in 2024 will have a negative impact on the performance of oil GDP in Oman, Bahrain, and Saudi Arabia. Al-Bawaba
• Gulf monarchies Saudi Arabia, the United Arab Emirates and Qatar condemned the strike on the Iranian consulate amid fears of a widening regional conflict. CBS News
• Saudi Arabia is fast making headway on its journey to become a technology hub for the Middle East and is creating a solid cloud foundation to realise its Vision 2030 ambitions. FinExtra
• As the GCC cybersecurity industry continues to grow - with F & S estimating it to triple in value by 2030 to reach US$13.4bn - countries like the UAE and Saudi Arabia continue to reduce their dependence on oil exports and are instead opting for digital tools and technologies. BizClik Media Ltd.
• The IMF forecast an aggregate general government surplus for the GCC of 3% of GDP in 2024, with oil at $81 but production significantly higher (for example, it assumed 10.6m b/d for Saudi Arabia, compared with the current quota of just 9m). PwC
• The Houthi movement threatened to attack oil installations in Saudi Arabia if Saudi Arabia allowed the United States to use Saudi airspace to strike the Houthis, which is probably a Houthi attempt to pressure Saudi Arabia into discouraging US airstrikes targeting Houthi military assets in Yemen. Eurasia
• Saudi Arabia and the United Arab Emirates have repeatedly made clear that they will not play any role in the rehabilitation of Gaza unless it is part of a framework aimed at an eventual two-state solution. The Times of Israel
• The Indian Subcontinent & Middle East region will see faster growth in 2024 and 2025 than in 2023, as Saudi Arabia is expected to rebound from its 2023 recession caused by lower oil production. Bimco
• CEO of Future Work, Freelancing will play a vital role in the Middle East as the approximate number of freelancers in Saudi Arabia alone approaches 19% of the Saudi labour force. Forbes
• Developers have growing opportunities for technology exports as nuclear advances in markets including Argentina, Kazakhstan, Saudi Arabia and the United Arab Emirates. Energy Connects
• Another big step has been taken in the way towards developing the tax practices and landscape in Saudi in line with Saudi 2030 Vision to make Saudi Arabia a pioneering investment hub. PwC
• To promote the nursing profession and enhance overall health care in the Kingdom of Saudi Arabia, nursing leaders and educators, decision-makers, and researchers must collaborate and adhere to the 2030 Saudi Vision. BioMed Central
• As the GCC cybersecurity industry continues to grow - with F & S estimating it to triple in value by 2030 to reach US$ 13.4 billion - countries like the UAE and Saudi Arabia continue to reduce their dependence on oil exports and are instead opting for digital tools and technologies. Enterprise Channels MEA
• Saudi Arabia announces a plan to become a biotech leader in the Middle East and North Africa region by 2030 and an international biotech hub by 2040. Nature
• Economic Diversification: Partnerships with global businesses will enable Saudi Arabia to shift away from oil dependence, fostering growth in sectors like tourism, entertainment, and renewable energy. Daily News Hungary
• The Houthi rebels which had been supplied with Iranian missiles and drones would utilize the opportunity to assist in Iran's strike campaign and further intensified the strikes against Saudi Arabia. Future
• China will not be able to sustain simultaneously improving its relations with Israel, Saudi Arabia, and Iran forever. Center for Strategic and International Studies
• An end to OPEC in its present form cannot be entirely ruled out in the long term, but a price war initiated by Saudi Arabia that might trigger a breakup of the oil cartel is very unlikely in the near to medium term. Kaiser Partner

Last updated: 15 April 2024