Saudi weekly digest. XXXIII
While Week 32 was concluded in a tweet...
Since last week didn't provide much to report on, it will be concluded in a tweet: #SaudiAramco's Q2 net profit fell nearly 40% YoY to $30B due to declining oil prices and refining margins. Meanwhile, Palestinian officials welcomed their first #SaudiArabian ambassador.
— East2East Views (@e2eviews) August 13, 2023
This week's reports are worth a post. Here's a round-up of the week's most notable events and developments.
Sports Corner
Brazil's football sensation, Neymar, has made a grand move from Paris Saint-Germain to Al Hilal of the Saudi Pro League. With a record-breaking €90 million transfer fee, Neymar is set to shine under the Saudi sun with a whopping annual salary of around $100 million.
Business & Energy Insights
In a significant stride towards clean energy, Israeli company SolarEdge Technologies is partnering with Saudi's Ajlan & Bros Holding. This joint venture aims to bolster the adoption of solar power in Saudi Arabia, aligning with the kingdom's Vision 2030 goals.
Political Pulse
In a move signalling regional stability, Saudi Arabian Crown Prince Mohammed bin Salman met with Iran's Foreign Minister Hossein Amirabdollahian. This marks a significant step since their reconciliation earlier in March, aiming to foster stronger ties and regional peace.
Additionally, the UK has invited the Saudi Crown Prince for an official visit, emphasising the deepening economic ties between the two nations.
Economic Outlook
Saudi Arabia is gearing up to transform its economic landscape by introducing a plethora of factories, signalling its ambition to become a manufacturing superpower in the Gulf.
Additionally, Saudi Arabia, in collaboration with China, is embarking on a multi-billion-dollar urban development project focusing on housing, infrastructure, and connectivity.