“Riyadh will require an average oil price of $96.20 a barrel to balance its budget, assuming it holds crude output steady near 9.3 million barrels a day this year, the Washington-based Fund said in its regional economic outlook on Thursday. That’s up 21% from a previous forecast in October, when the IMF predicted that the kingdom would pump 10 million barrels a day in 2024. It’s also higher than the current price for international benchmark Brent futures, which are trading near $89 a barrel.” Saudi Arabia Needs Oil Price Near $100, IMF Says [Yahoo]
“Saudi Venture Capital Company (SVC) released its “Impact Report”, which revealed that the total committed investments of SVC amounted to $0.7 billion since its inception in 2018, while the total investments including partners is estimated at $3.6 billion. SVC invested in 40 funds that have invested in 700+ startups and SMEs so far, including several vital sectors such as e-commerce, fintech, healthcare, education technologies, transport and logistics.” Saudi Venture Capital invests in 40 funds [Maal]
“Things can become very messy if the Israelis try to retaliate over Jordanian airspace.” Ghaith al-Omari, a senior fellow at the Washington Institute for Near East Policy and a former official in the Palestinian Authority, An uneasy alliance of Arab states helped defend Israel from Iran. Their resolve may soon be tested. [NBC News]
“Setting the record for largest esports prize pool is a remarkable achievement, but what I’m most proud of is the positive message this sends to the wider esports and gaming community. More than $60 million is a testament to our investment in the future of global esports, a commitment to esports fans who deserve exceptional events and an extension of our mission to create meaningful competitive opportunities with life-changing prize pools for esports athletes everywhere.”
-Ralf Reichert, CEO, Esports World Cup Foundation. The Esports World Cup Foundation (EWCF) announced the prize pool of the inaugural Esports World Cup (EWC) will be “a life-changing sum that shatters the previous record of $45 million set by Gamers8: The Land of Heroes in 2023.”
“When we start seeing authorisations to use Gulf airspace to launch strikes on Iranian targets, then we can start talking about a Middle East Nato. Right now, it’s the exact opposite. I think what we saw from Saturday’s attack pumps the breaks on any idea of an Arab and Israeli Nato.” Bilal Saab, a former US Department of Defence official, now at Chatham House, US push for a ‘Middle East Nato’ failed to emerge during Iran strikes [Middle East Eye]
“According to the latest report by Source Global Research, the GCC consulting market witnessed 13.2 per cent growth in 2023, surpassing the $5bn mark for the first time. Saudi Arabia, boasting the largest consulting market in the GCC, outpaced the overall market with an 18.2 per cent surge in growth, propelling revenues past $3bn.” GCC consulting market set to cross $6bn this year, shows report [Gulf Business]
Princess Reema Bandar al-Saud, Saudi Ambassador to the United States is, “one of the most thoughtful and dynamic leaders on Middle East issues.” Ro Khanna, U.S. Representative (D- CA), Princess Reema, Bandar’s Daughter, Navigates Rough Waters in Washington [New York Times]
“The region is business-friendly. The economy is strong. Power prices are stable. We’re seeing a lot of momentum.” Kamel Al-Tawil, Equinix managing director for Middle East and North Africa, Race for AI Supremacy in Middle East Is Measured in Data Centers [Bloomberg]
“Forbes Middle East’s “30 Most Valuable Banks” index which covers seven markets, revealed that the 30 banks had a combined value of $581.1 billion, up 14 percent over the last 12-month period. Additionally, Gulf entities dominated this year’s ranking, with 26 of the 30 based in the Gulf Cooperation Council.” Saudi Arabia make up a third of Forbes Middle East’s 30 Most Valuable Banks [Arab News]
“The Middle East is increasingly emerging as one of the most desirable locations for foreign investors looking to deploy capital, according to a survey that ranks countries most likely to attract money over the next three years. Efforts toward economic diversification and reforms to business policies have helped the United Arab Emirates and Saudi Arabia post the biggest jumps in Kearney’s 2024 Foreign Direct Investment Confidence Index. The countries climbed ten spots from 2023, to eighth for the UAE and 14th for Saudi Arabia.” Christine Burke, Middle East Emerges as Key Region for FDI in Kearney Survey [Bloomberg]
