Happy Tuesday everyone!

Saudi Arabia continues its economic diversification push on multiple fronts. Aramco is partnering with China’s BYD to explore new energy vehicle technologies, signaling a shift toward the EV future. PepsiCo is doubling down on local innovation with a new R&D hub in Riyadh, tailored to Arab tastes. And in the ring, Saudi cash is reviving boxing’s golden era, with mega-fights and major prize pools capturing global attention. From mobility to munchies to Mayweather-style matchups, the Kingdom is making bold moves.

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Aramco Teams Up With China’s BYD to Explore New EV Technology

📰 What is it about?

• Saudi Aramco, the world’s largest oil company, has signed an agreement with BYD, one of China’s leading electric vehicle (EV) manufacturers.

• The two companies plan to collaborate on research and development to explore new energy vehicle technologies and enhance transport efficiency.

• The partnership signals a shift in Aramco’s stance towards electric vehicles, as the company has previously expressed skepticism about the pace of fossil fuel transition.

💡 Why it matters?

• Aramco’s involvement in EV technology is a significant departure from its traditional focus on internal combustion engines and fossil fuels.

• Saudi Arabia has been investing heavily in the EV sector, with a broader goal to diversify its economy away from oil under Crown Prince Mohammed bin Salman’s Vision 2030.

• This agreement aligns with Saudi Arabia’s ambitions to make EVs account for a third of the vehicles on the road by 2030 and achieve net-zero emissions by 2060.

• The partnership further strengthens Saudi Arabia’s position in the growing global electric vehicle market, including backing domestic EV ventures like Ceer and investments in companies like Lucid Group.

🔜 What’s next?

• The specifics of the collaboration between Aramco and BYD are still unclear, with no timeline for further formal cooperation.

• Aramco is likely to continue exploring various approaches to transport efficiency, including lower-carbon fuels and advanced powertrain technologies.

• As Saudi Arabia pushes forward with its EV ambitions, the development of domestic auto manufacturing and continued partnerships with companies like Tesla and Lucid will be pivotal in meeting its energy transition goals.

ODEUM – A Cutting-Edge Content Studio for All Your Production and Social Media Management Needs

📰 What is it about?

• Odeum, the content studio built for modern media consumption, partnering with brands to deliver tailored content services while also creating original productions under the Augustus Media network.

💡 Why Choose ODEUM?

At ODEUM, we provide end-to-end media solutions to elevate your brand across multiple platforms.

• Video: Distribution, post-production, production, live streaming, series and show creation, animation, branded content, AI-powered video creation, CGI video creation.

• Social Media: Account takeovers, strategic posts, tactical competitions.

• Copywriting: Branded content hubs, sponsored articles.

• Events: Media partnerships, co-branding, guest list curation, ticket commerce.

• Audio: Podcast production, hosting, voiceovers, audio ads.

• Online Advertising: Programmatic, display, paid social, affiliate marketing.

🔜 What’s next?

• Have a project in mind? Let's make it happen!

• Book a studio or discuss your next big idea with us today.

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Markets

PepsiCo To Launch Saudi R&D Hub Catering To Arab Tastes

📰 What is it about?

• PepsiCo is setting up a SAR30 million ($8 million) research and development center in Riyadh, its largest R&D facility in the Gulf region.

• The center will focus on creating products tailored to Arab consumers, reflecting local tastes and preferences.

• The announcement coincides with the opening of PepsiCo’s new regional headquarters (RHQ) in Riyadh’s King Abdullah Financial District.

💡 Why it matters?

• Saudi Arabia is PepsiCo’s biggest market in the Middle East, making it a strategic location for investment and innovation.

• This move supports the kingdom’s Vision 2030 agenda to diversify the economy, attract global companies, and create jobs for young Saudis.

• The establishment of RHQs and R&D facilities by international firms like PepsiCo reflects growing confidence in the Saudi market, once overshadowed by Dubai.

• With new regulations requiring RHQs in Saudi Arabia for access to government contracts, PepsiCo’s move is also a signal to other multinationals.

🔜 What’s next?

• PepsiCo’s RHQ will accommodate up to 150 employees, with at least 40% being Saudi nationals, in line with Saudisation policies.

• The company will now compete in an increasingly competitive talent market, as more firms relocate from Dubai to Riyadh.

• Expect further localization of global brands and products as more companies follow PepsiCo’s lead in customizing offerings for the Arab market.

Saudi Cash Revives Boxing’s Don King Era, Says WBC Chief

What is happening?

• Saudi Arabia’s massive investments in boxing are being compared to the golden era of promoter Don King, according to World Boxing Council (WBC) President Mauricio Sulaiman.

• The kingdom has hosted high-profile bouts like Tyson Fury vs. Oleksandr Usyk with prize pools exceeding $100 million, positioning itself as the new epicenter of global boxing.

• Sulaiman made the comments during the Riyadh Season WBC Boxing Grand Prix, a year-long tournament being held in Saudi Arabia.

Why it matters:

• The comparison to the Don King era highlights how Saudi Arabia is bringing boxing back to the global spotlight with unmatched prize money and showmanship.

• This is part of Crown Prince Mohammed bin Salman’s broader vision to diversify the economy, improve the kingdom’s international image, and boost the entertainment sector.

• Saudi investments could unify a sport long fragmented by competing promoters and organizations, giving fans more consistent and high-stakes matchups.

• The impact extends beyond boxing, with Saudi Arabia disrupting other sports like golf and football and securing the FIFA World Cup 2034.

What’s next?

• Talks are underway between the WBC and Saudi Arabia on future tournaments, co-hosted international events, and even the creation of a boxing museum.

• While other promoters may struggle to match Saudi payouts, Sulaiman suggests they’ll need to innovate with ticket sales, streaming deals, and strategic partnerships.

• Despite economic pressures and shifting national priorities, Sulaiman is optimistic Saudi Arabia will continue fueling boxing’s revival for the foreseeable future.

🔍In other news…

• Goldman Gathers Rattled Hedge Fund Tycoons in Hunt for Mideast Cash.

• Dubai wants every future digital company to be AI-first: UAE minister.

• Saudi Arabia not ruling out a bid for 2035 Rugby World Cup.

• Rising cocoa prices could dampen cravings for Dubai chocolate.

• Almarai reports increased first-quarter profits.

• Adnoc signs UAE's largest LNG supply agreement with China.

• World Economic Forum launches search for new chairman as founder steps down after 55 years.

• Oil prices fall amid progress in Iran talks and US tariff concerns.

• Saudi Arabia’s new VAT exemption for tourists comes into effect.

• Department of Health – Abu Dhabi (DoH) has signed a Memorandum of Understanding with Microsoft to co-develop an advanced ‘Population Health Intelligence’ framework - a world’s first true learning health system.

Earnings:

• Ajman Bank’s net profits exceed $36.6mln in Q1-25

• Saudi Arabia’s Riyad Bank posts 20% higher Q1 profit, beats estimate.

• National Bank of Kuwait Q1 falls 8.5% on year, misses estimate.

• RAKBANK delivers AED 772mln profit before tax despite increased global uncertainty.

• Doha Bank posts $69mln net profit for Q1 2025.

• Qatar: Dukhan Bank reports net profit of $120mln for Q1 2025.

• Saudi: Jarir Bookstores logs over $58mln profits in Q1-25.

• Banque Saudi Fransi's Q1 2025 profit rises year-on-year.

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