Weekly Market Brief – 1/20/2023

Saudi Arabia Macroeconomic Developments

• R.H. Prince Mohammed bin Salman announced the launch of the Events Investment Fund (EIF), a fund that aims to develop a sustainable infrastructure for the culture, tourism, entertainment, and sports sectors across the Kingdom. The fund will focus on developing and increasing direct foreign investment opportunities for a contribution of SAR28 billion ($7.45 billion) to the Kingdom’s GDP by 2045.

• Saudi Arabia’s annual inflation rate rose by 3.3 percent in December 2022 YoY, according to the General Authority for Statistics (GAStat). The rise in the Kingdom’s consumer price index was primarily driven by the higher prices of housing, water, electricity, gas, and other fuels which increased by 5.9 percent, while food and beverage prices rose by 4.2 percent.

• The Ministry of Commerce and the Capital Market Authority (CMA) announced that the new corporate law and its implementing regulations came into force as of Thursday, January 19, 2023. The corporate law is set to contribute to strengthening the regulatory environment for companies, facilitating procedures and regulatory requirements to stimulate the business environment, and support investment.