MUST-READS

• Commentary: Saudi reforms – the show must go on

  Just to be clear, entertainment, like fashion, is a matter of personal taste. For example, while I would be unlikely to go to events on the MDLBEAST calendar of rave music festivals, I would happily attend a performance at AlUla by the Italian tenor Andrea Bocelli. Others will have other musical interests, or none at all. That is absolutely fine: the beauty of the Vision 2030 reforms is, each to his own. A more profound example is what Crown Prince Mohammed bin Salman told CBS in a 2018 interview: “The decision is entirely left for women to decide what type of decent and respectful attire she chooses to wear” — this is why women across the kingdom today are free to be veiled, don a headscarf, or wear no abaya at all.

• Saudi FinTech EdfaPay secures $5m in pre-Series A funding round

  EdfaPay provides a comprehensive suite of financial tools tailored for startups, freelancers, entrepreneurs, and SMEs. Its solutions include SoftPOS technology for seamless transactions via smart devices, a secure payment gateway for e-commerce, and automated e-invoicing tools. All these features are accessible through a unified, real-time dashboard designed to simplify financial management for businesses. The newly secured funds will enable EdfaPay to strengthen its presence in Saudi Arabia, expand its reach across the MENA region and Pakistan, and develop its payment infrastructure in Oman.

• Saudi Arabia Launches $100B Initiative to Develop AI Ecosystem

  As Project Transcendence progresses, the country is expected to focus on workforce training, encouraging AI literacy and building supportive regulatory frameworks to attract and retain top-tier talent. As part of the initiative, the investment fund plans to partner with major technology firms. It is already working with Google, which earlier in the month unveiled plans to establish an advanced AI hub in Saudi Arabia that is anticipated to contribute as much as $71 billion to the country’s economy. Other major technology firms also have invested in the country, including Microsoft, which invested $2.1 billion in a global super-scaler cloud, Oracle with an  announced $1.5 billion to launch new cloud areas and Huawei, which has invested $400 million in cloud infrastructure.

• New Law of Commercial Registration expected to spur Saudi investment by 8.8%

  At the heart of this progress lies a series of reforms introduced by the new Law of Commercial Registration. Key changes include the removal of sub-registries for establishments, allowing businesses to operate nationwide with a single record. Entrepreneurs can now own a single establishment capable of handling multiple commercial activities, while the city-specific registration requirement has been abolished, paving the way for businesses to expand freely across the Kingdom. The report highlights tangible benefits expected from these reforms. By eliminating sub-registries, businesses are projected to save SR80 million to SR110 million annually. This financial relief is expected to spur investment growth, with local investments anticipated to rise between 7.4 percent and 8.8 percent. Furthermore, the number of branches for economic establishments is forecast to increase by 3.8 percent to 5.3 percent, underscoring the reforms' potential to foster expansion and innovation.

• Riyadh Air: Saudi airline to recruit ‘top talent in the Kingdom’ as it gears for launch

  Saudi Arabia’s new airline Riyadh Air will focus on recruiting top talent from inside the Kingdom, prioritizing hiring Saudi female graduates, before its launch next year, a senior official told Al Arabiya English. The airline plans to connect more than 100 destinations by 2030 and aims to contribute to Saudi Arabia’s Vision 2030, which seeks to position the Kingdom as a global aviation hub and major tourism destination, Osamah Alnuaiser, SVP Marketing & Corporate Communications, said.

• Saudi Arabia’s endowment investment funds set record with over $267m in net assets

  The increase in assets was attributed to the licensing of five new entities, bringing the total to 34 endowment investment funds, 27 of which are public and seven private. Endowment funds in the Kingdom play a crucial role in driving sustainable development by providing the financial foundation for long-term projects that address critical societal needs. These reserves are established through investments where the principal amount is preserved while the earnings are used to support various charitable and development initiatives. This model ensures a continuous flow of resources for vital sectors such as education, health care, and infrastructure, as well as social welfare.

• Saudi labor market matures as focus shifts to job quality: Minister

  Saudi Arabia has reached maturity in the labor market, where the focus has shifted from merely seeking employment to enhancing the quality of work life, said Ahmad AlRajhi, the Minister of Human Resources and Social Development. Speaking at the Riyadh Economic Forum, AlRajhi urged the Riyadh Chamber of Commerce to collaborate with his ministry on implementing five key recommendations outlined in a study titled "Enhancing Job Quality Practices to Boost Productivity in Saudi Organizations." One of the recommendations called on business leaders to raise employee salaries, as survey results revealed that 62% of respondents believe current wages do not adequately reflect their efforts, he explained.

• Saudi Arabia to Host the 2025 Fire and Rescue World Championship

  Saudi Arabia's General Directorate of Civil Defense has received the International Sport Federation of Firefighters and Rescuers flag to host the 2025 Fire and Rescue World Championship in Riyadh, in collaboration with the Ministry of Sport, taking over from the People's Republic of China, which hosted the event in 2024. The handover ceremony was attended by Director General of Civil Defense Major General Dr. Hamoud bin Sulaiman Al-Faraj and officials from the Ministry of Sport. The federation was established in 2001, has 32 member countries, and has held over 15 world championships. Competitions include tower climbing, 400m relays, 100m sprints, and firefighting events.

• History-making Saudi women’s 3×3 basketball champs out to inspire more girls to play

  On a balmy Sunday afternoon in Manama earlier this month, Kawther ‘Koko’ Khayyat (the basketball coach), Jana Salem Balgaith (the student) and Abeer Alhamidi (the Ministry of Sport manager), along with team-mate Riman Abdulaziz, helped Team Riyadh claim Saudi Arabia’s first ever major 3x3 title. On a balmy Sunday afternoon in Manama earlier this month, Kawther ‘Koko’ Khayyat (the basketball coach), Jana Salem Balgaith (the student) and Abeer Alhamidi (the Ministry of Sport manager), along with team-mate Riman Abdulaziz, helped Team Riyadh claim Saudi Arabia’s first ever major 3x3 title.

• Saudi Arabia’s $63 Billion Historic City Transformation

  Saudi Arabia is planning on transforming a historic city into a tourism and business hotspot as part of a $63 billion project. The city of Diriyah, located on the northwestern outskirts of the country's capital Riyadh, is the setting of Saudi Arabia's new project, which aims to turn the UNESCO World Heritage site into one of the world's most-visited destinations for both tourism and business. Covering a space of approximately 14 square kilometers, it is planned for the site to have 18,000 residential units, more than 28 hotels and 566,000 square feet of retail spaces as well as many museums, academies and art galleries. The project will also aim to bring more than 1,000 retail, food and beverage outlets to the space, and around 1.6 million square feet of commercial offices.

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