MUST-READS

• Saudi Arabia launches first aircraft industrial zone in Jeddah

  Saudi Arabia launched today, Feb. 24, the first industrial zone for aircraft manufacturing and maintenance in Jeddah during the Aerospace Connect Forum currently held in Jeddah. The first industrial licence for aircraft maintenance was awarded to Middle East Aircraft Engines Co., while the second licence was received by Saudia Aerospace Engineering Industries (SAEI). Several MoUs were also signed during the event, including one between the National Center for Industrial Development and Cluster 2 Co. to provide spaces within airports to establish specialized centers for aircraft maintenance, contributing to boosting national industrial capabilities and development.

• Saudi Arabia Fashion Market Report 2025: Cultural Shifts, Changing Attitudes, & Rise of Modest Fashion Influence on the $5.7 Billion Industry

  The Saudi Arabia Fashion Market was valued at USD 4.25 Billion in 2024, and is expected to reach USD 5.70 Billion by 2030, rising at a CAGR of 5.07%. The Saudi Arabian fashion market is witnessing significant growth, fueled by changing consumer preferences and a younger, fashion-conscious population. As the country diversifies its economy through Vision 2030, fashion and retail sectors have become pivotal to its development. International brands are increasingly entering the market, while local designers are gaining recognition. E-commerce is rapidly expanding, offering consumers more convenience and a broader range of choices.

• Saudi Cup was a race for the ages, highlight of weekend global racing

  There haven't been and won't be many races like Saturday's $20 million Grade I Saudi Cup. And that was only the pinnacle of a solid weekend global schedule stretching from the Middle East to Hong Kong, Australia, Japan and Dubai. But my oh my! That Saudi Cup. The dictionary definition of "horse racing" could be illustrated with the photo finish of the 2025 Saudi Cup. Two of the world's best horses hooked up at King Abdulaziz Racecourse in Riyadh and the only shame was one had to lose. Japan's top dirt horse, Forever Young, prevailed by a neck over Hong Kong's world-record money earner, Romantic Warrior -- but only after the two swapped leads while leaving their other rivals far behind.

• Inside Saudi Arabia’s THE LINE: First look reveals the NEOM city rising from desert

  In an exclusive first-ever media tour of Saudi Arabia’s ambitious THE LINE project, Al Arabiya English witnessed firsthand the massive construction underway at one of the world’s most revolutionary urban developments. It’s at the heart of the NEOM project – backed by the Kingdom’s Public Investment Fund (PIF) – where senior officials addressed speculation about scaling back the project, emphasizing that it remains on track. At the Phase 1 construction site – due for completion by 2034 – there is a hive of activity – and noise – as hundreds of cranes and about a 10,000-strong workforce – including thousands of construction workers – lay the groundwork for what will eventually become a 170-kilometer linear city. The scene marks the first tangible evidence of Saudi Arabia’s ambitious vision taking shape. To date, more than 130 million cubic meters of soil have been moved – enough to fill New York’s Central Park to a depth of 30 meters. At peak activity, the site has utilized up to 4,000 trucks and more than 500 excavators working simultaneously.]

• Tax Considerations for Individuals and Investors Based in Saudi Arabia

  Saudi Arabia offers a tax-friendly environment with no personal income tax, inheritance tax, or wealth tax for individuals. Key taxes applicable to individuals include VAT, social insurance contributions, and Zakat, while various wealth management structures, including trusts and investment companies, offer tax advantages. One of the key advantages of Saudi Arabia’s tax system for private clients is the complete absence of capital gains tax on individuals. Whether derived from the sale of stocks, real estate, or other investments, individuals are not subject to taxation on their capital gains. This policy makes Saudi Arabia an attractive jurisdiction for investors, as it allows for tax-free accumulation of wealth through asset appreciation.

• West Bank Palestinians fear Gaza-style clearance as Israel squeezes Jenin camp
  Israeli bulldozers have demolished large areas of the now virtually empty Jenin refugee camp and appear to be carving wide roadways through its once-crowded warren of alleyways, echoing tactics already employed in Gaza as troops prepare for a long-term stay. At least 40,000 Palestinians have left their homes in Jenin and the nearby city of Tulkarm in the northern West Bank since Israel began its operation just a day after reaching a ceasefire agreement in Gaza after 15 months of war. "Jenin is a repeat of what happened in Jabalia," said Basheer Matahen, spokesperson for the Jenin municipality, referring to the refugee camp in northern Gaza that was cleared out by the Israeli army after weeks of bitter fighting. "The camp has become uninhabitable."

• National dialogue a ‘historic opportunity’ for Syria, interim president says
  Syria's interim president said on Tuesday his country had a "historic opportunity" to rebuild, addressing a national dialogue summit billed by Syria's Islamist rulers as a key milestone after decades of Assad-family rule. Hundreds of Syrians gathered at the presidential palace in Damascus for the one-day event, arriving on a red carpet previously reserved for the few foreign dignitaries visiting former president Bashar al-Assad until he was toppled last year by a rebel offensive spearheaded by Hayat Tahrir al-Sham (HTS). The group's head, Ahmed al-Sharaa, was named by military rebel commanders as the country's interim president last month and he swiftly pledged to hold a national dialogue to discuss the country's future. "Syria liberated itself on its own, and it suits it to build itself on its own," he said in his opening address on Tuesday. "What we are living today is an exceptional, historic and rare opportunity. We must take advantage of every moment of it to serve the interests of our people and our country," he said.

• Gloomy outlook for Saudi petrochemicals

  Saudi Arabia’s 10 listed petrochemical companies are likely to report lacklustre earnings for the fourth quarter of 2024 because of an ongoing downturn in the global chemicals industry, analysts predict. The sector’s prolonged malaise means they are likely to be of little interest to international institutional investors – although all enjoy significant cost advantages over competitors in Europe and Asia, excluding China, through access to cheap feedstock.  Trading in the likes of Saudi Basic Industries Corp (Sabic), the world’s sixth-largest petrochemical operation by market cap according to companiesmarketcap.com, is now largely the preserve of retail investors seeking to make a quick profit as stock prices fluctuate.

• Gulf CEOs urged to conquer fear of earnings call

  In the Gulf, only 10 earnings-call transcripts were available per quarter in 2015, according to Iridium. That number has since risen to more than 120 per quarter, but this still represents just one in seven of the region’s 877 listed companies. An Iridium study of 350 active emerging markets funds, which manage more than $400 billion, has found that only about 56 percent have invested in Saudi Arabia and the UAE – signalling the untapped potential. Companies that hold earnings calls tend to attract stronger research coverage, higher liquidity and better stock valuations, Schutzmann says, citing Iridium’s analysis of 10 million data points from more than 1,000 banks in 100 countries.

• Saudi Arabia may be expanding ballistic missile force, satellite images show

  Saudi Arabia may be quietly modernising and expanding its long-range missile capabilities, according to newly published satellite imagery. Fabian Hinz, a defence and military researcher at the International Institute for Strategic Studies (IISS), analysed the images in a report published on Thursday. Riyadh first established long-range surface-to-surface missiles in the 1980s in response to the Iran-Iraq war and the broader proliferation of missile capabilities in the region. Details about the development of its missile programme since then have been scarce, as the Gulf kingdom rarely displays its long-range weaponry openly. The IISS report found what appears to be the construction of an underground missile base near the town of al-Nabhaniyah in central Saudi Arabia. Construction began in 2019 and was mostly complete by early 2024, it added.

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