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Habitas to Manage Neom’s Annonuced Mountain Destination Leyja with 120 Rooms
Saudi Arabia’s mountain destination of Leyja, announced last month, will be managed by high-end brand Habitas, according to a report.
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Goldman Sachs Sees Saudi and Russia Supply Cuts as Adding Upside Risk to Previous Forecast
Goldman Sachs Commodities Research said Saudi Arabia and Russia’s extension of voluntary supply cuts posed bullish risks to their crude price forecasts, raising a possibility that Brent could jump as high as $107 a barrel next year, according to a report in Reuters.
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Goldman Sachs set to open Regional HQ in Riyadh
Bloomberg reports that Goldman Sachs Group Inc. has become the first Wall Street bank to receive a license from the Ministry of Investment to set up its regional headquarters in Riyadh.
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Halo Space to test Balloon Flight from Saudi
Spanish company Halo Space is in talks with Saudi regulators to set up a base in the kingdom for balloon flights into space. Ongoing tests are planned for Saudi Arabia this summer.
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Saudi Arabia’s New Luxury Train Experience through Kingdom’s Desert Set to Add to Tourism Portfolio
State-owned railway company Saudi Arabia Railways (SAR) recently struck a 200 million Saudi riyals ($53.33 million) deal with Italian hospitality company Arsenale Group to launch the first luxury train in the Middle Eastern kingdom, which paves the way for the Kingdom to have another differentiating tourism experience.
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Saudi Arabia Set to Host World Cup in 2024 as Competitors Drop Out
Saudi Arabia is on the brink of hosting the 2034 World Cup after competing bidder Australia dropped its candidacy to host the global event, marking another milestone in Saudi Arabia’s efforts to develop sports as a contributor to its economic diversification goals.
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Report – Middle East Hotel Project Count Hits All-Time High
The Middle East region continues to show steady pipeline growth in hotel projects in the second quarter of 2023, with the highest project count since Q1 2020, according to the recent Middle East Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE).
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The 966 – Episode #129, Saudi Film Industry Six Years after Theaters Re-Opened with Todd Albert Nims
Theaters are booming, the Saudi film industry is creating successful local content and all metrics are up for the sector. Todd Albert Nims, creator, director and producer, joins The 966 to share his perspective on all the exciting changes underway.
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Saudi Arabia Gets First Cannes Official Selection Slot With Drama ‘Norah’
Saudi Arabia has landed its first film in the Cannes Film Festival official selection with “Norah,” a drama by pioneering director Tawfik Alzaidi set in 1990s Saudi, according to reports.
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The PIF’s biggest event of the year in Riyadh, the latest on the Saudi peace plan, and alcohol in Saudi Arabia? — The 966 Episode 120
In episode 120, The 966 once again has on offer a menu of excellence discussing some of the most important topics happening in Saudi Arabia this week — a tough decision for the editorial team as Saudi Arabia continues to create headlines as it marches forward with economic and social reforms.
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MUST-READS
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Swiss engineering firm wins Saudi railway design work
Switzerland-headquartered Pini Group has won the preliminary design contract for the dualisation of 230 kilometres of track on Saudi Arabia’s North Railway. The deal also covers the preliminary design and site selection of a new depot and the preparation of tender documents for the estimated SR4bn ($1.08bn) design-and-build contract, which is scheduled to be issued to selected contractors in late 2025. The 2,750km-long North Railway, previously known as the North-South Railway, comprises a 1,550km freight line running from the Al-Jalamid phosphate mine and Waad Al-Shamal fertiliser production complex in the far northwest of the kingdom to Maaden’s diammonium phosphate fertiliser production and export facilities at Ras Al-Khair on the Gulf coast.
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Saudi Arabia Makes Significant Leap in World Bank’s SPI
Saudi Arabia has demonstrated remarkable progress in the World Bank’s Statistical Performance Index (SPI), jumping 22 spots in 2023. The Kingdom now leads the Gulf and Arab regions and ranks 14th among G20 nations, an improvement from 18th in 2022. The World Bank’s latest evaluation, which includes 187 countries, highlighted the Kingdom’s significant advancements across five essential development areas globally. These areas include data sources, service quality, statistical usage, infrastructure, and related technological development across various sectors in Saudi Arabia. An updated methodology and time series data from 2016 to 2023 supported this comprehensive and detailed assessment of progress. Saudi Arabia achieved an impressive 95% score in the fifth area of development, demonstrating remarkable progress in its metrics. This score placed Saudi Arabia among the top seven G20 countries in terms of this specific development area.
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Trump Ramps Up Israel Support as Saudi Prince Condemns War
US President-elect Donald Trump’s choice of three ardently pro-Israel lawmakers for top foreign-policy jobs underscores that his focus will be on heightening support for Israel and boxing in Iran once he takes office. Even after he won over many Arab Americans who criticized the Biden administration over its support for Israel in the Gaza war, the selections will be deeply reassuring to Israeli leaders after their sometimes fraught relationship with President Joe Biden.
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Gulf states wary of return to Donald Trump’s ‘maximum pressure’ against Iran
Leaders like Saudi Arabia’s Crown Prince Mohammed bin Salman were among Trump’s most enthusiastic Arab backers during his first term as US president, welcoming both his adversarial approach to Iran and his transactional style after years of Gulf frustration with American policy. But in the years since, the Gulf’s two powerhouses — Saudi Arabia and the UAE — have changed tack, seeking to engage with Tehran amid doubts about the US’s commitment to their security. This became more urgent after Hamas’s October 7 2023 attack against Israel triggered a wave of regional hostilities and heightened tensions between the US and Iran, with both Riyadh and Abu Dhabi seeking to remain on the sidelines.
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Khalid bin Salman’s Rising Influence in Saudi Defense Reforms
Saudi Arabia is investing in the reorganization of the defense ministry, and to further improve defense sector’s human skills. This fits into the professionalization path the Saudi armed forces have embraced, also complying with Riyadh’s greater defense autonomy aspirations. The plan foresees three main reform phases: the building of the ministry’s centre and of specific undersecretaries (for instance, on strategic affairs, and on procurement); the reorganization of the forces to increase performance efficiency and facilitate joint operations; the rearming of the forces and the building of capabilities.
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Nigeria Seeks $5 Billion Trade Facility From Saudi Arabia
Nigeria is seeking a $5 billion trade facility from Saudi Arabia to shore up capital for its economic reform program. The West African nation wants a deal with the Saudi government on the facility, Nigeria’s presidency said in a statement Tuesday after President Bola Tinubu met Crown Prince Mohammed bin Salman in Riyadh on the sidelines of the joint Arab-Islamic Summit. No further details were given.
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Saudi Arabian Schools Welcome First Chinese Teachers
The first 175 Chinese language teachers began teaching at primary and middle schools in Saudi Arabia last month, as part of an agreement made between the two countries in 2023 to enhance cooperation in Chinese language education. According to China’s state Xinhua News Agency, Saudi Arabia will start with Chinese language classes in middle schools, and 800 such teaching positions will be available.
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MENA cinema market poised for major growth, led by Saudi Arabia’s surge in screen count and revenue
New Omdia analysis has revealed the MENA cinema market is poised for substantial revenue growth, projected to increase from $900 million in 2024 to $1.5 billion by 2029. The Kingdom of Saudi Arabia is expected to play a pivotal role, contributing nearly two-thirds of the region's cinema revenue by 2029. Saudi Arabia is set to lead the MENA region in screen count by year-end, reaching 803 screens, followed by the UAE with 734. This growth is largely due to Saudi Arabia's substantial investment in its entertainment infrastructure.
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Special Briefing: The Middle East reacts to Donald Trump’s reelection
Despite reports during President Joe Biden’s term about tensions between Netanyahu and Trump, when the Israeli prime minister visited the US in July 2024, it was obvious that his meeting with Trump was much warmer than the ones he held with Biden and with Vice President Kamala Harris. In the lead up to the US presidential election, Trump utilized his support for Netanyahu in an effort to sway Jewish American voters in his favor, while also seeking to attract Arab Americans by calling for an end to the wars in Gaza and Lebanon.
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Israeli government celebrates Trump’s victory amid its concerns about Biden’s final policy moves
Israeli Prime Minister Benjamin Netanyahu was quick to call President-elect Donald Trump to congratulate him for his victory in the Nov. 5 US election and to appoint a new ambassador to Washington — a hard-liner from the settler movement. Throughout his years in office, Netanyahu has shown a clear preference for the Republican Party, often being accused of meddling in US politics and eroding the bipartisan nature of American support for Israel.
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