MUST-READS

• AlUla Conference for Emerging Market Economies

  The AlUla Conference for Emerging Market Economies is an annual economic policy conference, held in AlUla, Saudi Arabia, organized by the Ministry of Finance of Saudi Arabia and the IMF Regional Office in Riyadh. The conference will convene a select group of emerging markets’ ministers of finance, central bank governors, and policymakers, as well as public and private sector leaders, international institutions, and academia. It will offer a unique platform to exchange views on domestic, regional, and global economic developments and discuss policies and reforms to spur inclusive prosperity and build resilience supported by strong international cooperation.

• Promoting Resilience: Shaping the Future of the GCC Economy Amid Regional and Global Challenges

  The GCC has been a bright spot in the world economy. Member countries have enjoyed sustained growth, contained inflation, and built strong buffers. This success did not happen in a vacuum. GCC countries have been doubling down on difficult but necessary reforms. Diversifying government revenues. Improving the business climate. Increasing access to finance. Making labor markets more flexible and raising women’s participation. These reforms have accelerated economic transformation and diversification. They have unlocked growth in new sectors such as tourism, logistics, finance, and renewable energy.

• Over 680 exceptional talents and researchers in technology sector obtain Saudi Premium Residency

  The list of holders of Premium Residency under the “Exceptional Competence Residency” product is topped by 5G technology specialists with 16 percent, followed by cloud computing specialists with 15 percent. These fields are the cornerstone of enhancing digital infrastructure, which enhances the Kingdom’s position as a leading country in adopting modern technologies. In the context of supporting innovation, Premium Residency was granted to experts in artificial intelligence and machine learning, who constituted 12 percent of the talents who were granted Premium Residency. These fields are among the priorities in the Kingdom, due to their role in contributing to the development of many sectors such as healthcare, education, and digital industries. Big data experts constitute 13 percent of the number of Premium Residency recipients, and it is one of the specializations that is witnessing rapid global growth in advanced economies that rely on the analysis of large and complex data.

• Saudi Arabia moves to ban sale of tobacco in kiosks and grocery stores

  The Saudi Ministry of Municipalities and Housing has proposed a ban on the sale of tobacco products in kiosks, grocery stores and central markets. This is among the draft proposals, published by the ministry, on the public survey platform Istitlaa, seeking the opinions and viewpoints of the public before putting the draft into a final shape. The draft rules include several regulations with regard to the sale of tobacco products. According to this, the sale of tobacco products must comply with the standard specifications issued by the Saudi Food and Drug Authority (SFDA). Tobacco products must be 100 percent invisible to visitors at the commercial facility and must be placed inside closed drawers.

• Saudi FM discusses developments in Palestine with PM Mohammad Mustafa

  Saudi Foreign Minister Prince Faisal bin Farhan on Monday received a phone call from Palestinian Prime Minister Mohammad Mustafa. During the call, the two officials discussed developments in Palestine and efforts made in regard to them, Saudi Press Agency reported. Prince Faisal also received a phone call from his Pakistani counterpart Ishaq Dar. They discussed regional developments and joint efforts with regard to them, SPA said.  Later on Monday, Prince Faisal received another phone call from his Iranian counterpart Abbas Araghchi. The officials discussed the latest regional developments.

• Ten million Indians take holy dip on key day of Kumbh Mela festival
  More than 10 million devout Hindus seeking absolution from their sins took a dip in holy waters in northern India during a span of four hours on Wednesday, authorities said, as they braced for millions more to swarm the site of the Kumbh Mela. Authorities stepped up the numbers of police officers and put air ambulances on standby in the city of Prayagraj in Uttar Pradesh state on one of the holiest days of the Hindu festival, considered the world's largest gathering of humanity.  "There are more people in this city in one day than the population of many countries, and the numbers are swelling by the minute," Prashant Kumar, the state's chief of police, told Reuters. The numbers arriving had pushed infrastructure arrangements to the brink, making delays and traffic jams inevitable, he added. Media said vehicles were backed up for hundreds of kilometers from the edges of the city.

• Saudi fintech RasMal closes $4.8 million pre-Series A

  RasMal, the first cap table management and investment governance platform in the MENA region, closes its Pre-Series A investment round led by Syndicate Element Holding Group (SHG), a leading investment firm, with a total value of $4.8 million (18 million SAR) during LEAP 2025 in Riyadh. This investment aims to introduce new tools and services to streamline fundraising processes and equity transfers, aligning with Saudi Vision 2030 to build a technology-driven financial ecosystem.

• Salesforce pledges $500 million investments in Saudi Arabia

  Salesforce today announced plans to invest $500 million in the Kingdom of Saudi Arabia, building on its commitment to innovation and economic growth in the region. The investment also aims to spur workforce development through AI skilling and expand Salesforce's local partner ecosystem to support local businesses. The announcement, made today at LEAP 2025, follows the company's Davos pledge to expand its presence in Saudi Arabia with new regional headquarters in Riyadh. The increasing adoption of Agentforce, Salesforce's digital labor platform, by businesses in the region underscores the growing demand for AI-driven solutions and reinforces Salesforce's commitment to this technology in the Kingdom.

• Inaugural Olympic Esports Games to be held in 2027 in Saudi Arabia
  The first Olympic Esports Games will be held in two years in Riyadh, Saudi Arabia, the International Olympic Committee said on Tuesday, as part of a 12-year-deal with the country signed last year. The IOC has been looking into Esports for several years, forming a dedicated commission to find opportunities to tap into a younger generation involved with gaming. With its traditional audience base gradually ageing, the governing body is trying to connect with a younger generation of potential Olympics fans. In 2021, it developed the Olympic virtual series, a pilot venture in Esports before signing the deal with Saudi Arabia last year for hosting the Olympic Esports Games.

• Saudi pension fund invests in Tabby as valuation tops $3bn

  Buy now, pay later (BNPL) operator Tabby has raised $160 million through a new funding round, more than doubling its valuation to $3.3 billion. The Series E financing round was led by Hong Kong-based investor Blue Pool Capital and Saudi pension company Hassana Investment Company, in addition to Saudi Technology Ventures and Wellington Management. Founded in Dubai in 2019, but with its headquarters in Riyadh since October 2023, Tabby was valued at $1.5 billion following its previous funding round in 2023. The fintech has almost doubled its annual transaction volumes to over $10 billion. It acquired Tweeq, a Saudi Arabia-based digital wallet, last September, expanding its product portfolio.

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