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  • UFC, WWE owners ‘close’ to Saudi Arabia deal for new boxing league; report $2.8B in TKO revenue for 2024

    TKO, the parent company of the UFC and WWE, is nearing an agreement with the Saudi Arabian public wealth fund to create a new boxing league, TKO Group Holdings COO Mark Shapiro told investors on Wednesday’s earnings call. “Everybody knows we're in talks with the Saudis, but to give you a little more color, I will tell you that we are close on an agreement with the Saudis on the creation of a boxing league where we, TKO, would be the producer, the promoter and responsible for all day-to-day operations of the venture, whereby we would receive a fee of $10 million-plus,” Shapiro said during the question-and-answer portion of the call. Shapiro stressed TKO will not be putting any capital into the project and will not be absorbing any added financial risk. That will fall on the Saudi Arabia Public Investment fund, though Shapiro did say TKO will stand to earn equity in the venture over a five-year period, depending on certain benchmarks.

  • GCC, Southeast Asian countries dominate global Islamic fintech landscape

    Saudi Arabia, Indonesia, Malaysia and the UAE have produced more than half of the 490 Islamic fintech firms present globally, a new report has revealed. A total of 248 Islamic fintech firms are based out of the four countries, constituting a shade over half of the global Islamic fintech pool, according to the Global Islamic Fintech Report (GIFT) 2024/25, co-produced by DinarStandard and Elipses.  The UK, with 52 firms, rounded off the top five. Meanwhile, the top ten countries, including Qatar (26), United States (21), Pakistan (19), Singapore (13), and Egypt (11), house 79% of the Islamic fintech enterprises globally. Saudi Arabia, Iran, Malaysia, the UAE, Indonesia and Türkiye were the largest markets in terms of estimated transaction volumes in 2023/24, comprising 83% of the global Islamic fintech market. Each country had an estimated market size of more than $7.5 billion during the same period, the report identified.

  • It’s a tough time for consulting globally. In big-spending Gulf states, not so much.

    According to Source Global, a UK-based research firm that tracks the consulting industry, the GCC consulting market grew 13.2% in 2023. Source Global's research found that in the more mature US and British markets, growth in 2023 slowed to 5.2% and 4.7%, respectively. In previous years, growth in both countries had been in double digits. Dane Albertelli, a senior analyst at Source Global, told Business Insider that the scale of growth in the GCC advisory market is "unprecedented" and that it has become "the place for opportunity and the place where these companies can make a lot of money." Albertelli said that data for 2024 has yet to be finalized but that the GCC market was expected to have accelerated by more than 15%.

  • Saudi health ministry urges meningitis vaccine for Umrah

    Saudi Arabia’s Ministry of Health has highlighted the necessity of receiving the meningitis vaccine for those intending to perform Umrah during Ramadan. It is part of efforts to enhance preventive health measures and limit the spread of infectious diseases, as reported by the Saudi Press Agency on Monday. The ministry urged the importance of getting vaccinated at least 10 days before traveling for Umrah to ensure the required immunity is achieved. It said that people vaccinated within the past five years do not need a booster dose, as the vaccine remains effective throughout this period.

  • Saudi Arabia’s aviation sector achieves record 128 million passengers in 2024

    According to the General Authority of Civil Aviation (GACA), Saudi Arabia’s air transport sector reached a new milestone in 2024, recording over 128 million passengers. The figure represents a 15% increase from 2023 and a 25% rise compared to pre-pandemic levels, confirming the kingdom’s continued expansion as a leading global aviation hub. Of the 128 million travellers, 59 million were on domestic flights, while 69 million travelled internationally. According to British travel data provider OAG, the Jeddah-Riyadh domestic route recorded the largest increase in seat capacity globally, while the Cairo-Jeddah route ranked as the second busiest international route worldwide. The number of flights across Saudi airports reached 905,000 in 2024, reflecting an 11% increase compared to the previous year.

  • Saudi Arabia sets Guinness World Record for largest Ardah performance during Founding Day festivities

    Saudi Arabia has clinched a Guinness World Record for hosting the largest performance of the traditional Saudi Ardah. The event, staged on Sunday at Al Adl Plaza in Riyadh, drew more than 50,000 people and concluded four days of Founding Day celebrations starting from February 20 to 23. The Ardah — one of Saudi Arabia’s most distinctive cultural expressions — featured 633 performers in synchronized drumming and dancing, claiming the record for the biggest gathering of its kind. The performance was the centerpiece of Saudi Arabia’s commemoration of its Founding Day, an annual occasion celebrated on February 22 to honor the early origins of the Saudi state.

  • Saudi Arabia announces new rules for use of Riyal symbol

    The Saudi Central Bank (SAMA) has unveiled eight new rules governing the use of the Saudi riyal (SAR) symbol, following official approval from the Custodian of the Two Holy Mosques King Salman bin Abdulaziz. According to SAMA guidelines, the symbol must be positioned to the left of numerical values with a space between them. The rules specify that the symbol must maintain proper proportions, align with the surrounding text direction, and contrast with background colours for visibility. The term ‘Riyal’ traces back to 1346 AH during King Abdulaziz’s reign, marking the introduction of the Kingdom’s unified currency. A royal committee comprising representatives from the Ministry of Culture, the Ministry of Media, and the Saudi Standards, Metrology, and Quality Organisation developed the symbol through multiple phases.

  • Saudi Wealth Fund’s Alat Unit Buys 15% Stake in TK Elevator

    Alat, a unit of Saudi Arabia’s sovereign wealth fund, has bought 15% of TK Elevator and unveiled a joint venture that will make escalators and moving walkways, as the kingdom looks to boost domestic manufacturing. The deal comes five years after TK Elevator, formerly owned by Thyssenkrupp AG, was sold to a group backed by Advent International, Cinven, Abu Dhabi Investment Authority and Germany’s RAG Foundation for €17.2 billion in one of the largest private equity deals in Europe. Alat will also form a €160 million joint venture with TK Elevator, according to a statement. This newly-formed entity, headquartered in Saudi Arabia, will over time locally manufacture elevators, escalators and moving walkways for use in the kingdom’s construction projects, which include everything from luxury resorts to entirely new cities.

  • DHL enters Saudi logistics market by acquiring AJEX

    DHL eCommerce, the e-commerce logistics specialist of DHL Group, and AJEX Logistics Services, have entered into an agreement in which DHL will acquire a minority stake in the Saudi Arabian parcel logistics company. For DHL eCommerce, whose core business is domestic parcel transport in selected European countries, the United States, and certain key Asian countries, this agreement represents an expansion into the rapidly growing Saudi Arabian e commerce parcel market.

  • PIF unit to manufacture lifts in Saudi Arabia

    Alat, a Public Investment Fund-backed manufacturing company, is setting up a €160 million ($168 million) joint venture with Germany’s TK Elevator to manufacture lifts and escalators in Saudi Arabia, the German company said in a statement. Alat, which was launched in February last year by Saudi Crown Prince Mohammed bin Salman, has acquired a 15 percent stake in the Dusseldorf-based TK Elevator, becoming a direct shareholder, the company said. The deal is expected to close by the third quarter of the year. The new entity will have its headquarters in Saudi Arabia and will manufacture lifts, escalators and moving walkways in the kingdom for the region’s giga-projects and other large-scale developments. In February 2020 Germany’s Thyssenkrupp sold its elevator division, later renamed TK Elevator, for €17.2 billion.