MUST-READS

• Saudi’s Boutique Group to transform Jeddah’s Al Hamra Palace into ultra-luxury hotel

  Boutique Group has partnered with the international architecture design firm, OBMI, and the renowned French interior designer Jacques Garcia for the transformation of historic and cultural palaces into ultra-luxury boutique hotels. The partnership includes Al Hamra Palace, originally built as a royal residence for King Faisal bin Abdulaziz. Found on Jeddah's corniche it was originally intended as a royal residence but, upon completion, it evolved into a royal hospitality palace hosting guests such as presidents of Arab and Islamic nations, as well as Richard Nixon, Diana Princess of Wales and King Charles the Third.

• Schiattarella Associati’s digital art center in Saudi Arabia draws from Najdi architecture

  Schiattarella Associati has unveiled Diriyah Art Futures, a distinctive digital art ‘incubator’ in Saudi Arabia designed for exhibitions, education, and art production. Covering an area of 12,800 square meters, it is situated northwest of Riyadh, close to a significant historical and archaeological site in the Arabian Peninsula. The design approach of Schiattarella Associati emphasizes a connection with the surroundings, considering not only the physical characteristics of the context but also engaging with the cultural values and the memory of the location.

• Asian Financial Forum: Hong Kong and Saudi Arabia agree to deepen collaboration between their financial markets on first day of annual event’s 17th edition

  A memorandum of understanding was signed between Saudi’s Financial Sector Development Program (FSDP) and Hong Kong’s Financial Services Development Council (FSDC). The FSDP was launched in 2018 with the aim of creating a diversified financial services sector in Saudi. The FSDC was founded in 2013 with the aim of further developing Hong Kong’s financial services industry. The agreement comes amid continuing efforts by the Hong Kong government over the past year to deepen financial ties with the Middle East.

• Eid al-Fitr 2024: Students in Saudi Arabia to enjoy long vacation

  Students in Saudi Arabia will get to enjoy a long holiday this year to mark Eid al-Fitr, according to the education ministry’s academic calendar. The third academic semester will start on Sunday, March 3, and will end on Thursday, March 28, kicking off the Eid al-Fitr holiday.

• Saudi Arabia commits to achieving highest global standards in terms of human rights

  Hala bint Mazyad Al-Tuwaijri, the president of the Saudi Human Rights Commission, has spoken of the Kingdom’s commitment to meeting the highest global standards in promoting and protecting human rights, as part of its Vision 2030. Al-Tuwaijri reiterated the goal in her opening statement to the Universal Periodic Review of the UN Human Rights Council in Geneva on Monday, the Saudi Press Agency reported.

• Employment of Saudis in real estate sector surges to 26,000 after localization push

  The Saudi real estate sector has seen a substantial increase in local employment, with over 26,000 citizens now working in the industry, a significant leap from just 12,000 in July 2021. This 116% surge follows the government's decision to focus on localizing the sector, as announced by Eng. Ahmad Al Rajhi, Minister of Human Resources and Social Development.

  Addressing the Real Estate Future Forum in Riyadh, Al Rajhi highlighted the overall growth in the private sector workforce, with numbers rising from 1.7 million in 2019 to a record 2.3 million in 2023. Notably, 361,000 of these workers are entering the job market for the first time.

• Real estate prices in Saudi Arabia to rise by 40%: Al Rajhi Investment exec

  Real estate prices in Saudi Arabia are likely to rise by 25% to 40% in the coming period, Asharq News reported, citing Sales Director at Al Rajhi Investment Co. Hossam Ahmed.   On the sidelines of the Real Estate Future Forum, Ahmed said that premium residency is a unique opportunity for the real estate market. It can contribute to the sector’s growth in the coming period by more than 300%.   The Kingdom is currently experiencing a real estate boom, as more than 50% of real estate traffic is concentrated in Riyadh.

• Saudi Arabia’s Wealth Fund Joins EM Rush to Tap Bond Market

  Saudi Arabia’s sovereign wealth fund raised $5 billion of high-grade bonds on Monday, the latest borrower to benefit from investors’ demand for emerging-market debt.

  The Public Investment Fund sold five-, 10- and 30-year senior unsecured notes in US dollars, according to a person familiar with the matter. Combined order books were above $27 billion, excluding joint lead managers’ interest, said the person, who asked not to be identified because they’re not authorized to speak about it.

• Newcastle reach agreement with Saudi Pro League side over Miguel Almiron transfer

  The deal is not done yet, though, but should it go through it would be a huge blow to Newcastle fans, with Almiron a big favourite at St James’ Park since his 2019 arrival from Atlanta United. The winger wrote himself into the club's folklore in October when he scored their first Champions League goal in two decades.

• ‘Israeli’ attacks on Quds Force challenge Iran’s deterrence strategy

  In another major attack on senior Iranian military officers in Syria, five members of the Islamic Revolutionary Guard Corps (IRGC) have been killed in suspected Israeli airstrikes. This comes barely a month after the most influential commander of the IRGC’s expeditionary Quds Force in the Levant lost his life in a similar incident. While Israel has long attacked Iranian positions in Syria, the recent string of brazen assassinations and the seniority of the targets have raised questions about Iran’s deterrence strategy.

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