MUST-READS

• Saudi’s DataVolt to develop data center in Riyadh

  Saudi-based data center developer DataVolt is to build a facility in Riyadh. The company and the Saudi Authority for Industrial Cities and Technology Zones (MODON) have agreed on land lease terms for the development of an AI-ready data center in Riyadh. The 55,000 square meter (592,015 sq ft) plot is located in east Riyadh’s First Technology Park. Further details were not shared. News of the DataVolt facility was first announced during the recent LEAP 2025 conference, when MODON announced data center contracts with DataVolt, GDH, and Ezditek. MODON said DataVolt’s deal would see a 2.5 billion riyals ($670m) investment. Riyadh-based DataVolt was founded in 2023 and is a wholly owned subsidiary of Vision Invest, a Saudi Arabian development and investment holding company focused on critical infrastructure.

• 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 poised to lead in AI, aims for double returns: PIF Governor

  Al-Rumayyan said that the fund worked to develop the Saudi economy by establishing 103 diverse companies operating in 13 different sectors, both locally and internationally. Since its 2017 strategy launch, the fund has generated over 1.1 million direct and indirect jobs globally, prioritizing quality over quantity of jobs, to promote sustainable development.  He went on to say that the PIF invests heavily in new projects, injecting between $40 and $50 billion annually. This substantial investment demonstrates the fund's dedication to economic diversification.

• 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.

• Hegseth Welcomes Saudi Defense Minister to Pentagon, Underscores Partnership

  Defense Secretary Pete Hegseth today highlighted the importance of the partnership between the U.S. and Saudi Arabia while hosting that country's defense minister during a bilateral engagement at the Pentagon. Referencing the cooperation that took place between the countries during Trump's first administration, Hegseth pointed out that both nations worked together to pursue security and stability in the Middle East, as well as to combat terrorism in the region and increase mutual prosperity. "Today, our relationship is a critical center of gravity in a very turbulent world," he added.  Stating that ending the war in Ukraine is one of the president's top priorities, Hegseth said he wanted to thank the Saudi Kingdom for hosting conversations between top U.S. and Russian officials in Riyadh, Feb. 18, 2025.  "And I also want to continue deepening and strengthening our partnership to pursue security and prosperity for both Americans and Saudis. So, I'm very much looking forward to a great discussion," Hegseth said.

• Saudi Arabia’s new family law: Key marriage, custody and privacy reforms explained

  The 41-article regulation, which took effect on Friday, marks a significant step in the kingdom’s ongoing legal reforms, reinforcing women’s rights, marital laws, and child custody provisions in line with broader judicial modernisation efforts. Under the new rules, unapproved marriage contracts will now be subject to a structured review, led by the Minister of Justice and other authorities. The ministry has also been granted authority to introduce additional regulations as needed based on evolving judicial applications. The Personal Status Law is one of four key legal frameworks announced by the Crown Prince in February 2021, alongside the Civil Transactions Law, Penal Code for Discretionary Sanctions, and Law of Evidence. Together, these reforms enhance judicial transparency, expand individual rights, and bring Saudi Arabia's legal system closer to international standards.

• Will Europe’s ‘green agenda’ push away Qatari gas?

  The European Union continues to strive to reduce its dependence on Russian natural gas by significantly increasing its purchases of liquified natural gas (LNG) from the US and other countries. However, the successful implementation of this plan might push EU member states to be more cautious and nuanced in implementing the European “green agenda” to avoid tensions with potential suppliers. Blunt statements by Qatar Energy Minister and head of QatarEnergy (QE) Saad Al-Kaabi late last year sparked a wave of controversy among market observers, which continues to resonate. Kaabi expressed unequivocally that he would rather shun the European LNG market if new environmental legislation is strictly applied to QE, as the energy giant would lose substantial revenues.

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