MUST-READS

• Saudi residential mortgage loans jump to 11-month high in January

  Banks in Saudi Arabia granted residential mortgage loans worth SR7.54 billion ($2 billion) to individuals in January 2024, marking an 11-month high according to the data issued by the Kingdom’s central bank. The January figures represent a 21 percent increase or SR1.3 billion more than the loans offered the previous month. The uptick could be attributed to several government initiatives such as improving access to finance, introducing new and affordable housing options to the market, and implementing operational efficiencies in the housing sector.

• Green Falcons prepare for 2nd stage of Asian qualifiers for FIFA, AFC cups

  Saudi Arabia’s national football team met at their training camp in Riyadh on Sunday in preparation for the third and fourth rounds of the second stage of the Asian qualifiers for the 2026 FIFA World Cup and the 2027 AFC Asian Cup. The Green Falcons will host Tajikistan’s national team on March 21 at the Prince Faisal bin Fahd Stadium in Riyadh and will then travel to face Tajikistan again on March 26 at the Central Stadium in Dushanbe.

• Rare copies of Quran on display at Riyadh exhibit

  An exhibition underway in the Saudi capital Riyadh displays 42 rare copies of Quran highlighting diversity of Islamic calligraphy and embellishment. Organised by the King Abdul Aziz Public Library, the show is being held at the institution’s branch at the King Abdul Aziz Centre in Riyadh’s Al Muraba Quarter.

• Saudi Wealth Fund Said in Talks to Acquire National Airline

  Saudi Arabia’s sovereign wealth fund is in early talks to acquire the kingdom’s flagship carrier as it looks to pour billions of dollars into turning the country into a tourism hotspot. The Public Investment Fund is considering a deal that would see it add the 80-year old Saudia to its growing portfolio of aviation assets as soon as next year, according to people familiar with the matter, who asked not to be identified as the information is private.

• World’s First-Ever 3D Printed Mosque Opens in Jeddah, Saudi Arabia

  The mosque's construction was completed within six months and spearheaded by Wajnat Abdulwahed, the spouse of the late Abdulaziz Abdullah Sharbatly. Aimed at fostering serenity amongst worshipers while integrating natural light, the mosque also features distinctive minarets, creating a landmark within the neighborhood.

• HKS Architects Unveils Geology-Inspired Design for Sports Arena in Saudi Arabia

  Commissioned by Diriyah Company, HKS Architects have revealed the design for a new multisport arena in Diriyah. Envisioned as a catalyst for the local culture and the entertainment sector, the 20,000-seat venue will be located in the center of The City of Earth, a 76,000-square-meter development aligned with Saudi Vision 2030, aimed at becoming one of the most attractive venues for tourism in the Middle East.

• Non-oil activity in Saudi Arabia now 50% of GDP

  Non-oil economic activity in Saudi Arabia contributed 50 percent to the Kingdom’s gross domestic product in 2023, the highest level ever, the Ministry of Economy and Planning said on Thursday. The total non-oil economy was worth $453 billion at constant prices, driven by continued growth in investment, consumption and exports. There was an unprecedented performance in non-governmental investments over the past two years, with a growth rate of 57 percent, bringing their value in 2023 to a historically high level of $255 billion.

• Oxagon: A rising star – The Saudi Silicon Valley of the Red Sea

  Oxagon is a key component of NEOM, a planned zero-emission megacity with a price tag of $500 billion. This ambitious project envisions a city built from the ground up, sticking to the highest principles of sustainability and technological innovation. Nestled on the Suez Canal, Oxagon will function as a floating industrial port, revolutionizing the very concept of industrial development. It will serve as the logistical hub for NEOM, a vast region powered entirely by clean energy sources like solar and green hydrogen.

• Ritz Carlton in Saudi Set to Be Most Expensive Hotel in the Middle East

  $3,431: That’s how much it will cost to stay at the new Ritz-Carlton Reserve hotel in Saudi Arabia for a night. The super-exclusive, small key-count resort opens for bookings on May 26, hitting the market with the highest rates in the region. It is priced higher than any hotel in Dubai right now – long seen as the epicenter of Middle East luxury. Called ‘Nujuma,’ the Ritz-Carlton Reserve property will have 63 villas set around a ring over the water as you might find in the Maldives. It will be operated by Marriott, and is its smallest brand but also its most luxurious.

• Hezbollah tells Iran it would fight alone in any war with Israel

  With ally Hamas under attack in Gaza, the head of Iran's Quds Force visited Beirut in February to discuss the risk posed if Israel next aims at Lebanon's Hezbollah, an offensive that could severely hurt Tehran's main regional partner, seven sources said. In Beirut, Quds chief Esmail Qaani met Hezbollah leader Sayyed Hassan Nasrallah, the sources said, for at least the third time since Hamas' deadly Oct. 7 attacks on southern Israel and Israel's devastating retaliatory assault on Gaza.

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