MUST-READS

• Flow House brings surfing sights to Saudi Arabia

  The Flow House concept will include indoor surfing experiences that are open throughout the year. The experiences will include flowboarding sessions and competitions, and it will welcome amateur as well as professionals. The experience draws inspiration from tropical islands, and will include live music and a restaurant overlooking the water. Plus, the menu will include plant-based and vegan options.

• U.S.-Saudi Business Council Announces New CEO

  Mr. Hallab is a long-standing member of the Board of Directors of the Council and the founder of Barrington Global, an international legal and strategic advisory firm focused on the intersection of law, business and policy between the Middle East and the West. Mr. Hallab previously served as Chair of the Middle East Practice at the global law firm of Mayer Brown and in multiple leadership roles both at Mayer Brown and at the international law firm of Baker McKenzie.

• Ângelo Gabriel moves to Saudi one year after joining Chelsea

  The unlikely career arc of Brazilian teenager Ângelo Gabriel continued when he completed a move to Saudi team Al Nassr in a reported $25 million deal on Tuesday, a year after joining Chelsea from Santos.

• Saudi Arabia sees ‘unprecedented’ progress in economic transformation: IMF

  “Saudi Arabia’s unprecedented economic transformation is progressing well as it advanced in its modernization and diversification efforts under Vision 2030,” the fund wrote in its press release. “The recent fiscal space exercise has facilitated the recalibration of investment spending planned under Vision 2030 by reprioritizing projects and through sectoral strategies.”

• Saudi podcast episode breaks record with 110m YouTube views

  A Saudi Arabian podcast episode titled Secrets to Thriving Relationships, produced by Thmanyah, has set a new Guinness World Record for the most-viewed podcast episode on YouTube, amassing 110m views. This achievement surpasses the previous record held by Joe Rogan’s interview with Elon Musk, which garnered 68m views over five years.

• Mubadala-backed Tabby prepares for Saudi IPO

  Tabby, the buy-now-pay-later startup backed by Abu Dhabi sovereign wealth fund Mubadala, is on track to prepare for its initial public offering, the company’s CEO confirmed on Wednesday. The fintech unicorn – a startup worth more than $1 billion – was originally founded in the UAE but is now headquartered in Saudi Arabia. It is expected to list on the Saudi Tadawul stock exchange, although no date for the offering has been confirmed. Tabby achieved unicorn status last year, reaching a valuation of over $1.5 billion after securing $200 million in a Series D funding round.

• How the U.S. used arms sales to shift Saudi behavior

  Arms sales are a fickle tool in the toolbox of American foreign policy. The results are almost always a mixed bag for Washington. One historical study of arms sales and the Cold War, for instance, found that efforts to use weapons transfers to influence other countries “succeeded slightly less than half of the time.”

• Saudi Arabia suspends fees for hotels, resorts commercial licenses

  The move is part of the ongoing efforts to facilitate municipal procedures and services in Saudi cities, aimed at developing the tourism sector and raising the quality of tourism services for citizens, residents and tourists. It will further provide an attractive investment environment for investors and enhance competitiveness in the sector, Saudi Press Agency (SPA) reported.

• CMA Chief: Trading based on algorithms represents 25% of transactions in Saudi capital market

  The CMA chief said that Saudi Arabia was one of the first countries to introduce digital trade in the 1990s, noting that this trade represents more than 90 percent of traded volumes at present. “The financial services sector represents about 15 percent of global spending on information technology, which illustrates the focus of spending, its importance, and digitization in financial services,” he added.

• The Fastest Wallet to Eclipse 1 Million Customers Globally – Built in Saudi Arabia

  Saudi Arabian fintech startup, barq, the latest wallet and challenger bank to launch in the Kingdom, has reached a significant milestone by enlisting 1.6 million wallet users and account holders in its first full month of operation. The milestone follows barq’s previous achievement of surpassing one million users in its first 21 days of operation – a remarkable achievement that established barq as the fastest-growing private wallet globally, outside of China. For context, it took Revolut a year to reach 100,000 users, while NuBank and CashApp each gained 10,000 users in their first month.

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