MUST-READS

• TNS striker Young makes Saudi Arabia move

  The New Saints striker Brad Young, Welsh football’s leading goalscorer last season, has signed for Saudi Pro League club Al-Orobah for a £190,000 fee. Young, 21, was the Cymru Premier's golden boot winner for 2023-24 after his 22 goals helped TNS to the Welsh double.

• Saudi Heritage Commission launches Al-Yamama Archaeological Project in Riyadh

  The Saudi Press Agency (SPA) reported on Monday that the Commission will conduct various archaeological surveys and excavations in Riyadh during 2024-2028. A detailed study of Riyadh, along Wadi Hanifah, and surrounding areas will be part of the project.

• ACWA Power locks in funds for 5.5 GW of solar in Saudi Arabia

  ACWA Power Co (TADAWUL:2082) has secured SAR 9.7 billion (USD 2.6bn/EUR 2.33bn) in financing from a consortium of local and international banks for the construction of three large-scale solar power plants in Saudi Arabia with a combined capacity of 5.5 GW.

• Saudi Arabia launches Family Guidance Strategy

  The Family Guidance Strategy includes more than 12 initiatives that cover all family and societal requirements. It focuses on empowering and improving the performance of those working in the field of family guidance, in addition to qualifying them and developing their capabilities and skills. It enhances society’s understanding of the role of family guidance and its positive impact in improving family relations, resolving conflicts and supporting stability, through organizing and implementing several qualitative programs and initiatives for society and the family.

• Saudi Arabia Expected to Cut Its Oil Prices to Asia for October

  Saudi Aramco, the world’s top crude oil exporter, is expected to cut the official selling price (OSP) of all its crude grades for Asia in October, according to the survey of five refining sources. Three of these Reuters sources expect the flagship Saudi crude grade, Arab Light, to be priced $0.50 to $0.70 per barrel lower than the September prices. A cut of $0.70 would make Arab Light cost Asian refiners $2.00 per barrel above the Oman/Dubai average.

• Saudi Arabia’s fintech sector rakes in $1.84 billion in VC funding since 2018
  According to the latest official report from the General Authority for Small and Medium Enterprises (Monsha’at), Saudi Arabia’s financial technology startups have secured over $1.84 billion in venture capital investments since 2018. This significant achievement is largely attributed to the Fintech Saudi initiative, which has been a key driver of growth in the sector.

• Tawaref series: Saudi entrepreneurship license at a glance

  Offering unique benefits not available in traditional licence tracks, the entrepreneurship licence is a one-of-a-kind opportunity designed to foster innovation and support startups. Entrepreneurs who are granted this licence gain access to reduced licensing fees, premium residency eligibility, and entry into one of the top business ecosystems of the world. Once you secure this licence, you are free to conduct business in Saudi Arabia; no other steps are required.

• Saudi Foreign Minister calls for intensifying Arab-Islamic efforts to stop Israeli violations

  Saudi Foreign Minister Prince Faisal bin Farhan discussed the latest developments on the Palestinian issue and efforts to enhance joint Arab and Islamic actions aimed at restoring the legitimate rights of Palestine and its people, stopping Israeli violations, and supporting the establishment of an independent Palestinian state.

• Ronaldo raves about life in Saudi Arabia and attractions like Red Sea, AlUla

  Cristiano Ronaldo said adapting to Saudi Arabia was easy for him and his family as the football star gushed about his life in the Kingdom and its many attractions such as the Red Sea and the ancient Arabic oasis, AlUla. “To be honest, I am really happy to be there [Saudi Arabia],” Ronaldo, who plays for the Saudi football club, Al Nassr, said in an interview with former Portuguese footballer, Rio Ferdinand.

• Saudi camel leather market valued at $98.7 million annually

  The Saudi Fashion Commission highlighted the cultural dimension and national heritage related to camel products and the extent of their benefits in the world of contemporary fashion. The current potential of the camel leather market in Saudi Arabia stood at approximately $98.7 million annually. Based on the current camel population in Saudi Arabia, 2,800 tons of camel hair can be produced annually worth $2 million, it was revealed in a research paper titled “Camels... contemporary fashion,” the Saudi Press Agency reported.

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