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  • Saudi Arabia Moves Closer To 2027 Carbon Market Launch

    RVCMC was established in 2022 when the Saudi Sovereign Wealth Fund partnered with the Tadawul Group – the holding group developing country’s capital market – to lay the foundation of a carbon market. During FII 2024 Saudi Arabia’s energy minister Prince Abdulaziz Bin Salman shared that there is a gradual approach to establishing the market with a pilot phase being prepared for the next “two to three years”, according to a report in The National. This would mean the launch of the Saudi Arabia carbon market could be in late 2026 or 2027 but will have to be in line with the country’s economy which is still heavily reliant on oil and gas production.

  • Saudi’s Desert Technologies to establish largest solar panel and cell manufacturing plants

    Saudi Authority for Industrial Cities and Technology Zones, (Modon) signed a contract with Desert Technologies, a leader in renewable energy solutions and the one of the first Saudi company to manufacture and export solar panels, to establish an industrial complex in Jeddah’s third industrial city. The facility will produce solar panels and cells with an annual production capacity of up to five gigawatts (GW) at a total investment of SAR 750 million. It will span an area of 170,000 square meters on a land provided by Modon. The complex includes advanced production lines with a capacity of two GW for solar panels and three GW for solar cells. This makes it one of the largest photovoltaic production centers in the Kingdom.

  • Record Growth: Over 294,000 Saudis Join Private Sector in 2024

    In the first nine months of 2024, a significant milestone was achieved in Saudi Arabia’s labor market. Over 294,000 Saudis joined the private sector, thanks to the Human Resources Development Fund (HADAF)’s substantial investment of $1.5 billion. Turki Al Jawini, HADAF’s Director General, confirmed this achievement. Al Jawini stated that approximately 1.7 million Saudis have benefited from HADAF’s programs and products. This highlights the significant investment in human capital. The country moves away from its dependency on oil through these efforts.

  • Coco Gauff: WTA Finals in Saudi Arabia can help ‘open doors’

    "I'm obviously very aware of the situation here in Saudi. My view on it is that I do think sport can have a way to open doors to people," Gauff told reporters Friday. "This is the first professional women's tennis event held here. The WTA pledged for the next three years to help the Future Stars program here in Saudi and introduce more Saudi women especially into the sport. "I think their goal is to have a million people playing tennis here by 2030. So hopefully with that, people see us and see what we represent, and hopefully that will enact more equality."

  • ‘It’s created an internal shitstorm’: turmoil at UK law firm accused of ‘whitewashing’ Saudi World Cup report

    In the methodology notes for the report, AS&H Clifford Chance says the scope was “determined by Saff in agreement with Fifa”. The notes also reveal the review was completed after only six weeks of desk work and relied solely on interviews with government ministries. Human rights groups and those affected by alleged abuses, such as migrant workers, were not consulted.

  • Saudi market highly competitive, high delivery fees among key challenges: Keeta CEO

    In 2023, Meituan served 680 million users, worked with 10 million merchants and attracted seven million riders. Meituan is also developing technologies such as drones and autonomous vehicles to help speed deliveries. Meituan is publicly traded on the Hong Kong Stock Exchange (HKG: 3690), with a market capitalization of approximately $140 billion. Keeta is the localized arm of Meituan, supporting the company’s international business and is fully operated by Meituan.

  • Saudi Arabia announces discovery of largest sea turtle nesting site in the Red Sea

    The Four Sisters Islands—Marmar, Dahreb, Malathu, and Jadir—are renowned for their high concentration of sea turtle nesting sites. To date, over 2,500 turtle nests have been recorded on these islands, establishing them as a crucial breeding ground for endangered sea turtles in the Red Sea. Remarkably, the sea turtles consistently return to these same nesting sites each year, underscoring the vital need to preserve these areas for the survival of these species. Furthermore, the islands host an exceptional number of endangered green turtles and critically endangered hawksbill turtles, making them some of the most significant sea turtle nesting sites in the region.

  • Saudi Arabia’s PIF to acquire 54% stake in MBC Group

    In a bourse filing, MBC Group, listed on the Kingdom’s main market, said that it was notified by Istedamah Holding Co., one of its major shareholders, on the finalization of a sale and purchase agreement with the Public Investment Fund on Nov. 1. Some prominent telecom, media, and technology firms backed by the wealth fund include Saudi Co. for Artificial Intelligence, Saudi Information Technology Co., Elm Co., and Saudi Telecom Co. “The completion of the transaction is subject to a number of conditions, including obtaining the necessary approvals and non-objections that might be required from the relevant entities,” said MBC Group.

  • 18th Saudi Relief Plane Departs for Lebanon with Essential Aid Supplies

    The 18th relief plane of the Saudi air bridge, operated by King Salman Humanitarian Aid and Relief Center (KSrelief), left King Khalid International Airport for Lebanon today, carrying food, shelter, and medical supplies.

  • Saudi Arabia’s workforce hits 16.8M by Q2-end

    The number of workers in Saudi Arabia reached 16.8 million by the end of Q2 2024, labor market statistics from the General Authority for Statistics showed. The total number of workers in Saudi Arabia includes those subject to social insurance and civil service regulations and policies. According to the authority's data, the number of foreign workers in Saudi Arabia reached about 12.93 million, representing 76.6% of the total workers, while the number of Saudi workers reached 3.93 million, or 23.3% of the total.