MUST-READS

• $80,000 up for grabs for Saudi Tough Mudder winner

  The Al Ula event saw individual men and women, as well as teams of up to four, spend 8 hours running, jumping, climbing, crawling, and swinging over a trail in the middle of the desert. British athlete Jon Albon took the men's individual honors with Australian Ryan Atkins finishing second and American Mark Batres third. In the women's race, Alisa Petrova reigned supreme ahead of Nicole Mericle and Janka Pepova.

• At Saudi Aramco’s Jafurah field, another 15 trln standard cubic feet of gas reserves proven

  An additional 15 trillion standard cubic feet of gas have been proven at Saudi state oil company Aramco's Jafurah field, Energy Minister Prince Abdulaziz bin Salman said on Sunday. Reserves at Jafurah have reached 229 trillion cubic feet of gas and 75 billion barrels of condensates, Prince Abdulaziz said in a statement on state news agency SPA. Saudi Arabia is working on developing its unconventional gas reserves, which require advanced extraction methods such as those used in the shale gas industry. Jafurah is the kingdom's largest unconventional non-oil associated gas field and it is potentially the biggest shale gas development outside of the United States.

• Saudi Arabia’s wealth fund to tap debt market for second time this year

  Saudi Arabia's sovereign wealth fund has hired banks to tap the debt market for the second time this year with an Islamic dollar bond, a document emailed to the banks on Monday and reviewed by Reuters showed. The Public Investment Fund (PIF), which manages more than $700 billion in assets, mandated Goldman Sachs, HSBC and Standard Chartered as joint global coordinators to arrange investor meetings starting on Monday for the offering, a senior unsecured seven-year sukuk, the document said. The PIF, along with the government of Saudi Arabia, last month joined a wave of emerging market issuers seeking to take advantage of rising demand for debt before central banks are expected to lower interest rates later this year.

• Saudi tourism sees 50% surge in Indian visitors as promotion intensifies

  The number of Indians traveling to Saudi Arabia has grown by 50 percent following a series of strategic initiatives in 2023, the Kingdom’s tourism authority said, as it participated in India’s main international travel show over the weekend. The 2024 edition of the South Asian Travel and Tourism Exchange — Asia’s leading platform for the tourism and hospitality industry — took place in Noida in the Indian capital region on Feb. 22-24.

• Claressa Shields defeats Kelsey De Santis to make MMA history in Saudi Arabia

  Undefeated boxing champion Claressa Shields made history in another sport on Saturday, as she made her return to mixed-martial arts (MMA). The 28-year-old earned a split decision win over Kelsey De Santis in what was the first professional female MMA bout held in Saudi Arabia. “I had such a hard camp,” the American said afterwards, her voice breaking.

• Al-Rumayyan says over 70% of PIF’s assets are in Saudi Arabia

  The annual value of investments in Saudi Arabia runs between $30 and $40 billion until 2025, after which it will increase to about $70 billion annually until 2030, the Governor said. He further added that PIF is considered the primary economic driver of Vision 2030, pointing out that the key performance indicators in the vision are achieved ahead of schedule.

• Saudi Arabia’s Falconry Heritage Celebrated on Founding Day

  The falcon features in the visual identity of the Saudi Founding Day logo, alongside four other symbols: the Saudi flag, the palm tree, the Arabian horse, and the market. Beyond its symbolic significance, falconry played a crucial economic role. The birds were used for hunting, providing a source of food and income for many. It also fostered a strong sense of community and identity among Saudis, uniting them in their shared passion for this noble sport.

• Saudi Arabia’s Neom unveils Elanan wellness retreat

  Saudi Arabia‘s Neom has unveiled another Gulf of Aqaba destination, this time a wellness retreat called Elanan. Via a press release, Elanan will redefine luxury and wellness experiences. Situated on the Gulf of Aqaba coastline within oasis surroundings, Elanan is fed by ancient natural springs. “From the moment visitors arrive, they begin a rejuvenating journey within the calming embrace of nature,” said Neom.

• adidas Saudi targets massive expansion, 100 stores, partnerships with Al Nassr, Saudi Pro League, Al Ahli

  Adidas is currently executing an aggressive expansion plan with new partnerships and retail stores in Saudi Arabia, Bilal Fares, General Manager of EMC revealed in an exclusive interview with Arabian Business. Recognising the growth in the consumer market in line with Saudi Vision 2030, Fares said, “This growth trajectory reflects our dedication to expanding our presence and enhancing consumer engagement within Saudi Arabia.” He highlights this to be an “exciting time” for the brand.

• Saudi Arabia launches ‘cultural’ metaverse to celebrate founding day

  The Saudi Arabian Ministry of Culture launched a metaverse dedicated to showcasing and preserving the nation’s cultural heritage on the occasion of its founding day. The Saudi government’s Cultural Universe metaverse initiative, which takes a user through the long history of Saudi Arabia dating back to 1727, went live on Feb. 22. The metaverse was built on top of Oracle’s Hyperledger Fabric 2.5 blockchain technology and developed by droppGroup’s Generative Media Intelligence artificial intelligence (AI) system droppPhygital.

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