MUST-READS

• China and Saudi Arabia: A Deepening Strategic Partnership

  Increasing political, strategic, and economic engagements with the Middle East and North Africa (MENA) region has been a notable feature of Chinese foreign policy, especially since the launch of its flagship Belt and Road Initiative (BRI) in 2013. One of the key countries with which China has strengthened its engagement is Saudi Arabia. The kingdom is an important regional power, with influence in the Arab-Islamic world as well as in the global energy market. In December 2022, during a visit by Chinese President Xi Jinping to Riyadh, the two countries signed a comprehensive strategic partnership agreement that underlined the growing Chinese inroads into a region that has traditionally been regarded as an American sphere of influence.^[1] The China-Saudi Arabia strategic partnership has the potential to impact the geopolitical makeup of the entire region, which is part of India’s extended neighbourhood.

• Al-Falih: 571 global companies moved their headquarters to Saudi Arabia

  Minister of Investment Eng. Khalid Al-Falih said that the initiative of moving regional headquarters of global companies to Saudi Arabia is proceeding steadily well in a way accomplishing its goals. “The number of international companies licensed to establish their headquarters and moved to the Kingdom has reached 571, most of which have opened their offices in the King Abdullah Financial Center in Riyadh. The largest share of them are industrial companies, and incentives will be provided to these companies through various programs,” he said.

• Newlab Expands to the Kingdom of Saudi Arabia to Catalyze Critical-Tech Ecosystem and Accelerate Startup-Led Economic Growth

  Newlab Riyadh will attract leading critical-tech startups to KSA and accelerate commercialization outcomes that will translate into measurable economic impact in the Kingdom and broader region. Newlab Riyadh joins Newlab’s growing network of hubs around the world, including Newlab Brooklyn, Newlab Detroit, and Newlab Montevideo. Newlab will establish an initial beta space in Riyadh in 2025 to serve as an anchorpoint for the founding startup ecosystem while commencing development of a larger hub which is slated to open in 2026.

• UK to sign critical minerals partnership with Saudi Arabia
  Britain will sign a minerals cooperation partnership with Saudi Arabia that could help strengthen supply chains, create opportunities for British businesses and attract investment into the UK, the British government said on Tuesday. Britain needs a secure, long-term supply of critical minerals, such as copper, lithium and nickel, which are used to make smartphones and electric cars, but are also vital to build data centres that help develop artificial intelligence systems. On its part, Saudi Arabia, which estimates the value of its untapped mineral resources at $2.5 trillion, is aiming to become a major global hub for critical minerals trade.

• How to start a business in Saudi Arabia for foreigners

  The Ministry of Investment is the primary authority guiding and regulating investments in Saudi Arabia. It facilitates investment licenses and provides comprehensive information about opportunities, incentives, guarantees, and legal frameworks. Saudi Arabia is a land of opportunity for foreign investors, offering a dynamic business environment shaped by Vision 2030. This transformative initiative aims to diversify the Kingdom's economy and foster sustainable development. With comprehensive reforms and government support, the process of establishing a business in Saudi Arabia has become more accessible. Al Othman Lawyers & Consultants, with years of experience, is a trusted partner for foreign investors navigating this journey.

• Saudi Arabia, Already Pumping Money Into Boxing, May Start League With TKO

  The potential investment in TKO follows a Saudi Arabian effort in June to create a multibillion-dollar boxing league that would aim to unite the world’s best boxers, who for decades have been divided by rival promoters and fighting for titles controlled by an alphabet soup of sanctioning bodies. That effort, while not completely abandoned, had proved complicated and expensive, even for a country like Saudi Arabia, which for the past half decade has disbursed billions to become a player across some of the world’s biggest sports.

• Saudi Arabia sells $12 billion 3-part bond amid strong demand
   Saudi Arabia raised $12 billion from global debt markets in a three-part bond sale, attracting strong investor demand, according to a government statement early Tuesday, with proceeds expected to help cover its budget deficit and pay down debt. The kingdom sold $5 billion, $3 billion and $4 billion in tenors of three, six and 10 years, respectively, the National Debt Management Center (NDMC) said in a statement, adding that the total order book reached around $37 billion. The issuer was able to lower the pricing on the bonds from initial guidance, fixed income news service IFR reported earlier on Monday, indicating strong investor appetite. "This transaction is part of NDMC's strategy to diversify the investors' base and meet the Kingdom's financing needs from international debt capital markets efficiently and effectively," the NDMC said. Saudi Arabia, the world's top oil exporter, has forecast a fiscal deficit of $27 billion for 2025 as it continues strategic spending on projects linked to Vision 2030, the kingdom's ambitious plan to overhaul the economy.

• Saudi Arabia Affirms Readiness To Participate In Syria’s Renaissance

  Prince Faisal reiterated the Kingdom’s commitment to supporting Syria’s sovereignty, independence, and territorial integrity while emphasizing efforts to achieve security, stability, and prosperity for the Syrian people, the Saudi Press Agency reported. The discussions also focused on preserving Syrian state institutions, enhancing its capabilities, and facilitating its reintegration into the Arab and Islamic worlds, SPA added. Senior Saudi officials including Prince Musab bin Mohammed Al-Farhan and ambassadors Saud Al-Sati and Faisal Al-Majfal were also in attendance.

• China’s Wemart opens first branch in Saudi Arabia

  Chinese Ambassador to Saudi Arabia Chang Hua announced the launch of the first branch of the Chinese hypermarket chain Wemart in Saudi Arabia. “I am delighted to launch the first Chinese Wemart hypermarket in Riyadh. There is a wide range of Asian goods and foods, and all vegetables are produced on its own farm. I would like to thank my fellow ambassadors for joining us today,” the Chinese Ambassador said on X.

• Eminem Provided ‘Epic’ Opening to Saudi Arabia’s Massive Mdlbeast Soundstorm Music Festival That is Creating Inroads For Saudi Artists, Says Event Chief

  This year’s Dec. 12-14 edition of Soundstorm – which started out in 2019 as an electronic dance music festival – featured over 200 international artists spanning rap, rock, pop, and house music. It marked Soundstorm’s strongest lineup thanks to chart-topping artists such as Eminem, Linkin Park, and rock bands including Thirty Seconds to Mars and U.K. trio Muse, as well as hip-hop stars like Russ, G-Eazy, J.I.D., and Busta Rhymes, to name a few. Along with a host of top Arabic acts such as Lebanese artist Elissa, Syrian singer Nassif Zeytoun, and Saudi DJ and producer Cosmicat. Variety spoke to Mdlbeast CEO Ramadan Alharatani about how he attracted bigger acts from the U.S. such as Eminem who, making his first appearance in Saudi Arabia, performed his hit “Love The Way You Lie” for a crowd of more than 100,000 fans.

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