MUST-READS

• Almosafer’s CEO on Navigating the Future of Saudi Tourism

  Behind every successful travel destination is a story of adaptation and foresight. For Saudi Arabia, it’s about embracing change and rewriting the narrative. With the country hitting its tourism target of 100 million visitors seven years early, the sector is poised for unprecedented innovation and growth. Travel companies in the region now face the challenge of recalibrating to keep pace with emerging trends and new market realities. SkiftX spoke with Muzzammil Ahussain, CEO of Almosafer, to gain insights into the evolving dynamics shaping the future of Saudi Arabia’s tourism landscape and the key forces and opportunities propelling the sector forward.

• King Fahad International stadium in Riyadh is being rebuilt

  King Fahad International stadium in Riyadh is being rebuilt.

• Ten years from home World Cup, Saudi sizes up ‘huge challenge’

  To host the 48-team World Cup, the country needs 14 all-seater stadiums capable of holding at least 40,000 people, according to the bid document. It currently has two: Jeddah's King Abdullah Sports City Stadium and Riyadh's venerable King Fahd International Stadium, which is undergoing a major refit. Saudi Arabia has a well-established and popular football league but among its 30-plus stadiums, many are old, small and have pitches surrounded by athletics tracks, a design that has long gone out of vogue.

• Allen & Overy Opens Riyadh Office Ahead of Merger With Shearman

  Allen & Overy opened a new office in the Kingdom of Saudi Arabia after receiving its license to operate in the region, the firm announced Monday. The team in Riyadh includes A&O partners Hosam Ibn Ghaith and Haris Meyer Hanif. Following A&O’s merger with Shearman & Sterling, which is slated to close in May, the Riyadh office will be joined by Shearman’s local team led by Dr. Sultan Almasoud and includes partner Mohsin Suleman.

• Riyadh Air joins United Nations Global Compact

  NEWS Riyadh Air joins United Nations Global Compact Riyadh Air joins the UNGC with the intention to incorporate United Nations Sustainability Goals across its operations. Riyadh Air has announced it has joined the United Nations Global Compact (UNGC), the world’s largest corporate sustainability initiative that promotes responsible business practices and the advancement of the Sustainable Development Goals (SDGs). In a letter to António Guterres UN Secretary General, Riyadh Air CEO Tony Douglas officially committed Riyadh Air to implementing the Ten Principles of the UN Global Compact. As active participants of the UNGC, Riyadh Air will adopt sustainable and socially responsible policies in areas such as human rights, labour, environment, and anti-corruption and report on progress on these efforts regularly.

• Saudi Cultural Mission Hosts Indiana University Students for Intercultural Exchange

  The Saudi Arabian Cultural Mission (SACM) in the US welcomed on Monday a delegation of students from Indiana University Bloomington, as part of the Arabic Language Program to enhance communication and exchange of ideas between different cultures. The delegation was welcomed by the Cultural Attaché at Saudi Arabia’s embassy in Washington Dr. Fawzi Bukhari. The delegation toured the King Abdullah Cultural Hall and was briefed on the exhibits portraying Saudi culture, SPA reported.

• Saudi Arabia’s Islamic Trade Finance Corp to provide $1.4 billion to Bangladesh Petroleum

  The Islamic Trade Finance Corporation (ITFC) signed an agreement on Monday to provide $1.4 billion to the Bangladesh Petroleum Corporation, Saudi Arabia's state news agency SPA reported. The ITFC, part of Saudi Arabia's Islamic Development Bank, said the financing was aimed at developing Bangladesh's energy infrastructure. "This agreement is a testament to the successful long-term partnership between the two parties and the financing plan will ensure energy security for one of the fastest-growing economies in South Asia," SPA said.

• Luxury EV maker Lucid to raise $1 bln from Saudi’s PIF affiliate

  Ayar Third Investment Company, a PIF affiliate, will buy $1 billion in convertible preferred stock and will be able to convert the preferred stock into about 280 million shares, according to a filing with the U.S. securities regulator. The California-based company, which has been facing weaker-than-expected demand, said it intends to use the proceeds for corporate purposes and capital expenditure, among other things.

• Breakdown at Saudi solar plant in Morocco costs firm $47 million
  Saudi Arabian renewable energy utility ACWA Power International on Sunday reported a storage breakdown at one of the solar plants it operates in Morocco that will cost the company an estimated $47 million.
  The 150-megawatt plant, part of the Noor Ouarzazate solar complex, will be forced to remain idle until November 2024, the company said on the website of the Saudi Stock exchange.
  The breakdown highlights the recurrence of technical issues and storage breakdowns at the concentrating solar power (CSP) plant. Technical prob

• Where Water Stress Will Be Highest by 2050

  Water is not only the basis of life for animals and plants, but is also likely to become a contested resource in parts of the world in the coming decades. According to UN figures, global water stress, i.e. the proportion of water withdrawn for use in industry, agriculture or private households in relation to available water, was manageable at 18.2% in 2020. In 2022, however, 2.4 billion people were living in areas that are exposed to extreme water stress in some cases.

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