MUST-READS

• IMF lowers 2025 Mena growth forecast on slowing Saudi economy

  The International Monetary Fund on Friday lowered its growth forecast for the Middle East and North Africa this year, largely reflecting a slowdown in Saudi Arabia's economy due to Opec+ production cuts. The broader Mena economy is projected to grow by 3.5 per cent this year, according to the IMF's latest World Economic Outlook, half a percentage point down from its October update. Saudi Arabia, the biggest Arab economy and Opec’s top oil producer, is forecast to grow by 3.3 per cent in 2025, a downwards revision of 1.3 percentage points. Its economy is projected to grow by 4.1 per cent in 2026, which is down by 0.3 percentage points from the fund's October forecast.

• Saudi Minister of Finance Participates in 2025 World Economic Forum Annual Meeting

  His Excellency the Saudi Minister of Finance, Mr. Mohammed Aljadaan, will participate as a member of the Saudi delegation at the 2025 World Economic Forum (WEF) Annual Meeting, scheduled to be held January 20-24, 2025 in Davos-Klosters, Switzerland under the theme "Collaboration for the Intelligent Age". During the 2025 WEF Annual Meeting, Minister Aljadaan will participate in several sessions to discuss various topics including new approaches to measuring growth, ways to drive action through international forums, challenges facing emerging economies, MENA region's economic growth, economic diversification's impact on sustainability, GCC's role in global economic growth, as well as Saudi Arabia's economic transformation.

• A Saudi Arabian Driver Won the Dakar Rally For the First Time on Home Soil

  For the first time since 1994, the overall Dakar winner won on home soil as Yazeed Al Rajhi became the first Saudi Arabian to win the desert rally. The only other competitor to win at home was Pierre Lartigue in his first of three consecutive victories and the only one to finish back in Paris. Al Rajhi won as a privateer Toyota entry in a Dakar that Toyotas dominated after Carlos Sainz Sr.'s Audi, which captured victory for Audi for the first time in last year's Dakar, was forced to exit the rally during stage three following a crash in stage two.

• Saudi Arabia unveils digital services for Hajj pilgrims
  The Ministry of Hajj and Umrah and the Saudi Data and Artificial Intelligence Authority (SDAIA) have signed a memorandum of cooperation to harness smart products for pilgrims and build a knowledge base to exchange best practices in modern technologies. Under this agreement, both parties are committed to spreading awareness in the field of data and artificial intelligence through camps, workshops, seminars, and conferences. Training programs will be held for employees of the Ministry of Hajj and Umrah in data and artificial intelligence.

• Diplomacy Is All Hamas Has Left in the Arsenal

  A major concession for Hamas was to accept that many of its key cadres will now stay indefinitely in Israeli prisons. In any case, the militant Islamist group is no longer the same organization that launched the October 7, 2023, massacre. Its battalions have been smashed; all that is left is a ragtag insurgency capable only of hit-and-run tactics. The group’s arsenal is greatly depleted; its fighters have fallen back on improvised explosive devices assembled from unexploded Israeli ordinance. The top tier of Hamas’s military leadership has been eliminated, leaving two relatively inexperienced and junior commanders—Ezz al-Din Hadad in the north and Mohamed Sinwar, younger brother of the October 7 attack’s mastermind, Yahya Sinwar, in the south.

• Joy Awards 2025 captivates Saudi capital with star-studded ceremony

  Regional and global stars got together at a mesmerizing awards ceremony in Saudi Arabia to honor Arab and international talents at the 2025 edition of the annual Joy Awards on Saturday. The Kingdom’s capital, Riyadh, embraced numerous A-listers, who graced the lavender carpet before the event kicked off with a breathtaking performance by American singer Christina Aguilera.

• Saudi Arabia issues nearly 522K commercial records in 2024

  Saudi Arabia experienced a 60 percent increase in commercial records in 2024, with a total of 521,969 issued, compared to the previous year, according to the Ministry of Commerce. The number of commercial records granted in 2023 was 368,038, the ministry said in a statement outlining its achievements for 2024. Last year, there were 368,038 registrations from establishments and 153,931 from companies, bringing the total number of active commercial records in the Kingdom to 1,606,169.

• New traffic law: Driving with expired registration in Saudi Arabia now a major offence
  Saudi Arabia has amended its traffic law to include a new violation for driving with an expired vehicle registration, as reported by the government gazette Umm Al Qura. The amendments, approved by the Saudi Cabinet, aim to enhance road safety and modernise the regulatory framework. A royal decree (No. M/140) outlined the changes, including the repeal of Article 71 of the Traffic Law and the modification of the second schedule of violations to include "driving a vehicle with an expired licence" as an offence. The decree also requires the Ministry of Interior to update the executive regulations of the Traffic Law to reflect these amendments.

• Riyadh’s property boom puts home ownership beyond reach of many Saudis

  Saudi Arabia’s housing minister has acknowledged that soaring property prices in Riyadh have become a “concern” for the government, highlighting the difficulties facing officials desperate to turn home ownership into a reality for the vast majority of its citizens in the capital. Property prices in Riyadh have surged since the pandemic, with the cost of a house now almost 81 per cent higher than in 2020, according to real estate researchers Knight Frank. Apartment prices in the city, meanwhile, have increased 56 per cent over the same period. The surge in prices is complicating Crown Prince Mohammed bin Salman’s attempts to hit a 70 per cent goal for owner-occupancy by 2030. At the moment, 63 per cent of Saudis own their own home, up from 47 per cent in 2016, when the Crown Prince’s ambitious reforms of the Saudi economy were first unveiled. But the figure in Riyadh, where 4.4mn of 18.8mn Saudis live, is far lower at 53.2 per cent, according to the latest census data, taken from 2022.

• Christina Aguilera, Michael Buble perform at Riyadh’s Joy Awards

  The annual Joy Awards honored Arab talent with musical performances that serenaded a star-studded guest list at Riyadh’s Kingdom Arena on Saturday. The award show opened with a concert by Christina Aguilera, who performed “The Voice Within” and her hit song “Genie in a Bottle.” Musical icons Mohammed Abdo and Andrea Bocelli performed together, blending Gulf and Italian sounds. Lebanese singer Wael Kfoury and Canadian artist Michael Buble collaborated on a striking rendition of Frank Sinatra’s “My Way,” performed in both English and Arabic. Amanda Seyfried, Morgan Freeman and Matthew McConaughey were among the international and local celebrities who showcased their dazzling ensembles on the ceremony’s iconic lavender carpet on Saturday.

  • Al-Arabiya - Saudi Arabia’s Joy Awards: How the Kingdom is competing with Hollywood
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