MUST-READS

• Aramco Ventures invests in global climate tech startups

  The venture capital arm of Saudi Aramco, the world’s largest listed oil major, has invested in two climate tech startups. Aramco Ventures said it had invested in Ucaneo, a German company that is developing a direct air capture (DAC) demonstration plant expected to be commissioned in the first half of 2026. Ucaneo raised €6.75 million ($7.34 million) in seed funding last September and has launched its first industrial pilot, which is designed to capture up to 30 to 50 tonnes of CO₂ annually. Aramco Ventures also led the $30 million series A funding — typically the second stage in capital raising — for the US-based climate technology company Spiritus. Other companies investing included Khosla Ventures, Mitsubishi Heavy Industries America, and TDK Ventures, Spiritus said.

• SIG and Yellow Door Energy partner on 2 MW Saudi Arabian project

  SIG, a European provider of sustainable building products, and UAE-based solar company Yellow Door Energy have launched a 2 MW solar project in Riyadh. Once complete, the installation will become one of Saudi Arabia’s first on-grid industrial solar projects connected directly to a manufacturing plant. The project is under the stewardship of the Saudi Authority for Industrial Cities and Technology Zones (MODON), ensuring that it is in-line with the country’s MODON Green Initiative to encourage renewable energy rollout in cities. Overall, the solar project is expected to reduce CO2 emissions by 1,300 metric tons per annum.

• Saudi Arabia’s Strategy Attracts Around 600 Regional Headquarters of Multinational Corporations

  Around 600 foreign companies have established their regional headquarters in Saudi Arabia since the 2021 launch of the Saudi Program for Attracting Regional Headquarters (RHQ) of multinational corporations to the Kingdom of Saudi Arabia's capital, spearheaded by the Ministry of Investment and the Royal Commission for Riyadh City. As part of the Vision 2030 economic diversification plan aimed at establishing Saudi Arabia as a prominent global business hub, the RHQ program offers a range of incentives to international companies. These include a 30-year tax relief package, announced in December 2023, which provides zero percent corporate income tax and withholding tax for qualifying regional headquarters. Additionally, the program streamlines the process of setting up operations in any region in the Kingdom, providing comprehensive support services to assist companies in their transition. Saudi Arabia's modern infrastructure, including advanced facilities and technology, is also a key attraction for international firms. The program further supports expatriate employees by facilitating access to international K-12 schools, with seven new schools having been established in the Kingdom.

• Saudi quick commerce startup Ninja, by HungerStation’s founder, in talks to raise at $1B+ valuation: report

  Ninja, a Saudi quick commerce startup founded and led by Ebrahim Al-Jassim, the founder of HungerStation is in talks to raise fresh funds at a valuation of over $1 billion, Bloomberg reported on Tuesday. The round, according to the report, could be finalized and closed as early as this month, and is being led by Riyad Capital, the investment arm of Riyad Bank, one of Saudi Arabia’s largest banks. While it launched 1957 Ventures last year to focus on fintech, this investment will likely come from its main entity due to the round’s large size. The firm is is also behind Riyad Taqnia Fund (RTF), a VC fund it founded with Taqnia, a Saudi technology investment and development company, in 2016.

• US officials planning to meet with Ukrainian counterparts in Saudi Arabia

  Senior Trump administration officials are planning a meeting with their Ukrainian counterparts in Saudi Arabia next week, to begin discussions about a cease-fire to end the country’s war with Russia. Special envoy Steve Witkoff, who confirmed Thursday that planning was underway, will be part of the U.S. delegation alongside Secretary of State Marco Rubio and national security adviser Mike Waltz.  “The idea is to get down a framework for a peace agreement and initial cease-fire,” Witkoff told reporters outside the White House.  Another administration official, granted anonymity to discuss plans that are not yet public, confirmed that the meeting has been under discussion and is “possible.” One aspect of the meeting that remains unsettled, Witkoff said, was the city in Saudi Arabia where the meeting could take place.

• Sandstorm hits Riyadh, moderate to heavy rain forecast for parts of Saudi Arabia

  A sandstorm hit Riyadh and its outskirts on Thursday, enveloping the skyline in dust clouds and hampering visibility, while moderate to heavy rains were forecast for several regions of the Kingdom. The road safety authority and Saudi Highway Security warned motorists to exercise caution due to poor visibility caused by the dust storm. The General Directorate of Civil Defense advised residents to avoid going to sandy locations to avoid accidents during the sandstorm, and also called for caution and for people to follow instructions issued as a result of weather conditions in parts of the Kingdom.

• Warburg Pincus Partners With Hassana to Chase Saudi Arabia Deals

  Warburg Pincus LLC and Saudi Arabia’s $320 billion pension fund manager will jointly explore deals in the kingdom as the global private equity firm looks to boost its presence in the Middle East. The $86 billion firm’s peers like Ardian SAS, General Atlantic and CVC Capital Partners have either opened offices for deal-making in the region or boosted headcount.  Warburg currently has exposure to the Middle Eastern market through Gradiant, a clean-tech water projects solutions provider and developer. Its previous investments in the region include BPO solutions provider Mercator, which it combined it with Accelya and exited in 2019, and payments firm Network International.

• Saudi Arabia’s General Entertainment Authority Chief Forges ‘Landmark’ Boxing Promotion Partnership With TKO and Saudi’s Sela

  Turki Alalshikh, the chairman of Saudi Arabia‘s General Entertainment Authority, has forged a multi-year boxing promotion partnership with U.S. sports and entertainment conglomerate TKO and Saudi sports marketing company Sela in what is being touted as a landmark deal. He is the mastermind behind the “Day of Reckoning” boxing matches held in Riyadh involving huge names such as Anthony Joshua and Deontay Wilder. Over the past few years Alalshikh has been behind Saudi Arabia’s large investments in many other sports as well, including soccer, golf, Formula 1 and, most recently, tennis.

• TKO Launches Boxing Promotion Partnership With Saudi Arabia’s Turki Alalshikh, Sela Group

  UFC and WWE parent TKO Group has, as promised, jumped into boxing, inking a partnership with Saudi Arabia. The deal with His Excellency Turki Alalshikh, chairman of the Saudi General Entertainment Authority, and Sela, the Saudi national entertainment and events conglomerate, will establish a new boxing promotion that will provide a platform for leading boxers and prospects in the sport. TKO will serve as managing partner, providing day-to-day operational expertise, management and oversight of the promotion, with executive leadership anchored by UFC CEO Dana White and WWE president and TKO board member Nick Khan. TKO CEO Mark Shapiro called the agreement “a strategic opportunity to reimagine the sport of boxing globally.” He had teased a deal as imminent on an earnings call last week. “TKO has the deep expertise, promotional prowess, and longstanding relationships. HE Turki Alalshikh and Sela share our passion and vision for evolving the current model. Together, we can bring the sweet science back to its rightful place in the forefront of the global sports ecosystem.”

• Diriyah Art Futures Reflects Growing Saudi Investment in Digital Art

  Located prominently on King Faisal Road in Al Bujairi, Diriyah, just northwest of Riyadh, is the vast new 129,000 square foot Diriyah Art Futures institute. Inaugurated in December 2024, the new media arts center is dedicated to the rapidly expanding genre of digital art and is among the first institute of its kind in the Middle East and North Africa. Developed by Saudi Arabia’s Ministry of Culture, Diriyah Art Futures highlights the kingdom’s growing interest and investment in art and culture involving new technology and artificial intelligence. Haytham Nawar, director of Diriyah Art Futures and former chair of the arts department at the American University in Cairo, said the exhibition is significant because “it provides a historical overview” of digital art. “In Saudi, there is knowledge of the history of computational art, especially the usage of AI and generative art,” added Nawar. “What it does is connect international artists in the field with those working in Saudi.”

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