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  • Saudi NEOM partners with CarbonCure and Gulf Cryo on low-carbon concrete push

    Efforts to integrate carbon capture and utilisation (CCU) technologies into construction in Saudi Arabia’s futuristic Neom city have taken a major step forward as CarbonCure Technologies, Saudi construction firm Abdullah Abdin, and regional gas company Gulf Cryo join forces to deliver lower-carbon concrete for Neom’s ambitious developments. The collaboration, supported by the Saudi Ministry of Energy, aligns with the Kingdom’s Circular Carbon Economy (CCE) framework and broader Vision 2030 goals. It aims to address the environmental impact of construction by embedding sustainability into projects like Neom and The Line.

  • Macron and Saudi crown prince sign partnership deal, call for Lebanon elections

    President Emmanuel Macron and Saudi Crown Prince Mohammed bin Salman signed a strategic partnership on Monday aimed at deepening bilateral ties and de-escalating conflict in the Middle East, including Lebanon, where the two leaders called for presidential elections.  Macron's state visit is the first by a French president to Saudi Arabia since Jacques Chirac in 2006, cementing what the presidency calls a "very close relationship". In 2021, Macron became one of the first Western leaders to meet Prince Mohammed in Saudi Arabia after the 2018 murder of Saudi journalist Jamal Khashoggi at Riyadh's consulate in Istanbul.

  • Saudi’s Regional Headquarters (RHQ) Program

    As the year draws to an end, it is evident that a vast number of corporate giants consider the RHQ program a worthwhile one. To date, over 540 multinational companies have become participants, exceeding Saudi Arabia’s original target of 500 companies by 2030. Participants span a number of sectors and include technology firms like Amazon and Google, as well as the professional services companies PwC and Deloitte. More recently, the asset management giant BlackRock announced that it received approval to set up its regional headquarters in Riyadh ahead of its plans to launch an investment platform called BlackRock Riyadh Investment Management (BRIM), which aims to bring more FDI into the Kingdom.

  • Charting Saudi Arabia’s Rise as an SMEs Hub

    Earlier this year, the Kingdom ranked third in the 2023-2024 Global Entrepreneurship Monitor report. Meanwhile, its National Entrepreneurship Context Index score has increased from 5.0 in 2019 to 6.3 in 2023, reflecting its progress in fostering a vibrant entrepreneurial ecosystem that drives economic growth. Crucially, the National Investment Strategy (NIS) has been established, as part of the Kingdom’s transformation plan, to drive the growth and diversification of the national economy. NIS aims to increase the private sector's contribution to GDP to 65%, raising the contribution of Foreign Direct Investment (FDI) to GDP to 5.7%, by 2030.

  • Car-centric Saudi to open first part of Riyadh Metro

    All six lines are expected to be operating by January 5, the statement said. "The network has been developed to transport over 3.6 million passengers at maximum capacity and operates on a fully automated (driverless) metro system," the statement said. Services will be provided by 183 trains with 448 carriages manufactured by Siemens of Germany, Bombardier of Canada and Alstom of France, the statement said, adding that they feature "a modern and unified design" by French firm Avant Premiere.

  • Flat6Labs invests in 10 Saudi startups, includes them in Riyadh Seed Programme

    MENA’s seed and early-stage VC Flat6Labs has invested in 10 Saudi-based startups for the fourth cycle of the Riyadh Seed Programme, spanning various sectors such as transportation, e-commerce, logistics, cybersecurity, SaaS, consumer tech, and talent acquisition. The startups include CAMION, Colada, Devsy, dPhish, Hollat, Mrrha, Fezlee, Cyberni, Units, and Zofa, bringing the total number of Flat6Labs' Startup Seed Fund portfolio in Saudi Arabia to 41 since its inception in 2023. Each startup has received $133,000 in cash.

  • Israel and Lebanon’s Hezbollah start a ceasefire after nearly 14 months of fighting

    The ceasefire calls for an initial two-month halt to fighting and requires Hezbollah to end its armed presence in southern Lebanon, while Israeli troops are to return to their side of the border. Thousands of additional Lebanese troopsand U.N. peacekeepers would deploy in the south, and an international panel headed by the United States would monitor compliance. The ceasefire began at 4 a.m. Wednesday, a day after Israel carried out its most intense wave of airstrikes in Beirut since the start of the conflict that in recent weeks turned into all-out war. At least 42 people were killed in strikes across the country, according to local authorities. The ceasefire does not address the devastating war in Gaza, where Hamas is still holding dozens of hostages and the conflict is more intractable.

  • Riyadh Metro to begin partial operations next Wednesday: Report

    Saudi Arabia's capital is gearing up for the partial official launch of the Riyadh Metro next Wednesday, November 27, according to a report by Al Eqtisadiah daily. The first phase will include operations on three lines, with the remaining three lines scheduled to open in mid-December. The Riyadh Metro, touted as the world’s longest driverless metro system, aims to provide alternative transportation to reduce reliance on vehicles and support Riyadh’s transformation into a hub for trade and business as part of the Kingdom’s economic diversification plans. Al Eqtisadiah reported that solar panels installed at stations and depots will generate 20% of the energy required for key electrical systems. This sustainability feature is part of a broader effort to make the project environmentally friendly and energy-efficient.

  • Saudi Arabia dipping its toes into cricket might be the start of something big

    The auction marks Saudi Arabia's first major play in cricket, though the foundations have been laid gradually. Prince Mishal bin Saud Al-Saud, chairman of the Saudi Arabia Cricket Federation (SACF), was pictured with BCCI secretary Jay Shah at the opening match of IPL 2023, while state-backed Saudi companies have signed lucrative sponsorship deals in the past. Visit Saudi, the state tourism arm, and Aramco, the state-owned oil giant, have both been prominent IPL sponsors. Aramco has also signed a long-term agreement as a "premier partner" of the ICC, including securing naming rights for match awards at World Cups. This year Rajasthan Royals wore the logo of Neom, a futuristic city being built on the Saudi coast, on their shirts.

  • Citi gets license for regional headquarters in Saudi Arabia, memo shows

    U.S. bank Citigroup (C.N), opens new tab has received approval to establish its regional headquarters in Saudi Arabia's Riyadh, according to an internal memo seen by Reuters on Friday. Riyadh has been looking to attract more companies to set up their regional headquarters in the kingdom by offering tax breaks as Crown Prince Mohammed bin Salman looks to wean the economy off oil by attracting foreign investment. Saudi Arabia's new rules also mandate foreign firms to have regional headquarters in the kingdom or risk losing hundreds of billions of dollars in lucrative government contracts.