MUST-READS

• FedEx Boosts Cross-Border E-Commerce Growth in the UAE and Saudi Arabia

  Federal Express Corporation (FedEx), the world’s largest express transportation company, has launched FedEx® International Connect Plus (FICP) in the United Arab Emirates (UAE) and Kingdom of Saudi Arabia, a shipping solution ideal for e-commerce packages weighing up to 20 kg. This new international, day-definite, service combines speed with competitive rates, connecting e-tailers in just 3-4 business days*.

• How Saudi Arabia is moving towards a quantum economy
  Quantum technology, based on quantum mechanics principles, promises transformative capabilities in computation, communication and sensing. These capabilities can lead to breakthroughs across multiple domains, including secure communication networks, advanced materials discovery, improved climate modelling and more efficient drug development. Acknowledging these immense benefits, Saudi Arabia is actively integrating the Forum’s Quantum Economy Blueprint to support in positioning the Kingdom among global leaders as it formulates a comprehensive national quantum roadmap. Saudi Arabia’s quantum priorities span multiple areas, including talent development, research and development, hardware innovation, commercialization and raising awareness, reflecting a multi-faceted approach to building a robust quantum ecosystem.

• Saudi, UAE Venture Capital Funding Slumps on Investor Shift

  Venture capital funding in the Middle East slumped in 2024, even as the number of deals increased, as investors shifted toward early-stage investments. Startups in the region raised $1.5 billion, a decline of 29% compared to the previous year, according to a report from venture capital data platform Magnitt. Saudi Arabia, which accounted for almost half of that funding, experienced a 44% drop. Still, the kingdom retained its position as the top destination for venture capital funding in the Middle East for the second consecutive year. Meanwhile, the United Arab Emirates saw investments drop 8% in 2024, to $613 million. The number of venture capital deals rose 10% to 461 transactions, according to the Dubai-based firm. However, the region didn’t see the kind of big-ticket deals that turned Saudi-based fintechs Tabby and Tamara into unicorns in 2023.

• Revealed: Populous leading on Saudi World Cup stadium at NEOM’s the Line
  Populous is believed to be leading on a 46,000-capacity stadium for the Saudi Arabia 2034 World Cup, to be built inside 170km-long linear city the Line, part of the NEOM development. Although it is understood Bjarke Ingels Group (BIG) delivered an earlier concept, it is unclear whether the Danish heavyweight continues to be involved. The NEOM stadium is one of 11 proposed new-build venues for the 2034 FIFA World Cup, which football’s world governing body controversially awarded to Saudi Arabia last month. The country was the sole candidate in the running to host the tournament.

• Neymar says Saudi ‘surprised’ him, echoes Ronaldo: Saudi Pro League better than Ligue 1

  Brazilian superstar Neymar said that Saudi Arabia “surprised” him in a “positive way,” after moving to the Kingdom to join the ranks of Al Hilal, echoing Cristiano Ronaldo’s comments that the Saudi Pro League (SPL) was better than then French League. Speaking in an interview with CNN that was published Tuesday, Neymar said that his experience so far in Saudi Arabia was “totally different to what I’d expected.” “Saudi Arabia has surprised me in a positive way. The people, the country, the cities, the culture,” the Brazilian forward said in an interview on the sidelines of the Globe Soccer Awards in Dubai, where he won the Player Career Award.

• Riyadh Metro Orange Line Now Is Operational, Marking Completion of a Citywide Network in Saudi Arabia

  The Royal Commission for Riyadh City (RCRC) has confirmed that the Orange Line of the Riyadh Metro, also known as the Al Madinah Al Munawwarah Axis, began operations on Sunday, January 5, 2025. Spanning 41 kilometers, the Orange Line runs east to west, connecting Jeddah Road in the west to the Second Eastern Ring Road near Khashm Al Aan in the east in Saudi Arabia. This newly operational line is a key component of the city's metro system, designed to enhance urban mobility and connectivity. The Orange Line features five stations now open to the public: Jeddah Road, Tuwaiq, Al Dawh, Harun Al Rashid Road, and An Naseem. Additionally An Naseem also serves as an interchange station, linking the Orange Line to the Purple Line. This strategic integration allows passengers to transfer seamlessly between lines, improving access across the capital city.

• Opinion: Saudi’s inward shift reshapes its FDI outlook

  While the fund is still investing abroad, especially via its subsidiaries like Alat, new flows are smaller and tend to have local economic development goals and technology transfer as a priority. The biggest shift has come in portfolio flow rather than FDI, with  PIF pulling back on some of its foreign portfolio holdings, including those in the US gaming industry. Some of these sales are just profitable exits, but prioritisation is underway. The country’s efforts to attract FDI have sparked an uptick in project announcements (according to fDi Markets) and actual inflows according to government data. However, coming close to the ambitious goal of $100bn in FDI per year by 2030 will be tough. As a result, local public capital may continue to be deployed to try to attract foreign capital. An area of recent success is in artificial intelligence and cloud computing, with Google recently signing a deal with PIF subsidiaries to help develop data centres in the country. Beyond this, Saudi Arabia mandates that foreign companies seeking government contracts set up regional offices within the country, hoping these will be a vehicle for FDI and other investment. Some of these offices manage local wealth or advise the government, but the government hopes others will lead to FDI.

• Catastrophic Flooding in Saudi Arabia: Mecca, Jeddah, Madinah Hit by Record Rains, Cars Submerged

  Severe flooding has hit Saudi Arabia, particularly in Mecca, Jeddah, and Madinah, after record-breaking rainfall caused widespread destruction. Torrential downpours have turned streets into rivers, submerging cars, flooding highways, and causing major disruptions. The Saudi Meteorological Department issued a red alert for these cities as water levels reached dangerous heights. Footage from the affected regions shows scenes of cars almost completely submerged, with only the tops of their roofs visible above the water. In Jeddah, a city already prone to flooding, residents were seen abandoning their vehicles and scrambling to safety as water inundated streets. Similar scenes were recorded in Mecca, including the holy city's streets, which have become impassable.

• 234,000 domestic workers joined Saudi employment market in a year

  According to a survey conducted by Okaz newspaper, among these domestic workers, the number of women who joined the labor market as maids and house cleaners made up the highest share, with about 231000, bringing the total number of female workers as maids and house cleaners in the Kingdom to 1.24 million. The number of male house workers in these categories stood at about 40000, bringing their total number to 480000. The total number of male and female domestic workers rose to 3.97 million, including 2.73 million men and 1.25 million women, distributed across many professions, most notably servants and house cleaners, drivers, cooks and food providers, guards of houses, residential and commercial buildings and rest houses, home managers, home gardeners, home nurses, tailors, and private teachers.

• Saudi Arabia unveils Middle East’s largest livestock city worth SAR 9B

  The project, owned by Hafr Al-Batin Cooperative Association for Livestock and Marketing, will be located in Hafr Al-Batin Governorate, spanning an area of 11 million square meters. The project is expected to cover 30% of the Kingdom's needs for red meat and provide more than 13,000 jobs in the governorate. It will feature advanced facilities and barns for raising livestock, feed factories, a veterinary hospital, and state-of-the-art red meat processing factories. Further, the project will run on renewable energy through 15 billion kilowatt hours of green electricity annually. It will produce 140,000 liters of milk daily and 100 tons of feed per hour. Moreover, an automated slaughterhouse will be built on an area of 170,000 square meters. The city will also produce 1.5 million meters of hides.

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