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  • Saudi Arabia’s startup appeal spans across diverse sectors

    The Saudi fintech sector has seen its fair share of new entrants during the first quarter of the year, with US-based MoneyHash being the most recent mover. Established in late 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash has set its sights on the Saudi market following a successful $4.5 million seed funding round in February.

  • Saudi Arabia awards $31.7 billion Contracts in First Quarter 2024

    The value of awarded contracts witnessed an astounding surge during Q1’24 as the value reached SAR118.8 billion ($31.7 billion). This continues the impressive pace that was witnessed in 2023, which finished the year with SAR270.6 billion ($72.2 billion) in awarded contracts. The value of awarded contracts during Q1’24 grew by 79 percent YoY and marks the second highest value during a quarter on record since Q3’15, when it reached SAR147.1 billion ($39.2 billion).

  • Saudi Arabia Is Near End of Economic Slump Lasting Four Quarters

    Forecasts compiled by Bloomberg show the $1.1 trillion economy is set to return to growth in the third quarter with a gain of almost 4%, in what would be the biggest acceleration since the end of 2022. “We expect this to be the last quarter of deeply negative hydrocarbon sector growth,” said Carla Slim, an economist with Standard Chartered Plc.

  • Unearthing the transformative potential of Saudi Arabia’s mining sector

    Saudi Arabia’s mining sector is on the cusp of a transformative era, with the Kingdom determined to become a global leader in the industry. But have you wondered what treasures lie beneath its lands? Saudi Arabia is rich in minerals essential for various global industries. The Kingdom is transforming into a leading exporter of diverse energy types, shifting away from its traditional role as an oil producer.

  • Saudi Arabia Building New City of ‘Smart Homes’ for 120,000 People

    Potential buyers can choose from six types of villas ranging from 216 to 413 sq meters. There are also plans to build four apartment blocks with one- to three-bedroom units. According to specialized news outlet Construction Briefing, the foundation for the project was laid in May. Saudi news outlet Asharq Al-Awsat reported that on July 9 the Talaat Moustafa Group told the Egyptian stock exchange that Banan City had achieved unprecedented sales and surpassed its year one target in just two months.

  • Saudi Arabia’s NEOM partners with Equinox to open luxury resort

    Saudi Arabia’s giga project known as NEOM is partnering with Equinox Hotels to open a luxury resort on the coast of the Gulf of Aqaba, located on the northern tip of the Red Sea.

    Equinox Resort Treyam will be an architectural spectacle in NEOM’s Magna region, set on a bridge-like structure that spans for about a quarter of a mile and hangs above a desert lagoon, according to a statement. It’ll include a club house, spa and Equinox fitness center, among other things.

  • Diriyah: The Historic Heart of Saudi Arabia will Transform Urban Living

    This is without a doubt the biggest project I have ever worked on. I have worked with some of the biggest developers in the region in the past – but nothing of the size, scale and ambition of Diriyah. When you consider our starting point is as the custodian of the birthplace of the modern Saudi state and its 300-year-old heritage – we have an enormous responsibility to ensure that we preserve the past, embrace the present and create a dynamic new future.

  • Saudi Arabia Shifts from Participation to Hosting: Sustained Global Scientific Engagement Since 2011

    This year, the Kingdom of Saudi Arabia transitions from the ranks of participants to hosts and organizers of international scientific competitions. Riyadh, the capital city, is set to host the 2024 International Chemistry Olympiad from July 21st for ten days. The Olympiad will involve more than 340 students, 200 volunteers, and 400 university professors and chemistry teachers from 90 countries. This makes it an opportunity for scientific exchange, partnerships, and a chance to discover Saudi Arabia through its capital, Riyadh, and witness its scientific, economic, and cultural renaissance, which has qualified it to become a leading destination in various fields.

  • Saudi Arabia Announces Carbon Capture And Utilization Challenge For Startups

    Saudi Arabia appears to be doubling down on carbon capture as part of its plans to create a circular economy. Last week the country’s Ministry of Economy and Planning (MEP) and Ministry of Energy (MoEnergy) unveiled the Carbon Capture and Utilization Challenge. The challenge invites startups from across the globe to present innovative approaches to reduce carbon emissions through sustainable system transformations. This includes advancements in carbon capture technologies, novel applications for carbon utilization, and industrial integration.

  • Is Saudi Arabia replacing the US with China in its security partner mix?

    The visit fuelled speculation that Riyadh could be looking to Beijing to ease pressure from Washington on issues such as human rights and its stand on the Israel-Gaza war. Defence specialists said the conflict and tensions in the broader Middle East would undoubtedly have been on the agenda – along with Saudi Arabia’s rising arms purchases from China. But Saudi Arabia still saw the United States as its key security partner – even as it increases rapport with and arms purchases from China.