MUST-READS

• 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 Smart Grid Network Market Research 2024-2029: Generation, Transmission, Distribution, Consumption Trends, Opportunities, and Forecasts 2023-2029

  The Saudi Arabia Smart Grid Network Market was valued at USD 765.59 Million in 2023, and is expected to reach USD 1.77 billion by 2029, rising at a CAGR of 14.92%. The trend towards grid digitalization and automation is reshaping the Saudi Arabia Smart Grid Network Market. Digitalization involves the adoption of advanced technologies such as smart meters, sensors, and communication systems that enhance the functionality and efficiency of the power grid. Automation further enhances grid performance by enabling real-time data collection, analysis, and response to grid conditions.

• Saudi Arabia Announces Transformative 3.6 GW Power Projects in Partnership with SEC, ACWA Power, and KEPCO

  Saudi Electricity Company (SEC), ACWA Power, and Korea Electric Power Corporation (KEPCO) have signed Power Purchase Agreements (PPAs) with the Saudi Power Procurement Company (SPPC) for two major power generation projects: Rumah 1 and Nairyah 1. With a combined capacity of 3.6 GW, these Independent Power Plant (IPP) projects represent a significant step in advancing Saudi Arabia’s sustainable energy goals. The projects, with an estimated investment of SAR 15 billion (USD 4 billion), will deploy advanced Combined Cycle Gas Turbine (CCGT) technology to transition from oil-based power generation to cleaner, more efficient methods. This shift is expected to reduce carbon emissions, enhance environmental sustainability, and drive economic growth by creating job opportunities and boosting local content.

• Diriyah announces multi-billion-dollar art and culture districts as part of $63bn project

  The Qurain Cultural District is set to become a vibrant global hub where culture meets modern urban living. It will offer a diverse range of arts, retail, office, and residential spaces for people to live, work, shop local brands, and enjoy local dining experiences. Its cultural offerings will include a cinema, museums, and several academies focused on writing, traditional Najdi architecture and mud building, Arabic music, culinary arts, performing arts, and theatre. The district will feature 19 mixed-use buildings, including office, retail, and residences, 10 of which have various boutique office options, and a wide range of retail space and dining venues.

• Saudi Arabia, Poland Agree to Bolster Digital Partnership

  Deputy Prime Minister and Minister of Digital Affairs of Poland Krzysztof Gawkowski expressed his endorsement for initiating collaborative digital initiatives with Saudi Arabia, which would benefit both nations. Gawkowski's remarks came during his meeting Tuesday in Warsaw with Federation of Saudi Chambers Chairman Hassan Al-Huwaizi and a delegation of Saudi businessmen. The visit was centered on exploring trade and investment partnership prospects.

• Saudi Startup Riyadh Air Gets Over 2,500 Slots At Riyadh Airport

  Filings by Airport Coordination Limited (ACL), a slot coordinator that manages over 75 airports in the world, have showed that Riyadh Air has received over 2,500 slots at Riyadh King Khalid International Airport (RUH). According to the slot coordinator’s initial coordination report, airlines had requested a total of 97,130 slots at the airport serving the Saudi Arabian capital, with ACL allocating only 38.7% of the newly requested landing and takeoff rights for the upcoming International Air Transport Association (IATA) summer season, which will begin on March 30, 2025. Nevertheless, with its slot portfolio, Riyadh Air became the fourth-largest airline at the airport, with 2% of the total allocated flight movements. SAUDIA, the flag carrier of Saudi Arabia, will have the largest share of movements, 50.9%.  

• NEOM projects still on track despite CEO departure, Italian construction firm Webuild says
  Italy’s construction group Webuild reportedly said its activities connected to Saudi Arabia’s NEOM are continuing in line with the plan, after the infrastructure mega project’s long-time chief executive left the role last week. “Webuild has no evidence of changes in the activity plan initially set for the projects it is implementing, nor has it recorded any delay in payments,” the company told Reuters on Tuesday. Webuild, which has been active in Saudi Arabia for 60 years, is building a system of three dams that will feed an artificial lake in the Trojena area and a high-speed railway called the Connector.

• First EU-GCC Summit Charts Course for Strategic Partnership

  On October 16, the European Union and the Gulf Cooperation Council held their first-ever summit. The meeting in Brussels, Belgium gathered leaders and representatives of the two organizations and respective member states at a critical juncture in the interinstitutional relations between the two blocs. The GCC region has rarely topped the EU strategic agenda. However, the acknowledgment of the growing interdependency between the two blocs showcased by global crises, such as the coronavirus pandemic and Russia’s war on Ukraine, and the rising diplomatic role of the Gulf Arab countries in global affairs have prompted Brussels to step up political engagement with the GCC. From a Gulf standpoint, the renewed resolve of GCC countries to diversify partners in a world order tilting toward multipolarity, coupled with the reconciliation after the 2017-21 Gulf crisis, has injected new life into the GCC project, strengthening the bloc’s standing as a meaningful institutional interlocutor.

• Embraer’s search for new airplane partner brings Saudi aviation ambitions to the fore

  Yet, Embraer’s chief executive was quick to tell TAC that the glacial progress on China has given way to a growing focus on the Middle East. “Another front, yes, that has progressed better than China is Saudi Arabia,” said Neto unbidden, remarking that the Brazilian plane maker is currently in talks for a “broad collaboration in Saudi.” Embraer is expected to provide a comprehensive update on its business during an investor day on Nov. 18 in New York City.  Embraer’s search for a partner for its next airplane isn’t new. Ever since the demise of its expansive joint venture with Boeing in 2020, Embraer has been seeking a deep-pocketed partner to help foot the bill for a new program, which was initially expected to be a 70 to 90-seat turboprop until Embraer put that project on hold at the end of 2022, citing a lack of availability of sufficient propulsion.

• Neom CEO departs as Saudi Arabia scales back mega-projects

  Reuters reported in May that the $925bn PIF was weighing a reorganisation, aiming to sharpen its focus on investments that have a higher chance of success. Saudi Arabia, the world’s top oil exporter, is still heavily reliant on hydrocarbon revenues, and low oil prices and production have dented state coffers. Aiman al-Mudaifer was named as acting CEO of Neom. He has been the head of the Local Real Estate Division at PIF since 2018 and has a deep understanding of Neom and its projects, Neom’s statement said.

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