MUST-READS

• Introducing Saudi Arabia’s first nightclub where booze is banned and it costs £1,900 to get in! Revellers dance the night away at members-only ‘sovereign wealth fund-backed’ Beast House

  Beast House, found in Riyadh’s artistic Jax District, a vibrant hub for artists and creatives, has been hailed as the start of 'a new life' by excited revellers. While DJs, chic interiors and the opportunity for socialising are all present at the music venue, alcohol remains forbidden, with mocktails served at the bar instead and bouncers on hand to enforce the no-booze rules, according to The Times.

• Sungrow Signs the 760MWh Off-Grid Energy Storage Project to Propel Saudi Arabia’s 2030 Vision

  Sungrow, the global leading PV inverter and energy storage system provider, has forged a strategic partnership with Larsen & Toubro to supply 165MW PV inverters and 160MW/760MWh energy storage systems for AMAALA, a prestigious destination in Saudi Arabia. This collaboration aligns with Saudi Arabia’s Vision 2030 and China’s Belt and Road Initiative, marking a pivotal moment in sustainable energy development. This flagship project is developed and led by EDF Group, the leading French utility company specialized in low carbon electricity generation with over 91% of its own production free of CO2 emissions, and Abu Dhabi Future Energy Company (Masdar), for the client Red Sea Global.

• Saudi Arabia signs 1,100 MW of PPAs at “record low” price for wind

  Saudi Arabia has signed two power purchase agreements (PPAs) with a consortium led by Japan's MARUBENI Corp. (TYO:8002) for 1,100 MW of wind energy capacity, claiming that it has achieved a world "record low" price for wind energy at USD 15.65 (EUR 14.35) per MWh.

• Saudi Arabia’s NEOM: New video shows rapid progress at mega project, workers doubled

  Saudi Arabia’s NEOM has unveiled a new progress video showing rapid development being made on the mega business and tourism project, with more than 140,000 construction workers developing key regions across the futuristic site.

  The progress film shows real-world footage of the large-scale construction across the mega site and revealed its workforce has doubled over the past year.

• Knight Frank: The Saudi Report – 2023

  In this Saudi Report 2023 Highlights special, we have identified five stand-out opportunities to consider that will help deliver the ambitions of Vision 2030 and which align with our market experience, all confirmed by our survey. You can read the full analysis of the data gathered through our three

• Saudi Arabia rises 9 spots in WEF’s global tourism index

  Saudi Arabia has climbed nine spots to rank 41 on a global tourism index – marking the Gulf region’s largest improvement – thanks to its strengthening infrastructure, corporate presence, and major business centers. According to the World Economic Forum’s Travel & Tourism Development Index report, Saudi Arabia has recorded the most significant improvement in the Middle East and North Africa region since 2019.

• New 9/11 Evidence Points to Deep Saudi Complicity

  Some of the disputes are less about facts than about interpretation. The Capitol video, in the Saudi view, is nothing more than a typical home movie by an enthusiastic tourist; the San Diego video of Bayoumi’s party in the hijackers’ apartment is said to depict a gathering of mosque-goers for some purpose unrelated to the presence of two newly arrived al-Qaeda terrorists. If the court denies the Saudi motion to dismiss in the coming months, we will know whose view of the evidence has been the more persuasive.

• Iranian’s President’s Death Compounds Regional Turmoil

  The unexpected May 19 death of Iran’s President Ibrahim Raisi in the crash of the helicopter returning him and Foreign Minister Hossein Amir-Abdollahian from an official visit to neighboring Azerbaijan will not produce any short-term changes in Iranian domestic or regional policies. Raisi’s passing will scramble the internal maneuvering to succeed Iran’s 85-year-old Supreme Leader, Grand Ayatollah Ali Khamene’i. The crash comes amidst major regional turmoil triggered by the October 7 Hamas attack on Israel and the subsequent Israeli ground offensive in Gaza, as well as ongoing public unrest within Iran that caused turnout for parliamentary elections on March 1 to be the lowest since the Islamic Republic came to power in 1979.

• WTA signs multi-year partnership with Saudi PIF
  The Saudi Public Investment Fund (PIF) will become the first-ever naming partner of the WTA's rankings, the two organisations announced on Monday, as part of a multi-year partnership.
  The announcement marks the PIF's latest foray into tennis, after the men's ATP tour also signed a multi-year "strategic partnership" earlier this year.
  "Together, we look forward to sharing the journey of our talented players across the season, as we continue to grow the sport, creating more fans of tennis and inspiring more young people to take up the game," WTA Ventures CEO Marina Storti said in a statement.

• IBM makes more AI models open source and lands Saudi Arabia deal
  International Business Machines (IBM.N), opens new tab on Tuesday said that it will release a family of artificial intelligence models as open-source software, and that it will help Saudi Arabia train an AI system in Arabic.
  The Armonk, New York-based company has taken a different approach to making money from AI than some of its rivals such as Microsoft (MSFT.O), opens new tab and others that are tightly guarding their AI models and charging for access to them. Similar to Facebook owner Meta Platforms (META.O), opens new tab, IBM is instead providing open access to the models themselves and on Wednesday opened its "Granite" family of AI models for companies to customize.

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