MUST-READS

• Sand to Sky Episode 1: Inside the exciting future of Saudi Arabia’s Diriyah
  The first episode of Sand to Sky puts the spotlight on the City of Earth’s experiential development journey

• $410 billion in investments propel Saudi Arabia’s mining sector growth

  Saudi Arabia’s mining sector is undergoing a significant transformation and is gearing up to become one of the key pillars of economic diversification efforts outlined in Vision 2030. The latest report from the National Industrial and Mining Information Center reveals that Saudi Arabia issued 152 industrial licenses in January alone, bringing the total number of operating and under-construction factories in the Kingdom to 11,672. These factories represent a combined investment of SAR1.539 trillion ($410.4 billion).

  • HSI - Saudi Arabia's mining boom promises $2.5 trillion economic windfall
• Saudi Arabia plans to tap Islamic bond market to raise funding for Neom

  Saudi Arabia is looking to raise over a billion dollars for the Neom megacity project from the sale of Islamic bonds, following reports that ambitions for the desert project have been scaled back. Neom is looking into a plan to raise as much as $1.3 billion from Islamic bonds, or sukuk, as it looks to shore up funding for the $1.5 trillion megacity project, according to a Bloomberg report.

• Saudi Arabia’s private sector workers grow to 11.2M in March

  The total number of workers in the Saudi private sector reached 11.24 million in March 2024, the National Labor Observatory said.   The total number of nationals working in private-sector entities stood at 2.37 million in the same month, of which male and female workers accounted for 1.39 million and 975,700, respectively. Meanwhile, the number of expats working in the private sector reached 8.87 million.

• Saudi Arabia’s Barn’s reaches 700 stores ahead of planned global expansion

  Alongside further expansion in Saudi Arabia – the largest branded coffee shop market in the Middle East – Barn’s is also expected to open its first international store this year. In December 2023, a Barn’s official told World Coffee Portal that the chain would make its overseas debut in Bahrain during the first quarter of 2024.

• This Lava Tube in Saudi Arabia Has Been a Human Refuge for 7,000 Years

  When ancient humans pushed into the Arabian Peninsula, they found a world marked by magma. Swaths of it once erupted from volcanoes, leaving a landscape of craters and frozen lava flows. Many of these seemingly otherworldly volcanic fields are adorned with archaeological remains — from small dwellings to colossal animal-corralling structures called kites — that date back millenniums. Little is known about the identities and lives of those humans. But a study published Wednesday in the journal PLOS One has revealed that their occupation of this volcanic realm extended underground. Archaeologists at a site in northwestern Saudi Arabia have excavated a lava tube — the naturally hollowed-out subterranean remnant of a lava flow.

• An uneasy alliance of Arab states helped defend Israel from Iran. Their resolve may soon be tested.

  “Those Arab countries are in a very critical situation,” said Oraib Al Rantawi, director of the Al Quds Center for Political Studies, a think tank based in Jordan’s capital, Amman. “There is no easy position to take for all of them, especially Jordan, which for geopolitical reasons has found itself trapped between two troublemakers — Iran and Israel.”

• Saudi Energy Giant ACWA Power Secures $80 Million Loan From Bank Of China For Uzbekistan Solar Drive

  Saudi-based ACWA Power recognized as the world’s largest private water desalination company and a frontrunner in energy transition with a focus on green hydrogen, secured an equity bridge loan from the Bank of China amounting to $80 million to fund its Tashkent 200MW Solar PV and 500MWh BESS project in Uzbekistan.

• Mobile esports reaches new heights in 2024 with a boost from Saudi Arabian investment

  It’s shaping up to be a banner year for the mobile esports industry, with an unprecedented amount of activity in the space in 2024. The secret to all this growth? A healthy amount of investment from Saudi Arabia. Mobile esports activity has been picking up gradually since 2021, but 2024 could be one of the most lucrative years yet for the esports teams and players participating in popular mobile games such as “PUBG Mobile” and “Mobile Legends: Bang Bang” (MLBB).

• Saudi Arabia Moves Closer to $1 Billion Barrick Pakistan Deal

  Saudi Arabia is moving closer to a potential deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold Corp., people with knowledge of the matter said.

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