MUST-READS

• Saudi Arabia, Lebanon Issue Joint Statement, Stress Taif Agreement and Regional Coordination

  The Kingdom of Saudi Arabia and the Lebanese Republic affirmed the importance of strengthening Arab action and coordinating positions on key issues in the regional and international arenas. They also emphasized the importance of the full implementation of the Taif Agreement, the application of relevant international resolutions, the extension of state sovereignty over all Lebanese territories, the exclusive possession of arms by the Lebanese state, reiterating the national role of the Lebanese army, the importance of supporting it, and the necessity of the withdrawal of the Israeli occupation forces from all Lebanese territories.

• Ninja Seeks $1 Billion Valuation in Fundraising Round Ahead of IPO

  Ninja, a Saudi Arabia-based quick commerce firm, is in talks with investors to raise funds, potentially valuing the company at over $1 billion. The funding round is led by Riyad Capital and could close as early as this month. The company is preparing for an IPO by 2027.  Operating in Saudi Arabia, Bahrain, Qatar, and Kuwait, Ninja aims to capture a larger share of the Gulf region’s growing e-commerce market. Its business model focuses on the rapid delivery of products like groceries and pet supplies through local fulfillment centers. The company’s expansion into neighboring markets underscores its ambition for regional dominance.

• KFSHRC Rises 20 Spots in Newsweek’s Global Top 250 Hospitals Ranking

  King Faisal Specialist Hospital & Research Centre (KFSHRC) has again secured its position as the top hospital in Saudi Arabia for the fourth consecutive year, according to Newsweek’s 2025 ranking of the world’s best hospitals. KFSHRC has made strides, jumping 20 places from last year's list, indicating a 9% improvement in this prestigious ranking. Among more than 200,000 hospitals operating globally, Newsweek and Statista evaluate only 2,400 institutions and publish an annual list of the top 250 hospitals. The ranking is based on various criteria, including medical performance indicators, healthcare outcomes, and expert recommendations from international healthcare professionals. In 2024, KFSHRC set a new record with 1,111 organ transplants in one year, including 500 successful kidney transplants through the paired exchange program, reinforcing its status as a global leader in complex surgeries and organ transplantation. The hospital also provided advanced medical care to patients from 17 different countries, solidifying Saudi Arabia’s position as a premier destination for healthcare.

• Cracking the Saudi consumer code: what global brands get wrong

  For years, global brands have entered Saudi Arabia with a simple playbook: translate the tagline, swap in local imagery, and assume what works elsewhere will work here. But as Saudi Arabia undergoes a seismic transformation under Vision 2030, this outdated approach is no longer enough. The Saudi consumer is evolving fast, and brands that fail to adapt risk being left behind. One of the biggest misconceptions is treating Saudi Arabia as a single, huge market. The reality? The kingdom is a complex mix of regions, dialects and generational attitudes. What resonates in Riyadh may not land the same way in Jeddah or Dammam. Adding to this complexity is the growing expat population. As Saudi Arabia continues to open up, its workforce is diversifying, and with it, consumer expectations are shifting. The traditional Saudi audience remains vital, but brands must also recognise the needs of a rising expat community that influences market trends.

• Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on healthier oil market outlook

  The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met virtually on March 3, 2025, to review global market conditions and the future outlook. Taking into account the healthy market fundamentals and the positive market outlook, they re-affirmed their decision agreed upon on December 5, 2024, to proceed with a gradual and flexible return of the 2.2 mbd voluntary adjustments starting on 1st April, 2025, while remaining adaptable to evolving conditions. Accordingly, this gradual increase may be paused or reversed subject to market conditions. This flexibility will allow the group to continue to support oil market stability.

• The 2025 Global Energy Agenda

  The scale of political transformation that took place throughout the democratic world in 2024 will be evident when the Group of Seven (G7) convenes under new Canadian leadership later this year. Ultimately, elections last year led to a notable political shift to the right, laying the foundation for a new international energy and climate architecture. Global affairs are only part of the story, however. The release of generative artificial intelligence (AI) models like ChatGPT and OpenAI illustrate the emergence of novel challenges with global consequences on par with those stemming from foreign affairs. For a world still largely pursuing a net-zero future, its leaders must now also contend with yet another competitive race between the United States and China, this time for dominance over key aspects of the development, deployment, and governance of a technology central to global military and economic primacy.

• Saudi SRC signs $907mln deal to acquire mortgage portfolio from Saudi National Bank

  The Saudi Real Estate Refinance Company (SRC) has signed a 3.4 billion riyals ($907 million) agreement with Saudi National Bank (SNB) to acquire a mortgage portfolio, in a deal in which the largest bank in the kingdom is able to free up its capital and the mortgage refinance provider drives forward its agenda to infuse liquidity into the system.  SRC, owned by the Public Investment Fund (PIF), the Saudi sovereign wealth fund, is mandated to increase the availability of affordable housing finance options for Saudis. In providing Shariah-compliant refinancing and balance sheet management solutions to primary mortgage financiers, it has been buying up mortgage books from banks and finance companies in recent years. Late last year, it acquired a SAR 1 billion mortgage portfolio from Bidaya Finance. In 2023, the kingdom’s biggest Islamic lender Al Rajhi Bank by mortgage assets and market capitalisation, sold a portfolio of real estate loans to SRC for over SAR 5 billion. For their part, Saudi banks are looking to offload mortgages off their books as liquidity tightens in the banking system with deposits lagging loan growth.

• Saudi Monshaat: 67% increase in commercial registrations during Q4 2024

  There has been a 67 percent increase in commercial registrations, bringing the total number to 1.6 million during the fourth quarter of 2024. According to the quarterly SME Monitor Report released by the Small and Medium Enterprises General Authority (Monshaat), the majority of these registrations were concentrated in Riyadh, accounting for 39 percent, followed by Makkah with 17 percent, the Eastern Province 16 percent, Qassim 6 percent, and Asir 5 percent. The remaining 17 percent were distributed across other regions. More than 51,000 individuals have benefited from the Monshaat Academy, 41,076 SMEs accessed the authority’s support centers, and nearly 6,100 beneficiaries used the Mazaya platform

• Why businesses must bridge the ‘generational gap’ to align with Saudi’s AI ambitions

  A significant challenge lies in bridging the generational gap in AI adoption. Younger generations, particularly Gen Z, have grown up immersed in technology and tend to feel at ease leveraging AI in the workplace. Millennials, who have witnessed firsthand the transformative power of digital innovation, are close behind. In contrast, more experienced professionals, including Gen X and Baby Boomers, often express greater caution, reflecting a natural hesitancy to embrace new ways of working. This divergence is especially relevant as in the kingdom, nearly two-thirds of the population are under 30. Yet older generations still hold many decision-making roles within organisations. As companies aim to unlock AI’s transformative potential, they must address this gap, ensuring that employees across all demographics are equally equipped to harness AI’s benefits.

• US firm wins world’s tallest tower deal

  US-based Turner has been appointed as the project manager for the 1,000-metre-plus Jeddah Tower in Saudi Arabia. Turner was the project manager for the Burj Khalifa in Dubai, which at 828 metres tall has been the world’s tallest building since 2010. The appointment comes amid other signs of clear progress on the Jeddah Tower. The concrete pouring works for Jeddah Tower began on 20 January, marking the official recommencement of construction works. The project’s contractor, the local Saudi Binladin Group (SBG), has received a payment of SR712m ($190m) for work on the tower. Last year, the project development company, Jeddah Economic Company (JEC), signed an estimated SR8bn 42-month contract with the local SBG to resume construction work on the tower. SBG then began engaging with the supply chain to work on the project. SBG awarded Beijing-headquartered Jangho Group a facade works contract that involves engineering design and technical services for the project’s structural glass and adhesive curtain walls.

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