“The influx, primarily between 2021 and 2023, has been encouraged by the Saudi government’s attractive incentives. These include a 30-year exemption from corporate income tax, withholding tax on headquarters activities, exclusive discounts, and comprehensive support services covering relocation, concierge, facilitation, and professional advice.”
Riyadh draws over 200 companies seeking government contracts in Saudi Arabia [Gulf News]
“For them, this is going to deliver increased profitability that they didn’t expect to have. The longer they have to divert, the higher their freight rates. They are definitely winners.”
Michelle Wiese Bockmann, senior shipping analyst at Lloyd’s List Intelligence, Stock prices of shipping companies are soaring because of Houthi attacks [Middle East Eye]
“Late last month, I found myself on the outskirts of Riyadh, Saudi Arabia, in the town of Diriyah, standing in front of the recently opened Museum of Contemporary Art (SAMOCA) and looking out at a vista that, as one local arts professional observed, captures what the Kingdom of Saudi Arabia (KSA) is all about. Before me, I could see the tranquil Wadi Hanifah valley where the locals of Diriyah gather for leisure activities, all the way to the distant towers of the $10 billion King Abdullah Financial District (KAFD) development in central Riyadh.”
Sarah Douglas, In Saudi Arabia, A Rush of Art Projects Open Amid the Noor Riyadh Light and Art Festival [Art News]
“According to the 2022 land transport bulletin issued on Wednesday by the General Authority for Statistics (GASTAT), there has been a notable 6.8% decrease in serious traffic accidents compared to 2021. GASTAT also highlighted a substantial increase in public bus transportation usage, with the number of passengers within and between cities reaching over 43.5 million in 2022. This marks a striking 233.9% rise from the previous year. Additionally, the total volume of domestic land freight saw an uptick, reaching 209 million tons in 2022, a 6.1% increase from 2021.”
Saudi Arabia reports decrease in serious traffic accidents in 2022 [Saudi Gazette]
“Is there a revolution? Yeah, there’s a revolution like when people went to Vegas. When Vegas opened, people asked who on Earth is going to go to the middle of the desert, but this is a game-changer. Saudi is the destination for big-time boxing.”
Frank Warren, veteran boxing promoter, Saudi Arabia eyes boxing in continued push for more professional sports [Sports Business Journal]
“According to official data, the number of subscribers in public and private investment funds in Saudi Arabia has surpassed one million for the first time. At the end of the third quarter of 2023, there were over 1.126 million subscribers, marking a significant increase compared to the same period last year when the number stood at 677,400. This represents a remarkable 66 percent growth. The real estate sector, encompassing both public and private funds, accounted for the largest number of subscribers, SPA reported.”
Saudi investment funds surpass one million participants milestone in Q3 [Economy Middle East]
“Venice is very important for any artist in their career. But it’s about bringing our Saudi art. The cultural scene in this country is very strong, it always was, but it wasn’t seen. There is a transformation taking place.”
Manal AlDowayan, Saudi art blooms with the kingdom’s transformation [Arab Gulf Business Insight]
“Global architecture studio Populous presents a luminous Esports arena designed for Qiddiya City, Saudi Arabia. The proposal will ‘redefine the esports experience,’ and will introduce the world’s largest combined total area of video screens and 4D haptic seats that allow spectators to sense, feel, and even smell the action of the video game — elements that may help to draw viewers into the immersive worlds of the game. The synergy of colossal suspended screens, haptic seats, and state-of-the-art AV systems aims to lend a fully immersive experience for viewers, a ‘fantasy world for fans’ at the Qiddiya City Esports Arena.”
“We’re very scientific about which sectors need what kind of talent around the world because we still want to create more and more jobs. But with time, these jobs are going to be more high quality, and there will be room for talents.”
Faisal bin Fadel Al-Ibrahim, minister of economy and planning, Saudi Arabia’s vision is to become a magnet for global talent, says minister [Arab News]
“The new embassy, set to be the largest embassy compound in Saudi Arabia, is emblematic of the expanding U.S.-Saudi relationship. Today that relationship encompasses not only energy and security but also business, technology, education, innovation, and increasingly areas like art and culture.”
Michael Ratney, U.S. Ambassador to Saudi Arabia, Building for the Future: United States Breaks Ground on New Embassy Compound in Riyadh [U.S. Embassy Riyadh, Saudi Arabia]
