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QUOTED
“The impact of Jeddah Tower will extend far beyond its architectural grandeur. The construction of such an iconic structure will be a catalyst for transformative change within the Kingdom’s real estate and broader economic sectors.” Sankey Prasad, Chairman and MD, Middle East and India, Colliers, Saudi Arabia’s Jeddah Tower to serve as magnet for surge in global investment in the Kingdom, say experts [Arabian Business]
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TOP STORY
Saudi Arabia’s Ministry of Communications and Information Technology, in partnership with King Abdullah University of Science and Technology (KAUST) and Hello Tomorrow, has published a report on the Kingdom’s deep tech ecosystem. [more]
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MORE TOP STORYLINES
in argaam.com: Saudi Arabia closed investor requests for international bond issuance, as part of the Saudi Government International Bond program, the National Debt Management Center (NDMC) announced. Total subscription requests reached approximately $37 billion, exceeding three times the total issuance of $12 billion (SAR 45 billion), divided into three tranches, NDMC said in a statement. The first tranche amounted to $5 billion (SAR 18.75 billion) for three-year bonds maturing in 2028. The second tranche was $3 billion (SAR 11.25 billion) for six-year bonds maturing in 2031, while the third tranche was $4 billion (SAR 15 billion) for 10-year bonds maturing in 2035.
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Via Maya Mehrara in newsweek.com: Satellite images show that Mecca, a holy city according to Islam, has flooded after Saudi Arabia was hit with torrential rains due to a storm on Monday that swept away cars and caused havoc, the Saudi Gazette reported. The countrys National Center for Meteorology has issued red alerts due to heavy rain in regions including Al Qunfudhah, Al Ardiyat and Adam, and it has predicted the rain in Mecca will continue on Friday and Sunday. Photos and videos shared on social media show cars and roads being submerged in water. Like Mecca, another holy city, Medina, in Saudia Arabia has also flooded after the rainfall, in addition to Jeddah, a port city on the Red Sea. The Medina region received the most rainfall, at 49.2 millimeters, while Jeddah had 38 millimeters of rain. Hussein al-Qahtani, the spokesman for the National Center for Meteorology, wrote in a post on X that the rainy season that began tonight and will continue until Wednesday has begun to affect the northern regions, and will gradually extend to Qassim, Riyadh, the Eastern Province, Al-Baha, Asir, and the regions of Madinah and Makkah Al-Mukarramah and their coasts.
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Via Megha Merani in agbi.com: Funding for startups in Saudi Arabia dropped 44 percent to $750 million last year, the sharpest decline in the Middle East and North Africa, according to data analyst Magnitt. Across Mena, venture capital was down 29 percent to just under $2 billion, reflecting global trends of high interest rates and investor caution. Saudi Arabia was the region’s leader for funding value, Magnitt said, but late-stage dealmaking – a significant driver of growth – was noticeably absent. The UAE’s funding total dropped by 8 percent in 2024, to $613 million. The Emirates still led the region in deal count with 188 transactions – a 9 percent rise on 2023. “The decline broadly has been led by the removal of cheap money, which led to overvaluations and too much rubbish in startup portfolios,” said Bhaskar Dasgupta, chairman of the board at financial services provider Apex Middle East & India.
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MORE ON THE KINGDOM AND BEYOND
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Saudi Arabia's foreign reserve assets declined by SAR 49.1 billion, or 3%, month-on-month (MoM) to SAR 1.63 trillion in December 2024, according to the Saudi Central...[via argaam.com]
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Oil producer Saudi Aramco and Algeria's Sonatrach lowered January's official selling prices (OSPs) for liquefied petroleum gas (LPG) by between 1.6% and 6% from...[via yahoo.com]
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King Salman and Crown Prince Mohammed bin Salman expressed their condolences in separate messages to Chinese President Xi Jinping regarding the victims of the earthquake...[via arabnews.com]
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Saudi Arabia has borrowed $7bn through Islamic loans as it looks to shore up financing to press ahead with costly mega-projects designed to diversify...[via middleeasteye.net]
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The potential investment in TKO follows a Saudi Arabian effort in June to create a multibillion-dollar boxing league that would aim to...[By Tariq Panja and Kevin Draper via nytimes.com]
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Saudi Arabia condemned and rejected on Wednesday an Israeli map that claimed Jordanian, Syrian and Lebanese territories as part of so-called “greater Israel.” The Kingdom stressed...[via arabnews.com]
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The project, owned by Hafr Al-Batin Cooperative Association for Livestock and Marketing, will be located in Hafr Al-Batin Governorate, spanning an area of 11 million square meters. The...[via argaam.com]
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According to a survey conducted by Okaz newspaper, among these domestic workers, the number of women who joined the labor market as maids and house...[via saudigazette.com]
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Severe flooding has hit Saudi Arabia, particularly in Mecca, Jeddah, and Madinah, after record-breaking rainfall caused widespread destruction. Torrential downpours have turned streets into rivers,...[via youtube.com]
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While the fund is still investing abroad, especially via its subsidiaries like Alat, new flows are smaller and tend to have local economic development goals...[By Rachel Ziemba via fdiintelligence.com]
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The Royal Commission for Riyadh City (RCRC) has confirmed that the Orange Line of the Riyadh Metro, also known as the Al Madinah Al Munawwarah Axis,...[By Nour Fakharany via archdaily.com]
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The New Year’s Day terror attack in New Orleans is a warning that ISIS, and foreign terror groups in general, still have influence in...[By Meghann Myers via defenseone.com]
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Incoming US president Donald Trump and Hussain Sajwani, the billionaire chairman of Damac Properties, announced on Tuesday that the emirati will invest “at least”...[By Valentina Pasquali via agbi.com]
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