QUOTED

Quoted

“You are seeing more share of exits taking place in Saudi Arabia, but because Saudi’s venture has really only been active for about five years, many companies in Saudi have not hit the window for exits, relative to the rest of the Mena region. We are waiting and anticipating for exits to continue to rise in the next two to three years.” Philip Bahoshy, chief executive of data platform Magnitt, Why Saudi Arabia is emerging as key exit market for start-ups [The National]

TOP STORY

MoF’s 2025 Preliminary Budget Statement assessed

MOF

Jadwa Investment assesses the Saudi Ministry of Finance’s recently released Preliminary Budget Statement for 2025 and mid-year 2024 economic review. [more]

 

MORE TOP STORYLINES

High expectations, new players expected to take part in Saudi Arabia’s FII

in alarabiya.net: “We see some new big players coming to FII for the first time, and these people are the tech guys. So, you see people from Google, Microsoft, and IBM who were not really present before because they thought that FII would be just a world of bankers and private equities. Now we see the tech companies coming, which is great for us,” Attias said.

Aramco’s Venture Arm Allocates $100 Million for AI Investments

Via Fahad Abuljadayel in bloomberg.comSaudi Aramco’s venture arm has earmarked $100 million to invest in artificial intelligence startups as it looks to accelerate Saudi Arabia’s push to become a more competitive force in global AI. Wa’ed Ventures has appointed an advisory board made up of former employees from companies including Meta Platforms Inc. and Amazon.com Inc. to explore early-stage investments in the sector. Money will be deployed over the next three years, according to the company. “This investment will not only incentivize local entrepreneurs but also support the localization of global talent,” Anas Algahtani, acting chief executive officer of Wa’ed, said in a statement on Sunday.

Renewed sense of purpose drives GCC transformation

Via Mehran Haghirian in amwaj.media: The GCC’s ability to navigate its persistent internal challenges stems from a new pragmatic approach. Member states are free to pursue their individual national interests while still collaborating on key issues that benefit the bloc as a collective. This flexibility has allowed the GCC to remain relevant and make significant strides on the global stage, even if it does not always present a unified front. Decades of gradual institution-building and diplomacy, marked by numerous joint meetings at various levels each year, have laid the groundwork for this shift.

 

MORE ON THE KINGDOM AND BEYOND

Saudi Arabia hits 900+ sports sponsorships in quest for influence

The study mapped 910 sponsorships in different sports and 1,412 positions in 207 Saudi entities, noting that the kingdom has significantly expanded its web of...[By Ed Dixon via sportspro.com]

 

France’s EDF, TotalEnergies awarded Saudi solar tenders during Macron visit

TotalEnergies will build an 0.3 gigawatt (GW) solar park in Saudi Arabia, while EDF Renewables will build...[By America Hernandez via reuters.com]

 

KAPSARC and Climeworks to explore feasibility of Direct Air Capture solutions in Saudi Arabia

The MoU outlines a roadmap to assess the deployment of new DAC systems in the Kingdom, focusing on availability of natural resources including subsurface CO₂...[via climeworks.com]

 

Saudi Arabia and World Bank Group to Establish a Global Knowledge Hub in Riyadh

The World Bank Group–Saudi Arabia Knowledge Hub (K-Hub) will serve as a platform for knowledge generation and exchange to drive greater development impact for countries....[via worldbank.org]

 

How French and Saudi architects are redesigning the cities of tomorrow

Saudi Arabia today is synonymous with megaprojects. Since the launch of the Vision 2030 reform agenda, the Kingdom has rolled out a range of major...[By Zeina Zbibo via arabnews.com]

 

Saudi Arabia announces 5 new initiatives worth $60 million at SGI Forum

Saudi Arabia unveiled five new initiatives, valued at $60 million (SR 225 million), reinforcing the Kingdom's leading role on climate and environment efforts. The initiatives were...[via saudigazette.com]

 

Saudi Arabia signs solar deals with France’s TotalEnergies

A separate power purchase agreement for the Kingdom’s Al Masa’a solar power plant project was signed between the Saudi Power Procurement Company (SPPC), French state-owned...[via alarabiya.net]

 

Crown Prince: Saudi Arabia provides $6B funding for 200 water projects

Crown Prince and Prime Minister Mohammed bin Salman inaugurated the “One Water Summit” in Riyadh on Tuesday evening in the presence of several presidents and...[via argaam.com]

 

FIFA, Clifford Chance Accused of ‘Whitewashing’ Saudi Human Rights Record in World Cup Bid

As FIFA approaches its December 11 vote to appoint the 2034 World Cup host, the football association is once again under fire for allegedly...[By Dario Sabaghi via law.com]

 

Saudi NEOM partners with CarbonCure and Gulf Cryo on low-carbon concrete push

Efforts to integrate carbon capture and utilisation (CCU) technologies into construction in Saudi Arabia’s futuristic Neom city have taken a major step forward as CarbonCure...[By Anthony Wright via gasworld.com]

 

Saudi Arabia bets on tech to make deserts bloom

Saudi Arabia accounts for nearly 75 percent of Middle East investment in climate technology start-ups worldwide, according to a 2023 report by auditor PwC. But its...[via phys.org]

 

Saudi Arabia’s Neo Space Group to Acquire UP42 from Airbus

Saudi Arabia’s Neo Space Group (NSG) is making an acquisition in the Earth observation space, acquiring UP42 from Airbus Defence and Space. Terms of the deal were not disclosed in...[By Rachel Jewett via satellitetoday.com]

 

Locating EV Charging Stations to Enable Intercity Travel in Saudi Arabia

The development of electric vehicle (EV) infrastructure presents a promising pathway to reduce transportation emissions, particularly when integrated with low-carbon...[By Ryan Alyamani and Thomas Gertin via kapsarc.org]

 

How FIFA helped pave the way for Saudi 2034

In October 2023, FIFA made a surprising move that effectively set the stage for Saudi Arabia’s bid to host a future FIFA World Cup...[via playthegame.org]

 

Aramco’s Diversification Strategy: Fueling Saudi Arabia’s Vision 2030

Saudi Aramco is not only the largest oil producer globally but also the most profitable business, surpassing tech giants like Apple and...[By John Calabrese via agsiw.org]

 

France targets Saudi PIF’s ‘colossal’ investment power

During a three-day official state visit focused on boosting business ties, Mr Macron told a Saudi-French business forum in Riyadh that one of...[By Sunniva Rose via thenationalnews.com]

 

Macron announces France-Saudi partnership to co-host conference on creating Palestinian state

French President Emmanuel Macron announced on Tuesday, December 3, that he and Saudi Arabia's de facto ruler, Crown Prince Mohammed bin Salman, would...[via lemonde.fr]

 

Saudi Arabia’s network of spending and influence detailed before getting 2034 World Cup from FIFA

More Saudi commercial deals are expected after the 2034 World Cup decision, either for the 2026 edition being played in North America or the revamped...[By Graham Dunbar via apnews.com]

 

Saudi energy minister sees net zero as scenario that ‘can never happen’

The minister said at the Saudi Green Initiative Forum in Riyadh that the world is currently going through a "reality check" on net zero...[By Rosemary Griffin via spglobal.com]

 

Macron: France, Saudi Arabia will co-chair conference on creating Palestinian state

French President Emmanuel Macron announced on Tuesday that he and Saudi Arabia’s Crown Prince Mohammed bin Salman would co-chair a conference...[via alarabiya.net]

 

$50 Billion Saudi Debt Drive Reflects Rising Financial Strain

The Saudi government and entities like its Public Investment Fund have issued around $50 billion in bonds in 2024, according to data compiled by...[By Omar El Chmouri and Abeer Abu Omar via bloomberg.com]

 

Saudi Finance Firm’s $264 Million IPO Sells Out in Minutes

Saudi Arabian financial services firm United International Holding Co. had demand for all shares in its up to 990 million...[By Julia Fioretti and Matthew Martin via bloomberg.com]

 

Wall Street and Tech Royalty Fly to Saudi Event Amid Mideast War

But those arriving at the Future Investment Initiative - often dubbed Davos in the desert - seem undeterred, sensing an opportunity to...[By Matthew Martin via bloomberg.com]

 

Saudi Arabia condemns military targeting of Iran, urges restraint amid regional tensions

In a statement, Saudi Arabia urged all involved parties to exercise maximum restraint and to de-escalate tensions, warning of the potential consequences of continued military...[via saudigazette.com]

 

Saudi deputy foreign minister engages in key diplomatic meetings at donors’ conference in Jeddah

Saudi Arabia’s deputy minister of foreign affairs Waleed Elkhereiji held a series of high-level meetings on Saturday on the sidelines of the Donors’ Conference to Support Internally...[via ]

 

With no exit strategy for Israel in Gaza, critics fear an open-ended stay

Retired Israeli general Giora Eiland believes Israel faces months of ...[By Jonathan Saul and James Mackenzie via reuters.com]

 

Israel’s Shifting Policies Toward the West Bank

The current government is taking advantage of the situation created on October 7, 2023, to bring about a fundamental change on the ground...[By Mtanes Shihadeh via arabcenterdc.org]

 

Harris vs. Trump on the War and Crisis in the Middle East

The Middle East Institute has tracked the positions of both main candidates during the past three months. This policy assessment examines the statements and positions staked...[By Brian Katulis, Athena Masthoff via mei.edu]

 

US power grid added battery equivalent of 20 nuclear reactors in past four years

From barely anything just a few years ago, the US is now adding utility-scale batteries at a dizzying pace, having installed more than 20...[By Oliver Milman via theguardian.com]

 
 

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