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QUOTED
“China is the largest source of outbound tourists globally, home to over 400 million individuals with substantial disposable income. According to Skift reporting, Chinese travelers took 155 million trips abroad in 2019, spending nearly $255 billion — 14 percent of global tourism revenue. The total number of outbound trips from China is expected to exceed 365 million by 2030.” Saudi Arabia Eyes Major Slice of China’s Tourism Market [Skift]
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TOP STORY
Saudi Arabia hosted an Arab League and the Organisation of Islamic Conference joint summit where Crown Prince Mohammed Bin Salman and other Arab leaders intensified criticism of Israel’s actions in Gaza and Lebanon. [more]
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MORE TOP STORYLINES
Via Frank Gardner and Hafsa Khalil in bbc.com: Saudi Crown Prince Mohammed bin Salman has condemned Israel’s actions in Gaza as “genocide” in some of the harshest public criticism of the country by a Saudi official since the start of the war. Speaking at a summit of Muslim and Arab leaders the prince also criticised Israeli attacks on Lebanon and Iran. Israel has vehemently denied that its forces are committing genocide against Palestinians in Gaza. In a sign of improving ties between rivals Riyadh and Tehran, Prince Mohammed also warned Israel against launching attacks on Iranian soil.
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Via Sapna Jagtiani in spglobal.com: Residential real estate prices and rents continue to soar in Saudi Arabia. The cities of Riyadh and Jeddah saw year-on-year sales prices jump by 10% and 5%, respectively, in the first half of 2024, according to property consultancy company JLLs KSA Market Dynamics Report H1 2024. Rental yields also remain high, with year-on-year growth of 9% in Riyadh and 4% in Jeddah. The total number of real estate transactions across all asset classes surged by 38% to just over 106,700 in the first half of 2024, while their total value leapt by 50% to Saudi riyal (SAR) 127.3 billion, according to global real estate company Knight Franks Saudi Arabia Residential Market Review – Summer 2024.
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Via Ahmed Falah Al-Jahni in maaal.com: Between 2010 and 2023, Saudi Arabia’s GDP grew by approximately 102%, while population growth registered at around 34%, underscoring a balance between economic growth and improvements in living standards. In 2010, GDP per capita stood at 82,500 riyals. A sharp rise followed in 2011, with a 22% increase lifting the figure to 100,000 riyals. This upward trend continued in 2012, reaching 106,000 riyals.
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MORE ON THE KINGDOM AND BEYOND
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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]
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TotalEnergies will build an 0.3 gigawatt (GW) solar park in Saudi Arabia, while EDF Renewables will build...[By America Hernandez via reuters.com]
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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]
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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]
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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]
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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]
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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]
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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]
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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]
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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]
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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]
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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]
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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]
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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]
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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]
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Expectations that Trump’s second term will see him renewing pressure on Iran over its nuclear program, push for an end to regional...[By Adveith Nair, Zainab Fattah, and Matthew Martin via bloomberg.com]
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U.S. President-elect Donald Trump said on Monday he will appoint Republican former Congressman Lee Zeldin to head the Environmental Protection Agency. Zeldin...[By Kylie Maclellan, Deborah Kyvrikosaios, Farouq Suleiman, Marc Jones and Hani Richter via reuters.com]
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The United Arab Emirates (UAE) has in past years made significant strides towards economic diversification, with a strategic focus on advanced technologies such as artificial...[By Francesco Salesio Schiavi via amwaj.media]
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Senior political figures in Iran, including government officials, are signaling an openness to dialogue with the Donald Trump administration. In parallel, the Islamic Republic is...[via amwaj.media]
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Aid workers and U.N. officials paint a picture of complete devastation. Louise Wateridge, a spokesperson for the U.N. agency for Palestinians, UNRWA, posted a...[By Ishaan Tharoor via washingtonpost.com]
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International aid groups said that Israel had failed to meet a series of U.S. demands intended to...[By Emma Farge via reuters.com]
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The Israeli military pounded Beirut's southern suburbs with airstrikes on Tuesday, mounting one of its heaviest daytime...[By Laila Bassam and Ari Rabinovitch via reuters.com]
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