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QUOTED
“The Gulf’s sovereign wealth funds controlled by governments of Abu Dhabi, Qatar and Saudi Arabia “invested a record” $82 billion in 2024, a rise of more than 10% from 2023.” Abu Dhabi’s Mubadala overtakes Saudi Arabia’s PIF as world’s top wealth fund spender [ Reuters]
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TOP STORY
From the Regional HQ Program to KSA’s winning FIFA World Cup bid to new listings on TASI and Nomu, Argaam offers 45 economic milestones for Saudi Arabia in 2024. [more]
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MORE TOP STORYLINES
Via Jonathan Gornall in arabnews.com: In 1924, Riyadh was a small oasis town, covering less than one square kilometer and home to no more than 30,000 people. One hundred years ago, the motor car had yet to displace the camel as the primary form of transport and the future capital of the Kingdom of Saudi Arabia was still contained within the defensive walls that had encircled it for 200 years. Today, Riyadh is a vast metropolis, the largest city on the Arabian Peninsula. Ever expanding, the capital is currently spread over 1,500 square kilometers and has a population close to eight million, largely reliant on the car.
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Via Mark Lomas in alarabiya.net: After a memorable 2024 for many of Saudi Arabia’s athletes, attention is now turning to the new year and the talented young sportsmen and women who could enjoy a breakout 2025. From football to swimming, MMA to motorsport – Al Arabiya English highlights the Kingdom’s most promising athletes for 2025.
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in saudigazette.com: The Ministry of Commerce has instructed all government and private entities that they should not use the term sponsor and should be satisfied with the term employer. The ministry emphasized that Article 2 of the Labor Law defines employer as any natural or legal person who employs one or more workers in return for a wage. The ministrys directive came in a letter sent by it to the Federation of Saudi Chambers. In turn, the federation has conveyed the ministrys directive through a circular sent to chambers of commerce and industry in various regions of the Kingdom. It was stated in the circular that the definition of worker is any natural person, male or female, who works for the benefit of the employer and under his management or supervision in return for a wage.
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MORE ON THE KINGDOM AND BEYOND
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Saudi Arabia's national teams who competed in international science and academic contests had tremendous success, winning 107 global awards across 25 events held between September...[via mawhiba.org]
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The Saudi Automobile and Motorcycle Federation (SAMF) has launched the Next Saudi Generation Program to support and develop Saudi talent in motorsports. The program, conducted in...[via spa.gov]
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Speaking in an interview with China Media Group (CMG), Araghchi said that the newly restored Iranian-Saudi ties have a lot of potential that haven’t been...[via alarabiya.net]
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Milan forward Tammy Abraham has hailed the impact of the support in Riyadh as his side booked their place in the Supercoppa Italiana final. The Englishman...[via yahoo.com]
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The Saudi Arabian group SAVOLA has sold all its assets in Iran for 705 million Saudi riyals (approximately $188 million) and is exiting the country. SAVOLA,...[via iranfocus.com]
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Since Ronaldo's arrival in the SPL, the league has grown leaps and bounds. Players like Karim Benzema, Neymar, Riyad Mahrez, Sadio Mane, and...[By Apratim Banerjee via si.com]
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The Line 3 (Orange Line) covering Madinah Road would connect the east of Riyadh to its west, and extends from Jeddah Road in the west...[via saudigazette.com]
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On the back of the busiest sporting year Saudi Arabia has ever had, punctuated by news of the nation’s successful 2034 FIFA...[By Mark Lomas via alarabiya.net]
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The State Department approves the possible sale of 20 MK 54 MOD 0 Lightweight Torpedoes to Saudi Arabia for $78.5 million, according...[via alarabiya.net]
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Prince Faisal reiterated the Kingdom’s commitment to supporting Syria’s sovereignty, independence, and territorial integrity while emphasizing efforts to achieve security, stability, and prosperity for the...[via eurasiareview.com]
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The Saudi Ministry of Interior’s Absher Business platform has introduced updated fees for seven services offered to establishments, according to Okaz newspaper. Among the changes,...[via gulfnews.com]
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Rising sea levels driven by the climate crisis will overwhelm many of the world’s biggest oil ports, analysis indicates. Thirteen of the ports with the...[By Damian Carrington via theguardian.com]
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Saudi officials have signed a preliminary deal this week to issue residential mortgage-backed securities, a first for the Gulf. The Saudi Real Estate Refinance Company (SRC),...[By Valentina Pasquali via agbi.com]
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Government employees were among 145 people arrested in Saudi Arabia over corruption charges last month. The country’s Oversight and Anti-Corruption Authority (Nazaha) conducted 1,462 “oversight visits”...[By Gavin Gibbon via agbi.com]
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Oman will impose a minimum top-up tax (DMTT) of 15 percent on multinational companies from January 1, according to a royal decree published by the ...[By Pramod Kumar via agbi.com]
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How UAE is Beating Saudi Arabia, Qatar, Oman, Bahrain, Jordan, Iran, Iraq, Kuwait, Israel, Lebanon, and Syria in Surging Tourism Growth Across the Middle East
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But what truly sets the UAE apart isn’t just its attractions—it’s how the country consistently reinvents itself. While Saudi Arabia is still developing its Vision...[via travelandtourworld.com]
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