In episode 72 of The 966, the Riyadh Metro project, the game-changing public transportation project in Saudi Arabia’s capital, “will be opened soon.” A discussion on the hot real estate market in Riyadh and across Saudi Arabia. Then, to kick off the program’s “Yallah!” segment, the hosts spend some time talking about the Dakar Rally, which just wrapped up in the Kingdom, and marvel at the risks taken by the participating drivers.
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1:24 – Richard’s one big thing is the real estate market in Saudi Arabia, and discusses recent informations shared by the global real estate consultancy Knight Frank on the market in the Kingdom as well as the expanding giga-developments being undertaken across Saudi Arabia. Faisal Durrani, Partner – head of Middle East research for Knight Frank, said: “A bold new vision is unfolding in Saudi Arabia. The phenomenal transformation taking place in the world’s fastest growing economy is clearly visible across the entire urban landscape. With over 555,000 residential units, more than 275,000 hotel keys, in excess of 4.3 million square metres of retail space and over 6.1 million square metres of new office space expected by 2030, the planned construction in the kingdom will easily make Saudi Arabia the largest construction site the world has ever known.”
“What’s more, healthcare, education and wellbeing sit at the core of the transformative plans, which will contribute to an extraordinary evolution in the kingdom’s physical realm, making it unrecognisable from what we see today by the end of the decade.”
16:16 – Lucien’s one big thing is the big Riyadh metro project, priced at $22.5 billion, which is almost complete. The Riyadh Metro project, the game-changing public transportation project in Saudi Arabia’s capital, “will be opened soon,” Rai Al Youm reported on Wednesday, citing the German News Agency (DPA). The project is the largest for public transport networks in the world. The announcement was reportedly made by Fahd Al-Rasheed, the chief executive officer of the Royal Commission for Riyadh City.
Al-Rasheed, in a statement to DPA, said that the King Abdulaziz Public Transport Project will open “its first phase at the beginning of this year, to be followed by other phases at close intervals.”
The first phase of Riyadh Metro is reportedly expected to start in March and the final operation will take place before the year ends.
23:55 – Yallah! 6 top storylines to get you up to date headed into the weekend.
Nasser Al-Attiyah captured his second straight Dakar Rally on Sunday in dominant fashion, moving into second place in the event’s all-time list in the process. Al-Attiyah now has five wins in what has been considered rally racing’s top event. Stephane Peterhansel holds the all-time record with 14 Dakar wins, eight of which came in the premier car category. Sébastien Loeb finished in second place but was more than 80 minutes behind in the overall standings.
The 53rd edition of the World Economic Forum opened on Monday in Davos, Switzerland where leaders from across the globe will meet to discuss the global economy. The meeting follows a tumultuous year for the global economy with rising food prices driven by Russia’s invasion of Ukraine which began in February 2022, and which saw numerous countries imposing sanctions on many Russian politicians and oligarchs. A number of high-ranking officials from Saudi Arabia including Saudi ambassador to the US, Princess Reema Bandar Al-Saud and Economy Minister Faisal Alibrahim will attend the conference and participate in a number of panel discussions.
The number of Saudi women assuming diplomatic positions has increased to five, with the addition of Ambassadors Nisreen Al-Shibel and Haifa Al-Jedia to the list of Saudi representatives in the Kingdom’s embassies abroad. They join Princess Rima bint Bandar Al Saud, who took over the duties of the Saudi embassy in Washington, becoming at that time the first Saudi woman to hold the position of ambassador. She was later joined by Amal Al-Mouallimi, ambassador to Norway, and Enas Al-Shahwan, ambassador to Sweden.
Saudi Arabia keeps up pace of women’s development hosting first international tournament
Saudi Arabia, who have launched a bid to host the AFC Women’s Asian Cup 2026, have taken a further step forward with the women’s game in the country, with Dammam hosting the Kingdom’s first-ever women’s 11-a-side international tournament. The four-team tournament featuring Saudi Arabia, Comoros, Pakistan, and Mauritius, kicked off January 11 and runs until January 19. The hosting of the tournament in Dammam is being hailed as a major milestone for the women’s game as the country seeks to achieve a first FIFA ranking. A women’s first division is to follow, while the Saudis have also launched a school’s league for young women.
After a strong IPO year across the GCC, the Kingdom of Saudi Arabia is poised to strengthen its claim as the region’s strongest IPO hub in 2023 fueled by a pipeline of mega listings and private mandates to be won. According to Dialogic data, there was USD 9.37bn worth of IPO issuance on the local exchange Tadawul last year, just above the USD 8.5bn recorded in Dubai and USD 4.6bn on the ADX. January is already proving busy for the kingdom’s capital markets. Last week, four private sector issuers — manufacturer Al Watanian for Industries Company, Jamjoom Pharma, Mawarid Manpower Company, and Murabaha Marina Financing Company — gained regulatory approval from Saudi Arabia’s Capital Markets Authority (CMA) to list on the Tadawul.
Saudi Arabia has launched an investment fund to support the culture, tourism, entertainment and sports industries, state news agency SPA reported on Tuesday. The Events Investment Fund (EIF) will focus on developing and increasing direct foreign investment opportunities for a contribution of 28 billion riyals ($7.45 billion) to the country’s gross domestic product by 2045, SPA added.
