MUST-READS

• Ramadan 2025: Saudi Arabia calls on Muslims to sight crescent moon on Feb. 28

  Saudi Arabia’s Supreme Court has called on Muslims to sight the crescent moon of Ramadan on the evening of Friday, February 28. The date corresponds with the 29th of Shaaban 1446 in the Islamic Hijri calendar. “The Supreme Court requests that anyone who sees it (the moon) with the naked eye or through binoculars informs the nearest court and registers their testimony, or contacts the nearest center to assist them in reaching the nearest court,” the authority said in its statement. If the moon is spotted on Friday evening after the Maghrib, or sunset, prayer, then Ramadan will commence on March 1. However, if the crescent moon is not spotted, then the holy month will begin on March 2.

• UFC, WWE owners ‘close’ to Saudi Arabia deal for new boxing league; report $2.8B in TKO revenue for 2024

  TKO, the parent company of the UFC and WWE, is nearing an agreement with the Saudi Arabian public wealth fund to create a new boxing league, TKO Group Holdings COO Mark Shapiro told investors on Wednesday’s earnings call. “Everybody knows we're in talks with the Saudis, but to give you a little more color, I will tell you that we are close on an agreement with the Saudis on the creation of a boxing league where we, TKO, would be the producer, the promoter and responsible for all day-to-day operations of the venture, whereby we would receive a fee of $10 million-plus,” Shapiro said during the question-and-answer portion of the call. Shapiro stressed TKO will not be putting any capital into the project and will not be absorbing any added financial risk. That will fall on the Saudi Arabia Public Investment fund, though Shapiro did say TKO will stand to earn equity in the venture over a five-year period, depending on certain benchmarks.

• Saudi Arabia’s aviation sector achieves record 128 million passengers in 2024

  According to the General Authority of Civil Aviation (GACA), Saudi Arabia’s air transport sector reached a new milestone in 2024, recording over 128 million passengers. The figure represents a 15% increase from 2023 and a 25% rise compared to pre-pandemic levels, confirming the kingdom’s continued expansion as a leading global aviation hub. Of the 128 million travellers, 59 million were on domestic flights, while 69 million travelled internationally. According to British travel data provider OAG, the Jeddah-Riyadh domestic route recorded the largest increase in seat capacity globally, while the Cairo-Jeddah route ranked as the second busiest international route worldwide. The number of flights across Saudi airports reached 905,000 in 2024, reflecting an 11% increase compared to the previous year.

• Saudi Arabia sets Guinness World Record for largest Ardah performance during Founding Day festivities
  Saudi Arabia has clinched a Guinness World Record for hosting the largest performance of the traditional Saudi Ardah. The event, staged on Sunday at Al Adl Plaza in Riyadh, drew more than 50,000 people and concluded four days of Founding Day celebrations starting from February 20 to 23. The Ardah — one of Saudi Arabia’s most distinctive cultural expressions — featured 633 performers in synchronized drumming and dancing, claiming the record for the biggest gathering of its kind. The performance was the centerpiece of Saudi Arabia’s commemoration of its Founding Day, an annual occasion celebrated on February 22 to honor the early origins of the Saudi state.

• Saudi Arabia announces new rules for use of Riyal symbol
  The Saudi Central Bank (SAMA) has unveiled eight new rules governing the use of the Saudi riyal (SAR) symbol, following official approval from the Custodian of the Two Holy Mosques King Salman bin Abdulaziz. According to SAMA guidelines, the symbol must be positioned to the left of numerical values with a space between them. The rules specify that the symbol must maintain proper proportions, align with the surrounding text direction, and contrast with background colours for visibility. The term ‘Riyal’ traces back to 1346 AH during King Abdulaziz’s reign, marking the introduction of the Kingdom’s unified currency. A royal committee comprising representatives from the Ministry of Culture, the Ministry of Media, and the Saudi Standards, Metrology, and Quality Organisation developed the symbol through multiple phases.

• PIF unit to manufacture lifts in Saudi Arabia

  Alat, a Public Investment Fund-backed manufacturing company, is setting up a €160 million ($168 million) joint venture with Germany’s TK Elevator to manufacture lifts and escalators in Saudi Arabia, the German company said in a statement. Alat, which was launched in February last year by Saudi Crown Prince Mohammed bin Salman, has acquired a 15 percent stake in the Dusseldorf-based TK Elevator, becoming a direct shareholder, the company said. The deal is expected to close by the third quarter of the year. The new entity will have its headquarters in Saudi Arabia and will manufacture lifts, escalators and moving walkways in the kingdom for the region’s giga-projects and other large-scale developments. In February 2020 Germany’s Thyssenkrupp sold its elevator division, later renamed TK Elevator, for €17.2 billion.

• Investors Snap Up Saudi Arabia’s Debut Euro Green Bond

  Saudi Arabia is on track to sell a €1.5 billion ($1.58 billion) debut green euro bond after drawing in €7.25 billion of investors bids as it seeks to fund its ambitious economic-transformation plan. The transaction, the first such trade from a sovereign in the Middle East and North Africa, is being sold alongside a €750 million 12-year conventional bond that is expected to price at 145 basis points over mid-swaps, the person said. Books on that tranche are over €2.7 billion. The green offering is a first for the Saudi central government as the world’s top crude-oil exporter looks to reach net zero emissions by 2060. The Saudi sovereign wealth fund known as the PIF started issuing green debt in 2022.

• Flow48 Secures $69M Series A Funding to Expand into Saudi Arabia and Scale Operations

  Flow48, a leading fintech transforming SME lending across emerging markets, is excited to announce today the successful close of its $69 million Series A funding round. The round, which is a combination of debt and equity, was led by Breega and has seen further investments from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC, among others. This milestone marks a major step forward in the company’s mission to redefine access to capital for underserved SMEs across the Middle East and Africa.

• Saudi Arabia, UK gird to forge strategic minerals alliance

  Saudi Arabia and the United Kingdom last month announced the signing of a landmark agreement in the critical minerals sector, marking a pivotal step in addressing global shortages while advancing mutual economic and strategic priorities. The accord, inked at the recent Future Minerals Forum in Riyadh, seeks to bolster supply chains, attract foreign investment and unlock new opportunities for British businesses. The collaboration on minerals such as copper, lithium, and nickel aligns closely with Saudi Arabia's strategy to diversify its economy beyond hydrocarbons. It also positions the Kingdom as a global hub for critical minerals trade, placing it at the center of efforts to meet growing global demand. For the UK, the deal is in line with ambitions to secure vital materials for emerging technologies in its industrial sector. Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has emphasized the scale of the opportunity, saying, “The world will require 6T USD in investments over the next decade to meet surging demand for critical minerals, driven by the energy transition and artificial intelligence.”

• Saudi Arabia’s housing market challenged with soaring prices, high borrowing costs

  Saudi Arabia faces growing challenges in its residential real estate market as soaring prices and high borrowing costs cool appetite for home ownership, according to the real estate consultancy Knight Frank. Demand from first-time buyers looking to purchase a home has slipped to 29 percent from 40 percent in 2023, the firm said, citing a survey of more than 1,000 households. Many home buyers believe prices are too high, need more time to save and want more financing options, according to Knight Frank’s 2025 Saudi report. Apartment prices in the capital of Riyadh rose almost 11 percent to the equivalent of about $1,500 per square meter in 2024, according to the research firm. “The crux of the issue is the misalignment between buyer expectations and the current pricing or market realities,” Faisal Durrani, head of Middle East research at Knight Frank, said in an interview in the kingdom.

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