MUST-READS

• Exploring the growing Extra Low Voltage industry in Saudi Arabia

  The ELV market in Saudi Arabia is segmented by end-users, with the commercial construction sector being the largest consumer, accounting for about 32% of the total demand in 2022. This segment includes office buildings, shopping malls, hotels, and other commercial establishments that require sophisticated ELV solutions for security, communication, and automation purposes. The education sector is another significant segment, representing 14% of the market. Schools, colleges, and universities are increasingly adopting ELV systems to enhance security, improve communication, and integrate advanced technological solutions into their infrastructure. The healthcare sector follows closely, contributing 12% to the market demand. Hospitals and medical facilities require robust ELV systems for security, communication, and life safety systems.

• Saudi Arabia’s Q3 budget deficit decreases to $8bn

  Saudi Arabia reported a budget deficit of SR30.23 billion ($8.06 billion) for the third quarter of 2024, a decrease of 15 percent compared to the same period last year, according to the Ministry of Finance. This brings the total deficit for the nine months ending in September to SR57.96 billion, remaining in line with the ministry's previous forecasts. Government revenues increased by 20 percent compared to the same quarter last year, reaching SR309.21 billion. Expenditures also rose, up 15 percent to SR339.44 billion, resulting in a budget deficit of SR30.23 billion.

• India eyes fintech, clean hydrogen cooperation with Saudi Arabia

  “This visit marks a significant milestone in strengthening the strategic partnership between India and the Kingdom of Saudi Arabia,” the Indian Ministry of Commerce and Industry said in a statement on Friday. “Both countries are also exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles, mining, etc. The Committee Meeting reviewed these developments and reaffirmed their commitment to advancing cooperation across various areas of shared interest.” The SPC was established in 2019. Its first meeting took place in New Delhi last year, during Crown Prince Mohammed bin Salman’s state visit to India.

• Saudi Arabia condemns latest violence in Sudan, urges conflict parties to respect laws

  War has raged in Sudan since April 2023 between the army under the country’s de facto ruler Abdel Fattah al-Burhan and the RSF, led by his former deputy Mohamed Hamdan Dagalo. At least 124 people have been killed and dozens wounded in the fighting in al-Jazira state over the past 10 days, according to the United Nations. Saudi Arabia also called on the warring parties to respect the Treaty of Jeddah and urged them to agree on a ceasefire and facilitate the delivery of human aid to those affected in the war-torn country.

• Saudi Arabia announces discovery of largest sea turtle nesting site in the Red Sea

  The Four Sisters Islands—Marmar, Dahreb, Malathu, and Jadir—are renowned for their high concentration of sea turtle nesting sites. To date, over 2,500 turtle nests have been recorded on these islands, establishing them as a crucial breeding ground for endangered sea turtles in the Red Sea. Remarkably, the sea turtles consistently return to these same nesting sites each year, underscoring the vital need to preserve these areas for the survival of these species. Furthermore, the islands host an exceptional number of endangered green turtles and critically endangered hawksbill turtles, making them some of the most significant sea turtle nesting sites in the region.

• The World’s Largest Building Breaks Ground in Riyadh, Saudi Arabia

  Construction has begun on the Mukaab, which will be the world’s largest building in Riyadh, Saudi Arabia. The indoor city will be the focal point of a 7-square-mile development dubbed Murabba, Riyadh's new downtown district. Derived from the Arabic word for cube, Mukaab is just that: a monumental, monolithic building that is perfectly symmetrical. The structure is slated to have a height, width, and length with the exact same measurement: 1,300 feet. Enclosed within an exterior screen whose triangular pattern is a modern interpretation of Najdi, the traditional Saudi architectural style, this geometric structure will contain an ‘interior’ city.

• As regional violence rages, Saudi Arabia pitches itself as investment hub

  “In a world marked by uncertainty, countries that can mobilize capital and bridge gaps between east and west, north and south, are essential,” said Yasir Al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund, or PIF, the world’s largest sovereign wealth fund. “Saudi Arabia stands as a super connector, with its unique resources and strategic geographic location,” he said. “Democracies are messy; benign monarchies are efficient,” said Peter Diamandis, a summit board member and entrepreneur. With fewer regulations, less oversight and massive amounts of capital, Saudi Arabia, he predicts, will see rapid progress in technologies from AI to autonomous vehicles.

• Saudi Arabia’s ACWA Power eyes new markets, more green hydrogen plants

  Saudi Arabia’s ACWA Power hopes to triple its business in the next five years to reach $250 billion in assets under management, a top company official said this week. ACWA Power’s chief investment officer, Thomas Brostrom, said the company currently has about $95 billion in assets under management. “We have a very ambitious growth plan,” Brostrom said in an interview at the Future Investment Initiative (FII) summit in Riyadh, highlighting significant agreements signed this week worth over $1.78 million. “You can feel the energy, it’s really bustling and sparkling energy,” Brostrom said of the FII.

• Saudi Arabia’s start-up airline places £6bn plane order in challenge to Gulf rivals

  This is in addition to an earlier agreement for 39 Boeing wide-bodies announced last year, which includes the option for another 33. Chief executive Tony Douglas said the Airbus jets will help “support economic growth” by establishing the comprehensive route network needed to transform the city of Riyadh into a global aviation hub.

• BlackRock Gets Nod From Saudi Arabia for Regional HQ in Riyadh

  With the move, BlackRock will be able to expand its operations across the Middle East, according to a statement. The company established BlackRock Saudi Arabia Company six years ago and is regulated by the kingdom’s Capital Market Authority. “BlackRock plays an important role in Saudi Arabia’s asset management landscape,” Hassan Alduhaim, senior adviser of the minister of investment of Saudi Arabia, said in the statement. “We look forward to BlackRock’s continued growth in Saudi Arabia and the Region.”

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