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Recent stories from sustg

  • Tourists to KSA spend over $37b in 2023
     

    The Ministry of Tourism released it’s annual tourism statistics report for 2023 this week reflecting significant growth in tourist numbers and spending.

     
  • Saudi Arabia’s Capex Super Cycle – Goldman Sachs
     

    In its informative August 14, 2024 Briefing Insight entitled “Only a quarter of Saudi Arabia’s $1 trillion capex plan will go into oil” Goldman Sachs’ analyst team examines the Kingdom’s projected capital expense spending to 2030.

     
  • Saudi Arabia leads GCC IPO momentum in Q2 2024
     

    In Q2 2024, the GCC witnessed a significant uptick in IPO activity, with 13 listings raising a combined $2.64 billion. This surge in capital was primarily focused on the healthcare, education, and technology sectors.

     
  • Calligraffiti – Saudi Artist Ahmed Al-Sulaimani
     

    Saudi artist Ahmed Al-Sulaimani is making a name for himself blending Arabic calligraphy and graffiti-inspired techniques and was recently featured in an Arab News report.

     
  • Saudi Arabia Updates Investment Law
     

    Building on previously announced reforms under Vision 2030 and the National Investment Strategy, the Cabinet has approved an updated investment law for Saudi Arabia. The updated law brings together several existing freedoms and rights and expressly applies them to investors under one unified framework, providing investors with greater transparency, flexibility and confidence.

     
  • Prince Mohammed bin Salman Royal Reserve
    • August 9,2024
    • •
     

    Covering 24,500 KM2, the Prince Mohammed Bin Salman Royal Reserve is located south of Neom in northwestern Saudi Arabia. It covers 1% of Saudi Arabia’s terrestrial area and 1.8% of its marine area, it is home to over 50% of the Kingdom’s marine and terrestrial species.

     
  • Halo Space Preparing For Saudi Arabian Stratospheric Test Flight
     

    Spanish company HALO Space is developing a new form of space travel called stratospheric ballooning. This involves using a large helium-filled balloon to carry a pressurized capsule carrying passengers up to the stratosphere, which is about 35 kilometers 922 miles) above the Earth’s surface.

     
  • Saudi Arabia announces Labor Law amendments to improve work environment
     

    The Ministry of Human Resources and Social Development said the new amendments encompass 38 articles, deleting seven articles, and adding two new articles to the Labor Law. The new amendments will be effective after 180 days from the date of their publication in the official Gazette.

     
  • Chinese Language Instruction in KSA
    • August 6,2024
    • •
     

    During Saudi Crown Prince Mohammed bin Salman’s State Visit to China in February 2019 Saudi Arabia and China agreed to include the Chinese language as a curriculum at all stages of education in schools and universities across the Kingdom.

     
  • Saudi Solar Power capacity picking up speed
     

    GlobalData predicts that, at its current pace, Saudi Arabia’s renewable power capacity could increase at a compound annual growth rate (CAGR) of 40.1% between 2023 and 2030, to reach 31.5 GW by 2030 and 63.1 GW by 2035. 

     

MUST-READS

  • Saudi food delivery market valued at $511m

    Saudi Arabia’s online food ordering and delivery market was valued at $511.21 million last year and is forecast to grow 10.05 percent per annum until 2026, according to a new report.

  • Food waste costs Saudi Arabia $10.6bn annually

    Abdulrahman Al-Fadhli, the Kingdom’s environment, water and agriculture minister, has previously said that food waste costs the country SR40 billion ($10.6 billion) annually. Economic analyst Abdul Rahman Ahmed Al-Jabiri called for consumer awareness to be raised through priorities to change consumption patterns and reduce waste, especially with the growing demand for luxury goods over essential items.

  • Plant-based snack food startup expands in Saudi Arabia

    Plant-based snack food startup Freakin’ Healthy, which was established in 2018 by Saudi-born Lebanese-Canadian entrepreneur Roy Koyess, plans to quadruple the number of stores it serves in the Kingdom by the end of this year. Koyess came up with the Freakin’ Healthy concept in 2017, and it was launched in Dubai the following year.

  • Ambassador Reema bint Bandar Urges Increased Investments in Food Security

    "I'm calling out to you today to make an investment today that stabilizes tomorrow. An investment in food security means investing in women, children, education, social protection and rural infrastructure."

  • Saudi’s Foodics raises $20 million Series B to grow its all-in-one restaurant management platform

    Started as a cloud-based POS system for restaurants, Foodics now has big fintech ambitions focused on the F&B and retail sector of Saudi. It plans to use a part of the newly raised funds to work on them in addition to accelerating its international expansion and solidifying its position in the existing markets.

  • Saudi Arabian fast food chain Albaik forays into Bahrain

    Founded in 1974, Albaik is considered Saudi Arabia’s counterpart of American fried chicken fast food chain Kentucky Fried Chicken (KFC). The chain was mostly based in west coast of Saudi Arabia until a few years back, with locations in Jeddah, Makkah, and Al-Madinah. In 2018, Albaik expanded its presence with the opening of branches Riyadh and Alkharj.

  • Saudi November inflation at 5.8% y/y on higher food prices

    Higher food prices were the main driver of the increase, the authority said. “In particular, the increase of prices of Meat (+14.8%) and Vegetables (+22.2) was remarkable,” it said.

  • Saudi food delivery startup Jahez plans to go public in 2021

    Riyadh-based food delivery startup Jahez is planning an IPO for next year, its CEO Ghassab AlMandeel said during a fireside chat with Digital Digest’s Racha Ghamlouch at RiseUp Summit on Saturday. AlMandeel said this in response to a question about whether the startup may consider partnering with Delivery Hero in the future or would like to stay independent. He stated that the Saudi market alone is too big for multiple players to co-exist. Delivery Hero has been the biggest acquirer in the food delivery space of the Middle East, North Africa, and Turkey. It currently owns multiple food delivery brands in the region, most of which were either directly acquired by the German company or became a part of it as a result of indirect acquisitions. Delivery Hero owns a 63% majority stake in Saudi’s leading food delivery company, HungerStation.

  • Saudi Arabia: 10 years jail, 10m riyal fine for food and drug violations

    Saudi Arabia’s Food and Drug Authority warned that violators of its regulations concerning safety of food, fodders, medicine and medical equipment will face a maximum penalty of 10 years in jail and fines amounting to 10 million riyals, the Saudi Press Agency reported. Establishments dealing in adulterated food will be slapped with fines ranging from 100,000 to 1 million riyals. In the event of intentionality repeating the crime, the penalty increases to up to 10 years in jail and/or a fine of up to 10 million riyals, according to article 16 of the Food Law.

  • Saudi tech startup Foodics launches $100m fund for SMEs

    “This fund is set to revolutionise SME lending, as it will enable faster and more flexible lending than most of the lending facilities in the region. Our application process is indeed straight forward, as all is completed online on our platform, with the initial approval to be granted within as little as 24 hours and final approval in seven days. Foodics Capital is able to extend loans from $5,000 (SAR18,750), up to $133,000 (SAR500,000) as and when needed by small businesses.”