MUST-READS

• Saudi Arabia ready to turn every challenge into an opportunity

  The expected 2024 budget figures revealed a historic spending of SAR 1,345 billion ($358.67 billion), as a result of the government adopting expansionary spending policies that support the continuity of the path of sustainable development and economic diversification. Despite global crises, the Kingdom was able to strengthen its position through non-oil income that focused on quality and competitiveness, which supported the balance of payments.  From the beginning of 2024 until the end of the third quarter, real GDP witnessed a growth of 0.2 percent, driven by a 4.2 percent increase in non-oil activities. This positive performance, albeit slight, reflects the success of the stability of economic diversification policies that have made the Saudi economy less dependent on the oil sector, which is a strategic economic goal.

• Saudi Arabia aims to provide 80,000 housing units in 2025

  Saudi Arabia's 2025 budget includes, within the municipal services sector, providing 80,000 housing units across the Kingdom, in partnership with real estate developers. The state budget also entails serving more than 100,000 beneficiaries of the housing subsidy program through various housing products. This is besides ramping up the number of qualified contractors at the Ministry of Municipalities and Housing to reach 24,000, in addition to issuing 85% of commercial licenses within 24 hours via Balady Platform. The Saudi Cabinet approved on Nov. 26 the state’s general budget for 2025, which includes SAR 1.285 trillion expenditures and SAR 1.184 trillion revenues, with an expected deficit of SAR 101 billion.

• Thunderstorms forecast across Saudi Arabia until Sunday

  The General Directorate of Civil Defense has forecast thunderstorms in several regions across the Kingdom until Sunday. Makkah region is forecast light to moderate rain showers that could lead to flash floods, hail and dust-stirring winds, reported the Saudi Press Agency, while moderate to heavy rain is expected in Riyadh region. Asir and Jazan regions will also be affected by moderate to heavy showers, while the Qassim, Eastern and Baha regions will experience moderate rain. The regions of Madinah and Najran can expect light rain.

• Saudi Arabia’s King Salman inaugurates Riyadh Metro project

  Saudi Arabia’s King Salman inaugurated the Riyadh Metro project on Wednesday, Saudi Press Agency reported. The project is considered the backbone of the public transport network in Riyadh, SPA said. King Salman watched an introductory film about the project, which is distinguished by its exceptional design and technical specifications. The Riyadh Metro consists of a network that includes six train lines measuring 176 km and 85 stations, including four main stations. The metro will begin to be available for public use from Dec. 1 and will operate daily from 6 a.m. to midnight. The lines will open over the next two months in stages — with the blue, yellow and purple lines opening on Dec. 1, the red and green lines opening on Dec. 15, and the orange line opening on Jan. 5, 2025.

• Saudi Arabia approves tourism projects worth $932m for Al Ahsa

  Tourism projects worth more than SR3.5 billion ($932m) have been approved for Al Ahsa in Saudi Arabia, the Saudi Press Agency reports. Saudi Arabia has committed the $932m investment to develop 17 tourism projects in the region, positioning it as a key destination in the kingdom’s growing travel sector. The plans were outlined by Saudi Arabia’s tourism minister Ahmed Al Khateeb during a meeting with investors and entrepreneurs in the governorate as part of his tour across the kingdom. The Al Ahsa projects will add more than 1,800 hotel rooms to the region, also leveraging its natural and cultural assets to attract domestic and international visitors.

• Saudi Arabia inaugurates Riyadh Metro Project

  One of the first lines to open, the Blue line, runs 38 kilometers (23.6 miles) through key areas of the city and across 25 stations, including the iconic King Abdullah Financial District Station with its undulating roof and the Olaya Station that’s located more than 100 feet below ground. The project was delivered by the BACS consortium, which includes Bechtel, Almabani General Contractors, Consolidated Contractors Company and Siemens. The consortium was responsible for the design, construction, testing, commissioning and integration of the network’s Blue Line (line 1), operational today, and the Red Line (line 2), set to officially commence passenger operations soon.

• Saudi-Backed LIV Golf Is Said to Weigh Deal With DP World Tour

  If successful, the deal would cement LIV Golf’s position in the golfing calendar and give the DP World Tour — previously known as the European Tour — significant financial heft. The talks with DP World Tour are separate from the ongoing investment discussions between the PGA Tour and the Saudi wealth fund, the people said, with both deals still possible. Talks may end without an agreement, the people cautioned, asking not to be named discussing private information. The talks between DP World Tour and LIV Golf may see the two entities merge, creating a shared schedule and allowing golfers to play in events hosted by both leagues. Any agreement with LIV Golf would provide DP World Tour with a stable source of funding. DP World Tour’s prize money is partly subsidized by the PGA Tour.

• Flat6Labs invests in 10 Saudi startups, includes them in Riyadh Seed Programme

  MENA’s seed and early-stage VC Flat6Labs has invested in 10 Saudi-based startups for the fourth cycle of the Riyadh Seed Programme, spanning various sectors such as transportation, e-commerce, logistics, cybersecurity, SaaS, consumer tech, and talent acquisition. The startups include CAMION, Colada, Devsy, dPhish, Hollat, Mrrha, Fezlee, Cyberni, Units, and Zofa, bringing the total number of Flat6Labs' Startup Seed Fund portfolio in Saudi Arabia to 41 since its inception in 2023. Each startup has received $133,000 in cash.

• Saudi Arabia secures metals investment deals worth $9.3bn

  Saudi Arabia has signed nine significant investment agreements in the metals and mining sector, exceeding $9.3bn (SR34.88bn) in value, with major global companies such as Vedanta from India and China’s Zijin Group, Reuters reported. Vedanta is set to establish copper facilities at Ras Al-Khair with a capital expenditure of SR7.5bn, including a smelter, a refinery with a capacity of 400,000 million tonnes per annum (mtpa) and a 300,000mtpa copper rod plant. Zijin plans to invest between SR5bn and SR6bn, with the initial phase dedicated to constructing a zinc smelter capable of producing 100,000 tons per annum (tpa) of zinc ingots and 200,000tpa of sulphuric acid.

• Riyadh hopes to entice private sector to landmark projects

  Mohammed AlWabely, assistant deputy mayor for iconic projects at Riyadh Region Municipality, said the government is introducing incentives to address investor concerns as it seeks to draw private funding into flagship projects, including infrastructure and cultural landmarks. “There’s a huge opportunity for the private sector to come and fund projects,” AlWabely said at the Big 5 construction conference in Dubai. “The government wants to engage the private sector actively.” The King Abdullah International Gardens project, envisioned as one of the world’s largest botanical gardens and a rival to those in Singapore and Kew in England, highlights the government’s efforts – and the challenges. The 2 million sq m project initially faced pushback from the private sector, AlWabely said, as investors flagged risks despite the government’s case study showing financial sustainability in which revenue would cover the operational expenses.

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