MUST-READS

• Decarbonizing Saudi Arabia Energy and Industrial Sectors: Assessment of Carbon Capture Cost

  Saudi Arabia has committed to achieving net-zero emissions by 2060. However, the economic implications of deploying CCUS within the Kingdom remain insufficiently explored. This work provides updated estimates of CO₂ emissions across key sectors in Saudi Arabia, including electricity, petrochemicals, refineries, cement, steel, ammonia production, and desalination, based on 2022 data.

• Saudi Arabia Achieves Record Number of Venture Capital Deals, Maintains First Rank Across MENA

  The 2024 Saudi Arabia Venture Capital Report revealed that Saudi Arabia achieved a record number of 178 venture capital (VC) deals in 2024, accounting for 31% of the MENA region’s total number of deals. The Kingdom also maintained its first rank across the MENA region in terms of VC funding for the second year in a row. The report published today by the venture data platform MAGNiTT and sponsored by SVC also reveals a 34% increase in funding for VC deals in the Kingdom valued at less than $100 million (SAR375 million) in 2024 compared to 2023. This growth indicates a positive trend towards supporting early-stage startups, enhancing the opportunities for the Kingdom’s VC ecosystem to progress to later stages.

• Saudi Capital Market Brief: Rising Issuance Levels Are Just The Start

  We expect Saudi issuers to continue tapping the global and the local capital markets to finance Saudi Vision 2030. While this appears manageable in the short term, we are keeping an eye on the leverage build-up in the medium-to-long term. We still expect leverage to remain manageable in our base-case scenario, with private-sector debt to GDP staying below the 100% mark in the next 12-24 months. Saudi companies have led the show until now, but the dynamics are changing.  Saudi companies, including government-related entities, account for around two-thirds of U.S. dollar-denominated nongovernmental issuances on average over the past five years, but we expect banks to play a bigger role going forward. External leverage is building.   Saudi issuers, including the government, have raised more than $130 billion in U.S. dollar-denominated issuances over the past five years. This comes on top of the $144 billion that they raised locally in Saudi riyal during the same period, with the implementation of Saudi Vision 2030 explaining part of this flurry. While the government accounts for around 60% of these issuances, Saudi Vision 2030 has also created significant opportunities in the non-oil economy and the banking system.

• Joy Awards 2025 captivates Saudi capital with star-studded ceremony

  Regional and global stars got together at a mesmerizing awards ceremony in Saudi Arabia to honor Arab and international talents at the 2025 edition of the annual Joy Awards on Saturday. The Kingdom’s capital, Riyadh, embraced numerous A-listers, who graced the lavender carpet before the event kicked off with a breathtaking performance by American singer Christina Aguilera.

• Glimpses of Saudi history: Past times in the northern region have left footprints on the landscape

  Among them is the Hail province, located in the north of Najd and famous for its monuments, especially in Jubbah and Shuwaymis. Hussain Al-Khalifah, a Saudi archeologist with more than 30 years of experience, spoke to Arab News about some of the area’s hidden gems. “There are mountains called Al-Raat and Al-Manjor. These two sites contain the oldest rock art ever immortalized on rocks … wonderful images of animals and lions (carved),” he said. “These two mountains are registered by UNESCO as a rock art site. It is somehow a form of continuous rock art, starting from Shuwaymis moving to Jubbah and ending at Al-Tawil mountain in Jouf.”

• Saudi Arabia targets 130 GW in renewable energy capacity: Minister

  Minister of Energy Prince Abdulaziz bin Salman said he is confident Saudi Arabia will reach 44 GW of renewable energy capacity, up from nearly 26 GW currently. Speaking at the iktva Forum & Exhibition 2025, he stated that Saudi Arabia aims to achieve 130 GW of renewable energy capacity with a 20% energy reserve margin. This goal reflects expectations for stronger-than-anticipated economic growth, requiring more energy to support expansion. “Without energy, there is no prosperous or fruitful future,” he said, underlining efforts to build renewable energy infrastructure to support the energy transition.

• Saudi PIF-Backed Cooling Firm Taps Citi, SNB Capital for IPO

  Saudi Tabreed District Cooling Co. is working with Citigroup Inc. and SNB Capital for a potential initial public offering in Riyadh, according to people familiar with the matter. The PIF, as the wealth fund is known, acquired a 30% stake in Saudi Tabreed in 2022. The holding was valued at about $250 million, Bloomberg News had reported at that time. The Dubai-listed National Central Cooling Co., also known as Tabreed, holds a 21.8% stake in its Saudi affiliate, according to its 2023 annual report.

• Why Saudi Arabia is interested in GCAP – and whether it should be

  Much remains unclear about the Global Combat Air Programme (GCAP), including design, technical specifications, and cost. But perhaps the most intriguing aspect is Saudi Arabia’s desire to join the United Kingdom, Italy and Japan in developing the sixth-generation fighter. Saudi officials first expressed their interest in GCAP back in 2023, citing defense industrial and economic reasons. They see an opportunity in localizing parts of GCAP, be it in manufacturing, technology, or human capital. The goal, they insist, is not a symbolic or junior partnership but an equal one whereby the kingdom has a stake and participation in the program that meets its defense and economic ambitions. But let’s be blunt: While there are several reasons why the three GCAP nations should entertain adding Saudi Arabia to the program, there are fewer clear reasons why the Saudis would want to join up. And that requires a closer examination of what leadership in Riyadh may be thinking.

• Saudi, UAE Venture Capital Funding Slumps on Investor Shift

  Venture capital funding in the Middle East slumped in 2024, even as the number of deals increased, as investors shifted toward early-stage investments. Startups in the region raised $1.5 billion, a decline of 29% compared to the previous year, according to a report from venture capital data platform Magnitt. Saudi Arabia, which accounted for almost half of that funding, experienced a 44% drop. Still, the kingdom retained its position as the top destination for venture capital funding in the Middle East for the second consecutive year. Meanwhile, the United Arab Emirates saw investments drop 8% in 2024, to $613 million. The number of venture capital deals rose 10% to 461 transactions, according to the Dubai-based firm. However, the region didn’t see the kind of big-ticket deals that turned Saudi-based fintechs Tabby and Tamara into unicorns in 2023.

• Saudi Venture Capital invests in $150 million Global Ventures fund

  Saudi Venture Capital (SVC) announced its investment in Global Ventures III, an early-stage venture capital fund managed by Global Ventures with a fund size exceeding $150 million. The fund will focus on investments in technology and tech-enabled sectors across Saudi Arabia, the MENA region, and Sub-Saharan Africa. Key areas of interest include supply chain technology, agritech, enterprise SaaS, and emerging technologies such as artificial intelligence and deep tech, according to an SVC press release.

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