MUST-READS

• Gaza residents stream home to the north after hostage breakthrough
  Tens of thousands of Palestinians streamed along the main roads leading north in Gaza on Monday after Hamas agreed to hand over three Israeli hostages later this week and Israeli forces began to withdraw from a main corridor across the enclave.  A mass of people, some holding infants in their arms or carrying bundles of belongings on their shoulders, headed north on foot, along a road running by the Mediterranean Sea shore.
  "It's like I was born again and we were victorious again," said Palestinian mother, Umm Mohammed Ali, part of the miles-long throng that processed slowly up the coastal road. Witnesses said the first residents arrived in Gaza City in the early morning after the first crossing point in central Gaza opened at 7:00 a.m. (0500 GMT). Another crossing opened around three hours later, letting in vehicles.

• GCC ranks 6th globally in goods trade volume

  The Foreign Trade Report of the Gulf Cooperation Council (GCC) countries 2023 issued by the GCC Statistical Centre “GCC-Stat” indicated that the GCC came sixth on the list of top countries worldwide in the volume of trade in goods index. The GCC countries accounted for 3.4% of the total volume of global trade in goods, with a value amounting to 1.5 trillion US dollars in 2023, logging a decrease of 4.0% compared to the figures recorded in the previous year. The GCC countries came third globally on the list of top countries worldwide in the merchandise trade balance index in 2023, with a value of 163.7 billion US dollars, compared to 381.3 billion US dollars recorded in 2022, which marked a decrease of 57.1%. The report revealed that the GCC countries ranked fifth among the top countries worldwide in the index of total commodity exports in 2023, with a share of 3.1% of the total volume of global commodity exports, which amounted to 0.8 trillion US dollars in 2023, with a decrease of 14.5% compared to the figures recorded in the previous year.

• Saudi Arabia invests over $500bln in developing environmentally friendly tourist destinations: minister

  Al-Khateeb highlighted the remarkable achievements of Saudi Arabia's tourism sector and its dedication to environmental sustainability under the framework of Vision 2030. He cited projects such as AlUla and The Red Sea, showcasing how sustainability is integrated at every stage, from design to implementation. He also referred to the Saudi Green Initiative and Green Riyadh launched by Crown Prince and Prime Minister Mohammed bin Salman, reaffirming the Kingdom's commitment to planting millions of trees by 2030

• 500 Global Launches New Fund Led by Amjad Ahmad to Fuel MENA’s Next Wave of Tech Champions

  500 Global, a leading global venture capital firm, today announced the launch of 500 MENA, L.P. (the “Fund”), a new fund dedicated to investing in high-growth technology startups across the Middle East and North Africa (MENA) region both from outside and inside the current 500 Global portfolio. This strategic move positions 500 Global to support startups beyond the seed stage and aims to catalyze further the growth of the MENA region's burgeoning tech ecosystem. The Fund will invest primarily in startups with proven product-market fit and significant growth potential, addressing the critical funding gap MENA founders face, particularly in the expansion stage. 500 Global aims to actively support these companies through their extended international network and comprehensive platform, empowering them to build and scale innovative solutions regionally and globally.

• Saudi Arabia to Host Regular World Economic Forum Global Meeting

  Building on the success of the World Economic Forum Special Meeting held in Riyadh in April 2024, this new development solidifies Saudi Arabia’s position as a central player in shaping the global agenda. The Kingdom’s bold leadership and determination to foster global dialogues between developed and developing economies and drive inclusive global growth make it an ideal host to address complex global challenges with the WEF community. The Kingdom of Saudi Arabia will host a regular high-level World Economic Forum (WEF) global meeting in Riyadh, with the first slated for the Spring of 2026, it was announced today. The announcement was made today by His Excellency Faisal F. Alibrahim, Minister of Economy and Planning, and Børge Brende, World Economic Forum President, on the final day of the 55^th Annual Meeting of the World Economic Forum in Davos, Switzerland.

• Saudi service trade grows 7% to SAR 540B: Commerce Minister

  Saudi Arabia’s service trade volume reached SAR 540 billion in 2023, marking a 7% growth, according to Minister of Commerce Majid Al-Qasabi. Speaking at the World Economic Forum in Davos, Al-Qasabi highlighted the importance of facilitating global service trade, which represents 65% of global Gross Domestic Product (GDP), 60% of foreign investments, and is the largest job provider worldwide, especially for women. Al-Qasabi also emphasized the need for collaboration to reduce regulatory burdens in the service sector, which hinder competitiveness. Ambiguous regulations create challenges for small and medium enterprises (SMEs), impacting their economic contribution, he added.

• 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.

• Hans Zimmer to reimagine Saudi Arabia’s national anthem

  Oscar-winning composer Hans Zimmer is working on a new interpretation of the Saudi national anthem. Turki Al Sheikh, chairman of the General Entertainment Authority, said talks had also been held with Zimmer over a concert and an original composition called Arabia, inspired by the kingdom’s culture and heritage. In a post shared on X, Al Sheikh called Zimmer “one of the greatest musicians of the modern age” and said they discussed several projects that could see the light of day soon. Zimmer was also offered the chance to create the soundtrack for coming Saudi film, The Battle of Yarmouk. Zimmer is a 12-time Oscar nominee and two-time winner, taking home the golden statuette for his work on The Lion King and Dune. Earlier this month, Zimmer performed at Dubai Opera alongside the Limitless Orchestra.

• A new era for nuclear energy beckons as projects, policies and investments increase

  The report, The Path to a New Era for Nuclear Energy, shows the fresh impetus behind nuclear in the form of new policies, projects, investments and technological advances, such as small modular reactors (SMRs). It provides a comprehensive assessment of the current situation, identifying the major challenges that need to be addressed to build on the current momentum and enable a new era to take hold. This includes insights on how to finance new nuclear projects while ensuring reliable and diversified supply chains for building and fuelling them. “It’s clear today that the strong comeback for nuclear energy that the IEA predicted several years ago is well underway, with nuclear set to generate a record level of electricity in 2025,” said IEA Executive Director Fatih Birol.

• Saudi women’s football sees 195 percent surge in professional players: NEOM report

  Women’s football in Saudi Arabia has experienced “remarkable transformation” since 2018, with over 70,000 girls now participating at the grassroots level, more than 1,500 registered players nationwide and the number of professional female players surging by 195 percent, according to a new report. The report, “Pioneering Change: Women’s Football in Saudi Arabia,” published by the Kingdom’s mega project NEOM in partnership with the Asian Football Confederation (AFC), details the rapid development of women’s football in the Kingdom as part of its Vision 2030 reform agenda. The most significant growth has occurred at the grassroots level, with the Saudi Arabian Football Federation’s (SAFF) Girls’ Schools League seeing participation surge 46 percent year-on-year to reach more than 70,000 players in 2023.

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