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  • Saudi Arabia studies graphite, rare earths trading platform – minister

    Saudi Arabia is exploring the potential launch of a new commodity trading platform for battery materials, including graphite and rare earths, its vice minister of industry and mineral resources said. Riyadh's efforts to build an economy that is not dependent on oil include a shift towards mining the country's untapped mineral resources - worth about $1.33 trillion - including copper, lithium, phosphate and gold, but also investing in overseas assets.

  • US compels Saudi fund to exit Altman-backed AI chip startup

    The Biden administration has forced a Saudi Aramco-backed venture capital firm to sell its shares in a Silicon Valley AI chip startup backed by OpenAI co-founder Sam Altman, Bloomberg News reported on Thursday. Altman-backed Rain Neuromorphics, a startup designing chips that mimic the way the brain works and aims to serve companies using artificial intelligence (AI) algorithms, raised $25 million in 2022.

  • As Saudi Arabia wins bid for 2030 World Expo, a new book lifts the lid on the Kingdom’s push to be a key art world player

    Saudi Arabia boosted its cultural and diplomatic credentials yesterday (28 November) by winning the bid to host the Expo 2030 world fair, beating Italy and South Korea in a landslide vote during a closed-door meeting in Paris. The victory is the latest move to rebrand a state considered isolationist and ultra conservative until only a decade ago, which also has a concerning record on human rights.

  • World Bank: Saudi Arabia’s Non-Oil Sectors Continue to Grow, Women’s Participation in Workforce Doubles

    The World Bank (WB) report titled "Structural Reforms and Shifting Social Norms to Increase Women's Labor Force Participation" revealed the latest economic developments in the Gulf Cooperation Council (GCC) countries. The report indicates that the efforts towards economic diversification in the region have started to show positive results, but there is still a need for further reforms. According to the report, the number of workers in the Saudi private sector increased by approximately 153,300 by the end of the first half of 2023 compared to the end of the first half of 2022, with the total number of workers being around 2.3 million. The report also highlights that the participation of Saudi women in the workforce has doubled within six years, rising from 17.4% in early 2017 to 35.3% in the second quarter of 2023.

  • Contractors to start work in 2024 on Saudi Landbridge

    In a report published by the local Arabic daily Aliqtisadia on Tuesday 21 November, Suleiman al-Mazrou, CEO of the NIDLP, said that the negotiations regarding the implementation of the project have reached advanced stages. Earlier this year, Transport & Logistics Minister Saleh al-Jasser said in a forum in Riyadh that Saudi authorities are undertaking negotiations with the Saudi China Landbridge Consortium (SLCC) to determine the final cost and financing of the project. The SLCC signed a memorandum of understanding to implement the project on a public-private partnership basis in October 2018. The SLCC was formed by Saudi Railway Company (SAR) and China Civil Engineering Construction Company.

  • Foster + Partners Designs Model Village for Saudi Arabian Pavilion at Expo 2025 Osaka

    Foster + Partners has been selected to design the Kingdom of Saudi Arabia’s pavilion for Expo 2025 Osaka. Positioned at the Yumeshima waterfront, the pavilion aims to evoke the essence of Saudi Arabian towns and cities while providing an engaging spatial experience. Overall, the design aims to immerse visitors through audio-visual elements and offer them a glimpse into the marvels of Saudi Arabia.

  • Saudi announces new natural gas discoveries in Empty Quarter, Eastern Province

     Saudi Aramco (2223.SE) has discovered two new natural gas fields in the Empty Quarter region, the state news agency quoted Saudi energy minister Prince Abdulaziz bin Salman as saying on Sunday.

    The discovery of the Al-Hiran gas field was confirmed after gas flowed at a rate of 30 million standard cubic feet per day, and 1,600 barrels of condensate daily. The Al-Mahakik gas field was confirmed after gas flowed from it at a rate of 0.85 million standard cubic feet, the agency said.

  • How the Saudi startup ecosystem was built

    Saudi Arabia is strategically located, making it a hub for businesses to access the vast Middle East and North Africa (MENA) market with nearly 450 million consumers. In Saudi Arabia itself, there are over 1,600 startups, supported by +140 programs and a network of venture capital firms. Additionally, The diversity of founders from various backgrounds fosters innovation. Adding to that, Saudi Arabia has seen a significant increase in fundraising, ranking first in venture capital activities in the MENA region for the first half of 2023, capturing 42% of all investment in the region. This highlights Saudi Arabia’s growing importance in the MENA tech ecosystem.

  • Saudi Summit Eyes Strengthening Partnership with the Caribbean

    Riyadh hosts on Thursday the inaugural Saudi-Caribbean Summit, a landmark event aimed at fortifying partnerships and opening new avenues for collaboration between the Kingdom and the region. The Summit tackles cooperation in economics, investment, trade, tourism, and more. Heads of state, presidents and senior officials of CARICOM (Caribbean Community and Common Market) countries started arriving on Wednesday in Riyadh to attend the Summit, which will be co-chaired by Saudi Crown Prince and Prime Minister Mohammed bin Salman and Prime Minister of Dominica and Chairman of CARICOM Roosevelt Skerrit.

  • Monsha’at leads delegation of Saudi startups at Web Summit 2023

    Held from 13 to 16 November 2023 — in Lisbon, Portugal — the event provided Monsha'at the opportunity to spotlight Saudi Arabia's most innovative SMEs. The authority led a delegation of Saudi start-ups, calling attention to their success and contributions to the national economy. Moreover, the event provided a platform for industry leaders, including policymakers, heads of state, and tech CEOs and founders, to address global challenges.