MUST-READS

• 55 Saudi companies take part in Baghdad International Fair

  The Saudi Export Development Authority (Saudi Exports), in partnership with the Saudi-Iraqi Coordination Council, is participating in the 48th edition of the Baghdad International Fair. The Saudi pavilion features 55 national companies representing various export sectors. The exhibition, which kicked off on Saturday and will run through until Feb. 7 in the Iraqi capital Baghdad, presents a valuable opportunity to strengthen trade ties between Saudi Arabia and Iraq while showcasing the Kingdom’s leading products and services. Saudi non-oil exports to Iraq have reached nearly SR20 billion over the past five years (2020–October 2024), with metals and their products, food industries, and electrical machinery and equipment ranking as the top export sectors during this period

• What does Neymar’s departure mean for the Saudi league?

  The Brazilian attacker was among the global stars who transferred to Saudi clubs in 2023 when Cristiano Ronaldo joined Al-Nassr and Karim Benzema left Real Madrid for Al-Ittihad. But unlike the latter two, Neymar was injured too often to make much of an impact in the desert kingdom after his 90 million euros ($94 million) transfer from Paris Saint-Germain. He played just seven games before Al-Hilal released him this week by mutual consent. Analysts say his exit is not likely to have a big impact on the Saudi league’s international standing as long as other big names remain. “Neymar’s departure does not damage the brand. If the other stars start leaving then it is different, but that does not look like it’s happening,” said Sasi Kumar, a former Singapore international and founder of Spain-based sports investment company 28 Ventures. “He went there, got injured and the timing was unfortunate. I am sure Hilal and other clubs will go and make more signings, as the ambitions are still there.”

• Saudi Arabia’s Q4 GDP expands at fastest quarterly pace since 2022

  Saudi Arabia’s economy grew at the fastest pace since 2022 during the fourth quarter of last year, buoyed by expansion of both the oil and non-oil sectors as the kingdom continues to pursue its economic diversification agenda. The country’s gross domestic product grew by 4.4 per cent on an annual basis during the three-month period to the end of December “supported by the growth of key economic activities”, the kingdom’s General Authority for Statistics said on Thursday. This rise is markedly higher than the 2.8 per cent year-on year GDP growth recorded in the third quarter of 2024, and is the sharpest rate of expansion in the past two years, according to Gastat data.

• Adesanya vs Imavov: UFC fight Saudi Arabia – start time, card, how to watch

  The Ultimate Fighting Championship (UFC) travels to Saudi Arabia with an impressive lineup of mixed martial arts (MMA) talent, headlined by a thrilling main event middleweight clash between former two-time UFC champion Israel Adesanya of New Zealand and France’s rising star, Nassourdine Imavov. The co-main event features a much-anticipated bout between the all-round brilliance of Shara Magomedov from Russia and the powerful punching Briton, Michael Page.

• SAMA licenses STC Bank to start operations in Saudi Arabia

  The Saudi Central Bank (SAMA) gave the green light for STC Bank to commence its operations in the Kingdom. In April 2024, SAMA granted stc an experimental launch permit for STC Bank.  The bank, in which stc holds an 85% stake, aims to provide Shariah-compliant banking services and financial solutions. Arabian Internet and Communications Services Co. (solutions) initially established STC Bank in 2017, with SAR 100 million in capital. The ownership was transferred to stc in 2019, with capital increased to SAR 400 million by the end of the same year.

• Collector Basma Al Sulaiman on the Future of the Saudi Art Market: ‘We Are Not Just Consumers’

  The Gulf has been a hotbed of cultural investment in recent years. Saudi Arabia, in particular, has experienced a burgeoning museum landscape—both public and private—and cultural events launching as part of its Vision 2030 project, a sweeping plan for diversifying the nation’s economy to be less oil-production reliant. As of last year, projects associated with Vision 2030 have reached $1.3 trillion in value. Part of that plan has included expanding luxury retail as well as arts and culture infrastructure. Last year, Abu Dhabi’s sovereign wealth fund struck a $1 billion deal with Sotheby’s owner, Patrick Drahi, for a minority stake in the firm. Christie’s also recently announced that it is expanding its presence in the Middle East with an outpost in Riyadh, the capital of Saudi Arabia— this will be the house’s second location in the region, alongside its Dubai office, which opened in 2005. The Riyadh location will focus on Modern and contemporary Middle Eastern art, as well as jewelry and timepieces, the house said, aiming to draw the kingdom’s wealthy millennials; Saudi Arabia is one of the world’s youngest countries, with roughly 70 percent of the population under the age of 40.

• King & Spalding’s Strategic Expansion: Merging with Al Fahad & Partners in Saudi Arabia

  In a landmark move to solidify its presence in the Middle East, King & Spalding, ranked 17th in the 2023 Am Law 100 with a gross revenue of $2.14 billion, has merged with Abdulaziz H. Al Fahad & Partners, one of Saudi Arabia’s most esteemed law firms. The newly formed entity, King & Spalding Al Fahad, is poised to deliver an expansive suite of legal services, aligning with the region’s evolving needs and the ambitious economic transformation under Saudi Arabia’s Vision 2030.

• Salesforce Expands Presence in Saudi Arabia with New Regional Headquarters in Riyadh

  Salesforce, the world’s #1 AI CRM, today announced plans to expand its presence in Saudi Arabia with a new regional headquarters in Riyadh. Salesforce also announced plans to partner with IBM to open a Center of Excellence in Riyadh. Separately, it pledged to provide upskilling opportunities to 30,000 Saudi citizens by 2030. These investments underscore Salesforce’s growing presence in the region as more companies invest in Agentforce, the digital labor platform for enterprises.

• Islamic Arts Biennale 2025 Opens in Jeddah, Saudi Arabia

  The second edition of the Islamic Arts Biennale, titled And All That Is In Between, has officially opened in Jeddah. Organized by the Diriyah Biennale Foundation, the Biennale takes place at the Western Hajj Terminal of King Abdulaziz International Airport, a site that holds profound significance for millions of Muslim pilgrims traveling for Hajj and Umrah. The exhibition scenography is designed by the international architecture firm OMA, enhancing the experience with a thoughtful spatial narrative. The exhibition, which runs until May 25, 2025, explores how faith is experienced, expressed, and celebrated through feeling, thinking, and making.

• 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.

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