MUST-READS

• China’s Wemart opens first branch in Saudi Arabia

  Chinese Ambassador to Saudi Arabia Chang Hua announced the launch of the first branch of the Chinese hypermarket chain Wemart in Saudi Arabia. “I am delighted to launch the first Chinese Wemart hypermarket in Riyadh. There is a wide range of Asian goods and foods, and all vegetables are produced on its own farm. I would like to thank my fellow ambassadors for joining us today,” the Chinese Ambassador said on X.

• Eminem Provided ‘Epic’ Opening to Saudi Arabia’s Massive Mdlbeast Soundstorm Music Festival That is Creating Inroads For Saudi Artists, Says Event Chief

  This year’s Dec. 12-14 edition of Soundstorm – which started out in 2019 as an electronic dance music festival – featured over 200 international artists spanning rap, rock, pop, and house music. It marked Soundstorm’s strongest lineup thanks to chart-topping artists such as Eminem, Linkin Park, and rock bands including Thirty Seconds to Mars and U.K. trio Muse, as well as hip-hop stars like Russ, G-Eazy, J.I.D., and Busta Rhymes, to name a few. Along with a host of top Arabic acts such as Lebanese artist Elissa, Syrian singer Nassif Zeytoun, and Saudi DJ and producer Cosmicat. Variety spoke to Mdlbeast CEO Ramadan Alharatani about how he attracted bigger acts from the U.S. such as Eminem who, making his first appearance in Saudi Arabia, performed his hit “Love The Way You Lie” for a crowd of more than 100,000 fans.

• Saudi Arabia’s FDI Inflows Drop, Setting Up Tough Fourth Quarter

  FDI inflows dropped 8% quarter-on-quarter to 18 billion riyals ($4.8 billion) in the three months through September and were also down from a year ago, according to data released Monday by the Saudi General Authority for Statistics. The tally brings inflows to $14.5 billion for the first nine months of 2024. That’s below year-ago levels and just half way to reaching the government’s target of $29 billion in 2024. To meet that goal, Saudi Arabia would need one of its biggest quarterly hauls ever for foreign investment. Saudi Arabia aims to quadruple FDI inflows to $100 billion by 2030 as it seeks to share some of the financial burden of spending on its economic diversification plan. Crown Prince Mohammed Bin Salman’s government also sees foreign expertise as critical to training the local population in new industries like technology and minerals exploration and catalyzing growth in those sectors.

• Rock art in Saudi Arabia’s Harrat is testament to ancient life, cultural exchange

  The Harrat region, south of Tabuk, is a treasure trove of ancient history, boasting a remarkable collection of rock art that provides a fascinating glimpse into past civilizations, according to the Saudi Press Agency report. The rugged volcanic landscape served as a canvas for ancient inhabitants, who expressed their beliefs, experiences, and social interactions through intricate engravings and paintings. Depictions of hunting scenes, made using simple tools, offer a window into the daily lives of the early inhabitants of these areas, the SPA report noted. Rock art also provides a record of the fauna that once lived in the region, including oryx, gazelles, and even tigers.

• Saudi foreign minister takes part in GCC extraordinary meeting in Kuwait

  Saudi Minister of Foreign Affairs Prince Faisal bin Farhan took part in the 46th extraordinary meeting of the Gulf Cooperation Council’s ministerial council in Kuwait on Thursday. Ministers and officials from GCC countries discussed the latest developments in Syria, Lebanon, and Gaza. They stressed the need to uphold Syria’s sovereignty, independence, and territorial integrity after the fall of Bashar Assad’s regime in early December. The ministerial council rejected foreign interference in Syrian affairs and called for Western sanctions that have weakened the country’s economy to be lifted, the Saudi Press Agency reported.

• Snowflake Expands to Saudi Arabia with New Regional Headquarters

  Customers across the Middle East have already been using Snowflake’s AI Data Cloud to discover and securely share data, as well as execute diverse analytic workloads, via Snowflake’s existing regional deployment in Dubai. With the addition of Snowflake’s deployment on Google Cloud in the KSA, regional customers have further flexibility of choice for deployment, and are able to choose a geographical region that best suits their operational needs. Organisations such as Almarai are using Snowflake’s AI Data Cloud to better access data to drive business decision making, all in a secure and governed platform.

• Alat, a Company Created by the Public Investment Fund of Saudi Arabia, Has Become a Strategic Corporate Partner of EvoNexus

  EvoNexus is California’s premier non-profit technology incubator with locations in San Diego and Irvine. Alat, a PIF company, will create a global sustainable technology manufacturing hub in Saudi Arabia focused on advanced industrials and electronics. Alat will focus on seven key Strategic Business Units: advanced industrials, semiconductors, smart health, smart appliances, smart devices, smart buildings, as well as next generation infrastructure and create products both for Saudi Arabia and the world. In December, EvoNexus and Alat entered into a strategic corporate partnership.

• Saudi’s sports M&A splurge will get smarter

  It would be easier to make an impact on smaller, faster-growing ones instead. Take women’s soccer. England’s top clubs generated about $60 million of revenue in the 2022-2023 season, a 50% year-on-year increase, according to Deloitte, opens new tab, which estimates that total sales will near $90 million in the current sporting year. Continued growth will be underpinned by a new UK TV rights deal, opens new tab with Sky, which kicks in next season and represents a ninefold increase according to the Guardian. Pouring money into a club, or the league, would provide much-needed investment, assuming PIF could convince someone to take the cash. Saudi is ranked 126 out of 146 on the World Economic Forum’s Global Gender Gap Index, opens new tab. The drawback is that these sports are too small to move the needle. But that might be a feature, not a bug, since PIF is trying to shrink its foreign investments anyway – down to 18%-20% of the total from 30%. In that context, it arguably makes sense to focus on smaller-ticket markets with higher growth hopes, rather than continuing to throw resources at mature sports that are already swimming in cash.

• UK-Saudi Partnership: Advancing Clean Hydrogen and Sustainable Energy Growth

  The United Kingdom and Saudi Arabia have reaffirmed their commitment to advancing sustainability, with a strong emphasis on clean hydrogen technologies, as part of a broader effort to deepen their economic partnership. During an official visit by UK Prime Minister Sir Keir Starmer to Saudi Arabia, both nations outlined an ambitious agenda aimed at achieving sustainable growth and addressing global challenges.

• Guggenheim considers Saudi headquarters

  US-based Guggenheim Partners Investment Management — which manages $335 billion in assets — is considering establishing a regional headquarters in Saudi Arabia, Anne Walsh, the firm’s Chief Investment Officer, told Semafor. Guggenheim has an office in Dubai, and Walsh said the firm is looking to expand in the Gulf. While Guggenheim primarily invests in the US, it is eyeing infrastructure opportunities in the region, she said.

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