MUST-READS

• Saudi Arabia opens up holy cities to foreign property investors

  Saudi Arabia’s Capital Markets Authority (CMA) has announced that foreigners will be allowed to invest in companies that own real estate in the holy cities of Mecca and Medina. The CMA said the decision would “stimulate investment” and “enhance the attractiveness and efficiency of the capital market”. It added that the reform would help the economy by “attracting foreign capital and providing the necessary liquidity for current and future projects” in Mecca and Medina. The change in the law makes it easier for non-Saudis to invest in the real estate market of the two holy cities. At present they are forbidden by law from buying property in the holy cities, although it is possible to lease property for a maximum of 99 years.

• Saudi Arabia raises local workforce quotas across key sectors

  Saudi professionals in dentistry, pharmacy, accounting, and technical engineering will soon see expanded job opportunities as the Kingdom rolls out new Saudization targets under its Vision 2030 plan. The HRSD, in collaboration with health, commerce, and housing authorities, is now focused on localizing 269 professions. The initiative builds on earlier measures, such as increasing Saudization rates in radiology to 65 percent, medical laboratories to 70 percent, and physiotherapy and therapeutic nutrition to 80 percent last October. Effective July 27, community pharmacies and medical complexes will be required to achieve a 35 percent Saudization rate, hospitals 65 percent, and other pharmacy-related businesses 55 percent, according to a Ministry of Human Resources and Social Development announcement. These rules will apply to companies employing five or more pharmacy professionals.

• 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.

• Kuwait awards railway contract to Turkish company

  Kuwait has awarded the tender for the first phase of its plan to build 111 kilometres of railway.  The Central Agency for Public Tenders awarded the contract to Turkish engineering and consulting company Proyapi to carry out a study and detailed design to prepare tender documents for the railway. The first phase is expected to take 12 months, after which the tenders for the construction phase will be issued, the tenders agency said. The railway is scheduled to be completed by 2030. It will connect Kuwait to Saudi Arabia in the northern area of the GCC railway project.

• 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

• Marvels of Saudi Orchestra Concludes Sixth Tour in Riyadh

  The three-night event featured 95 performers from the Saudi National Orchestra and Choir, alongside seven performing arts groups. The concert was attended by the commission's CEO Paul Pacifico, as well as dignitaries, businessmen, artists, media representatives, and a large audience. In his opening remarks, Pacifico praised the first presentation of the Marvels of Saudi Orchestra in the Kingdom, following a series of successful international tours that showcased Saudi musical heritage and strengthened global cultural ties. He acknowledged the support of the minister of culture in achieving these successes.

• Saudi Arabia must punch its weight on global stage: minister

  "We are a key player in the world, the world economy, and we need to punch at our weight", Finance Minister Mohammed al-Jadaan said on the sidelines of the annual World Economic Forum in Davos. "We need to make sure that emerging economies and low income countries' voice is heard," al-Jadaan said. "This is why we are really protecting, in every possible way, their interests in these multilateral institutions," he said, stressing that emerging economies were "becoming actually larger than advanced economies in total population and size of economy." "Collectively, they need to be represented in the table."

• Saudi Oil Giant Aramco Buys Its First U.S. WTI Midland Crude Cargo

  The world’s biggest crude oil exporter, Saudi Aramco, bought this week its first cargo of U.S. WTI Midland, the crude grade which is now part of the dated Brent benchmark, S&P Global Commodity Insights told Reuters. The Saudi oil giant, which is also the world’s biggest oil company, bought the cargo in the Platts window from commodity trader Gunvor. This was Saudi Aramco’s first purchase of WTI crude in the window, Joel Hanley, global director of crude and fuel oil markets at S&P Global Commodity Insights, told Reuters. Aramco, which looks to expand its crude trading business, has already sold WTI. This occurred in February last year.

• 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.

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