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  • Could Saudi Arabia become the next global biotech hub?

    Since 2018, the Saudi healthcare sector has seen significant growth, with the overall workforce growing by 18% to 2022, according to the report. Most of those healthcare workers are nurses and midwives. A very large percentage of those healthcare workers are non-Saudis, given that the country has a vast workforce of foreign workers. That has changed somewhat since 2018, however, with the country pushing a gradual process of ‘Saudization’, which is designed to tip the scale back to a Saudi majority in the workforce. Part of the overall push in biotech and healthcare has been driven by the National Biotechnology Strategy, launched earlier this year, which focuses on attracting global investment, attracting top talent, and promoting research and development.

  • Saudi Arabia Strives to Become Major Player in Mineral Supply Chains

    In early 2023, the Manara Minerals In­vestment Company was established as a joint venture between Ma’aden and the PIF to invest in mining projects and companies abroad. Manara bought a nearly 10 per cent stake in the metal division of the Brazilian mining corporation Vale for approximately US$2.5 billion. At the same time, there are planned investments in a copper and gold mine in Pakistan and a Canadian-run cop­per mine in Zambia. In July 2024, Manara expressed interest in partnering with the Chilean mining company Codelco in lithium extraction; and it has also engaged in discussions with African countries such as Guinea, Tanzania and the Democratic Republic of Congo. However, it seems that Saudi Arabia prefers to play a backseat role by acquiring shares in strategic projects via Manara, without necessarily assuming managerial control. The investments are contractually backed by offtake agreements, with Manara planning to become a raw material trader.

  • Neom CEO departs as Saudi Arabia scales back mega-projects

    Reuters reported in May that the $925bn PIF was weighing a reorganisation, aiming to sharpen its focus on investments that have a higher chance of success. Saudi Arabia, the world’s top oil exporter, is still heavily reliant on hydrocarbon revenues, and low oil prices and production have dented state coffers. Aiman al-Mudaifer was named as acting CEO of Neom. He has been the head of the Local Real Estate Division at PIF since 2018 and has a deep understanding of Neom and its projects, Neom’s statement said.

  • Saudi Arabia Replaces CEO Developing Megacity of Neom

    Nadhmi Al-Nasr, who had been chief executive officer of Neom since 2018, will be replaced by Aiman Al-Mudaifer for now, according to a statement on X. Al-Mudaifer has been head of local real estate at Saudi Arabia’s Public Investment Fund, which is the owner of Neom, for the past six years. In 2025, teams will start laying the underlying concrete slab for The Line and then begin building upward. It’s expected to eventually contain hospitals, parks and schools and ultimately house nine million residents — all without cars. Designers came up with the foundation for the project by replicating the grid system in Manhattan, widening it and folding it in half to tower into the air, executives from The Line said at a conference on Tuesday in Riyadh.

  • Saudi Arabia Makes Significant Leap in World Bank’s SPI

    Saudi Arabia has demonstrated remarkable progress in the World Bank’s Statistical Performance Index (SPI), jumping 22 spots in 2023. The Kingdom now leads the Gulf and Arab regions and ranks 14th among G20 nations, an improvement from 18th in 2022. The World Bank’s latest evaluation, which includes 187 countries, highlighted the Kingdom’s significant advancements across five essential development areas globally. These areas include data sources, service quality, statistical usage, infrastructure, and related technological development across various sectors in Saudi Arabia. An updated methodology and time series data from 2016 to 2023 supported this comprehensive and detailed assessment of progress. Saudi Arabia achieved an impressive 95% score in the fifth area of development, demonstrating remarkable progress in its metrics. This score placed Saudi Arabia among the top seven G20 countries in terms of this specific development area.

  • Nigeria Seeks $5 Billion Trade Facility From Saudi Arabia

    Nigeria is seeking a $5 billion trade facility from Saudi Arabia to shore up capital for its economic reform program. The West African nation wants a deal with the Saudi government on the facility, Nigeria’s presidency said in a statement Tuesday after President Bola Tinubu met Crown Prince Mohammed bin Salman in Riyadh on the sidelines of the joint Arab-Islamic Summit. No further details were given.

  • Saudi Arabian Schools Welcome First Chinese Teachers

    The first 175 Chinese language teachers began teaching at primary and middle schools in Saudi Arabia last month, as part of an agreement made between the two countries in 2023 to enhance cooperation in Chinese language education. According to China’s state Xinhua News Agency, Saudi Arabia will start with Chinese language classes in middle schools, and 800 such teaching positions will be available.

  • MENA cinema market poised for major growth, led by Saudi Arabia’s surge in screen count and revenue

    New Omdia analysis has revealed the MENA cinema market is poised for substantial revenue growth, projected to increase from $900 million in 2024 to $1.5 billion by 2029. The Kingdom of Saudi Arabia is expected to play a pivotal role, contributing nearly two-thirds of the region's cinema revenue by 2029. Saudi Arabia is set to lead the MENA region in screen count by year-end, reaching 803 screens, followed by the UAE with 734. This growth is largely due to Saudi Arabia's substantial investment in its entertainment infrastructure.

  • Silicon Valley’s General Catalyst makes first investment into Saudi Arabia through fintech Lean Technologies

    Silicon Valley venture capital firm General Catalyst has made its first investment in Saudi Arabia through fintech startup Lean Technologies, which just closed a Series B round worth $67.5 million. General Catalyst has $30 billion in assets under management and has backed major U.S. tech companies like Snap, Stripe and AirBnb. Lean Technologies’ fundraising round also saw participation from Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family Office, and Arbor Ventures, among others, bringing the Riyadh-based firm’s total funding to over $100 million to date, according to a Sunday statement from the company. For three of those investors — General Catalyst, Stanley Druckenmiller and Bain Capital — this investment is their first in the kingdom.

  • Saudi Arabia Eyes Major Slice of China’s Tourism Market

    Saudi Arabia welcomed over 150,000 Chinese visitors last year, and it’s on track to boost those numbers to half a million this year with ambitious tourism and economic strategies in play. An investment of $800 billion is fueling the country’s drive to grow its global tourism appeal, with $500 billion specifically aimed at opening up the Kingdom to new markets like China. Chinese tourist groups will also benefit from easier access to Saudi Arabia due to its newly received Approved Destination Status from China. This initiative is part of the Kingdom’s strategy to make China its third-largest source of international tourists by 2030, with a target of attracting five million Chinese visitors by then.