MUST-READS

• Saudi Arabia Moves Closer To 2027 Carbon Market Launch

  RVCMC was established in 2022 when the Saudi Sovereign Wealth Fund partnered with the Tadawul Group – the holding group developing country’s capital market – to lay the foundation of a carbon market. During FII 2024 Saudi Arabia’s energy minister Prince Abdulaziz Bin Salman shared that there is a gradual approach to establishing the market with a pilot phase being prepared for the next “two to three years”, according to a report in The National. This would mean the launch of the Saudi Arabia carbon market could be in late 2026 or 2027 but will have to be in line with the country’s economy which is still heavily reliant on oil and gas production.

• Coco Gauff: WTA Finals in Saudi Arabia can help ‘open doors’

  "I'm obviously very aware of the situation here in Saudi. My view on it is that I do think sport can have a way to open doors to people," Gauff told reporters Friday. "This is the first professional women's tennis event held here. The WTA pledged for the next three years to help the Future Stars program here in Saudi and introduce more Saudi women especially into the sport. "I think their goal is to have a million people playing tennis here by 2030. So hopefully with that, people see us and see what we represent, and hopefully that will enact more equality."

• Saudi Arabia announces discovery of largest sea turtle nesting site in the Red Sea

  The Four Sisters Islands—Marmar, Dahreb, Malathu, and Jadir—are renowned for their high concentration of sea turtle nesting sites. To date, over 2,500 turtle nests have been recorded on these islands, establishing them as a crucial breeding ground for endangered sea turtles in the Red Sea. Remarkably, the sea turtles consistently return to these same nesting sites each year, underscoring the vital need to preserve these areas for the survival of these species. Furthermore, the islands host an exceptional number of endangered green turtles and critically endangered hawksbill turtles, making them some of the most significant sea turtle nesting sites in the region.

• Saudi Arabia’s PIF to acquire 54% stake in MBC Group

  In a bourse filing, MBC Group, listed on the Kingdom’s main market, said that it was notified by Istedamah Holding Co., one of its major shareholders, on the finalization of a sale and purchase agreement with the Public Investment Fund on Nov. 1. Some prominent telecom, media, and technology firms backed by the wealth fund include Saudi Co. for Artificial Intelligence, Saudi Information Technology Co., Elm Co., and Saudi Telecom Co. “The completion of the transaction is subject to a number of conditions, including obtaining the necessary approvals and non-objections that might be required from the relevant entities,” said MBC Group.

• Saudi Arabia’s workforce hits 16.8M by Q2-end
  The number of workers in Saudi Arabia reached 16.8 million by the end of Q2 2024, labor market statistics from the General Authority for Statistics showed. The total number of workers in Saudi Arabia includes those subject to social insurance and civil service regulations and policies. According to the authority's data, the number of foreign workers in Saudi Arabia reached about 12.93 million, representing 76.6% of the total workers, while the number of Saudi workers reached 3.93 million, or 23.3% of the total.

• The World’s Largest Building Breaks Ground in Riyadh, Saudi Arabia

  Construction has begun on the Mukaab, which will be the world’s largest building in Riyadh, Saudi Arabia. The indoor city will be the focal point of a 7-square-mile development dubbed Murabba, Riyadh's new downtown district. Derived from the Arabic word for cube, Mukaab is just that: a monumental, monolithic building that is perfectly symmetrical. The structure is slated to have a height, width, and length with the exact same measurement: 1,300 feet. Enclosed within an exterior screen whose triangular pattern is a modern interpretation of Najdi, the traditional Saudi architectural style, this geometric structure will contain an ‘interior’ city.

• As regional violence rages, Saudi Arabia pitches itself as investment hub

  “In a world marked by uncertainty, countries that can mobilize capital and bridge gaps between east and west, north and south, are essential,” said Yasir Al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund, or PIF, the world’s largest sovereign wealth fund. “Saudi Arabia stands as a super connector, with its unique resources and strategic geographic location,” he said. “Democracies are messy; benign monarchies are efficient,” said Peter Diamandis, a summit board member and entrepreneur. With fewer regulations, less oversight and massive amounts of capital, Saudi Arabia, he predicts, will see rapid progress in technologies from AI to autonomous vehicles.

• Saudi Arabia Demanded WWE Add More Women To Show

  We love this partnership here. This all stems from His Excellency’s vision to bring the best entertainment from around the world. You know, when we first started here, I think fans were excited, but they didn’t know what to necessarily expect. And over that time, I’ve seen that change exponentially. We had the first women’s match here in Saudi Arabia. It went from us asking, “Can we bring women here” to them being on billboards all over the city, to the GEA [General Entertainment Authority] and His Excellency calling us and saying, “I don’t feel like there’s enough women on this show. Can we have more women put into the show?”

• Saudi Arabia’s Historical Mud City Seeing Boost in Tourism FDI

  The Saudi company tasked with building a mega cultural heritage project in the heart of Riyadh is close to securing $400 million from foreign investors, indicating progress in the kingdom’s efforts to draw private funding into the tourism sector. Companies from Italy, Colombia and the United Arab Emirates are the latest to make commitments to co-develop hotels and villas at the site, Diriyah Co. Chief Executive Officer Jerry Inzerillo said in an interview on the sidelines of the Future Investment Initiative confab in the Saudi capital. Tourism is one area he said is going better than expected. Saudi Arabia aims to draw in 150 million tourists a year by 2030 — from about 109 million last year — and plans to spend almost $1 trillion on the sector in the next decade. It wants to see $80 billion in private investment by 2030.

• Saudi Arabia’s ACWA Power eyes new markets, more green hydrogen plants

  Saudi Arabia’s ACWA Power hopes to triple its business in the next five years to reach $250 billion in assets under management, a top company official said this week. ACWA Power’s chief investment officer, Thomas Brostrom, said the company currently has about $95 billion in assets under management. “We have a very ambitious growth plan,” Brostrom said in an interview at the Future Investment Initiative (FII) summit in Riyadh, highlighting significant agreements signed this week worth over $1.78 million. “You can feel the energy, it’s really bustling and sparkling energy,” Brostrom said of the FII.

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