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  • Saudi Arabia Gets First Moody’s Upgrade On Economic Advance

    Saudi Arabia’s sovereign rating was upgraded by Moody’s Investors Service for the first time since the company initially assessed it in 2016, driven by continued progress in the kingdom’s economic diversification and a better outlook for the non-oil sector. The agency moved Saudi Arabia’s rating up a notch, to Aa3 from A1, its fourth-highest grade, according to a statement late Friday. The Moody’s rating is now above those of Fitch Ratings and S&P Global Ratings. The Gulf country now stands on par with the likes of Hong Kong and Belguim, according to Moody’s, which changed its outlook for the kingdom to stable from positive.

  • Saudi Arabia Smart Grid Network Market Research 2024-2029: Generation, Transmission, Distribution, Consumption Trends, Opportunities, and Forecasts 2023-2029

    The Saudi Arabia Smart Grid Network Market was valued at USD 765.59 Million in 2023, and is expected to reach USD 1.77 billion by 2029, rising at a CAGR of 14.92%. The trend towards grid digitalization and automation is reshaping the Saudi Arabia Smart Grid Network Market. Digitalization involves the adoption of advanced technologies such as smart meters, sensors, and communication systems that enhance the functionality and efficiency of the power grid. Automation further enhances grid performance by enabling real-time data collection, analysis, and response to grid conditions.

  • Saudi Arabia general insurance sector to beat $28bn by 2029

    General insurance in Saudi Arabia is set to grow at a CAGR of 8.9% from SAR68.8bn ($18.4bn) in 2024 to SAR105.3bn ($28.1bn) in 2029, in terms of gross written premiums. This is according to GlobalData, which also forecast that Saudi Arabia’s general insurance industry is expected to grow by 9.4% in 2024. Economic recovery, regulatory developments, as well as governmental push for healthcare support this.

  • Saudi Arabia to Develop Electricity Storage Systems in Uzbekistan

    Saudi company ACWA Power has signed an agreement with Uzbekistan to build electricity storage systems with a total capacity of 2,000 MWh. The deal was finalized during the COP-29 climate conference in Baku, Azerbaijan, The Caspian Post reports citing foreign media. Under the agreement, ACWA Power will collaborate with Uzbekistan’s Ministry of Energy to develop energy storage systems across the country. The implementation will be based on a comprehensive analysis of the national grid’s condition. The project will begin with feasibility studies to determine the most suitable regions for phased deployment.

  • Saudi Arabia to expand teaching of China language with 800 more teachers amid growing demand

    Saudi Arabia is set to expand the teaching of the Chinese language by creating 800 teaching positions, amid the growing demand for learning the Chinese language in the Kingdom. According to China’s official news agency, Xinhua, the planned appointment of the 800 new teaching roles aligns with the spread of Chinese language classes across Saudi Arabia’s primary and middle schools. The move follows the recent successful deployment of 175 Chinese language teachers in the Kingdom, who reportedly began teaching last month. It is part of a landmark agreement struck in 2023 between Riyadh and Beijing in an effort to strengthen bilateral cooperation in language education.

  • Launch of the Kering Generation Award in Saudi Arabia, a strategic market for luxury

    This Monday, November 18, in Riyadh, marks the start of the competition organised by the luxury group Kering and the Saudi Fashion Commission to reward the most promising start-ups in the field of the circular economy. During the first phase, the 20 selected start-ups will be supported in a three-day boot camp and will participate in workshops designed to encourage their development. A second phase will select the ten best proposals, which will be assessed by a panel of judges on the basis of their capacity to innovate, their relevance to fashion and sustainability, their potential impact on the environment and society, and their commercial viability.

  • Commentary: Saudi Arabia’s ruler used to be one of Trump’s biggest fans. This time it’s complicated.

    "Gulf Arab states have concerns about Trump being unpredictable and the risks of having him back in the White House," Giorgio Cafiero, CEO of consultancy Gulf State Analytics, told Business Insider. Of particular concern, said Cafiero, is the fear that Trump could inflame the Middle East at a time when it is on the brink of all-out regional war. "His first administration had a highly Israel-centered foreign policy in the region and there are many open questions about how he'll approach the wars in Gaza and Lebanon after his second term begins in January 2025," he added.

  • 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.

  • 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.