MUST-READS

• Saudi Airline Confirms It Is Studying Flying To Miami

  A newly launched Saudi airline is looking at adding service to Miami. Riyadh Air is planning to begin flying by the end of 2025. CEO Tony Douglas was in Miami last week for the Saudi-sponsored FII Priority Summit investment conference at the Faena District. Donald Trump was among those who attended. Douglas said the airline was looking at 100 international destinations by 2030, according to the Saudi Gazette. Miami is among the potential destinations, he said. A 12-hour test flight between Miami and Riyadh was already conducted in 2023.

• Flow48 Secures $69M Series A Funding to Expand into Saudi Arabia and Scale Operations

  Flow48, a leading fintech transforming SME lending across emerging markets, is excited to announce today the successful close of its $69 million Series A funding round. The round, which is a combination of debt and equity, was led by Breega and has seen further investments from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC, among others. This milestone marks a major step forward in the company’s mission to redefine access to capital for underserved SMEs across the Middle East and Africa.

• Saudi Arabia, UK gird to forge strategic minerals alliance

  Saudi Arabia and the United Kingdom last month announced the signing of a landmark agreement in the critical minerals sector, marking a pivotal step in addressing global shortages while advancing mutual economic and strategic priorities. The accord, inked at the recent Future Minerals Forum in Riyadh, seeks to bolster supply chains, attract foreign investment and unlock new opportunities for British businesses. The collaboration on minerals such as copper, lithium, and nickel aligns closely with Saudi Arabia's strategy to diversify its economy beyond hydrocarbons. It also positions the Kingdom as a global hub for critical minerals trade, placing it at the center of efforts to meet growing global demand. For the UK, the deal is in line with ambitions to secure vital materials for emerging technologies in its industrial sector. Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has emphasized the scale of the opportunity, saying, “The world will require 6T USD in investments over the next decade to meet surging demand for critical minerals, driven by the energy transition and artificial intelligence.”

• Breakthrough in Gaza hostage deal as Israel mourns Bibas family
  Hamas agreed to release the last hostage bodies included in phase one of the Gaza ceasefire deal, in a breakthrough announced as Israelis mourned a family seen as a symbol of the trauma suffered by Israel in the attack on October 7, 2023. The end of a days-long standoff over the exchange of hostages for Palestinian prisoners was announced on Wednesday as Israel prepared for the funeral of the Bibas family following the handover of the bodies of nine-month-old Kfir Bibas, his four year-old brother Ariel and their mother Shiri last week. The youngest hostages seized during the attack on Israel by gunmen from the Palestinian militant group Hamas on October 7, 2023 were killed weeks after they were abducted into Gaza.

• Saudi Arabia’s housing market challenged with soaring prices, high borrowing costs

  Saudi Arabia faces growing challenges in its residential real estate market as soaring prices and high borrowing costs cool appetite for home ownership, according to the real estate consultancy Knight Frank. Demand from first-time buyers looking to purchase a home has slipped to 29 percent from 40 percent in 2023, the firm said, citing a survey of more than 1,000 households. Many home buyers believe prices are too high, need more time to save and want more financing options, according to Knight Frank’s 2025 Saudi report. Apartment prices in the capital of Riyadh rose almost 11 percent to the equivalent of about $1,500 per square meter in 2024, according to the research firm. “The crux of the issue is the misalignment between buyer expectations and the current pricing or market realities,” Faisal Durrani, head of Middle East research at Knight Frank, said in an interview in the kingdom.

• Saudi Arabia welcomes convening of Syria’s national dialogue conference

  Saudi Arabia on Tuesday welcomed the convening of Syria’s national dialogue conference, expressing hope that it would help fulfill the aspirations of the Syrian people and strengthen national unity. In a statement carried by state news agency SPA, the Saudi foreign ministry emphasized the Kingdom’s support for rebuilding Syrian state institutions and achieving stability and prosperity for its citizens. The statement also reaffirmed Saudi Arabia’s “steadfast position in support of Syria’s security, stability, sovereignty, and territorial integrity.”

• Secretary Rubio’s Meeting with Saudi Minister of Defense Prince Khalid bin Salman Al Saud
  Secretary of State Marco Rubio met today with Saudi Minister of Defense Prince Khalid bin Salman Al Saud.  The Secretary and the Defense Minister underscored the importance of strengthening the U.S.-Saudi security partnership.  They also discussed ways to jointly promote peace and stability in Syria, Lebanon, Gaza, and across the region, to include Red Sea security and freedom of navigation.  The Secretary highlighted the need to stand together against Houthi threats to regional security.

• Saudi Arabia hosts 15 million expatriates with full rights protection: HRC chief

  Addressing a high-level segment of the 58^th session of the UN Human Rights Council in Geneva, Dr. Hala Al-Tuwaijri, president of the Human Rights Commission and head of the Saudi delegation, called for rejecting any attempts to undermine Item 7 of the Council's agenda items referring to "Human rights situation in Palestine and other Occupied Arab Territories", and activating it until an independent Palestinian state is established on the 1967 borders with East Jerusalem as its capital.

• Renewables Targets Boost Electricity Investment Growth in GCC

  Saudi Arabia’s Vision 2030 and Green Finance Framework set out targets for private and foreign investment in green energy generation, aiming for renewables to comprise 50% of output by 2030 (about 130GW), with about 60% of new capacity coming from solar and 40% from wind. Saudi Arabia also aims to replace inefficient oil-fired power stations with combined cycle gas turbines that can operate at over 60% efficiency. Abu Dhabi also plans to build 18GW of solar photovoltaic capacity by 2035. Both Saudi Arabia and Abu Dhabi are currently using a model where 60% of power project ownership is through companies directly or indirectly held by the government – for example, via government-related entities like the Public Investment Fund and Abu Dhabi Developmental Holding Company – with the remaining 40% owned by international energy or construction companies.

• GCC real estate market transactions surge over $383 billion in 2024, Dubai leads growth

  The Gulf Cooperation Council’s (GCC) real estate market witnessed notable growth in 2024, with transactions surpassing $383 billion. Overall, the region’s transactions grew by an estimated 25 percent last year, highlighting the sector’s growing appeal among residents and investors alike. In its first-ever residential market report, Sakan revealed that Dubai’s share of the GCC region’s transactions reached 54 percent at $207 billion. Meanwhile, Saudi Arabia’s real estate market recorded $75.7 billion in transactions last year, taking a 14 percent share. Saudi Arabia, Sharjah, Kuwait and Oman witnessed significant growth rates in yearly transactions, ranging between 30 percent and 47 percent.

• 10 of 47325 results<< 1 … 22 23 24 … 4,733 >>