MUST-READS

• Saudi Arabia surpasses 2030 investment target: Al-Falih

  Investment Minister Khalid Al-Falih said Saudi Arabia has surpassed its $3.3 trillion investment target for the base economy, originally set for completion by 2030. Investment Minister Khalid Al-Falih said Saudi Arabia has surpassed its $3.3 trillion investment target for the core economy, originally set for completion by 2030. Speaking with Bloomberg at the World Economic Forum in Davos, he said these projections were part of Vision 2030. Capital formation targets have already been exceeded, with a significant portion deployed into the base economy, the minister added. Al-Falih said the government is slowing spending to let the private sector drive growth, indicating that the Public Investment Fund (PIF) plays a key role but accounts for only 15% to 20% of total investments.

• NDMC closes January 2025 issuance under Saudi Government SAR-denominated sukuk program

  The National Debt Management Center (NDMC) announced the closure of January 2025 issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The total amount allocated was set at SAR 3.724 Bn (three billion and seven hundred and twenty-four million Saudi Riyals) The Sukuk issuance was divided into four tranches as follows: The first tranche has a size of SAR1.255 Bn (one billion and two hundred and fifty-five million Saudi Riyals) maturing in 2029. The second tranche has a size of SAR 1.405 Bn (one billion and four hundred and five million Saudi Riyals) maturing in 2032. The third tranche has a size of SAR 1.036 Bn (one billion and thirty-six million Saudi Riyals) maturing in 2036.

• Bizjet Movements Rise 24% in Saudi Arabia

  Business jet activity in Saudi Arabia jumped a record 24% last year, the General Authority of Civil Aviation announced today at the 2025 World Economic Forum in Davos, Switzerland. Movements rose from around 19,000 in 2023 to more than 23,600 in 2024, with domestic flights up 26%, to 9,200, and international trips rising 15%, to 14,400. Business jet traffic at major airport hubs in Jeddah, Riyadh, and Dammam climbed 30%, 22%, and 7%, respectively.

• Secretary Rubio’s Call with Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud
  Secretary of State Marco Rubio spoke today with Saudi Arabia’s Crown Prince and Prime Minister, Mohammed bin Salman Al Saud. The Secretary and Crown Prince discussed the strength of the U.S.-Saudi partnership in this time of momentous change. The Secretary conveyed that he looked forward to advancing shared interests in Syria, Lebanon, Gaza, and beyond. The Secretary also stressed the threats posed by Iran and its proxies. They also discussed the benefits of the U.S.-Saudi economic partnership and the opportunities to grow their economies in a variety of fields including AI. The Secretary expressed his appreciation for Saudi Arabia’s partnership and efforts to promote regional peace and stability.

• Saudi Prince’s Firm Eyes TikTok Investment Amid Musk Speculation

  Kingdom Holding Company, led by Saudi billionaire Prince Alwaleed bin Talal, is considering a potential investment in TikTok if co-founder and CEO of Tesla (TSLA, Financials) Elon Musk or other significant investors make a move to acquire the short-form video platform, according to statements made by CEO Talal al-Maiman to Al Arabiya Business, Saudi Arabia's state-owned news outlet. With an investment of over $1.89 billion, Kingdom Holding is a significant owner in Musk's social networking platform X. Contributing $400 million (SAR 1.5 billion) during its Series C financing, the business has also helped Musk's artificial intelligence effort, xAI.

• James Turrell Is Bringing His Iconic Skyspaces to the Saudi Arabian Desert

  An exhibition on view as part of the AlUla Arts Festival showcases California Light and Space master James Turrell, and features some of his works that take up residence in art galleries as well as renderings for a giant new commission he is developing for the AlUla region of Saudi Arabia. For the upcoming Wadi AlFann commission, the artist will create a monumental succession of chambers joined by tunnels and stairs in the floor of a large canyon, in which visitors will experience “the thingness of light,” as the artist has described it. “I first visited the Wadi AlFann site in 2020,” said Turrell in a statement. “I was surprised that the sandstone formations looked very similar to those in Arizona. I was very familiar with that kind of landscape and strangely felt at home with doing work there.”

• Saudi Arabia Participates in Ministerial Meeting in New York to Back Yemeni Government

  The Saudi Development and Reconstruction Program for Yemen (SDRPY) has participated in the international ministerial meeting to support the Yemeni government, held here in conjunction with the UN Security Council meeting and co-chaired by Yemeni Prime Minister Dr. Ahmed Awad bin Mubarak and British Minister for the Middle East and North Africa Hamish Falconer. SDRPY Director of Developmental Programs Dr. Hala Alsaleh underscored that Saudi Arabia's participation in the meeting reflects its ongoing commitment to supporting Yemen across various sectors. She highlighted the Kingdom's consistent efforts to foster peace and stability in Yemen through comprehensive development initiatives led by the program.

• Establishment of First Saudi-Palestinian Business Council

  Chairman of the Federation of Saudi Chambers Hassan Moejeb Alhwaizy and Ambassador of the State of Palestine to Saudi Arabia Mazen Mohammed Rateb Ghanem agreed today to establish the first Saudi-Palestinian Business Council. This initiative aims to increase trade and investment between the two countries. Alhwaizy stated that the private sector in the Kingdom aligns with the directives of the wise leadership in supporting the Palestinian people. He emphasized the importance of empowering Palestinian business owners to invest in Saudi Arabia and market Palestinian products and industries in Saudi markets. Alhwaizy also reaffirmed the Federation's support for organizing exhibitions and conferences to promote Palestinian products, with active participation from the Saudi Chambers of Commerce.

• Saudi Arabia still assessing BRICS membership, minister says
  Saudi Arabia’s membership in the BRICS bloc of emerging economies is still being assessed more than a year after the kingdom was invited to join the alliance, according to the country’s minister of economy and planning. “The kingdom is always focusing on fostering more global dialogue,” Faisal Al-Ibrahim said in an interview with Bloomberg Television at the World Economic Forum in Davos, Switzerland. “We have been invited to the BRICS, similar to how we have been invited to many other multilateral platforms in the past historically,” he said. “We assess many different aspects of it before a decision is made, and right now, we are in the middle of that.” Saudi Arabia’s hesitation to join BRICS group — made up of Brazil, Russia, India, China and South Africa initially — is in contrast to most other countries that were invited to join the bloc in 2023. Iran, Egypt, Ethiopia and the United Arab Emirates all agreed to inclusion as the alliance looks to expand its global influence.

• 60% surge in commercial registrations in 2024

  The Ministry of Commerce has reported a 60 percent increase in the issuance of commercial registrations in 2024 compared to 2023. According to the ministry’s report, 521,969 commercial registrations have been issued in 2024, compared to 368,038 in 2023. These included 368,038 registrations for establishments and 153,931 for companies. The registrations covered various economic sectors, with wholesale and retail trade, construction, accommodation and food services, and manufacturing industries leading the list. By the end of 2024, the total number of active commercial registrations across all regions of Saudi Arabia reached 1,606,169, the report pointed out.

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