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  • Saudi Arabia awards $31.7 billion Contracts in First Quarter 2024

    The value of awarded contracts witnessed an astounding surge during Q1’24 as the value reached SAR118.8 billion ($31.7 billion). This continues the impressive pace that was witnessed in 2023, which finished the year with SAR270.6 billion ($72.2 billion) in awarded contracts. The value of awarded contracts during Q1’24 grew by 79 percent YoY and marks the second highest value during a quarter on record since Q3’15, when it reached SAR147.1 billion ($39.2 billion).

  • As international dollars flow towards AI-powered startups, how has MENA been riding the wave?

    Saudi Arabia-based Intelmatix, a deep tech B2B startup focused on empowering MENA businesses with AI for decision-making, has recently secured a $20M Series A funding round—one of the largest for a regional company of this type. This past week also saw Saudi-based SaaS provider Velents AI join the AI funding frenzy, raising an undisclosed sum from Women Collective to fuel its growth. And just last week, Aramco’s venture arm, Wa’ed Ventures, splashed $15M on South Korean chipmaker Rebellions Inc., marking its debut investment in South Korea following a $6.5M investment in California-based aiXplain. That was Wa’ed Ventures’ second AI deal in one week!

  • Saudi Arabia Is Near End of Economic Slump Lasting Four Quarters

    Forecasts compiled by Bloomberg show the $1.1 trillion economy is set to return to growth in the third quarter with a gain of almost 4%, in what would be the biggest acceleration since the end of 2022. “We expect this to be the last quarter of deeply negative hydrocarbon sector growth,” said Carla Slim, an economist with Standard Chartered Plc.

  • Unearthing the transformative potential of Saudi Arabia’s mining sector

    Saudi Arabia’s mining sector is on the cusp of a transformative era, with the Kingdom determined to become a global leader in the industry. But have you wondered what treasures lie beneath its lands? Saudi Arabia is rich in minerals essential for various global industries. The Kingdom is transforming into a leading exporter of diverse energy types, shifting away from its traditional role as an oil producer.

  • Sports Powerhouse IMG Forges Broadcast Production Partnership With Saudi Soccer Entities

    Starting from the 2024-25 season, IMG will take on the role of broadcast producer on top of being distributor outside the Middle East and North Africa (MENA) region for the Roshn Saudi League, King’s Cup and Saudi Super Cup in tandem with their partners.

  • Saudi Arabia Building New City of ‘Smart Homes’ for 120,000 People

    Potential buyers can choose from six types of villas ranging from 216 to 413 sq meters. There are also plans to build four apartment blocks with one- to three-bedroom units. According to specialized news outlet Construction Briefing, the foundation for the project was laid in May. Saudi news outlet Asharq Al-Awsat reported that on July 9 the Talaat Moustafa Group told the Egyptian stock exchange that Banan City had achieved unprecedented sales and surpassed its year one target in just two months.

  • Saudi Arabia’s NEOM partners with Equinox to open luxury resort

    Saudi Arabia’s giga project known as NEOM is partnering with Equinox Hotels to open a luxury resort on the coast of the Gulf of Aqaba, located on the northern tip of the Red Sea.

    Equinox Resort Treyam will be an architectural spectacle in NEOM’s Magna region, set on a bridge-like structure that spans for about a quarter of a mile and hangs above a desert lagoon, according to a statement. It’ll include a club house, spa and Equinox fitness center, among other things.

  • Huge billion-dollar Saudi city for 120,000 people starts construction

    Banan City – an enormous 10km2 (3.9 sq mi) new municipality located northeastern of the city of Riyadh – started construction earlier this month as Saudi Arabia’s World Expo 2030 looms.

  • Diriyah: The Historic Heart of Saudi Arabia will Transform Urban Living

    This is without a doubt the biggest project I have ever worked on. I have worked with some of the biggest developers in the region in the past – but nothing of the size, scale and ambition of Diriyah. When you consider our starting point is as the custodian of the birthplace of the modern Saudi state and its 300-year-old heritage – we have an enormous responsibility to ensure that we preserve the past, embrace the present and create a dynamic new future.

  • Saudi Arabia Shifts from Participation to Hosting: Sustained Global Scientific Engagement Since 2011

    This year, the Kingdom of Saudi Arabia transitions from the ranks of participants to hosts and organizers of international scientific competitions. Riyadh, the capital city, is set to host the 2024 International Chemistry Olympiad from July 21st for ten days. The Olympiad will involve more than 340 students, 200 volunteers, and 400 university professors and chemistry teachers from 90 countries. This makes it an opportunity for scientific exchange, partnerships, and a chance to discover Saudi Arabia through its capital, Riyadh, and witness its scientific, economic, and cultural renaissance, which has qualified it to become a leading destination in various fields.