MUST-READS

• Women take part in changing of Kaaba’s kiswa in Saudi Arabia for first time in history

  According to the General Authority for the Care of the Two Holy Mosques, female employees took part in the ceremonial changing of the Kaaba’s kiswa – the black cloth decorated with gold and silver threads which adorns the monument – on Sunday by carrying some of its components and handing them over to other workers, who then loaded them into a vehicle for transport to the Makkah’s Grand Mosque.

• Saudi Arabia Trails Only Singapore in Emerging Market VC Funding Race

  Venture capital investment in MENA alone amounted to $768 million, the worst first-half performance since the Covid-19 pandemic, Magnitt said. Deal count also dropped, by 18% to 211. The data reflects a broader slowdown in the industry as investors shift attention toward funding rounds of $1 million to $5 million, according to Magnitt. So-called mega-rounds of $100 million or more have been on the decline.

• Saudi Arabia Reiterates Importance of Ceasefire in Gaza

  The Kingdom had declared its position on Gaza at the meetings of the European Council on Foreign Relations (ECFR). The cabinet underlined this position, calling for working on just and lasting peace and allowing the Palestinian people to obtain their legitimate rights in the establishment of an internationally recognized independent state

• Delta partners with startup Riyadh Air as it plans to offer flights to Saudi Arabia

  Delta CEO Ed Bastian and Riyadh Air CEO Tony Douglas said they envision selling tickets on each other's flights — a practice known as codesharing — that requires approval from the U.S. Transportation Department. They said the partnership could grow into a full-blown joint venture. That step would require immunity from U.S. antitrust laws for the carriers to collaborate on prices and share revenue.

• Saudi Arabia’s big three banks continue their rankings ascent

  Saudi National Bank, Al Rajhi Bank and Riyad Bank maintain their first, second and third positions, respectively, in the national ranking based on Tier 1 capital. However, due to healthy core capital growth, all three institutions gain one place in the Top 1000 World Banks ranking, climbing to 63rd, 77th, and 126th, respectively.

• H1 2024 Saudi Arabia Venture Capital Report

  In H1 2024, Saudi Arabia reaffirmed its position as the leader in Venture Capital funding across the Middle East and North Africa. Despite a slight 7% year-on-year decline, Saudi Arabia’s VC ecosystem aggregated an impressive $412M in funding. Notably, 32% of this funding came from a significant $130M deal in Salla, marking the only MEGA round in the MENA region for 2024 so far.

• The Saudi-Sino Military Partnership: Ambitious or Overhyped?
  The Saudi-Chinese military collaboration, limited to the purchase of missiles and drones that the U.S. declined to approve, remains constrained as long as the United States maintains its dominant position in the Gulf and serves as its security guarantor.

• How Swizz Beatz Climbed to the Top of Saudi Arabia’s Camel Racing Scene

  Though the camels sprinting past were the main event, Mr. Dean, better known as Swizz Beatz, felt as if all eyes in the room were on him — one of the newest competitors in Saudi Arabia’s deep-pocketed camel racing scene. Four years since he entered and won his first race, he has spent millions of dollars to buy 48 racing camels, ascending into the most elite circles of the sport.

• Saudi pole vaulter Hussain al-Hizam sets sights on on new heights at Olympics

  Hussain al-Hizam clearly remembers the moment he realized that he wanted to be an Olympian. The young Saudi was watching the 2016 Games in Rio de Janeiro on television as Brazilian Thiago Braz sailed over a 6.03-meter bar to claim the pole vault gold and set a new Olympic record in front of a jubilant home crowd.

• A Coffee City is brewing in Saudi Arabia’s Al Baha

  Located in the Kingdom’s Al Baha, Coffee City will cover an area of over 5.5 million square kilometres. Featuring over 300,000 coffee trees, Coffee City will align with Saudi Arabia’s Vision 2023 which aims to boost coffee growth in the Kingdom, and hence cater to economic growth. If you love coffee, a trip to Al Baha when this Coffee City is completed should definitely be on the cards.

  • Gulf News - Saudi Arabia mandates renaming Arabic coffee to Saudi coffee
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