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  • Saudi, UAE Venture Capital Funding Slumps on Investor Shift

    Venture capital funding in the Middle East slumped in 2024, even as the number of deals increased, as investors shifted toward early-stage investments. Startups in the region raised $1.5 billion, a decline of 29% compared to the previous year, according to a report from venture capital data platform Magnitt. Saudi Arabia, which accounted for almost half of that funding, experienced a 44% drop. Still, the kingdom retained its position as the top destination for venture capital funding in the Middle East for the second consecutive year. Meanwhile, the United Arab Emirates saw investments drop 8% in 2024, to $613 million. The number of venture capital deals rose 10% to 461 transactions, according to the Dubai-based firm. However, the region didn’t see the kind of big-ticket deals that turned Saudi-based fintechs Tabby and Tamara into unicorns in 2023.

  • Revealed: Populous leading on Saudi World Cup stadium at NEOM’s the Line

    Populous is believed to be leading on a 46,000-capacity stadium for the Saudi Arabia 2034 World Cup, to be built inside 170km-long linear city the Line, part of the NEOM development. Although it is understood Bjarke Ingels Group (BIG) delivered an earlier concept, it is unclear whether the Danish heavyweight continues to be involved. The NEOM stadium is one of 11 proposed new-build venues for the 2034 FIFA World Cup, which football’s world governing body controversially awarded to Saudi Arabia last month. The country was the sole candidate in the running to host the tournament.

  • Neymar says Saudi ‘surprised’ him, echoes Ronaldo: Saudi Pro League better than Ligue 1

    Brazilian superstar Neymar said that Saudi Arabia “surprised” him in a “positive way,” after moving to the Kingdom to join the ranks of Al Hilal, echoing Cristiano Ronaldo’s comments that the Saudi Pro League (SPL) was better than then French League. Speaking in an interview with CNN that was published Tuesday, Neymar said that his experience so far in Saudi Arabia was “totally different to what I’d expected.” “Saudi Arabia has surprised me in a positive way. The people, the country, the cities, the culture,” the Brazilian forward said in an interview on the sidelines of the Globe Soccer Awards in Dubai, where he won the Player Career Award.

  • Riyadh Metro Orange Line Now Is Operational, Marking Completion of a Citywide Network in Saudi Arabia

    The Royal Commission for Riyadh City (RCRC) has confirmed that the Orange Line of the Riyadh Metro, also known as the Al Madinah Al Munawwarah Axis, began operations on Sunday, January 5, 2025. Spanning 41 kilometers, the Orange Line runs east to west, connecting Jeddah Road in the west to the Second Eastern Ring Road near Khashm Al Aan in the east in Saudi Arabia. This newly operational line is a key component of the city's metro system, designed to enhance urban mobility and connectivity. The Orange Line features five stations now open to the public: Jeddah Road, Tuwaiq, Al Dawh, Harun Al Rashid Road, and An Naseem. Additionally An Naseem also serves as an interchange station, linking the Orange Line to the Purple Line. This strategic integration allows passengers to transfer seamlessly between lines, improving access across the capital city.

  • Saudi Arabia, Already Pumping Money Into Boxing, May Start League With TKO

    The potential investment in TKO follows a Saudi Arabian effort in June to create a multibillion-dollar boxing league that would aim to unite the world’s best boxers, who for decades have been divided by rival promoters and fighting for titles controlled by an alphabet soup of sanctioning bodies. That effort, while not completely abandoned, had proved complicated and expensive, even for a country like Saudi Arabia, which for the past half decade has disbursed billions to become a player across some of the world’s biggest sports.

  • US, Arab mediators make some progress in Gaza peace talks, no deal yet, sources say

    U.S. and Arab mediators have made some progress in their efforts to reach a ceasefire accord between Israel and Hamas in Gaza, but not enough to seal a deal, Palestinian sources close to the talks said on Thursday. As talks continued in Qatar, the Israeli military carried out strikes across the enclave, killing at least 17 people on Thursday, Palestinian medics said. The deaths brought to 70 the number of people killed by Israeli strikes across Gaza Strip in the past 24 hours, according to the territory's health ministry.

  • Saudi foreign reserve assets fall 3% to SAR 1.63T in December

    Saudi Arabia's foreign reserve assets declined by SAR 49.1 billion, or 3%, month-on-month (MoM) to SAR 1.63 trillion in December 2024, according to the Saudi Central Bank (SAMA). Reserve assets include investments in foreign securities, foreign cash and deposits, reserve position in the International Monetary Fund (IMF), special drawing rights (SDRs), and monetary gold.

  • Trump reveals $20bn from Sajwani for US data centres

    Incoming US president Donald Trump and Hussain Sajwani, the billionaire chairman of Damac Properties, announced on Tuesday that the emirati will invest “at least” $20 billion in data centres across the US. The move represents the official entry of EDGNEX, Damac’s specialised subsidiary, into the American market as demand for cloud computing and artificial intelligence – and the supporting infrastructure – grows rapidly around the world. Last month EDGNEX announced it was to put $3 billion into data centres in Southeast Asia.

  • 95 endangered animals released into Imam Turki bin Abdullah Royal Reserve

    The National Center for Wildlife (NCW), in collaboration with the Imam Turki bin Abdullah Royal Natural Reserve Development Authority (ITBA), released 95 endangered animals into the reserve as part of its breeding and resettlement programs. The release included 50 Arabian goitered gazelles, 30 Arabian oryx, 10 mountain gazelles, and five North African ostriches (red-necked ostriches). The initiative aims to reintroduce endangered native species, restore ecosystems, enrich biodiversity in natural habitats, enhance environmental balance, and promote environmental sustainability.

  • Al-Hogail highlights key milestones in Saudi urban, housing development in 2024

    Majid Al-Hogail, Minister of Municipalities and Housing, highlighted the key milestones witnessed by Saudi cities in 2024, reaffirming the ministry's commitment to achieving Vision 2030 goals and enhancing quality of life.