MUST-READS

• Saudi Arabia’s NEOM unveils private residential golf community project Gidori

  The project’s progressive architecture centerpiece is a beach-front complex with a cantilevered structure that rises from the coastal landscape. “It will house 190 luxury sea-view apartments alongside a range of dining experiences, signature retail stores and garden spaces,” NEOM said in a statement.

• Saudi Arabian private capital increasingly focused on domestic growth in 2024 and beyond

  The report finds two key themes are driving the future of Saudi Arabia’s position in the private capital landscape: The first theme is Saudi Arabia’s government, investors, and corporates are fostering partnerships with fund managers to bring further knowledge, infrastructure development, and co-investment to the country. From fund managers’ perspectives, Saudi Arabia is now more than just a location for raising investor capital. The second theme is Saudi Arabian appetite for domestic investment through private markets, which continues to swell as home-grown entrepreneurialism, and so investment opportunities, burgeon.

• Mastercard partners with Loop to launch innovative payment solutions in Saudi Arabia

  Mastercard has partnered with Loop, a leading digital payments technology company licensed by SAMA, to empower businesses and consumers across the Kingdom with greater access to advanced credit card offerings and innovative payment solutions. The partnership will see Loop expand its portfolio, enhance its suite of products and services through leveraging Mastercard technology and expertise. Having signed an exclusive issuing agreement, Loop and Mastercard will partner to issue BIN ranges, enabling consumers, merchants and fintech’s across the Kingdom to benefit from innovative payment solutions.

• Saudi Arabia’s sovereign fund bolsters ties with private sector at annual forum

  The PIF Private Sector Forum concluded on Wednesday and reaffirmed its commitment to foster strategic partnerships between the private sector Saudi Arabia’s sovereign fund and its portfolio companies. The second edition of forum held in Riyadh was attended by over 8,000 people who include princes, ministers, decision-makers, CEOs, and senior officials from both the public and private sectors.

• Saudi Arabia launches second edition of The PIF Private Sector Forum in Riyadh

  Saudi Arabia on Tuesday launched its second edition of the “PIF Private Sector Forum,” the Kingdom’s premier event of its kind, alongside an exhibition at the King Abdulaziz International Convention Center in Riyadh. Spanning two days, February 6-7, 2024, the forum aims to foster enhanced partnerships and cooperation with the private sector. The initiative aligns with the Public Investment Fund’s strategic goal to boost the contribution of its projects and portfolio companies to the local content (PIF Projects) to 60 percent by the end of 2025, as stated in the Fund’s announcement on Monday.

• How Saudi Arabia is using wildlife conservation, habitat protection, and the green transition to preserve its ecosystems

  Saudi Arabia aims to be at the forefront of environmental protection through initiatives aimed at restoring and maintaining the ecological balance, which promotes harmonious and flourishing ecosystems. Climate action, clean energy, and preserving habitats are just some of the 17 Sustainable Development Goals incorporated into Saudi Arabia’s 2030 Agenda for Sustainable Development. The SDGs serve as a blueprint for achieving a balanced ecosystem for wildlife, water, and the environment in the Kingdom. Without balance, ecosystems face major challenges from global warming, water shortages, and the loss of biodiversity.

• Setting the Stage: The Vital Role of Private Art Institutions in Saudi Arabia

  Yet amid the present moment of grandiose state patronage that has led to a renaissance of sorts across the kingdom, at times the role of private art institutions has been overlooked. Prior to the present massive government investment in culture, these institutions – independent players such as Edge of Arabia, Athr, Hafez Gallery, and Art Jameel – played a vital role in the development of the Saudi art scene during a time when the state was largely not present in Saudi cultural enterprise.

• Why is Automation Crucial for VAT Reconciliation in Saudi Arabia?

  Saudi Arabia implemented phase 2 under e-invoicing in January 2023, which mandates all enterprises to integrate their ERP/accounting system/POS with the Fatoora portal to send B2B invoices for clearance and B2C invoices for reporting. Later, ZATCA calculates Value Added Tax (VAT) liability based on the e-invoicing data and proceeds with audits and penalties for potential discrepancies.

• Saudi Arabia’s private sector employees surge to 10.92 million

  Saudi Arabia has witnessed a significant surge in the total number of workers in the private sector. A recent report by the National Labor Observatory (NLO) revealed that, in December 2023, Saudi Arabia’s private sector recorded a surge in the total number of workers in the private sector, reaching a total of 10.92 million workers. This indicates a steady and growing attraction to employment opportunities within the private sector

• Populous unveils innovative esports arena at Qiddiya in Saudi Arabia

  Stadium specialist Populous has released new concept images of its state-of-the-art esports arena at Qiddiya in Saudi Arabia. The Populous-designed esports arena is part of Qiddiya City’s gaming and esports district. It will offer the largest combined amount of video screens of any esports arena in the world, as well as 4D haptic seats.

  The 5,155-seat arena will be able to adapt to multiple experiences and events. Populous has carried out sightline studies to provide the best views in the main auditorium.

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