MUST-READS

• Wall Street Giants Face Up to Saudi Arabia’s Domestic Pivot

  The kingdom is in the midst of a trillion-dollar economic transformation plan and presents a massive opportunity for global firms. At the same time, the government is doubling down on efforts to get international firms to boost their local presence — or risk losing business. Brookfield last week lined up the PIF and Hassana — the investment arm of the kingdom’s pension fund, as anchor investors on a new $2 billion private equity fund. At least half of this will be allocated to deals within the kingdom and to international firms looking to expand — a move aimed at attracting foreign direct investment. And as part of the deal, the Canadian firm will expand its office in Riyadh and make Brookfield Academy available locally.

• U.S. and Saudi Arabia discuss security agreement separate from Israel mega-deal

  The U.S. and Saudi Arabia are discussing a possible security agreement that wouldn't involve a broader deal with Israel, according to three sources with knowledge of the talks. The agreement wouldn't be the full defense treaty the U.S. and Saudi Arabia were discussing but Saudi Crown Prince Mohammed Bin Salman (MBS) and the White House still want to reach a security agreement before President Biden leaves office in January. Saudi national security adviser Musaad bin Mohammed al-Aiban visited the White House last week and met with his U.S. counterpart Jake Sullivan and with Biden advisers Brett McGurk and Amos Hochstein, the sources said. The idea is to draft a bilateral U.S.-Saudi security agreement similar to those the Biden administration signed with other Gulf countries in recent years, which strengthened the U.S. position in the region, the source said.

• In Saudi Arabia, This Immersive New Hotel Keeps the Ancient Past Alive

  Every night, 1,800 candles and lanterns send shadows dancing across the walls of Dar Tantora The House Hotel, casting the interiors of this extraordinary 30-room property in soft shades of gold. Across the road from a thriving oasis, in the heart of AlUla’s Old Town, Dar Tantora inhabits a labyrinthine cluster of mud-brick and stone houses abandoned in the late 20th century. Their restoration—and subsequent conversion into a hotel—was led by Egyptian architect Shahira Fahmy, whom Phaidon describes as one of the premier “architects building the Arab future.”

• Saudi Arabia one of the happiest countries in the world, survey reveals

  The Kingdom scored highest out of all 24 countries in the study, with South Korea ranking lowest at 39 percent and Europe overall sitting at 50 percent. Saudi Arabia leads the top 10 countries for satisfaction with a score of 84%, followed by Egypt (81%), India (76%) and Indonesia (75%). The bottom countries are South Korea at 39%, Turkey (41%) and Japan (43%). The US came in at 71%, while the UK scored 63% and France was at 52%. According to the research, physical health, mental health and financial security are the three key ingredients for a good quality of life.

• Saudi Arabia spending $800m on Riyadh road projects
  The road sector in Riyadh region is witnessing a significant transformation. The region’s total length of roads is approximately 15,000km, and efforts are currently underway to implement new road projects and other maintenance projects in all governorates of the region at a total cost of approximately SR3bn ($799m). The Roads General Authority (RGA) stated that it has executed 23 road projects in the Riyadh region. These projects include 20 preventive maintenance projects spanning 215 km, which cost SR170m ($45m), and three projects to enhance traffic safety, which cost more than SR171m ($45m).

• 4,000-year-old ancient settlement discovered in Saudi Arabia’s Khaybar Oasis, sheds light on early urban life

  The town, named al-Natah, was found within Khaybar’s walled oasis, a lush region surrounded by desert. Led by French archaeologist Guillaume Charloux, the team discovered a 14.5-kilometer wall enclosing the residential area. This discovery, published in the journal PLOS One, provides tangible evidence of organized occupancy. Dating back to around 2400 BC during the early Bronze Age, al-Natah is believed to have supported up to 500 residents. This highlights its importance in the region’s historical landscape and enhances our understanding of social and architectural developments of the time.

• India eyes fintech, clean hydrogen cooperation with Saudi Arabia

  “This visit marks a significant milestone in strengthening the strategic partnership between India and the Kingdom of Saudi Arabia,” the Indian Ministry of Commerce and Industry said in a statement on Friday. “Both countries are also exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles, mining, etc. The Committee Meeting reviewed these developments and reaffirmed their commitment to advancing cooperation across various areas of shared interest.” The SPC was established in 2019. Its first meeting took place in New Delhi last year, during Crown Prince Mohammed bin Salman’s state visit to India.

• Saudi Arabia condemns latest violence in Sudan, urges conflict parties to respect laws

  War has raged in Sudan since April 2023 between the army under the country’s de facto ruler Abdel Fattah al-Burhan and the RSF, led by his former deputy Mohamed Hamdan Dagalo. At least 124 people have been killed and dozens wounded in the fighting in al-Jazira state over the past 10 days, according to the United Nations. Saudi Arabia also called on the warring parties to respect the Treaty of Jeddah and urged them to agree on a ceasefire and facilitate the delivery of human aid to those affected in the war-torn country.

• Saudi Arabia ranks 12th globally in international visitor spending in 2023

  Saudi Arabia advanced 15 spots to the 12^th rank globally in international visitor spending in 2023, according to the United Nations World Tourism Organization (UNWTO). This achievement marks the highest rise among the top 50 countries compared to 2019. The Kingdom led the G20 nations in international visitor growth, recording a 73% increase, alongside a remarkable 207% rise in international tourism revenue from January to July 2024, compared to the same period in 2019.

• WTA Finals in Saudi Arabia can help ‘open doors’, says Gauff

  "I would be lying to you if I said I had no reservations. You guys know who I am and the things I speak about. I was pretty much on every player call I could make with WTA," Gauff said. "One of the things I said: 'If we come here, we can't just come here and play our tournament and leave. We have to have a real program, a real plan in place.' "We spoke with a lot of women here in Saudi, and one of them was Princess Reema Bandar Al-Saud [the first female Saudi ambassador to the U.S.]. ... One of the questions that I brought up was about LGBTQ issues and women's rights issues and how we can help with that." The world No. 3 said she wanted to see for herself if progress had been made, adding: "If I felt uncomfortable or it felt like nothing's happening, then maybe, I probably wouldn't come back."

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