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QUOTED
“Saudi Arabia has clinched a Guinness World Record for hosting the largest performance of the traditional Saudi Ardah. The event, staged on Sunday at Al Adl Plaza in Riyadh, drew more than 50,000 people and concluded four days of Founding Day celebrations starting from February 20 to 23. The Ardah — one of Saudi Arabia’s most distinctive cultural expressions — featured 633 performers in synchronized drumming and dancing, claiming the record for the biggest gathering of its kind.” Saudi Arabia sets Guinness World Record for largest Ardah performance during Founding Day festivities [Gulf News]
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TOP STORY
Over 128 million travelers passed through Saudi airports in 2024 marking a 15% increase compared to 2023 and a 25% rise from pre-pandemic levels. [more]
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MORE TOP STORYLINES
in alarabiya.net: Saudi Arabia faces growing challenges in its residential real estate market as soaring prices and high borrowing costs cool appetite for home ownership, according to the real estate consultancy Knight Frank. Demand from first-time buyers looking to purchase a home has slipped to 29 percent from 40 percent in 2023, the firm said, citing a survey of more than 1,000 households. Many home buyers believe prices are too high, need more time to save and want more financing options, according to Knight Frank’s 2025 Saudi report. Apartment prices in the capital of Riyadh rose almost 11 percent to the equivalent of about $1,500 per square meter in 2024, according to the research firm. “The crux of the issue is the misalignment between buyer expectations and the current pricing or market realities,” Faisal Durrani, head of Middle East research at Knight Frank, said in an interview in the kingdom.
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Via Pramod Kumar in agbi.com: Alat, a Public Investment Fund-backed manufacturing company, is setting up a €160 million ($168 million) joint venture with Germany’s TK Elevator to manufacture lifts and escalators in Saudi Arabia, the German company said in a statement. Alat, which was launched in February last year by Saudi Crown Prince Mohammed bin Salman, has acquired a 15 percent stake in the Dusseldorf-based TK Elevator, becoming a direct shareholder, the company said. The deal is expected to close by the third quarter of the year. The new entity will have its headquarters in Saudi Arabia and will manufacture lifts, escalators and moving walkways in the kingdom for the region’s giga-projects and other large-scale developments. In February 2020 Germany’s Thyssenkrupp sold its elevator division, later renamed TK Elevator, for €17.2 billion.
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Via Mirette Magdy and Olga Voitova in yahoo.com: Saudi Arabia is on track to sell a €1.5 billion ($1.58 billion) debut green euro bond after drawing in €7.25 billion of investors bids as it seeks to fund its ambitious economic-transformation plan. The transaction, the first such trade from a sovereign in the Middle East and North Africa, is being sold alongside a €750 million 12-year conventional bond that is expected to price at 145 basis points over mid-swaps, the person said. Books on that tranche are over €2.7 billion. The green offering is a first for the Saudi central government as the world’s top crude-oil exporter looks to reach net zero emissions by 2060. The Saudi sovereign wealth fund known as the PIF started issuing green debt in 2022.
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MORE ON THE KINGDOM AND BEYOND
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Secretary of State Marco Rubio met today with Saudi Minister of Defense Prince Khalid bin Salman Al Saud. The Secretary and the Defense Minister underscored the importance of strengthening the...[via state.gov]
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Saudi Arabia on Tuesday welcomed the convening of Syria’s national dialogue conference, expressing hope that it would help fulfill the aspirations...[via alarabiya.net]
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The Saudi Central Bank (SAMA) has unveiled eight new rules governing the use of the Saudi riyal (SAR) symbol, following official...[via arabianbusiness.com]
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According to the General Authority of Civil Aviation (GACA), Saudi Arabia’s air transport sector reached a new milestone in 2024, recording over...[By Manuela Vergel via aviationbusinessme.com]
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Saudi Arabia’s Vision 2030 and Green Finance Framework set out targets for private and foreign investment in green energy generation, aiming for renewables to comprise...[via fitchratings.com]
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Saudi Arabia and the United Kingdom last month announced the signing of a landmark agreement in the critical minerals sector, marking a pivotal step...[By Francesco Salesio Schiavi via amwaj.media]
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The Gulf Cooperation Council’s (GCC) real estate market witnessed notable growth in 2024, with transactions surpassing $383 billion. Overall, the region’s transactions grew by an...[By Yara Abi Farraj via economymiddleeast.com]
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Alat, a unit of Saudi Arabia’s sovereign wealth fund, has bought 15% of TK Elevator and unveiled a joint venture that will make escalators and...[By Fahad Abuljadayel, Eyk Henning and Swetha Gopinath via yahoo.com]
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DHL eCommerce, the e-commerce logistics specialist of DHL Group, and AJEX Logistics Services, have entered into an agreement in which DHL will acquire a minority...[via wamda.com]
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Saudi Arabia’s Ministry of Health has highlighted the necessity of receiving the meningitis vaccine for those intending to perform Umrah during Ramadan. It is part of...[via arabnews.com]
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Addressing a high-level segment of the 58th session of the UN Human Rights Council in Geneva, Dr. Hala Al-Tuwaijri, president of the Human Rights Commission and...[via saudigazette.com]
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There’s a unique energy running through the GCC right now. Cities once defined by their skylines are now setting global benchmarks in creative expression, technological...[By Sidra Fareed via lbbonline.com]
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Luxury in the GCC is no longer just about status; it’s about storytelling that connects to a culture that is deeply proud of its heritage....[By Christophe Caïs via gulfbusiness.com]
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A newly launched Saudi airline is looking at adding service to Miami. Riyadh Air is planning to begin flying by the end of 2025. CEO Tony Douglas...[via thenextmiami.com]
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Saudi Arabia has clinched a Guinness World Record for hosting the largest performance of the traditional Saudi Ardah. The event, staged on Sunday at...[By Khitam Al Amir via gulfnews.com]
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However, it was the introduction two days prior, on the 17 February, by the Saudi Central Bank (SAMA) of the Close-out Netting and Related Financial...[By Eric N. Feldman, Amjad Hussain via natlawreview.com]
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Flow48, a leading fintech transforming SME lending across emerging markets, is excited to announce today the successful close of its $69 million Series A...[via ffnews.com]
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Syria's interim president has told a national dialogue conference that the country has a "historic" opportunity to rebuild after the overthrow of Bashar...[By David Gritten via bbc.com]
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Hamas agreed to release the last hostage bodies included in phase one of the Gaza ceasefire deal,...[By Nafisa Eltahir and Rami Amichay via reuters.com]
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"The war in Gaza and the disastrous situation in the Middle East have led to a freeze in cooperation between Arab countries and Israel," Youssef...[By Ignacio Cembrero via middleeasteye.net]
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