Construction Saudi startup’s smart helmets upping safety on building sites When Hassan AlBalawi first proposed a smart helmet that would track all employee movements on building sites, construction companies could not see the point. “We were focusing on this problem of how to get technology into the construction field, measuring the drowsiness of construction workers. But it turned out the construction companies didn’t know or care,” […] October 11, 2024
Retail Cenomi Centers sets up fund to complete Qassim mall Saudi mall operator Cenomi Centers has partnered with GIB Capital to set up a SAR1 billion ($270 million) real estate development fund that will manage a Cenomi land sale in Qassim and allow a mall project there to go ahead. Bahrain’s Gulf International Bank (GIB), the third-largest lender in the country, is almost wholly owned […] October 8, 2024
Analysis Giga-projects World Cup and Expo wins divert funding to Riyadh Saudi Arabia’s giga-projects have slowed down because of financing constraints – and now the government’s unexpected success in bidding for global events is redirecting even more resources towards Riyadh. Even prestigious developments such as Neom, the $500 billion futuristic city in north-west Saudi Arabia, are taking second place. The priority is turning the capital into […] October 8, 2024
Analysis Tourism Interest builds in mid-range Saudi hotels after luxury focus Saudi Arabia’s emphasis on luxury hotels has provided openings for investors in the mid-range segment, industry specialists said. “Look at the size of the country and what you can do. I work in all 13 regions and you’d be shocked at the untouched areas. It’s not Dubai where it’s all glitzy. They have a culture,” […] October 7, 2024
Tourism Saudi Arabia promises more pilgrimage industry work visas Saudi Arabia will issue more temporary work visas to those employed in the pilgrimage industry. A statement by the ministry of human resources said Hajj and umrah work would now be included in its temporary visa programme. A half-year visa will cover the fasting month of Ramadan and the Hajj pilgrimage, which comes around three […] October 3, 2024
Giga-projects New Murabba CEO promises Riyadh district’s core by 2030 The New Murabba giga-project, which aims to create a 19-sq-km city district in Riyadh, will be up and running by December 2030, its CEO said this week. Michael Dyke told a tourism forum in Dubai: “What’s important is to say that New Murabba is real, tangible today. It’s physically there, it’s not something on a piece […] October 3, 2024
Exclusive Leisure & Hospitality Red Sea Global seeks more credit and considers IPO Saudi giga-project Red Sea Global is looking for a second credit facility and may consider an initial public offering by 2030, a senior official said this week. That will come after it has two dozen hotels in operation by the end of next year. “An IPO or real estate investment trust, you tend to begin […] October 2, 2024
Tourism PIF companies push ahead with Mecca expansion plans Saudi Arabia’s Public Investment Fund is building a vast commercial district in Mecca with an estimated value of $10 billion, giving the Islamic holy city a radical makeover. After a series of ownership changes, two companies have emerged as the lead developers of commercial space around the Grand Mosque in Mecca – the 100 percent […] October 2, 2024
Video length: 06:31 VIDEO Economy Saudi Arabia cuts military spending as deficit increases Saudi Arabia estimates its military spending will be 15 percent lower than budgeted this year, while capital expenditure rises, according to figures released on Monday. The kingdom’s budget deficit will increase to 2.9 percent of GDP in 2024, according to the preliminary budget statement released by the ministry of finance, as spending on the Vision […] October 1, 2024
Giga-projects Red Sea Global to open 19 luxury hotels in 2025 Red Sea Global, the Saudi giga-project, is due to open 19 new luxury hotels in 2025, it was revealed this week. It will also be opening two hotels this year, including one carved into a mountainside, an official said. “2023 saw us opening our first resort, and in 2024 we’ve opened another two resorts and […] October 1, 2024
Infrastructure Riyadh signs off billions to improve road safety Riyadh municipality has signed five contracts worth SAR6 billion ($1.6 billion) to improve roads in the Saudi capital, where traffic accidents are above the global average. The contracts entail rehabilitating and asphalting 83 million square metres of road network over five years, in time for Riyadh’s hosting of the 2030 World Expo, which will bring […] September 25, 2024
Analysis Tourism Arab Disneyland and Da Vinci: Saudi Arabia’s two great hopes Saudi Arabia is spending billions on tourism projects at the heart of its grand plan to transform a once isolated kingdom into a global tourist destination. But a nagging question is haunting policymakers: will the world pay attention? Tourism numbers are rising, hitting 27.4 million in 2023, but half of those were religious visitors. The […] September 23, 2024
Mining Mineral wealth leads global lab to open in Saudi Arabia The drive to exploit Saudi Arabia’s estimated $2.5 trillion of untapped mineral wealth has moved another step forward with the opening by the global laboratory testing company Bureau Veritas of a new metal and minerals facility in Jeddah. “Saudi Arabia is one of our key markets. It’s fast growing and that’s what makes it quite […] September 23, 2024
Analysis Giga-projects The huge ambitions of PIF come at vast expense The scale of the holdings is vast and the ambition is huge. Saudi Arabia’s Public Investment Fund was the world’s highest-spending state-owned investor in the first half of 2024, according to Global SWF, a consultancy. It is due to raise its annual spending to $70 billion in 2025, a year earlier than previously announced, according […] September 20, 2024
Leisure & Hospitality Arabian nights: what goes on when the sun goes down A jazz festival, desert raves and sports bar are part of the Saudi plan to build a night economy September 19, 2024
Tourism Halo Space to manufacture capsules in Saudi Arabia Spanish company Halo Space plans to localise most manufacturing of its high-altitude balloon capsule to Saudi Arabia, it said this week before its first test launch in the kingdom. The Madrid-based startup is due to stage an unmanned test flight from the Al-Aflaj oasis 330km south of Riyadh within the next two weeks, depending on […] September 18, 2024
Retail Saudi retail in tech race to lock in consumer loyalty Saudi and Gulf retailers are running to catch up when it comes to deploying sophisticated tools being used in other markets to develop consumer loyalty, creating an opening for innovative companies, according to analysts. “The Middle East is a bit behind the curve,” said Premal Patel, managing director of Catalina UK, a retail consultancy. “Technology […] September 17, 2024
Trade Saudi Arabia anticipates US easing Nvidia chip ban Saudi Arabia is welcoming reports that the US government is considering lifting export restrictions on Nvidia chips to the kingdom, which maintains close trade ties with US rival China. Asked at an artificial intelligence (AI) forum in Riyadh if he would be content to see exports without limits, minister of industry and mineral resources Bandar […] September 16, 2024
Tech Global cloud platforms offer Saudis data protection promises Saudi Arabia’s cloud computing market is heating up as global players find a footing in the country with promises to secure government information. Saudi Arabia has set aside $18 billion to become a regional leader in cloud computing, the Saudi Data and AI Authority said this week, allowing foreign companies to open data centres. Saudi […] September 13, 2024
Artificial Intelligence Top Arabic chatbot title claimed by Saudi Arabia’s updated Allam Saudi Arabia’s Arabic language artificial intelligence (AI) chat model, Allam, is now the largest Arabic-language chatbot in the world and will be available on prominent platforms by Microsoft and IBM, officials announced this week. Allam is a “large language model”, or LLM, that was first launched by a subsidiary of the Saudi Data and Artificial […] September 12, 2024
Artificial Intelligence Saudi Arabia sets 12% target for AI’s contribution to GDP Saudi Arabia wants artificial intelligence to account for 12 percent of its GDP by 2030, the government has said. The Public Investment Fund will lead its efforts to build “a robust AI ecosystem”, the Saudi Data and AI Authority said in a report published this week. The State of AI paper said the country was […] September 11, 2024
Artificial Intelligence Saudi Arabia pledges to ‘confront’ risks posed by AI Saudi Arabia is determined to be “at the forefront” of artificial intelligence funding and development, a senior official told an AI conference in Riyadh on Tuesday. However, Abdullah bin Sharaf Alghamdi, head of the Saudi Authority for Data and Artificial Intelligence, also said the kingdom was wary about the security implications of AI and would take […] September 10, 2024
