Latest news with #Riyadh
Gulf Business
35 minutes ago
- Business
- Gulf Business
PIF launches new company to deliver Expo 2030 Riyadh
Public Investment Fund (PIF) on June 19 announced the launch of Expo 2030 Riyadh Company (ERC), a wholly owned subsidiary, to build and operate the facilities for Expo 2030 Riyadh – Saudi Arabia's first World Expo. ERC will also be responsible for preserving the legacy of the event. Read- The masterplan for Expo 2030 Riyadh spans 6 million square meters, making it one of the largest World Expo sites. Located to the north of the city, the site will be near the future King Salman International Airport and directly connected to key landmarks across the Saudi capital. Long-term vision and legacy Expo 2030 Riyadh is expected to attract more than 40 million visits. Following the event, ERC will lead the transformation of the Expo's gated area into a global village. This multicultural hub will feature retail, dining, and residential spaces with world-class amenities, aiming to set new benchmarks for sustainable tourism and urban living, PIF continues to deliver on its strategic mandate: achieving sustainable economic impact for Saudi Arabia while securing long-term returns. As one of the world's most influential investors, PIF is at the forefront of Saudi Arabia's economic diversification, driving the development of transformative giga-projects and landmark real estate initiatives. Strategic partnerships and operational readiness ERC is rapidly initiating operations to fulfill its mission. It will work closely with local and international private sector partners across construction, cultural programming, and event management to realize Expo 2030 Riyadh's full potential. Expo 2030 Riyadh will run from October 1, 2030, to March 31, 2031. It will enhance Riyadh's appeal to global businesses, underlining its status as one of the world's fastest-transforming capitals—offering sustainability, connectivity, and high quality of life at scale. Riyadh secured hosting rights for Expo 2030 in November 2023, winning the vote in the first round. Economic impact and job creation During its construction phases, Expo 2030 Riyadh and its legacy are projected to contribute approximately $64 billion to Saudi Arabia's GDP and create around 171,000 direct and indirect jobs. Once operational, the Expo is expected to contribute about $5.6 billion annually to GDP. Participating countries will have the option to construct permanent pavilions, contributing to the event's enduring legacy. The Expo will serve as a platform for sustained business and investment opportunities, both regionally and globally.
Arab News
an hour ago
- Business
- Arab News
Saudi gold demand defies price surge amid cultural, digital shift
RIYADH: Gold prices may be at record highs, but that has not stopped Saudi consumers from buying. In the first quarter of 2025, demand for gold jewelry in the Kingdom jumped 35 percent year on year, even as global demand fell 21 percent, according to the World Gold Council. That surge comes amid a global price rally, with gold breaching $3,500 per ounce in April, up from around $2,370 a year earlier — driven by geopolitical tensions, inflation fears, and aggressive central bank buying. 'This rapid increase in the price of the bullion can be attributed to one main reason – central bank buying,' Vijay Valecha, chief investment officer at Century Financial, told Arab News. Yet despite the soaring cost, Saudi Arabia's deep-rooted gold culture continues to shine, with consumers purchasing 11.5 tonnes of gold jewelry in the first quarter, up from 8.5 tonnes a year earlier. 'This feat occurred despite the 34 percent rise in prices in early 2025, demonstrating Saudi consumers' strong demand and purchasing power,' said Valecha. Gold in the Kingdom is more than a financial asset — it represents tradition, adornment, and intergenerational wealth. From bullion bars to minimalist 18-carat jewelry, Saudi buyers are proving resilient even as other regional markets, such as the UAE and Kuwait, witness sharp declines in demand. Hamza Dweik, head of trading for the MENA region at Saxo Bank, emphasized gold's cultural role, telling Arab News: 'Gold is deeply embedded in Saudi traditions, especially during weddings and festive occasions. This cultural attachment ensures a steady baseline of demand, even during price surges.' Global factors Valecha explained that following the conflict in Ukraine, many countries grew concerned about holding excessive reserves in US dollars, prompting nations such as China and Russia to increase their gold purchases. 'China has spearheaded record levels of global central bank purchases of gold. Hence, looking ahead, the trend of gold buying by central banks is expected to continue,' he added. Another push came in May, when Moody's downgraded the US credit rating from Aaa to Aa1, citing 'a sustained increase in government debt (exceeding $36 trillion), rising interest payment ratios, and persistent fiscal deficits exacerbated by political dysfunction and policy uncertainty.' Valecha added that this marked the first time the US lost its top-tier rating from all three major agencies. Cultural drivers In different parts of the Kingdom, people buy gold for different reasons. In the north, around 70 percent of buyers view gold primarily as an investment, while in the south, it is more closely tied to tradition and adornment. Gold bars and coins are also gaining popularity, with people stocking their safes with bars of varying weights and purity. In the first quarter, gold demand in Saudi Arabia grew 15 percent year on year to 4.4 tonnes. Jewelry preferences are also shifting — from favoring diamonds to a growing obsession with gold. More young buyers are opting for 18-carat pieces due to their affordability, modern style, and lighter tone, as they appear less yellow than 21- and 24-carat gold. 'They also have a less flashy design/colour, which makes them better for everyday use,' Valecha explained. Digital platforms and online gold purchases are also on the rise, blending tradition with technology — from buying fractional gold and using savings apps to investing through exchange-traded funds. 'Younger generations are blending tradition with technology — embracing digital gold platforms, fractional ownership, and ETFs, while still participating in cultural gifting. This is reshaping how gold is marketed and consumed,' Dweik added. While countries including the UAE and Kuwait have seen gold demand decline, Saudi Arabia is moving in the opposite direction, with domestic consumers leading the surge, supported by strong spending habits. Consumer spending in the Kingdom hit an all-time high in March, rising 17 percent to SR148 billion ($39.44 billion) — the highest monthly increase since May 2021 — before easing to SR113.9 billion in April. The shift in consumer behavior is evident across the Kingdom. Jewelers in Riyadh spoken to by Arab News reported a growing interest in custom pieces, lighter-weight ornaments, and contemporary designs that suit both festive occasions and everyday wear. The 18-carat trend, once seen as a budget-friendly option, has become a fashion choice, according to the jewelers. More women are purchasing gold for themselves, breaking away from the traditional gift-only narrative. While physical stores remain popular for high-value purchases, particularly during wedding seasons and religious festivals, digital platforms are making inroads. Online retailers like L'azurde are adapting to this demand by offering buy-now-pay-later plans, making gold more accessible to a wider audience. Popular jewelry items include 21-carat necklaces and rings, while younger buyers favor 18-carat pieces for daily wear. Market outlook Looking ahead, both Valecha and Dweik expect prices to remain strong. Valecha predicts gold could reach $3,700 per ounce by year-end, though he cautions short-term investors. 'Buyers should assess their investment horizon — long-term holders may still find value, while short-term buyers should be mindful of volatility,' he said. 'Sustained central bank purchases, heightened investor appetite in a period of uncertainty in the economic landscape, and projected interest rate cuts drive this bullish projection. The projected price under a recession scenario is as high as $3,880 per ounce,' Valecha added. Dweik agreed, and said: 'While structural drivers support continued growth, potential corrections could occur if inflation eases or interest rates rise.' Saudi Arabia may also be poised to grow into a regional gold trading hub. Valecha believes that with the right infrastructure and regulatory framework, the Kingdom could play a larger role in the global market. 'To elevate its status, a modern, transparent gold market ecosystem and enhanced refining capabilities would be essential,' he said. With deep-rooted traditions, rising investment activity, and a modernized retail environment, Saudi Arabia's gold market is not only resilient — it is evolving. In a time of global uncertainty, gold continues to shine across the Kingdom.
Zawya
an hour ago
- Health
- Zawya
Burjeel Holdings launches regional mental health platform in UAE, Saudi Arabia
ABU DHABI - Burjeel Holdings has launched four specialist mental health centres under its mental health and wellbeing platform, Alkalma, through the integration of Aspris Healthcare facilities. The centres, located in Dubai's City Walk and Dubai Healthcare City, Abu Dhabi's Al Bateen, and Riyadh's King Abdullah Financial District, are recognised for delivering personalised, adaptable mental healthcare across a wide spectrum of psychological needs. These newly integrated centres deliver personalised care through a range of therapy formats, including individual, group, and family sessions, now aligned with Alkalma's mission to build a value-driven mental healthcare ecosystem rooted in prevention, accessibility, and overall wellbeing. Together, the four centres offer a combined annual capacity of approximately 90,000 consultations. John Sunil, Chief Executive Officer of Burjeel Holdings, said, 'Integrating these centres into our ecosystem marks a pivotal step in realising our vision for a regional mental health platform rooted in Alkalma's values of clinical excellence and inclusivity. It enables us to expand access to high-quality care while accelerating the delivery of outcomes that matter to patients and health systems alike.'
The National
2 hours ago
- Entertainment
- The National
Esports World Cup 2025 explained: Post Malone, Cristiano Ronaldo and a $70 million prize pool
Saudi Arabia's capital Riyadh is preparing to host the world's biggest gaming tournament, the Esports World Cup, for the second time in a row. With more games and higher prize money, the event is set to reinforce Saudi Arabia's growing role as an important player in international esports. Running across seven weeks this summer, the event will not only showcase elite-level competitive gaming, but also deliver a festival-style experience for fans, content creators and industry professionals. Here is everything you need to know about the contest and its key players. Dates and venue The Esports World Cup 2025 will take place from July 7 to August 24 in Boulevard City, Riyadh. The tournament will be held at the brand-new SEF Arena, a purpose-built venue spanning 34,000 square metres. The complex has five halls, including a main arena with a capacity of 2,200 spectators. There are also dedicated areas for professional team training, along with multiple fan-focused spaces, cafes and content creator zones. The size and scope of the venue marks a significant leap forward from last year and reflects Saudi Arabia's aim to become a global hub for esports and gaming culture. Post Malone to perform at opening ceremony American musician Post Malone will headline the Esports World Cup's opening ceremony on July 10. The singer behind hits such as Circles, Rockstar, Congratulations and Sunflower, has recently turned to country music, scoring a major hit with Morgan Wallen called I Had Some Help. Malone will return to the region on December 5 to perform as part of the F1 after-race concert series in Abu Dhabi. Record-breaking prize pool The 2025 tournament features a $70 million prize pool, the largest in esports history. It surpasses last year's total of $62.5 million, showing the growth and ambition of the competition. The prize money is divided across multiple streams: $27 million is reserved for the Club Championship, with the top club receiving $7 million. A further $38 million will be distributed across 25 different game tournaments, while $450,000 is set aside for MVP awards, recognising individual performances. About $5 million will go towards qualifier tournaments leading up to the main event. Global ambassador Cristiano Ronaldo The tournament has appointed Portuguese football star Cristiano Ronaldo as the official global ambassador for 2025. The EWC Foundation has also announced several major partnerships, including a long-term agreement with Riot Games, covering League of Legends, Teamfight Tactics and Valorant until at least 2027. Meanwhile, has been named as the official platform for the chess component of the tournament. Saudi Arabia will also host the first-ever Olympic Esports Games, an initiative supported by the International Olympic Committee. Expanded game line-up The 2025 Esports World Cup will feature 25 tournaments across 24 titles, offering a mix of strategy, shooter, sports, fighting and mobile games. Additions this year include: Chess, in a 10-minute blitz format, with grandmasters such as Magnus Carlsen and Hikaru Nakamura expected to appear; Valorant and Crossfire, both added after the signing of a multiyear deal with Riot Games; and Fatal Fury: City of the Wolves, marking a return for SNK's classic fighting franchise. Returning favourites include: Dota 2, League of Legends, Counter-Strike 2, Call of Duty: Warzone and Black Ops 6, EA Sports FC 25, Street Fighter 6, PUBG Mobile, Battlegrounds Mobile India, Apex Legends, StarCraft II, Rocket League, Tekken 8, Mobile Legends: Bang Bang and Tom Clancy's Rainbow Six Siege. The selection covers both competitive popularity and global appeal, making it an international event for players and spectators alike. Club Championship At the heart of the event is the Club Championship, a format designed to encourage cross-game performance and consistent success. About 200 clubs and 2,000 players from more than 100 countries are expected to take part. To win the Club Championship, a team must win at least one tournament and finish in the top eight in at least two additional events. This system rewards both dominance and versatility, encouraging clubs to build squads across multiple games. Last year, Team Falcons, based in Saudi Arabia, won the Club Championship, with Team Liquid from the Netherlands and Team BDS from Switzerland finishing second and third respectively. With a more substantial pool of teams this year, the race for the Club Championship title is expected to garner international attention from esports fans. Fan experience and industry summit The Esports World Cup will also host a number of events for visitors and fans to enjoy alongside sitting in on the action. Visitors can look forward to cosplay contests, fan meetups, livestreams, creator booths, gaming challenges, community events, live performances and merchandise zones. Towards the end of the tournament, the New Global Sport Conference will be held on August 23 and 24, inviting industry leaders from across gaming, technology, media and sport to participate in networking opportunities. Ticket prices Tickets are currently on sale with options including daily passes, multi-week access, and VIP hospitality packages. Prices start at 999 Saudi riyals ($266) for weekly passes. Organisers have said that prices for daily passes will be revealed closer to the start of the event.
Zawya
2 hours ago
- Business
- Zawya
Kuwait University, Saudi ETEC sign deal to enhance academic quality and accreditation
RIYADH, Saudi Arabia - Kuwait University (KU), represented by its College of Graduate Studies, signed a memorandum of understanding (MoU) on Wednesday with the Saudi Education and Training Evaluation Commission (ETEC), aimed at enhancing cooperation and exchanging expertise in key academic and quality assurance fields. Speaking on the sidelines of the signing ceremony, Acting Dean of the College of Graduate Studies Dr. Ahmad Al-Mikhyal said the MoU seeks to strengthen collaboration in areas such as quality assurance, academic accreditation, and the sharing of institutional knowledge. Dr. Al-Mikhyal noted that the agreement will facilitate joint efforts in the development of educational programs, benefiting from mutual experience in measurement, evaluation, and university admission testing. It also includes provisions for organizing joint workshops and training sessions. 'This cooperation represents a strategic opportunity to elevate the quality of education outcomes at Kuwait University,' he said, highlighting the role of ETEC's expertise in setting quality benchmarks and implementing rigorous evaluation and accreditation procedures. He praised the Saudi model in education and training quality, describing it as 'a global pioneer' that aligns with future demands and contributes to both institutional and academic excellence. The MoU marks a significant step toward fostering a competitive academic environment and achieving higher education standards in the region. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (
