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Ready to explore ‘Saudi Arabia this week’ by Analytix, with the latest weekly news updates and business insights from Saudi Arabia. Here we go!
From 28th June to 03rd August 2024
Saudi Arabia announces massive King Salman Stadium with over 90,000 seats
RIYADH: Saudi Arabia revealed the designs of the King Salman Stadium, which is set to be a massive sports complex in northern Riyadh. The stadium with a seating capacity of over 90,000, is expected to be the headquarters for the Saudi national team and host other large sports events.
King Salman Stadium is one of the key projects of Saudi Arabia’s Vision 2030, with an aim to diversify the economy by promoting sectors like sports and entertainment. The stadium will be equipped with all the state-of-the-art tech and world-class facilities that will enhance the experience of the fans. Its design complies with the highest international standards and incorporates environmental protection in its work.
With the construction of the stadium, the tourism sector is expected to grow tremendously and create employment opportunities. This will act as a platform for local and international athletes to present their talent, which will generate a culture of sportsmanship and healthy living.
The King Salman Stadium’s large-scale and sophisticated design is a perfect example of Saudi Arabia’s vision of adopting advanced ideas in construction. This new landmark will have a large role in the nation’s development initiatives and ensure that Saudi Arabia becomes the home of major sporting international games.
Saudi PIF signs $ 50 bn worth deals with Chinese financial firms
RIYADH: Saudi Arabia’s PIF has signed six big deals worth $50 billion with leading Chinese financial institutions. The Memorandum of Understanding (MoUs) was concluded with the Agricultural Bank of China, Bank of China, China Construction Bank, China Export and Credit Insurance Corporation, Export-Import Bank of China and the Industrial and Commercial Bank of China.
The MoUs aim to encourage two-way capital flows through both debts and equities. This move is in sync with PIF’s medium and long-term strategy of diversifying the investment of the fund. As one of the largest sovereign wealth funds worldwide, PIF operates across various sectors including agricultural and multinational conglomerates.
The agreements are in line with Saudi Arabia’s Vision 2030 plan aiming for the reduction of the kingdom’s dependency on oil revenues and the development of a sound private sector. This vision considers the need to diversify and sustain the economy.
China has expressed interest in improving cooperation with Saudi Arabia in various fields like infrastructure, energy, green development and the digital economy. The Chinese government has further invited Saudi Arabian firms like PIF and the oil firm Aramco to branch out their operations into China.
The partnership between Saudi Arabia and China seems to be a kind between the two countries for cooperation in the development of various sectors.
Qiddiya to host Final VII Rebirth exhibition
Qiddiya City: A hub for entertainment, sports and culture, will be partnering with Square Enix to present “Final Fantasy VII Rebirth” at The Boulevard in Riyadh during the 2024 Esports World Cup.
The event begins on August 11 and there will be a special appearance by the game’s producer Yoshinori Kitase and director Naoki Hamaguchi on August 16. It will also feature a 15,000 sq ft area that resembles Midgar based on the game and with life-sized models of Tiny Bronco and the Buggy.
The audience will be able to participate in the game and those who got VIP tickets will be able to get signed posters and other merchandise. A Special one-night presentation and Q&A with Kitase and Hamaguchi will also be held in Riyadh at Falcons Team HQ at 8 pm on August 16. Tickets are available on WeBook.com starting from August 1. The event will be live on Twitch with a live watch party featuring famous gaming influencers.
Arnab Bhattacharya, the director of strategy for the Gaming & Esports District at Qiddiya, shared enthusiasm about the partnership highlighting the game’s beloved characters, plot, and art.
Final Fantasy VII Rebirth is the second part of the remake series and it includes the retelling of the original RPG in three separate titles with characters like Cloud, Barret and Tifa.
Earlier this year, Qiddiya City was appointed as the Nexus partner of the Esports World Cup (EWC) for the next three years. This makes Qiddiya the official home of EWC, with hosting venues such as The Elite Player Lounge and The Qiddiya Esports Arena. The Elite Esports Bootcamps, which is designed for esports training teams was also revealed.
The Esports World Cup held in the Boulevard City transforms Riyadh into an esports capital with competitions in 22 games and a prize pool of over $ 60 million. The event is an eight-week event involving gaming activities, community tournaments, pop culture celebrations and international experiences.
Saudi, Chile wrap up talks on mining, industrial cooperation
RIYADH: Saudi Arabia and Chile have concluded talks over mining and industrial cooperation. In order to strengthen the bilateral relations, the Kingdom’s Industry and Mineral Resources Minister, Bandar AlKhorayef, paid a visit to Chile and discussed with the top officials of both the private and public sectors. The meeting covered areas like knowledge transfer, innovative mining tech and investment opportunities especially in lithium, copper and iron ore production.
AlKhorayef met with Chile’s Mining Minister, Aurora Williams, to take a look at partnerships in high-potential areas like chemicals, auto parts and electronics. He invited Williams to attend the International Mining Conference in Riyadh next January.
AlKhorayef met with Finance Minister Mario Marcel where they discussed the prospects of increasing trade and Saudi Arabia’s goal to lead in electric-vehicle manufacturing. They reviewed the National Industrial Strategy as well as the Kingdom’s mining strategy.
In a meeting with the Acting Minister of Economy, Development and Tourism Veronica Pardo, AlKhorayef discussed mutual investment opportunities and the goals of the Saudi Vision 2030. They looked at increasing the exports of Saudi phosphate fertilizer to Chile, essential for food security in agriculture.
More discussions were done with Acting Foreign Affairs Minister Gloria de la Fuente and AlKhorayef engaged in a roundtable with SOFOFA which is the industrial body of Chile. Leading mining firms’ representatives were present at this meeting.
Also, the minister spoke to Ruben Alvarado of CODELCO, one of the largest copper-producing companies in the world. They discussed lithium and copper investment possibilities. Saudi Arabia and CODELCO have a partnership through Almar Water Solutions, with an emphasis on processing raw materials for EV batteries.
AlKhorayef also met with leaders from large mining companies such as Antofagasta, SQM, Advanced Mining Technology Center and the Anglo American Mining Control Center, highlighting the industrial and mining partnership between Saudi Arabia and Chile.
