Your Weekly Round Up

YOUR WEEKLY ROUNDUP

In case you missed this weeks latest developments in the growth of Saudi Arabia we’ve compiled the best articles for you.

In Today’s Edition:

• Mukaab and the Future of Riyadh: $1B Steel Deal To Anchor the World’s Largest Building

• Google Pay Launches in Saudi Arabia through The MADA National Payment System

• The PIF Backed Noon to Launch IPO in Saudi Arabia and UAE Within 2 Years

• The Royal Commission for Riyadh City Launches Tawazoun, a Real Estate Balance Platform

• Today’s Newsletter’s Sponsor

TRAVEL

✨Mukaab and the Future of Riyadh: $1B Steel Deal To Anchor the World’s Largest Building

The Mukaab is a 400-meter cube-shaped building that is set to become the world's largest by volume. It is a central component of the New Murabba project, a 19-square-kilometer development in northwest Riyadh.

Key Takeaways:

• The Mukaab, a cube-shaped building that will become the world's largest by volume.

• Part of the New Murabba project, a 19-square-kilometer development in northwest Riyadh.

• The foundation work is nearing completion, and the broader New Murabba project is scheduled for completion by 2030.

The Mukaab is a landmark project that will redefine Riyadh's skyline and urban landscape. Read more

TRAVEL

✨Google Pay Launches in Saudi Arabia through The MADA National Payment System

Google Pay has officially launched in Saudi Arabia, a significant step in the Kingdom's journey toward a cashless, digital economy.

Key Takeaways:

• Google Pay launched in Saudi Arabia through a collaboration with the MADA national payment system, with the support of the Saudi Central Bank (SAMA).

• Users can add their MADA cards, as well as Visa and Mastercard, to the Google Wallet app for secure transactions.

• The service enhances security through tokenization, which uses a virtual card number for payments, minimizing the risk of fraud.

The launch of Google Pay in Saudi Arabia marks a crucial milestone in the country's digital transformation. Read more

THE PIF

✨ The PIF Backed Noon to Launch IPO in Saudi Arabia and UAE Within 2 Years

The e-commerce company Noon, backed by Saudi Arabia's Public Investment Fund (PIF), is planning to launch an Initial Public Offering (IPO) in Saudi Arabia and the UAE within the next two years.

Key Takeaways:

• Noon, an e-commerce company founded by Mohamed Alabbar in 2016 and valued at nearly $10 billion.

• The company is preparing for a public listing in both Saudi Arabia and the UAE within the next two years.

• Noon is focusing on achieving profitability before its IPO, a strategy that differs from the traditional growth-first model of many tech companies.

Noon, a major e-commerce player backed by the PIF, is moving toward a highly anticipated IPO in the next two years. Read more

REAL ESTATTE

✨The Royal Commission for Riyadh City Launches Tawazoun, a Real Estate Balance Platform

The Royal Commission for Riyadh City (RCRC) has launched the Tawazoun Real Estate Balance Platform, a new initiative to address the high demand for affordable housing in the city.

Key Takeaways:

• Platform Name: Tawazoun Real Estate Balance Platform.

• Goal: To increase the availability of affordable residential land plots and stabilize the real estate market.

• Offerings: The platform provides residential land plots to citizens at a capped price of $400 per square meter, with a goal of releasing 10,000 to 40,000 plots annually over five years.

The launch of the Tawazoun platform by the Royal Commission for Riyadh City is a strategic move to tackle the challenge of affordable housing. Read more

This Newsletter Is Sponsored by Welcome Saudi

The No. 1 Travel Website To Discover The Best Hotels, Restaurants & Tourist Destinations in Saudi Arabia