Saudi Arabia Aims to Attract Huge Investments in Virtual World 

Saudi Arabia tops regional countries in adopting advanced technologies, including virtual reality. (Asharq Al-Awsat) 
Saudi Arabia tops regional countries in adopting advanced technologies, including virtual reality. (Asharq Al-Awsat) 
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Saudi Arabia Aims to Attract Huge Investments in Virtual World 

Saudi Arabia tops regional countries in adopting advanced technologies, including virtual reality. (Asharq Al-Awsat) 
Saudi Arabia tops regional countries in adopting advanced technologies, including virtual reality. (Asharq Al-Awsat) 

Saudi Arabia is seeking to attract substantial global investments in advanced technologies, especially in NEOM.  

A recent study indicated that the metaverse was the next generation of the internet, potentially heralding a new virtual, interconnected reality seamlessly woven into the world. 

The paper, "Creating a New Reality: The Metaverse in MENAT," prepared by the Boston Consulting Group, studied how to unlock the promises of the metaverse in the region, focusing on Saudi Arabia, the United Arab Emirates, Türkiye and Egypt.  

It said Saudi Arabia showed high readiness for metaverse adoption across key enablers, although some gaps remain in SME readiness, ICT talent, and cryptocurrency.  

Saudi Arabia boasts key infrastructure for the metaverse, with 98 percent of individuals using the internet.  

The Kingdom ranked first out of 130 countries for school internet access, fourth for home internet access, and fifth worldwide for median mobile internet connection speed.  

The study noted that Saudi Arabia enjoys high readiness across key technological metrics, including 74 percent smartphone subscription – high for the region and higher than the United States - and an average of 0.77 smartphones installed per person, which is in line with the regional average. 

The country is a leader in AR/VR headset sales and growth, with sales expected to double by 2025. It ranked 2nd (of 130 countries) in cybersecurity.  

Indications point to high consumer readiness for the metaverse: 60 percent of adults are familiar with the concept, and 78 percent of the population has basic ICT skills, which is high for the region.  

According to the study, Saudi Arabia has 82 percent social media penetration, 90 percent of the population uses YouTube, and residents spend 8.1 hours/ day on the internet.  

It also reported that Saudi Arabia currently ranks 70th in mobile apps developed per capita, low for the region.  

Fourteen percent of the population has advanced ICT skills, among the highest in the region, indicating a large base of potential content developers, but 60 percent of ICT companies say recruiting talent remains a challenge.  

Meanwhile, Geidea, a leading fintech company in the region, has partnered with Magnati, a leader in the payments solutions industry, to enable merchants to provide seamless customer experiences in Magnati MetaV.  

Magnati MetaV is the first metaverse marketplace in the MENA region.  

Magnati MetaV is a virtual platform where people can get a visual and sensory experience as they shop, learn, play games, attend events, and more online, all from the comfort of their homes.  

Furthermore, the head of Saudi Excellence, Abdullah al-Meleihi, said that by 2030, the total number of users of metaverse would reach about five billion people, according to the studies' predictions.  

Meleihi added that companies and venture capital funds invested $120 billion in the Metaverse between January and May 2022, which is more than double what was invested in 2021.  

He indicated that the real estate sector is the preferred investment, real or virtual. Real estate based on the metaverse is a plot of land on a platform that can hold anything digitally, such as an art exhibition or concert hall.  

The platforms that develop these lands generate revenue by selling or renting them to luxury brands and fashion houses trying to reach consumers in the metaverse.  

Meleihi pointed out that NEOM's technology and digital company changed its brand to "Tonomous" and is working to increase investment in the metaverse and AI.  

Tonomous invested about $1 billion in 2022 to promote AI and metaverse technologies, said Meleihi, adding that it aims to devote efforts to ensure NEOM is the first community compatible with the virtual world and cognitive sciences worldwide. 



King Salman International Airport Kicks of Construction of 3rd Runway to Boost Operational Efficiency

 The airport will incorporate the King Khalid terminals - SPA
The airport will incorporate the King Khalid terminals - SPA
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King Salman International Airport Kicks of Construction of 3rd Runway to Boost Operational Efficiency

 The airport will incorporate the King Khalid terminals - SPA
The airport will incorporate the King Khalid terminals - SPA

King Salman International Airport (KSIA), a PIF company, has commenced construction works on the third runway, marking a strategic step that reflects continued progress in airfield development and enhances the airport’s operational readiness to support long-term growth in air traffic demand.

The third runway forms a key component of the KSIA Master Plan and represents a major milestone in the airport’s expansion journey.
According to a press release issued by the KSIA, the project is being delivered in collaboration with FCC Construcción SA and Al-Mabani General Contractors Company and has been designed in alignment with Riyadh’s prevailing wind patterns to ensure safe and efficient aircraft operations under all operating conditions, SPA reported.

The current operational capacity stands at 65 aircraft movements per hour. With the implementation of operational enhancements and the introduction of the third runway, capacity is expected to increase to 85 aircraft movements per hour, contributing to improved operational efficiency and supporting long-term growth.

The third runway incorporates multiple access taxiways to ensure smooth aircraft flow and will span 4,200 meters in length.

Acting CEO of KSIA Marco Mejia said: “Launching construction of the third runway marks a pivotal step in delivering the KSIA Master Plan and reflects our commitment to developing world-class infrastructure capable of supporting future growth, enhancing operational efficiency, and expanding long-haul connectivity without constraints.”

King Salman International Airport is a strategic and transformative national project that reflects the Kingdom’s ambition to position Riyadh as a global capital and a leading aviation hub. The project was announced by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Board of Directors of King Salman International Airport, underscoring its national significance and its role in advancing the objectives of Saudi Vision 2030.

Located on the existing site of King Khalid International Airport in Riyadh, the airport will incorporate the King Khalid terminals, in addition to three new terminals, residential and leisure assets, six runways, and logistics facilities. Spanning 57 square kilometers, it is designed to accommodate 100 million passengers annually and handle over two million tons of cargo by 2030.

This phase of construction contributes to strengthening King Salman International Airport’s international flight network across multiple global destinations, reinforcing Riyadh’s position as an internationally connected aviation gateway and supporting national development objectives within the air transport sector.


Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks
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Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

Mawani, Arabian Chemical Terminals Sign Land Lease for Jubail Port Storage Tanks

The Saudi Ports Authority (Mawani) signed a contract with Arabian Chemical Terminals Ltd. to establish storage tanks for chemical and petrochemical materials at Jubail Commercial Port, with an investment exceeding SAR500 million on an area of 49,000 square meters.

The project will contribute to enhancing operational efficiency and increasing handling capacity in line with the objectives of the National Transport and Logistics Strategy to consolidate the Kingdom’s position as a global logistics hub, SPA reported.

This step is part of Mawani’s efforts to strengthen the role of the private sector in supporting the gross domestic product and to reinforce the position of Jubail Commercial Port as a driver of commercial activity. The project’s storage capacity will reach 70,000 cubic tons, boosting the competitiveness of the Kingdom’s ports at both regional and international levels.

The project aims to develop and expand storage capacity and the export of chemical and petrochemical materials in accordance with the highest international standards while supporting supply chains. It includes the establishment and development of specialized facilities for storing and exporting chemical and petrochemical products, as well as the provision of storage and distribution services for local and international import and export of chemicals in line with global quality and safety standards.

The project will contribute to supporting national supply chains, boosting the Kingdom’s chemical logistics capabilities, and raising operational efficiency and capacity, thereby improving customer competitiveness. It also supports the achievement of Saudi Vision 2030 objectives by promoting the development of infrastructure to advance the energy, industry, and supply chain sectors in the Kingdom.


Oil Prices Stable as Investors Seek Clarity on Russia-Ukraine Talks

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
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Oil Prices Stable as Investors Seek Clarity on Russia-Ukraine Talks

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel

Oil prices were little changed on Tuesday as investors took stock of ​dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen, Reuters reported.

Brent crude futures for February delivery, which expire on Tuesday, were up 15 cents at $62.09 a barrel as of 0918 GMT. The more active March contract was at $61.61, up 12 cents.

US West Texas Intermediate ‌crude gained 14 ‌cents to $58.22.

The Brent and ‌WTI ⁠benchmarks ​settled ‌more than 2% higher in the previous session as Saudi Arabia launched airstrikes against Yemen and after Moscow accused Kyiv of targeting Putin's residence, denting hopes of a peace deal.

Kyiv dismissed Moscow's accusation as baseless and designed to undermine peace negotiations. After a phone call ⁠with Putin, US President Donald Trump said he was angered by details ‌of the alleged attack.

"I think the ‍markets are sensing that ‍a deal is going to be very hard ‍to come by," said Marex analyst Ed Meir.

Traders also watched other Middle East developments after Trump said the United States could support another major strike on Iran were Tehran to resume rebuilding its ballistic missile or nuclear weapons programs.

Despite renewed fears of potential supply disruptions, perceptions of an oversupplied global market remain and could cap prices, analysts say.

Marex's Meir said prices would trend downwards in the first quarter of 2026 due to ‌a "growing oil glut".