TRADE-

The Kingdom gets its first dutyfree retailer: The Public Investment Fund (PIF) set up the Al Waha DutyFree Company, the first Saudi-owned dutyfree operator, according to a statement. The move comes as the Kingdom looks to capitalize on the rising number of tourists visiting the country and its healthy portfolio of global events to be hosted locally over the next 10 years — including the 2027 Asian Cup, Expo 2030, and the 2034 World Cup.

REMEMBER- Saudi Arabia plans to reel in 70 mn foreign visitors annually by 2030, up from 30 mn in 2024. The sector aims to secure USD 80 bn in private investment by the end of the decade to help achieve this goal, contributing to the Kingdom’s larger diversification agenda.

RENEWABLES-

Acwa launches renewables innovation center in China: Renewables giant Acwa Power has opened an innovation center in Shanghai that will focus on photovoltaics, wind, energy storage, green hydrogen, and seawater desalination, according to a press release. The company invested USD 2.8 mn in the first phase, which includes an R&D center and a green energy laboratory.

Others want in: Acwa signed an MoU with Gulf Renewables Laboratory and Shanghai Jiao Tong University during the center’s opening ceremony to bring in their “technical expertise” on future projects. The company hopes that the center will foster collaboration with Chinese partners and other private and public entities.

REMEMBER– Acwa Power secured a renewables portfolio in China that includes USD 312 mn in solar and wind investments in January. The renewables giant will develop a 132 MW solar photovoltaic (PV) portfolio and a 200 MW wind energy project in the country.

STARTUP WATCH-

Local e-commerce platform Aya closed a USD 1.6 mn seed funding round led by Khwarizmi Ventures, with contributions from Raed Ventures, Joa Capital, Fena Holdings, Turki Alrajhi, and a group of angel investors, according to a press release. The funds will be used to accelerate the company’s product development, broaden its market presence, and improve its platform. No further details were provided on the funding round.

About Aya: Aya is a fashion marketplace founded in 2024 that specializes in forecasting fashion trends and informing local producers about demand trajectory.

LOGISTICS-

Global transport firm FedEx temporarily suspended its Economy Parcel and Freight Services into Saudi Arabia, effective immediately, without offering further details, according to a statement. The suspension impacts select countries including Egypt, the UAE, Kuwait, South Korea, Japan, China, Hong Kong, Taiwan, India, Belgium, Denmark, the UK, Italy, Slovakia, the Netherlands, Spain, Poland, and Brazil.

FedEx said it aims to resume the services as soon as possible, without disclosing a potential timeline. The last-mile shipping giant launched its international economy service in the Kingdom in 2023 in an effort to cap costs for local SMEs.

DIGITIZATION-

NWC upgrades its revenue assurance system with AI: The National Water Company signed an agreement with Portugal-based business efficiency solutions provider Effy Business to deploy an AI-powered revenue assurance system to overhaul its finance and general administration sector, according to a post on X. No timeline or investment ticket was disclosed.

HOSPITALITY-

AlephHospitality opened Four Points by Sheraton Jeddah hotel in the Rabwah District, it said in a press release. The 112-key hotel is located 15 minutes away from King Abdulaziz International Airport, offering a variety of services as well as access to downtown, financial districts, and top attractions.

Not the last one: Aleph Hospitality, in partnership with Marriott International and Ashaad Company, is set to launch the 510-key hotel Sheraton Al Khobar Al Hamra, Al Khobar’s first Sheraton brand, located near the King Fahd Causeway by 2028.

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