'Salmani' Architecture, VIA Riyadh opens, rainfall record shattered in Saudi Arabia and much more...

The 966

Episode 87! The hosts explore overlapping topics in Salmani architecture and an evolving Riyadh city under King Salman for decades. Kicking things off, Richard's One Big Thing is the rise of Salmani Architecture - a term the hosts have come across in recent months that is important in understanding the current and new face of a changing Saudi capital. Salmani architecture combines traditional Saudi design elements with the new, while remaining distinctive, functional, and aesthetically pleasing. Lucien's One Big Thing is the launch and opening of VIA Riyadh, a new retail, entertainment, and hospitality destination in Riyadh that is now open to the public. Then the hosts wrap up as always with Yallah! 6 top storylines to get you up to date before heading into the weekend.

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5:18 - Richard's One Big Thing is the rise of Salmani Architecture. Salmani architecture, becoming the norm in Riyadh for new buildings and construction, was characterized by an aesthetic appeal with six core values that were carefully planned and overseen by King Salman himself. The design process absorbs the guidance of all six values: Authenticity, Continuity, Human-Centricity, Livability, Innovation, and Sustainability.

28:36 - Lucien's One Big Thing this week is the launch of VIA RIYADH, a bougie new shopping and dining development in the heart of the Saudi capital. VIA Riyadh is done in the Salmani architecture style, and as the newest example of it, is a great look at some of the key elements and features of that style. VIA Riyadh was designed to work in perfect harmony with the local identity of the capital, preserving the unique identity of the city. The ancient stones that formed the famous Tuwaiq mountain in Dhurma ages ago, were professionally extracted to bring them to the present. The area has a significant place in Saudi history since it was the birthplace of the Second Saudi State in the 1820s.
VIA RIYADH launched on May 11th and is welcoming visitors and patrons now, and includes a shopping mall, a hotel, a cinema, and a variety of super trendy restaurants and chic cafes.

36:36 - Yallah! 6 top storylines to get you up to speed headed into the weekend...

Saudi Crown Prince merges Riyadh districts and names them after King Salman

Via Mariam Nihal in thenationalnews.com: Saudi Crown Prince Mohammed bin Salman has merged two Riyadh districts and renamed them after his father in a tribute to his leadership of more than five decades. Al Waha and Salah Al Din districts, which are located in the heart of the capital, close to King Salman Park, will now be known as King Salman Neighbourhood, the Saudi Press Agency reported. The areas will be redeveloped and equipped with proper infrastructure and recreational amenities in a manner designed to allow them to keep pace with the growth of the city. Spanning an area of 6.6 square kilometres, the combined district will feature Salmani architecture.

https://www.thenationalnews.com/gulf-news/2023/05/15/saudi-crown-prince-merges-riyadh-districts-and-names-them-after-king-salman/

Contract Signed for $1.5 Billion for NEOM High-Speed Railway to Connect Port Development of Oxagon and The Line

Milan, Italy-based Webuild and its joint-venture partner Shibh Al Jazira Contracting Company (SAJCO) have signed a contract worth circa $1.5 billion to design and build 57 kilometers (35.4 miles) of a high-speed railway in NEOM, along the north Red Sea coast of Saudi Arabia which will connect Oxagon and The Line, according to reports.

https://www.sustg.com/contract-signed-for-1-5-billion-for-neom-high-speed-railway-to-connect-port-development-of-oxagon-and-the-line/

Saudi Arabia hits record 31.81 mm average rainfall in April, the highest in 40 years

The Ministry of Environment, Water and Agriculture (MEWA) announced that the average rainfall in various regions of the Kingdom of Saudi Arabia hit an exceptional record of 31.81 mm in April 2023.

According to MEWA, this is the highest average recorded in 40 years; it is higher than the average of 9.23 mm which it recorded in April 2022.

https://www.zawya.com/en/life/saudi-arabia-hits-record-3181-mm-average-rainfall-in-april-the-highest-in-40-years-nrqxo6vo

Saudi Wealth Fund Staffs NY Unit With Goldman, Point72 Hires

The US subsidiary of Saudi Arabia’s $730 billion sovereign wealth fund is hiring from Wall Street firms and top hedge funds to manage its growing portfolio of investments in the country. In January, former Point72 Asset Management executive Jason Chung joined as head of the New York office of USSA International, the fund’s US arm, after spending almost 13 years at billionaire Steve Cohen’s hedge fund, according to LinkedIn. That month, Meredith Wood Doherty joined from investment firm Baillie Gifford as USSA International’s head of compliance and governance, her LinkedIn profile shows.

https://www.bloomberg.com/news/articles/2023-05-16/saudi-wealth-fund-staffs-ny-unit-with-goldman-point72-hires?sref=5jMtLoGc

Ma’aden and Ivanhoe to explore untapped resources in Saudi Arabia

Ma’aden, a Saudi Arabian mining company, has finalised its agreement with Ivanhoe Electric Inc. (IE) to purchase 9.9% shares in the company and form a 50/50 joint venture (JV) to undertake one of the largest exploration programmes ever conducted.

The deal will provide Ma’aden, through the JV, with access to IE’s breakthrough Typhoon™ geophysical survey technology, which will accelerate the exploration of Saudi Arabia’s lands, estimated to hold US$1.3 trillion of untapped minerals.

Saudi Arabia’s Public Investment Fund (PIF) is pumping more money in the gaming industry, and has increased its stake in American gaming company Electronic Arts (EA) by 55%.

The PIF held 16.1 million shares in the FIFA and Madden NFL game publisher before Q4 2022, but after Q1 2023, it held 24.81 million shares, according to financial research publisher Seeking Alpha. Saudi Arabia already has investments in Activision Blizzard and Take-Two Interactive from the United States.