Welcome back to This Month in Saudi!

Welcome back to This Month in Saudi. Saudi Arabia leaned fully into winter as a cultural, creative, and travel season - anchored by AlUla’s growing arts ecosystem, renewed energy in Diriyah, and a steady drumbeat of tech, tourism, and investment news. From international art collaborations to tourism pushes and foreign policy moves, the Kingdom continued to frame itself as both a regional hub and a global player.

In this issue…

• Spain comes to Riyadh

• Fintech companies boom

• Saudi pushes de-escalation

• …and more

THIS MONTH IN CULTURE AND PLACES

JOY Comes to Riyadh

Winter remained Saudi Arabia’s most culturally dense season, with programming that blended heritage, global exchange, and immersive experiences.

One of the month’s most significant cultural moments was the launch of Ithra Cultural Days: Spain, which transformed the King Abdulaziz Center for World Culture in Dhahran into a multi-week celebration of Spanish art, music, cuisine, photography, and shared Arab-Andalusian heritage. More than a festival, the program reflected Saudi Arabia’s growing use of culture as a diplomatic and educational bridge. And it is not too late to check it out, with the event running until 31 January 2026!

Meanwhile, last night on 17 January 2026, the 6th edition of JOY Awards took place in Riyadh as part of Riyadh Season, organized by the General Entertainment Authority with MBC and attended by HE Turki Alalshikh.

The live broadcast on MBC channels and Shahid platform featured global stars like Katy Perry, Robbie Williams, Forest Whitaker and Millie Bobby Brown, alongside Arab cinema, drama, music and sports winners including Abdulmohsen AlNemer (Favorite Series Actor), Angham (Favorite Female Singer), Yassine Bounou (Favorite Male Athlete) and Layla AlQahtani (Favorite Female Athlete). Lifetime honors went to Egyptian painter Farouk Hosny and beIN Media’s Nasser Al-Khelaifi, blending high-production performances, audience-voted results and cross-regional celebration into Riyadh’s busiest entertainment night of the season.

Diriyah: Stargazing and Glamping

In Diriyah, Sada Al Wadi ran in Wadi Safar from 4 to 26 December as an outdoor poetry and music programme, with Samri performances and live shows stretching late into the night. Msalliyah, held from 4 to 17 January in Adhwaihrah, offered workshops, live music and storytelling from late morning to 10 pm on weekdays and until midnight on weekends, which made it easy to combine with time in Riyadh.

And if you are looking for something to do in Diriyah that is still on, MINZAL, a glamping and stargazing concept runs from 1 January to 14 February, with fire pits, art installations and food added to the desert experience, effectively extending Diriyah’s winter season into mid February.

AlUla: An Expanding Arts Ecosystem

AlUla continued to develop its arts identity through large scale installations, land art and collaborations with international institutions that turn the sandstone valleys and oasis into an outdoor gallery. In December, Winter at Tantora anchored the area’s cultural calendar, with concerts, heritage showcases and community-based activities continuing to reflect AlUla’s maturity as a cultural destination.

For those visiting AlUla soon, from 16 January to 28 February 2026, Desert X AlUla is running, exploring “space without measure” - inspired by Kahlil Gibran’s meditations on possibility, perception and the boundless nature of the human spirit. Visitors are encouraged to pair exhibitions and Desert X style works with hiking, stargazing and tours of the old town, which shifts AlUla from a one time heritage visit into a place that rewards repeat winter trips.

THIS MONTH IN TECH & BUSINESS

Minerals, Sukuk and a Fintech Boom

Alongside festivals, the end of 2025 and the first weeks of 2026 were busy on the business front, with significant activity in debt markets, mining and fintech underscoring how the Kingdom is financing its transformation. The picture that emerges is of a state that is increasingly comfortable using loans, sukuk and private sector participation to support giga projects and infrastructure, while pushing digital payments and AI as long term growth engines.

Debt, sukuk and infrastructure finance

Saudi Electricity Company secured a 1.5 billion dollar syndicated loan, reflecting strong appetite in international and regional markets for Saudi infrastructure exposure. In parallel, SAL Saudi Logistics and Waja moved ahead with sukuk issuances, adding depth to local debt markets and signalling that more corporates are using capital markets rather than relying solely on bank finance.

Meanwhile, analysis of giga project spending suggests that as government budgets tighten, there is a gradual shift toward private sector and project finance structures, especially in and around Riyadh real estate and infrastructure.

Maaden, minerals and new discoveries

Mining giant Maaden announced the addition of approximately 7.8 million ounces of gold to its mineral resources, led by the Mansourah Massarah mine in Makkah Province and the new Wadi Al Jaww discovery in the Arabian Shield. The expansion strengthens Saudi’s case for mining as a third pillar of the economy alongside energy and tourism, and creates new opportunities for suppliers, services and downstream industries that support exploration and processing.

On the tech front, by the end of 2025, Saudi counted 261 fintech companies, a 21 percent increase from 216 in 2024 and above its target of 230, with cumulative sector investment reaching roughly 7.9 billion riyals, more than triple the original 2025 goal.

The ecosystem generated over 11,000 direct jobs and continued to move the country toward higher cashless transaction rates, aided by new digital banks and global payment players preparing market entry. At the same time, PIF backed HUMAIN and several large data center and AI infrastructure deals with partners such as Nvidia, AWS and Blackstone reinforced the view that Saudi intends to be a regional hub for AI workloads and cloud services rather than a passive consumer.

THIS MONTH IN FOREIGN AFFAIRS

Saudi Pushes for Stability, De-escalation

Foreign policy, economic policy and domestic reform remained tightly linked over this period, with new legislation, royal appointments and financing decisions all feeding into how Saudi manages its transition and presents itself abroad. Culture, universities and high profile events are increasingly used alongside legal and regulatory reforms to send signals to partners and markets.

High-level engagements underscored Saudi's central role in Gulf coordination and broader Middle East de-escalation efforts, including talks on Yemen, Syria and economic cooperation with neighboring states.

On 30 December, Saudi Arabia expressed regret over UAE pressure on Southern Transitional Council forces to conduct operations in Hadramaut and Al-Mahra, describing the moves as a direct threat to its national security and calling them a "red line." The UAE responded on the same day by reaffirming commitment to Saudi sovereignty, rejecting allegations, and announcing the voluntary withdrawal of its remaining counter-terrorism units from Yemen in coordination with partners, citing safety concerns.

Beyond Yemen, Saudi Arabia has been credited for talking US President Donald Trump down from intervening militarily in Iran in response to Iran’s crackdown on protests. The Kingdom reportedly warned that striking Iran could lead to major instability in the region - including severe economic and humanitarian consequences.

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For your calendar

• 16 January - 14 February: AlUla Arts Festival with flagship contemporary art, land installations, performances and workshops across AlUla Oasis and AlJadidah Arts District, including Desert X AlUla and the Arduna exhibition with 80+ works from Saudi collections and the Centre Pompidou.

• 30 January - 1 May: Diriyah Contemporary Art Biennale is coming, bringing a major international art event that blends contemporary works with Diriyah’s historic setting, running day and night.

• 27 January - 11 April: Bedayat: Beginnings of Saudi Art Movement at the National Museum of Saudi Arabia in Riyadh honours early Saudi artists who shaped the country’s modern creative scene.

• 7 February - 9 February: Sneaker Con Riyadh, showcasing 150 vendors from the US and across the globe.