PIF and BlackRock Launch $5bn Investment Fund
BlackRock and Public Investment Fund signed a non-binding MOU that calls for the sovereign fund to invest up to $5bn in stages as the new firm hits agreed milestones. Investments will provide capital for a variety of funds invested in public equities and bonds as well as alternative assets.
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Saudi Space Agency and WEF Establish Space C4IR Center
The World Economic Forum has signed an agreement with the Saudi Space Agency to establish a Centre for the Fourth Industrial Revolution (C4IR) focused on space. The Centre for Space Futures, set to open in autumn 2024, will be hosted by the Saudi Space Agency. -
Special World Economic Forum Convenes in Riyadh
The World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh convenes 1,000 global leaders from 92 countries on 28-29 April, to support global dialogue and find actionable, collaborative and sustainable solutions to shared global challenges. -
Vision 2030 Marks 8th Year Since Launch
Launched on April 25, 2016, Vision 2030, Saudi Arabia's blueprint for economic and social transformation marks it 8th year and the halfway point between 2016 and 2030. -
IMF Launches New Regional Office in Saudi Arabia
The goal of the new office is to strengthen the IMF's collaboration with governments and institutions in the Middle East including promoting economic stability, growth, and regional integration. It also underscores the growing economic importance of the region.
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EU announces five-year Schengen visas for Saudi, Omani and Bahraini citizens
The EU will now allow citizens from Saudi Arabia, Oman, and Bahrain to apply for five-year Schengen visas. This marks a significant step forward in strengthening people-to-people relations between the EU and the GCC. -
Global Defense Spending Spikes in 2023
According to a study by Forecast International in 2023 global defense spending grew at its fastest pace in the last decade as governments respond to security crises unfolding around the world. -
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Prospects for Saudi Arabia hitting 2030 Renewable Energy Targets
In 2016 Saudi Arabia's Vision 2030 had an initial target of deploying 9.5GW of green energy by 2030. The latest revision made in 2023, targets 130GW of renewable power capacity by 2030. GlobalData, a leading data and analytics company, says the Kingdom can come close to that target. -
