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  • $800m King Abdulaziz Center for World Culture in Dhahran Opens
     

    Saudi Aramco opened the $800 million King Abdulaziz Center for World Culture in Dhahran on Thursday, a large steel structure that aims to deepen knowledge and creativity among Saudi youth, according to reports. According to Reuters, the center, known as “Ithra” (“to enrich” in Arabic) is located close to Saudi’s “prosperity well” that tapped some of the […]

     
  • Trump’s Complex Global Business Interests Could Present Problems for President-Elect
     

    President-elect Donald Trump’s complex business dealings before and during his candidacy for the office, and now after his victory on November 8th, continue to draw scrutiny from the media and elected officials in the United States. The president-elect has drawn additional attention for his initial meetings with world leaders that apparently mix his business and family […]

     
  • Three New Ventures by MiSK to Boost Innovation, Training and Investment
     

    Deputy Crown Prince Mohammed bin Salman’s MiSK Foundation launched three new strategic ventures in Riyadh aimed “at comprehensively building the skills, knowledge and capability for economic growth within the Saudi Arabian tech sector,” Reuters and the Saudi Gazette reports. MiSK Academy, MiSK Technovation and MiSK Booster mark a significant new development in the foundation’s work to empower, […]

     
  • Updated LinkedIn Profiles Indicate Key Hires by Saudi Arabia’s PIF
     

    Recently updated LinkedIn profiles indicate a hiring spree by Saudi Arabia’s Public Investment Fund (PIF) as the Kingdom looks to use the sovereign wealth fund to jump-start its reform plans. Reuters reports that several executives have updated their LinkedIn profiles to indicate a new affiliation with the PIF, but the PIF did not comment directly on […]

     
  • ‘Downward Trend’ in Economic Activity Seen in Latest Jadwa Investment Chartbook
     

    Jadwa Investment’s recently released economic chartbook for the month of November found a downward trend in economic activity and the fourth consecutive negative change in government accounts with SAMA. “Economic data for September showed a downward trend in economic activity,” Jadwa said it the report, pointing to negative growth in cash withdrawals from ATMs and […]

     
  • Are oil markets better off with OPEC cuts?
     

    Jadwa Investment’s latest Quarterly Oil Market Update anticipates that OPEC’s decision to announce, but not to implement, a cut in production will likely lead to a small cut in oil production “more akin to a production ’freeze’ rather than an outright cut”. “Any agreement by OPEC, if reached, will of course need to be acted […]

     
  • Saudi Arabia’s PIF, Japan’s Softbank Team Up to Create a Tech Investing Behemoth
     

    Saudi Arabia and Japan’s SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors. Softbank is creating a new global tech investment fund, seeded with $25 billion of its own money. The fund, which will be London, UK based […]

     
  • Yemen’s Houthis Fire Another Missile into Saudi Arabia as Kingdom, Iran Spar at UN over War
     

    Saudi Arabia says it has shot down a ballistic missile fired into the Kingdom by Houthi rebels and their Iranian allies in the latest incident in Yemen’s civil war that has raged for nearly 19 months. The missile targeted the southwestern city of Khamis Mushait and was destroyed Tuesday night without causing any injuries, the Saudi Press […]

     
  • Saudi Arabia Switches to Gregorian Calendar
     

    Saudi Arabia has shifted to the Gregorian or “Western” calendar as a basis for paying civil servants as part of broader fiscal changes, according to reports. The kingdom adopted the lunar Islamic calendar when it was founded in 1932, but the change places its payment schedule in line with the West. It also brings civil […]

     
  • Saudi Arabia’s Foreign Ministry Criticizes JASTA, Congress Weighs Adjustment of Law
     

    Although the Congressional override of President Obama’s veto on the controversial Justice Against Sponsors of Terrorism Act (JASTA) was anticipated, it’s reality has proved shocking to U.S. leaders as well as countries globally.  Saudi Arabia’s foreign ministry has issued a statement strongly condemning the legislation and noted, as has been done frequently in the run-up […]

     

MUST-READS

  • Asian Financial Forum: Hong Kong and Saudi Arabia agree to deepen collaboration between their financial markets on first day of annual event’s 17th edition

    A memorandum of understanding was signed between Saudi’s Financial Sector Development Program (FSDP) and Hong Kong’s Financial Services Development Council (FSDC). The FSDP was launched in 2018 with the aim of creating a diversified financial services sector in Saudi. The FSDC was founded in 2013 with the aim of further developing Hong Kong’s financial services industry. The agreement comes amid continuing efforts by the Hong Kong government over the past year to deepen financial ties with the Middle East.

  • SoftBank Veteran Entrusted With Saudi, UAE Billions Readies Second Act

    The Indian-born financier who helped open the floodgates to Middle Eastern wealth for Masayoshi Son’s $100 billion Vision Fund is attempting his second act. This time, he’s going solo. At SoftBank Group Corp.’s splashy tech vehicle, Rajeev Misra helped secure commitments worth $45 billion from Saudi Arabia’s Public Investment Fund and $15 billion from Abu Dhabi’s Mubadala Investment Co. Investments in high-flying startups ensued — Uber Technologies Inc. and WeWork Inc. among them — but many bets blew up as markets turned. Misra largely stepped back from that venture in 2022 after a tenure marred by internal clashes and investment writedowns.

  • Mourinho rejects Saudi move, weighs European offers

    José Mourinho has rejected an offer from Saudi Pro League club Al Shabab to become their new manager, a source has told ESPN. Domenico Tite, the club's sporting director, had talks with Jorge Mendes, Mourinho's agent, as soon as the Portuguese was sacked by AS Roma last week.

  • Israeli troops cut off Khan Younis after suffering worst Gaza loss

    Twenty-four Israeli soldiers were killed in Israel's worst day of losses in Gaza, the military said on Tuesday, as its forces encircled southern Gaza's main city, trapping Palestinian residents trying to flee.
    Spokesman Rear Admiral Daniel Hagari said 21 soldiers were killed when two buildings they had mined for demolition exploded after militants fired at a nearby tank. Earlier, three soldiers were reported killed in a separate attack in southern Gaza.

  • Turkey set to approve Sweden’s NATO membership bid after long delay

    Turkey's parliament is widely expected to approve Sweden's NATO membership bid on Tuesday, clearing the biggest remaining hurdle to expanding the Western military alliance after 20 months of delays.
    Turkey's general assembly, where President Tayyip Erdogan's ruling alliance holds a majority, is set to vote on the application that Sweden first made in 2022 following Russia's full-scale invasion of Ukraine.

  • Eid al-Fitr 2024: Students in Saudi Arabia to enjoy long vacation

    Students in Saudi Arabia will get to enjoy a long holiday this year to mark Eid al-Fitr, according to the education ministry’s academic calendar. The third academic semester will start on Sunday, March 3, and will end on Thursday, March 28, kicking off the Eid al-Fitr holiday.

  • Work permits and visas in Saudi Arabia: an employer’s guide

    Saudi Arabia is undergoing massive employment and digitization. It's phasing out of a sponsorship system and improving the overall employment ecosystem with modifications to the Labor Code and an ambitious Vision 2030.

  • Saudi Arabia commits to achieving highest global standards in terms of human rights

    Hala bint Mazyad Al-Tuwaijri, the president of the Saudi Human Rights Commission, has spoken of the Kingdom’s commitment to meeting the highest global standards in promoting and protecting human rights, as part of its Vision 2030. Al-Tuwaijri reiterated the goal in her opening statement to the Universal Periodic Review of the UN Human Rights Council in Geneva on Monday, the Saudi Press Agency reported.

  • Saudi Arabia enhances tourist experience with 1,500 new activities

    Saudi Arabia has introduced more than 1,500 activities for tourists in partnership with the private sector to improve their overall experience, said the CEO of the Saudi Tourism Authority. Speaking during the opening remarks of the second Saudi Tourism Forum in Riyadh, Fahd Hamidaddin underscored the Kingdom’s well-equipped resources required to realize its aspirations and goals, encompassing both natural and human components and support from trusted leadership.

  • Employment of Saudis in real estate sector surges to 26,000 after localization push

    The Saudi real estate sector has seen a substantial increase in local employment, with over 26,000 citizens now working in the industry, a significant leap from just 12,000 in July 2021. This 116% surge follows the government's decision to focus on localizing the sector, as announced by Eng. Ahmad Al Rajhi, Minister of Human Resources and Social Development.

    Addressing the Real Estate Future Forum in Riyadh, Al Rajhi highlighted the overall growth in the private sector workforce, with numbers rising from 1.7 million in 2019 to a record 2.3 million in 2023. Notably, 361,000 of these workers are entering the job market for the first time.