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U.S. Chamber of Commerce and Council of Saudi Chambers Kick-off U.S.-Saudi Arabia CEO Summit
On January 24, 2016 at the Council of Saudi Chambers of Commerce building the U.S.-Saudi CEO Summit kicks off a focused, high-level private-sector initiative to assess the U.S.-Saudi commercial and business environment in order to enhance bi-lateral trade, investment and cooperation. The Saudi-US Trade Group team is in Riyadh to participate in the inaugural U.S.-Saudi […]
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FM Al-Jubeir: Most Effective Way to Solve Regional Crises ‘Through our close partnership and alliance with the United States of America’
U.S. Secretary of State John Kerry on Thursday stood by ally Saudi Arabia in its widening rift with Iran over the execution of a Shiite cleric while urging the regional rivals to pursue a diplomatic solution, the Associated Press reports. Kerry said Washington stands by its friends, “but we also want to see diplomacy work. […]
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Saudi Aramco Considers IPO, but Scope of Listing Unknown
As Saudi Arabia appears to actively consider a potential IPO for its state-owned oil company, Saudi Aramco, two conflicting reports emerged today about the potential scope of the offering. On Thursday of last week, Saudi Arabia’s deputy crown prince Mohammed bin Salman told the Economist in an interview that he was optimistic about the potential […]
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Saudi Stocks Hit 4-Year Low as Global Markets Shudder at China’s Second Halt in Trading This Week
Saudi Arabia’s stock market has continued a tumultuous start to the new year, with the Kingdom’s benchmark index falling another 4.8 percent on Thursday to a four-year low. According to the Financial Times, the drop this year has totaled 10.6 percent, and leaves it 44 per cent weaker than its post financial crisis peak in 2014. The TASI […]
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Video Released Shows Timelapse Construction on Riyadh’s Metro Project
A recently released video by the leading construction partners on Riyadh’s metro project highlighted the progress made on the mega-project that will change the way the city’s residents get around. In October, the Riyadh metro project hit a major milestone as a consortium led by Spanish construction giant FCC said it has completed the drilling […]
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GE secures $1b contract to produce gas and steam turbines to power more than 500,000 homes in Saudi Arabia
GE has been awarded what the company called a “landmark contract” with Saudi Arabia valued at nearly US$1 billion for the engineering, construction and provision of gas turbine services for the Waad Al Shamal combined cycle power plant of Saudi Electricity Company (SEC). The plant, scheduled for completion in 4 years, will support the phosphate mining […]
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An ‘Islamic NATO?’ Recently Formed Defense Coalition Faces Challenges in Fighting Extremism
Writing in Al Monitor, Washington-based analyst Fahad Nazer comments that Saudi Arabia may be aiming to form an Islamic NATO of sorts, in part because of the turmoil and instability surrounding the Kingdom from virtually all sides. Saudi Arabia’s government sees a more active foreign policy as essential, especially in the absence of a physical American presence in the region. “For much of […]
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McKinsey & Company Publishes 165-Page Analysis of ‘Saudi Arabia Beyond Oil’
McKinsey & Company, the top-tier global consulting firm with offices in Riyadh and across the Middle East, published an in-depth report on the Saudi Economy and the opportunities for the Kingdom beyond oil. The report, produced by the McKinsey Global Institute (MGI) and available on McKinsey’s website to the public (executive summary here, full report […]
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New Saudi Ambassador to United States HH Abdullah Al-Saud Addresses U.S. Business Community at First Public Event
HH Prince Abdullah Al Saud, Saudi Arabia’s new ambassador to the United States, gave his first public remarks as ambassador to the U.S. business community on Friday at an event at the U.S Chamber of Commerce, co-hosted by the U.S. Chamber of Commerce, the Council of Saudi Chambers of Commerce, the Saudi Committee for International […]
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Syrian Rebels Summit As Riyadh Eyes Political Solution
Rebel factions in Syria’s bloody 4-year civil war meet in Saudi Arabia this week for a conference as Riyadh looks for a political solution to the crisis. Around 100 representatives of the Syrian opposition representing 70,000 “moderate rebels” in the fight held the first meeting of its kind in the Saudi capital. Western nations have observer status at […]
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Club World Cup set for June-July 2025, new Intercontinental Cup in 2024 – FIFA
FIFA's revamped Club World Cup planned for 2025 and set to feature 32 teams will be played from June 15 to July 13, while a new Intercontinental Cup will be played annually from next year, Gianni Infantino, the head of world soccer's governing body, said on Sunday. The announcement drew criticism from the global players' union FIFPro as well as the World Leagues Forum (WLF), an organisation representing 44 major professional leagues that is chaired by Premier League chief Richard Masters.
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In Israel, US defence chief to look to next phase of Gaza war
U.S. Defense Secretary Lloyd Austin arrived in Israel on Monday for talks expected to focus on Israel's eventual end to high intensity war in Gaza and its transition to a more limited, focused conflict, officials say.
For Austin, the trip is a delicate balancing act. He has steadfastly supported Israel's right defend itself following Palestinian militant group Hamas' surprise Oct. 7 attacks. But he has also become increasingly vocal about the plight of civilians in Gaza as Israeli strikes drive up casualties.
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S.O.S. signs found on killed hostages hideout, Israeli military says
Signs reading "S.O.S." and "help, three hostages" in Hebrew were found on the walls of a Gaza building where three Israeli hostages had been hiding before they were mistakenly killed, Israel's military said on Sunday.
The military distributed photographs of the white cloth signs written in red, likely with leftover food. They were hung on a building about 200 meters from where the hostages were shot, military spokesman Rear Admiral Daniel Hagari said.
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As irregular warfare comes to a crossroads, Congress chips in
Many military observers are concerned that the military’s ability to wage irregular warfare—like working with combatants not formally associated with nation-states, skills honed during more than a decade of wars in the Middle East—will be discarded as the Pentagon readies itself to take on great-power states such as China. That concern reflects debate about how to revamp U.S. irregular-warfare capabilities and training—and even whether such capabilities are still needed. The Army, for example, is proposing to cut its special-operations forces by up to 20 percent.
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Saudi PE Firm Jadwa Eyes $530 Million Fund for Mideast Deals
Saudi private equity firm Jadwa Investment Co. is planning to raise as much as 2 billion riyals ($530 million) for a new fund to boost dealmaking in fast-growing oil exporting countries in the Middle East.
The firm is raising its first blind pool fund with a view to taking significant minority stakes in as many as 12 companies over the next three years, Jadwa said in a statement to Bloomberg. It will target investments in Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain and Oman, an economic bloc known as the Gulf Cooperation Council, of GCC.
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Saudi shopping and BNPL platform Tamara tops $1B valuation in $340M Series C funding
Saudi asset manager and financial institution SNB Capital and Sanabil Investments, a wholly-owned company by Saudi’s sovereign wealth fund Public Investment Fund (PIF), led the Series C round. Other backers include Shorooq Partners, Pinnacle Capital, Impulse and others, joining existing investors such as Checkout.com. The round, composed of primary capital and a transaction of some secondary shares, is among the largest investments in a fintech in the region.
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Shipping firms to avoid Suez Canal as Red Sea attacks increase
Two major freight firms including MSC, the world's biggest container shipping line, on Saturday said they would avoid the Suez Canal as Houthi militants in Yemen stepped up their assaults on commercial vessels in the Red Sea. Yemen's Iranian-backed Houthi movement has been attacking vessels in response to the Gaza war on a route that allows East-West trade, especially of oil, to use the Suez Canal to save the time and expense of circumnavigating Africa. War risk insurance premiums have risen as a result.
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For Kuwait’s new emir, Saudi ties are seen as key
Sheikh Meshal al-Ahmad al-Sabah was named as Kuwait's new emir on Saturday after the death of his brother Sheikh Nawaf al-Ahmad al-Sabah aged 86. Sheikh Meshal, 83, spent much of his career helping build the Gulf state's security and defence apparatus before stepping into the public eye when he became crown prince three years ago. He was thrust further into the spotlight when he was handed most of the frail Emir Sheikh Nawaf's duties in November, 2021.
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Al-Dawood: Qiddiya anticipates creation of 325000 jobs and 48 million annual visits
Abdullah Al-Dawood, managing director of the Qiddiya Investment Company, announced that the Qiddiya City is anticipated to create 325,000 jobs and attract 48 million visitors annually.
He made the remarks while addressing a dialogue session titled “Accelerated Progress in the Saudi Labor Market” at the 1st Global Labor Market Conference (GLMC) that began in Riyadh on Wednesday. Those who attended the session also included Muhammad Abu Nayyan, founder and chairman of the Board of Directors of ACWA Power; Turki Aljawini, director general of the Human Resources Development Fund (HADAF), and Nadhmi Al-Nasr, CEO of NEOM. -
Israel-Hamas fighting convulses Gaza as U.S. seeks protection of civilians
Israeli forces and Hamas battled fiercely throughout Gaza on Friday, witnesses said, suggesting Israel's ground offensive was meeting stiffer resistance as the U.S. said it expected its ally to alter a war strategy that has inflicted a huge death toll.
Residents in the small enclave reported fighting in Sheijaia, Sheikh Radwan, Zeitoun, Tuffah, and Beit Hanoun in north Gaza, east of Maghazi in central Gaza and in the centre and northern fringes of the main southern city of Khan Younis.
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