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  • ‘To the Future’: Saudi Arabia Spends Big to Become an A.I. Superpower

    More than 200,000 people converged at the conference, including Adam Selipsky, chief executive of Amazon’s cloud computing division, who announced a $5.3 billion investment in Saudi Arabia for data centers and artificial intelligence technology. Arvind Krishna, the chief executive of IBM, spoke of what a government minister called a “lifetime friendship” with the kingdom. Executives from Huawei and dozens of other firms made speeches. More than $10 billion in deals were done there, according to Saudi Arabia’s state press agency.

  • Saudi Arabia welcomes panel’s report on UNRWA’s performance

    Saudi Arabia welcomed the results of an independent committee’s report on the performance of the United Nations Relief and Works Agency for Palestine Refugees (UNRWA).

    The Ministry of Foreign Affairs said in a statement that the results of the report confirm the agency’s main role in supporting the relief, humanitarian and development efforts of the Palestinian people.

  • Trump looms large over Biden’s long-shot talks on Israel-Saudi normalization

    Sitting together last month, Graham and MBS spoke with Trump for roughly five minutes, two people familiar with the call told CNN. The conversation was friendly and consisted mostly of exchanging pleasantries and casual chatter about the US presidential election. At one point, Trump touted his poll numbers, one of the people said. Not once did the normalization deal come up, both sources said.

  • Saudi Arabia’s booming hospitality sector to add 320,000 hotel rooms by 2030

    Saudi Arabia is projected to have 320,000 new hotel rooms by 2030 across the country to accommodate an influx of 150 million domestic and international tourists annually, according to a new report.

    This expansion, according to the figures by global property consultancy Knight Frank, will boost the nation’s travel and tourism industry which already accounts for nearly six percent of Saudi Arabia’s GDP today and is central to achieving the government’s goal of tourism contributing 10 percent to the economy by 2030.

  • Saudi Arabia makes up 41% of GCC telecom revenues, 37% of assets

    Saudi Arabia accounted for 41% of total revenues in the GCC telecommunications and information technology sector and 37% of total assets. The revenues of Saudi-listed companies listed within the sector reached about SAR 119 billion in 2023, marking growth of more than 10% year-on-year (YoY). This was presented by Argaam team during the ICT Indicators Forum 2024 in its tenth edition, organized by the Communications, Space & Technology Commission (CST). The Kingdom accounted for 34% of the total sector’s assets valued at SAR 250 billion in 2023, with a YoY rise of about 12%.

  • Saudi Arabia’s King Salman leaves hospital after tests

    Saudi King Salman left hospital after a routine check-up on Wednesday, the Royal Court said in a statement carried by the official Saudi Press Agency.

    Earlier in the day, the Royal Court said King Salman entered King Faisal Specialist Hospital in Jeddah for a routine check-up for “a few hours".

    “May Allah protect the Custodian of the Two Holy Mosques and grant him health and wellness,” the court said.

  • Saudi Arabian healthcare group Fakeeh Care Group announces IPO

    Saudi Arabia's Fakeeh Care Group, one of the largest private hospital groups in the kingdom, said on Wednesday it planned to proceed with an initial public offering (IPO) through the sale of a 21.47% stake in existing and new shares.
    The family-owned business, with hospitals in Jeddah and Riyadh, plans to offer 30 million new shares and 19.8 million existing shares to investors, it said in a statement.

  • Saudi Arabia’s non-oil exports surge by 4.4%: GASTAT

    Saudi Arabia’s non-oil exports, including re-exports, saw a surge of 4.4 percent in February compared to the same period of 2023, official data showed. According to the General Authority for Statistics, the total value of this sector reached SR21.86 billion ($5.83 billion), marking a rise from SR20.93 billion in the same period of the previous year.

  • IMF To Open New Regional Office In Saudi Arabia

    The first director of the regional office will be Mr. Abdoul Aziz Wane who is a seasoned IMF leader with deep knowledge of the institution and a vast network of policymakers and academics across the world. He is a national of Senegal.

  • In Iran, talk of capacity to build nukes sparks bipartisan backlash

    Supreme Leader Ayatollah Ali Khamenei has accused the US of attempting a Libya-style shutdown of Iran’s nuclear facilities. This comes as some Iranian officials have indicated that the Islamic Republic may turn to nuclear weapons if pushed into a corner. But rather than being welcomed amid tension with Israel, such remarks have sparked a cross-partisan backlash—with both media and pundits portraying such discourse as a pretext for the west to further sanction Iran.