PUBLIC INVESTMENT FUND

PIF-backed Uber Technologies Buys Regional Rival Careem for $3.1 Billion

Uber-Careem
It’s the biggest tech deal the Middle East region has ever seen. Uber Technologies, Inc. is buying regional ride-sharing rival Careem for $3.1 billion, $1.7 billion in convertible notes and $1.4 billion in cash.

Saudi Arabia

News, analysis, and more

Stock Market

Saudi Stocks Are Booming — Thanks to Index Makers

A landmark year for Saudi Arabia’s stock market will have little to do with Saudi Aramco, the country’s oil giant whose initial public offering plan ...

 

Venture Capital

Saudi venture fund STV says Uber deal with Careem to help Mideast ride hailing firm grow

Saudi Technology Ventures (STV) said on Tuesday Uber’s deal with Careem will help the Middle East ride hailing firm expand its customer base even further ...

 

Environment

Obscure Pollution Rule May Cost Saudis and Neighbors Billions

Saudi Arabia, Iraq and other Middle Eastern suppliers of heavy, high-sulfur crude could take a hit as refiners favor lighter, low-sulfur grades that they can ...

 

Saudi Energy Policy

Saudi Aramco building global gas business to cut carbon footprint

Aramco is building “an energy bridge” between Saudi Arabia and China to meet the Asian energy consumer’s increasing need for oil and gas as well ...

 

U.S.-Saudi Relations

Saudi Arabia denounces U.S. recognition of Golan Heights as Israeli territory

Saudi Arabia denounced U.S. President Donald Trump’s recognition of Israel’s 1981 annexation of the Golan Heights, a statement released by the Saudi Press Agency said ...

 

Sukuk

Saudi Arabia extends domestic debt curve with new sukuk issue

Saudi Arabia sold around $1.6 billion in local currency debt with maturities of 10 and 15 years, the longest-dated public debt ever issued domestically by ...

 

Tourism

Travel and Tourism crucial to Saudi Arabia’s economy

In 2018, Travel & Tourism contributed SAR244.6BN (US$65.2BN) to the country’s economy. The sector now represents 9% of the Saudi Arabia’s total economy; this means ...

 

Entertainment

CEO of Saudi Entertainment Ventures (SEVEN) Company unveils game-changing entertainment plans for Saudi Arabia

Family-friendly entertainment destinations, 50 new cinemas inclusive of 450 screens, job creation and US$64 billion investment underline new era for Saudis ...

 

Women in the Workforce

Saudi women hired as air traffic controllers

Last week, 11 Saudi women started working as air-traffic controllers in Jeddah after being hired by state-owned Saudi Air Navigation Services (SANS). ...

 

Sports

Dammam Grand Prix kicks off on Thursday

Under the guidance of Prince Abdulaziz Bin Turki Al-Faisal, chairman of the General Sport Authority, and in cooperation with the Saudi Water Sports and Diving ...

 

Roads of Arabia

Ancient artifacts a top attraction at Saudi exhibition in Athens

“Roads of Arabia” has visited 14 other countries since it was first shown in Paris in 2010 ...

 

Saudi +

Regional and related topics

Golan Heights

Trump recognizes Golan Heights as Israeli, boosting Netanyahu and angering Syria

U.S. President Donald Trump on Monday recognized Israel’s 1981 annexation of the Golan Heights in an election boost for visiting Israeli Prime Minister Benjamin Netanyahu, ...

 

Uber-Careem

Uber Careem deal: US ride-hailing app buys its big Mideast rival

This is the second takeover of a Dubai unicorn after Amazon (AMZN) bought e-commerce startup Souq in 2017. ...

 

Uber

Uber drives Middle East mapping push ahead of IPO: source

Uber Technologies Inc is six months into a major mapping project that fills holes in its coverage of Middle Eastern cities ahead of a possible ...

 

Shale Oil

Shale Suffers Growing Pains That Could Slow U.S. Oil Production

The dramatic ramp-up in U.S. shale production is running into a combination of issues -- technical and financial -- that threaten to slow the pace ...

 

Anti-ISIS Campaign

Islamic State group: Syria’s Kurds call for international tribunal

In a statement, the Kurdish administration called for "a special international tribunal in north-east Syria to prosecute terrorists" to ensure that trials are "conducted fairly ...

 

U.S.-Oman

With an eye on Iran, U.S. clinches strategic port deal with Oman

The U.S. embassy in Oman said in a statement that the agreement governed U.S. access to facilities and ports in Duqm as well as in ...

 

Israel-Gaza

Israel strikes Hamas targets in Gaza after rocket hits house

Militants later launched a barrage of rockets towards southern Israeli towns despite reports of a ceasefire, triggering further Israeli strikes. ...

 

Yemen Civil War

Heavy weapons fire rocks Yemen’s Hodeidah as U.N. pushes to clinch troop pullout

Yemen’s warring parties exchanged heavy weapons fire overnight in Hodeidah, residents and military sources said, as the United Nations scrambled to salvage a ceasefire deal ...

 

Iran

Flash floods kill at least 19 in southern Iran

Flash floods in southern Iran have killed at least 19 people and injured at least 100 more, officials say. ...

 

E.U. Defense Exports

Unpredictable German export policies threaten arms projects with France: French envoy

Anne-Marie Descotes said growing numbers of companies were developing “German-free” weapons with no German content to smooth the export process, a dangerous omen for Franco-German ...

 

American Universities

Perspective: The Future of American Universities in a Changing Middle East

Seventy percent of the approximately 600 universities in the region today were established after 1990. About 40 percent of those are private, accounting for about ...

 

Engineering

Top 25 universities in the Middle East to study engineering [2019]

The UAE Ministry of Education’s Majors in Demand Study 2018, published in January 2019, revealed those who studied civil engineering were the most likely to ...

 

U.S. Technology

‘This is Not About Me and Google,’ Says Dunford, Who Will Meet Execs Next Week

“Typically if a company does business in China, they are automatically going to be required to have a cell of the Communist Party in that ...

 

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