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  • Saudi PIF in talks to invest in aspiring Tesla rival Lucid
     

    Saudi Arabia’s Private Investment Fund (PIF) PIF, is reportedly in talks to invest in aspiring Tesla rival Lucid Motors Inc, people familiar with the matter told Reuters on Sunday. A potential investment in the privately-held Lucid Motors presents the PIF an opportunity to own a controlling stake in an electric carmaker at a fraction of the cost of its rumored […]

     
  • Saudi Foreign Reserves Continue to Rise, Expected to Reach $536b by 2019 — Jadwa Investment
     

    SAMA FX reserves rose by $1.8 billion month-on-month to stand at $506 billion in June, a recently released report by Jadwa Investment said, noting that FX reserves have risen by $10 billion during the year so far. The Riyadh-based investment group expects a continued rise to reach $536 billion by the end of the year. Fahad Alturki, chief […]

     
  • S&P Dow Jones to Upgrade Saudi Stocks to Emerging Market Next Year
     

    Global equity index compiler S&P Dow Jones Indices will upgrade Saudi Arabia’s bourse to emerging market status from a stand-alone market next year, becoming the latest in a series of index firms to promote Riyadh, according to Reuters and a statement released on S&P Dow Jones’ website. S&P Dow Jones will “add major Saudi stocks to […]

     
  • MIT Professional Education Launches New Collaboration with Saudi Arabia’s Al Yamamah University
     

    MIT Professional Education is launching a new collaboration with Al Yamamah University (YU) aimed at “promoting diversity at institutions of higher education and supporting the country’s overall development and sociocultural evolution,” the prestigious university announced on its website. As part of the initiative, MIT Professional Education will “develop and teach professional education courses on leadership and innovation […]

     
  • Saudi, UAE, Kuwait to Support Bahrain Economy after Downturn
     

    Saudi Arabia, Kuwait and the United Arab Emirates will soon announce an “integrated program” to support Bahrain’s economic reforms and its fiscal stability, Reuters reports, citing a joint statement from the three Gulf states on Tuesday. Like other oil producing nations whose state finances are closely tied to oil prices, Bahrain’s economy was hit hard […]

     
  • The Race is On for Ride Sharing Apps in Saudi Arabia to Hire Saudi Women ‘Captinahs’
     

    As Saudi women settle into the driver’s seat, ride-sharing apps like Uber and Careem are gearing up for a race to hire women, according to reports. Careem — the Middle East’s answer to Uber — is recruiting Saudi women to take the wheel and has received over 2,000 applications since announcing it would recruit so-called […]

     
  • Saudi Digital Media Startup Raises $9 Million Series A Round with 20m Subscribers
     

    A Saudi Arabia-based digital media company raised $9 million in a Series A round of funding, according to reports. Telfaz11, with over 20 million subscribers on their network, and reporting more than 2 billion views on YouTube, is a leading Arabic Multi-Channel Network (MCN) which seeks to change the face of home-grown online entertainment. “As a pre-eminent […]

     
  • Saudi, Russia Say Oil Supply to Increase in ‘Near Future’ as Consumers Eye Increasing Prices
     

    Saudi Minister of Energy Khalid Al-Falih said OPEC and other producers are likely to gradually revive oil output in the second half of the year to ease consumer anxiety as prices trade near $80 a barrel, according to reports. The action would be a reverse of course from previous OPEC and non-OPEC producers’ decision two years […]

     
  • Saudi Crown Prince Mohammed bin Salman in Top 10 World’s Most Powerful People
     

    Saudi Arabia’s Crown Prince Mohammed bin Salman has landed on the Forbes list of the world’s most powerful people for the first time, ranking the powerful young leader within the top 10. “There are 17 new names on the list this year, including Mohammed Bin Salman Al Saud (#8), the Crown Prince of Saudi Arabia,” Forbes writes. “His […]

     
  • Saudi Arabia Applauds Trump Decision on Iran Nuclear Deal
     

    Saudi Arabia has embraced President Trump’s decision yesterday to pull the United States out of the JCPoA, the agreement to curb Iran’s nuclear ambitions by offering sanctions relief in exchange for Iran’s compliance with non-proliferation standards, according to statements made by top Saudi officials and the Saudi Press Agency. As the chief rival of Iran in […]

     

MUST-READS

  • Saudi Arabia Showcases Strategic Tourism Investments at IHIF Asia, Opening Doors to Investors

    To capitalize on this momentum, the Kingdom has introduced the Tourism Investment Enablers Program (TIEP), with the Hospitality Investment Enablers (HIE) initiative serving as a cornerstone. HIE is designed to significantly boost accommodation capacity in key tourism areas, driving private investments up to $11 billion and increasing the annual GDP by $4.3 billion by 2030.

  • Saudi Arabia wins bid to host 6th UN World Data Forum in 2026

    Saudi Arabia, represented by the Saudi General Authority for Statistics (GASTAT), has won the bid to host the United Nations World Data Forum in Riyadh in 2026 after a competitive bidding process. The decision was made by the High-level Group for Partnership, Coordination and Capacity-Building for Statistics for the 2030 Agenda for Sustainable Development (HLG-PCCB), the Saudi Press Agency reported. Around 22,000 delegates from 193 countries, including data scientists, officials of the statistical offices of UN member states and individuals interested in statistics, are expected to participate in the global event.

  • CNBC’s full interview with Saudi Investment Minister Khalid Al Falih

    CNBC's Steve Sedgwick speaks to Khalid A. Al-Falih, the minister of investment for Saudi Arabia, at the Ambrosetti Forum.

  • Top five thermal power plants in development in Saudi Arabia

    Thermal capacity accounted for 50.5% of total power plant installations globally in 2023, according to GlobalData, with total recorded thermal capacity of 4,608GW. This is expected to contribute 35.2% by the end of 2030 with capacity of installations aggregating up to 5,040GW. Of the total global thermal capacity, 1.97% is in Saudi Arabia.

  • Saudi Arabia’s Amaala project advances with $6bn in contracts awarded

    Once complete, Amaala will feature nearly 4,000 hotel rooms across 30 hotels, in addition to 1,200 luxury villas, apartments and homes. There will be retail, dining and wellness facilities, and Amaala will be powered entirely by solar energy.

  • Russia’s Lavrov, Saudi crown prince discuss OPEC+ cooperation, Russia says

    "It was emphasised that the decisions taken recently indicate the growing stability and independence of this unique coordination mechanism of oil-exporting countries, its efficiency and relevance for maintaining the balance of supply and demand in the global energy market."

  • Saudi Arabia Largest Emerging-Market Dollar Debt Issuer; Issuance Likely to Slow

    Saudi Arabia’s debt issuance will likely slow in the second half of 2024, Fitch Ratings says. Large dividend payments by Saudi Arabian Oil Company are used to temper sovereign financing needs. Substantial volumes in 1H24 made Saudi Arabia the largest US dollar debt issuer in emerging-markets (excluding China), and the largest sukuk issuer globally.

  • Saudi Red Sea Authority issues first yacht regulations

    The Saudi Red Sea Authority (SRSA) has introduced Saudi Arabia’s first regulation specifically governing yacht activities within its territorial waters. This new regulation provides a comprehensive framework for managing yacht operations, detailing the necessary requirements and conditions, and overseeing the issuance of tourism and leisure licences. It also emphasizes environmental protection, sustainability, and compliance with safety standards, reflecting SRSA’s commitment to promoting a sustainable coastal tourism sector.

  • US believes Iran has transferred short-range ballistic missiles to Russia, AP sources say

    The United States has informed allies that it believes Iran has transferred short-range ballistic missiles to Russia for its war in Ukraine, according to two people familiar with the matter. They did not offer any details about how many weapons have been delivered or when the transfers may have occurred, but they confirmed the U.S. intelligence finding. They spoke on condition of anonymity to discuss a matter that has not been publicly disclosed.

  • Dutch high-tech consultancy TMC launches in Saudi Arabia

    Netherlands headquartered high-tech consultancy TMC has launched a new office in Saudi Arabia, its second in the GCC region. Headquartered in the city of Eindhoven, TMC is an engineering and technology consulting company dedicated to the high-tech segment. The firm’s 2,700 staff worldwide (mainly in Europe) serve diverse industries such as technology, semiconductors, IT services, energy and renewables, and life sciences. After entering the Middle East last year through an office in Dubai, TMC has now expanded into Saudi Arabia too with a similar ambition – becoming the country’s go-to consultant for high-tech work.