MUST-READS

• Saudi Fund for Development and World Bank Group Sign Landmark MoU for Global Sustainability

  The Saudi Fund for Development (SFD) and the World Bank Group have signed a pivotal memorandum of understanding (MoU) to advance international development cooperation and promote sustainable growth in emerging economies. The agreement was formalized by SFD Chief Executive Sultan Abdulrahman Al-Marshad and World Bank President Ajay Banga during the 2024 annual meetings of the International Monetary Fund (IMF) and the World Bank.

• Saudi market has continued to benefit from strong non-oil sector – report

  A recent report by CBRE Middle East indicated that the Saudi market has continued to benefit from the strong non-oil sector, which expanded by 4.3% in the year to the third quarter (Q3) of 2024. The report, titled Saudi Arabia Real Estate Market Review for the third quarter (Q3) of 2024, noted that in the office sector, Riyadh has remained the central focal point of occupier demand Q3-24 while other cities in the Kingdom, including Jeddah and Khobar, were slightly more subdued, in line with the government investment focus. Looking at the hospitality sector, Saudi Arabia’s tourism industry has continued to experience solid growth, with a reported 60 million tourists recorded during the first six months (6M) of the year, but occupancy rates still soften slightly. However, Average Daily Rates (ADRs) and Revenue Per Available Room (RevPAR) continued to rise, up 2.30% and 0.7%, respectively.

• Saudi EVs: Achieving in 5 Years What Took the US 25

  The rise of electric vehicles (EVs) in Saudi Arabia is nothing short of remarkable. In a recent interview by the Arab News, Gary Flom, president and CEO of National Transportation Solutions Co. (NTSC), praised the Kingdom’s rapid progress, highlighting that Saudi Arabia has achieved in five years what took the United States 25 years.  Supporting Saudi Arabia’s ambitious target are significant investments in EV infrastructure, including the construction of public charging stations and the development of a robust EV supply chain. This includes sourcing raw materials for batteries and enhancing local manufacturing capabilities, ensuring the sustainability of the ecosystem.

• The Architect of Saudi Arabia’s Investments

  Born in Saudi Arabia, Yasir Al-Rumayyan earned a degree in accounting from King Faisal University and later attended Harvard Business School’s Program for Management Development. His education equipped him with a strong foundation in financial management, which he applied early in his career at prominent institutions like the Saudi Hollandi Bank, where he gained experience in asset and risk management. Al-Rumayyan’s rise in the financial sector was swift. He joined the Capital Market Authority (CMA) of Saudi Arabia, where he played a key role in developing the kingdom’s financial markets. This experience solidified his reputation as a forward-thinking leader capable of navigating complex economic landscapes.

• Gulf countries call for Israel to withdraw from Syrian lands it occupied after collapse of regime

  Gulf countries on Thursday issued a firm call for Israel to withdraw from the Syrian lands it recently occupied after taking advantage of a security vacuum following the collapse of the former regime. The call was issued at the start of an extraordinary meeting for the ministers of foreign affairs of the Gulf Co-operation Council (GCC) in Kuwait to discuss recent developments in Syria and Lebanon. “Israel's attacks on Syria and occupation of the buffer zone are a flagrant violation of international laws and Security Council resolutions,” the Secretary General of the Gulf Co-operation Council Jasem Al Budaiwi said in his opening speech. Since the collapse of president Bashar Al Assad’s regime this month, Israel has bombed hundreds of weapons sites, airbases and naval assets in Syria and sent troops into a buffer zone in the occupied Golan Heights. Israeli officials have called the incursion a limited and temporary measure to ensure the security of Israel’s borders but have not indicated when the troops will be withdrawn.

• Federation of Saudi Chambers announces First Saudi-Kuwaiti Business Council

  The Federation of Saudi Chambers announced the initiation of procedures to establish the first Saudi-Kuwaiti Business Council, marking a significant step in advancing economic cooperation between the two countries. This came during a meeting on Tuesday between Hassan bin Mujib Al Huwaizi, the President of the Federation of Saudi Chambers, and Sheikh Sabah Nasser Sabah Al-Ahmad Al-Sabah, the Kuwaiti Ambassador to Saudi Arabia.

• UAE becomes Africa’s largest investor, overtaking China

  The UAE has emerged as Africa’s largest backer of new business projects, with Emirati companies committing $110bn (£88bn) to projects between 2019 and 2023, including $72bn in renewable energy, The Guardian reports citing FT Locations. These pledges outpace investments by the UK, France, and China, as traditional investors scale back. African leaders have also welcomed the UAE’s increased financial interest, particularly for green energy and infrastructure. “African countries are in dire need of this money [for] their own energy transitions,” Ahmed Aboudouh, associate fellow at Chatham House was quoted as saying. “But at the same time, [Emirati investors] come in with less attention to labour rights, to environmental standards.” The UAE’s investment ambitions align with its strategy to diversify from oil and gas. Major players include Dubai’s DP World, operating six African ports, and Abu Dhabi Ports, which has expanded in Guinea, Egypt, and Angola. In Zambia, International Resource Holdings—a conglomerate linked to Sheikh Tahnoon bin Zayed—secured a surprise $1.1bn deal for a 51 per cent stake in Mopani Copper Mines.

• Saudi Arabia raises $3.09bn in sukuk issuances for December

  Saudi Arabia’s National Debt Management Center has successfully concluded its riyal-denominated sukuk issuance for December, raising SR11.59 billion ($3.09 billion). This marks a substantial 239.88 percent increase from the previous month, when the Kingdom raised SR3.41 billion in sukuk. Saudi Arabia had raised SR7.83 billion in October and SR2.6 billion in September. Sukuk, which are Shariah-compliant Islamic bonds, provide investors with partial ownership of the issuer’s assets until the bonds mature. The rise in sukuk issuance aligns with positive global market projections.

• Trump pick for critical foreign policy role thinks Islam incompatible with the West

  A staunch anti-immigrant conservative who was a spokesperson for the White House during Donald Trump's first year in office in 2017 is returning to government - this time, as director of policy planning at the US State Department, which is a role that effectively sets the agenda for the secretary of state. Michael Anton's appointment was announced earlier this month as Trump selects his team for his second term in office, beginning on 20 January.  The 55-year-old Anton, who is of Lebanese descent, had previously been a speechwriter for conservative media tycoon Rupert Murdoch.

• Saudia Wins Cabin Crew of the Year at Aviation Business Middle East Awards 2024

  Saudia, the national flag carrier of Saudi Arabia, announced its win at the 18^th edition of the Aviation Business Middle East Awards 2024, earning the prestigious Cabin Crew of the Year title. This recognition highlights Saudia's unwavering commitment to delivering exceptional service and elevating the guest experience.The Cabin Crew of the Year award celebrates the professionalism, dedication, and personalized care provided by Saudia's cabin crew, whose service consistently redefines global hospitality standards. The team, consisting of exceptional Saudi talent alongside a diverse international community, embodies authentic Saudi hospitality, reflecting the Kingdom's warmth, generosity, and respect. Saudia's crew ensures guests enjoy a seamless and enriched travel experience.

• 10 of 63018 results<< 1 … 129 130 131 … 6,302 >>