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  • PGA Tour’s Jay Monahan says talks with PIF at ‘enhanced’ state

    PGA Tour commissioner Jay Monahan said Wednesday that there is no deadline for the tour to reach a deal with Saudi Arabia's Public Investment Fund but that negotiations to bring the fractured sport of golf back together have been "enhanced" and are "stronger." The PGA Tour, DP World Tour and PIF, which has financed the rival LIV Golf League the past three years, signed a framework agreement on June 6, 2023, to form an alliance that would potentially bring more than $1 billion in Saudi investment.

  • Saudi 7.8GWh energy storage contract worth over $800m

    The engineering, procurement and construction (EPC) contracts for the three energy storage system projects recently awarded in Saudi Arabia are estimated to be worth over $800m. National Grid Saudi Arabia awarded Riyadh-based investment group Algihaz Holding the contract to build the facilities, which will have a total combined capacity of 7.8 gigawatt-hours (GWh) across three locations in Saudi Arabia

  • Saudi Arabia’s GEA unveils details for 5th edition of Riyadh Season

    Saudi Arabia’s General Entertainment Authority (GEA) on Wednesday announced the details of the fifth edition of Riyadh Season 2024, set to begin on October 12. GEA chairman Turki Alalshikh said that the new season will feature 14 entertainment zones, 11 global championships, as well as 10 festivals and exhibitions.

  • Delivery Hero plans IPO of Middle East unit, shares rise

    Delivery Hero (DHER.DE), opens new tab is preparing an initial public offering (IPO) of its lucrative Emirati subsidiary Talabat on the Dubai stock exchange, the German food delivery company said, boosting its shares on Thursday. Delivery Hero's shares opened 7% higher, but pared gains to trade up 3% at 0839 GMT. The shares have fallen around 85% from their January 2021 highs as investors shunned food delivery stocks after a pandemic frenzy.

  • Barq, a Saudi financial services start-up led by former STC Pay CEO Ahmed Alenazi, has officially launched to the public.

    Founded last year, the start-up offers a financial app that enables users to transfer money to more than 200 countries. The company claims to have already transferred over $133 million (SAR 500 million) within just three weeks of its debut.

  • The New Nazaha Law: More Prosecution Prospects in Saudi Arabia’s Fight Against Corruption

    Saudi Arabia’s Council of Ministers has enacted a stringent new law designed to tackle corruption among government employees. The Saudi Oversight and Anti-Corruption Authority (Nazaha) Law (the New Law), approved on 23 July 2024, mandates (amongst other penalties) the immediate dismissal of any government employee found guilty of corruption. The New Law was published in Umm Al-Qura, the Kingdom's official gazette, on 9 August 2024 and will take effect on 7 November 2024.

  • Exploring the 6 Saudi Arabia UNESCO World Heritage Sites

    Al-Hijr, also known as Madâin Sâlih, was the first UNESCO World Heritage Site in Saudi Arabia. It is a remarkable archaeological site that dates back to the Nabatean Kingdom in the 1st century AD. The site served as an important trade hub along the incense route and is adorned with well-preserved monumental tombs, cave inscriptions, and rock-cut facades.

  • Saudi-Portuguese economic cooperation gathers steam with creation of Business Council

    The Council Chairman Al-Baltan said that the formation of the council represents a new stage in the path of economic relations between Saudi Arabia and Portugal so as to enable the business sectors to benefit from promising investment opportunities in the two countries as well as to enhance trade and investment partnerships between the two sides.

  • Saudi trade surplus surpasses $26.13bln in 2Q 2024

    Saudi Arabia’s trade balance recorded a surplus of SR98.36 billion in the second quarter of 2024, reaching its highest level during the current year. This represents a quarterly growth of 13.2 percent, with an increase of SR11.495 billion compared to a surplus of SR86.873 billion in the first quarter of the year, according to the preliminary international trade data released by the General Authority for Statistics (GASTAT).

  • White House insists Israel-Saudi normalization still possible before US election

    “President Biden absolutely believes normalization between Israel and Saudi Arabia is possible, and he believes that it’s certainly possible to get it done before the end of his time as president,” says National Security Council spokesperson John Kirby in an interview with The Times of Israel. “He recognizes that there’s a lot of spade work that needs to be done before you can get there, [but] that’s why we’re in Doha right now trying to get this ceasefire in place so that we can start to make some progress on larger regional issues,” Kirby explains.