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  • Saudi Arabia Gears Up to Host G20 Summit; Saudi FM Travels to Japan for Ceremony
     

    Saudi Arabia is making major preparations to host the annual gathering of the leaders of the Group of 20 (G20) nations next year in Riyadh, the 15th meeting of the group that is set to thrust the city into the global spotlight. The meeting will be held on November 21–22, 2020, and will be chaired […]

     
  • Saudi Aramco to Seek $1.7 billion valuation with 1.5% Share Float; Cancels International Roadshow
     

    Saudi Aramco is seeking a valuation of up to $1.7 trillion, which would become the world’s biggest IPO and confirm the company as the world’s most valuable. The valuation is below the initial $2 trillion sought by Saudi Arabia’s leadership. The Kingdom is hoping to raise $30 billion on the local Tadawul index by offering 1.5% of the […]

     
  • MODON, GAMI Ink Deal to Promote Investments in Saudi Arabia’s Defense Sector
     

    A new strategic cooperation between the Saudi Authority for Industrial Cities and Technology Zones (MODON) and the General Authority for Military Industries (GAMI) aims to encourage the localization of military industries in the Kingdom, according to the Saudi Press Agency (SPA). The new cooperation “supports the localization of 50 percent of the expenditure in military industries through […]

     
  • Saudi Aramco targets zero flaring by 2030
     

    Saudi Aramco said on Wednesday it was joining the World Bank’s initiative to reduce gas flaring to zero by 2030, and said its flaring was already less than 1% of its total raw gas production in the first half of 2019, Reuters reports. The announcement comes as the company began this week the process of floating shares […]

     
  • Saudi Arabia Names Prince Faisal bin Farhan as New Foreign Minister
     

    Saudi Arabia appointed Prince Faisal bin Farhan Al-Saud as the Kingdom’s new foreign minister as part of a larger reshuffling of the cabinet. Prince Faisal bin Farhan is the third foreign minister in three years. He replaces Ibrahim Al-Assaf, who was relieved of his post and appointed minister of state and a member of the Saudi Council of […]

     
  • Saudi Aramco delays planned IPO until after earnings update, seeks local listing
     

    Saudi Aramco has delayed the planned launch of its initial public offering “in hopes that pending third-quarter results will bolster investor confidence in the world’s largest oil firm,” Reuters reports, citing two sources familiar with the matter. The slight delay allows Saudi Aramco to reassure investors by first presenting results covering the period in which two […]

     
  • U.S., Saudi Officials Discuss Regional Security and Military Cooperation
     

    Saudi Arabia’s deputy defense minister said on Thursday he discussed “regional security and military cooperation” with senior U.S. government officials, Reuters reports. Deputy Defense Minister Khalid bin Salman, who previously served as Saudi Arabia’s Ambassador to the United States, met separately with U.S. Secretary of State Mike Pompeo and Secretary of Defense Mark Esper. Deputy […]

     
  • Full Transcript: Crown Prince Mohammed bin Salman’s Interview with CBS’ 60 Minutes
     

    Below is the full transcript from the CBS 60 Minutes interview with Saudi Arabia’s Crown Prince Mohammed bin Salman. *** Norah O’Donnell: Did you order the murder of Jamal Khashoggi? Crown Prince Mohammad bin Salman: Absolutely not. This was a heinous crime. But I take full responsibility as a leader in Saudi Arabia, especially since it […]

     
  • Saudis Around the World Celebrate 89th National Day
     

    Saudis around the world are celebrating Saudi National day today, the Kingdom’s biggest national holiday dedicated to the history of the Kingdom as a unified state. The holiday commemorates the announcement of the Saudi Kingdom’s unification on September 23rd, 1932 by King Abdulaziz Al-Saud, who united and renamed the Kingdoms of Nejd and Hejaz to Saudi Arabia by […]

     
  • Pompeo Calls Strikes an ‘Act of War’ as he Visits Saudi Arabia, Meets with Crown Prince
     

    Secretary of State Mike Pompeo has called the recent attacks against Saudi oil facilities an “act of war” by Iran, and met Wednesday with Saudi Crown Prince Mohammed bin Salman in Jeddah. The recent attacks “didn’t come from the Houthis,” Pompeo said Wednesday in remarks to reporters. “This was an Iranian attack…we’re blessed that there were no Americans killed […]

     

MUST-READS

  • Saudi PIF Is Among Investors Who Lost Money on Pluralsight Deal

    A handful of Vista’s big clients — including the Public Investment Fund — directly joined the acquisition and contributed equity, the people said, asking not to be named discussing a private transaction. The exact size of PIF’s loss could not immediately be determined. Vista acquired the educational-software company in 2021 and lost about $4 billion on the transaction along with its co-investors following a debt restructuring that wrapped up last week, Bloomberg News has reported.

  • Georgina Rodriguez spotlights Saudi Arabia on social media

    Originally posted by Visit Saudi, the video captures the diverse landscapes of Saudi Arabia, showcasing everything from the desert areas to the country’s seascapes. It highlights the Kingdom’s history and modern developments, featuring scenes of golden sand dunes, the Ithra cultural center, the ancient site of AlUla, the mirrored Maraya concert hall, the Red Sea and lush greenery in gardens and forests.

  • Saudi PIF secures $15bn revolving credit facility

    The credit facility has an initial term of three years, with the option to extend for a further two. A revolving loan allows for funds to be drawn, repaid, and drawn again within the agreed lending period.  PIF, a key driver of Saudi Arabia’s economic diversification under Vision 2030, has launched 95 companies since 2017, injecting at least SR150 billion ($40 billion) into the local economy annually.  “The financing reflects PIF’s strong credit rating as well as robust demand from PIF’s relationship banks and financial institutions. Signing this facility represents a continuation of PIF’s strategy of using a diverse range of financing instruments,” the fund said.

  • The Formation of the Saudi-Foreign Business Council

    GAFT oversees the Joint Business Councils, which are representatives from the Kingdom's business sector and their counterparts in other countries, who have investments or business operations, and they are (45) bilateral and regional business councils.

  • Saudi Vision 2030 boosts industrial facilities by 60%, official figures reveal

    The number of industrial establishments in the Kingdom increased from 7,206 in 2016 to 11,549 in 2023, reflecting Saudi Arabia’s efforts to diversify its economy and position itself as a global manufacturing power, according to a statement by the National Industrial Development and Logistics Program on the X platform. The report revealed that Riyadh currently leads in the number of facilities, with 4,502 factories, followed by the Eastern Province with 2,618 and Makkah with 2,209.

  • 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.