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  • The Fork in the Road to AI Regulation

    As urgency grows among regulators, cooperative efforts are emerging. Ten countries and the EU agreed to create “a common understanding of AI safety and align their work on AI research” during May’s AI Seoul Summit, and several nations agreed to share information through their government-backed AI safety institutes.

  • Tense Israel in waiting as attack threat looms

    Israel's ambulance service has stocked blood supplies in a fortified underground centre, factories have moved out hazardous materials and municipal authorities are checking bomb shelters and water supplies as the country waits for a threatened attack from Iran and its proxies. Israel has been fortifying its home front for months and many preparations have been in place since the start of the war in Gaza last October, when thousands of Hamas-led gunmen carried out a devastating cross-border attack on Israeli communities.

  • Jordan, Qatar, Saudi Arabia reject US request to send peacekeepers to Gaza

    Jordan, Qatar and Saudi Arabia have rebuffed US requests to contribute troops to a post-war peacekeeping force in Gaza, an Arab official and a second source familiar with the matter tells The Times of Israel, the newspaper reports. According to the report, the dispatched troops would be seen to be “protecting Israel from the Palestinians”, the Arab official says, explaining the opposition of Amman, Doha and Riyadh to the effort being advanced by the US to secure Gaza after the war.

  • Saudi Arabia’s retail real estate sector to grow to $183.2 billion by 2027

    As modernization and urban development transform Saudi Arabia’s retail real estate sector, sales are expected to increase from 2.4% in 2024 to 2.7% by 2027, reaching $183.2 billion. In its 10th annual “Saudi Arabia Real Estate Predictions” report, global consultancy firm Deloitte, referencing the Economist Intelligence Unit, revealed that retail sales in Saudi Arabia amounted to $142.7 billion in 2022.

  • Saudi: New Fundraising Law to curb irregular fundraising practices and illicit financial activities

    The National Center for Non-Profit Sector (NCNPS) announced that the Fundraising Law, approved by the Saudi Cabinet on Tuesday, is designed to govern fundraising activities for non-profit organizations and the campaigns they undertake. The law aims to guarantee that donations are used for their designated purposes, and thus safeguarding non-profit organizations and donors from irregular fundraising practices and illicit financial activities.

  • Saudi Aramco Seeks More China Deals in Oil-to-Chemicals Push

    The world’s largest crude exporting company is targeting additional facilities that can turn oil into chemicals, Chief Executive Officer Amin Nasser said. Aramco sees demand for goods such as plastics outlasting the growth in consumption for gasoline and diesel amid the energy transition. “We are looking currently at a number of investments in China that will be announced in due course this year and next year,” Nasser said on an earning call Tuesday. He also mentioned South Korea and India as potential investment destinations.

  • Saudi Arabia’s Dammam port sets record with 20,645 containers handled on single ship

    The King Abdulaziz Port in Dammam has achieved a remarkable milestone, setting a new record for container throughput on a single vessel. The port handled a 20,645 TEUs on the COSCO SHIPPING AQUARIUS 036E, underscoring its pivotal role in supporting trade and the logistics sector.

  • Halo Space Plans Next Test Flight in Saudi Arabia

    Halo Space, a space tourism firm, will reportedly conduct its next test flight in Saudi Arabia. The test, scheduled for September, will feature a life-size prototype capsule named Aurora. This flight will reach an altitude of 30 km above Earth. This will be Aurora’s sixth test flight, a collaboration with the Kingdom’s Communications, Space, and Technology Commission (CST). The test flight aims to validate all critical systems developed over the past three years. Alberto Castrillo, the chief technology officer at Halo Space, stated that the chosen dates and location ensure reliable equipment operation and safe conditions for ground teams.

  • Improved labor laws benefit Saudi workers

    Saudi Arabia has enacted amendments to its labour laws to establish more clarity on hiring and firing and improve employee rights. The regulations, which cabinet approved on August 6, will “enhance job stability, protect the rights of all parties involved in employment contracts and increase job opportunities for Saudi citizens”, the state-owned Saudi Press Agency said. Among the new regulations, maternity leave has been set at 12 weeks, trial periods for new employees are fixed at 180 days, and notice periods for employees are locked in at 30 days and for employers at 60 days.

  • Non-institutional foreign ownership ex-Aramco down to 9.31% last week

    Non-institutional foreign investors’ ownership in Tadawul-listed equities, excluding Saudi Aramco, declined in the week ended Aug. 1 to 9.31% of the total market value, or SAR 319.9 billion, from 9.33% in the previous week, market data showed.