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Energy Secretary Rick Perry Meets with Top Saudi Leaders; Photos from Visit Go Viral
U.S. Secretary of Energy Rick Perry visited Saudi Arabia over the weekend as part of a tour of three Gulf states, his first trip to the region since becoming the top U.S. energy official. Secretary Perry’s tour of Saudi Arabia was packed with events and visits with key Saudi officials as well as energy institutions in the […]
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UAE, Saudi Arabia to form new ‘Joint Cooperation Committee’
The United Arab Emirates on Tuesday announced it has formed “a new economic and partnership group” that is a “joint cooperation committee” with Saudi Arabia, separate from the Gulf Cooperation Council, in a move that further emphasizes Saudi-UAE alignment amid a diplomatic crisis with member state Qatar. The Emirati Foreign Ministry announcement was made just hours ahead of a […]
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Citigroup Saudi Arabia to be ‘Fully Operational’ in 1Q 2018
Citigroup will be “fully operational” in Saudi Arabia in the first quarter of 2018 after an absence of more than a decade, according to reports, as it seeks to capitalize on opportunities in debt and equity capital markets. The new business will be branded as Citigroup Saudi Arabia and will offer a full range of investment banking, debt […]
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Markets Rattled by Saudi Shake-Up, Rising Regional Tensions
Rising tensions between Saudi Arabia and Iran, as well as the kingdom’s crackdown on corruption last week that has seen over 200 jailed and $100b in assets frozen, have rattled markets in the region and kicked off efforts for wealthy Saudis to move money abroad, according to reports. In Lebanon, where tensions are escalating between the two […]
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Al-Jubeir: ‘There Is No Doubt’ Iranian-Built Missile Shot from Yemen ‘Act of Aggression’
Saudi Arabia’s Foreign Minister Adel Al-Jubeir said that Saudi Arabia had the right to defend itself against Iran and would take “appropriate” actions to counter Iranian aggression against the Kingdom, according to an interview the foreign minister gave to CNN. On Saturday, Saudi Arabia said it intercepted a missile shot from Yemen that nearly reached Riyadh’s […]
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Saudi Arabia Takes Significant Step Toward Formal Tender for Peaceful Nuclear Power Plants
Saudi Arabia has sent a request for information (RFI) to international suppliers to build two nuclear power plants, a first step towards a formal tender, three sources told Reuters. Saudi Arabia has announced plans to extract uranium domestically as part of its nuclear power program and will start building its first nuclear reactors next year. Extracting […]
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Crown Prince Mohammed bin Salman Makes Rare Public Speaking Appearance at Conference in Riyadh, Announces New Megacity
Saudi Arabia’s Crown Prince Mohammed bin Salman made a rare public speaking appearance today at the Future Investment Initiative conference, organized by Saudi Arabia’s Public Investment Fund (PIF). The Forum in Riyadh, with attendance by chief executives of BlackRock Inc. and Blackstone Group LP and leaders from Goldman Sachs Group Inc. and J.P. Morgan Chase […]
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Keeping Track of Saudi Arabia’s Public Investment Fund’s Expanding Footprint
Saudi Arabia’s Public Investment Fund (PIF) has created a handful of new companies in several sectors in the Kingdom while investing in many others, injecting capital and a new competitor in the housing, energy, waste and recycling, tourism, transportation sectors and more. As the PIF’s role in the Saudi economy increases, critics say the mega-fund will crowd out private […]
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Goldman Sachs Head Lloyd Blankfein Visits Saudi Arabia, Calls Changes in Kingdom ‘Striking’
Goldman Sachs Group’s CEO visited Saudi Arabia this week and praised the Kingdom’s reform efforts on Twitter, calling the progress in Saudi Arabia “striking.” Lloyd Blankfein visited Saudi Arabia after speaking on a panel with the managing director of Saudi Arabia’s sovereign wealth fund, Yassir Al-Rummayan, on September 20th. In comments on that panel, Blankfein said Saudi […]
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With Historic Decree on Saudi Women Driving, An Economic and Social Game-Changer
Saudi women and champions of equal rights around the world embraced a decision by Saudi Arabia’s King Salman to allow women to drive for the first time, a landmark royal decree that will change the Kingdom’s economy and society in countless ways. Saudi Women will now be able to legally apply for their own driving licenses without having to secure […]
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MUST-READS
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UN chief says lack of accountability on UN staff killings in Gaza ‘unacceptable’
A lack of accountability for the killing of United Nations staff and humanitarian aid workers in the Gaza Strip is "totally unacceptable," U.N. Secretary-General Antonio Guterres told Reuters in a wide-ranging interview on Wednesday.
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Top Arabic chatbot title claimed by Saudi Arabia’s updated Allam
Saudi Arabia’s Arabic language artificial intelligence (AI) chat model, Allam, is now the largest Arabic-language chatbot in the world and will be available on prominent platforms by Microsoft and IBM, officials announced this week. Allam is a “large language model”, or LLM, that was first launched by a subsidiary of the Saudi Data and Artificial Intelligence Authority (SDAIA) in 2023. Now the SDAIA is about to roll out its most advanced versions.
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Saudi Arabia targets 12% GDP contribution from AI by 2030
Saudi Arabia aims to have artificial intelligence (AI) contribute 12% of its GDP by 2030, with the sector projected to grow at a compound annual growth rate (CAGR) of 29%. According to the Saudi Data and AI Authority (SDAIA) State of AI report, the Public Investment Fund (PIF) will spearhead the development of a robust AI ecosystem in the kingdom.
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Saudi Arabia’s trillion-dollar economy gains momentum, fueled by Vision 2030
Newly-released figures from the General Authority for Statistics (GASTAT) show Saudi Arabia’s non-oil activities grew 4.9 percent year-on-year in the second quarter of 2024, fueled by strong performance in the financial and insurance sectors, while wholesale and retail trade, alongside restaurants and hotels, grew by 6.8 percent. Government consumption expenditure rose by 10.9 percent year-on-year, with a 4.3 percent increase quarter-on-quarter.
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Bahrain Offloads Stake in Key Saudi Oil Pipeline to BlackRock
Bapco Energies, which manages the nation’s energy infrastructure including the pipeline, sold a minority ownership stake in the Saudi Bahrain Pipeline Company to a fund managed by BlackRock’s diversified infrastructure team, according to a statement, which didn’t include terms. The pipeline can transport as much as 350,000 barrels of oil per day and connects Saudi oil processing facilities at Abqaiq with the Bapco refinery in Bahrain.
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Sources of Saudi Tourism: Who’s Traveling, Who’s Spending?
Saudis are exploring their own country in bigger numbers and foreigners are bringing the cash. That’s the takeaway from a report by the International Monetary Fund (IMF) on the state of the Saudi economy. “The surge of visitors has been mostly domestic-driven while the surge in visitors’ spending was mostly inbound-driven (i.e., international arrivals),” said the IMF report. Saudi reported 109 million visitors in 2023, beating its initial target of 100 million visitors by 2030 – a goal it has since lifted to 150 million.
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US closer to greenlighting Nvidia chips for Saudi Arabia, Semafor reports
The U.S. government is considering allowing Nvidia (NVDA.O), opens new tab to export advanced chips to Saudi Arabia, which would help the country train and run the most powerful AI models, Semafor reported on Wednesday, citing people familiar with the matter. The sales of the chips were a main but unofficial topic at GAIN, Saudi Arabia's global AI summit, the report said. Attendees of the summit, including some who work for the Saudi Data and AI Authority, told Semafor that the country is making efforts to comply with U.S. security requirements to expedite the acquisition of the chips.
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US closer to green lighting Nvidia chips for Saudi Arabia
The US government is considering allowing Nvidia to export advanced chips to Saudi Arabia, people familiar with the matter said, which would help the country train and run the most powerful AI models. The fate of those sales was a major, unofficial topic at Saudi Arabia’s global AI summit, known as GAIN, on Thursday. Representatives from AI hardware firm Groq, Google, and Qualcomm, along with Saudi government officials, mingled and spoke at the event.
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Riyadh Season goes on tour as Saudi Arabia shapes future of boxing
But on August 3, at the BMO Stadium in Los Angeles, the Riyadh Season brand went on tour for the first time as pound-for-pound great Terence Crawford headlined a stacked card described stateside as the best in a generation. The next stop is London for another Saudi roadshow on September 21, when Anthony Joshua takes on Daniel Dubois at the top of another card so deep that Wembley may appear unusually full long before the sun recedes behind those vast red stands.
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China’s Li, Saudi crown prince discuss cooperation in Riyadh meeting
Chinese Premier Li Qiang and Saudi Crown Prince Mohammed Bin Salman discussed cooperation in several sectors including energy, investment and trade in a meeting in Riyadh on Wednesday, the Saudi state news agency SPA reported. Earlier, Li had urged Beijing and the Gulf Cooperation Council (GCC), which includes Saudi Arabia and the United Arab Emirates, to accelerate free trade negotiations. Li made his remarks in a meeting in Riyadh with GCC Secretary General Jasem al-Budaiwi, Chinese state news agency Xinhua said.
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