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  • In Photos: Novak Djokovic embraces Saudi culture during 6 Kings Slam exhibition in Riyadh

    The Serbian tennis star donned the traditional Saudi attire and was seen sitting on a carpet alongside sand dunes and mountains captured in the background in pictures posted on his Instagram page. Djokovic posted a series of images from his time in Riyadh with captions such as “Sand slam” and “Kingdom style.”

  • Construction starts on world’s largest building in Saudi Arabia

    Construction has begun on the 400-metre-high, cube-shaped Mukaab supertall skyscraper in Riyadh designed by AtkinsRéalis, which will be the world's largest building when it completes. Designed as the centrepiece of the 19-square-kilometre New Murabba development in northwest Riyadh, Mukaab is now officially under construction with excavations underway, according to its development company. The developer, named New Murabba Development Company and funded by Saudi Arabia's central Public Investment Fund (PIF), said groundworks at the site are now 86 per cent complete.

  • Cabinet hails inclusion of 11 states in Middle East Green Initiative

    The Cabinet, chaired by Crown Prince Mohammed bin Salman, praised the inclusion of 11 new countries in the Middle East Green Initiative during its session in Riyadh today, Oct. 22, the Saudi Press Agency reported. The Cabinet expressed hope that more nations would join the initiative launched by the Crown Prince as a global model to achieve its ambitious environmental goal of combating climate change.

  • Is Saudi Arabia a Brics member or not? A curious case of invitation, acceptance and a delay

    The original Brics members —Brazil, Russia, India, China, South Africa— approved the joining of Saudi Arabia and four other nations at the Brics Summit 2023 in South Africa. The Saudi membership was set to start in February 2024 but the monarchy said at the last minute that it is not yet joining the group." Saudi Arabia has not yet responded to the invitation to join BRICS. It is still under consideration,” the Saudi official source said in a statement to Reuters.

  • Saudi Banks’ Credit Quality May Weaken Due to External Funding Reliance

    The Saudi banking sector’s increasing reliance on external funding and resulting decline in net foreign assets (NFAs) could lead to lower funding and liquidity scores for some banks, Fitch Ratings says. A one-notch reduction in a bank’s funding and liquidity score would be unlikely, on its own, to directly affect the bank’s Viability Rating (VR) as the score’s weight is only 10%. However, weaker liquidity could eventually undermine other VR factors.

  • Saudi Arabia offers 7 mineral exploration licenses

    Saudi Arabia’s Ministry of Industry and Mineral Resources announced today, Oct. 22, opening bidding to local and international investors for seven new mineral exploration licenses in Makkah and Riyadh on an area of nearly 1,070 km2, the state-owned SPA reported. The offered exploration sites include quality mineral resources and precious metals, including base metals, such as gold, copper, zinc, lead and silver across several sites. Four sites are situated in Makkah.

  • Women footballers call on FIFA to end partnership with Saudi Aramco

    A group of over 100 professional women's soccer players on Monday sent an open letter to FIFA urging the world governing body to end its partnership with oil and gas conglomerate Saudi Aramco. In April, FIFA signed a four-year deal which will see Aramco become a worldwide partner, including in major tournaments such as the 2026 World Cup and the Women's World Cup the following year. Saudi Arabia has invested heavily in sports like soccer, Formula One and golf in the last few years while critics, including women's rights groups and members of the LGBTQ community, accuse the kingdom of using its Public Investment Fund (PIF) to "sportswash" its human rights record.

  • Saudi Arabia ‘in talks’ to invest in Qatar’s BeIN Sports

    Saudi Arabia has held talks to acquire Qatari sports broadcaster BeIN Sports, according to The Telegraph. The newspaper reports that negotiations began immediately after the Saudi Arabia’s Public Investment Fund’s (PIF) takeover of Premier League club Newcastle United in October 2021, and have continued since then. BeIN is the second sports broadcaster to be linked with Saudi investment this month, with the PIF denying it was in talks to take a stake with streaming service DAZN.

  • IMF lowers Saudi Arabia’s 2024 growth forecast to 1.5%

    The International Monetary Fund further lowered its GDP growth forecast for Saudi Arabia for 2024 to 1.5% and estimated growth to accelerate to 4.6% next year in its latest World Economic Outlook Report released on Tuesday. In July, the IMF lowered its GDP projections for Saudi Arabia's 2024 GDP by nearly a percentage point from its April estimates to 1.7%. Growth for the Middle East and Central Asia region is forecast at 2.4% in 2024, and projected to increase to 3.9% next year as temporary disruptions to oil production and shipping are expected to fade away, the IMF said.

  • Carrefour probes Saudi partner’s work practices after Amnesty report

    French supermarket retailer Carrefour has initiated a review of employment practices at its Saudi Arabia franchise partner, Majid Al Futtaim (MAF), in response to concerns raised by Amnesty International, Reuters has reported A report by the human rights organisation, published on 21 October 2024, levelled allegations of underpayment and excessive working hours among employees, particularly migrants, at Carrefour/Majid Al Futtaim stores in Saudi Arabia.