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  • Goldman Sachs Names Alzaim Saudi CEO as US Bank Boosts Presence

    Alzaim will also continue in his role as head of investment banking for Saudi Arabia, according to an internal memo seen by Bloomberg. He joined Goldman in 2021 as an executive director and was named managing director in 2023. Prior to that, he served as an associate director in the investment banking advisory team at HSBC Saudi Arabia. He succeeds Khalid Albdah, who left Goldman after nearly a decade in October. Albdah has since been named as the head of the Middle East, North Africa and New Markets business of Neuberger Berman.

  • What does hosting the 2034 World Cup mean for Saudi Arabia?

    For a historically football-obsessed nation, it represents arguably the pinnacle achievement of Saudi Arabia’s changing physical and social landscape since the introduction of the country’s wide-reaching Vision 2030 strategy. Now all eyes are on 2034. The Kingdom’s love of football knows no bounds. It drives conversations and friendships, with 80 percent of Saudis engaged with the beautiful game either through playing or watching. Saudi Arabia’s Ministry of Sport has done an admirable job of diversifying Saudi sporting interests in recent years, but there is still no escaping the fact that football remains the nation’s undisputed No. 1 pastime.

  • Study: Saudi management boards increasingly diverse in their make-up

    In terms of board composition, the Heidrick & Struggles report found that diversity in boards is increasing. For example, 8% of board members in the KSA are women, a new reality that would not have been possible without the significant reforms Saudi leadership kicked off starting over a decade ago. What’s more, 8% of board appointments are non-nationals, with Saudi Arabia being home to a relatively large expat community of people from all over Asia and the MENA region, among other regions. “Boards in the KSA must look at diversity holistically and strive to achieve the right balance of demographics and expertise, which includes gender, age, nationality, as well as industry and geographical experiences,” said Maliha Jilani, partner Heidrick & Struggles in Dubai.

  • OPEC makes fifth and biggest cut to 2024 oil demand growth forecast

    OPEC cut its 2024 global oil demand growth forecast for a fifth straight month on Wednesday and by the largest amount yet, a series of downgrades that highlights China's sputtering role as the world's demand growth engine. The weaker outlook underlines the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia. OPEC+ earlier this month delayed its plan to start raising output until April 2025 against a backdrop of falling prices.

  • The Israeli Jews who spied for Iran in biggest infiltration in decades

    Israel's arrest of almost 30 mostly Jewish citizens who allegedly spied for Iran in nine covert cells has caused alarm in the country and points to Tehran's biggest effort in decades to infiltrate its arch foe, four Israeli security sources said. Among the unfulfilled goals of the alleged cells was the assassination of an Israeli nuclear scientist and former military officials, while one group gathered information on military bases and air defences, security service Shin Bet has said. Last week, the agency and Israel's police said a father and son team had passed on details of Israeli force movements including in the Golan Heights where they lived.

  • Saudi Arabia to host FIFA World Cup 2034: When and where will it be staged?

    Securing the 2034 FIFA World Cup was a central part of the kingdom’s “Vision 2030” economic strategy, spearheaded by the de facto ruler Saudi Crown Prince Mohammed bin Salman. In recent years, Saudi Arabia’s Public Investment Fund has allowed the country to rapidly grow its influence in the global sporting sector, resulting in several large-scale professional events already taking place inside the country: LIV Golf Tour, Formula One, Saudi Pro League football, Combat Sports (Boxing and MMA), ATP and WTA Tennis, and the famous Dakar motorsports rally event.

  • Eric Trump reveals rendering of Trump Tower project in Saudi Arabia

    Trump, executive vice president of the Trump Organization, shared the video rendering in a post on X of what marks the Trump Organization’s first major project in Saudi Arabia. "Incredibly proud to officially launch a project that has been underway for many months, Trump Tower - Jeddah!" he wrote. "Thank you to our partners @dar_global - This will be our 5th project together and among the most luxurious buildings anywhere in the world!" In the video, the rendering of the potential future high-rise residential tower is emblazoned with the Trump name.

  • 2034 World Cup in Saudi Arabia puts lives at risk: rights groups

    Awarding the tournament to Saudi Arabia "despite the well-known and severe risks to residents, migrant workers and visiting fans alike, marks a moment of great danger," Amnesty and organisations including Human Rights Watch, the Gulf Centre for Human Rights and the Football Supporters Europe group said in a statement. "As global and regional human rights organisations, trade unions, fans groups and organisations representing migrant workers, many of us have long highlighted the severe risks posed by Saudi Arabia’s hosting of mega-sporting events," the groups said. "By awarding the 2034 World Cup to Saudi Arabia without meaningful protections, FIFA has today decided both to ignore our warnings and discard its own human rights policies."

  • Saudi Arabia confirmed as 2034 World Cup host. The next question: Winter, summer or neither?

    World Cups have traditionally been held in the Northern Hemisphere's summer, even when staged beneath the equator in South America or South Africa. The entire rhythm of global soccer settled in around this tradition. Most top-flight leagues begin their seasons in August, finish in or around May, and then break for high-profile international tournaments. But Saudi Arabia's climate, like Qatar's, complicates matters. In the Gulf, summer temperatures regularly exceed 100 degrees. Such heat is often considered unsafe for soccer — and undesirable for the millions of fans that World Cups attract. FIFA, citing those dangers, moved the 2022 Qatar World Cup from its typical summer window to November and December. Many assume Infantino and the current FIFA administration will push for a similar move in 2034.

  • What will a Saudi 2034 World Cup look like?

    Saudi Arabia has invested around £5bn in sports since 2021, when the country's crown prince Mohammed bin Salman made it a key part of his strategy to diversify the economy, with a host of major sporting events brought to the kingdom, including high-profile boxing and Formula 1. The country's domestic football league now includes world stars such as Cristiano Ronaldo, Karim Benzema and Neymar Jr, and the country's Public Investment Fund owns Newcastle United and launched the breakaway LIV golf series. However, the country has been accused of 'sportswashing' - using its unprecedented spending on sport to improve the oil-producing kingdom's reputation over its human rights record and environmental impact. So what will a World Cup in Saudi Arabia look like?