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  • Saudi defense minister meets with Turkish president in Ankara

    Saudi Arabia’s Minister of Defense Prince Khalid bin Salman was received by Turkish President Recep Tayyip Erdogan at the Presidential Palace in Ankara on Tuesday. During the meeting, the two officials reviewed relations between the Kingdom and Turkiye and ways to enhance them. They also discussed regional and international developments and efforts made with regard to them.

  • How Richard Attias brought billionaires, bankers and politicos into Saudi Arabia’s big tent

    Indeed, since its inaugural outing FII has become a regular fixture in the calendar of the world’s power brokers and financiers. At the most recent edition, in October 2023, Citigroup’s Jane Fraser, JP Morgan’s Jamie Dimon and Goldman Sachs’ David Solomon were in attendance. Following the meeting, $17.9 billion of deals were announced. Those made public included a joint venture between the Saudi sovereign wealth fund and Italian company Pirelli, as well as a large Saudi investment into a wind energy project in Azerbaijan.

  • PIF’s revenues jump to $88.5 billion in 2023

    The Public Investment Fund (PIF) has recorded robust growth of more than 100 percent in its total revenues during the year 2023, soaring to SR331 billion ($88.5 billion), up from SR165 billion ($44 billion) in 2022. The Saudi sovereign wealth fund said in a statement on Monday that the jump in revenues during the period from January 1 to December 31, 2023 was supported by the growth in the market value of its investment portfolio.

  • Saudi Aramco Bets on Unconventional Field in $25-Billion Gas Expansion

    Aramco has been seeking a greater role in the global LNG market as it plans to ramp up its natural gas production and trading business. The oil giant is looking to boost its domestic natural gas supply, to replace direct crude burn for its power generation and free up more crude for exports.

  • Saudi Wealth Fund’s Financial Commitments Surged by $50 Billion in 2023

    Saudi Arabia’s huge sovereign-wealth fund swung to a profit last year—but the bills from its megaproject spending spree grew faster. The Public Investment Fund posted a $17 billion profit for 2023 in results published Monday, up from a $3.9 billion loss in 2022. At the same time, the fund disclosed a massive surge in financial commitments—money it is on the hook to pay in the future—as it ramps up spending on the vast projects and investments it is handling as part of the kingdom's economic overhaul.

  • Saudi forex reserves at 18-month high in boost to giga-projects

    Saudi Arabia’s foreign exchange reserves have shot up by nearly 7 percent this year to $445 billion in May, or SAR167 trillion, the highest since November 2022. The rise gives the government more scope to pump money into cash-constrained giga-projects. Saudi Arabia has raised $17 billion in debt markets this year. The Public Investment Fund has realised at least $15 billion in cash by divesting US equities. And the government has doubled PIF’s stake in Aramco to 16 percent, making it a recipient of the state oil company’s dividends.

  • Saudi Arabia blacklists 54 Umrah companies in 19 Arab and Islamic countries

    Fifty-four tour operators organising trips for Umrah or lesser pilgrimage in 19 Arab and Islamic countries have been blacklisted due to violations, a Saudi newspaper has reported. The step is part of efforts to combat illegal brokerage in bogus journeys for Umrah in Saudi Arabia after violating travel agencies were detected during last month’s Hajj pilgrimage, according to Al Watan newspaper.

  • Saudi’s fintech scene books ‘remarkable progress’ with more to come

    In its report, strategy consultancy firm Arthur D. Little identified over 200 fintech’s currently active in the Kingdom, up from 89 the year previous. Taking a broader lens on the sector, the researchers observed “remarkable progress” over the past five years, a development which has lifted KSA’s fintech scene into a regional leader.

  • Iraqi ‘resistance’ closes ranks, threatens US amid talk of Hezbollah-Israel war

    Amid a broader regional escalation, the Iraqi Resistance Coordination Committee (IRCC) has charged that Washington has missed its opportunity to peacefully withdraw US troops. The development suggests that Asa’ib Ahl Al-Haq is back in the fold of the ‘resistance’—and may join attacks against Israeli and US interests if all-out war erupts between Israel and Lebanese Hezbollah. 

  • Saudi PIF is top global investor in first half of 2024

    Saudi Arabia’s Public Investment Fund was the highest-spending state-owned investor in the first half of 2024, while three Abu Dhabi institutions were also in the top five. The PIF owns stakes in various domestic companies including Saudi Aramco, Saudi Telecom Co and Saudi National Bank and is spearheading the kingdom’s giga-project development programme. It invested $10.2 billion from January to June this year, a report by the consultancy Global SWF has revealed. The PIF – a major investor abroad as well – was also the top spender in 2023, deploying $31.6 billion last year.