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  • 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.

  • Driving Reductions in Emissions: Unlocking the Potential of Fuel Economy Targets in Saudi Arabia

    The adoption of more stringent fuel economy standards represents a pivotal pathway toward achieving net zero emissions in the transportation sector. By steadily increasing the fuel efficiency of vehicles, this approach drives a gradual but consistent decline in emissions. When coupled with the simultaneous integration of electric and alternative fuel vehicles into the market, the goal of net zero emissions becomes increasingly feasible.

  • Saudi Arabia buys around 235,000 metric tons of wheat, GFSA says

    Saudi Arabia’s main state wheat buying agency, the General Food Security Authority (GFSA), on Monday purchased around 235,000 metric tons of hard wheat in an international tender, the agency said.

  • Thousands flee their homes as Israeli forces bomb southern Gaza

     Israeli forces bombarded several areas of the southern Gaza Strip on Tuesday and thousands of Palestinians fled their homes in what could be part of a final push of Israel's intensive military operations in nine months of war. Eight Palestinians were killed and dozens wounded, health officials said. Israel's military said that two soldiers had been killed in battle a day earlier. Israel's leaders have said they were winding down the phase of intense fighting against Hamas, the Islamist group that has governed Gaza since 2007, and would soon shift into more targeted operations.

  • Saudi Arabia’s sovereign wealth fund swings to $36.8 bln profit in 2023

    Saudi Arabia's sovereign wealth fund PIF swung to a profit of 138.1 billion riyals ($36.81 billion) in 2023, it said on Monday, after posting a loss of $15.6 billion a year earlier. Total revenues at the Public Investment Fund more than doubled to $88.3 billion last year from $44 billion in 2022, according to a regulatory filing.
    The rise in revenues was driven by factors including an improvement in both investment and non-investment activities in sectors like banking, telecommunications and gaming, as well as increased dividends.

  • Nazaha: 155 government officials arrested over corruption charges

    The Nazaha said in a statement on its X account that its officials carried out a total of 924 inspection raids during the last month of June. The Nazaha initiated a number of criminal and administrative cases following the oversight rounds in June, which resulted in the investigation of cases against 382 officials accused of various corruption charges.