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Saudi Arabia’s PIF Officially Takes Over Management of Riyadh’s King Abdullah Financial District
Saudi Arabia’s sovereign wealth fund finalized the take over of the management of Riyadh’s US$10 billion unfinished King Abdullah Financial District (KAFD), a large financial hub on the outskirts of the city, as the government attempts to revive the project. Bloomberg reports the project also has a new leader. KAFD’s final development will be run by real […]
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In WSJ Op-Ed, Al-Qassabi Says Kingdom Will Not Avoid Short-Term Difficult Decisions to Eradicate Corruption, Actualize Vision 2030
In a op-ed published in the Wall Street Journal, Saudi Arabia’s Minister of Commerce and Investment Dr. Majed Al-Qassabi addressed critics of the Kingdom’s anti-corruption efforts and says the actions taken last week are evidence that Saudi Arabia is facing a “watershed moment” to eradicate the scourge of corrupt practices. “Saudi Arabia is a rich […]
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Secretary Tillerson, in Riyadh, Pledges Support for Saudi-Iraq Relationship to Counter Iran
U.S. Secretary of State Rex Tillerson visited Riyadh over the weekend to express U.S. support for a warming of relations between Saudi Arabia and Iraq as the two nations inaugurate the first meeting of the Saudi-Iraq Coordination Council, a new organization that will facilitate bilateral ties. The inaugural Coordination Council meeting marks a warming of relations between Riyadh and Baghdad. […]
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Saudi Aramco Denies Financial Times Report on Shelving Long-Awaited IPO
Saudi Aramco has denied a report in the London-based Financial Times that the state-controlled company will shelve its plans to list part of the company on international indices in favor of private placements. The Financial Times reports that talks about “a private sale to foreign governments including China and other investors have gathered pace in recent […]
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King Salman Consolidates Development Funds and Promotes New Transportation Minister
Saudi Arabia’s King Salman has created a new organizational body to centralize and consolidate control and management of its economic development funds, called the National Development Fund (NDF), under Crown Prince Mohammed bin Salman. The NDF will “link the Saudi Fund for Development, the Saudi Industrial Development Fund, the Agricultural Development Fund, the Social Development Bank, the Human […]
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Saudi Arabia’s PIF Takes Charge of $5b Jeddah Corniche Redevelopment to create “New Downtown”
Saudi Arabia’s Public Investment Fund (PIF) has announced it will lead the redevelopment of Jeddah’s waterfront corniche, creating a “unique tourist, residential and commercial destination” that aims to become the “New Jeddah Downtown.” The PIF will look to add 12,000 housing units as well as shops and other attractions like museums, a cultural and social area, an activities center, […]
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Saudi Arabia Will Remove its Ban on Internet Phone Calls on Thursday
Saudi Arabia will remove its ban on internet phone calls on Thursday, a government spokesman said, in a bid “aimed at stimulating online business as the kingdom looks to boost non-oil revenue,” Reuters reports. The news is sure to be welcomed by the many foreign men and women who travel to Saudi Arabia for business, […]
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New York Times Profiles New Saudi Ambassador to the U.S. Prince Khaled bin Salman
The New York Times published a profile and interview with Saudi Arabia’s new Ambassador to the United States Prince Khaled bin Salman and the significant role the young prince will play in the U.S.-Saudi diplomatic and economic relationship. Prince Khaled, who is brother of the Crown Prince Mohammed bin Salman and son of King Salman, […]
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Al-Falih: Steps Taken by OPEC Have Brought Greater Stability, Further Cuts Eyed
Saudi Arabia’s Minister of Energy, Industry, and Mineral Resources Khalid Al-Falih said he agreed with other OPEC nations to keep all options open in the organization’s push to re-balance world oil markets, “including the possible extension of output cuts beyond next March,” according to reports. According to three emailed statements from his ministry obtained by Bloomberg, steps taken by […]
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Trump, King Salman Discuss Qatar Crisis in Phone Call
U.S. President Donald Trump spoke with Saudi King Salman on Wednesday and urged “all the parties in the Qatar dispute” to find a diplomatic resolution to end the crisis, according to a White House statement. According to a White House readout of the call, President Trump and King Salman “discussed the need to defeat terrorism, cut off […]
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Missile defence successes in Gulf, Ukraine fuel global urgency to acquire systems
The success of ballistic missile defences facing their first complex, high-stakes combat scenarios in Israel, the Red Sea and Ukraine will encourage militaries globally to invest in the pricey systems, experts say - and intensify missile arms races.Iran launched as many as 120 intermediate-range ballistic missiles at Israel on April 13, U.S. and Israeli officials say. U.S. SM-3 and Israeli Arrow interceptors destroyed nearly all of them, leaving drones and smaller threats to the Iron Dome system.
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Nearly 2,200 people have been arrested during pro-Palestinian protests on US college campuses
Police have arrested nearly 2,200 people during pro-Palestinian protests at college campuses across the United States in recent weeks, sometimes using riot gear, tactical vehicles and flash-bang devices to clear tent encampments and occupied buildings. One officer accidentally discharged his gun inside a Columbia University administration building while clearing out protesters camped inside, authorities said.
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‘None go forward without the others.’ US mega-deal would tie together the futures of Saudi Arabia, Israel and Gaza
Saudi Arabia and the United States are finalizing the details of a landmark deal to strengthen bilateral trade and defense – but an agreement will not be reached if the kingdom and Israel do not establish diplomatic relations, US officials said.
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US ‘very close’ to bilateral deal with Saudi Arabia as part of Israel normalization
The US said on Thursday that it was “very close” to reaching an agreement on the bilateral piece of a potential package deal with Saudi Arabia, which would need to include normalization with Israel.
“The Secretary did meet with the Crown Prince of Saudi Arabia this week when he was in Riyadh… and we are very close to reaching an agreement on the bilateral pieces of a normalization agreement,” State Department Spokesman Matt Miller said after the top US diplomat’s weekend trip to Saudi Arabia.
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Cercamon has acquired international sales rights for Saudi director Tawfik Alzaidi’s first feature Norah
Cercamon has acquired international sales rights for Saudi director Tawfik Alzaidi’s first feature Norah ahead of its world premiere in the Cannes Film Festival’s Un Certain Regard.
Norah will make history in May as the first ever Saudi feature to play in Cannes’ Official Selection. The achievement comes six years after Saudi Arabia announced the end of its 35-year cinema ban and is a sign of the bubbling cinema scene that has sprung up since.
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Secret Cliff Diving spots in Saudi Arabia
Catalin Preda from Romania and America’s David Colturi have become the first people to dive into the wadis of Saudi Arabia in a hike and dive experience through the rough and rugged natural landscape of Jazan province. Set against the unique backdrop of the Wadis Lajab and Al-Rough in the kingdom’s Jazan province, the Romanian American duo explored the canyons, deep valleys, waterfalls and freshwater ponds deep enough to host fish and some incredible cliff dives.
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Saudi-Uzbek energy investments reach $14B: Minister
Prince Abdulaziz bin Salman, Minister of Energy, stated that the energy sector represents an important aspect of the growing relationship between Saudi Arabia and Uzbekistan, especially in the field of renewable energy. The size of investments between the two countries in this sector exceeded $14 billion, aimed at producing more than 11 gigawatts of electricity from renewable energy.
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Biggest Saudi IPO of the Year Sells Out in Under an Hour
Dr. Soliman Abdul Kader Fakeeh Hospital and its shareholders are seeking to raise as much as 2.86 billion riyals ($763.4 million) in the Riyadh initial public offering. Books were covered throughout the price range of 53 riyals to 57.5 riyals per share, according to terms of the deal seen by Bloomberg News.
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How Microsoft’s billion-dollar bet on G42 spotlights the UAE’s AI ascension
In the aftermath of Microsoft's $1.5 billion investment in Abu Dhabi artificial intelligence and cloud company G42, the spotlight is now on the Middle East's growing stature as a regional leader for global technology.
The charge, led by the UAE and Saudi Arabia, has attracted attention from the likes of Oracle, Google and Amazon and highlights increasing investor confidence in the region, with growing financial backing from, and relations with, the West, considered the home of the world's technology industry leaders.
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US and Saudi Arabia nearing agreement on security pact, sources say
The Biden administration and Saudi Arabia are finalizing an agreement for U.S. security guarantees and civilian nuclear assistance, even as an Israel-Saudi normalization deal envisioned as part of a Middle East “grand bargain” remains elusive, according to seven people familiar with the matter.A working draft lays out principles and proposals aimed at putting back on track a U.S.-led effort to reshape the volatile region that was derailed by Hamas’ Oct. 7 attack on Israel and the outbreak of war in Gaza, according to two sources who have seen the document.
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