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  • Sullivan postpones trip to Saudi Arabia to discuss Israel mega-deal

    The latest: White House national security spokesman John Kirby said Sullivan was recovering from a "cracked rib," which has affected his ability to travel. Kirby said it was a "minor accident of his own" and "was not caused by anybody." Why it matters: With the war in Gaza ongoing and the U.S. presidential election just seven months away, White House officials admit there's a slim chance they can pull off the historic peace agreement. Sullivan's planned trip indicates President Biden is still determined to pursue it.

  • How Saudi Arabia Is Leading the Way for Regenerative Tourism

    When John Pagano arrived in Saudi Arabia in 2018, the country subverted his expectations. "We all paint a picture in our minds of what the Middle East is about," he said. "I found a pristine environment, an archipelago of 90 beautiful islands, and turquoise-colored water. It was truly remarkable." Pagano, who is Canadian, was moving to the Kingdom to take up a role as chief executive officer of Red Sea Global (RSG), a major new developer of ambitious regenerative tourism destinations. Pagano, an engineer by training, has had a long career working on large-scale real estate projects, including the Canary Wharf development in London and the Baha Mar project in the Bahamas. But this was unlike anything he had done before in its sheer scale. "I was persuaded by His Royal Highness and his vision for transforming the country," he said. "I had the opportunity to be part of it."

  • PwC Middle East and Microsoft launch an AI excellence center in Saudi Arabia

    “Skilling the workforce to take advantage of cloud and AI technologies is crucial to unlocking the full potential of these transformative technologies, and we are proud to play a role in this important endeavour. Through our partnership with PwC Middle East and the launch of the AI Centre of Excellence in Riyadh, we aim to provide young Saudi engineers with the skills and tools they need to help drive innovation and economic growth in the Kingdom,” Turki Badhris, President, Microsoft Arabia adds.

  • Why law firms are betting big on Saudi Arabia

    Last year, Saudi Arabia introduced new legislation that made it easier for international law firms to open in the country. The result has been a flood of new entrants including US legal giant Kirkland & Ellis, transatlantic law firm Hogan Lovells and City of London lawyers Simmons & Simmons. Magic Circle law firms Clifford Chance and Linklaters opened new offerings in the country last year, while on 25 March, Allen & Overy announced it was launching in the country ahead of its merger with US firm Shearman & Sterling in May.

  • Saudi Arabia’s non-oil business activity grows robustly in March, PMI shows

    Strong demand helped drive non-oil business activity in Saudi Arabia in March, with output accelerating to a six-month high, a survey showed on Wednesday. The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index stood at 57.0 in March, slightly lower than 57.2 in February, but well above the 50.0 mark denoting expansion in activity. The output sub-index rose to 62.2 in March from 61.5 the previous month, its strongest since September last year, supported by new orders particularly in the manufacturing sector.

  • Canoo taps into the $30B Saudi Arabian EV market

    Jazeera Paints will purchase 20 Canoo EVs and deploy the company’s LDV (Lifestyle Delivery Vehicles) 130 and LDV 190 delivery vehicles in its fleet this year. Depending on the initial 20 vehicles’ performances, it may order an additional 180 LDVS from Canoo.

  • Saudi Arabia will bear government fees of displaced expatriates from neighboring countries

    The government fees exemption covers residency permit (iqama) fee, work permit fee, transfer of service fee, profession change fee, and fee for employees of companies and establishments in the private sector, and this is for a period of four years from the date of rectifying their status after arrival in the Kingdom.

  • SPARK: Establishing Saudi Arabia as a global logistics powerhouse

    SPARK enjoys unparalleled connectivity, seamlessly integrated by land with major highways and the GCC railway, by air through the nearby King Fahad International Airport, and by sea via the King Abdul-Aziz Seaport. This positions it strategically at the heart of the energy market, in close proximity to the Saudi Aramco headquarters and near the abundant oil and gas reserves.

  • Saudi Arabia Hits Milestone In Shift Away From Oil Economy

    Government data released last month shows the real GDP growth rate for non-oil activities at about 4.4%, valuing the sector at about 1.7 trillion Saudi riyals (around $453 billion). This puts the kingdom on course to meet the objectives set out in Vision 2030, its broad program of policies and reforms, which holds economic diversification as one of its core objectives.

  • Saudi Arabia banks embark on record bond binge for mega-projects

    Saudi Arabia’s banks could raise a record amount of debt this year as a liquidity squeeze strains Crown Prince Mohammed bin Salman’s multi-trillion dollar economic transformation agenda. Lenders may need to issue at least $11.5 billion in bonds in local and foreign currencies, according to Bloomberg Intelligence, to raise funds for Vision 2030, a plan aimed at transforming Saudi Arabia from an oil-reliant economy to one generating income from everything from tourism to technology. That would be a new high, surpassing the $10 billion raised in 2022.