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  • Saudi Arabia Signals Ambition to Host Olympic Games

    Saudi Arabia’s potential interest in eventually hosting the Olympic games comes as the Gulf nation grows its portfolio of sports events, including the inaugural Esports Olympics in 2025. Riyadh clinched a 12-year deal with the International Olympic Committee in July to host that event, signaling a relationship already exists. The Saudis are also due to host the Asian Winter Games in 2029 and is on the brink of hosting the FIFA World Cup in 2034.

  • Gulf investors launch $200 million Waad Investment firm to support regional startups

    An alliance of investors and GCC-based family offices launched “Waad Investment," an investment firm with a targeted value of SAR750 million ($200 million), making it the largest private investment firm dedicated to supporting growth-stage startups. The alliance is led by investor Yaser AlGhamdi, the founder and Chief Investment Operations Officer of Waad Investment, in collaboration with the AlMajed and AlMisfer family offices.

  • New twist in ‘heist of the century’ in Iraq as key figure ‘fakes accident’ in Beirut

    Simmering controversy over the “heist of the century” in Iraq has been reignited as a businessman central to the multi-billion dollar corruption case has failed to appear for his court date. Raising further eyebrows, Noor Zuhair Jassim Al-Muthaffar is reported to have been involved in a “suspicious” traffic accident outside Iraq’s borders—in Lebanon—only days before his trial. The curious twists and turns of the case have brought speculations to a fever pitch, with observers warning of a potentially profound political fallout. 

  • UAE recognizes Taliban envoy as realism increasingly drives foreign policy

    The United Arab Emirates (UAE) has accepted the credentials of a Taliban diplomat as ambassador of Afghanistan. The move is a shift in Abu Dhabi’s approach to Taliban rule, which it has yet to recognize. Hailed by Taliban supporters as furthering the group’s international legitimacy, observers see the measure as reflecting rising realism in Emirati foreign policy.

  • GCC banks set record with $21.5bn in Q2 lending profits

    Profits from lending activities at Gulf Cooperation Council banks reached a record $21.5 billion in the second quarter of 2024, marking a 7.6 percent increase from the same period last year, according to a recent report. On a quarterly basis, the region experienced a 0.91 percent rise in net interest income, rebounding from a decline in the first quarter, thanks to growth in four of the six GCC countries, as reported by Kamco Invest’s latest GCC Banking Sector report.

  • Saudi Arabia to Convene Global Mineral Sector at Fourth Future Minerals Forum in January 2025

    Since 2022, FMF has focused on fostering collaboration amongst minerals-producing nations, promoting sustainability initiatives to build trust, and creating a resilient supply chain of critical minerals that the world needs. Building on these successes, FMF 2025 will focus on "Delivering Impact," the theme of the fourth edition.

  • In Photos: Saudi Athletes Raise Flag at Paris 2024 Summer Paralympic Games

    French President Emmanuel Macron launched the opening ceremony of the Paris 2024 Summer Paralympic Games yesterday at Place de la Concorde Square, reported the Saudi Press Agency (SPA). Saudi Olympic and Paralympic Committee (SOPC) Vice President Prince Fahd bin Jalawi bin Abdulaziz bin Musaed has attended the ceremony alongside the International Paralympic Committee President Andrew Parsons, and several other officials from Paralympic sports worldwide.

  • Saudi Arabia’s PIF secures $15 billion credit facility to boost investment flexibility

    Since 2017, Saudi Arabia’s Public Investment Fund (PIF) has established 95 companies and invested at least $40 billion annually into the local economy. Recently, PIF secured a $15 billion revolving credit facility from a global syndicate of 23 banks across Europe, the US, the Middle East, and Asia.

  • $200m fund for Gulf startups launched by Saudi investors

    A group of Saudi family offices and investors have launched a SAR750 million ($200 million) Gulf-focused startup investment fund called Waad.  The fund brings together Saudi investor Yaser AlGhamdi, who is the new fund’s  CEO, the AlMajed family office, which owns the Al Majdiah Group, and the AlMisfer family office, which owns the Saudi Real Estate Infrastructure Company (Binyah).  A statement issued by the fund said Waad was the largest private investment firm dedicated to supporting growth-stage startups including mentorship and financing, in the kingdom.

  • Saudi Arabia’s e-commerce sector sees $426.7 million in investments and anticipated 42% user growth

    According to a report from the Small and Medium Enterprises General Authority (Monsha’at), the number of e-commerce platform users in the kingdom is expected to reach 34.5 million by 2025, marking a 42% increase from 2019 to 2024.  Saudi Arabia’s e-commerce sector is experiencing significant growth, with venture capital investments in startups reaching $426.7 million in 2023.