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  • SoftBank’s Son Says He Hasn’t Given Saudi Prince Enough Return

    SoftBank Group Corp. Chief Executive Officer Masayoshi Son acknowledged that his company’s partnership with Mohammed Bin Salman’s Public Investment Fund has failed to fully deliver for the Saudi prince. SoftBank’s flagship Vision Fund has sold off or written down billions of dollars’ worth of its publicly listed holdings in recent years as founder Son shifted away from the venture-capital deals that were once an obsession and toward strategic investments in semiconductors and artificial intelligence. The fund has sold down stakes in companies such as Coupang Inc., DoorDash Inc. and Grab Holdings Ltd. Son said Friday that’s he’s often bet on the “wrong horse,” including WeWork Cos. In November, Rajeev Misra stepped down as co-CEO of SoftBank’s Vision Fund, bringing to a close a tumultuous tenure at the helm of what had been the largest-ever venture-capital fund. Misra was instrumental in helping Son set up the Vision Fund in 2017, helping him raise nearly $100 billion from Saudi Arabia, the United Arab Emirates, Apple Inc. and other backers. In late 2018, Saudi Arabia’s PIF made another $45 billion commitment to SoftBank’s second massive Vision Fund.

  • Arab leaders huddle in Saudi Arabia in pushback to Trump’s Gaza plans

    There was no final communique, press conference or details of when the meeting started or ended, in contrast to standard protocol when Arab leaders meet. Instead, a single photo was released on Friday, showing Arab leaders standing shoulder-to-shoulder in Saudi Arabia for what the kingdom called an "informal brotherly gathering", though with lofty discussion on Gaza's future. Arab countries, keen to maintain warm ties with Trump as president, have rejected the displacement of Palestinians from Gaza while not directly condemning Trump's idea. Egypt and Jordan view the plan as destabilizing to their security and the region. The UAE, which has close ties with Israel and opposes Hamas in Gaza, has emphasized that reconstruction of Gaza must be linked to the establishment of a Palestinian state. An assessment this week by the U.N., World Bank and European Union says Gaza and the occupied-West Bank need at least $53 billion for reconstruction and recovery over the next decade. The U.N. says 95% of Gaza's schools have been damaged or destroyed, as have more than 90% of homes and most hospitals, roads, water systems and agricultural land. Another U.N. estimate says more specifically that nearly 300,000 homes have been completely destroyed in Israeli airstrikes.  

  • Saudi Arabia records over 21,000 residency, labor, and border violations in latest inspections

    The Ministry of Interior conducted nationwide inspection campaigns between February 13 and February 19 to enforce residency, labor, and border security laws, recording 21,222 violations across the Kingdom. The violations included 13,202 related to residency laws, 4,911 involving border security, and 3,109 labor law infractions. Authorities also apprehended 1,376 individuals attempting to enter the Kingdom illegally, of whom 40 percent were Yemeni nationals, 58 percent were Ethiopians, and 2 percent were of other nationalities. Additionally, 86 people were arrested for attempting to leave the Kingdom illegally. Law enforcement officials detained 22 individuals for transporting, sheltering, and employing violators, emphasizing the government’s strict measures against those facilitating illegal residency and border crossings. Currently, 40,519 expatriates—36,213 men and 4,306 women—are undergoing procedures to ensure compliance with regulations.

  • Duel In the Desert: Forever Young Pips Romantic Warrior In An Epic Saudi Cup

    The Arabic announcer at King Abdulzaziz Racetrack whipped the crowd into a literal frenzy as the Saudi Cup field circled the starting stalls midway up the chute. The 109 seconds that followed the springing of the stalls nearly defies description. Romantic Warrior opened up on his rivals and they were partying in Wan Chai, but as he displayed when blousing out Book'em Danno (Bucchero) at the finish of last year's Saudi Derby, Forever Young loves a fight, and he began pegging back the margin with time ticking away. James McDonald was hard at work on Romantic Warrior and said post-race that his mount 'was not stopping', but Forever Young was kept after and proved narrowly better on the day in a race that won't soon be forgotten. “He jumped very well from the wide gate in 14 and got into a nice position without a problem. It was my tactics to be in that situation. I believe in Forever Young, I never thought I'd lose the race. This is the best moment in my life.” The Saudi Cup is a newly announced 'Win and You're In' qualifier for this year's Breeders' Cup Classic.

  • Saudi PIF Eyes More US Investment in Second Trump Term, Governor Says

    40% of the fund’s international investments go to the US, Yasir Al-Rumayyan said on Friday at the Saudi-sponsored Future Investment Initiative Priority summit in Miami. “And it could be much more,” he added, but “unfortunately sometimes when you want to procure more from the US or invest more there are certain restrictions. I hope with the current administration these restrictions will be out and it will attract more investment.” Al-Rumayyan said PIF, which counts Newcastle United and LIV Golf among its holdings, remains focused on sports and e-sports investments. He said that its portfolio company Savvy’s mandate is to “not only to invest in other companies in e- or video games, but to create esports activities.” Savvy-owned Scopely is in talks to acquire Niantic’s video-game business, Bloomberg News reported earlier this week.

  • Saudi ambassador to UK rules out one-state solution for Palestine

    Saudi Arabia’s ambassador to the UK, Prince Khalid bin Bandar, has reaffirmed Riyadh’s stance that a two-state solution remains the only viable path to resolving the Palestinian issue. Speaking on Friday at a panel discussion with Arab News Editor-in-Chief Faisal Abbas, hosted by MENA-based think tank SRMG Think, the ambassador made it clear that the Kingdom rejects any notion of a one-state outcome. “Discussions are just happening, and at the Arab Summit there will be agreement,” he said. “(It is) a little bit early for me to talk about it, but I can tell you that, definitely, we don’t envisage seeing nothing. Straight off the bat, there is no one state solution. As far as we’re concerned, we don’t see the displacement of the people of Gaza as a viable method in order to achieve prosperity.”

  • Benzema seals emphatic win in Saudi Clasico to increase Al Ittihad’s lead at summit

    Al Ittihad took a huge step towards the Roshn Saudi League title on Saturday with a thumping 4-1 victory against Al Hilal in the Saudi Clasico. The league leaders prevailed in the top-of-the-table clash at a packed Alinma Stadium in Jeddah thanks to a Steven Bergwijn double and goals from Hassan Kadesh and Karim Benzema. Marcos Leonardo had actually opened the scoring for Al Hilal midway through the first half, the Brazilian poking home Joao Cancelo’s cross to give the RSL champions the perfect start. It marked Leonardo’s 14th goal of his superb debut campaign in the Kingdom.

  • Saudi Arabia tops MENA for venture capital investment in 2024

    Saudi Arabia maintained for the second year its top position across MENA region in terms of the amount of venture capital (VC) funding. The Kingdom held more than 40% of VC investments in the region, or $750 million, in 2024, according to venture data platform MAGNiTT. The United Arab Emirates (UAE) came second with $613 million. The value of venture investments in Saudi Arabia was down 44% in 2024, driven by an 85% year-on-year (YoY) decline in the value of mega deals (deals exceeding $100 million). According to the Saudi VC Report for 2024, VC deals hit a record high during the period, reaching 178, up 16% YoY, driven by increased early-stage activity.

  • Arab leaders meet in Saudi Arabia to hash out Gaza plan

    The official Saudi Press Agency said the "fraternal consultative" meeting saw an "exchange of views on various regional and international issues, especially joint efforts in support of the Palestinian cause, and developments in the situation in the Gaza Strip". Egyptian President Abdel Fattah al-Sisi's office said he had left the Saudi capital after the sit-down with the leaders of Bahrain, Jordan, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates. The Saudi source had told AFP that the summit participants would discuss "a reconstruction plan to counter Trump's plan for Gaza". The Gaza Strip is largely in ruins after more than 15 months of war between Israel and Hamas, with the United Nations recently estimating that reconstruction will cost more than $53 billion.

  • Saudi Arabia hosts ‘informal’ Arab summit on post-war Gaza

    Saudi Arabia hosted an “informal” summit of Arab states in its capital Riyadh on 21 February to discuss regional efforts to propose an alternative to US President Donald Trump’s controversial expulsion and reconstruction plan for Gaza. It was hosted by Saudi Crown Prince Mohammed bin Salman (MbS) and attended by Jordanian King Abdullah II, Qatari Emir Tamim bin Hamad Al Thani, Egyptian President Abdel Fattah el-Sisi, UAE President Mohammed bin Zayed (MbZ), Kuwaiti Emir Mishal Al-Ahmad Al-Jaber Al-Sabah, and Bahrain’s Crown Prince Salman bin Hamad Al Khalifa. The summit began and ended on Friday, and no final statement was issued. A Saudi source told AFP that the “discussion was confidential.”