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  • Saudi Billionaire Olayan Bets on Female Founders in Deal Spree

    Dara Holdings, billionaire Lubna Olayan’s family office, has made a series of investments since mid-2024 in United Arab Emirates-based startups founded by women. Her firm participated in a $10 million seed funding round disclosed this month for qeen.ai, a Dubai-based artificial intelligence startup co-founded by former Google executive Dina Alsamhan. The family office plans to continue making investments that empower women in the Middle East and is supporting the establishment of a social-impact fund at Alfanar, a UK-registered charity Olayan, 69, helps to lead, according to Dara Chief Investment Officer Walid Haram. “If an investment ticks the boxes, and it supports women in the region, that for us is a big additional plus,” Haram, 44, said in a statement. “It’s a big focus.”  The former JPMorgan Chase & Co. analyst is a principal of Olayan Group, a multibillion-dollar international conglomerate founded by her father in 1947 that she owns alongside members of her family. She served for decades as chief executive officer of its Middle East holding company, Olayan Financing Co., until stepping down in 2019. She now serves as chair of its executive committee and also leads the board of directors for Riyadh-based lender Saudi Awwal Bank.

  • 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.

  • Miami Chosen by Saudi Arabia for Second USA Investment Office

    Saudi Arabia will open an investment office in Miami, after the kingdom’s de-facto ruler pledged to boost US investment. In addition to US investments, Saudi Arabia will use Miami as a “gateway” to South America, Minister of Investment Khalid Bin Abdulaziz Al-Falih said Thursday at the Future Investment Initiative Institute’s summit in Miami Beach. The Invest Saudi outpost in the Florida city will be the second in the US after Washington. Miami has been raising its economic and political profile in recent years, as a string of investment and banking firms have boosted their presence there. Financial conglomerate Citadel is relocating to Miami while Goldman Sachs Group Inc. and Dan Sundheim’s D1 Capital Partners are among those that have expanded there.

  • 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.

  • King Salman orders naming of 15 Riyadh squares after Saudi rulers to commemorate Founding Day

    The directive reflects the leadership’s commitment to honoring the legacy of Saudi rulers who played a pivotal role in the foundation, unification, and development of the nation over the past three centuries. The designated squares are located along major roads in the Saudi capital and will bear the names of key figures in the country's history. Among them are Imam Mohammed bin Saud, Imam Abdulaziz bin Mohammed, Imam Saud bin Abdulaziz, Imam Abdullah bin Saud, Imam Turki bin Abdullah, Imam Faisal bin Turki, Imam Abdullah bin Faisal, and Imam Abdulrahman bin Faisal. Additionally, the names of Saudi kings who shaped the modern state will be commemorated, including King Abdulaziz, King Saud, King Faisal, King Khalid, King Fahd, King Abdullah, and King Salman.

  • 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.