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  • Goldman, BlackRock Bosses Contend With a Changing Saudi Arabia

    The most influential names from the world of finance and business are flying to Riyadh for the eighth iteration of the kingdom’s Future Investment Initiative. Dubbed ‘Davos in the Desert,’ the event’s pre-summits started Monday. Over the course of the next few days, we’ll hear from the likes of David Solomon, Jane Fraser, Marc Rowan and Larry Fink. They’re heading to the kingdom amid a profound shift in their relationships with Saudi Arabia’s nearly $1 trillion wealth fund.

  • Saudi tourism facilities face penalties for non-compliance, ministry warns

    According to the ministry, during recent inspections of licensed facilities, it discovered a lack of conformity of promotional material to regulations and failure to display contact information for duty managers in the reception area, among other issues. Additionally, the ministry said it found instances of invalid licenses for some government partners in the tourism sector and failure to maintain cleanliness or carry out maintenance at a number of facilities.

  • World Cup 2034: Saudi Arabia human rights report ‘flawed’

    Football's global governing body, FIFA, are expected to announce the middle eastern kingdom as the host for the 2034 tournament on December 11, with no other bids being considered at this point. But the decision to award the tournament to a country with a poor human rights record has angered advocacy groups. FIFA attempted to fulfil their stated commitment to human rights by commissioning an independent report on Saudi Arabia by the Saudi arm of London law firm, AS&H Clifford Chance. But its findings have been slammed.

  • Foreign investors flock to flagship Saudi economic conference — but face less free-flowing cash

    Described in past years by some attendees as a bonanza for Saudi cash, fund managers who spoke to CNBC this year draw a distinctly different picture as the kingdom simultaneously upholds more requirements for prospective fundraisers and investors, while also facing a revenue crunch amid lower oil prices and production. “Without question, it’s gotten way more competitive to attract money from the kingdom,” Omar Yacoub, a partner at U.S.-based investment firm ABS Global, which manages nearly $8 billion in assets, told CNBC. “Everyone and anyone has been going to ‘kiss the rings,’ so to speak, in Riyadh.”

  • U.S. feared Iran could hit Saudi oil fields

    Israel's strikes, by hitting military targets rather than industrial facilities, have — for now — prevented a wider war. That has been a key goal of President Biden and Secretary of State Tony Blinken since the Oct. 7 terrorist attack on Israel.

  • Why Herve Renard is the perfect appointment for Saudi Arabia after Mancini exit

    In a stirring announcement video posted on social media on Saturday night, Herve Renard was confirmed as the new head coach of the Saudi Arabia national team. His return to the Green Falcons, 19 months after leaving to take charge of the French team at the 2023 FIFA Women’s World Cup on home soil, will be music to the ears of Saudi football fans.

  • Saudi Arabia targets local manufacturing of wind energy towers to enhance renewable energy sector

    Following two strategic agreements signed with Al-Yamamah Steel Industries Co. and Arabian International Co. for Steel Structures, Saudi Arabia seeks to strengthen its position in the wind energy sector by fostering local manufacturing capabilities and facilitating essential knowledge transfer. These agreements were part of 107 deals and memorandums of understanding, collectively valued at $27.69 billion, formalized at the Energy Localization Forum in Riyadh under the auspices of the Ministry of Energy and the LCGPA.

  • Saudi Arabia Expects to Announce $28 Billion of Deals at FII Summit: Video

    Deals worth more than $28 billion are likely to be announced by executives from around the world who’re attending the Future Investment Initiative in Riyadh, Richard Attias, the chief executive officer of the FII Institute tells Joumanna Bercetche

  • Saudi FM receives Somali counterpart in Riyadh

    Saudi Foreign Minister Prince Faisal bin Farhan received his Somali counterpart Ahmed Moalim Fiqi in Riyadh on Sunday. During the meeting, the ministers reviewed Saudi-Somali relations and discussed ways to enhance them in various fields. Regional and international developments and topics of common interest were also discussed.

  • Saudi Arabia pushes for Africa debt relief as private investments set to reach $25B

    Public debt in Africa reached $1.8 trillion in 2022, with such high levels constraining the ability of countries to cope with unexpected crises or invest in development. Jadaan said Saudi Arabia's plans to help Africa with its debt crisis — first proposed during Riyadh's hosting of the G20 in 2020 — have "directly impacted" countries such as Chad, Zambia, Ghana and Ethiopia. "Saudi Arabia believes in the importance of these efforts, and we are committed to continue exerting them," he added. During the 2020 G20 summit, Saudi Arabia called for the suspension of African debt payments. At the inaugural Saudi Arabia-Africa summit in November 2023, Riyadh continued to press for resolving debt issues in Africa.