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  • PGA Tour, Saudi PIF leaders to play together at Middle East golf event

    This comes courtesy of Bunkered, which reported on Thursday morning (subsequently confirmed by other outlets) that PGA Tour commissioner Jay Monahan and PIF chairman Yasir Al-Rumayyan will once again be in each other’s vicinity this weekend at a Ladies European Tour event held in Riyadh, Saudi Arabia. The event comes as part of the Aramco Series’ visit to Riyadh — named for the Saudi oil giant — as well as the Future Investment Initiative, a series of conferences held in the Kingdom to promote future growth and investment opportunities.

  • Aston Martin F1 team deepen Saudi links with Ma’aden partnership

    With a title partnership already in place with state-owned oil giant Aramco, and an additional deal agreed with state-owned Saudia last year, Aston Martin’s links to Saudi Arabia are extensive. The Formula One outfit further strengthened these connections by signing a technical collaboration with Aramco earlier this year, which will see the company deliver advanced fuels. The partnership announcement features comments from Lawrence Stroll, executive chairman of the Aston Martin Formula One team, which is typically rare for a deal like this. It’s also notable as the focus of this deal is on Ma’aden positioning itself as an employer, rather than any particular benefits for Aston Martin.

  • Saudi foreign minister denounces Israel’s north Gaza assault as genocide

    Saudi Arabia denounced Israeli attacks in northern Gaza as genocide on Thursday, telling foreign investors that some bilateral agreements it has been negotiating with Washington are "not that tied" to normalisation of its relations with Israel. Speaking on stage at an investment conference in Riyadh, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud said Israeli actions in northern Gaza could only be described as a form a genocide that was feeding a cycle of violence.

  • Saudi-US bilateral accords ‘not that connected’ to Israel normalization

    Saudi Arabia’s foreign minister said on Thursday that some of the bilateral agreements the kingdom has been negotiating with Washington are “not that tied” to the normalization of Saudi relations with Israel and are “moving ahead.” He noted that potential US-Saudi agreements on trade and artificial intelligence are “not tied to any third parties” and “can progress probably quite quickly.” “Some of the more significant defense cooperation agreements are much more complicated. We would certainly welcome the opportunity to finalize them before the end of the Biden administration's term, but that’s reliant on factors outside of our control,” he said.

  • Saudi Arabia’s ACWA Power eyes new markets, more green hydrogen plants

    Saudi Arabia’s ACWA Power hopes to triple its business in the next five years to reach $250 billion in assets under management, a top company official said this week. ACWA Power’s chief investment officer, Thomas Brostrom, said the company currently has about $95 billion in assets under management. “We have a very ambitious growth plan,” Brostrom said in an interview at the Future Investment Initiative (FII) summit in Riyadh, highlighting significant agreements signed this week worth over $1.78 million. “You can feel the energy, it’s really bustling and sparkling energy,” Brostrom said of the FII.

  • Sovereign debt is the biggest risk to global growth in 2025, Saudi finance minister says

    “I think globally, the serious, serious issue that we need to watch is sovereign debt issues, particularly in low-income countries and emerging economies that do not have the fiscal buffers to lean into in case of disruptions in the market,” Mohammed Al-Jadaan told CNBC’s Dan Murphy Wednesday from the Future Investment Initiative in Riyadh. “And hopefully between the IMF and the G20 we will find a solution, and we will be ready to support the world economy in case of shocks in that area, but it is an area that we need to watch, as global leaders, to make sure that it doesn’t surprise us.”

  • Saudi Arabia World Cup bid report accused of ‘whitewashing’ rights abuses

    AS&H Clifford Chance was commissioned to independently assess the human rights implications of the bid, but the report “contains no substantive discussion of extensive and relevant abuses in Saudi Arabia”, according to a statement released by 11 organisations, including Amnesty International and Human Rights Watch.

  • Saudi Arabia’s spending trajectory is sustainable, kingdom’s finance minister says: Video

    Mohammed al-Jadaan, Saudi Arabia’s minister of finance, says the kingdom’s non-oil revenues have grown significantly and cover about 37% of the national expenditure.

  • Saudi Arabia’s Hassana eyes investment in Brookfield Middle East fund

    Hassana, the investment arm of Saudi Arabia's main pension fund, is considering becoming an anchor investor in Brookfield's (BN.TO), opens new tab new $2 billion Middle East fund, it said on Thursday. That would bring Hassana on board with the kingdom's PIF sovereign wealth fund, which announced on Wednesday that it had entered a non-binding agreement to become an anchor investor in the Brookfield Middle East Partners fund.

  • Saudi Arabia’s start-up airline places £6bn plane order in challenge to Gulf rivals

    This is in addition to an earlier agreement for 39 Boeing wide-bodies announced last year, which includes the option for another 33. Chief executive Tony Douglas said the Airbus jets will help “support economic growth” by establishing the comprehensive route network needed to transform the city of Riyadh into a global aviation hub.