MUST-READS

• Fears Grow That Syria Strike Could Spur Retaliatory Attacks on Israel and U.S.

  “The strike yesterday is a significant escalation and risks tipping an already volatile, unstable region into full-scale war,” said Dana Stroul, formerly the Pentagon’s top Middle East policy official who is now at the Washington Institute for Near East Policy. “This is the Israeli version of the U.S. strike on Qassim Suleimani,” she said, referring to the former longtime leader of the Quds Force, who was killed by an American drone strike near the Baghdad airport in 2020. Image

• Saudi Arabia banks embark on record bond binge for mega-projects

  Saudi Arabia’s banks could raise a record amount of debt this year as a liquidity squeeze strains Crown Prince Mohammed bin Salman’s multi-trillion dollar economic transformation agenda. Lenders may need to issue at least $11.5 billion in bonds in local and foreign currencies, according to Bloomberg Intelligence, to raise funds for Vision 2030, a plan aimed at transforming Saudi Arabia from an oil-reliant economy to one generating income from everything from tourism to technology. That would be a new high, surpassing the $10 billion raised in 2022.

• Kingdom Invests $2.3 Bn to Boost Private Sector Saudi Employment

  Saudi Arabia’s Human Resources Development Fund invested around SAR 8.7 billion ($2.3 billion) last year in programs for training, counseling, and empowering. This move aims to boost private sector businesses, increase Saudi employment, and ensure job sustainability. This effort comes as the Kingdom’s unemployment rate among its citizens nears the 7% target set by the national transformation plan, Vision 2030, dropping to 7.7% by the end of 2023. The Fund reported Monday that about 1.9 million Saudis benefited from its services and products last year. Over 120,000 establishments across the Kingdom benefited, with 89% falling into the medium, small, and micro-enterprise categories.

• Informatica Launches Saudi Arabia’s First AI-Powered Intelligent Data Management Cloud Platform

  Informatica (NYSE: INFA), the enterprise cloud data management leader, today launched its AI-powered Intelligent Data Management Cloud™ (IDMC) in Saudi Arabia, a first for the Kingdom. The investment includes establishing a new Point of Delivery (PoD) in Riyadh, and reflects a commitment to support local, scalable, cloud-first data management services. The move further strengthens Informatica’s presence in the Middle East, following the launch of its first regional PoD in Abu Dhabi, UAE, in 2023.

• Saudi SITE Acquires 10% Stake in South Korea’s AhnLab

  AhnLab, a leading cybersecurity company based in South Korea, has announced its partnership with the Saudi Information Technology Company (SITE), a security and cloud service enterprise fully funded by Saudi Arabia’s Public Investment Fund (PIF), to establish a joint venture (JV) focused on cybersecurity. Under the deal, SITE will acquire a 10% share of AhnLab for $55.3 million. In an official statement, the companies announced that AhnLab will hold a 25% stake in the JV, with SITE holding the remaining 75%. The companies aim to complete the establishment of the JV within the first half of this year through joint investment.

• Saudi arrests 146 gov’t workers on corruption charges

  Saudi Arabia’s Oversight and Anti-Corruption Authority (Nazaha) yesterday announced the arrest of 146 suspects from seven ministries including the Interior, Defence, National Guard, Justice and Zakat and Tax who were charged with abuse of power and money laundering.

  In a statement released yesterday, the Authority said it has dealt with several criminal and administrative cases during the past month by conducting 1,657 inspections.

• Saudi Arabia’s Upcoming National Space Strategy a Blueprint for Growth

  The Saudi space sector generated USD400 million in 2022. That figure is expected to reach USD2.2 billion by 2030. Saudi Arabia’s Vision 2030 strategy, a national blueprint for diversifying and growing the country’s economy, highlights the space sector’s role in growing the economy. The Saudi Space Agency says there is a strong emphasis in the country on space research and innovation for peaceful purposes. There is also an eye on the commercial opportunities, including space tourism.

• Saudi Venture Capital appoints Nora Alsarhan as deputy CEO
  Riyadh’s state-owned Saudi Venture Capital (SVC), which manages assets worth $2.2 billion, has appointed Nora M Alsarhan, its chief investment officer, as deputy CEO.
  Alsarhan oversees SVC's investments, including funds and direct bets, in line with its objective of supporting growth and innovation in early-stage startups, especially in strategic sectors. Alsarhan, who joined SVC as investment director in June 2019 also sits on the limited partner advisory committees (LPACs) of many SVC portfolio funds.  She was elevated as SVC’s CIO in June 2020.

• Sullivan to meet MBS to push Saudi side of Israel mega-deal

  With the war in Gaza ongoing and the U.S. presidential election just seven months away, White House officials admit there's a slim chance they can pull off the historic peace agreement. Sullivan's trip shows President Biden is still determined to pursue it.

• Gaza war helps Iran repair image in region—but for how long?

  Israel’s assault on Gaza has in some ways proven to be a boon for Iran, furthering some of its strategic objectives and boosting its reputation in the region. In Nov. 2023, a report by the Washington Institute for Near Eastern Policy found that an average of 40% of respondents in Egypt, Iraq, Jordan, Lebanon, Palestine, and Syria said Iran’s actions have had a positive impact on the war. In Egypt and Syria, such sentiments were expressed by half of respondents.

• 10 of 61053 results<< 1 … 397 398 399 … 6,106 >>