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  • Saudi’s NEOM has committed more than $16 bln to private sector, deputy CEO says

    Saudi Arabia's NEOM, a unit of the kingdom's sovereign wealth fund, over the last 18-24 months has committed more than 60 billion riyals ($15.98 billion) to private sector investments and more than 30 billion riyals to debt funding, its deputy CEO said on Wednesday.

  • Saudi sovereign wealth fund announces $2 billion deal for new Brookfield Middle East platform

    Brookfield Middle East Partners (BMEP) “will target $2 billion from a variety of investors, and intends to target buyouts, structured solutions and other investment opportunities across a range of strategic sectors including industrials, business and consumer services, technology and healthcare,” a joint press release from the PIF and Brookfield read.

  • Saudi Arabia pushes ahead with economic transformation, minister says

     Saudi Arabia is "doubling down" on its multi-billion dollar plan to overhaul its economy and cut the kingdom's dependence on oil rents, the finance minister told an investor summit in Riyadh on Wednesday. The government is investing heavily in infrastructure works such as the vast mega-city NEOM project under the plan driven by Crown Prince Mohammed bin Salman, who wants to grow the private sector, develop new industries and create thousands of jobs.

  • Inside Saudi Arabia’s Big Cinema Swing ‘Desert Warrior,’ The Delayed $150M Historical Epic Still Being Readied For Battle

    Sources say a final cut is yet to be locked by Wyatt, who exited and then returned to the project amid creative fissures. A screen test revealed Desert Warrior’s disconnect with audiences and a handful of major U.S. studios were unconvinced about an earlier version of the movie. Deeper questions have been asked about Western creatives being entrusted with a historical story about the Middle East, while buyers raised concerns about the movie’s optics after the October 7 attack on Israel.

  • Lebanon, Israel could agree to ceasefire within days, Lebanese prime minister says

    Lebanon's prime minister expressed hope on Wednesday that a ceasefire deal with Israel would be announced within days as Israel's public broadcaster published what it said was a draft agreement providing for an initial 60-day truce. The document, which broadcaster Kan said was a leaked proposal written by Washington, said Israel would withdraw its forces from Lebanon within the first week of the 60-day ceasefire. It largely aligned with details reported earlier by Reuters based on two sources familiar with the matter.

  • Saudi Arabia in advanced talks over Zambia copper mine stake, Ma’aden CEO says

    Saudi Arabia is in the advanced stages of talks about a stake in a copper mine in Zambia and is expecting a deal by the end of the year, the CEO of Saudi Arabia’s flagship mining company Ma’aden told Reuters on Wednesday. “We are looking at Zambia, we are talking with a company there, with a mine there, so those are pretty advanced stage discussions,” CEO Robert Wilt, who is also vice chairman of Saudi Arabia’s international mining venture Manara Minerals, said.

  • AI Leaders Gather in Saudi Arabia to Talk Energy

    The Ritz-Carlton convention center played host to some bold predictions about the future. Softbank Group Corp.’s Masayoshi Son laid out a vision of superintelligence 10,000 times that of humans by 2035. Elon Musk, in a virtual appearance, said robots would far outnumber humans by 2040. And the Saudis touted plans to make their country an AI superpower, with smart cities and personalized health care.

  • NEOM announces the opening of Sindalah

    Sindalah’s surrounding waters are home to an impressive marine ecosystem that features over 300 coral species and 1,100 species of fish. Preservation of this unique habitat has been central to Sindalah’s development, so that guests will be able to explore these ecologically-rich waters for themselves for generations to come.

  • Israeli strike kills dozens in north Gaza residential block, US calls incident ‘horrifying’

    At least 93 Palestinians were killed or missing and dozens wounded in an Israeli strike on a residential building in the northern Gaza town of Beit Lahiya on Tuesday, the Gaza health ministry said, and the U.S. called the incident "horrifying". Medics said at least 20 children were among the dead. "A number of victims are still under the rubble and on the roads, and ambulance and civil defence crews cannot reach them," the territory's health ministry said in a statement.

  • Saudi Arabia Upbeat on FDI as 2030 Goal Remains Distant

    Saudi Arabia’s FDI inflows amounted to about $26 billion last year, above the government’s self-set target but still the lowest level since 2020. The data was recently revised higher, from $19 billion, to reflect what Al-Falih said was a methodology in line with International Monetary Fund standards. The kingdom aims to quadruple FDI inflows by 2030 in a bid to share some of the financial burden of spending on its economic diversification plan. Crown Prince Mohammed Bin Salman’s government also sees foreign expertise as critical to training the local population in new industries like technology and minerals exploration and catalyzing growth in those sectors.