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  • Opinion: GCC banks will prosper under Trump’s presidency

    In terms of policy, Trump’s agenda is domestic rather than orientated to foreign policy. Bellicose statements on Greenland and Panama relate to the security of resources for the US economy and to the control of trade routes essential to the prosperity of US firms. The same is true of the flurry of announcements on trade tariffs. US dollar interest rates are a central concern for GCC banks, since five of the six states have their currencies pegged to the dollar, and the currency of the sixth, Kuwait, is heavily weighted to the dollar.

  • Spending pushes Saudi fiscal deficit to $31bn in 2024

    Saudi Arabia’s fiscal deficit reached SAR116 billion ($31 billion) in 2024, driven by a 6 percent rise in expenditure, according to the ministry of finance. The deficit was in line with revised predictions made in September but roughly 50 percent higher than the SAR79 billion ($21 billion) projected at the start of the fiscal year. Increased expenditure comes at a time of high spending across the kingdom on infrastructure giga-projects in support of Saudi Vision 2030 diversification targets. The economy minister, Faisal Alibrahim, speaking at an event in Riyadh on Thursday, said that infrastructure investments are expected to reach $1 trillion by 2030. Oil revenues rose marginally to SAR757 billion last year, while non-oil revenues rose 10 percent year on year to SAR502 billion, the ministry said.

  • RCRC announces launch of Riyadh Creative District

    This new project is set to become a cornerstone in Riyadh’s evolution into a world-class metropolis, integrating seamlessly with the capital’s major development initiatives. It aims to foster a thriving ecosystem where creative minds, industry leaders, and emerging talent can collaborate to develop content and new ideas, drive cultural and technological advancements, and contribute to the Gross Domestic Product (GDP). The Creative District aligns with Saudi Arabia’s long-term strategic vision by emphasizing the role of media, technology, culture and innovation in economic diversification and sustainable growth.

  • Saudi private school in Herndon to shut down, surprising families

    The current school year will be the last official one for King Abdullah Academy. After close to a decade in the Herndon area, the Islamic private school announced in late January that it will close for good after the 2024-2025 academic year, citing challenges with identifying a “viable financial path to self-sustainability.” Funded by Saudi Arabia’s government, King Abdullah Academy launched in August 2016 after relocating to its current 40-acre campus at 2949 Education Drive east of Dulles International Airport. The school was previously known as the Islamic Saudi Academy and operated out of the original Mount Vernon High School from 1985 until its Herndon move. The academy’s departure opened the door for Fairfax County to redevelop the Mount Vernon site (8333 Richmond Highway), a project that began construction last fall.

  • EDF and TAQA Geothermal Sign Landmark MoU to Advance Geothermal Energy in Saudi Arabia

    EDF Saudi Arabia and TAQA Geothermal Energy Company have signed a strategic Memorandum of Understanding (MoU) to collaborate on geothermal energy technologies including power generation and HVAC applications as well as Compressed Air Energy Storage in Saudi Arabia. The agreement was formalized during the third edition of the PIF Private Sector Forum, held at the King Abdulaziz International Conference Center in Riyadh, Saudi Arabia.

  • Ceer supercharges Saudi EV industry with $1.4bn in deals, gearing up for 2026 launch

    Saudi Arabia’s first homegrown electric vehicle brand, Ceer, signed 11 deals worth SR5.5 billion ($1.4 billion) at a Public Investment Fund event ahead of its model launch in 2026. More than 80 percent of these agreements involve Saudi companies, reinforcing Ceer’s commitment to its 45 percent localization target and advancing the Kingdom’s Vision 2030’s economic diversification goals. Among the key memorandums of understanding signed at the PIF Private Sector Forum are agreements related to heating and air conditioning, portable EV chargers and various manufacturing aspects, such as plastic injection parts. DeLuca highlighted that Ceer is the only company in Saudi Arabia managing the entire process — from designing and engineering to manufacturing, selling, and servicing a portfolio of battery electric vehicles.

  • Energy, petroleum ministries trade blame as blackouts roil Tehran

    Unplanned power outages in Tehran have sparked a highly public blame game between Iran’s energy and petroleum ministries—leading both conservative and pro-reform media to call on the Reformist administration to stop evading responsibility. As Iran continues to grapple with an ongoing energy crisis, government justifications have done little to ease frustrations as blackouts roil an economy already under strain.

  • Saudi ambassador tells World Cup fans: ‘You can have fun without alcohol’

    The Saudi Arabian ambassador to the UK has told football fans “plenty of fun can be had without alcohol” as he warned them not to expect to drink if they attend the 2034 World Cup. Prince Khalid bin Bandar bin Sultan Al Saud also said “we will welcome everyone” when asked to address the safety of LGBTQ+ people at the controversial tournament. In an interview with LBC, Prince Khalid said: “At the moment, we don’t allow alcohol, but you know, plenty of fun can be had without alcohol. It’s not 100% necessary. And you know if, if you want to drink when you leave, after you leave, you’re welcome to. But at the moment, we don’t have alcohol.”

  • Saudi Arabia welcomes ‘riviera’ in Gaza but not by removing Palestinians: Ambassador

    Saudi Arabia would welcome a riviera in Gaza, but not by removing the Palestinian people, a senior Saudi diplomat said on Wednesday. The diplomat was responding to US President Donald Trump’s recent proposal for the United States to take over Gaza and develop it into the “Riviera of the Middle East.”  “My government’s position is that we would welcome a riviera in Gaza. I think that would be wonderful,” Saudi Ambassador to the United Kingdom Prince Khalid bin Bandar said. “But we’re not going to do it by removing the Palestinian people, certainly not moving them to Saudi; they don’t want to move. You know, it’s their land, it’s their territory. They deserve all the best that we can provide for them there, and we’d welcome America’s efforts to improve their situation on the ground,” Prince Khalid said in an interview with the London Broadcasting Company (LBC).

  • Saudi economy surpasses key milestone in diversification: Investment Minister

    Saudi Investment Minister Khalid Al-Falih said the kingdom's economy has passed a major milestone in its diversification process, with non-oil activities now accounting for 52% of total economic activity. Speaking at the PIF Private Sector Forum 2025, Al-Falih noted that Saudi Arabia’s economy stood at SAR 4 trillion ($1.1 trillion) by the end of 2024. He revealed that private sector investments are expected to reach SAR 1.2 trillion in 2024, based on preliminary fourth-quarter estimates. This marks a sharp increase from SAR 600 billion before Vision 2030, bringing the country closer to its goal of raising fixed capital formation to 30% of GDP.