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  • US consul general praises plan to link Iraq and GCC electricity grids at international forum

    In an interview with Arab News, James Sindle said the plan to link Iraq’s grid with that of the GCC “is a vital step toward greater regional interdependence.” “It will not only provide critical power to the Iraqi people but also pave the way for deeper economic cooperation in the years to come.” Sindle went on to say: “As President Biden emphasized during the April 2023 Major Economies Forum on Energy and Climate, addressing the climate crisis requires ambitious efforts, including reducing emissions and investing in multilateral solutions. The United States is proud to support these global efforts through contributions to the Green Climate Fund and other initiatives aimed at empowering developing countries to take climate action.”

  • Harris vs. Trump on the War and Crisis in the Middle East

    The Middle East Institute has tracked the positions of both main candidates during the past three months. This policy assessment examines the statements and positions staked out by Vice President Kamala Harris, the Democratic candidate for president, and former President Donald Trump, the Republican candidate, as well as their respective running mates, Tim Walz and J. D. Vance. The spotlight is on the past few weeks, with a stronger focus on two main issues that are likely to dominate the regional agenda of the next US administration: Iran and Israeli-Palestinian affairs.

  • Iran emphasizes ‘right to respond’ after Israeli attack

    Iranian officials have reserved the right to respond to Israel’s Oct. 26 aerial attack, but stopped short of explicitly vowing vengeance. This comes as Supreme Leader Ayatollah Ali Khamenei says the attack should neither be exaggerated nor downplayed. Meanwhile, the UN Security Council is set to convene for an emergency session at Iran’s request. Of further note, Arab states have widely condemned the attack—although Saudi Arabia and the United Arab Emirates (UAE) avoided naming Israel.

  • High expectations, new players expected to take part in Saudi Arabia’s FII

    “We see some new big players coming to FII for the first time, and these people are the tech guys. So, you see people from Google, Microsoft, and IBM who were not really present before because they thought that FII would be just a world of bankers and private equities. Now we see the tech companies coming, which is great for us,” Attias said.

  • Race Upgrades Announced Ahead of 2025 Saudi Cup Meeting

    The Sports Boulevard Riyadh Dirt Sprint and Longines Red Sea Turf Handicap will be run as Group 2 contests for the first time in 2025, it was announced by the Jockey Club of Saudi Arabia (JCSA) on Sunday. Both races take place during the Saudi Cup meeting, which is scheduled for Saturday, February 22 as part of the 2024/25 Riyadh season.

  • Saudi Arabia opens NEOM’s luxury island Sindalah

    Saudi Arabia’s futuristic mega-city NEOM announced on Sunday the opening of Sindalah, a luxury Red Sea island featuring restaurants, hotels and yachting berths. NEOM described Sindalah as its “first physical showcase” that “will serve as NEOM’s gateway to the Red Sea, providing easy access for European, Saudi, and GCC yacht owners.” Sindalah is “spread over 840,000 square meters” (200 acres) and will be set to receive “up to 2,400 guests per day by 2028,” the statement said.

  • Wall Street and Tech Royalty Fly to Saudi Event Amid Mideast War

    But those arriving at the Future Investment Initiative - often dubbed Davos in the desert - seem undeterred, sensing an opportunity to plug into Crown Prince Mohammed bin Salman’s trillion-dollar Vision 2030 economic remake. Goldman Sachs Group Inc.’s David Solomon, Citigroup Inc.’s Jane Fraser and BlackRock Inc.’s Larry Fink have become regulars at the Riyadh summit and are set to return this year. Reflecting Saudi Arabia’s focus on technology and artificial intelligence, they’ll be joined by prominent names in those industries. Alphabet Inc. President Ruth Porat and TikTok Inc. Chief Executive Officer Shou Chew are set to speak at the summit for the first time. Benjamin Horowitz, tech entrepreneur and co-founder of venture capital giant Andreessen Horowitz, is also making an appearance.

  • Saudi Economy Watch 2024

    The focus on sustainability is most evident in the significant expansion of renewable energy. The Kingdom aims to add 20GW of renewable energy annually to reach as high as 130GW by 2030, and is ready to export up to 150GW of green electricity or hydrogen. Aligned with the country's transformation goals, the renewable energy sector offers significant opportunities for job creation and economic growth. Investments are also underway in advanced manufacturing, such as electric vehicles (EVs), and environmental preservation has become a priority in tourism development projects. The Saudi Green Initiative pushes the agenda further, targeting the protection of 30% of national land and sea area by 2030, alongside reducing carbon emissions by 278 million tonnes per annum and planting 10 billion trees.

  • Why Saudi Arabia is emerging as key exit market for start-ups

    In the first half of this year, Saudi Arabia's share of exits rose to 20 per cent, compared with 12 per cent in 2021, says Philip Bahoshy, chief executive of data platform Magnitt. Last year, the kingdom witnessed a total of nine exits, accounting for 21 per cent of the Mena region's M&A transactions and ranking second after the UAE. Start-ups usually take an average of seven years to exit, he adds.

  • Aramco’s Venture Arm Allocates $100 Million for AI Investments

    Saudi Aramco’s venture arm has earmarked $100 million to invest in artificial intelligence startups as it looks to accelerate Saudi Arabia’s push to become a more competitive force in global AI. Wa’ed Ventures has appointed an advisory board made up of former employees from companies including Meta Platforms Inc. and Amazon.com Inc. to explore early-stage investments in the sector. Money will be deployed over the next three years, according to the company. “This investment will not only incentivize local entrepreneurs but also support the localization of global talent,” Anas Algahtani, acting chief executive officer of Wa’ed, said in a statement on Sunday.