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  • Saudi seeks foreign capital to build global, competitive industries

    Saudi Arabia’s main objective in attracting foreign investment is to unlock its labor force to develop goods and services that can compete globally, marking a shift for a kingdom known as a source of long-term capital for western companies.The kingdom has flipped the non-oil sector’s contribution to GDP to slightly over half the economy for the first time, up from 46% before the plan was announced in 2016. “The job is not done,” he said. “It’s on track. It’s gaining momentum.” Key to sustaining this progress is attracting foreign companies and capital. That track record so far has been mixed. Saudi Arabia aims to bring in $100 billion in foreign direct investment (FDI) annually by 2030, or 5.7% of GDP. FDI inflows for the first nine months of 2024 totaled $14.5 billion, just over halfway to the government’s $29 billion target for the year, according to the General Authority for Statistics.

  • Early days of Trump 2.0 signal major Middle East policy shift to transactional diplomacy

    Just eleven days into his second presidency, Donald Trump has returned to a “completely inverted” Middle East, where his signature America First policy faces new regional complexities, from Gaza’s humanitarian crisis to shifting alliances in Syria. Trump’s early moves signal a three-fold strategy: ending current conflicts in Palestine and Lebanon, confronting Iran’s nuclear ambitions, and deepening US-Gulf economic integration, according to analysts familiar with the administration’s approach. “For America First to be effective, the globe has to be stable. Wars and flashpoints come in the way of trade and commerce—the last thing Trump wants,” said Abishur Prakash, founder of The Geopolitical Business Inc. “For the Middle East, this means a new kind of US involvement, to stamp out the fires and restore regional and global stability.”

  • Syria’s new Islamist rulers to roll back state with privatizations, public sector layoffs

    Syria's new Islamist leaders are undertaking a radical overhaul of the country's broken economy, including plans to fire a third of all public sector workers and privatising state-run companies dominant during half a century of Assad family rule. The pace of the declared crackdown on waste and corruption, which has already seen the first layoffs just weeks after rebels toppled Assad on Dec. 8, has triggered protests from government workers, including over fears of a sectarian jobs purge.

  • National Cybersecurity Authority launches 2nd phase of Postgraduate Scholarship Program

    The scholarship program's main objective is to empower national talents to enhance their academic skills in key cybersecurity domains, addressing the national demand for expertise in this field, and bolstering the workforce with qualified cyber professionals. This initiative focuses on several cybersecurity priority areas, including cryptography, security of operational technology systems, cybersecurity-related public policies, and cybersecurity in emerging technologies.

  • Neom provides major update on Saudi gigaproject including 100-year timeframe for the Line

    Neom deputy CEO Rayan Fayez and chief development officer Denis Hickey gave a presentation at the Annual Meeting of the World Economic Forum in Davos, where they revealed detailed updates on the construction of the Saudi Arabian gigaproject and its regions. The regions of Neom, from north to south, are Trojena in the mountains, Magna on the coast, the Line, islands of Sindalah and the port of Oxagon. Oxagon and the Line are intended to be the economic centres, whereas the remaining four regions are hoped to become tourism and nature destinations. Hickey, an Australian former professional cricketer, now living in Manhattan in New York City while working for Neom, spoke at length about what’s happening across the gigaproject. “We’ve got to start everything from scratch,” he said. “Everybody wants to see things tomorrow, but we are building a whole new state, a whole new city, whole new infrastructure from scratch in a new part of the region, the kingdom. That’s our mission.”

  • Saudi Arabia’s king, crown prince express their condolences after Washington air crash

    Saudi Arabia’s king and crown prince sent cables of condolences on Thursday to US President Donald Trump after an American Airlines passenger jet collided with an army helicopter on Wednesday. At least 28 bodies were pulled from the icy waters of the Potomac River after the helicopter apparently flew into the path of the jet late Wednesday as it was landing at Ronald Reagan National Airport near Washington, officials said. King Salman offered his condolences to Trump, the families of the victims, and the American people. Crown Prince Mohammed bin Salman sent a similar cable separately.

  • Trump Middle East envoy says rebuilding Gaza could take 10 to 15 years

    White House envoy Steve Witkoff told Axios in an interview at the end of his trip to the Middle East that rebuilding Gaza could take between 10 and 15 years. The Trump administration wants to see the ceasefire continue and Gaza stabilized so it can move forward with its ambitious plans for the Middle East, which include getting a peace agreement between Saudi Arabia and Israel and trying to get a deal with Iran on its nuclear program. The administration is working on concluding implementation of the first phase of the deal between Israel and Hamas to release hostages held in Gaza in exchange for a ceasefire.

  • Trump’s envoy meets Netanyahu, visits Gaza after Saudi trip

    U.S. Middle East envoy Steve Witkoff visited Gaza on Wednesday, then met with Israeli Prime Minister Benjamin Netanyahu amid the Gaza ceasefire and a regional diplomatic push. Witkoff, whose visit to Gaza was confirmed by a White House official, is in the region to oversee the implementation of the Gaza ceasefire. U.S. President Donald Trump hopes to leverage that deal into a broader regional accord that would include Saudi Arabia and Israel formalising diplomatic ties. Witkoff visited Saudi Arabia on Tuesday. The U.S. envoy met with Netanyahu alone for more than two hours, an Israeli official said, before they were joined by other ministers.

  • SAMA licenses STC Bank to start operations in Saudi Arabia

    The Saudi Central Bank (SAMA) gave the green light for STC Bank to commence its operations in the Kingdom. In April 2024, SAMA granted stc an experimental launch permit for STC Bank.  The bank, in which stc holds an 85% stake, aims to provide Shariah-compliant banking services and financial solutions. Arabian Internet and Communications Services Co. (solutions) initially established STC Bank in 2017, with SAR 100 million in capital. The ownership was transferred to stc in 2019, with capital increased to SAR 400 million by the end of the same year.

  • MBS meets Bill Clinton, former US president, in Riyadh

    Saudi Crown Prince Mohammed bin Salman met on Wednesday with former US President Bill Clinton, the Saudi Press Agency (SPA) reported. MBS met with Clinton at his office in the Saudi capital, Riyadh, SPA said. The two officials held friendly talks, the report added. The meeting was attended by the Kingdom’s ambassador to the US, Princess Reema bint Bandar, Minister of State and National Security Adviser Musaed bin Mohammed al-Aiban along with Clinton’s accompanying delegation.