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  • Saudi PIF Sells Portfolio Firm for $907 Million Amid Cash Quest

    Saudi Arabia’s sovereign wealth fund is selling a technology services firm for 3.4 billion riyals ($907 million), boosting its coffers as it prepares to ramp up local spending. The Public Investment Fund will sell Thiqah Business Services Co. to Elm Co., according to a statement on Wednesday. The deal will consolidate two companies working on providing digital services in the kingdom. Elm said it would fund the transaction through its own resources and facilities. PIF, as the Saudi fund is known, owns a 67% stake in Elm after it sold shares in the company to the public in 2022. Elm’s stock has risen over 800% since then.

  • Establishment of First Saudi-Palestinian Business Council

    Chairman of the Federation of Saudi Chambers Hassan Moejeb Alhwaizy and Ambassador of the State of Palestine to Saudi Arabia Mazen Mohammed Rateb Ghanem agreed today to establish the first Saudi-Palestinian Business Council. This initiative aims to increase trade and investment between the two countries. Alhwaizy stated that the private sector in the Kingdom aligns with the directives of the wise leadership in supporting the Palestinian people. He emphasized the importance of empowering Palestinian business owners to invest in Saudi Arabia and market Palestinian products and industries in Saudi markets. Alhwaizy also reaffirmed the Federation's support for organizing exhibitions and conferences to promote Palestinian products, with active participation from the Saudi Chambers of Commerce.

  • Saudi Arabia introduces national policy to eliminate forced labor

    Saudi Arabia has unveiled a National Policy for the Elimination of Forced Labor, reinforcing its commitment to creating a safe and fair working environment for all. This landmark initiative, announced by the Ministry of Human Resources and Social Development, positions Saudi Arabia as the first Arab country to implement a comprehensive policy aimed at eradicating forced labor. Saudi Arabia was the first Gulf Cooperation Council (GCC) nation to ratify the International Labour Organization's (ILO) 2014 Protocol to the Forced Labor Convention. The introduction of the new policy underscores the Kingdom’s alignment with international standards and its determination to combat forced labor on both a national and global scale.

  • The Middle East and the Return of US President Donald Trump

    President Trump comes into the White House from a position of relative strength compared to the outgoing Biden administration. He is inheriting two ceasefire agreements: one, of course, between Israel and Lebanon over the future of Hezbollah, as well as the recently announced agreement for a ceasefire in Gaza. From Trump's point of view, these are already successes, and particularly the Gaza ceasefire deal he has been claiming – and will continue to claim – some credit for. It’s easier for the Trump administration to enforce the ceasefire agreements than it would have been to come into office having to negotiate such deals from scratch.

  • China’s solar, wind power installations soared to record in 2024

    China broke its own records for new wind and solar power installations again last year, official data showed on Tuesday, accelerating from a breakneck pace set in 2023 as the country looks to peak its carbon emissions before 2030. Installed solar and wind power capacity climbed 45.2% and 18%, respectively, in 2024, the National Energy Administration said on Tuesday. There is now 886.67 GW of installed solar power, up from 609.49 GW in 2023, it said. The United States had 139 GW in 2023, according to the International Renewable Energy Agency.

  • Saudi Arabia still assessing BRICS membership, minister says

    Saudi Arabia’s membership in the BRICS bloc of emerging economies is still being assessed more than a year after the kingdom was invited to join the alliance, according to the country’s minister of economy and planning. “The kingdom is always focusing on fostering more global dialogue,” Faisal Al-Ibrahim said in an interview with Bloomberg Television at the World Economic Forum in Davos, Switzerland. “We have been invited to the BRICS, similar to how we have been invited to many other multilateral platforms in the past historically,” he said. “We assess many different aspects of it before a decision is made, and right now, we are in the middle of that.” Saudi Arabia’s hesitation to join BRICS group — made up of Brazil, Russia, India, China and South Africa initially — is in contrast to most other countries that were invited to join the bloc in 2023. Iran, Egypt, Ethiopia and the United Arab Emirates all agreed to inclusion as the alliance looks to expand its global influence.

  • Saudi Arabia economy minister says Riyadh ready to work with Trump amid US-China tensions

    Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim has affirmed the Kingdom’s readiness to engage constructively with the second Trump administration, emphasizing a stable long-term strategy amidst US-China tensions. Alibrahim outlined Saudi Arabia’s diplomatic efforts to maintain regional stability and accelerate economic diversification during an interview with Al Arabiya’s Hadley Gamble on the sidelines of the World Economic Forum (WEF). “We look forward to working with the second Trump administration, as we have worked with previous administrations, to address and counter some of the global challenges we’re facing, including the tepid economic growth that we’re witnessing as a global community today,” he said, reflecting on the two parties’ alliance that has spanned eight decades.

  • IMF cuts Saudi growth forecast on lower oil production

    The International Monetary Fund has cut its projection for Saudi Arabia’s economic growth this year following the extension of Opec+ production cuts. The IMF now expects Saudi GDP to increase by 3.3 percent in 2025, down from the 4.6 percent it forecast last October. The 2024 growth estimate has been revised to 1.4 percent in the IMF World Economic Outlook Update. Growth in 2026 is now projected at 4.1 percent, down 0.3 points on the previous forecast.

  • Saudi Arabia advances FinTech goals with Google Pay integration

    The Saudi Central Bank (SAMA) has partnered with Google to introduce Google Pay in Saudi Arabia through the national payment system “mada,” with the service set to launch in 2025. This collaboration is part of SAMA’s strategic efforts to enhance the Kingdom’s digital payments ecosystem in line with Saudi Vision 2030, according to FF News. By introducing advanced digital payment solutions, SAMA aims to reduce cash dependency, foster financial innovation, and establish a world-class infrastructure that aligns with global standards.

  • Saudi real estate prices up 3.6% in Q4

    Real estate prices in Saudi Arabia are trending upwards, with increases to residential, commercial and agricultural property prices in Q4 2024, according to the General Authority for Statistics (GASTAT).  GASTAT has released the Real Estate Price Index report for Q4 2024, showing a 3.6 per cent increase compared to Q4 2023, driven by: 3.1 per cent rise in residential property prices; 5 per cent increase in commercial property prices; 2.8 per cent rise in agricultural property prices