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Saudi Arabia’s PIF Leads Investment in Gulf Infrastructure Fund from Aberdeen Standard Investments and Investcorp
Saudi Arabia’s Public Investment Fund (PIF) has emerged as the lead investor in a planned $800 million Middle East infrastructure fund being established by Aberdeen Standard Investments and Investcorp, Bloomberg reports, citing a statement.
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With PIF Backing, Saudi Ports Behemoth Red Sea Gateway Terminal Looks for Big Investments Abroad
The operator of Saudi Arabia’s Red Sea Gateway Terminal (RGST) is looking to invest in ports in Africa and the Middle East, following backing from the Kingdom’s sovereign wealth fund (PIF), Bloomberg reports.
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Saudi Arabia Eyes $55 billion by 2025 Through Privatization Program, Al Jadaan Says
Saudi Arabia hopes to raise about $55 billion over the next four years with a revitalized privatization program, the country’s finance minister Mohammed Al-Jadaan told the London-based Financial Times in an interview published over the weekend.
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Saudi Arabia’s Ultra-Lux Amaala Resort May Raise Up to $2.7 Billion Next Year
Saudi Arabia’s ultra-luxury Amaala tourism project may raise up to 10 billion riyals ($2.7 billion) in 2022, the CEO of the company, John Pagano said in an interview on the sidelines of Arabian Travel Market in Dubai.
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Startup Ecosystem in Saudi Arabia Begins to Thrive
Saudi Arabia’s startup ecosystem is beginning to thrive as new and increasingly larger investments into young Saudi companies continue to mount.
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High-Level Biden Administration Officials Plan Regional Trip to Gulf Allies in Diplomatic Push
The Biden administration is sending a team of senior officials to visit top regional allies in the Gulf including visits to Saudi Arabia, the UAE, Egypt, and Jordan, according to reports from several news outlets.
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Crown Prince Mohammed bin Salman Opens Sakaka Solar Plant; Announces 7 More Projects
Saudi Arabia’s Crown Prince Mohammed bin Salman announced the opening of the Sakaka solar power plant on Thursday, and said that agreements have been signed for seven more solar power projects throughout the Kingdom, according to reports.
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Photos Show Riyadh’s New Metro System, Set to Begin Operation This Year
New photos from the AFP published in Gulf News show Riyadh’s forthcoming new metro rail, set to connect the city long plagued by significant traffic woes and enable citizens to get around between the city’s districts.
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Princess Reema bint Bandar Headlines 2nd Day of Virtual U.S.-Saudi Business Forum; Calls for a ‘Restart’ in U.S.-Saudi Relations
Saudi Arabia’s Ambassador to the United States, Princess Reema bint Bandar Al-Saud, gave the keynote address this morning at the virtual U.S.-Saudi Business forum and discussed the path forward for U.S.-Saudi business and diplomatic relations, women empowerment, and rebounding from the effects of the pandemic on the global and local economy. The comments, delivered virtually […]
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Japanese Firm Eyes Saudi Arabia as Next Mega-Solar Project Destination – Report
Japanese trading house Marubeni is looking to open a megasolar plant in Saudi Arabia by June 2023, the company’s first solar project in the country and fourth in the Middle East, the Japanese news website Nikkei reports. Marubeni has formed a joint venture with Saudi utility Al Jomaih Energy and Water for the plant, which is […]
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Saudi Arabia intensifies its efforts to provide aid to Gaza
Since the conflict erupted on Oct. 7 last year, Saudi Arabia has directly donated $185 million in humanitarian aid to Palestine through the Saudi aid agency KSrelief, Foreign Minister Prince Faisal bin Farhan told the UN General Assembly. Prince Faisal also noted in his speech on Sept. 28 that Saudi Arabia is working with different UN agencies to raise a total of $106 billion for reconstruction and humanitarian aid.
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Saudi FM, Ukrainian Counterpart Discuss Developments of Ukrainian-Russian Crisis
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah received on Sunday a phone call from Ukraine’s Minister of Foreign Affairs, Andrii Sybiha. Prince Faisal congratulated his Ukrainian counterpart on the occasion of assuming his post, wishing him success in carrying out his duties. The two sides also reviewed bilateral relations and the latest developments of the Ukrainian-Russian crisis. They also discussed issues of common interest.
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AI is powering Saudi Arabia’s next wave of economic growth: Video
Saudi Arabia is betting big on AI to power its post-oil future, with the technology set to inject over $135 billion into the economy by 2030.
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Saudi Arabia’s e-commerce sees 9.4 per cent increase
Saudi Arabia's e-commerce sector is experiencing growth, with 39,769 new businesses registered in the third quarter of this year, reflecting a 9.4 per cent increase compared to last year. According to the latest data from the ministry of commerce, Riyadh topped the list with 16,274 registrations, followed by Mecca at 10,023 and the Eastern Province with 6,328. The regions of Medina and Qasim reported 1,897 and 1,302 registrations, respectively.
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Aramco Digital bets on partnerships to build Saudi Arabia’s AI ecosystem
Aramco Digital has also signed several Memorandums of Understanding (MoU) at the Global AI Summit held in Riyadh recently. It inked a deal with Cerebras Systems and FuriosaAI to explore collaboration in the supercomputing and AI domains and also partnered with South Korea's Rebellions to deploy Rebellions Neural Processing Unit chips in Aramco's data centers. In addition, Aramco Digital has signed an MoU with SambaNova Systems to accelerate AI capabilities, innovation and adoption across the country. It also announced the deployment of an AI supercomputer powered by NVIDIA GPUs, one of the region's first systems of its kind.
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Riyadh Air to fix Saudi’s ‘unacceptable’ lack of connectivity
Speaking at Routes World 2024, CEO Tony Douglas described the current lack of non-stop flights from Riyadh to many major cities as “unacceptable”. While Saudi Arabia’s current national carrier, Saudia, will primarily focus on connecting Jeddah with regional and some international destinations, Riyadh Air will provide more direct links between the capital, Riyadh, and mega-cities around the world. One of Riyadh Air’s key targets is to boost connections between Saudi Arabia and Asia, a region with booming economies and increasing travel demand. By offering new direct routes to capitals such as Tokyo, Seoul, and Singapore, the airline hopes to position Riyadh as a major hub for business and tourism.
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Saudi Arabia’s KSrelief continues volunteer surgery program
Saudi aid agency KSrelief has continued its voluntary medical work around the globe, the Saudi Press Agency reported. Medical services were provided for scores of patients at the Kidney Dialysis Center in Al-Ghaydah, Al-Mahrah Governorate, Yemen. During September, 126 patients were served. Among them, 54 underwent 446 scheduled dialysis sessions and six emergency sessions, while 75 patients received medical examinations and consultations at the clinic.
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Hezbollah supports ceasefire efforts in Lebanon, deputy leader says
Hezbollah's deputy leader said in comments broadcast on Tuesday that the group backs efforts to reach a ceasefire in Lebanon, and for the first time omitted any mention of a Gaza truce deal as a pre-condition to halting the group's attacks on Israel. Naim Qassem's remarks were shown on television after Israeli forces began ground operations in the southwest of Lebanon, expanding incursions into a new zone.
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Hamas faces dissent in Gaza as heavy toll weakens support for war, a year on
“Despite all the hardships, our life was going well. We had jobs, houses and a city,” said Samira, 52, who declined to give her family name for fear of retaliation. Samira describes Israel as “our prime enemy…the source of all our ills” but she also blames Hamas' leader Yahya Sinwar, the mastermind of the Oct. 7 attacks, for what she sees as a huge miscalculation. "What was he thinking? Didn't he expect that Israel would destroy Gaza?" she said.
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A year of escalating conflict in the Middle East has ushered in a new era of regional displacement
Israel’s ongoing attacks have forced nearly 2 million Palestinians to flee their homes in Gaza over the past year, amounting to 9 in 10 inhabitants of the densely populated strip. What is unique about the scale of the displacement in Gaza is that nearly all internally displaced persons remain trapped, unable to leave the territory amid Israel’s ongoing border closure and bombardment. This has intensified cascading humanitarian crises, including famine and the spread of disease, along with countless other hardships that make normal life nearly impossible. For many Palestinians in Gaza, the yearlong bombardment has meant repeated displacement as Israeli attacks shift from area to area, amid shrinking humanitarian spaces.
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