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  • Saudi Arabia’s PIF to Take 40% Share in Selfridges Stores

    The PIF will take a 40% stake in both the property and operating businesses of Selfridges, according to an emailed statement from current co-owner Central Group. The Thai retail conglomerate will own a 60% stake, with the deal including new investment from both shareholders to shore up Selfridges’ financial position. The PIF has signed a binding agreement for a total buyout of Signa’s interest in the department store chain, the statement said. The terms were not disclosed.

  • High-level Saudi delegation to visit Pakistan from Oct. 9-11 amid Islamabad’s investment push

    Saudi Arabia’s Investment Minister Khalid bin Abdulaziz Al-Falih will visit Pakistan with a high-level delegation from Oct. 9-11, Pakistan’s foreign office spokesperson said on Monday, stressing that the visit would aim to enhance bilateral cooperation and economic partnership between the two allies.  Pakistan and Saudi Arabia have been closely working in recent months to increase bilateral trade and investment deals, with Crown Prince Mohammed bin Salman reaffirming the Kingdom’s commitment to expedite an investment package of $5 billion to the South Asian country earlier this year.

  • Israelis, Palestinians Face New Realities After Oct. 7

    Gallup surveys conducted in Israel and in the West Bank and East Jerusalem tell stories of people struggling to adjust to changing realities since Hamas attacked Israel a year ago and the Israel-Hamas war began.

  • Saudi Camel Owners Shine at This Year’s Camel Racing Federation Cup

    Saudi camel owners continue their strong performance at the fourth edition of the Saudi Camel Racing Federation Cup, held in Najran from October 1 to 5. So far in the competition, Saudi Arabia secured 10 cups, the UAE claimed five cups, and Qatar won one cup. Saudi camels also led in the overall standings, winning 71 out of 104 rounds held over the four days. Qatar came in second with 14 rounds, followed by the UAE with 12. Kuwait and Bahrain each won three rounds, while Oman secured one round.

  • National heritage will be ‘biggest driver’ of Saudi economy

    National heritage will be the biggest driver of the economy under Saudi Vision 2030, said Prince Sultan bin Salman, special adviser to King Salman and founder and chairman of the nonprofit Al-Turath (Heritage) Foundation. He was speaking at the foundation’s annual meeting held under the theme “Confident Steps Toward the Future” at the Riyadh International Book Fair, the Saudi Press Agency reported.

  • Saudi Arabia’s official reserves highest in 21 months at $470bn

    Saudi Arabia’s official reserve assets reached SR1.76 trillion ($469.83 billion) in August, the highest in 21 months and a 10 percent increase year-on-year, according to recent data. Figures released by the Saudi Central Bank, known as SAMA, show these holdings include monetary gold, special drawing rights, the International Monetary Fund’s reserve position, and foreign reserves.

  • Saudi Arabia’s PIF mulls larger stake in Nintendo, Kyodo reports

    Saudi Arabia's Public Investment Fund (PIF) is considering raising its stakes in Nintendo (7974.T), opens new tab and other Japanese gaming companies, Kyodo News reported on Saturday. Prince Faisal bin Bandar bin Sultan Al Saud, vice chair of the sovereign wealth fund's gaming unit, disclosed the plan in an interview with Kyodo. He told the Japanese news agency that PIF is not in a rush to increase its stakes, and that investments would be made in a friendly way.

  • Frankly Speaking: How Fareed Zakaria views change in Saudi Arabia

    Elaborating on the point, Zakaria said: “The role of women really has been transformed, but there are some areas, for example, where there’s still the requirement and encouragement that Saudis dress in traditional clothes. So, Saudi Arabia is trying to balance this in a way that doesn’t become too revolutionary.” Overall, he said referring to the change, “when you look at it in historical terms, clearly this will be seen as a revolution, but it’s a revolution that is being played out in an incremental way, in an organic way … so that the changes are not so overwhelming.”

  • Saudi Arabia Plans To Allow More I.A.E.A. Oversight Of Nuclear Facilities

    The I.A.E.A.’s S.Q.P. allows developing states, specifically countries with little or no nuclear material, to be exempt from many standard inspections and transparency requirements. The I.A.E.A. defines the C.S.A. as a legally binding commitment with multiple safeguards in place to monitor countries’ nuclear materials and conduct surprise inspections and verification to ensure “nuclear material remains in peaceful activities.” C.N.B.C. reported that Saudi Arabia’s pledge to stop using the S.Q.P. seems to encourage greater nuclear and atomic oversight by I.A.E.A. inspectors, which may be crucial as the Kingdom makes efforts to be a larger player in the global theater.

  • Nearly 10 Billion SAR Spent By Visitors In Saudi During First Half of 2024

    The Ministry of Tourism announced a massive 8.2% jump in spending by foreign visitors in the first half of 2024 compared to last year. Plus, there’s a travel account surplus of SR41.6 billion! This surge in spending is just part of the Kingdom’s exciting tourism boom. Saudi Arabia even topped the G20 list for growth in international visitors and tourism revenue during the first seven months of 2024, beating 2019 levels, according to the UN World Tourism Organization.