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  • Crown Prince Mohammed bin Salman to Address FII – Watch Live
     

    Saudi Arabia’s crown prince Mohammed bin Salman is set to make a speech soon at the Future Investment Initiative in Riyadh, now in its second day. The prince will address attendees of the forum at the conclusion of today’s events. A live stream of the event is available on the FII’s website, http://www.futureinvestmentinitiative.com/. A panel event […]

     
  • Uber Competitor Careem secures $200 million in funds from Saudi and Japanese investors
     

    Careem, the Middle East-based ride-hailing company, said on Thursday it had secured $200 million in new funding from existing investors, including from Saudi Arabian billionaire Prince Alwaleed bin Talal’s Kingdom Holding, Saudi Arabia’s Al Tayyar Group and STV, and Japanese e-commerce company Rakuten. The $200 million was the first close of a funding round in which it expects […]

     
  • Trump Sends Pompeo to Saudi Arabia after Speaking with King Salman
     

    Saudi Arabia has extended its “appreciation” to the US administration among others for “refraining from jumping to conclusions” in the ongoing investigation in the Jamal Kashoggi case, which has garnered international attention in the last week. “To help clarify recently issued Saudi statement, the Kingdom of Saudi Arabia extends it appreciation to all, including the […]

     
  • Saudi Private Sector Growth Slows to Four Month Low
     

    Growth in Saudi Arabia’s non-oil private sector slowed to a four-month low in September, a monthly survey of companies showed on Wednesday. The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index fell to 53.4 last month from 55.1 in August. A level above 50 indicates expansion, Reuters reports. Despite struggles in the private sector, Saudi […]

     
  • PIF-Backed Red Sea Tourism Company Names High-Powered Advisory Board
     

    Saudi Arabia’s Public Investment Fund (PIF) has appointed an international advisory board of business, tourism and environmental figures for its Red Sea tourism development. The announcement follows the selection of a former director of London’s Canary Wharf business zone, John Pagano, as chief executive of the project, which will see resorts developed on 50 islands […]

     
  • The Cohen Group will Launch a Saudi Arabia Office, Company Says
     

    Global business advisory firm The Cohen Group announced today that it will launch an office in Riyadh, Saudi Arabia as the company focuses more on the region’s largest economy. The new office will “serve as the hub for the firm’s operations in the region,” the company said in a press release today. “Our decision to open a […]

     
  • Saudi oil production rises in August after surprise July drop
     

    Saudi Arabia’s crude oil production rose again in August following a surprise drop in production in July, according to reports. The Kingdom’s crude oil production in August rose to 10.424 million barrels per day compared to 10.288 million bpd in July, an OPEC source told Reuters. In June, Bloomberg reported that Saudi Arabia was planning to pump “a record […]

     
  • PIF Picks All-Star Investors for FII Advisory Board
     

    Saudi Arabia’s Public Investment Fund (PIF) has formed an advisory board of 11 top technology, finance and business executives that will provide strategic guidance on developing the kingdom’s Future Investment Initiative as a platform that attracts investment. The advisors include Masayoshi Son, the CEO of Japan’s SoftBank Group, Joe Kaeser, the president and chief executive of German industrial […]

     
  • IMF Raises Saudi Arabia GDP Forecast, Non-Oil Growth Gains Momentum; Vision 2030 Reforms Cited
     

    Even without a Saudi Aramco IPO, the Kingdom’s Vision 2030 economic and social reform blueprint is having an undeniably positive effect on the Saudi economy and growth, the IMF said. Real GDP growth is expected to increase to 1.9 percent in 2018, with non-oil growth strengthening to 2.3 percent, the IMF forecasted. Growth is expected […]

     
  • Saudi PIF in talks to invest in aspiring Tesla rival Lucid
     

    Saudi Arabia’s Private Investment Fund (PIF) PIF, is reportedly in talks to invest in aspiring Tesla rival Lucid Motors Inc, people familiar with the matter told Reuters on Sunday. A potential investment in the privately-held Lucid Motors presents the PIF an opportunity to own a controlling stake in an electric carmaker at a fraction of the cost of its rumored […]

     

MUST-READS

  • Saudi Arabia to waive export customs service fees and cut import customs service fees from Oct. 6

    The Saudi Zakat, Tax and Customs Authority (ZATCA) has announced waiving the fees for all customs services for exports. The authority also reduced customs service fees for imports through a new mechanism for calculating import service fees, which involves a fee of 0.15 percent of the value of the incoming goods for customs declaration. The new fee structure will take effect on Oct. 6, 2024, the authority said in a statement.

  • Qatar Beat Saudi Arabia, Advance for Gulf Basketball Championship Final

    Team Qatar hold the record of 6 titles in the championship, and are looking to widen the space from their closest competition, the Saudi team, who have four titles. The Gulf Basketball Championship was launched in 1981, and Kuwait won the first title. The latest edition was held in 2019, when Saudi Arabia won their fourth title.

  • Film AlUla Using Tax Rebates and a Focus on Talent Development to Attract New Productions to Saudi

    One of the main hurdles in bringing more international productions to Saudi is making the bureaucracy seem less daunting to American and European teams, who might be unfamiliar with working in the region.  The new Acting Executive Director of Film AlUla Zaid Shaker told Variety how Film AlUla can offer international teams support in optimizing the country’s attractive 40% tax rebate and navigating production regulations, custom clearances, visa applications and filming permits, alongside location scouting and talent recruitment.

  • UNRWA vaccinates over 160,000 children in Gaza in polio campaign

    The UN agency for Palestinian refugees (UNRWA) announced on Friday that its teams vaccinated more than 160,000 children on Thursday, marking the first day of the second phase of a polio vaccination campaign in southern Gaza. “Thousands of families went to health facilities to receive vaccines from UNRWA medical teams,” the agency said on X. “Over 160,000 children were reached on the first day of the polio vaccination campaign in Gaza’s southern areas yesterday.”

  • Saudi Arabia, Italy Join Forces to Transform Europe’s Energy Landscape

    Saudi Investment Minister Khalid Al-Falih emphasized Italy’s crucial role in facilitating the export of these energy products to Europe. Speaking at a business conference in Milan, Al-Falih described Italy as a “partner of choice” for delivering green products to the European continent. This collaboration aligns with the European Union’s goal of producing and importing 20 million tonnes of green hydrogen by 2030.  

  • Oman all set to welcome Saudi tourism partners in a major event

    Scheduled to attract 50 Saudi tourism companies and 15 leading media professionals from prominent Saudi outlets, “Marhaba Dhofar” is designed to highlight the rich tourism potential of Dhofar. The event will focus on key attractions such as the “Sarb” season and the region’s winter tourism appeal.

  • Saudi clubs prepare lucrative offer as Salah nears end of Liverpool contract

    Liverpool fans are bracing for a pivotal moment, as Mohamed Salah edges closer to a potential career-defining decision. The Egyptian superstar, integral to Liverpool’s success over the past eight seasons, is reportedly the subject of significant interest from Saudi Arabia’s wealthiest football clubs. With his contract expiring at the end of this season, the prospect of a lucrative offer from the Middle East is looming large.

  • India’s EV maker Wardwizard Innovations to form joint venture in Saudi Arabia

    Indian electric vehicle maker Wardwizard Innovations and Mobility (WARW.BO), opens new tab announced on Friday it received a letter of intent to form a joint venture in Saudi Arabia, aiming to establish an assembly plant and an EV cell plant in the kingdom. The assembly plant will initially focus on producing electric two-wheelers, three-wheelers and four-wheelers, with plans to expand in the future to include electric bus production.

  • FE moves Saudi doubleheader to Jeddah

    Formula E will move its Saudi Arabia doubleheader event from Diriyah to Jeddah for the upcoming 11th season of the all-electric open-wheel series. The anticipated move from Diriyah will see the series use a modified version of the Jeddah Corniche circuit, which has been used by Formula 1 for the Saudi Arabian Grand Prix since 2021.

  • Young Saudi paves way in tech, artificial intelligence

    His internship at Takamul Technologies in 2022 marked a pivotal moment in his career. Tasked with resolving a critical issue on the company’s website, he reduced the load time of the 3D section from a cumbersome 70MB to a lightning-fast 100KB. “This impressive feat earned me a part-time job offer from the CEO, a rare opportunity for an intern,” he said. “It was a confidence boost (to have) my abilities recognized in a professional setting.”