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  • New Saudi Doctrine of “Positive Neutrality” Pays Off

    Since the onset of the Russian invasion of Ukraine three years ago as of February 24, the Saudi crown prince has found himself under enormous pressure from both Washington and Moscow to take a side in everything from votes at the United Nations to the battlefield inside Ukraine. In the former, Saudi Arabia supported resolutions in the General Assembly in 2022 and 2023 condemning the Russian invasion of Ukraine, demanding withdrawal of its troops and upholding the principle of territorial integrity.  But Saudi Arabia abstained in a similar resolution February 24, while the United States joined Russia for the first time in opposing it. At the same time, MBS has refused to follow the United States in imposing economic and financial sanctions on Russia, or isolating it diplomatically, to pressure Putin into suing for peace. From almost the start of the Ukraine war, MBS began crafting a role of mediator for himself. His first phone calls offering his services to Putin and Ukrainian President Volodymyr Zelensky date back to March 3, 2022, just a week after its onset. Since then, he has held multiple meetings or phone calls with both leaders. At first, the main issue was about exchanges of Russian and Ukrainian prisoners of war, which the crown prince helped to arrange on several occasions. One in September 2022 included two American POWs fighting on the Ukrainian side.

  • Hamas says it’s ready for more ceasefire talks after releasing hostage remains

    Militant group Hamas said on Thursday it was ready to begin talks on the second phase of a ceasefire in Gaza after several hundred Palestinians were released from Israeli jails overnight in return for the bodies of four Israeli hostages. It was the final exchange of the six-week first phase of a ceasefire in Gaza that came into effect on January 19. Israel said on Thursday morning that three of the hostages whose bodies it had received overnight had been murdered in captivity and the fourth had been killed on the day of the October 2023 Hamas raid into Israel that precipitated the war.

  • Ramadan 2025: Saudi Arabia calls on Muslims to sight crescent moon on Feb. 28

    Saudi Arabia’s Supreme Court has called on Muslims to sight the crescent moon of Ramadan on the evening of Friday, February 28. The date corresponds with the 29th of Shaaban 1446 in the Islamic Hijri calendar. “The Supreme Court requests that anyone who sees it (the moon) with the naked eye or through binoculars informs the nearest court and registers their testimony, or contacts the nearest center to assist them in reaching the nearest court,” the authority said in its statement. If the moon is spotted on Friday evening after the Maghrib, or sunset, prayer, then Ramadan will commence on March 1. However, if the crescent moon is not spotted, then the holy month will begin on March 2.

  • UFC, WWE owners ‘close’ to Saudi Arabia deal for new boxing league; report $2.8B in TKO revenue for 2024

    TKO, the parent company of the UFC and WWE, is nearing an agreement with the Saudi Arabian public wealth fund to create a new boxing league, TKO Group Holdings COO Mark Shapiro told investors on Wednesday’s earnings call. “Everybody knows we're in talks with the Saudis, but to give you a little more color, I will tell you that we are close on an agreement with the Saudis on the creation of a boxing league where we, TKO, would be the producer, the promoter and responsible for all day-to-day operations of the venture, whereby we would receive a fee of $10 million-plus,” Shapiro said during the question-and-answer portion of the call. Shapiro stressed TKO will not be putting any capital into the project and will not be absorbing any added financial risk. That will fall on the Saudi Arabia Public Investment fund, though Shapiro did say TKO will stand to earn equity in the venture over a five-year period, depending on certain benchmarks.

  • GCC, Southeast Asian countries dominate global Islamic fintech landscape

    Saudi Arabia, Indonesia, Malaysia and the UAE have produced more than half of the 490 Islamic fintech firms present globally, a new report has revealed. A total of 248 Islamic fintech firms are based out of the four countries, constituting a shade over half of the global Islamic fintech pool, according to the Global Islamic Fintech Report (GIFT) 2024/25, co-produced by DinarStandard and Elipses.  The UK, with 52 firms, rounded off the top five. Meanwhile, the top ten countries, including Qatar (26), United States (21), Pakistan (19), Singapore (13), and Egypt (11), house 79% of the Islamic fintech enterprises globally. Saudi Arabia, Iran, Malaysia, the UAE, Indonesia and Türkiye were the largest markets in terms of estimated transaction volumes in 2023/24, comprising 83% of the global Islamic fintech market. Each country had an estimated market size of more than $7.5 billion during the same period, the report identified.

  • It’s a tough time for consulting globally. In big-spending Gulf states, not so much.

    According to Source Global, a UK-based research firm that tracks the consulting industry, the GCC consulting market grew 13.2% in 2023. Source Global's research found that in the more mature US and British markets, growth in 2023 slowed to 5.2% and 4.7%, respectively. In previous years, growth in both countries had been in double digits. Dane Albertelli, a senior analyst at Source Global, told Business Insider that the scale of growth in the GCC advisory market is "unprecedented" and that it has become "the place for opportunity and the place where these companies can make a lot of money." Albertelli said that data for 2024 has yet to be finalized but that the GCC market was expected to have accelerated by more than 15%.

  • Saudi health ministry urges meningitis vaccine for Umrah

    Saudi Arabia’s Ministry of Health has highlighted the necessity of receiving the meningitis vaccine for those intending to perform Umrah during Ramadan. It is part of efforts to enhance preventive health measures and limit the spread of infectious diseases, as reported by the Saudi Press Agency on Monday. The ministry urged the importance of getting vaccinated at least 10 days before traveling for Umrah to ensure the required immunity is achieved. It said that people vaccinated within the past five years do not need a booster dose, as the vaccine remains effective throughout this period.

  • Saudi Arabia announces new rules for use of Riyal symbol

    The Saudi Central Bank (SAMA) has unveiled eight new rules governing the use of the Saudi riyal (SAR) symbol, following official approval from the Custodian of the Two Holy Mosques King Salman bin Abdulaziz. According to SAMA guidelines, the symbol must be positioned to the left of numerical values with a space between them. The rules specify that the symbol must maintain proper proportions, align with the surrounding text direction, and contrast with background colours for visibility. The term ‘Riyal’ traces back to 1346 AH during King Abdulaziz’s reign, marking the introduction of the Kingdom’s unified currency. A royal committee comprising representatives from the Ministry of Culture, the Ministry of Media, and the Saudi Standards, Metrology, and Quality Organisation developed the symbol through multiple phases.

  • Saudi Wealth Fund’s Alat Unit Buys 15% Stake in TK Elevator

    Alat, a unit of Saudi Arabia’s sovereign wealth fund, has bought 15% of TK Elevator and unveiled a joint venture that will make escalators and moving walkways, as the kingdom looks to boost domestic manufacturing. The deal comes five years after TK Elevator, formerly owned by Thyssenkrupp AG, was sold to a group backed by Advent International, Cinven, Abu Dhabi Investment Authority and Germany’s RAG Foundation for €17.2 billion in one of the largest private equity deals in Europe. Alat will also form a €160 million joint venture with TK Elevator, according to a statement. This newly-formed entity, headquartered in Saudi Arabia, will over time locally manufacture elevators, escalators and moving walkways for use in the kingdom’s construction projects, which include everything from luxury resorts to entirely new cities.

  • Flow48 Secures $69M Series A Funding to Expand into Saudi Arabia and Scale Operations

    Flow48, a leading fintech transforming SME lending across emerging markets, is excited to announce today the successful close of its $69 million Series A funding round. The round, which is a combination of debt and equity, was led by Breega and has seen further investments from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC, among others. This milestone marks a major step forward in the company’s mission to redefine access to capital for underserved SMEs across the Middle East and Africa.