MUST-READS

• PIF and Goldman Sachs Asset Management sign an MoU to partner on investment in Saudi Arabia, GCC

  PIF and Goldman Sachs Asset Management today announced the signing of a non-binding memorandum of understanding (MoU) for PIF to act as a strategic anchor investor for new private credit and public equity strategies in Saudi Arabia and the wider GCC region. The new investment funds will aim to raise equity capital from international investors, with significant capital allocated for investments in Saudi Arabia. The MoU would further strengthen the domestic asset management industry and encourage regional and international managers to expand their presence in Saudi Arabia. Asset management is part of PIF’s wider efforts to diversify the Saudi economy and enhance local capital markets.

• PIF and Goldman Sachs Asset Management Sign MoU to Partner on Investment in Saudi Arabia, GCC

  PIF and Goldman Sachs Asset Management today announced the signing of a non-binding memorandum of understanding (MoU) for PIF to act as a strategic anchor investor for new private credit and public equity strategies in Saudi Arabia and the wider GCC region. The new investment funds will aim to raise equity capital from international investors, with significant capital allocated for investments in Saudi Arabia. Under the MoU, the private credit strategy will target directly originated senior and junior loans and debt to companies that are domiciled in the GCC region or do most of their business with it. The public equity strategies will focus on investments in publicly listed equity securities of companies that are either listed on the Saudi exchange or have businesses connected to Saudi Arabia.

• Saudi Arabia to partner with US company to manufacture and export “flying taxis”

  The American Doroni Aerospace company announced that it has decided, in partnership with Saudi entities, to manufacture H1-X ‘flying car.’ Designed for personal use, the HX-1 is a two-seater aircraft that can be parked in a two-car garage, charged at home, and can take off vertically from a driveway. Doroni Aerospace, a company based in Pompano Beach in Florida, said it has secured a $30 million strategic investment from Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI) in Saudi Arabia.

• Commentary: Saudi Arabia’s rise signals decline of Europe’s geopolitical centrality This article was published in thejakartapost.com with the title “”. Click to read: https://www.thejakartapost.com/opinion/2025/03/03/saudi-arabias-rise-signals-decline-of-europes-geopolitical-centrality

  It signals a shift away from Europe’s centrality in diplomacy and fits well with Trump’s broader policy of bilateral, pragmatic diplomacy that prioritizes economic and geopolitical gains. The US-Russia discussions in Saudi Arabia also indicate Trump’s strategic use of Saudi Arabia to secure swift diplomatic wins, furthering his domestic and international standing. Trump’s choice of Riyadh for the Ukraine peace talks also shows that Saudi Arabia has strategically positioned itself as a neutral intermediary, leveraging its strong relations with global powers including the US, Russia, China and European nations.

• Saudi chemicals group SABIC flags cost cuts after worse than expected quarterly loss

  Saudi chemicals giant SABIC plans to cut costs and find new investment opportunities, it said on Wednesday after reporting worse than expected fourth-quarter results against a sectoral backdrop dominated by margin pressures. The chemicals industry has been grappling with weak demand and high input costs, leading to lower prices and squeezed margins. SABIC, one of the world's largest petrochemicals companies, posted a net loss of 1.89 billion riyals ($504 million) for the three months to December 31, against a loss of 1.73 billion riyals a year earlier. Analysts had expected a profit of a little more than 1 billion riyals, LSEG data shows.

• US Air Force Partners with Saudi Arabia to Train Chiefs

  A mobile training team of U.S. Airmen assigned to Air Forces Central (AFCENT) led the Royal Saudi Air Force (RSAF) in completing its inaugural Chief Leadership Course (CLC) Jan. 23, 2025 at a training center in the Kingdom of Saudi Arabia (KSA). “This course is one of many efforts placing emphasis on the professional development of their enlisted force,” said Chief Master Sgt. Joshua Wiener, AFCENT command chief. The 17-day course was led by a team of two U.S. Air Force chief master sergeant instructors with support from 9th Air Force. The curriculum was modeled after the USAF’s own CLC, and incorporated lessons from the First Sergeants’ Academy and Noncommissioned Officer Academies. The material was then tailored to meet RSAF needs.

• Hegseth Welcomes Saudi Defense Minister to Pentagon, Underscores Partnership

  Defense Secretary Pete Hegseth today highlighted the importance of the partnership between the U.S. and Saudi Arabia while hosting that country's defense minister during a bilateral engagement at the Pentagon. Referencing the cooperation that took place between the countries during Trump's first administration, Hegseth pointed out that both nations worked together to pursue security and stability in the Middle East, as well as to combat terrorism in the region and increase mutual prosperity. "Today, our relationship is a critical center of gravity in a very turbulent world," he added.  Stating that ending the war in Ukraine is one of the president's top priorities, Hegseth said he wanted to thank the Saudi Kingdom for hosting conversations between top U.S. and Russian officials in Riyadh, Feb. 18, 2025.  "And I also want to continue deepening and strengthening our partnership to pursue security and prosperity for both Americans and Saudis. So, I'm very much looking forward to a great discussion," Hegseth said.

• Saudi FM meets with counterparts on sidelines of G20 meeting in Johannesburg

  Saudi Foreign Minister Prince Faisal bin Farhan met with his counterparts from the UK, China, Australia, and France separately in Johannesburg on Thursday. On the sidelines of a meeting of G20 foreign ministers held for the first time in Africa, Prince Faisal discussed regional and international developments with British Foreign Secretary David Lammy. With Chinese Foreign Minister Wang Yi, Prince Faisal discussed intensifying coordination on issues of common interest.

• Syria’s rebuilding is bringing US partners Turkey and Saudi Arabia closer together

  Since Turkey ended a period of sharp tensions with several Gulf countries in 2021, Ankara has improved relations with all the countries in the region, and ties between Turkey and Saudi Arabia in particular have significantly improved. Ankara and Riyadh have put aside their past disputes and deepened their strategic relations. Now, the rebuilding of post-Assad Syria offers an opportunity for Turkey and Saudi Arabia to deepen their relations further. After becoming Syria’s new de facto leader, Ahmad al-Sharaa visited Saudi Arabia and Turkey for his first two visits abroad. This is a testament to the important role both countries are expected to play in the new Syria. Sharaa is likely attempting to show the new Syrian leadership’s intent to distance itself from Iran and attract the Saudi financial investment that Syria desperately needs.

• Saudi Arabia’s Red Sea Residences draw early buyers at $1.5mn starting price
  Red Sea Global has sold more than 12 per cent of its ultra-luxury homes on Saudi Arabia’s western coast before the official market launch, with prices starting from SAR5.5 million ($1.47 million) for a one-bedroom property, as the developer taps into growing regional demand for premium coastal real estate. The pre-sales success of the multi-billion riyal development on Shura Island signals a strong appetite from wealthy Gulf investors for Saudi Arabia’s emerging luxury tourism destinations, with the developer primarily targeting buyers from the kingdom and neighbouring Gulf countries.

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