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  • Saudi Arabia targets local manufacturing of wind energy towers to enhance renewable energy sector

    Following two strategic agreements signed with Al-Yamamah Steel Industries Co. and Arabian International Co. for Steel Structures, Saudi Arabia seeks to strengthen its position in the wind energy sector by fostering local manufacturing capabilities and facilitating essential knowledge transfer. These agreements were part of 107 deals and memorandums of understanding, collectively valued at $27.69 billion, formalized at the Energy Localization Forum in Riyadh under the auspices of the Ministry of Energy and the LCGPA.

  • Saudi Arabia Expects to Announce $28 Billion of Deals at FII Summit: Video

    Deals worth more than $28 billion are likely to be announced by executives from around the world who’re attending the Future Investment Initiative in Riyadh, Richard Attias, the chief executive officer of the FII Institute tells Joumanna Bercetche

  • Saudi FM receives Somali counterpart in Riyadh

    Saudi Foreign Minister Prince Faisal bin Farhan received his Somali counterpart Ahmed Moalim Fiqi in Riyadh on Sunday. During the meeting, the ministers reviewed Saudi-Somali relations and discussed ways to enhance them in various fields. Regional and international developments and topics of common interest were also discussed.

  • Saudi Arabia pushes for Africa debt relief as private investments set to reach $25B

    Public debt in Africa reached $1.8 trillion in 2022, with such high levels constraining the ability of countries to cope with unexpected crises or invest in development. Jadaan said Saudi Arabia's plans to help Africa with its debt crisis — first proposed during Riyadh's hosting of the G20 in 2020 — have "directly impacted" countries such as Chad, Zambia, Ghana and Ethiopia. "Saudi Arabia believes in the importance of these efforts, and we are committed to continue exerting them," he added. During the 2020 G20 summit, Saudi Arabia called for the suspension of African debt payments. At the inaugural Saudi Arabia-Africa summit in November 2023, Riyadh continued to press for resolving debt issues in Africa.

  • Barclays Considers Re-Entering Saudi Arabia a Decade After Exit

    “We’re looking at how best to re-enter the country,” Venkatakrishnan said. “We will consider corporate banking work, but investment banking and trading will be the focus.” The move to re-enter Saudi Arabia would come a decade after Barclays pulled out of the country under then CEO Antony Jenkins. Venkatakrishnan’s comments come as banks around the world beef up their operations in the oil-rich kingdom, which is in the midst of a trillion-dollar economic transformation plan.

  • Hezbollah elects Naim Qassem as head to succeed Nasrallah

    Lebanese armed group Hezbollah said on Tuesday it had elected deputy head Naim Qassem to succeed Secretary General Hassan Nasrallah, who was killed in an Israeli air attack on Beirut's southern suburb over a month ago. The group said in a written statement that its Shura Council had elected Qassem, 71, in accordance with its established mechanism for choosing a secretary general. He was appointed as Hezbollah's deputy chief in 1991 by the armed group's then-secretary general Abbas al-Musawi, who was killed by an Israeli helicopter attack the following year.

  • UN COP16 nature talks gridlocked as conservation funding trickles in

    Countries were at an impasse over how to fund conservation and other key decisions as the U.N. COP16 biodiversity summit entered its second week on Monday, with nations pledging millions of dollars rather than the billions needed. Seven countries and one provincial government pledged an additional $163 million to the Global Biodiversity Framework Fund on Monday, dubbed the summit's "finance day." The fund was established to help realize the goals laid out in the landmark 2022 Kunming-Montreal Global Biodiversity Framework, aimed at ending nature loss by 2030. COP16 in the Colombian mountain town of Cali is tasked with implementing that agreement.

  • Saudi Arabia’s Vision 2030 is transforming women’s lives, says Princess Reema

    Speaking at the HERizon Summit, held alongside the eighth Future Investment Initiative, she emphasized that the right policies are crucial for accelerating women’s progress in business and entrepreneurship. The event, themed “Invest in Women,” aims to bridge the gender gap and empower women in the global workforce. A recent report by the World Bank confirmed Saudi Arabia’s progress in gender parity, noting a substantial increase in female labor participation from 22% in 2016 to 34% in 2023.

  • Ryan Serhant on Dubai’s Real Estate Boom, Netflix Fame, and how to become a “real estate machine”

    In the eyes of the celebrity property mogul, Dubai has become an international real estate hotspot that now ranks among the top global investment destinations. “Dubai today is a top 10 global real estate investment play,” Ryan Serhant tells Arabian Business. “We’re now seeing buyers in New York, Los Angeles, Miami, Hong Kong, Paris and London who are thinking of Dubai first.” This international attraction marks a significant change from previous decades, positioning Dubai alongside iconic cities as a premier choice for investment he believes.

  • Saudi wealth fund to cut overseas investments

    Saudi Arabia's sovereign wealth fund plans to cut its overseas investments by about a third, its governor told a conference in Riyadh on Tuesday, as the Kingdom taps into its resources to fund plans to wean the economy off oil. Speaking on a panel of business, technology and finance leaders, Public Investment Fund Governor Yasir Al-Rumayyan said the sovereign wealth fund was more focused on the domestic economy and aiming to bring the fund's international investments down to between 18% and 20% of the total from 30%.