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  • Saudi ‘Davos in the desert’ opens with region on war footing

    The Future Investment Initiative (FII) debuted in 2017 as a showcase for de facto ruler Crown Prince Mohammed bin Salman's dream of diversifying the economy of the world's largest crude exporter away from oil. This year's three-day event is expected to draw more than 7,000 delegates including TikTok CEO Shou Zi Chew and the chief executives of Citigroup and Goldman Sachs.

  • Saudi Arabia’s PIF pivots to domestic focus, eyes AI revolution, says Al-Rumayyan

    Saudi Arabia’s Public Investment Fund (PIF), managing assets exceeding $900 billion, announced plans to reduce its foreign holdings from 30 per cent to 18-20 per cent, while intensifying its focus on domestic projects. The announcement came during the eighth Future Investment Initiative summit in Riyadh on Tuesday, often referred to as “Davos in the Desert.” “AI could add nearly $20 trillion to the global economy by 2030,” Al-Rumayyan stated, highlighting Saudi Arabia’s ambition to become a global AI hub. The fund is reportedly in early discussions about a potential AI partnership worth up to $40 billion with venture capital giant Andreessen Horowitz.

  • NEOM Sindalah: Saudi Arabia opens new luxury island resort in Red Sea

    NEOM has launched Sindalah, its first destination and a showcase of Saudi Arabia’s tourism ambitions, located 5km off the NEOM coastline in the Red Sea. The 840,000-square-metre island, which was announced by Mohammed bin Salman, Crown Prince and Chairman of the NEOM Board of Directors in December 2022, marks NEOM’s first completed project.

  • Saudi Finance Firm’s $264 Million IPO Sells Out in Minutes

    Saudi Arabian financial services firm United International Holding Co. had demand for all shares in its up to 990 million riyal ($264 million) initial public offering minutes after subscriptions opened, indicating continued demand for listings in the region. Books were covered throughout the price range of 120 to 132 riyals per share, according to the terms of the deal seen by Bloomberg News. Its parent United Electronics Co. — known as Extra — is selling 7.5 million shares, or a 30% stake in the firm. Local funds agreed to subscribe to 15.6% of the offer, according to a separate announcement Monday.

  • $50 Billion Saudi Debt Drive Reflects Rising Financial Strain

    The Saudi government and entities like its Public Investment Fund have issued around $50 billion in bonds in 2024, according to data compiled by Bloomberg, which includes corporate and sovereign sales in US dollars and euros. That flurry of activity has made the oil-rich country one of the biggest issuers of international debt in emerging markets this year. It’s likely to borrow tens of billions of dollars more in 2025, according to Nadim Amatouri, director of fixed income research at Arqaam Capital.

  • Saudi Arabia’s Largest PropTech Hackathon Set for Cityscape Global 2024

    ROSHN Group, Saudi Arabia’s premier real estate developer and a Public Investment Fund (PIF) company, has unveiled plans for Hackathon 24, the Kingdom’s largest property technology competition. Aimed at strengthening Saudi Arabia’s position as a leader in PropTech, the event will be a highlight at this year’s Cityscape Global in Riyadh from November 11th to 14th.

  • Is FIFA’s sponsorship deal with a Saudi-owned oil giant really ‘a middle finger’ to women’s soccer?

    It is easy to claim, as many have done, that this is purely an exercise in sportswashing. But that ignores that soccer is also helping to facilitate a fast-moving cultural shift in Saudi Arabia, and the region more broadly, while being careful not to attract the attention of some of the ultra-conservative religious leaders who remain committed to the region’s more traditional ways. One of the teams in the Saudi Women’s Premier League is the Eastern Flames. It was originally established in 2006 with players from the Aramco  community. Despite significant hurdles for women to play sport at all, the team survived and flourished and has been elevated into the professional league.

  • Saudi-UAE trade soars 25% to $30bn amid strengthened economic ties

    Saudi Arabia’s trade with the UAE has experienced a 25 percent increase, highlighting a significant boost in economic collaboration between the two nations. By the end of 2023, the trade volume reached SR113 billion ($30 billion), up from SR90 billion in 2019. During the third Saudi-Emirati Economic Forum held in Riyadh, Saudi Minister of Economy and Planning Faisal Al-Ibrahim announced that direct Emirati investments in Saudi Arabia have also grown, reaching SR111 billion by the end of 2023—a 15 percent increase compared to the previous year.

  • Saudi-UAE Economic Forum’s Third Edition Draws Over 400 Investors, Highlights Growth and Cooperation

    The Federation of Saudi Chambers hosted the third edition of the Saudi-UAE Economic Forum in Riyadh today, gathering more than 400 investors from both nations. The event was attended by Minister of Economy and Planning Faisal Alibrahim, Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef, and UAE Minister of Economy Abdullah bin Touq Al-Marri, along with other key officials and investors.

  • US consul general praises plan to link Iraq and GCC electricity grids at international forum

    In an interview with Arab News, James Sindle said the plan to link Iraq’s grid with that of the GCC “is a vital step toward greater regional interdependence.” “It will not only provide critical power to the Iraqi people but also pave the way for deeper economic cooperation in the years to come.” Sindle went on to say: “As President Biden emphasized during the April 2023 Major Economies Forum on Energy and Climate, addressing the climate crisis requires ambitious efforts, including reducing emissions and investing in multilateral solutions. The United States is proud to support these global efforts through contributions to the Green Climate Fund and other initiatives aimed at empowering developing countries to take climate action.”