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  • “Saudi Arabia is among world’s fastest-growing economies”

    He emphasized PIF's focus on investing in AI, leveraging the Kingdom's capabilities to establish itself as a global AI hub. He also presented PIF's investments in the sports sector. “We currently have $930 billion in assets under management and the share of foreign assets is 30 percent. The PIF has established many bold investment partnerships with major companies, and there is a qualitative shift in employing its investments. “We are focusing on the local economy as we have established 92 new companies since 2015, and we have achieved major achievements since then.”

  • Saudi cabinet anticipates two-state solution talks, calls for Gaza ceasefire

    The Saudi cabinet expressed optimism that Wednesday’s high-level meeting of the Global Alliance for the Implementation of the Two-State Solution in Riyadh will establish a timeline for a sovereign Palestinian state and advance efforts to end the occupation. Reiterating its position from the recent BRICS Plus 2024 Summit, the cabinet firmly opposed any escalation of conflict in the region. It highlighted the serious threat that ongoing Israeli actions in Gaza pose to both regional and global security, calling for an immediate ceasefire, unobstructed humanitarian assistance, and a renewed commitment to achieving lasting peace.

  • Aramco, SIDF and Taulia announce supply chain financing solution

    Aramco, one of the world’s leading integrated energy and chemicals companies, and Taulia, a SAP company and leading FinTech provider of working capital management solutions — supported by the Saudi Industrial Development Fund (SIDF) as one of the key finance providers of the domestic industrial sector — have signed agreements to establish a supply chain financing solution.

  • Vietnam says Saudi Aramco wants to invest in oil refining, petrol distribution

    Oil giant Saudi Aramco (2223.SE), opens new tab wants to invest in the oil refinery sector and petroleum distribution in Vietnam, the Southeast Asian country's government said in a statement issued late on Tuesday. The announcement came after a meeting between Prime Minister Pham Minh Chinh and Saudi Aramco's chief executive officer Amin Al-Nasser in Riyadh during Chinh's visit to the Middle East. "Vietnam has great potential in the region, therefore, Aramco wishes to invest in oil refinery and petrol distribution in the country," the Vietnamese government statement said.

  • MBC’s news chief quits after Saudi channel calls Sinwar and Nasrallah ‘terrorists’

    The director of news at the Saudi-owned MBC network, Musaad al-Thubaity, has submitted his resignation following backlash over a controversial report characterising the slain leaders of Hamas and Hezbollah as “terrorists”. The report, titled "Millennium of Salvation from Terrorists", branded several groups and individuals as “the faces of terrorism”, including Hamas leaders Ismail Haniyeh and Yahya Sinwar, and Hezbollah chief Hassan Nasrallah, all of whom were recently killed by Israel. The report also included Qassem Soleimani, the Iranian general killed in 2020 US strike in Baghdad, and al-Qaeda and its late leader Osama bin Laden. It sparked backlash and protests, prompting Saudi Arabia's media authority to order an investigation into MBC, saying the report violated its media policy. The report has since been removed from all platforms.

  • Saudi energy minister commits to crude capacity levels and climate targets

    “We are not ashamed of our record when it comes to emissions,” Prince Abdulaziz told the FII conference. “We are proud of it, but the pundits try to create a smoke screen not to allow us to be on the so-called higher moral ground.” He also said Saudi Arabia would update its national climate pledge under the Paris Agreement to raise its target. “We ensure we will have a refreshed NDC (Nationally Determined Contribution) next year, and I can guarantee you out of knowing the number will be higher.”

  • Saudi imports from GCC region decline to SAR 4.9B in August

    Saudi Arabia’s imports from GCC countries declined by 19% year-on-year (YoY) to SAR 4.9 billion in August 2024, according to a recent report by the General Authority for Statistics (GASTAT). The UAE accounted for 53%, or SAR 2.6 billion of total Saudi imports, down 32% YoY.

  • Riyadh Fashion Week: Saudi Arabia’s Design Scene Flourishes

    The second Riyadh Fashion Week recently concluded, spotlighting Saudi Arabia’s emerging design talent and its societal modernization. This five-day event featured runway shows, presentations, and exhibitions at Tuwaiq Palace, Riyadh Digital City, and JAX District. Riyadh Fashion Week attracted top local talent and international media, buyers, and celebrities. Georgina Rodríguez and model Elsa Hosk attended, alongside prominent Middle Eastern influencers. Ida Petersson, a renowned retail expert, praised Riyadh’s rapid evolution, noting its ambition to compete globally. Riyadh Fashion Week adapted to local preferences, with evening shows and a relaxed atmosphere between events. Cakmak noted that this format honors Saudi cultural nuances, making the event accessible and enjoyable for all attendees.

  • PIF and Google Cloud to create advanced AI hub in Saudi Arabia

    The landmark partnership, which was signed at the Future Investment Initiative 8th Edition (FII8), further establishes Saudi Arabia as a global hub and top AI destination for local and global enterprises and startups. This partnership aims to develop the Saudi workforce through AI programs for millions of students and professionals, supporting the national objective of growing the information and communication technology (ICT) sector by 50%.

  • Saudi startup Riyadh Air orders 60 Airbus A321neo planes

    Riyadh Air plans to begin passenger flights next summer and has placed an order for 60 A321neo planes, the largest among Airbus’ best-selling A320neo family, the company said in a statement. “This deal strongly reinforces the positive economic impact of Saudi Arabia’s newest airline on both a global and local scale to facilitate the fast-growing Saudi aviation ecosystem,” Tony Douglas, the CEO of Riyadh Air, was quoted saying in the Airbus statement.