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  • Can Saudi Arabia build a thriving fintech hub by 2030?

    Let’s say an international fintech is looking to come to Saudi Arabia. First, Fintech Saudi will have a consultation with the company to understand its business model and determine if it needs to be regulated by the major financial bodies. If so, it brings in subject matter experts, law firms as well as other companies in the industry to give the relevant guidance, while involving the main regulators throughout the entire process. Next, Fintech Saudi will connect the company with the Ministry of Investment, which can provide support with setting up an entity in Saudi Arabia.8 Finally, Fintech Saudi can give the company links to private service providers in the country–such as office space or software businesses–that can help it get up and running quickly.

  • Archaeologists discover 4,000-year-old Bronze Age settlement hidden in Saudi Arabian oasis

    Archaeologists discovered the site near the city of Al-'Ula in the Hejaz region of western Saudi Arabia and called it "al-Natah." The settlement covered about 3.7 acres (1.5 hectares), "including a central district and nearby residential district surrounded by protective ramparts," the researchers said in a statement. But the town, which was occupied starting around 2400 B.C., was small, with a population of only around 500 people, the team noted in a study, published Wednesday (Oct. 30) in the journal PLOS One. The town was abandoned sometime between 1500 and 1300 B.C., but researchers aren't sure why this happened. "It's a pertinent question that I can't really answer at the moment," Charloux said, noting that "we have very few clues about the last phase of occupation."

  • Golf Saudi CEO aims to break golf’s ‘elite’ image, making sport accessible to all

    “There’s the expression of ‘you build it and they will come.’ Golf is one of those sports that once a person adopts it, it’s almost for life. So, we’re working [towards that],” Alireza said speaking from the Riyadh Golf Club. “Our strategy in Golf Saudi is to build both demand and supply. But in order for the demand to come, the focus over the next two years is building as much infrastructure as possible,” he explained.  One way that Golf Saudi is working towards expanding interest for golf is working with entertainment facility TopGolf to build facilities across the Kingdom to draw in non-golfers who might eventually express bigger enthusiasm for the game.

  • Saudi’s KAFD signs agreement for Monorail Project

    The Monorail spans 3.6 kilometers and features a driverless autopilot operation, setting new standards in safety and efficiency. The sleek, elevated system will consist of six trains, traveling along a circular track with six stations strategically placed across the district to connect key areas, encompassing office buildings, retail spaces, and leisure facilities. The Monorail also offers seamless connectivity by integrating with the Riyadh Metro, making transfers smooth with enhanced accessibility throughout the city. Its design aligns with KAFD’s vision of a “10-Minute City”.

  • “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.”