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  • AI Leaders Gather in Saudi Arabia to Talk Energy

    The Ritz-Carlton convention center played host to some bold predictions about the future. Softbank Group Corp.’s Masayoshi Son laid out a vision of superintelligence 10,000 times that of humans by 2035. Elon Musk, in a virtual appearance, said robots would far outnumber humans by 2040. And the Saudis touted plans to make their country an AI superpower, with smart cities and personalized health care.

  • NEOM announces the opening of Sindalah

    Sindalah’s surrounding waters are home to an impressive marine ecosystem that features over 300 coral species and 1,100 species of fish. Preservation of this unique habitat has been central to Sindalah’s development, so that guests will be able to explore these ecologically-rich waters for themselves for generations to come.

  • Israeli strike kills dozens in north Gaza residential block, US calls incident ‘horrifying’

    At least 93 Palestinians were killed or missing and dozens wounded in an Israeli strike on a residential building in the northern Gaza town of Beit Lahiya on Tuesday, the Gaza health ministry said, and the U.S. called the incident "horrifying". Medics said at least 20 children were among the dead. "A number of victims are still under the rubble and on the roads, and ambulance and civil defence crews cannot reach them," the territory's health ministry said in a statement.

  • Saudi Arabia Upbeat on FDI as 2030 Goal Remains Distant

    Saudi Arabia’s FDI inflows amounted to about $26 billion last year, above the government’s self-set target but still the lowest level since 2020. The data was recently revised higher, from $19 billion, to reflect what Al-Falih said was a methodology in line with International Monetary Fund standards. The kingdom aims to quadruple FDI inflows by 2030 in a bid to share some of the financial burden of spending on its economic diversification plan. Crown Prince Mohammed Bin Salman’s government also sees foreign expertise as critical to training the local population in new industries like technology and minerals exploration and catalyzing growth in those sectors.

  • At a Glitzy Saudi Investment Forum, Almost No Mention of War

    “Notwithstanding the regional war ensuing, the Gulf political elites, in particular in Saudi Arabia, need to project that they are open for business,” said Aziz Alghashian, director of research at the Observer Research Foundation Middle East, a think tank. “Restructuring the economy is not a matter of preference or desire, but the Saudis are considering the restructuring of the economy as an existential matter,” he added. “They need to make sure regional turmoil does not hinder these economic ambitions.”

  • Abu Dhabi Heavy Hitters Skip FII, Showing Riyadh Competition

    Key figures from Abu Dhabi, like Mubadala Investment Co. Chief Executive Officer Khaldoon Al Mubarak, have previously attended the event. But not many prominent names from the emirate have made the short trip over to Riyadh this year for the eighth edition of the summit. To solidify its advantage, the emirate started a conference of its own, Abu Dhabi Finance Week. That’s drawn prominent names, including billionaire Alan Howard who last year said the emirate could become a global financial center, and Bridgewater Associates Founder Ray Dalio, who has become the face of Abu Dhabi’s success in drawing hedge fund luminaries.

  • Gulf region is world’s ‘most ambitious economic reform story,’ says Templeton executive at FII 2024

    “If you think about it, really, from a broad global landscape today, we’re seeing global growth is fairly sluggish. We’re seeing emerging markets being mixed bags,” Khatoun told Arabian Business. ”There’s a few areas of the world today where you can look at and say there’s an embedded structural, multi-year structural growth story.” The transformation encompasses multiple dimensions, he noted. “The stories are folding in many different ways. But there’s economic reform, there’s capital markets reform, and there’s social reform, and for investors like us, that’s unlocking tremendous opportunities.”

  • Compliance Issues in the Construction Supply Chain in the Kingdom of Saudi Arabia

    The construction industry in the Middle East, especially in the Kingdom of Saudi Arabia (KSA), has witnessed rapid growth due to the mega-projects and Vision 2030, which aims to diversify the KSA’s economy. This expansion has also brought about complex compliance challenges in the construction supply chain. Financiers, developers, contractors, suppliers and stakeholders must ensure adherence to local laws and international standards to enable the successful delivery of projects. Non-compliance with such requirements can result in financial penalties, delays, additional costs and reputational damage.

  • Saudi Arabia Vows to Maintain Its Status as an Oil Giant

    As Saudi Arabia prepares to tender 44 gigawatts (GW) of renewable energy projects, it will continue to maintain its oil-producing potential to ensure global energy security, officials from the Kingdom said at the annual investment forum in Riyadh on Tuesday. Saudi Arabia, the world’s biggest crude oil exporter, will keep its maximum sustainable capacity of 12.3 million barrels per day (bpd) going forward. By 2027, the Kingdom will have more than 1.1 million bpd of production of oilfields currently under development, which are expected to offset the natural decline of legacy fields.

  • Saudi Arabia Looks for More Global Investments in Chemicals Push

    The kingdom is already in talks to buy stakes in companies in China and the state-run Saudi Aramco has said it wants more deals this year and the next. Investing in plants that produce chemicals — which Riyadh sees as a driver of growth of future oil demand — as a way to ensure it has a ready market for its vast crude supply. “We will be using oil to chemicals, domestically and abroad, and that’s why you see us, or you see Aramco investing a lot in China and we will be investing a lot everywhere else on planet Earth,” Saudi Arabia Energy Minister Prince Abdulaziz Bin Salman said at the Future Investment Initiative summit in Riyadh. “In this room in 2019, I did say we will monetize every molecule of energy this land has. Period.”