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  • Abu Dhabi stakes claim on ‘capital of capital’ as world’s richest city

    Abu Dhabi has overtaken Oslo to become the world’s richest city in terms of assets managed by sovereign wealth funds. With $1.7 trillion under management as of October, the UAE capital is now the undisputed “capital of capital” (a slogan Abu Dhabi has been pushing since at least 2023), according to New York-based Global SWF.  If the holdings of the central bank, public pension funds, and royal private offices — which would include the realm of Sheikh Tahnoon bin Zayed Al Nahyan who oversees the Royal Group, under which AI firm G42 is housed — are added, the total would reach $2.3 trillion. Abu Dhabi is likely to maintain its status atop the rankings, with its sovereign wealth coffers forecast to swell to $3.4 trillion by 2030.

  • Reach for the sky: Completion of world’s first 1-km skyscraper in sight

    We now have a completion date for what will be the world's tallest skyscraper – and it's coming sooner than you might think. The amazing structure is expected to be finished by 2028 and will rise to a mind-boggling height of 1,007 m (3,303 ft) in Saudi Arabia. Originally known as the Kingdom Tower and the Mile-High Tower (the latter dropped once it was discovered the ground couldn't support a mile-high structure), the skyscraper was then renamed the Jeddah Tower but has now received yet another new name, the Jeddah Economic Company Tower – or JEC Tower.

  • From boom to budgeting as reality bites for Saudi football

    The Saudi Pro League, the second biggest spender in the summer of 2023, behind only the English Premier League, dropped to sixth this year, trailing the "Big Five" European competitions that it aims to rival. According to analysts, Saudi officials are assessing the commercial returns of their record outlay as Saudi Arabia's lavish drive to modernise its oil-reliant economy comes under budgetary strains. "I think they achieved the purpose last year, they put themselves on the map, they put the league on the map," said James Dorsey, a senior fellow at the National University of Singapore's Middle East Institute.

  • Saudi Arabia Raises Oil Prices to Asia

    Saudi Aramco in the weekend raised the price of its Arab Light grade loading for Asia in November by $0.90 per barrel to a premium of $2.20 a barrel above the Dubai/Oman benchmark. The Dubai/Oman quotes are the benchmark against which Middle Eastern producers price their supply to Asia. Refiners and traders in Asia had expected the rise to be more modest, by about $0.65 per barrel.

  • HALO Space expands testing operations to Saudi Arabia

    Saudi Arabia’s Communications, Space, and Technology Commission has played a key role in supporting HALO Space’s endeavors. The upcoming full-scale, uncrewed test flight of the Aurora capsule is scheduled for late 2024 and aims to reach altitudes of up to 20 miles (30 kilometers). This flight is expected to be critical for validating the capsule’s systems and safety mechanisms before future commercial flights are planned.

  • Saudi Arabia Box Office Outperforms Western Markets This Year So Far as ‘Bad Boys: Ride or Die’ Becomes Country’s Highest-Grossing Film

    Ahead of the second edition of the Saudi Film Confex industry conference in the kingdom’s capital of Riyadh that aims to boost the local film industry, Variety spoke to the Comscore team to break down recent figures that show a 5% dip in admissions (13,663,012 in 2024 vs. 14,455,179 in 2023) combined with a 13% drop in box office grosses ($174,431,499 in 2024 vs. $245,486,760 in 2023). The latter is due to a government move to lower ticket prices.

  • Saudi Arabia’s PIF eyeing stake in sports streamer DAZN, sources say

     Saudi Arabia's Public Investment Fund is among potential bidders exploring the purchase of a minority stake worth around $1 billion in DAZN, the sports-streaming group backed by billionaire Len Blavatnik, two people with knowledge of the matter said. If successful, such a deal could increase the fund's influence in European football as DAZN is a broadcasting partner for Italy's Serie A, Spain's LaLiga, Germany's Bundesliga and France's Ligue 1.

  • Saudi Arabia Said to Tee Up Multibillion-Dollar Bet on Hydrogen

    The kingdom’s sovereign wealth fund, chaired by de facto ruler Crown Prince Mohammed bin Salman, has created a company called Energy Solutions Co. to finance so-called green hydrogen power production, the people said, asking not to be identified as the information is private.  The Public Investment Fund expects the firm to invest at least $10 billion, the people said, though that number could grow significantly in years to come depending on demand for hydrogen and its investment pipeline. Some investments will be made with state oil producer Saudi Aramco, they said.

  • Saudi Arabia opens doors to Hong Kong stocks with launch of 2 ETFs at month-end: SFC CEO

    Financial Secretary Paul Chan Mo-po will lead a delegation comprising scores of local regulators and financiers to the FII conference in Riyadh and to mark the launch of the ETFs, according to Julia Leung Fung-yee, CEO of the Securities and Futures Commission (SFC).

  • Saudi Perfume Maker Climbs 30% on Debut as IPO Rush Continues

    Saudi Arabia-based perfume maker Al Majed for Oud Co. jumped by the maximum allowed in its Riyadh trading debut in a sign that demand for Middle Eastern listings remains robust. The shares jumped to 122.2 riyals ($32.53), up 30% from the offer price of 94 riyals apiece. The initial public offering — where the company sold a 30% stake for $188 million — had been 156.5 times oversubscribed.