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The Public Investment Fund’s Head of National Development, Jerry Todd, talks PIF investment strategy, localization and more…
Lucien Zeigler sits down with an exclusive conversation with Jerry Todd, Head of the National Development Division at the Public Investment Fund (PIF) of Saudi Arabia, in a new format and program called 966 Live, recorded at PIF studios in a fireside chat style of engagement. Jerry Todd, who is also on the PIF’s Management […]
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Kingdom Launches ‘Alat’, A New Effort to Transform Saudi int Electronics and Advanced Industries Hub
Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Thursday the launch of a new Public Investment Fund company called “Alat,” which will contribute to the aim of making Saudi Arabia a global hub for sustainable technology manufacturing that focuses on advanced technologies and electronics, Saudi Press Agency reported.
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Saudi Arabia’s non-oil sector grew 4.6 percent in 2023 – Reports
Saudi Arabia’s non-oil sector grew at a strong rate, a positive sign for the Saudi government’s Vision 2030 economic and social reform drive that puts diversification of the economy away from oil as a top goal.
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Report: Saudis Resume US Defense Talks After Pause From Israel-Hamas War
Saudi Arabia has resumed talks with the US about forging closer defense ties after a pause following the start of the Israel-Hamas war in early October, according to people familiar with the discussions, Bloomberg reports.
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The PIF’s biggest event of the year in Riyadh, the latest on the Saudi peace plan, and alcohol in Saudi Arabia? — The 966 Episode 120
In episode 120, The 966 once again has on offer a menu of excellence discussing some of the most important topics happening in Saudi Arabia this week — a tough decision for the editorial team as Saudi Arabia continues to create headlines as it marches forward with economic and social reforms.
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Saudi Arabia’s New Luxury Train Experience through Kingdom’s Desert Set to Add to Tourism Portfolio
State-owned railway company Saudi Arabia Railways (SAR) recently struck a 200 million Saudi riyals ($53.33 million) deal with Italian hospitality company Arsenale Group to launch the first luxury train in the Middle Eastern kingdom, which paves the way for the Kingdom to have another differentiating tourism experience.
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Report: China, Eying Increased Influence in the Middle East, Presses Iran to Rein in Houthi Attacks in Red Sea – Reuters
A recently-published Reuters report says that top Chinese officials have asked their Iranian counterparts to help rein in attacks on ships in the Red Sea by the Iran-backed Houthis, or risk harming business relations with Beijing, citing four Iranian sources and a diplomat familiar with the matter.
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Zardun at NEOM the Latest Tourism Offering from Futuristic Giga-Project
Saudi Arabia’s NEOM recently announced the launch of another tourism destination, called Zardun, which bills itself as a luxury ecotourism area and “exclusive sanctuary resort.”
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Saudi Arabia is Set to Open the Country’s First Liquor Store in Major Shift
Saudi Arabia is set to open the country’s first liquor store, catering exclusively to diplomats, breaking with decades of strict alcohol prohibition in the kingdom and creating a pathway for greater access to alcohol for non-Muslims in the near future, Reuters reports.
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Saudi Real Estate Prices to Rise 25-40%, Premium Residency a Unique Opportunity – Al Rahji Executive
A Sales Director at Al Rajhi Investment Co. said real estate prices in Saudi Arabia are likely to rise by 25% to 40% in the coming period, Asharq News reported.
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MUST-READS
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Boeing finds other buyers as prospects for Iran sales dwindle
Preparing for the possible imminent collapse of the Iran nuclear deal, Boeing Co. has been signing contracts with other buyers, including Iran's adversaries across the Persian Gulf, to cushion the loss of $17 billion in sales to Iran.
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Boeing establishes joint venture with Saudi Arabian Military Industries for aircraft maintenance
Chicago-based Boeing and state-owned Saudi Arabian Military Industries (SAMI) signed on March 30 a memorandum of agreement (MoA) to develop a new joint venture aiming to localize more than 55 percent of the maintenance, repair and overhaul services for fixed and rotary-wing military aircraft in the Kingdom.
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Boeing, Saudi Arabian Military Industries form joint venture partnership
Boeing (BA -2.1%) and state-owned Saudi Arabian Military Industries over the weekend signed an MoU to develop a joint venture that seeks to localize in Saudi Arabia at least 55% of maintenance, repair and overhaul services for the country’s fleet of fixed and rotary-wing military aircraft.
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Airlines are using fewer Airbus A380 and Boeing 747 jumbo jets
Emirates, the largest operator of the A380 with 100 planes, is in negotiations to order more but is dragging its feet. Amedeo, one of the worlds largest leasers of A380s, recently announced plans to start an A380-only airline rather than continue to face the difficulty of leasing the planes to reticent operators.
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Boeing Issues 20-Year View for Jetliner Demand in Middle East
Per the company’s latest outlook, the Middle East will need 3,350 new planes worth $730 billion between 2017 and 2036. Boeing expects twin-aisle airplanes to comprise nearly 50% of the total projection in the same region. This, in turn, translates into $520 billion, which is over 70% of the total value.
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In boon to Boeing, Emirates orders 40 Dreamliners worth $15.1 billion
Emirates, the world’s largest airline and biggest operator of wide-body aircraft, agreed to buy 40 Boeing Dreamliner 787-10 jets in a deal valued at a total of US$15.1 billion at average list prices before discount.
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Boeing to Modernize Saudi AWACS for $240 Million
Boeing has been awarded a $240,195,180 contract for the Royal Saudi Air Force airborne warning and control system (AWACS) modernization program phase 1. This contract provides for AWACS mission computing, navigation and communications upgrades, as well as the next generation in identification, friend or foe enhancement designs.
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F15 wings to be built in Saudi Arabia by Boeing
Marc Allen, president of Boeing, told Al Arabiya TV that military aircraft wings and other parts will be built in Saudi Arabia.
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Trump Admin Expected to Kill Landmark Boeing Plane Sales to Iran
The Trump administration is said to be viewing the sales with an increasingly critical eye and is moving, at this point, toward killing the sales, according to these sources, who pointed to concerns over Iran Air's use of commercial airplanes for terrorism purposes.
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Boeing receives $240M for Saudi AWACS system
The Department of Defense on Monday announced a new contract deal between Boeing and the Royal Saudi Air Force for an airborne warning and control system.
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