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  • Esports World Cup is Underway in Riyadh
     

    The Esports World Cup Foundation celebrated the start of the Esports World Cup , the world’s largest gaming festival, held at Boulevard City in Riyadh, Saudi Arabia. The event runs for eight weeks, from July 3 – August 25 with more than 1,500 players from the best esports clubs across the globe competing for prizes in 22 tournaments across 21 games.

     
  • Saudi’s PIF Profit and Spending up in 2023
     

    Saudi Arabia’s Public Investment Fund (PIF) made $25 billion from investment activities in 2023 after an $11 billion loss in 2022. It was also the top spender in 2023, deploying $31.6 billion.

     
  • Aramco’s strategic gas expansion progresses with $25bn contract awards
     

    Aramco has awarded contracts worth more than $25 billion to progress its strategic gas expansion, which targets sales gas production growth of more than 60% by 2030, compared to 2021 levels.  The contracts relate to phase two development of the vast Jafurah unconventional gas field, phase three expansion of Aramco’s Master Gas System, new gas rigs […]

     
  • Saudi Green Lights Three Solar Projects Totaling 5.5 GW
     

    The Saudi Power Procurement Company signed power purchase agreements for solar projects with a combined capacity of 5.5GW.  The projects include the Haden solar PV plant (2GW), the Al-Muwaih Solar PV plant (2GW) in the Mecca Province, and the Al-Khushaybi PV project (1.5GW) in the Qassim Province.

     
  • Aramco Makes Two Major U.S. Gas Plays
     

    As part of its efforts to expand its presence in international energy markets, Aramco has signed agreements with U.S. energy companies Sempra and NextDecade to tap into the growing U.S. LNG sector. 

     
  • MSCI Emerging Markets Index – Saudi Equities Five Years After Inclusion
     

    Since May 2019, the MSCI Saudi Arabia and MSCI Tadawul 30 Indexes and the MSCI Saudi Arabia Investable Market Index (IMI) have outperformed the MSCI Emerging Markets IMI. Also, Saudi Arabia’s equity market has expanded to offer investors more-diversified sector exposures.

     
  • Fossil fuel use, emissions set new highs in 2023
     

    The Energy Institute and co-authors KPMG and Kearney released the 73rd annual edition of the Statistical Review of World Energy, presenting the full global energy data picture for 2023.

     
  • KSA Climbs to 16th in World Competitiveness Ranking
     

    Saudi Arabia advanced to 16th place in the World Competitiveness Ranking 2024, issued by the World Competitiveness Center of the International Institute for Management Development. Saudi Arabia ranked fourth among the G20 countries, supported by improved business legislation and infrastructure.

     
  • ACWA Power plans $1.9 Billion Stock Sale
     

    Saudi Arabia’s ACWA Power Co. is planning to raise $1.9 billion by issuing stock to existing shareholders, capitalizing on a sixfold increase in its share price since a 2021 listing.

     
  • MENA’s Renewable Energy Promise
     

    Saudi Arabia and other GCC countries are in a position to become, “not just a major source of renewable energy, but also a central and indispensable player in the global energy transition, uniquely able to balance supply and demand for all types of energy, both hydrocarbons, and renewables.”

     

MUST-READS

  • Accenture Graduates first group from its capability hub in Saudi Arabia

    The hub currently offers a rigorous multi-track training program accredited and exclusive to Accenture employees covering various areas such as security, cloud, data & AI, and change management. It is the first step towards launching Accenture LearnVantage Academy Saudi Arabia, which will offer comprehensive technology education and training services to businesses and organisations in Saudi Arabia, allowing them to reskill and upskill their employees and help them reinvent their organisations and achieve greater business value.

  • BlackRock signs agreement with PIF to accelerate growth of capital markets in Saudi Arabia by launching a Riyadh-based multi-asset investment management platform

    BlackRock Saudi Arabia and PIF have expressed the intention to establish BlackRock Riyadh Investment Management (BRIM), which will encompass investment strategies across a range of asset classes, all of which are expected to be managed by a Riyadh-based portfolio management team and supported by BlackRock’s industry-leading global asset management platform.
    PIF is playing a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as driving global economies and shaping the future of industries. Locally since 2017, PIF has created 94 new companies and created over 644,000 direct and indirect jobs.

  • In Iran, talk of capacity to build nukes sparks bipartisan backlash

    Supreme Leader Ayatollah Ali Khamenei has accused the US of attempting a Libya-style shutdown of Iran’s nuclear facilities. This comes as some Iranian officials have indicated that the Islamic Republic may turn to nuclear weapons if pushed into a corner. But rather than being welcomed amid tension with Israel, such remarks have sparked a cross-partisan backlash—with both media and pundits portraying such discourse as a pretext for the west to further sanction Iran.

  • The Importance of Venture Capital for Startups in Saudi Arabia

    Startups are a critical component of the 21st-century economy, driving innovation, creating jobs, and fostering national economic growth. In Saudi Arabia, venture capital (VC) is gaining increasing importance in supporting startups and enabling them to grow and thrive. In this article, we'll explore the importance of venture capital for startups in Saudi Arabia and its impact on the national economy.

  • Saudi Venture Capital invests in 40 funds

    Saudi Venture Capital Company (SVC) released today its recent “Impact Report”, which revealed SVC’s contribution to achieving record growth rates. The report highlighted the impact of SVC on the private capital ecosystem (Venture Capital, Private Equity, Venture Debt and Private Debt) in the Kingdom since the company’s establishment in 2018. The SVC Impact Report revealed that the total committed investments of SVC amounted to $0.7 billion since its inception, while the total investments including partners is estimated at $3.6 billion. SVC invested in 40 funds that have invested in 700+ startups and SMEs so far, including several vital sectors such as e-commerce, fintech, healthcare, education technologies, transport and logistics.

  • Rise of Captagon Trafficking in the Gulf

    In February, Jordanian forces killed five smugglers attempting to bring the drug Captagon over the Syria-Jordan border, shining a spotlight on the often overlooked consequences of the Captagon trade across the Middle East. While the humanitarian crises that long-running conflicts in the Middle East have produced tend to make the headlines, less documented is the persistent rise in drug trafficking in the region and its far-reaching consequences across borders. One key trend has been the rise in Captagon production and trafficking in recent years, which has its roots in the Syria conflict. In the past year, regional leaders have taken steps to try to resolve the Captagon crisis.

  • Saudi Venture Capital appoints Nora Alsarhan as deputy CEO

    Riyadh’s state-owned Saudi Venture Capital (SVC), which manages assets worth $2.2 billion, has appointed Nora M Alsarhan, its chief investment officer, as deputy CEO.
    Alsarhan oversees SVC's investments, including funds and direct bets, in line with its objective of supporting growth and innovation in early-stage startups, especially in strategic sectors. Alsarhan, who joined SVC as investment director in June 2019 also sits on the limited partner advisory committees (LPACs) of many SVC portfolio funds.  She was elevated as SVC’s CIO in June 2020.

  • Gulf Cooperation Council unveils vision for regional security in Saudi capital

    The vision highlights the coordination of positions among the GCC countries towards regional and international issues and the member states' unified and common positions based on the GCC charter and the principles of international law that govern relations between states. It also emphasizes that, in line with the GCC charter and within the framework of the joint defense agreement, the security of each GCC state is interconnected, especially in light of the instability witnessed by the region and the world.

  • Saudi Arabia seizes a million Captagon pills hidden in melon shipment

    The Authority stated on its official website on Sunday, March 31, that it found the quantity of pills wrapped and hidden inside cavities in melons during an inspection and examination operation of one of the trucks coming through the seaport. After the seizure was completed, the authority coordinated with the General Directorate for Narcotics Control and managed to apprehend the recipients of the shipment within the kingdom.

  • Sara Netanyahu criticises liberated Israeli captives

    The wife of Israeli Prime Minister Benjamin Netanyahu, Sara, sparked a wave of reactions from the Israeli captives who were returned from Gaza during the exchange deal with Hamas.

    Sara criticised the liberated captives and complained in private conversations with a member of the Knesset that she and her husband had not yet received thanks for returning some of the captured Israelis.

    According to a report published by News 12, Sara criticised: “Did you see how many kidnapped people we brought back? They did not do that… they did not even thank us.”