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  • Firms prepare bids for Saudi Arabia’s 2km tower

    Saudi Arabia’s Public Investment Fund (PIF) has invited firms to bid for the project management consultancy (PMC) on a new central business district (CBD) on the outskirts of Riyadh, which includes the proposed 2-kilometre megatall tower project. The PMC role covers both the tower and the surrounding district. The request for proposals (RFP) is understood to have been issued by a PIF subsidiary known as the Tower District Real Estate Development Company. The initial close date was 4 March, which has now been extended to 20 March. The prospective bidders include Aecom, Bechtel, Jacobs, Parsons and Turner, all US-based, and the UK’s Mace. UK-based Foster & Partners is working as the architect on the megatall tower after it won a design competition launched in late 2022.

  • Saudi Arabia January 2025: Mazda (+70.8%), Chevrolet (+76.8%) stand out in solid market

    67,923 new vehicles found a buyer in Saudi Arabia in January, a solid 7.7% year-on-year increase. Toyota (+8%) matches the market and continues to be well ahead of its competitors at 28.5% share. The rest of the Top 6 all brilliantly lodge double-digit gains. Hyundai (+25.7%), Kia (+41.3%) and Nissan (+17.7%) camp on their FY24 ranking while Mazda (+70.8%) posts the largest gain in Top 13 and jumps to #5 with 5.5% share vs. #10 over FY24. Ford (+23.1%) is also strong at #6. However the next five carmakers are in deep trouble, with MG (-41.7%), Geely (-38.5%) and Changan (-35.5%) hit the hardest in a unusually mediocre month for Chinese brands. Chevrolet (+76.8%) and Jetour (+55.8%) shine below.

  • US officials planning to meet with Ukrainian counterparts in Saudi Arabia

    Senior Trump administration officials are planning a meeting with their Ukrainian counterparts in Saudi Arabia next week, to begin discussions about a cease-fire to end the country’s war with Russia. Special envoy Steve Witkoff, who confirmed Thursday that planning was underway, will be part of the U.S. delegation alongside Secretary of State Marco Rubio and national security adviser Mike Waltz.  “The idea is to get down a framework for a peace agreement and initial cease-fire,” Witkoff told reporters outside the White House.  Another administration official, granted anonymity to discuss plans that are not yet public, confirmed that the meeting has been under discussion and is “possible.” One aspect of the meeting that remains unsettled, Witkoff said, was the city in Saudi Arabia where the meeting could take place.

  • Saudi Arabia Bans PwC: What Led To This Landmark Decision?

    PwC has had a significant presence in Saudi Arabia, employing over 2,600 people across various locations. In a memo to employees, PwC clarified that the suspension concerns a “client” matter rather than regulatory concerns. This decision underscores the complexities of the relationship between international firms and government entities, with potential implications for PwC’s ongoing operations in the Kingdom. However, the temporary suspension of PwC’s services by the Public Investment Fund (PIF) presents challenges and opportunities for the business landscape. The ban could slow the progress of key projects or even put some on hold, potentially disrupting the momentum of Vision 2030 initiatives. Despite PwC’s challenges, this situation opens the door for other local and international consulting firms to step in and fill the gap. This shift could lead to increased competition, potentially reshaping the consulting landscape in the region and driving innovation.

  • Women’s pro tennis introduces paid maternity leave funded by Saudi sovereign wealth fund

    The Women’s Tennis Association and Saudi Arabian Public Investment Fund have launched a new program to provide players with maternity and child family planning benefits, the organizations said Thursday. Women’s tennis is one of the last professional sports to provide these benefits, and players have been asking. As part of the program, eligible players will receive up to 12 months of paid maternity leave. Players will also have access to grants to cover fertility conception and egg freezing treatments. The WTA said the new policy will benefit 320 eligible players. The PIF WTA maternity fund program is the first and only maternity program in women’s sports to be fully funded and supported by an external partner, the WTA said. PIF declined to comment on how much it is contributing to this program, but the organizations said players will be compensated equally.

  • Sandstorm hits Riyadh, moderate to heavy rain forecast for parts of Saudi Arabia

    A sandstorm hit Riyadh and its outskirts on Thursday, enveloping the skyline in dust clouds and hampering visibility, while moderate to heavy rains were forecast for several regions of the Kingdom. The road safety authority and Saudi Highway Security warned motorists to exercise caution due to poor visibility caused by the dust storm. The General Directorate of Civil Defense advised residents to avoid going to sandy locations to avoid accidents during the sandstorm, and also called for caution and for people to follow instructions issued as a result of weather conditions in parts of the Kingdom.

  • Mastercard research: Women in Saudi Arabia are driving the future of entrepreneurship

    Women in Saudi Arabia are increasingly stepping into the world of entrepreneurship, with 78% considering starting their own business, according to Mastercard’s latest research, released ahead of International Women’s Day 2025. As the country continues its economic transformation under Vision 2030, fostering an enabling environment for women entrepreneurs will further accelerate growth and innovation in the Kingdom. In Saudi Arabia, a significant proportion of men and women identify as entrepreneurs (42% men, 34% women), reflecting the Kingdom’s evolving business landscape. Among those who consider themselves entrepreneurs, 44% of female millennials identify with this role, demonstrating strong ambition among younger generations.

  • ‘A stupid game of chicken’: Inside the PGA Tour/Saudi PIF negotiation breakdown and the state of a potential deal

    For a time just last month, professional golf seemed to be on the brink of a historic reconciliation. PGA Tour commissioner Jay Monahan and Tiger Woods conveyed unmistakable optimism at Torrey Pines in mid-February, generating conviction throughout the golf world that an upcoming White House summit—bringing together Saudi Arabia's Public Investment Fund and President Donald Trump—would deliver the long-awaited formal announcement. Yet two weeks after that high-stakes meeting, with the sport poised to converge on PGA Tour headquarters for the tour’s flagship event, any semblance of an agreement appears to have evaporated.

  • Is Saudi Arabia the next China or India? See for yourself

    For decades, Saudi Arabia has been viewed through an increasingly outdated lens—an oil-rich kingdom dependent on energy exports and held back by regional politics and what some describe as a fundamentalist Islamist past. That perception is so 20th century. Saudi Arabia is not the next China or the next India. With a population of just more than 33 million, this kingdom on the move is evolving into something entirely its own. Ranked as the world’s 19th-largest economy and the seventh largest in Asia, according to International Monetary Fund (IMF) data, with a GDP of approximately $1.14 trillion, Saudi Arabia is leveraging its oil wealth to transition beyond dependence on fossil fuels.

  • Zelensky says US and Ukraine will hold talks next week in Saudi Arabia on ending the war

    Ukrainian President Volodymyr Zelensky says talks between Ukraine and the US on ending the war will take place in Saudi Arabia next week. In his nightly address on Thursday, March 6, Zelensky said he would travel to Saudi Arabia on Monday and his team would stay on to hold talks with US officials. "I am scheduled to visit Saudi Arabia to meet with the Crown Prince. After that, my team will stay in Saudi Arabia to work with American partners. Ukraine is most interested in peace," Zelensky said. The EU's 27 leaders on Thursday greenlit a plan drawn up by the European Commission that aims to mobilize €800 billion to "rearm Europe" against the perceived threat from Russia. At the summit, Zelensky told EU leaders that Ukrainian and American negotiators had "resumed work," and that "we hope that next week we will have a meaningful meeting." He thanked EU leaders for standing by Kyiv, with America's outreach to Russia raising fears Ukraine could be forced into an unfavorable deal. "We are very thankful that we are not alone," said the Ukrainian leader.