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  • New Business Laws in Saudi Arabia: What You Need to Know

    On 17 September 2024, Saudi Arabia introduced  new pivotal pieces of legislation: the Commercial Registration Law and the Trade Name Law. These laws represent a significant overhaul of the country’s business registration processes, aligning with the nation’s broader Vision 2030 initiative to improve business efficiency and foster investment. Below is an overview of the key changes and their impact on businesses operating in Saudi Arabia.

  • Saudi Arabia set to extend Spanish Super Cup agreement

    Back in 2020, the Spanish Super Cup was moved to Saudi Arabia after the Spanish Football Federation agreed a contract with the Middle Eastern nation. It has been a very controversial move, although there are no signs of the competition returning to Spanish soil anytime soon. The current agreement between the Federation and Saudi Arabia runs until 2029, but there are already plans for it to be extended. As per Diario AS, talks are underway for the Spanish Super Cup to stay where it is for an extra five years, until 2034. It’s noted that both parties are very satisfied with the current arrangement, despite controversies that took place this week during the semi-finals, which saw the wives of some players being harassed, and the same happening to supporters.

  • Dakar Rally in Saudi Arabia: A Tale of Triumph and Adversity

    Since the launch of the Dakar Rally in Saudi Arabia in 2020, each edition has offered renewed excitement and inspiring stories, elevating the competition to new levels. The diverse terrains and varying geographic landscapes have added more intensity and persistent challenges to the event. The sixth edition of the Dakar Rally in Saudi Arabia holds a significant milestone—the absence of Stéphane Peterhansel. Known as a racing legend, he not only clinched the championship in 2021 but also boasts an incredible 14 Dakar victories. This marks Peterhansel's first absence from the Dakar Rally since 1994. Furthermore, several prominent drivers have withdrawn from the race. Spanish driver Carlos Sainz of the Ford Motorsport team, a four-time Dakar champion (two of those titles earned in Saudi Arabia), exited in the third stage. French driver Sébastien Loeb of the Dacia Sandero team also withdrew in the fourth stage after both drivers' vehicles sustained significant damage. These withdrawals, made with a focus on their safety, have heightened the competition among other competitors as they vie for the title of Dakar champion.

  • Saudi Arabia produces over 80% of its vegetable supply; 64% of fruit and 67% of cattle farmed domestically

    Saudi Arabia’s General Authority for Statistics (GASTAT) issued its Agriculture and Fisheries Accounts publication for 2023, showing that reliance on local vegetable production accounted for 80.6 per cent of the total vegetable supply in the Kingdom. Additionally, the reliance on local fruit production reached 63.7 per cent of the total fruit supply, while 14.8 per cent of the cereals supply was covered by locally available production for consumption. The results also showed that the total value of local crop production in the Kingdom reached SR38.332bn ($10.2bn) in 2023.

  • USCENTCOM Commander Visits the Kingdom of Saudi Arabia

    On 11-12 January, Gen. Michael Erik Kurilla, Commander, U.S. Central Command (CENTCOM), visited U.S. servicemembers and conducted key leader engagements in the Kingdom of Saudi Arabia. Gen. Kurilla met with Gen. Fayyadh bin Hamed Al-Ruwaili, Chief of General Staff of the Saudi Arabian Armed Forces and his key staff. The two generals discussed shared security concerns, their mutual commitment to addressing evolving threats in the region, and the importance of joint readiness through interoperability.

  • PIF invests $200m in new Saudi ETF by State Street Global Advisers

    Saudi Arabia’s Public Investment Fund has invested $200 million in a recently launched exchange-traded fund that tracks dollar-denominated bonds and sukuk issued by the kingdom’s government and quasi-state entities. The JP Morgan Saudi Arabia Aggregate Bond UCITS ETF, created in mid-December, is the first internationally listed fixed-income Saudi Arabian ETF. As such, it “further deepens the Saudi market, while attracting investors and strengthening cross-geography partnerships, increasing international investment in Saudi Arabia”, Yazeed Al-Humied, PIF deputy governor, said in a statement.

  • Over 16 million people visit Riyadh Season in 3 months

    Turki Al-Sheikh, chairman of the Board of Directors of the General Entertainment Authority (GEA), revealed that the number of visitors to the Riyadh Season 2024 has so far exceeded 16 million. “Today, we reach 16 million visitors in the Riyadh Season, and the best is yet to come,” Al-Sheikh said in a statement on his X account. The fifth edition of Riyadh Season kicked off on October 12, 2024. This huge jump in the number of visitors came as a result of the large turnout during the mid-semester break, which was a good opportunity to visit the season’s events, especially in light of the distinctive weather experienced by the capital city.

  • Saudi PIF on track to reach $2tn in AuM, 2nd-largest globally by 2030

    A report from the firm forecasts PIF will more than double its current AuM value of $925 billion by the end of the decade, and rise from its 2024 ranking of sixth among global state-owned investor funds. According to projections from the institute, PIF’s AuM in 2030 will represent 10.5 percent of the global sovereign wealth funds’ total assets, which are set to reach $19 trillion, as it rises from sixth place. Diego Lopez, founder and managing director at Global SWF, said: “Capital attracts capital — so international financial institutions are attracted in partnering with a player with such a huge balance sheet and role in the economic development.” According to the report, to achieve its ambitious goal of reaching $2 trillion by 2030, the PIF will depend on a combination of strategies. These include oil revenue allocations, which refer to the portion of the Kingdom’s oil earnings transferred to the PIF, debt issuance, and returns generated from its investments.

  • Al-Jasser inaugurates phased operation of Terminal 1 at Riyadh airport

    Minister of Transport and Logistics and Chairman of the Board of Directors of the General Authority of Civil Aviation (GACA) Eng. Saleh Al-Jasser inaugurated on Thursday the phased operation of International Passenger Terminal No. 1 within the expansion and development project of Terminals 1 and 2 at King Khalid International Airport in Riyadh.

  • Under Secretary Bass’s Travel to Türkiye and Saudi Arabia

    Under Secretary of State John Bass traveled to Ankara, Türkiye January 9-10. In Ankara, Under Secretary Bass met with senior Turkish government officials to discuss Syria and emphasized the importance of a peaceful, inclusive, Syrian-led and Syrian-owned political transition in the spirit of UN Security Council Resolution 2254.  He also participated in meetings on the importance of regional stability, preventing Syria from being used as a base for terrorism, and ensuring the enduring defeat of ISIS. Under Secretary Bass will then travel to Riyadh, Saudi Arabia, January 11-13, to attend a Saudi-hosted multilateral meeting of senior government officials from the region and global partners to coordinate international support for the Syrian people.  While in Riyadh, the Under Secretary will also hold bilateral meetings with key partners on advancing shared regional and global priorities.