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  • Inside Cristiano Ronaldo’s family vacation to Saudi Arabia

    Vacation goals. Cristiano Ronaldo shared a sneak peek of his family’s luxurious beach getaway to a private Saudi Arabian island. The soccer star, his partner, Georgina Rodríguez, and their children stayed at the St. Regis Red Sea Resort on Ummahat Island, according to photos and videos shared by the couple this weekend.

  • Saudi Arabia Tackles How to Pay for Vision 2030; UAE-Egypt Deal Dynamics

    Saudi Arabia is embarking on an unrivaled spending spree on everything from mega projects to sports and technology in a bid to prepare for a post-oil future. It appears the country is only just getting started, with annual deployment of capital by the powerful sovereign wealth fund set to hit $70 billion a year from 2025. But even the giant petrostate has limits to what it can afford and that’s prompting the Public Investment Fund, the government and local banks to look for new ways to raise money.

  • Blinken To Visit Saudi Arabia, Egypt To Discuss Gaza Ceasefire: Spokesman

    US Secretary of State Antony Blinken will travel to Saudi Arabia and Egypt this week to discuss efforts to secure a ceasefire in Gaza and increase humanitarian aid to the Palestinian territory, a State Department spokesperson said Tuesday. Blinken will hold talks with Saudi leaders in Jeddah on Wednesday before travelling to Cairo on Thursday for talks with Egyptian authorities, spokesman Matthew Miller said from the Philippines, where Blinken is touring. This will be Blinken's sixth trip to the Middle East since the start of the war between Israel and Hamas on October 7.

  • Saudi Aramco CEO says no peak in oil demand for some time to come

    Global oil demand will not peak for some time so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out fossil fuels, Saudi Aramco (2222.SE), opens new tab CEO Amin Nasser said on Monday. The head of the world's largest energy company urged a re-set of global energy transition plans in remarks to oil and gas executives at the CERAWeek conference in Houston. Oil demand will reach a new record of 104 million barrels per day (bpd) in 2024, Nasser said. Despite growing investment, alternative energy has yet to displace hydrocarbons at scale, Nasser said. "All this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030," he said.

  • Discover Riyadh: Why now is the time to visit Saudi Arabia

    "It's not just going to be a traditional travel or airline experience… it's a full end-to-end digital journey management solution," says Adam Boukadida, Riyadh Air's CFO.

  • Shock and confusion as Turkey seizes earthquake survivors’ homes

    Habip Yapar felt lucky that his home in southern Turkey withstood last year's devastating earthquake. Then a text message appeared on his phone in October telling him the government was taking ownership of the apartment. The message sent to Yapar, 61, declared that the deeds for his property in Hatay province were being transferred to the Treasury under an amendment to an urban planning law set to affect thousands of earthquake survivors.

  • Americans Still See China as Nation’s Top Foe, Russia Second

    Forty-one percent of Americans name China as the United States’ greatest enemy today, making it the top perceived U.S. adversary for the fourth straight year. Russia ranks second, cited by 26%, followed by Iran at 9%. Five percent of national adults now name the United States itself, edging out North Korea at 4%.

  • Israeli troops raid Gaza’s Al Shifa Hospital

    Israeli troops raided the compound of Gaza's Al Shifa Hospital early on Monday in an operation that Palestinian health authorities said caused multiple casualties and set off a fierce fire in one of the buildings. The Israeli military said soldiers had conducted a "precise operation" based on intelligence that the hospital was being used by senior Hamas leaders, and were fired upon when they entered the compound.

  • Saudi Wealth Fund Is in Talks to Acquire National Airline

    The Public Investment Fund is considering a deal that would see it add the 80-year old Saudia to its growing portfolio of aviation assets as soon as next year, according to people familiar with the matter, who asked not to be identified as the information is private. The PIF would be taking over ownership of the airline from the government with a view to improving efficiency and profitability, the people said. The carrier could then be privatized or merged with Riyadh Air, which the wealth fund is currently setting up, they said.

  • Alvarez & Marsal Releases Saudi Arabia Banking Pulse For Fy2023

    Leading global professional services firm Alvarez & Marsal (A&M) has released its 4th annual edition of the Kingdom of Saudi Arabia (KSA) Banking Pulse for fiscal year 2023. The performance of the top 10 banks in the Kingdom is largely robust and positive. Operating income grew by 9.5 percent reflecting the effect of higher Non-Interest Income (NII). The year also saw NIMs improving by 3.5 percent with both the cost-to-income ratio (C/I) and the COR showing improvement. Overall, return on equity (ROE) increased to 14.5 percent while return on assets (ROA) stayed constant at a healthy 2.0 percent. Looking ahead, we expect the outlook for Saudi banks to remain stable to positive.