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  • Commerce ministry: Stop using the term ‘sponsor’ and use ’employer’ instead

    The Ministry of Commerce has instructed all government and private entities that they should not use the term 'sponsor' and should be satisfied with the term 'employer'. The ministry emphasized that Article 2 of the Labor Law defines employer as "any natural or legal person who employs one or more workers in return for a wage." The ministry's directive came in a letter sent by it to the Federation of Saudi Chambers. In turn, the federation has conveyed the ministry's directive through a circular sent to chambers of commerce and industry in various regions of the Kingdom. It was stated in the circular that the definition of 'worker' is any natural person, male or female, who works for the benefit of the employer and under his management or supervision in return for a wage.

  • PIF fully subscribes to Saudi Re’s capital hike shares

    Saudi Reinsurance Co. (Saudi Re) announced, on Dec. 29, the completion of the subscription process for the new shares issued as part of its capital increase, with pre-emptive rights suspended. In a statement to Tadawul, Saudi Re said that the Public Investment Fund (PIF), as the sole investor subscribing to all the shares issued in the capital increase, is required to retain these shares for two years from the listing date, in line with the exemption granted by the Capital Market Authority (CMA).

  • Saudi Group Announces 1 GW of Renewables as Part of $50 Billion China Investment

    Saudi Arabia energy major ACWA Power announced it is developing more than 1 GW of renewable energy projects in China. The company in reports published Dec. 31 said the portfolio includes solar and wind power installations that would be owned jointly by ACWA Power and Chinese renewable energy developers. ACWA Power in a statement to Tadawul, the Saudi stock exchange, confirmed that the projects are sited across China and are in advanced stages of development. Yunhe Lyu, who leads ACWA’s operations in China, earlier in December said the company plans to invest as much as $50 billion to build renewable energy projects in that country by the end of this decade. Lyu said ACWA envisions as much as 20 GW of renewable energy generation capacity, along with development of green hydrogen projects.

  • Aramco raises diesel prices in Saudi Arabia to $0.44 per liter

    Saudi Aramco has increased diesel prices in Saudi Arabia to SR1.66 ($0.44) per liter, effective Jan. 1, 2025, marking a 44.3 percent rise compared to the start of 2024. According to the latest update on Aramco’s website, the company has kept gasoline prices unchanged, with Gasoline 91 priced at SR2.18 per liter and Gasoline 93 at SR2.33 per liter. The annual review of diesel prices is part of Aramco’s pricing mechanism, implemented in 2022. This year marks the fourth review under the system. In January 2024, the Kingdom raised diesel prices to SR1.15 from SR0.75 per liter, continuing its gradual adjustments.

  • Saudi Arabia launches humanitarian air bridge to Syria

    Saudi Arabia on Wednesday launched an air bridge to Syria to supply the country with goods of daily need, the Saudi Press Agency (SPA) reported. It added that the first flight from King Khalid International Airport took off to Damascus carrying food, shelter and medical items. The total aid provided by Saudi Arabia to the Syrian people from 2011 to the end of 2024 amounted to $857 million, according to SPA.

  • [45] Key economic milestones for Saudi Arabia in 2024

    The Saudi economy witnessed several key milestones in 2024, including winning the bid to host the 2034 World Cup, coupled with the inauguration of Riyadh Metro by Custodian of the Two Holy Mosques King Salman bin Abdulaziz. During 2024, the US Federal Reserve cut interest rates three times by 100 basis points (bps) in total at the September, November and December meetings, with interest rates currently ranging between 4.25% and 4.50%. Further, Crown Prince Mohammed bin Salman announced the completion of the transfer of 8% of Saudi Aramco's issued shares from state ownership to portfolios held by wholly-owned subsidiaries of the Public Investment Fund (PIF).

  • Saudi PIF’s Influence on Global Sports Is Growing After a Big 2024

    But 2024 marked the PIF’s most significant year yet for sports investments. According to Danish NGO Play the Game’s latest report, the Public Investment Fund of Saudi Arabia and its subsidiaries have secured at least 346 sponsorships across global sports in 2024. This massive number highlights the PIF’s growing influence. The PIF kicked off 2024 with a bullish approach to tennis. First came the partnership with the Association of Tennis Professionals (ATP) in March, when the PIF became the official naming partner of the ATP Rankings and a sponsor of premier events, including Indian Wells, Miami, Madrid, Beijing, the ATP Finals, and the Next Gen ATP Finals. The fund further expanded into tennis in May, with a multiyear partnership with the Women’s Tennis Association (WTA) and secured Riyadh as the host city for the WTA’s season-ending championship. The WTA Finals in November marked the first time a professional women’s tennis tournament was held in the kingdom.

  • Women’s football rankings – Africa’s stars step up in Europe and Saudi Arabia

    Africa's women's football stars continue to impress around the world in December, despite the crowd-pleasing NWSL season coming to an end in November. Nigeria has always had tremendous depth in the goalscoring department and this was demonstrated in December as Ifeoma Onumonu, Jennifer Echegini, Gift Monday and Rinsola Babajide all scored for their respective clubs. Given that our rankings are form-based, many of the best African players miss out this month on account of having had little to no playing time, but when the 2025 NWSL season kicks off, the likes of Barbra Banda, Temwa Chawinga and Racheal Kundananji are likely to return.

  • Abu Dhabi’s Mubadala overtakes Saudi Arabia’s PIF as world’s top wealth fund spender

    Abu Dhabi's Mubadala Investment Company accounted for about 20% of the almost $136.1 billion spent by sovereign wealth funds worldwide last year, overtaking Saudi Arabia's wealth fund amid a surge in spending from Gulf countries. Mubadala and its subsidiaries deployed $29.2 billion in 2024, up from $17.5 billion invested in 2023, based on a preliminary annual report from industry specialist Global SWF, which tracks the world's sovereign investment funds. Saudi Arabia's Public Investment Fund lost its ranking as the world's most active sovereign wealth fund after it cut its investment spend by 37% to $19.9 billion in 2024 from $31.6 billion the previous year, according to the report.

  • ADES eyes 50% revenue generation from outside Saudi by 2025: CEO

    Nearly 65% of ADES Holding Co.’s total revenues are generated from Saudi Arabia, with the remaining 35% coming from its international operations, CEO Mohamed Abdul Khaleq told Argaam. ADES fleet comprises 51 offshore rigs, the largest globally, said the CEO. He said that nine of 31 rigs suspended for eight drilling companies in the Kingdom successfully secured work elsewhere. The company aims to generate approximately 50% of its revenues from Saudi Arabia, 20% from GCC countries, and 30% from the rest of the world by 2025, which is in line with its global expansion and diversification strategy, he said.