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  • Taking Saudi Arabia’s World Cup 2034 from ambition to reality

    The World Cup is always more than just a series of matches. It’s a global event that transforms nations, driving development in infrastructure, the economy and tourism. For Saudi Arabia it’s also an opportunity to establish itself as a modern, ambitious and open nation. The country has announced plans to build 15 stadiums. And if you think these are just sports venues, think again. Each stadium is envisioned as a future architectural marvel designed to impress the world. But behind this grandeur lies a harsh reality: the kingdom’s limited domestic resources mean it will need to rely heavily on imported materials, technology and expertise – a significant challenge for a country determined to showcase its self-sufficiency.

  • The ‘race is on’ to set up bitcoin national reserves

    The concept of national bitcoin reserves is moving from theoretical discussion to geopolitical reality. A member of Russia’s parliament has called on its central bank to consider bitcoin as a reserve asset, it was reported last week. Thirteen nations already hold the cryptocurrency, according to a report released this month by bitcoin exchange River. The Russian proposal – and widespread speculation that GCC nations are quietly exploring similar strategies – hint at a newly elevated place for bitcoin, especially during Donald Trump’s second term as US president. “The bitcoin race is on,” Grant McCarty, co-executive director of the Bitcoin Policy Institute in Washington, told the BitcoinMena conference in Abu Dhabi this week.  “Multiple countries have already bought bitcoin and not necessarily announced it.”

  • The unique destructiveness of Israel’s war on Gaza

    The death toll in Gaza has been the source of uncertainty, speculation and heated debate. Since Israel unleashed its war machine on the territory from which militant group Hamas launched its lethal strike of Oct. 7, 2023, we have relied upon data provided by Gaza’s Health Ministry, whose work counting the dead in previous rounds of conflict was seen as accurate, although it doesn’t distinguish between combatants and civilians. Most humanitarian organizations, the United Nations itself and Israeli-friendly governments, including the Biden administration, have broadly accepted the publicized data as the best measure of what has unfolded over the past 14 months.

  • Turkey’s inroads in Syria fuel accusations of ‘neo-Ottomanism’

    The downfall of Iran’s longtime ally Bashar Al-Assad in Syria has put the spotlight on Iranian-Turkish rivalry in the region. Some commentators in Iran accuse Turkey’s president of wanting to expand influence as far as the Ottoman Empire’s borders. Others argue that Recep Tayyip Erdogan is overambitious. Turkey was among the first countries to welcome the Dec. 7 fall of the Syrian government, sending senior officials to meet Syrian rebels who toppled the Assad dynasty.

  • Women in Defense: Leading the Future of Security and Innovation

    On November 13th, 2024, The American Chamber of Commerce Saudi Arabia’s (AmCham Saudi Arabia) Defense & Security Committee co-hosted a momentous evening reception titled 'Women in Defense: Leading the Future of Security and Innovation' at the residence of Alison Dilworth, Deputy Chief of Mission at the U.S. Embassy in Riyadh. As part of the Women's “Majlis” series. The event gathered distinguished guests from the business community in Riyadh, including U.S. Embassy officials, AmCham's Defense & Security Committee members, and U.S. military servicewomen stationed in the Kingdom of Saudi Arabia. It served as a platform to discuss women's leadership development, their increasing roles in defense sectors, and the need for enhanced U.S.-Saudi cooperation.

  • Saudi Arabia spotlights private sector’s role in driving logistics transformation

    Saudi Arabia’s private sector is playing a pivotal role in driving the Kingdom’s transformation into a global logistics hub, a top official said. Speaking at the sixth edition of the Supply Chain And Logistics Conference in Riyadh, Rumaih Al-Rumaih, vice minister of transport and logistics services and president of the Transport General Authority, highlighted the critical contributions from businesses. “The main player in achieving anything in the logistics sector is the private sector. Truly, the private sector is the one delivering results. The government’s role is to enable,” Al-Rumaih said. He added: “If we visit the exhibition, we’ll see the private sector at the forefront, not the government because they are the real achievers.”

  • Mastercard forges alliance with Saudi Arabia’s Jeel

    Mastercard has partnered with Jeel, a subsidiary of Riyad Bank to foster digital innovation including artificial intelligence (AI) within Saudi Arabia’s non-banking financial institutions (NBFI) sector.  Recently, Mastercard collaborated with payment solutions provider Geidea to promote digital payment adoption among SMEs in the UAE.  Using Mastercard Gateway technology, Geidea will provide secure payment solutions that will benefit SMEs by enhancing their ability to accept payments from a wider customer base.

  • Automotive industry in Saudi Arabia- statistics & facts

    As the largest automotive market in the Middle East and North Africa (MENA) region, Saudi Arabia accounts for almost half of the region’s car sales, with over 600,000 new vehicles registered annually. The market is diverse, with Asian manufacturers such as Toyota and Hyundai leading the passenger car market, while brands like Mercedes-Benz and Audi dominate the luxury segment. Pickup trucks and SUVs remain highly popular, driven by social preferences and the country’s vast road network.

  • The great wealth transfer and the rise of offshore structures for Saudi families

    As younger generations inherit significant wealth, the dynamics of financial stewardship are evolving, prompting an increased demand for offshore structures – particularly trusts. This article delves into the nuances of this wealth transfer phenomenon, particularly in Saudi Arabia, and examines how offshore trusts are becoming pivotal tools for preserving and managing this wealth. The great wealth transfer refers to the shift of assets from the older generation to their heirs. It is estimated that trillions will be passed down over the coming decades, a phenomenon that is not just limited to the West but is increasingly relevant in the Middle East. In Saudi Arabia, where vast oil revenues have created immense wealth, a significant portion of this wealth is starting to transition to the next generation.

  • Saudi Arabia condemns Israeli plan on annexed Golan population

    Saudi Arabia on Sunday condemned and denounced the Israeli government’s approval of a plan to double the population of the occupied and annexed Golan Heights. Israel’s government “unanimously approved” the $11 million “plan for the demographic development of the Golan... in light of the war and the new front in Syria and the desire to double the population,” Prime Minister Benjamin Netanyahu’s office said. “The Kingdom renews its call to the international community to condemn these Israeli violations, stressing the need to respect Syria’s sovereignty and territorial integrity,” the Saudi Foreign Ministry said in a statement.